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
Registrant's telephone number, including area code:
(800) 983-0903
Date of fiscal year end:
August 31
Date of reporting period:
August 31, 2024
Item 1. Reports to Stockholders
(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
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Invesco Bloomberg Pricing Power ETF
POWA | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Bloomberg Pricing Power ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Bloomberg Pricing Power ETF $48 0.43%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large- and mid-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Bloomberg Pricing Power Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.90%, differed from the return of the Index, 23.41%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Industrials sector, followed by the health care and consumer discretionary sectors, respectively.
Positions | Costco Wholesale Corp., a consumer staples company, and Trane Technologies PLC, an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Paycom Software, Inc., an industrials company (no longer held at fiscal year-end), and Humana Inc., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Bloomberg Pricing Power ETF — NAV Return 22.90% 10.79% 9.81%
Invesco Bloomberg Pricing Power ETF — Market Price Return 22.85% 10.78% 9.80%
Blended - Invesco Bloomberg Pricing Power Benchmark 23.41% 11.38% 10.42%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective after the close of business on April 06, 2018, Guggenheim Defensive Equity ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Defensive Equity ETF and the Fund.
- The Blended - Invesco Bloomberg Pricing Power Benchmark performance is comprised of the performance of the Sabrient Defensive Equity Index, a former underlying index, through October 24, 2016, followed by the performance of the Invesco Defensive Equity Index, the previous underlying index, from October 25, 2016 through August 25, 2023, followed by the performance of the Index from August 26, 2023 through August 31, 2024.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $195,428,106
Total number of portfolio holdings 53
Total advisory fees paid $784,274
Portfolio turnover rate 96%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Best Buy Co., Inc. 2.68%
Iron Mountain, Inc. 2.63%
Lockheed Martin Corp. 2.27%
HEICO Corp. 2.24%
Walmart, Inc. 2.22%
Autodesk, Inc. 2.21%
Cardinal Health, Inc. 2.20%
MSCI, Inc. 2.17%
CRH PLC 2.13%
Lowe's Cos., Inc. 2.11%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on August 28, 2023.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2024 Corporate Bond ETF
BSCO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2024 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.77%, differed from the return of the Index, 5.86%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | AbbVie, Inc., 2.60% coupon, due 11/21/2024, a biotechnology company, followed by Credit Suisse AG, 3.63% coupon, due 9/9/2024, a capital markets company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/17/14)
Invesco BulletShares 2024 Corporate Bond ETF — NAV Return 5.77% 2.30% 3.48%
Invesco BulletShares 2024 Corporate Bond ETF — Market Price Return 5.72% 2.26% 3.47%
Invesco BulletShares® USD Corporate Bond 2024 Index 5.86% 2.45% 3.65%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.76%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.79%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2024 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2024 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,844,552,687
Total number of portfolio holdings 119
Total advisory fees paid $3,453,570
Portfolio turnover rate 1%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
U.S. Treasury Bills, 5.12%-5.20%, 10/17/2024 12.23%
U.S. Treasury Bills, 5.26%-5.27%, 09/19/2024 9.01%
U.S. Treasury Bills, 5.05%-5.06%, 11/21/2024 6.26%
AbbVie, Inc., 2.60%, 11/21/2024 2.50%
Morgan Stanley, 3.70%, 10/23/2024 2.05%
JPMorgan Chase & Co., 3.88%, 09/10/2024 1.99%
UBS AG, 3.63%, 09/09/2024 1.87%
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024 1.67%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/2024 1.51%
Wells Fargo & Co., 3.30%, 09/09/2024 1.50%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2024 High Yield Corporate Bond ETF $44 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.17%, differed from the return of the Index, 7.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Media industry, followed by the broadline retail and industrial conglomerates industries, respectively.
Positions | DISH DBS Corp., 5.88% coupon, due 11/15/2024, a media company, followed by U.S. Treasury Bill, due 8/15/2024 (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | Ford Motor Credit Co. LLC, 4.06% coupon, due 11/1/2024, an automobiles company (no longer held at fiscal year-end), followed by Taylor Morrison Communities, Inc., 5.63% coupon, due 3/1/2024, a household durables company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/14/16)
Invesco BulletShares 2024 High Yield Corporate Bond ETF — NAV Return 7.17% 3.05% 3.99%
Invesco BulletShares 2024 High Yield Corporate Bond ETF — Market Price Return 6.93% 3.02% 3.97%
Invesco BulletShares® USD High Yield Corporate Bond 2024 Index 7.68% 3.75% 4.69%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.20%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.46% 5.19%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2024 High Yield Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2024 High Yield Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $543,412,031
Total number of portfolio holdings 13
Total advisory fees paid $2,819,377
Portfolio turnover rate 59%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
U.S. Treasury Bills, 5.14%-5.20%, 10/17/2024 61.08%
U.S. Treasury Bills, 5.25%-5.26%, 09/19/2024 15.79%
DISH DBS Corp., 5.88%, 11/15/2024 5.68%
Vericast Corp., Term Loan, 13.03%, 06/16/2026 5.54%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 3.48%
Live Nation Entertainment, Inc., 4.88%, 11/01/2024 3.07%
Navient Corp., 5.88%, 10/25/2024 2.67%
Owens & Minor, Inc., 4.38%, 12/15/2024 1.01%
Starwood Property Trust, Inc., 3.75%, 12/31/2024 0.73%
Rakuten Group, Inc., 10.25%, 11/30/2024 0.60%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2024 Municipal Bond ETF
BSMO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2024 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.36%, differed from the return of the Index, 3.63%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | Pennsylvania (Commonwealth of) Economic Development Financing Authority, 4.00% coupon, due 2/1/2040, followed by California (State of) Department of Water Resources, 5.00% coupon, due 12/1/2028.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | California (State of), 5.00% coupon, due 10/1/2032 (no longer held at fiscal year-end), followed by Santa Clara (County of), CA, Series 2014 AS, RB, 3.00% coupon, due 8/1/2031 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2024 Municipal Bond ETF — NAV Return 3.36% 1.35%
Invesco BulletShares 2024 Municipal Bond ETF — Market Price Return 2.99% 1.30%
Invesco BulletShares® Municipal Bond 2024 Index 3.63% 1.67%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $189,266,440
Total number of portfolio holdings 386
Total advisory fees paid $369,399
Portfolio turnover rate 52%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB, 5.00%, 12/01/2024 1.06%
Colorado Springs (City of), CO, Series 2014 A-2, RB, 5.00%, 11/15/2024 1.06%
California State University, Series 2014, Ref. RB, 5.00%, 11/01/2024 1.06%
District of Columbia, Series 1998 A, RB, 2.85%, 08/15/2038 1.06%
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, 2.80%, 06/01/2048 1.06%
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 1997 P-1, VRD RB, 2.15%, 07/01/2027 1.06%
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-2, Ref. VRD RB, 3.02%, 07/01/2047 1.06%
Philadelphia (City of), PA, Eighth Series 2009 D, Ref. VRD RB, 2.83%, 08/01/2031 1.06%
Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB, 2.80%, 12/01/2033 1.06%
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD RB, 2.50%, 07/01/2047 1.06%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2025 Corporate Bond ETF
BSCP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2025 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.10%, differed from the return of the Index, 6.20%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91% coupon, due 7/23/2025, a media company, followed by Visa, Inc., 3.15% coupon, due 12/14/2025, a financial services company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(10/07/15)
Invesco BulletShares 2025 Corporate Bond ETF — NAV Return 6.10% 1.98% 3.28%
Invesco BulletShares 2025 Corporate Bond ETF — Market Price Return 6.10% 1.97% 3.28%
Invesco BulletShares® USD Corporate Bond 2025 Index 6.20% 2.09% 3.47%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.57%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.86%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2025 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $4,074,369,572
Total number of portfolio holdings 452
Total advisory fees paid $3,541,341
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Visa, Inc., 3.15%, 12/14/2025 0.85%
AbbVie, Inc., 3.60%, 05/14/2025 0.81%
Boeing Co. (The), 4.88%, 05/01/2025 0.76%
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025 0.75%
Oracle Corp., 2.50%, 04/01/2025 0.75%
Morgan Stanley, 4.00%, 07/23/2025 0.65%
Microsoft Corp., 3.13%, 11/03/2025 0.64%
CVS Health Corp., 3.88%, 07/20/2025 0.61%
Exxon Mobil Corp., 2.99%, 03/19/2025 0.59%
Shell International Finance B.V., 3.25%, 05/11/2025 0.59%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2025 High Yield Corporate Bond ETF $44 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.28%, differed from the return of the Index, 10.01%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations |  Hotels, restaurants & leisure industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | Veritas US Inc./Veritas Bermuda Ltd., 7.50% coupon, due 9/1/2025, a software company, followed by RP Escrow Issuer LLC, 5.25% coupon, due 12/15/2025, a health care providers & services company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations |  Metals & mining industry.
Positions | CommScope Technologies LLC, 6.00% coupon, due 9/15/2025, a communications equipment company (no longer held at fiscal year-end), followed by Sabre GLBL, Inc., 7.38% coupon, due 9/1/2025, a hotels, restaurants & leisure company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/27/17)
Invesco BulletShares 2025 High Yield Corporate Bond ETF — NAV Return 9.28% 4.49% 4.48%
Invesco BulletShares 2025 High Yield Corporate Bond ETF — Market Price Return 9.12% 4.47% 4.49%
Invesco BulletShares® USD High Yield Corporate Bond 2025 Index 10.01% 5.46% 5.28%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.30%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.46% 4.54%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 18, 2018, Guggenheim BulletShares 2025 High Yield Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 High Yield Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,025,646,178
Total number of portfolio holdings 76
Total advisory fees paid $3,833,790
Portfolio turnover rate 83%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Caesars Entertainment, Inc., 8.13%, 07/01/2027 3.64%
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025 3.46%
Bausch Health Cos., Inc., 5.50%, 11/01/2025 3.13%
WESCO Distribution, Inc., 7.25%, 06/15/2028 3.01%
Carnival Corp., 10.50%, 06/01/2030 2.67%
CITGO Petroleum Corp., 7.00%, 06/15/2025 2.40%
Spirit AeroSystems, Inc., 9.38%, 11/30/2029 2.40%
New Fortress Energy, Inc., 6.75%, 09/15/2025 2.09%
Mallinckrodt International Finance S.A., 14.75%, 11/14/2028 1.88%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026 1.86%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2025 Municipal Bond ETF
BSMP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2025 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.80%, differed from the return of the Index, 4.00%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | California (State of), 5.00% coupon, due 8/1/2034, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2044.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | Austin (City of), TX, 2.95% coupon, due 9/1/2027 (no longer held at fiscal year-end), followed by California (State of) Public Works Board, 5.00% coupon, due 10/1/2025 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2025 Municipal Bond ETF — NAV Return 3.80% 1.13%
Invesco BulletShares 2025 Municipal Bond ETF — Market Price Return 3.63% 1.15%
Invesco BulletShares® Municipal Bond 2025 Index 4.00% 1.43%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $227,889,081
Total number of portfolio holdings 1,001
Total advisory fees paid $369,331
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds, 5.00%, 10/01/2025 1.06%
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB, 5.00%, 06/15/2027 0.91%
California (State of), Series 2021, GO Bonds, 4.00%, 10/01/2025 0.89%
California (State of), Series 2015, Ref. GO Bonds, 5.00%, 08/01/2034 0.78%
New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2025 0.77%
New York (State of) Dormitory Authority, Series 2015 B, RB, 5.00%, 02/15/2044 0.70%
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB, 5.00%, 12/01/2025 0.68%
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB, 5.00%, 10/01/2025 0.67%
Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2025 0.66%
Metropolitan Transportation Authority, Subseries 2015 A-1, RB, 5.00%, 11/15/2040 0.63%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2026 Corporate Bond ETF
BSCQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2026 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.92%, differed from the return of the Index, 6.97%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the capital markets and consumer finance industries, respectively.
Positions | Boeing Co. (The), 2.20% coupon, due 2/4/2026, an aerospace & defense company, followed by AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45% coupon, due 10/29/2026, a financial services company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | Hughes Satellite Systems Corp., 5.25% coupon, due 8/1/2026, a communications equipment company (no longer held at fiscal year-end), followed by EQM Midstream Partners L.P., 4.13% coupon, due 12/1/2026, an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/14/16)
Invesco BulletShares 2026 Corporate Bond ETF — NAV Return 6.92% 1.75% 2.70%
Invesco BulletShares 2026 Corporate Bond ETF — Market Price Return 6.97% 1.73% 2.72%
Invesco BulletShares® USD Corporate Bond 2026 Index 6.97% 1.87% 2.79%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.20%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.31%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2026 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2026 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $3,712,161,924
Total number of portfolio holdings 467
Total advisory fees paid $2,724,461
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Boeing Co. (The), 2.20%, 02/04/2026 1.08%
Microsoft Corp., 2.40%, 08/08/2026 0.79%
AbbVie, Inc., 2.95%, 11/21/2026 0.79%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 0.73%
Wells Fargo & Co., 3.00%, 04/22/2026 0.69%
Wells Fargo & Co., 3.00%, 10/23/2026 0.69%
Apple, Inc., 3.25%, 02/23/2026 0.65%
Morgan Stanley, 3.88%, 01/27/2026 0.61%
Morgan Stanley, 3.13%, 07/27/2026 0.60%
Citigroup, Inc., 3.20%, 10/21/2026 0.59%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2026 High Yield Corporate Bond ETF
BSJQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2026 High Yield Corporate Bond ETF $44 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.13%, differed from the return of the Index, 9.81%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the commercial services & supplies and hotels, restaurants & leisure industries, respectively.
Positions | Connect Finco S.a.r.l./Connect US Finco LLC, 6.75% coupon, due 10/1/2026, a diversified telecommunication services company, followed by DISH DBS Corp., 5.25% coupon, due 12/1/2026, a media company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | Enviva Partners L.P./Enviva Partners Finance Corp., 6.50% coupon, due 1/15/2026, an oil, gas & consumable fuels company (no longer held at fiscal year-end), followed by Hughes Satellite Systems Corp., 5.25% coupon, due 8/1/2026, a communications equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(08/09/18)
Invesco BulletShares 2026 High Yield Corporate Bond ETF — NAV Return 9.13% 3.66% 4.51%
Invesco BulletShares 2026 High Yield Corporate Bond ETF — Market Price Return 8.97% 3.62% 4.52%
Invesco BulletShares® USD High Yield Corporate Bond 2026 Index 9.81% 4.52% 5.28%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.66%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.46% 4.81%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $641,325,582
Total number of portfolio holdings 134
Total advisory fees paid $1,861,957
Portfolio turnover rate 50%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
DISH DBS Corp., 5.25%, 12/01/2026 2.72%
Western Digital Corp., 4.75%, 02/15/2026 2.67%
Newell Brands, Inc., 5.70%, 04/01/2026 2.32%
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026 2.31%
United AirLines, Inc., 4.38%, 04/15/2026 2.29%
OneMain Finance Corp., 7.13%, 03/15/2026 1.91%
Civitas Resources, Inc., 8.75%, 07/01/2031 1.71%
Brand Industrial Services, Inc., 10.38%, 08/01/2030 1.70%
Carnival Corp., 7.63%, 03/01/2026 1.60%
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 1.57%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2026 Municipal Bond ETF
BSMQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2026 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.30%, differed from the return of the Index, 4.43%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  California bonds, followed by New York bonds.
Positions | Metropolitan Transportation Authority (Green Bonds), 5.00% coupon, due 11/15/2036, followed by New York (City of), NY, Series 2017 C, 5.00% coupon, due 8/1/2026.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | Metropolitan Water District of Southern California, 5.00% coupon, due 7/1/2031 (no longer held at fiscal year-end), followed by Columbus (City of), OH, 4.00% coupon, due 8/15/2026 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2026 Municipal Bond ETF — NAV Return 4.30% 0.73%
Invesco BulletShares 2026 Municipal Bond ETF — Market Price Return 4.11% 0.82%
Invesco BulletShares® Municipal Bond 2026 Index 4.43% 1.18%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $215,212,828
Total number of portfolio holdings 1,479
Total advisory fees paid $295,323
Portfolio turnover rate 5%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
New York (City of), NY, Series 2017 C, Ref. GO Bonds, 5.00%, 08/01/2026 0.97%
California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 0.97%
Denver City & County School District No. 1, Series 2017, GO Bonds, 5.00%, 12/01/2031 0.76%
Colorado (State of), Series 2021 A, COP, 5.00%, 12/15/2026 0.76%
Maryland (State of) Department of Transportation, Series 2019, RB, 5.00%, 10/01/2026 0.73%
Wisconsin (State of), Series 2016-2, Ref. GO Bonds, 5.00%, 11/01/2029 0.72%
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB, 5.00%, 12/01/2046 0.71%
California (State of) Public Works Board, Series 2022 A, Ref. RB, 5.00%, 08/01/2026 0.62%
California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 0.62%
Minnesota (State of) Public Facilities Authority, Series 2016 A, RB, 5.00%, 03/01/2036 0.60%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2027 Corporate Bond ETF
BSCR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2027 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.61%, differed from the return of the Index, 7.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | Citigroup, Inc., 4.45% coupon, due 9/29/2027, a banks company, followed by Warnermedia Holdings, Inc., 3.76% coupon, due 3/15/2027, an entertainment company.
What detracted from performance?
Industry Allocations |  Construction & engineering industry.
Positions | DTE Energy Co., 4.95% coupon, due 7/1/2027, a multi-utilities company, followed by Quanta Services, Inc. 4.75% coupon, due 8/9/2027, a construction & engineering company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/27/17)
Invesco BulletShares 2027 Corporate Bond ETF — NAV Return 7.61% 1.65% 2.86%
Invesco BulletShares 2027 Corporate Bond ETF — Market Price Return 7.65% 1.61% 2.87%
Invesco BulletShares® USD Corporate Bond 2027 Index 7.68% 1.73% 3.01%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.30%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.23%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2027 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2027 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,148,252,821
Total number of portfolio holdings 473
Total advisory fees paid $1,599,700
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Microsoft Corp., 3.30%, 02/06/2027 0.90%
Citigroup, Inc., 4.45%, 09/29/2027 0.88%
Warnermedia Holdings, Inc., 3.76%, 03/15/2027 0.88%
Amazon.com, Inc., 3.15%, 08/22/2027 0.78%
Verizon Communications, Inc., 4.13%, 03/16/2027 0.74%
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 0.68%
Morgan Stanley, 3.63%, 01/20/2027 0.68%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 0.66%
Oracle Corp., 3.25%, 11/15/2027 0.61%
Meta Platforms, Inc., 3.50%, 08/15/2027 0.60%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2027 High Yield Corporate Bond ETF
BSJR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2027 High Yield Corporate Bond ETF $44 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 10.84%, differed from the return of the Index, 11.33%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Media industry, followed by the hotels, restaurants & leisure and commercial services & supplies industries, respectively.
Positions | Dish Network Corp., 11.75% coupon, due 11/15/2027, a media company, followed by Carnival Corp., 5.75% coupon, due 3/1/2027, a hotels, restaurants & leisure company.
What detracted from performance?
Industry Allocations |  Communications equipment industry.
Positions | Ardagh Packaging Finance PLC, 5.25% coupon, due 8/15/2027, a containers & packaging company (no longer held at fiscal year-end), followed by CMG Media Corp., 8.88% coupon, due 12/15/2027, a media company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/12/19)
Invesco BulletShares 2027 High Yield Corporate Bond ETF — NAV Return 10.84% 3.37%
Invesco BulletShares 2027 High Yield Corporate Bond ETF — Market Price Return 10.72% 3.35%
Invesco BulletShares® USD High Yield Corporate Bond 2027 Index 11.33% 4.40%
Bloomberg U.S. Aggregate Bond Index 7.30% 0.22%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.38%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $287,513,586
Total number of portfolio holdings 159
Total advisory fees paid $728,994
Portfolio turnover rate 16%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
DISH Network Corp., 11.75%, 11/15/2027 3.01%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027 2.80%
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 2.45%
Carnival Corp., 5.75%, 03/01/2027 2.41%
Venture Global LNG, Inc., 9.88%, 02/01/2032 1.96%
Rakuten Group, Inc., 11.25%, 02/15/2027 1.72%
Community Health Systems, Inc., 5.63%, 03/15/2027 1.62%
Nexstar Media, Inc., 5.63%, 07/15/2027 1.48%
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027 1.35%
Tenet Healthcare Corp., 6.25%, 02/01/2027 1.32%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2027 Municipal Bond ETF
BSMR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2027 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.40%, differed from the return of the Index, 4.64%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 2/1/2039, followed by Texas (State of) Water Development Board, 5.00% coupon, due 10/15/2047.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | California (State of) Public Works Board, 5.00% coupon, due 10/1/2029 (no longer held at fiscal year-end), followed by San Francisco (County of), CA Transportation Authority, 3.00% coupon, due 2/1/2030 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2027 Municipal Bond ETF — NAV Return 4.40% 0.72%
Invesco BulletShares 2027 Municipal Bond ETF — Market Price Return 4.22% 0.75%
Invesco BulletShares® Municipal Bond 2027 Index 4.64% 1.09%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $168,081,077
Total number of portfolio holdings 1,288
Total advisory fees paid $218,134
Portfolio turnover rate 1%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB, 5.00%, 10/01/2034 0.73%
California (State of), Series 2021, Ref. GO Bonds, 5.00%, 12/01/2027 0.64%
Mississippi (State of), Series 2017 A, Ref. GO Bonds, 5.00%, 10/01/2030 0.64%
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB, 5.00%, 02/01/2039 0.63%
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB, 5.00%, 06/15/2040 0.62%
Clark (County of), NV, Series 2017, Ref. GO Bonds, 5.00%, 06/01/2030 0.62%
New York (State of) Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2041 0.62%
New York (State of) Dormitory Authority, Series 2018 A, RB, 5.00%, 10/01/2027 0.62%
Houston (City of), TX, Series 2017 B, Ref. RB, 5.00%, 11/15/2042 0.62%
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB, 5.00%, 02/15/2041 0.61%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2028 Corporate Bond ETF
BSCS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2028 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.37%, differed from the return of the Index, 8.43%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00% coupon, due 10/29/2028, a financial services company, followed by CVS Health Corp., 4.30% coupon, due 3/25/2028, a health care providers & services company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | EQM Midstream Partners L.P., 5.50% coupon, due 7/15/2028, an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(08/09/18)
Invesco BulletShares 2028 Corporate Bond ETF — NAV Return 8.37% 1.51% 3.57%
Invesco BulletShares 2028 Corporate Bond ETF — Market Price Return 8.47% 1.49% 3.57%
Invesco BulletShares® USD Corporate Bond 2028 Index 8.43% 1.63% 3.74%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.66%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.72%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,891,346,207
Total number of portfolio holdings 371
Total advisory fees paid $1,325,947
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
CVS Health Corp., 4.30%, 03/25/2028 1.46%
Amgen, Inc., 5.15%, 03/02/2028 1.13%
Cigna Group (The), 4.38%, 10/15/2028 1.11%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028 1.03%
RTX Corp., 4.13%, 11/16/2028 0.87%
UBS AG, 7.50%, 02/15/2028 0.80%
Sprint Capital Corp., 6.88%, 11/15/2028 0.79%
Citibank N.A., 5.80%, 09/29/2028 0.76%
Verizon Communications, Inc., 2.10%, 03/22/2028 0.76%
Apple, Inc., 1.20%, 02/08/2028 0.67%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2028 High Yield Corporate Bond ETF
BSJS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2028 High Yield Corporate Bond ETF $44 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.63%, differed from the return of the Index, 12.37%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations |  Diversified telecommunication services industry, followed by the commercial services & supplies and oil, gas & consumable fuels industries, respectively.
Positions | NFP Corp., 6.88% coupon, due 8/15/2028, a capital markets company (no longer held at fiscal year-end), followed by Tenneco, Inc., 8.00% coupon, due 11/17/2028, an automobile components company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | Level 3 Financing, Inc., 4.25% coupon, due 7/1/2028, a diversified telecommunication services company, followed by MPH Acquisition Holdings LLC, 5.75% coupon, due 11/1/2028, a commercial services & supplies company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/16/20)
Invesco BulletShares 2028 High Yield Corporate Bond ETF — NAV Return 11.63% 2.44%
Invesco BulletShares 2028 High Yield Corporate Bond ETF — Market Price Return 11.85% 2.57%
Invesco BulletShares® USD High Yield Corporate Bond 2028 Index 12.37% 2.95%
Bloomberg U.S. Aggregate Bond Index 7.30% (1.65)%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.47%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $263,869,334
Total number of portfolio holdings 273
Total advisory fees paid $614,808
Portfolio turnover rate 15%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028 1.67%
Tenet Healthcare Corp., 6.13%, 10/01/2028 1.40%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 1.35%
Venture Global LNG, Inc., 8.13%, 06/01/2028 1.32%
TransDigm, Inc., 6.75%, 08/15/2028 1.21%
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028 1.12%
DISH DBS Corp., 5.75%, 12/01/2028 1.05%
Sirius XM Radio, Inc., 4.00%, 07/15/2028 1.05%
Olympus Water US Holding Corp., 9.75%, 11/15/2028 1.02%
Tenneco, Inc., 8.00%, 11/17/2028 0.99%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2028 Municipal Bond ETF
BSMS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2028 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.59%, differed from the return of the Index, 4.95%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | Texas (State of) Water Development Board, 4.00% coupon, due 10/15/2036, followed by Pecos Barstow Toyah Independent School District, 5.00% coupon, due 2/15/2035.
What detracted from performance?
State Allocations |  Oklahoma bonds.
Positions | Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), 5.00% coupon, due 1/15/2028 (no longer held at fiscal year-end), followed by New York (City of), NY, Series 2017 C, 5.00% coupon, due 8/1/2028.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2028 Municipal Bond ETF — NAV Return 4.59% 0.67%
Invesco BulletShares 2028 Municipal Bond ETF — Market Price Return 4.05% 0.63%
Invesco BulletShares® Municipal Bond 2028 Index 4.95% 0.98%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $121,925,673
Total number of portfolio holdings 1,094
Total advisory fees paid $169,294
Portfolio turnover rate 5%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, 5.00%, 07/01/2028 0.92%
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB, 5.00%, 07/01/2028 0.90%
Texas (State of) Water Development Board, Series 2018 B, RB, 4.00%, 10/15/2036 0.88%
Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2028 0.72%
Orlando (City of), FL, Series 2018 B, RB, 5.00%, 10/01/2048 0.70%
Georgia (State of), Series 2017 C, Ref. GO Bonds, 5.00%, 07/01/2028 0.69%
Long Island (City of), NY Power Authority, Series 2019 A, RB, 5.00%, 09/01/2031 0.67%
Massachusetts (Commonwealth of), Series 2021, RB, 5.00%, 06/01/2041 0.64%
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB, 5.00%, 07/01/2044 0.63%
Metropolitan Transportation Authority, Series 2012 A, Ref. RB, 3.00%, 11/15/2028 0.62%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2029 Corporate Bond ETF
BSCT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2029 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.98%, differed from the return of the Index, 9.10%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | AbbVie, Inc., 3.20% coupon, due 11/21/2029, a biotechnology company, followed by Verizon Communications, Inc., 4.02% coupon, due 12/3/2029, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  Distributors industry, followed by the interactive media & services industry.
Positions | Eli Lilly and Co., 4.20% coupon, due 8/14/2029, a pharmaceuticals company, followed by Genuine Parts Co., 4.95% coupon, due 8/15/2029, a distributors company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/12/19)
Invesco BulletShares 2029 Corporate Bond ETF — NAV Return 8.98% 1.69%
Invesco BulletShares 2029 Corporate Bond ETF — Market Price Return 9.10% 1.63%
Invesco BulletShares® USD Corporate Bond 2029 Index 9.10% 1.83%
Bloomberg U.S. Aggregate Bond Index 7.30% 0.22%
Bloomberg U.S. Corporate Index 9.29% 1.04%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,175,120,668
Total number of portfolio holdings 373
Total advisory fees paid $745,080
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
AbbVie, Inc., 3.20%, 11/21/2029 1.58%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 1.32%
Verizon Communications, Inc., 4.02%, 12/03/2029 1.19%
Centene Corp., 4.63%, 12/15/2029 0.97%
International Business Machines Corp., 3.50%, 05/15/2029 0.96%
AT&T, Inc., 4.35%, 03/01/2029 0.91%
Fiserv, Inc., 3.50%, 07/01/2029 0.88%
Cisco Systems, Inc., 4.85%, 02/26/2029 0.79%
AbbVie, Inc., 4.80%, 03/15/2029 0.78%
Wells Fargo & Co., 4.15%, 01/24/2029 0.76%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2029 High Yield Corporate Bond ETF
BSJT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2029 High Yield Corporate Bond ETF $45 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 12.99%, differed from the return of the Index, 13.36%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Financial services industry, followed by the oil, gas & consumable fuels and hotels, restaurants & leisure industries, respectively.
Positions | Cloud Software Group, Inc., 9.00% coupon, due 9/30/2029, a software company, followed by Cloud Software Group, Inc., 6.50% coupon, due 3/31/2029, a software company.
What detracted from performance?
Industry Allocations |  Diversified consumer services.
Positions | CSC Holdings LLC, 11.75% coupon, due 1/31/2029, a media company, followed by Level 3 Financing, Inc., 3.63% coupon, due 1/15/2029, a diversified telecommunication services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/15/21)
Invesco BulletShares 2029 High Yield Corporate Bond ETF — NAV Return 12.99% 0.77%
Invesco BulletShares 2029 High Yield Corporate Bond ETF — Market Price Return 13.36% 0.88%
Invesco BulletShares® USD High Yield Corporate Bond 2029 Index 13.36% 1.13%
Bloomberg U.S. Aggregate Bond Index 7.30% (2.22)%
Bloomberg U.S. Corporate High Yield Index 12.55% 2.42%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $103,084,596
Total number of portfolio holdings 381
Total advisory fees paid $193,866
Portfolio turnover rate 10%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Medline Borrower L.P., 3.88%, 04/01/2029 1.59%
Cloud Software Group, Inc., 6.50%, 03/31/2029 1.47%
Cloud Software Group, Inc., 9.00%, 09/30/2029 1.34%
Venture Global LNG, Inc., 9.50%, 02/01/2029 1.31%
TransDigm, Inc., 6.38%, 03/01/2029 1.06%
Neptune Bidco US, Inc., 9.29%, 04/15/2029 0.97%
Medline Borrower L.P., 5.25%, 10/01/2029 0.92%
Staples, Inc., 10.75%, 09/01/2029 0.83%
Rakuten Group, Inc., 9.75%, 04/15/2029 0.80%
Carnival Corp., 6.00%, 05/01/2029 0.78%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2029 Municipal Bond ETF
BSMT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2029 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.02%, differed from the return of the Index, 5.44%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 5/1/2040, followed by California (State of), 5.00% coupon, due 4/1/2029.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | Florida (State of) Higher Educational Facilities Financial Authority (St. Leo University), 5.00% coupon, due 3/1/2039, followed by California (State of), 5.00% coupon, due 10/1/2032.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/25/19)
Invesco BulletShares 2029 Municipal Bond ETF — NAV Return 5.02% 0.46%
Invesco BulletShares 2029 Municipal Bond ETF — Market Price Return 4.87% 0.46%
Invesco BulletShares® Municipal Bond 2029 Index 5.44% 0.63%
Bloomberg Municipal Bond Index 6.09% 1.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $122,731,323
Total number of portfolio holdings 1,060
Total advisory fees paid $147,647
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2031 0.99%
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2032 0.94%
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2029 0.90%
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2031 0.74%
Connecticut (State of), Series 2019 A, GO Bonds, 5.00%, 04/15/2032 0.67%
Illinois (State of) Toll Highway Authority, Series 2019 A, RB, 5.00%, 01/01/2044 0.62%
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB, 5.00%, 11/01/2035 0.57%
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB, 5.00%, 02/15/2044 0.51%
New Jersey (State of) Turnpike Authority, Series 2019 A, RB, 5.00%, 01/01/2048 0.47%
Maryland (State of), First Series 2019, GO Bonds, 5.00%, 03/15/2032 0.46%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2030 Corporate Bond ETF
BSCU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2030 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.51%, differed from the return of the Index, 9.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the banks and health care providers & services industries, respectively.
Positions | Pacific Gas & Electric Co., 4.55% coupon, due 7/1/2030, an electric utilities company, followed by Boeing Co. (The), 5.15% coupon, due 5/1/2030, an aerospace & defense company.
What detracted from performance?
Industry Allocations |  Entertainment industry.
Positions | Walgreens Boots Alliance, Inc., 3.20% coupon, due 4/15/2030, a consumer staples distribution & retail company (no longer held at fiscal year-end), followed by Activision Blizzard, Inc., 1.35% coupon, due 9/15/2030, an entertainment company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/16/20)
Invesco BulletShares 2030 Corporate Bond ETF — NAV Return 9.51% (1.25)%
Invesco BulletShares 2030 Corporate Bond ETF — Market Price Return 9.71% (1.24)%
Invesco BulletShares® USD Corporate Bond 2030 Index 9.62% (1.19)%
Bloomberg U.S. Aggregate Bond Index 7.30% (1.65)%
Bloomberg U.S. Corporate Index 9.29% (1.07)%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $915,620,639
Total number of portfolio holdings 270
Total advisory fees paid $561,251
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Boeing Co. (The), 5.15%, 05/01/2030 1.99%
Pacific Gas and Electric Co., 4.55%, 07/01/2030 1.34%
Amgen, Inc., 5.25%, 03/02/2030 1.26%
Philip Morris International, Inc., 5.13%, 02/15/2030 1.00%
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 0.97%
Centene Corp., 3.00%, 10/15/2030 0.87%
Alphabet, Inc., 1.10%, 08/15/2030 0.85%
Exxon Mobil Corp., 2.61%, 10/15/2030 0.81%
Centene Corp., 3.38%, 02/15/2030 0.80%
Amazon.com, Inc., 1.50%, 06/03/2030 0.77%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2030 High Yield Corporate Bond ETF
BSJU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2030 High Yield Corporate Bond ETF $45 0.42%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.52%, differed from the return of the Index, 14.30%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations |  Health care providers & services industry, followed by the oil, gas & consumable fuels and hotels, restaurants & leisure industries, respectively.
Positions | athenahealth Group, Inc., 6.50% coupon, due 2/15/2030, a health care technology company, followed by Intelsat Jackson Holdings S.A., 6.50% coupon, due 3/15/2030, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  Ground transportation industry, followed by the automobiles industry.
Positions | Gray Television, Inc. 4.75% coupon, due 10/15/2030, a media company, followed by Ford Motor Credit Co. LLC, 4.00% coupon, due 11/13/2030, an automobiles company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/08/22)
Invesco BulletShares 2030 High Yield Corporate Bond ETF — NAV Return 13.52% 9.39%
Invesco BulletShares 2030 High Yield Corporate Bond ETF — Market Price Return 13.46% 9.12%
Invesco BulletShares® USD High Yield Corporate Bond 2030 Index 14.30% 9.99%
Bloomberg U.S. Aggregate Bond Index 7.30% 3.44%
Bloomberg U.S. Corporate High Yield Index 12.55% 9.69%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $60,074,902
Total number of portfolio holdings 151
Total advisory fees paid $151,227
Portfolio turnover rate 21%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
HUB International Ltd., 7.25%, 06/15/2030 2.69%
Intelsat Jackson Holdings S.A., 6.50%, 03/15/2030 2.41%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 2.37%
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 2.26%
DaVita, Inc., 4.63%, 06/01/2030 2.21%
athenahealth Group, Inc., 6.50%, 02/15/2030 1.88%
Caesars Entertainment, Inc., 7.00%, 02/15/2030 1.73%
Tenet Healthcare Corp., 6.13%, 06/15/2030 1.69%
McAfee Corp., 7.38%, 02/15/2030 1.62%
Weatherford International Ltd., 8.63%, 04/30/2030 1.38%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco BulletShares 2030 Municipal Bond ETF
BSMU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2030 Municipal Bond ETF $18 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.26%, differed from the return of the Index, 5.71%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | Metropolitan Transportation Authority (Green Bonds), 5.00% coupon, due 11/15/2050, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2034.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | New York (City of), NY, 4.00% coupon, due 3/1/2036, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2030.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/16/20)
Invesco BulletShares 2030 Municipal Bond ETF — NAV Return 5.26% (0.98)%
Invesco BulletShares 2030 Municipal Bond ETF — Market Price Return 4.91% (1.05)%
Invesco BulletShares® Municipal Bond 2030 Index 5.71% (0.70)%
Bloomberg Municipal Bond Index 6.09% 0.48%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $112,270,477
Total number of portfolio holdings 925
Total advisory fees paid $141,746
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.00%, 11/15/2050 1.42%
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034 0.77%
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds, 5.00%, 08/01/2030 0.76%
Michigan (State of), Series 2020 B, RB, 5.00%, 11/15/2033 0.71%
California (State of), Series 2020, Ref. GO Bonds, 5.00%, 03/01/2035 0.64%
Omaha (City of), NE Public Power District, Series 2021 A, RB, 5.00%, 02/01/2046 0.62%
New York State Urban Development Corp., Series 2020 A, RB, 5.00%, 03/15/2036 0.60%
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds, 5.00%, 07/01/2045 0.58%
New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2045 0.54%
Sales Tax Securitization Corp., Series 2021 A, Ref. RB, 5.00%, 01/01/2030 0.54%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2031 Corporate Bond ETF
BSCV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2031 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.60%, differed from the return of the Index, 9.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the health care providers & services and consumer finance industries, respectively.
Positions | Ally Financial, Inc., 8.00% coupon, due 11/1/2031, a consumer finance company, followed by Verizon Communications, Inc., 2.55% coupon, due 3/21/2031, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  Interactive media & services industry.
Positions | Meta Platforms, Inc., 4.55% coupon, due 8/15/2031, an interactive media & services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/15/21)
Invesco BulletShares 2031 Corporate Bond ETF — NAV Return 9.60% (2.64)%
Invesco BulletShares 2031 Corporate Bond ETF — Market Price Return 9.73% (2.59)%
Invesco BulletShares® USD Corporate Bond 2031 Index 9.68% (2.52)%
Bloomberg U.S. Aggregate Bond Index 7.30% (2.22)%
Bloomberg U.S. Corporate Index 9.29% (2.29)%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $582,547,935
Total number of portfolio holdings 294
Total advisory fees paid $370,989
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Verizon Communications, Inc., 2.55%, 03/21/2031 1.36%
Orange S.A., 9.00%, 03/01/2031 1.26%
Oracle Corp., 2.88%, 03/25/2031 1.21%
AT&T, Inc., 2.75%, 06/01/2031 1.11%
Amazon.com, Inc., 2.10%, 05/12/2031 1.09%
Cisco Systems, Inc., 4.95%, 02/26/2031 1.08%
Apple, Inc., 1.65%, 02/08/2031 0.99%
T-Mobile USA, Inc., 3.50%, 04/15/2031 0.95%
Ally Financial, Inc., 8.00%, 11/01/2031 0.95%
Walt Disney Co. (The), 2.65%, 01/13/2031 0.94%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2031 High Yield Corporate Bond ETF
BSJV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 High Yield Corporate Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco BulletShares 2031 High Yield Corporate Bond ETF $43 0.42%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.53%, differed from the return of the Index, 14.23%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the hotels, restaurants & leisure and media industries, respectively.
Positions | Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13% coupon, due 4/30/2031, a pharmaceuticals company, followed by Venture Global LNG, Inc., 8.38% coupon, due 6/1/2031, an oil, gas & consumable fuels company.
What detracted from performance?
Industry Allocations |  Consumer finance industry, followed by the energy equipment & services industry.
Positions | Scripps Escrow II, Inc., 5.38% coupon, due 1/15/2031, an interactive media & services company (no longer held at fiscal year-end), followed by CSC Holdings LLC, 3.38% coupon, due 2/15/2031, a media company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(09/20/23)
Invesco BulletShares 2031 High Yield Corporate Bond ETF — NAV Return 13.53%
Invesco BulletShares 2031 High Yield Corporate Bond ETF — Market Price Return 13.85%
Invesco BulletShares USD® High Yield Corporate Bond 2031 Index 14.23%
Bloomberg U.S. Aggregate Bond Index 8.70%
Bloomberg U.S. Corporate High Yield Index 12.88%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $29,316,845
Total number of portfolio holdings 151
Total advisory fees paid $69,642
Portfolio turnover rate 24%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 2.77%
UKG, Inc., 6.88%, 02/01/2031 2.33%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031 2.31%
Venture Global LNG, Inc., 8.38%, 06/01/2031 2.14%
Allied Universal Holdco LLC, 7.88%, 02/15/2031 1.87%
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031 1.66%
Vistra Operations Co. LLC, 7.75%, 10/15/2031 1.38%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031 1.34%
Tenet Healthcare Corp., 6.75%, 05/15/2031 1.24%
CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 1.21%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2031 Municipal Bond ETF
BSMV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2031 Municipal Bond ETF $19 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.64%, differed from the return of the Index, 5.82%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | Connecticut (State of), 5.00% coupon, due 5/1/2041, followed by New York (City of), NY, 5.00% coupon, due 3/1/2044.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | Michigan (State of), 4.00% coupon, due 11/15/2036, followed by New York (City of), NY Transitional Finance Authority, 4.00% coupon, due 8/1/2039.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/15/21)
Invesco BulletShares 2031 Municipal Bond ETF — NAV Return 5.64% (3.02)%
Invesco BulletShares 2031 Municipal Bond ETF — Market Price Return 5.23% (3.17)%
Invesco BulletShares® Municipal Bond 2031 Index 5.82% (3.04)%
Bloomberg Municipal Bond Index 6.09% (0.49)%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $74,149,539
Total number of portfolio holdings 757
Total advisory fees paid $94,966
Portfolio turnover rate 5%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB, 4.00%, 01/01/2042 0.94%
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, 4.00%, 08/15/2048 0.88%
Illinois (State of) Toll Highway Authority, Series 2020 A, RB, 5.00%, 01/01/2045 0.77%
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 0.76%
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds, 5.00%, 09/01/2048 0.72%
California (State of), Series 2021, Ref. GO Bonds, 5.00%, 09/01/2041 0.71%
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB, 5.00%, 03/15/2031 0.67%
Connecticut (State of), Series 2021 A, RB, 5.00%, 05/01/2041 0.63%
Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2034 0.62%
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds, 5.00%, 03/01/2035 0.61%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2032 Corporate Bond ETF
BSCW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2032 Corporate Bond ETF $10 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.58%, differed from the return of the Index, 9.64%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Electric utilities industry, followed by the oil, gas & consumable fuels and diversified telecommunication services industries, respectively.
Positions | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30% coupon, due 1/30/2032, a financial services company, followed by Verizon Communications, Inc., 2.36% coupon, due 3/15/2032, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  Industrial conglomerates industry.
Positions | UnitedHealth Group, Inc., 4.95% coupon, due 1/15/2032, a health care providers & services company, followed by Honeywell International, Inc., 4.75% coupon, due 2/1/2032, an industrial conglomerates company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(09/08/22)
Invesco BulletShares 2032 Corporate Bond ETF — NAV Return 9.58% 6.52%
Invesco BulletShares 2032 Corporate Bond ETF — Market Price Return 9.73% 6.61%
Invesco BulletShares® USD Corporate Bond 2032 Index 9.64% 5.92%
Bloomberg U.S. Aggregate Bond Index 7.30% 3.44%
Bloomberg U.S. Corporate Index 9.29% 5.64%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $564,497,884
Total number of portfolio holdings 238
Total advisory fees paid $352,358
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Warnermedia Holdings, Inc., 4.28%, 03/15/2032 2.12%
Verizon Communications, Inc., 2.36%, 03/15/2032 1.90%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032 1.73%
Meta Platforms, Inc., 3.85%, 08/15/2032 1.39%
Sprint Capital Corp., 8.75%, 03/15/2032 1.23%
Oracle Corp., 6.25%, 11/09/2032 1.20%
Amazon.com, Inc., 3.60%, 04/13/2032 1.16%
Amazon.com, Inc., 4.70%, 12/01/2032 1.12%
Ford Motor Co., 3.25%, 02/12/2032 1.03%
AT&T, Inc., 2.25%, 02/01/2032 1.02%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2032 High Yield Corporate Bond ETF
BSJW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 High Yield Corporate Bond ETF (the “Fund”) for the period June 10, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco BulletShares 2032 High Yield Corporate Bond ETF $10 0.42%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.02%, differed from the return of the Index, 4.18%, primarily due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the sampling approach employed by the portfolio management team.
What contributed to performance?
Industry Allocations |  Hotels, restaurants & leisure industry, followed by the oil, gas & consumable fuels and insurance industries, respectively.
Positions | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% coupon, due 5/1/2032, a media company, followed by Ardonagh Group Finance Ltd., 8.88% coupon, due 2/15/2032, an insurance company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(06/12/24)
Invesco BulletShares 2032 High Yield Corporate Bond ETF — NAV Return 4.02%
Invesco BulletShares 2032 High Yield Corporate Bond ETF — Market Price Return 4.06%
Invesco BulletShares® USD High Yield Corporate Bond 2032 Index 4.18%
Bloomberg U.S. Aggregate Bond Index 3.61%
Bloomberg U.S. Corporate High Yield Index 3.59%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $5,164,257
Total number of portfolio holdings 76
Total advisory fees paid $4,722
Portfolio turnover rate 6%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
TransDigm, Inc., 6.63%, 03/01/2032 3.43%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 3.31%
Community Health Systems, Inc., 10.88%, 01/15/2032 3.15%
Block, Inc., 6.50%, 05/15/2032 3.02%
HUB International Ltd., 7.38%, 01/31/2032 3.01%
Cloud Software Group, Inc., 8.25%, 06/30/2032 2.64%
Caesars Entertainment, Inc., 6.50%, 02/15/2032 2.39%
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032 2.08%
Vallourec S.A., 7.50%, 04/15/2032 2.04%
Wand NewCo 3, Inc., 7.63%, 01/30/2032 2.03%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco BulletShares 2032 Municipal Bond ETF
BSMW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco BulletShares 2032 Municipal Bond ETF $19 0.18%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.90%, differed from the return of the Index, 6.39%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | California (State of), 3.00% coupon, due 9/1/2032, followed by New Jersey (State of), 4.00% coupon, due 6/1/2032.
What detracted from performance?
State Allocations |  Mississippi bonds.
Positions | California (State of), 5.00% coupon, due 9/1/2035, followed by University of Mississippi Educational Building Corp., 4.50% coupon, due 10/1/2052.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(03/01/23)
Invesco BulletShares 2032 Municipal Bond ETF — NAV Return 5.90% 4.44%
Invesco BulletShares 2032 Municipal Bond ETF — Market Price Return 5.84% 4.48%
Invesco BulletShares® Municipal Bond 2032 Index 6.39% 4.93%
Bloomberg Municipal Bond Index 6.09% 4.76%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $76,211,529
Total number of portfolio holdings 790
Total advisory fees paid $95,624
Portfolio turnover rate 5%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2041 0.98%
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2046 0.79%
California (State of), Series 2022, Ref. GO Bonds, 5.00%, 09/01/2035 0.78%
Illinois (State of) Toll Highway Authority, Series 2021 A, RB, 5.00%, 01/01/2046 0.77%
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 0.72%
New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2032 0.71%
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB, 5.00%, 11/15/2032 0.68%
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB, 5.00%, 03/15/2048 0.66%
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB, 4.00%, 05/15/2046 0.65%
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB, 5.00%, 06/15/2032 0.61%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2033 Corporate Bond ETF
BSCX | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2033 Corporate Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco BulletShares 2033 Corporate Bond ETF $10 0.10%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.44%, differed from the return of the Index, 11.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the electric utilities and banks industries, respectively.
Positions | Amgen, Inc., 5.25% coupon, due 3/2/2033, a biotechnology company, followed by AT&T, Inc., 2.55% coupon, due 12/1/2033, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(09/20/23)
Invesco BulletShares 2033 Corporate Bond ETF — NAV Return 11.44%
Invesco BulletShares 2033 Corporate Bond ETF — Market Price Return 11.53%
Invesco BulletShares® USD Corporate Bond 2033 Index 11.62%
Bloomberg U.S. Aggregate Bond Index 8.70%
Bloomberg U.S. Corporate Index 10.58%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $341,461,189
Total number of portfolio holdings 238
Total advisory fees paid $161,227
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Amgen, Inc., 5.25%, 03/02/2033 1.96%
AT&T, Inc., 2.55%, 12/01/2033 1.39%
T-Mobile USA, Inc., 5.05%, 07/15/2033 1.18%
Enbridge, Inc., 5.70%, 03/08/2033 1.08%
Philip Morris International, Inc., 5.38%, 02/15/2033 1.03%
BP Capital Markets America, Inc., 4.81%, 02/13/2033 1.01%
Intel Corp., 5.20%, 02/10/2033 1.00%
Banco Santander S.A., 6.92%, 08/08/2033 0.97%
UnitedHealth Group, Inc., 5.35%, 02/15/2033 0.94%
Verizon Communications, Inc., 4.50%, 08/10/2033 0.93%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2033 Municipal Bond ETF
BSSX | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2033 Municipal Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco BulletShares 2033 Municipal Bond ETF $18 0.18%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.84%, differed from the return of the Index, 7.64%, primarily due to positive effects of the sampling approach employed by the portfolio management team, which were partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | New York (State of) Dormitory Authority, 2.00% coupon, due 7/1/2033, followed by Washington (State of) (Bid Group 3), 5.00% coupon, due 2/1/2044.
What detracted from performance?
State Allocations |  Oklahoma bonds, followed by Minnesota bonds.
Positions | California (State of), 3.00% coupon, due 9/1/2033, followed by New York (City of), NY Transitional Finance Authority, 5.25% coupon, due 5/1/2048.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(09/20/23)
Invesco BulletShares 2033 Municipal Bond ETF — NAV Return 7.84%
Invesco BulletShares 2033 Municipal Bond ETF — Market Price Return 8.08%
Invesco BulletShares® Municipal Bond 2033 Index 7.64%
Bloomberg Municipal Bond Index 6.66%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $49,605,960
Total number of portfolio holdings 584
Total advisory fees paid $43,930
Portfolio turnover rate 4%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds, 5.00%, 05/01/2048 1.54%
California (State of), Series 2023, GO Bonds, 5.00%, 10/01/2045 1.35%
Jefferson (County of), AL, Series 2024, Ref. RB, 5.25%, 10/01/2045 1.32%
New York (City of), NY, Subseries 2023 E-1, GO Bonds, 5.00%, 04/01/2035 1.16%
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB, 5.00%, 12/01/2039 1.14%
New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.25%, 05/01/2048 1.12%
New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB, 5.00%, 06/15/2046 1.11%
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, 5.00%, 02/15/2053 1.09%
Illinois (State of), Series 2023 C, GO Bonds, 5.00%, 12/01/2048 1.08%
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB, 5.00%, 11/15/2041 0.86%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco BulletShares 2034 Corporate Bond ETF
BSCY | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2034 Corporate Bond ETF (the “Fund”) for the period June 10, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco BulletShares 2034 Corporate Bond ETF $2 0.10%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2034 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.95%, differed from the return of the Index, 3.99%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Electric utilities industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | Bristol-Myers Squibb Co., 5.20% coupon, due 2/22/2034, a pharmaceuticals company, followed by AT&T, Inc., 5.40% coupon, due 2/15/2034, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations |  Health care REITs industry.
Positions | Takeda Pharmaceutical Co. Ltd., 5.30% coupon, due 7/5/2034, a pharmaceuticals company, followed by MetLife, Inc., 5.30% coupon, due 12/15/2034, an insurance company.
How Has The Fund Historically Performed?

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(06/12/24)
Invesco BulletShares 2034 Corporate Bond ETF — NAV Return 3.95%
Invesco BulletShares 2034 Corporate Bond ETF — Market Price Return 4.15%
Invesco BulletShares® USD Corporate Bond 2034 Index 3.99%
Bloomberg U.S. Aggregate Bond Index 3.61%
Bloomberg US Corporate Index 3.55%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $15,578,448
Total number of portfolio holdings 214
Total advisory fees paid $1,674
Portfolio turnover rate 0%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
AbbVie, Inc., 5.05%, 03/15/2034 1.65%
AT&T, Inc., 5.40%, 02/15/2034 1.52%
Bristol-Myers Squibb Co., 5.20%, 02/22/2034 1.40%
Cisco Systems, Inc., 5.05%, 02/26/2034 1.40%
Citibank N.A., 5.57%, 04/30/2034 1.15%
Aon North America, Inc., 5.45%, 03/01/2034 1.00%
Home Depot, Inc. (The), 4.95%, 06/25/2034 0.99%
Verizon Communications, Inc., 4.40%, 11/01/2034 0.99%
Philip Morris International, Inc., 5.25%, 02/13/2034 0.99%
MPLX L.P., 5.50%, 06/01/2034 0.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco International Developed Dynamic Multifactor ETF
IMFL | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco International Developed Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco International Developed Dynamic Multifactor ETF $36 0.34%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, developed market ex-US equities benefited from the beginnings of a global economic recovery and slowing inflation. Despite primarily investing in developed market ex-US equities, the Fund underperformed due to its individual security selection in the industrials and health care sectors.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.69%, differed from the return of the Index, 14.26%, primarily due to fees and expenses that the Fund incurred during the period, as well as trading commissions and brokerage fees.
What contributed to performance?
Sector Allocations |  Industrials sector, followed by the financials and health care sectors, respectively.
Positions | Novartis AG, a health care company, and Fujikura Ltd., an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Samsung Electronics Co. Ltd., an information technology company, and ASML Holding N.V., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since  
Inception  
(02/24/21)
Invesco International Developed Dynamic Multifactor ETF — NAV Return 13.69% 5.31%
Invesco International Developed Dynamic Multifactor ETF — Market Price Return 13.36% 4.30%
FTSE Developed ex US Invesco Dynamic Multifactor Index (Net) 14.26% 5.98%
MSCI EAFE® Index (Net) 19.40% 5.79%
FTSE Developed ex US Index (Net) 18.72% 5.20%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the FTSE Developed ex US Index (Net) to the MSCI EAFE® Index (Net) to reflect that the MSCI EAFE® Index (Net) can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $466,979,414
Total number of portfolio holdings 360
Total advisory fees paid $1,194,853
Portfolio turnover rate 156%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Novartis AG 5.41%
Novo Nordisk A/S, Class B 5.28%
SAP SE 4.24%
Samsung Electronics Co. Ltd. 4.08%
RELX PLC 2.52%
3i Group PLC 2.27%
L'Oreal S.A. 2.14%
Nintendo Co. Ltd. 2.13%
Investor AB, Class B 1.88%
Hermes International S.C.A. 1.72%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Investment Grade Defensive ETF
IIGD | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Investment Grade Defensive ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Investment Grade Defensive ETF $14 0.13%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.84%, differed from the return of the Index, 8.02%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the industrials and utilities sectors, respectively.
Positions | PNC Bank N.A., 4.05% coupon, due 7/26/2028, a banks company, followed by KeyBank N.A., 5.85% coupon, due 11/15/2027, a banks company.
What detracted from performance?
Sector Allocations |  No sector detracted from the Fund's performance during the period.
Positions | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06% coupon, due 12/15/2026, an energy equipment & services company (no longer held at fiscal year-end), followed by Microchip Technology, Inc., 4.25% coupon, due 9/1/2025, a semiconductors & semiconductor equipment company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(07/25/18)
Invesco Investment Grade Defensive ETF — NAV Return 7.84% 1.45% 2.55%
Invesco Investment Grade Defensive ETF — Market Price Return 7.88% 1.40% 2.58%
Invesco Investment Grade Defensive Index 8.02% 1.67% 2.75%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.67%
iBoxx USD Liquid Investment Grade Index 9.61% 0.43% 2.88%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the iBoxx USD Liquid Investment Grade Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $45,442,081
Total number of portfolio holdings 154
Total advisory fees paid $72,417
Portfolio turnover rate 75%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Truist Financial Corp., 1.13%, 08/03/2027 0.71%
Kroger Co. (The), 2.65%, 10/15/2026 0.71%
Wells Fargo & Co., 3.00%, 10/23/2026 0.71%
DR Horton, Inc., 1.30%, 10/15/2026 0.70%
United Parcel Service, Inc., 3.05%, 11/15/2027 0.70%
Duke Energy Corp., 2.65%, 09/01/2026 0.70%
Fifth Third Bancorp, 2.55%, 05/05/2027 0.70%
National Securities Clearing Corp., 4.90%, 06/26/2029 0.70%
Alphabet, Inc., 1.10%, 08/15/2030 0.70%
Jackson National Life Global Funding, 5.55%, 07/02/2027 0.70%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco RAFITM Strategic US ETF
IUS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco RAFITM Strategic US ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco RAFITM Strategic US ETF $21 0.19%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large- and mid-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.08%, differed from the return of the Index, 22.27%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the communication services and financials sectors, respectively.
Positions | Meta Platforms Inc., Class A, a communication services company, and Apple Inc., an information technology company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Walgreens Boots Alliance, Inc., a consumer staples company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/12/18)
Invesco RAFITM Strategic US ETF — NAV Return 22.08% 16.87% 14.14%
Invesco RAFITM Strategic US ETF — Market Price Return 22.08% 16.87% 14.14%
Invesco Strategic US Index 22.27% 17.07% 14.32%
Russell 3000® Index 26.14% 15.19% 12.92%
Russell 1000® Index 26.60% 15.55% 13.42%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $564,386,508
Total number of portfolio holdings 554
Total advisory fees paid $721,796
Portfolio turnover rate 14%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Apple, Inc. 4.95%
Alphabet, Inc., Class A 3.50%
Berkshire Hathaway, Inc., Class B 3.08%
Microsoft Corp. 2.77%
Exxon Mobil Corp. 2.43%
Meta Platforms, Inc., Class A 2.08%
Amazon.com, Inc. 1.87%
UnitedHealth Group, Inc. 1.60%
Chevron Corp. 1.58%
AT&T, Inc. 1.22%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Russell 1000® Dynamic Multifactor ETF
OMFL | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Russell 1000® Dynamic Multifactor ETF $30 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.39%, differed from the return of the Index, 8.76%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the industrials and health care sectors, respectively.
Positions | Berkshire Hathaway, Inc., Class B, a financials company, and NRG Energy, Inc., a utilities company.
What detracted from performance?
Sector Allocations |  Communication services sector, followed by the information technology sector.
Positions | Amazon.com, Inc., a consumer discretionary company, and Microsoft Corp., an Information Technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(11/08/17)
Invesco Russell 1000® Dynamic Multifactor ETF — NAV Return 8.39% 13.69% 13.11%
Invesco Russell 1000® Dynamic Multifactor ETF — Market Price Return 8.35% 13.66% 13.10%
Russell 1000® Invesco Dynamic Multifactor Index 8.76% 14.01% 13.44%
Russell 3000® Index 26.14% 15.19% 13.35%
Russell 1000® Index 26.60% 15.55% 13.75%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer Russell 1000® Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 1000® Dynamic Multifactor ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $5,327,198,714
Total number of portfolio holdings 252
Total advisory fees paid $16,244,021
Portfolio turnover rate 267%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Berkshire Hathaway, Inc., Class B 5.56%
Costco Wholesale Corp. 5.03%
Meta Platforms, Inc., Class A 4.74%
Amazon.com, Inc. 4.56%
NVIDIA Corp. 4.56%
Microsoft Corp. 4.51%
Apple, Inc. 3.83%
Broadcom, Inc. 3.47%
Visa, Inc., Class A 3.01%
Eli Lilly and Co. 2.80%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Russell 2000® Dynamic Multifactor ETF
OMFS | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Russell 2000® Dynamic Multifactor ETF $41 0.39%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it underperformed the broader small-cap segment of the market due to security selection in the financials and consumer discretionary sectors.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.99%, differed from the return of the Index, 10.73%, primarily due to fees and expenses that the Fund incurred during the period, as well as trading commissions and brokerage fees.
What contributed to performance?
Sector Allocations |  Industrials sector, followed by the financials and health care sectors, respectively.
Positions | Sprouts Farmers Market, Inc., a consumer staples company, and Tutor Perini Corp., an industrials company.
What detracted from performance?
Sector Allocations |  Communication services sector, followed by the real estate sector.
Positions | AMC Networks, Inc., Class A, a communication services company (no longer held at fiscal year-end), and Gray Television, Inc., a communication services company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(11/08/17)
Invesco Russell 2000® Dynamic Multifactor ETF — NAV Return 9.99% 10.43% 8.31%
Invesco Russell 2000® Dynamic Multifactor ETF — Market Price Return 9.74% 10.40% 8.31%
Russell 2000® Invesco Dynamic Multifactor Index 10.73% 10.99% 8.85%
Russell 3000® Index 26.14% 15.19% 13.35%
Russell 2000® Index 18.47% 9.68% 7.55%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 2000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer Russell 2000® Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 2000® Dynamic Multifactor ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $278,564,867
Total number of portfolio holdings 681
Total advisory fees paid $1,361,668
Portfolio turnover rate 271%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Sprouts Farmers Market, Inc. 2.29%
Fabrinet 1.69%
Commvault Systems, Inc. 1.34%
Ensign Group, Inc. (The) 1.26%
Hamilton Lane, Inc., Class A 1.12%
CSW Industrials, Inc. 1.07%
Federal Signal Corp. 1.05%
Applied Industrial Technologies, Inc. 1.03%
Halozyme Therapeutics, Inc. 0.88%
Atmus Filtration Technologies, Inc. 0.84%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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(b) Not applicable.



 

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. Administration of the Code was transferred from the Chief Legal Officer to the Chief Compliance Officer during the reporting period. There were no waivers for the fiscal year ended August 31, 2024.

 
 

 

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

 
 

 

Item 4. Principal Accountant Fees and Services.

 
 

 

 

 

 

(a)

to (d) 

  

Fees Billed by PwC to the Registrant 

  

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table.  The Audit Committee pre-approved all audit and non-audit services provided to the Registrant. 

  

  

     

  

Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2024 

Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023 

Audit Fees 

$   655,350 

$     591,320 

Audit-Related Fees(1) 

$              0 

$       11,000 

Tax Fees(2) 

$     434,160 

$     455,600 

All Other Fees 

$              0 

$              0 

Total Fees 

$ 1,089,510 

$   1,057,920 

  

(1)

Audit-Related Fees for the fiscal year ended August 31, 2023 includes fees billed for reviewing regulatory filings. 

(2)

Tax Fees for the fiscal years ended August 31, 2024 and 2023 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

  

Fees Billed by PwC Related to Invesco and Affiliates 

  

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved. 

  

  

 Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2024 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

  

Audit-Related Fees(1)

  $  1,121,000

 $  957,000

Tax Fees

$                0

$                0

All Other Fees

$                0

$                0

Total Fees

$  1,121,000

$  957,000

  

(1)

Audit-Related Fees for the fiscal years ended 2024 and 2023 include fees billed related to reviewing controls at a service organization.  

  

  

(e)(1)Audit Committee Pre-Approval Policies and Procedures 

Pre-Approval of Audit and Non-Audit Services Policies and Procedures  

As Adopted by the Audit Committee of the Invesco ETFs 

  

   

 Applicable to 

Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) 

Risk Addressed by Policy 

Approval of Audit and Non-Audit Services 

Relevant Law and Other Sources 

Sarbanes-Oxley Act of 2002; Regulation S-X. 

Last Reviewed by Compliance for Accuracy 

June 15, 2018 

Effective Date 

June 26, 2009 

Amended Dates 

March 12, 2015 and June 15, 2018 

Statement of Principles 

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations. 

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services. 

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations. 

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities. 

Delegation 

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting. 

  

Audit Services 

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence. 

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings. 

Non-Audit Services 

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein. 

Audit-Related Services 

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities. 

Tax Services 

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy. 

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims. 

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall: 

   

1. 

Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: 

   

a. 

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and 

   

b. 

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; 

   

2. 

Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and 

   

3. 

Document the substance of its discussion with the Audit Committee. 

All Other Auditor Services 

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy. 

Pre-Approval Fee Levels or Established Amounts 

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services. 

Procedures 

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request. 

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.  

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules. 

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion. 

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied. 

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services. 

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management. 

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures  

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)  

  

  

• 

  

Bookkeeping or other services related to the accounting records or financial statements of the audit client  

  

• 

  

Financial information systems design and implementation  

  

• 

  

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports  

  

• 

  

Actuarial services  

  

• 

  

Internal audit outsourcing services  

  

Categorically Prohibited Non-Audit Services  

  

  

• 

  

Management functions  

  

• 

  

Human resources  

  

• 

  

Broker-dealer, investment adviser, or investment banking services  

  

• 

  

Legal services  

  

• 

  

Expert services unrelated to the audit  

  

• 

  

Any service or product provided for a contingent fee or a commission  

  

• 

  

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance  

  

• 

  

Tax services for persons in financial reporting oversight roles at the Fund  

  

• 

  

Any other service that the Public Company Oversight Board determines by regulation is impermissible.  

  (e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. 

(f)

Not applicable.  

(g)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,608,000 for the fiscal year ended August 31, 2024 and $ 6,721,000 for the fiscal year ended August 31, 2023 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee.  In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,163,160 for the fiscal year ended August 31, 2024 and $8,133,600 for the fiscal year ended August 31, 2023. 

(h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $34 million and non-audit services of approximately $26 million for the fiscal year ended 2024. The Audit Committee considered this information in evaluating PwC’s independence. 

(i)

Not applicable  

(j)

Not applicable 
 
 

 

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

 
 

 

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

 
 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 
 

Annual Financial Statements and Other Information
August 31, 2024
BSCO Invesco BulletShares 2024 Corporate Bond ETF
BSCP Invesco BulletShares 2025 Corporate Bond ETF
BSCQ Invesco BulletShares 2026 Corporate Bond ETF
BSCR Invesco BulletShares 2027 Corporate Bond ETF
BSCS Invesco BulletShares 2028 Corporate Bond ETF
BSCT Invesco BulletShares 2029 Corporate Bond ETF
BSCU Invesco BulletShares 2030 Corporate Bond ETF
BSCV Invesco BulletShares 2031 Corporate Bond ETF
BSCW Invesco BulletShares 2032 Corporate Bond ETF
BSCX Invesco BulletShares 2033 Corporate Bond ETF
BSCY Invesco BulletShares 2034 Corporate Bond ETF
BSJO Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJP Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJQ Invesco BulletShares 2026 High Yield Corporate Bond ETF
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF
BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF
BSJT Invesco BulletShares 2029 High Yield Corporate Bond ETF
BSJU Invesco BulletShares 2030 High Yield Corporate Bond ETF
BSJV Invesco BulletShares 2031 High Yield Corporate Bond ETF
BSJW Invesco BulletShares 2032 High Yield Corporate Bond ETF
BSMO Invesco BulletShares 2024 Municipal Bond ETF
BSMP Invesco BulletShares 2025 Municipal Bond ETF
BSMQ Invesco BulletShares 2026 Municipal Bond ETF
BSMR Invesco BulletShares 2027 Municipal Bond ETF
BSMS Invesco BulletShares 2028 Municipal Bond ETF
BSMT Invesco BulletShares 2029 Municipal Bond ETF
BSMU Invesco BulletShares 2030 Municipal Bond ETF
BSMV Invesco BulletShares 2031 Municipal Bond ETF
BSMW Invesco BulletShares 2032 Municipal Bond ETF
BSSX Invesco BulletShares 2033 Municipal Bond ETF
Table of Contents
Schedules of Investments  
3
7
16
25
34
42
50
56
62
68
73
78
80
83
87
92
99
107
111
115
118
128
150
182
210
234
257
277
293
311
326
332
338
348
377
395
397
399
405
2
Table of Contents
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-72.64%
Aerospace & Defense-0.33%
General Dynamics Corp., 2.38%, 11/15/2024
$ 9,547,000   $    9,492,767
Air Freight & Logistics-0.33%
United Parcel Service, Inc., 2.80%, 11/15/2024
  9,547,000       9,497,725
Automobiles-3.35%
American Honda Finance Corp., 2.15%, 09/10/2024
  14,183,000       14,173,193
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024
  29,060,000       28,974,541
Toyota Motor Credit Corp.                    
0.63%, 09/13/2024
  18,908,000      18,883,341
4.40%, 09/20/2024
  23,871,000      23,858,320
2.00%, 10/07/2024(b)
  9,548,000       9,517,724
        95,407,119
Banks-15.47%
Bank of Montreal (Canada)                    
5.20%, 12/12/2024(b)
  19,800,000      19,794,891
Series H, 4.25%, 09/14/2024
  28,362,000      28,350,680
Bank of Nova Scotia (The) (Canada), 5.25%, 12/06/2024
  20,299,000       20,291,013
BNP Paribas S.A. (France), 4.25%, 10/15/2024
  19,991,000       19,955,634
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024
  12,546,800       12,480,439
JPMorgan Chase & Co., 3.88%, 09/10/2024
  56,723,000       56,701,887
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024
  19,996,000       19,939,922
PNC Bank N.A., 3.30%, 10/30/2024(b)
  9,995,000        9,958,526
PNC Financial Services Group, Inc. (The), 2.20%, 11/01/2024
  12,995,000       12,923,296
Royal Bank of Canada (Canada), 5.66%, 10/25/2024
  22,889,000       22,897,328
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.45%, 09/27/2024(b)
  19,944,000       19,901,968
Toronto-Dominion Bank (The) (Canada)                    
4.29%, 09/13/2024
  28,359,000      28,348,479
1.25%, 12/13/2024(b)
  9,659,000       9,553,516
Truist Bank, 2.15%, 12/06/2024(b)
  25,005,000       24,803,300
Truist Financial Corp., 2.85%, 10/26/2024
  19,562,000       19,477,761
U.S. Bancorp, 3.60%, 09/11/2024
  18,911,000       18,902,230
UBS AG (Switzerland), 3.63%, 09/09/2024
  53,286,000       53,270,261
Wells Fargo & Co., 3.30%, 09/09/2024(b)
  42,549,000      42,531,851
        440,082,982
Beverages-1.08%
Coca-Cola Co. (The), 1.75%, 09/06/2024
  19,224,000       19,218,181
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024
  11,501,000      11,449,196
        30,667,377
  Principal
Amount 		  Value
Biotechnology-2.50%
AbbVie, Inc., 2.60%, 11/21/2024
$ 71,412,200   $   70,982,711
Broadline Retail-1.68%
Amazon.com, Inc.                    
4.70%, 11/29/2024
  23,875,000      23,844,207
3.80%, 12/05/2024
  23,868,000      23,783,924
        47,628,131
Capital Markets-6.32%
Ameriprise Financial, Inc., 3.70%, 10/15/2024
  10,761,000       10,738,078
Bank of New York Mellon Corp. (The)                    
3.25%, 09/11/2024(b)
  9,451,000       9,446,321
2.10%, 10/24/2024(b)
  19,572,000      19,485,629
Series J, 0.85%, 10/25/2024
  13,856,000      13,764,785
FS KKR Capital Corp., 1.65%, 10/12/2024
  9,896,000        9,846,136
Goldman Sachs Group, Inc. (The), 5.70%, 11/01/2024
  38,996,000       39,008,196
Morgan Stanley, 3.70%, 10/23/2024
  58,345,000       58,207,616
State Street Corp., 3.30%, 12/16/2024(b)
  19,309,000      19,202,597
        179,699,358
Chemicals-0.34%
Nutrien Ltd. (Canada), 5.90%, 11/07/2024
  9,750,000       9,757,558
Construction & Engineering-0.34%
Quanta Services, Inc., 0.95%, 10/01/2024
  9,781,000       9,743,596
Consumer Finance-3.98%
Ally Financial, Inc., 5.13%, 09/30/2024
  14,186,000       14,176,452
American Express Co.                    
3.00%, 10/30/2024
  32,000,000      31,937,751
3.63%, 12/05/2024
  12,042,000      11,983,280
Discover Bank, 2.45%, 09/12/2024
  14,179,000       14,166,657
Discover Financial Services, 3.95%, 11/06/2024
  10,081,000       10,049,022
General Motors Financial Co., Inc.                    
1.20%, 10/15/2024
  16,235,000      16,151,975
3.50%, 11/07/2024
  14,753,000      14,694,540
        113,159,677
Consumer Staples Distribution & Retail-0.92%
Dollar General Corp., 4.25%, 09/20/2024
  14,327,000       14,316,075
Walmart, Inc., 2.65%, 12/15/2024
  12,036,000      11,957,223
        26,273,298
Diversified Telecommunication Services-0.78%
Verizon Communications, Inc., 3.50%, 11/01/2024
  22,328,000      22,255,552
Electric Utilities-1.94%
Avangrid, Inc., 3.15%, 12/01/2024
  11,456,000       11,381,746
Edison International, 3.55%, 11/15/2024
  9,452,000        9,413,579
Evergy, Inc., 2.45%, 09/15/2024
  15,123,000      15,104,331
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electric Utilities-(continued)
Interstate Power and Light Co., 3.25%, 12/01/2024(b)
$ 9,696,000   $    9,644,543
MidAmerican Energy Co., 3.50%, 10/15/2024
  9,550,000       9,523,479
        55,067,678
Electronic Equipment, Instruments & Components-0.73%
Arrow Electronics, Inc., 3.25%, 09/08/2024
  9,452,000        9,447,292
Keysight Technologies, Inc., 4.55%, 10/30/2024
  11,460,000      11,437,490
        20,884,782
Financial Services-3.63%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)                    
1.65%, 10/29/2024
  43,213,000      42,936,946
Series 3NC1, 1.75%, 10/29/2024
  12,750,000      12,673,177
Global Payments, Inc., 1.50%, 11/15/2024
  9,630,000        9,553,246
ORIX Corp. (Japan), 3.25%, 12/04/2024
  14,236,000       14,157,607
PayPal Holdings, Inc., 2.40%, 10/01/2024
  23,870,000      23,814,628
        103,135,604
Gas Utilities-0.42%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024
  11,899,000      11,826,714
Ground Transportation-1.33%
Burlington Northern Santa Fe LLC, 3.40%, 09/01/2024
  10,000,000       10,000,000
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024
  28,186,000      27,907,603
        37,907,603
Health Care Equipment & Supplies-2.54%
Baxter International, Inc., 1.32%, 11/29/2024
  26,576,000       26,317,444
Becton, Dickinson and Co., 3.73%, 12/15/2024
  16,706,000       16,624,363
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024
  13,371,000       13,286,376
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024
  16,234,000      16,076,918
        72,305,101
Health Care Providers & Services-2.76%
Aetna, Inc., 3.50%, 11/15/2024
  14,414,000       14,353,262
CommonSpirit Health, 2.76%, 10/01/2024
  14,967,000       14,934,115
Elevance Health, Inc., 3.35%, 12/01/2024
  16,464,000       16,378,712
Humana, Inc., 3.85%, 10/01/2024
  11,307,000       11,291,534
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024
  11,851,000       11,851,000
UnitedHealth Group, Inc., 5.00%, 10/15/2024
  9,757,000       9,752,415
        78,561,038
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-0.50%
Hyatt Hotels Corp., 1.80%, 10/01/2024
$ 14,258,000   $   14,216,642
Household Durables-0.34%
D.R. Horton, Inc., 2.50%, 10/15/2024
  9,820,000       9,780,871
Insurance-0.32%
Brown & Brown, Inc., 4.20%, 09/15/2024
  9,175,000       9,167,864
Leisure Products-0.35%
Hasbro, Inc., 3.00%, 11/19/2024
  9,892,000       9,828,585
Life Sciences Tools & Services-2.14%
Revvity, Inc., 0.85%, 09/15/2024
  13,452,000       13,427,704
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024
  47,745,000      47,495,810
        60,923,514
Machinery-2.98%
Caterpillar Financial Services Corp.                    
0.60%, 09/13/2024
  14,182,000      14,161,879
2.15%, 11/08/2024
  19,103,000      18,994,933
3.25%, 12/01/2024
  11,936,000      11,877,917
John Deere Capital Corp.                    
0.63%, 09/10/2024
  9,459,000       9,450,163
4.55%, 10/11/2024
  11,458,000      11,447,158
Parker-Hannifin Corp., 3.30%, 11/21/2024
  9,553,000        9,519,010
Trane Technologies Financing Ltd., 3.55%, 11/01/2024(b)
  9,450,000       9,420,915
        84,871,975
Media-1.02%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024
  14,626,000       14,576,428
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024
  14,419,000      14,391,626
        28,968,054
Metals & Mining-0.51%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024
  14,431,000      14,393,417
Oil, Gas & Consumable Fuels-4.65%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024
  11,660,000       11,637,163
Chevron USA, Inc., 3.90%, 11/15/2024
  12,050,000       12,019,164
Kinder Morgan Energy Partners L.P., 4.25%, 09/01/2024
  10,739,000       10,739,000
Marathon Petroleum Corp., 3.63%, 09/15/2024
  14,180,000       14,167,655
MPLX L.P., 4.88%, 12/01/2024
  21,939,000       21,905,311
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024
  14,320,000       14,271,057
Shell International Finance B.V., 2.00%, 11/07/2024
  23,869,000       23,730,459
TransCanada PipeLines Ltd. (Canada), 1.00%, 10/12/2024
  23,870,000      23,738,335
        132,208,144
Passenger Airlines-0.61%
Delta Air Lines, Inc., 2.90%, 10/28/2024
  17,300,000      17,221,795
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Personal Care Products-0.33%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024
$ 9,549,000   $    9,470,786
Professional Services-0.50%
Equifax, Inc., 2.60%, 12/01/2024
  14,181,000      14,081,801
Retail REITs-1.27%
Simon Property Group L.P.                    
2.00%, 09/13/2024
  18,913,000      18,893,645
3.38%, 10/01/2024
  17,299,000      17,264,877
        36,158,522
Semiconductors & Semiconductor Equipment-0.50%
KLA Corp., 4.65%, 11/01/2024
  14,320,700      14,302,338
Software-1.69%
Oracle Corp., 2.95%, 11/15/2024
  38,732,000       38,534,089
Roper Technologies, Inc., 2.35%, 09/15/2024
  9,450,000       9,437,118
        47,971,207
Specialized REITs-0.44%
Crown Castle, Inc., 3.20%, 09/01/2024
  12,479,000      12,479,000
Technology Hardware, Storage & Peripherals-1.54%
Apple, Inc., 1.80%, 09/11/2024
  14,185,000       14,173,537
Hewlett Packard Enterprise Co., 5.90%, 10/01/2024
  29,604,000      29,611,059
        43,784,596
Tobacco-1.85%
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024
  19,224,000       19,219,174
Philip Morris International, Inc.                    
3.25%, 11/10/2024
  14,323,000      14,259,380
5.13%, 11/15/2024
  19,099,000      19,084,081
        52,562,635
  Principal
Amount 		  Value
Trading Companies & Distributors-0.33%
Air Lease Corp., 4.25%, 09/15/2024
$ 9,454,000   $    9,444,506
Total U.S. Dollar Denominated Bonds & Notes

(Cost $2,068,875,507)
  2,066,172,623
U.S. Treasury Securities-27.50%
U.S. Treasury Bills-27.50%(c)
5.26%–5.27%, 09/19/2024
  257,000,000      256,403,189
5.12%–5.20%, 10/17/2024
  350,000,000      347,822,612
5.05%–5.06%, 11/21/2024
  180,000,000     178,030,924
Total U.S. Treasury Securities

(Cost $782,013,512)
  782,256,725
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.14%

(Cost $2,850,889,019)
  2,848,429,348
  Shares    
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.88%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  7,054,287        7,054,287
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  17,975,164      17,982,354
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $25,034,990)
  25,036,641
TOTAL INVESTMENTS IN SECURITIES-101.02%

(Cost $2,875,924,009)
  2,873,465,989
OTHER ASSETS LESS LIABILITIES-(1.02)%
  (28,913,302)
NET ASSETS-100.00%
  $2,844,552,687
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $16,589,150   $2,146,878,374   $(2,163,467,524)   $-   $-   $-   $5,776,875
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $48,524,883   $256,248,365   $(297,718,961)   $-   $-   $7,054,287   $1,575,894*
Invesco Private Prime Fund 124,841,911   479,656,569   (586,582,701)   (1,582)   68,157   17,982,354   4,275,602*
Total $189,955,944   $2,882,783,308   $(3,047,769,186)   $(1,582)   $68,157   $25,036,641   $11,628,371
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.61%
Aerospace & Defense-2.16%
Boeing Co. (The), 4.88%, 05/01/2025
$ 31,131,000   $   31,007,336
General Dynamics Corp.                    
3.25%, 04/01/2025
  6,670,000       6,605,081
3.50%, 05/15/2025(b)
  6,616,000       6,562,484
L3Harris Technologies, Inc., 3.83%, 04/27/2025
  5,339,000        5,295,909
Lockheed Martin Corp., 4.95%, 10/15/2025
  4,445,000        4,466,335
Northrop Grumman Corp., 2.93%, 01/15/2025(b)
  13,341,000       13,232,917
Precision Castparts Corp., 3.25%, 06/15/2025
  7,561,000        7,475,598
RTX Corp., 3.95%, 08/16/2025(b)
  13,295,000      13,183,319
        87,828,979
Air Freight & Logistics-0.22%
United Parcel Service, Inc., 3.90%, 04/01/2025
  8,856,000       8,803,702
Automobile Components-0.14%
Magna International, Inc. (Canada), 4.15%, 10/01/2025
  5,734,000       5,696,181
Automobiles-5.62%
American Honda Finance Corp.                    
1.50%, 01/13/2025
  9,788,000       9,661,507
5.00%, 05/23/2025
  6,667,000       6,675,713
1.20%, 07/08/2025(b)
  6,600,000       6,407,816
1.00%, 09/10/2025
  6,669,000       6,434,672
5.80%, 10/03/2025(b)
  8,421,000       8,527,728
Series A, 4.60%, 04/17/2025
  7,120,000       7,104,371
Ford Motor Credit Co. LLC                    
2.30%, 02/10/2025
  11,113,000      10,955,295
4.69%, 06/09/2025
  5,335,000       5,309,693
5.13%, 06/16/2025
  15,566,000      15,527,799
4.13%, 08/04/2025
  12,340,000      12,209,319
3.38%, 11/13/2025
  18,503,000      18,081,989
General Motors Co.                    
4.00%, 04/01/2025
  4,397,000       4,362,923
6.13%, 10/01/2025
  17,789,000      17,982,623
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025
  8,791,000        8,670,155
PACCAR Financial Corp., 3.55%, 08/11/2025(b)
  5,282,000        5,235,308
Toyota Motor Credit Corp.                    
4.80%, 01/10/2025
  10,672,000      10,658,279
1.45%, 01/13/2025
  10,138,000      10,009,159
1.80%, 02/13/2025(b)
  12,450,000      12,270,576
3.00%, 04/01/2025
  11,120,000      10,997,656
3.40%, 04/14/2025
  4,443,000       4,403,511
3.95%, 06/30/2025
  11,458,000      11,388,298
3.65%, 08/18/2025(b)
  6,615,000       6,558,321
5.60%, 09/11/2025
  5,313,000       5,369,179
0.80%, 10/16/2025
  8,820,000       8,469,315
5.40%, 11/10/2025
  5,777,000       5,837,222
        229,108,427
  Principal
Amount 		  Value
Banks-20.37%
Banco Santander S.A. (Spain)                    
3.50%, 03/24/2025(b)
$ 11,001,000      $10,910,229
2.75%, 05/28/2025
  13,342,000      13,114,436
5.15%, 08/18/2025(b)
  15,506,000      15,516,561
Bank of America Corp.                    
4.00%, 01/22/2025
  22,237,000      22,117,064
3.88%, 08/01/2025(b)
  15,808,000      15,690,140
Series L, 3.95%, 04/21/2025
  22,040,000      21,871,230
Bank of America N.A., 5.65%, 08/18/2025
  17,634,000       17,779,585
Bank of Montreal (Canada)                    
1.50%, 01/10/2025
  12,004,000      11,846,075
3.70%, 06/07/2025(b)
  11,564,000      11,461,052
5.92%, 09/25/2025(b)
  10,677,000      10,813,443
Bank of Nova Scotia (The) (Canada)                    
1.45%, 01/10/2025
  11,955,000      11,800,440
3.45%, 04/11/2025(b)
  15,426,000      15,285,810
5.45%, 06/12/2025
  14,455,000      14,515,572
Canadian Imperial Bank of Commerce (Canada)                    
3.30%, 04/07/2025(b)
  11,899,000      11,771,248
5.14%, 04/28/2025
  11,023,000      11,034,655
3.95%, 08/04/2025
  11,899,000      11,811,939
Citibank N.A., 5.86%, 09/29/2025
  15,562,000       15,764,596
Citigroup, Inc.                    
3.88%, 03/26/2025
  8,892,000       8,825,281
3.30%, 04/27/2025(b)
  13,219,000      13,074,678
4.40%, 06/10/2025
  22,238,000      22,119,800
5.50%, 09/13/2025
  12,628,000      12,695,543
Citizens Bank N.A., 2.25%, 04/28/2025(b)
  6,648,000        6,506,788
Cooperatieve Rabobank U.A. (Netherlands)                    
1.38%, 01/10/2025
  8,889,000       8,773,911
5.00%, 01/13/2025(b)
  8,813,000       8,809,264
5.50%, 07/18/2025
  7,564,000       7,620,745
4.38%, 08/04/2025
  13,290,000      13,197,179
Fifth Third Bancorp, 2.38%, 01/28/2025
  6,669,000        6,591,321
Fifth Third Bank N.A., 3.95%, 07/28/2025
  6,616,000        6,566,408
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025
  13,345,000       13,238,742
HSBC USA, Inc., 5.63%, 03/17/2025
  11,014,000       11,043,919
Huntington Bancshares, Inc., 4.00%, 05/15/2025
  4,086,000        4,052,810
JPMorgan Chase & Co.                    
3.13%, 01/23/2025(b)
  22,239,000      22,069,821
3.90%, 07/15/2025
  22,233,000      22,090,932
KeyBank N.A.                    
3.30%, 06/01/2025(b)
  6,592,000       6,497,055
4.15%, 08/08/2025(b)
  11,023,000      10,921,865
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025
  11,760,000       11,673,442
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025
  4,447,000       4,459,753
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
2.19%, 02/25/2025
$ 23,124,000      $22,818,572
3.78%, 03/02/2025(b)
  6,595,000       6,555,596
1.41%, 07/17/2025(b)
  15,428,000      14,977,821
Morgan Stanley Bank N.A., 5.48%, 07/16/2025(b)
  10,670,000       10,752,995
National Bank of Canada (Canada), 5.25%, 01/17/2025
  9,340,000        9,337,362
PNC Bank N.A., 3.25%, 06/01/2025
  8,801,000        8,691,070
Regions Financial Corp., 2.25%, 05/18/2025(b)
  6,667,000        6,527,638
Royal Bank of Canada (Canada)                    
1.60%, 01/21/2025(b)
  8,889,000       8,774,420
3.38%, 04/14/2025
  12,338,000      12,214,421
4.95%, 04/25/2025
  14,231,000      14,234,656
Santander Holdings USA, Inc.                    
3.45%, 06/02/2025
  8,890,000       8,768,505
4.50%, 07/17/2025
  9,781,000       9,716,673
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025
  4,410,000        4,368,058
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
2.35%, 01/15/2025(b)
  11,022,000      10,908,610
1.47%, 07/08/2025
  20,896,000      20,321,503
Toronto-Dominion Bank (The) (Canada)                    
1.45%, 01/10/2025(b)
  7,054,000       6,961,591
3.77%, 06/06/2025
  14,541,000      14,426,120
Truist Bank                    
1.50%, 03/10/2025
  11,116,000      10,907,000
3.63%, 09/16/2025
  11,114,000      10,951,174
Truist Financial Corp.                    
4.00%, 05/01/2025
  7,477,000       7,422,156
3.70%, 06/05/2025
  8,895,000       8,809,389
1.20%, 08/05/2025
  6,609,000       6,383,092
U.S. Bancorp, 1.45%, 05/12/2025(b)
  13,198,000       12,900,446
U.S. Bank N.A., 2.05%, 01/21/2025(b)
  8,896,000        8,791,835
UBS AG (Switzerland)                    
7.95%, 01/09/2025
  11,020,000      11,110,128
3.70%, 02/21/2025
  17,177,000      17,056,630
2.95%, 04/09/2025
  10,946,000      10,809,227
5.80%, 09/11/2025(b)
  8,896,000       8,990,155
Wells Fargo & Co.                    
3.00%, 02/19/2025
  22,034,000      21,828,690
3.55%, 09/29/2025
  22,230,000      21,957,602
Wells Fargo Bank N.A., 5.55%, 08/01/2025
  17,790,000      17,921,873
        830,128,340
Beverages-1.24%
Diageo Capital PLC (United Kingdom)                    
1.38%, 09/29/2025
  6,675,000       6,457,673
5.20%, 10/24/2025
  4,412,000       4,441,675
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025
  4,409,000       4,343,629
  Principal
Amount 		  Value
Beverages-(continued)
PepsiCo, Inc.                    
2.25%, 03/19/2025
$ 13,225,000      $13,035,907
2.75%, 04/30/2025
  8,863,000       8,744,583
3.50%, 07/17/2025(b)
  6,225,000       6,182,723
5.25%, 11/10/2025(b)
  7,090,000       7,167,754
        50,373,944
Biotechnology-2.49%
AbbVie, Inc., 3.60%, 05/14/2025
  33,211,000       32,900,577
Amgen, Inc.                    
1.90%, 02/21/2025
  4,426,000       4,357,731
5.25%, 03/02/2025(b)
  17,785,000      17,792,575
3.13%, 05/01/2025(b)
  8,812,000       8,698,568
Baxalta, Inc., 4.00%, 06/23/2025
  7,120,000        7,063,908
Biogen, Inc., 4.05%, 09/15/2025
  15,564,000       15,437,240
Gilead Sciences, Inc., 3.50%, 02/01/2025(b)
  15,429,000      15,325,972
        101,576,571
Broadline Retail-1.22%
Amazon.com, Inc.                    
3.00%, 04/13/2025(b)
  13,219,000      13,083,170
0.80%, 06/03/2025
  11,115,000      10,814,891
4.60%, 12/01/2025
  11,016,000      11,049,398
5.20%, 12/03/2025(b)
  7,681,000       7,750,698
eBay, Inc., 1.90%, 03/11/2025(b)
  7,113,000       6,995,266
        49,693,423
Building Products-0.11%
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025
  4,451,000       4,409,878
Capital Markets-7.13%
Ameriprise Financial, Inc., 3.00%, 04/02/2025(b)
  4,401,000        4,352,899
Ares Capital Corp.                    
4.25%, 03/01/2025
  5,296,000       5,265,107
3.25%, 07/15/2025(b)
  11,121,000      10,934,539
Bank of New York Mellon Corp. (The)                    
1.60%, 04/24/2025(b)
  11,122,000      10,896,643
3.35%, 04/25/2025(b)
  4,010,000       3,966,382
Series G, 3.00%, 02/24/2025(b)
  6,607,000       6,548,504
Blue Owl Capital Corp., 3.75%, 07/22/2025(b)
  4,432,000        4,367,968
Brookfield Corp. (Canada), 4.00%, 01/15/2025
  4,430,000        4,406,391
Charles Schwab Corp. (The)                    
4.20%, 03/24/2025(b)
  5,278,000       5,252,940
3.85%, 05/21/2025
  6,670,000       6,620,880
CME Group, Inc., 3.00%, 03/15/2025
  6,610,000        6,545,759
Deutsche Bank AG (Germany)                    
4.50%, 04/01/2025(b)
  13,197,000      13,115,812
4.16%, 05/13/2025
  4,435,000       4,409,218
Goldman Sachs Group, Inc. (The)                    
3.50%, 01/23/2025
  22,191,000      22,045,912
3.50%, 04/01/2025
  31,124,000      30,827,785
3.75%, 05/22/2025
  20,016,000      19,827,193
4.25%, 10/21/2025
  17,600,000      17,477,857
Moody’s Corp., 3.75%, 03/24/2025
  6,175,000       6,133,749
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Capital Markets-(continued)
Morgan Stanley                    
4.00%, 07/23/2025
$ 26,678,000      $26,506,139
5.00%, 11/24/2025
  17,632,000      17,659,321
Nasdaq, Inc., 5.65%, 06/28/2025
  4,405,000        4,425,559
Nomura Holdings, Inc. (Japan)                    
5.10%, 07/03/2025
  7,118,000       7,115,925
1.85%, 07/16/2025
  13,340,000      12,975,882
Northern Trust Corp., 3.95%, 10/30/2025
  6,613,000        6,563,266
State Street Corp., 3.55%, 08/18/2025(b)
  11,459,000       11,344,561
UBS Group AG (Switzerland), 3.75%, 03/26/2025(b)
  21,024,000      20,861,129
        290,447,320
Chemicals-0.81%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025
  4,955,000        4,794,866
Celanese US Holdings LLC, 6.05%, 03/15/2025(b)
  8,904,000        8,937,517
Eastman Chemical Co., 3.80%, 03/15/2025
  596,000          591,645
EIDP, Inc., 1.70%, 07/15/2025
  4,496,000        4,377,230
Linde, Inc., 4.70%, 12/05/2025
  5,422,000        5,433,922
LYB International Finance III LLC, 1.25%, 10/01/2025(b)
  4,512,000        4,342,348
Nutrien Ltd. (Canada), 5.95%, 11/07/2025
  4,496,000       4,548,623
        33,026,151
Commercial Services & Supplies-0.30%
Republic Services, Inc., 3.20%, 03/15/2025
  4,407,000        4,362,766
Waste Management, Inc.                    
3.13%, 03/01/2025(b)
  3,705,000       3,669,077
0.75%, 11/15/2025(b)
  4,431,000       4,236,017
        12,267,860
Communications Equipment-0.11%
Cisco Systems, Inc., 3.50%, 06/15/2025
  4,412,000       4,374,156
Consumer Finance-4.20%
Ally Financial, Inc.                    
4.63%, 03/30/2025
  4,411,000       4,391,437
5.80%, 05/01/2025
  6,614,000       6,628,660
5.75%, 11/20/2025(b)
  9,251,000       9,278,551
American Express Co.                    
2.25%, 03/04/2025
  15,422,000      15,211,820
3.95%, 08/01/2025
  20,010,000      19,855,634
Capital One Financial Corp.                    
3.20%, 02/05/2025
  8,816,000       8,736,699
4.25%, 04/30/2025(b)
  6,641,000       6,604,041
4.20%, 10/29/2025(b)
  13,222,000      13,079,851
Discover Financial Services, 3.75%, 03/04/2025
  4,443,000       4,409,223
  Principal
Amount 		  Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.                    
4.00%, 01/15/2025
$ 8,898,000       $8,851,155
2.90%, 02/26/2025
  11,073,000      10,944,228
3.80%, 04/07/2025(b)
  9,788,000       9,703,424
4.35%, 04/09/2025
  8,889,000       8,843,464
2.75%, 06/20/2025
  11,122,000      10,915,458
4.30%, 07/13/2025(b)
  7,116,000       7,071,191
6.05%, 10/10/2025
  11,016,000      11,141,945
Synchrony Financial                    
4.88%, 06/13/2025
  6,671,000       6,643,921
4.50%, 07/23/2025
  8,893,000       8,833,300
        171,144,002
Consumer Staples Distribution & Retail-1.38%
Dollar General Corp., 4.15%, 11/01/2025
  4,448,000        4,402,325
Dollar Tree, Inc., 4.00%, 05/15/2025
  8,817,000        8,746,539
Sysco Corp., 3.75%, 10/01/2025
  6,666,000        6,597,802
Target Corp., 2.25%, 04/15/2025
  13,289,000       13,088,469
Walmart, Inc.                    
3.55%, 06/26/2025(b)
  7,783,000       7,723,592
3.90%, 09/09/2025(b)
  15,563,000      15,488,723
        56,047,450
Containers & Packaging-0.24%
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025
  4,445,000        4,409,776
WRKCo, Inc., 3.75%, 03/15/2025(b)
  5,405,000       5,359,497
        9,769,273
Distributors-0.11%
Genuine Parts Co., 1.75%, 02/01/2025
  4,450,000       4,384,388
Diversified Consumer Services-0.11%
Yale University, Series 2020, 0.87%, 04/15/2025
  4,445,000       4,338,971
Diversified REITs-0.11%
VICI Properties L.P., 4.38%, 05/15/2025
  4,401,000       4,363,709
Diversified Telecommunication Services-0.57%
Verizon Communications, Inc.                    
3.38%, 02/15/2025(b)
  11,705,299      11,609,228
0.85%, 11/20/2025(b)
  12,356,000      11,818,538
        23,427,766
Electric Utilities-2.88%
Avangrid, Inc., 3.20%, 04/15/2025(b)
  6,671,000        6,588,695
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025
  10,952,000       10,893,110
Constellation Energy Generation LLC, 3.25%, 06/01/2025(b)
  8,002,000        7,891,597
Duke Energy Corp.                    
0.90%, 09/15/2025
  5,781,000       5,563,733
5.00%, 12/08/2025
  4,410,000       4,428,674
Duke Energy Progress LLC, 3.25%, 08/15/2025
  4,426,000        4,372,749
Entergy Corp., 0.90%, 09/15/2025
  7,103,000        6,836,631
Exelon Corp., 3.95%, 06/15/2025
  7,085,000       7,029,139
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electric Utilities-(continued)
Florida Power & Light Co.                    
2.85%, 04/01/2025
$ 9,701,000       $9,589,713
3.13%, 12/01/2025(b)
  5,315,000       5,230,389
National Rural Utilities Cooperative Finance Corp.                    
2.85%, 01/27/2025
  4,407,000       4,366,363
1.88%, 02/07/2025
  5,334,000       5,259,744
5.45%, 10/30/2025(b)
  4,410,000       4,451,334
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025
  8,890,000        8,858,333
Pacific Gas and Electric Co., 3.45%, 07/01/2025
  7,778,769        7,670,023
Pinnacle West Capital Corp., 1.30%, 06/15/2025(b)
  4,393,000        4,262,278
Southern Co. (The), 5.15%, 10/06/2025
  4,404,000        4,418,954
Southern Power Co., 4.15%, 12/01/2025
  4,397,000        4,365,055
Xcel Energy, Inc., 3.30%, 06/01/2025
  5,272,000       5,195,160
        117,271,674
Electrical Equipment-0.11%
Emerson Electric Co., 3.15%, 06/01/2025
  4,446,000       4,406,424
Energy Equipment & Services-0.11%
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025
  4,448,000       4,305,460
Entertainment-1.19%
Netflix, Inc., 5.88%, 02/15/2025
  7,037,000        7,052,964
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025
  5,276,000        5,222,525
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025
  6,666,000        6,570,381
Walt Disney Co. (The), 3.35%, 03/24/2025
  15,567,000       15,432,853
Warnermedia Holdings, Inc., 3.64%, 03/15/2025
  14,172,000      14,039,192
        48,317,915
Financial Services-2.69%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)                    
3.50%, 01/15/2025
  7,131,000       7,080,794
6.50%, 07/15/2025(b)
  11,117,000      11,226,420
4.45%, 10/01/2025
  5,313,000       5,283,444
Blackstone Private Credit Fund                    
4.70%, 03/24/2025
  7,880,000       7,838,396
7.05%, 09/29/2025
  7,056,000       7,169,525
Corebridge Financial, Inc., 3.50%, 04/04/2025
  8,870,000        8,779,006
Fiserv, Inc., 3.85%, 06/01/2025
  7,979,000        7,907,839
Mastercard, Inc., 2.00%, 03/03/2025
  6,704,000        6,614,196
PayPal Holdings, Inc., 1.65%, 06/01/2025
  8,902,000        8,692,725
Visa, Inc., 3.15%, 12/14/2025
  35,265,000       34,727,994
Western Union Co. (The), 2.85%, 01/10/2025(b)
  4,451,000       4,411,080
        109,731,419
  Principal
Amount 		  Value
Food Products-1.12%
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025
$ 5,277,000   $    5,111,908
Campbell Soup Co., 3.95%, 03/15/2025
  7,490,000        7,442,289
General Mills, Inc.                    
4.00%, 04/17/2025(b)
  7,048,000       7,002,269
5.24%, 11/18/2025(b)
  4,409,000       4,410,243
JM Smucker Co. (The), 3.50%, 03/15/2025(b)
  8,797,000        8,716,835
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025
  6,643,000        6,605,187
Mondelez International, Inc., 1.50%, 05/04/2025
  6,650,000       6,496,053
        45,784,784
Ground Transportation-0.59%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025
  4,435,000        4,385,470
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025
  5,770,000        5,718,404
CSX Corp., 3.35%, 11/01/2025
  5,300,000        5,224,172
Union Pacific Corp.                    
3.75%, 07/15/2025
  4,400,000       4,367,432
3.25%, 08/15/2025
  4,406,000       4,351,888
        24,047,366
Health Care Equipment & Supplies-1.13%
Abbott Laboratories, 2.95%, 03/15/2025
  8,820,000        8,734,783
Boston Scientific Corp., 1.90%, 06/01/2025
  4,450,000        4,355,983
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025
  13,170,000       13,280,709
Stryker Corp.                    
1.15%, 06/15/2025
  5,780,000       5,613,350
3.38%, 11/01/2025
  6,664,000       6,564,445
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025(b)
  7,673,000       7,598,725
        46,147,995
Health Care Providers & Services-3.76%
Cardinal Health, Inc., 3.75%, 09/15/2025
  4,401,000        4,352,225
Cencora, Inc., 3.25%, 03/01/2025
  4,444,000        4,397,145
Cigna Group (The)                    
3.25%, 04/15/2025(b)
  6,701,000       6,630,834
4.13%, 11/15/2025(b)
  10,696,000      10,626,699
CVS Health Corp.                    
4.10%, 03/25/2025(b)
  8,420,000       8,375,844
3.88%, 07/20/2025(b)
  25,056,522      24,811,092
Elevance Health, Inc., 2.38%, 01/15/2025
  11,014,000       10,896,967
HCA, Inc.                    
5.38%, 02/01/2025
  23,123,000      23,094,619
5.25%, 04/15/2025
  12,387,000      12,382,358
Humana, Inc., 4.50%, 04/01/2025
  5,117,000        5,092,061
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025
  8,895,000        8,835,931
McKesson Corp., 0.90%, 12/03/2025
  4,443,000        4,240,228
Quest Diagnostics, Inc., 3.50%, 03/30/2025(b)
  5,299,000       5,251,420
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.                    
3.75%, 07/15/2025
$ 17,586,000      $17,483,476
5.15%, 10/15/2025(b)
  6,666,000       6,720,968
        153,191,867
Health Care REITs-0.62%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025
  5,313,000        5,261,596
Healthpeak OP LLC, 4.00%, 06/01/2025
  4,022,000        3,985,672
Ventas Realty L.P., 3.50%, 02/01/2025
  5,272,000        5,224,230
Welltower OP LLC, 4.00%, 06/01/2025
  11,018,000      10,922,592
        25,394,090
Hotel & Resort REITs-0.11%
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025
  4,499,000       4,456,435
Hotels, Restaurants & Leisure-1.03%
Booking Holdings, Inc., 3.65%, 03/15/2025
  4,403,000        4,370,424
Las Vegas Sands Corp., 2.90%, 06/25/2025(b)
  4,450,000        4,358,574
Marriott International, Inc., Series EE, 5.75%, 05/01/2025
  5,299,000        5,327,595
McDonald’s Corp.                    
3.38%, 05/26/2025
  6,226,000       6,157,017
3.30%, 07/01/2025
  6,668,000       6,587,788
1.45%, 09/01/2025(b)
  4,444,000       4,305,826
Starbucks Corp., 3.80%, 08/15/2025
  11,078,000      10,968,702
        42,075,926
Household Durables-0.21%
DR Horton, Inc., 2.60%, 10/15/2025
  4,445,000        4,341,989
Lennar Corp., 4.75%, 05/30/2025
  4,402,000       4,385,208
        8,727,197
Household Products-0.32%
Colgate-Palmolive Co., 3.10%, 08/15/2025
  4,403,000        4,347,356
Procter & Gamble Co. (The), 0.55%, 10/29/2025(b)
  8,893,000       8,530,205
        12,877,561
Industrial Conglomerates-0.65%
3M Co.                    
2.00%, 02/14/2025
  6,667,000       6,575,964
2.65%, 04/15/2025
  4,449,000       4,389,881
3.00%, 08/07/2025(b)
  4,842,000       4,765,810
Honeywell International, Inc., 1.35%, 06/01/2025(b)
  11,102,000      10,836,817
        26,568,472
Insurance-0.89%
Allstate Corp. (The), 0.75%, 12/15/2025
  5,293,000        5,039,850
Aon Global Ltd., 3.88%, 12/15/2025
  6,600,000        6,546,516
Chubb INA Holdings LLC, 3.15%, 03/15/2025
  7,116,000        7,045,546
CNO Financial Group, Inc., 5.25%, 05/30/2025
  4,403,000        4,397,593
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025
  4,411,000       4,375,150
  Principal
Amount 		  Value
Insurance-(continued)
MetLife, Inc.                    
3.00%, 03/01/2025(b)
$ 4,400,000       $4,359,256
3.60%, 11/13/2025
  4,404,000       4,355,973
        36,119,884
Interactive Media & Services-0.21%
Alphabet, Inc., 0.45%, 08/15/2025(b)
  8,889,000       8,568,492
IT Services-0.46%
International Business Machines Corp.                    
4.00%, 07/27/2025
  8,890,000       8,838,359
7.00%, 10/30/2025
  5,292,000       5,435,078
VeriSign, Inc., 5.25%, 04/01/2025
  4,400,000       4,399,041
        18,672,478
Life Sciences Tools & Services-0.22%
Danaher Corp., 3.35%, 09/15/2025(b)
  4,442,000        4,385,383
Illumina, Inc., 5.80%, 12/12/2025
  4,450,000       4,494,963
        8,880,346
Machinery-3.20%
Caterpillar Financial Services Corp.                    
4.90%, 01/17/2025
  6,610,000       6,606,434
5.40%, 03/10/2025
  5,340,000       5,358,982
3.40%, 05/13/2025
  11,120,000      11,024,622
1.45%, 05/15/2025
  5,338,000       5,218,830
5.15%, 08/11/2025
  7,057,000       7,095,166
3.65%, 08/12/2025
  7,041,000       6,980,832
0.80%, 11/13/2025
  8,801,000       8,430,646
CNH Industrial Capital LLC, 3.95%, 05/23/2025
  4,407,000        4,368,258
Cummins, Inc., 0.75%, 09/01/2025
  4,396,000        4,228,879
Deere & Co., 2.75%, 04/15/2025
  6,154,000        6,077,528
John Deere Capital Corp.                    
2.05%, 01/09/2025
  4,832,000       4,780,410
1.25%, 01/10/2025
  7,117,000       7,019,650
5.15%, 03/03/2025
  4,445,000       4,449,585
3.45%, 03/13/2025
  8,004,000       7,944,158
3.40%, 06/06/2025
  8,813,000       8,725,044
4.95%, 06/06/2025
  5,333,000       5,344,007
4.05%, 09/08/2025
  6,675,000       6,647,846
Otis Worldwide Corp., 2.06%, 04/05/2025
  11,460,000       11,260,190
Stanley Black & Decker, Inc., 2.30%, 02/24/2025
  4,445,000        4,381,011
Wabtec Corp., 3.20%, 06/15/2025
  4,426,000       4,355,183
        130,297,261
Media-1.06%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025
  15,931,000       15,882,307
Comcast Corp.                    
3.38%, 02/15/2025
  3,679,000       3,653,750
3.38%, 08/15/2025(b)
  12,012,000      11,867,159
5.25%, 11/07/2025(b)
  6,452,000       6,501,005
Fox Corp., 3.05%, 04/07/2025
  5,335,000       5,273,532
        43,177,753
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Metals & Mining-0.22%
Nucor Corp.                    
3.95%, 05/23/2025(b)
$ 4,496,000       $4,464,264
2.00%, 06/01/2025
  4,500,000       4,401,522
        8,865,786
Multi-Utilities-0.98%
Dominion Energy, Inc., 3.90%, 10/01/2025(b)
  6,666,000        6,602,643
DTE Energy Co., Series F, 1.05%, 06/01/2025
  7,116,000        6,907,920
NiSource, Inc., 0.95%, 08/15/2025(b)
  11,100,000       10,690,442
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025
  4,894,000        4,712,753
Sempra, 3.30%, 04/01/2025
  6,700,000        6,619,466
WEC Energy Group, Inc., 5.00%, 09/27/2025
  4,405,000       4,416,823
        39,950,047
Office REITs-0.18%
Boston Properties L.P., 3.20%, 01/15/2025
  7,563,000       7,493,764
Oil, Gas & Consumable Fuels-7.43%
Canadian Natural Resources Ltd. (Canada)                    
3.90%, 02/01/2025
  5,339,000       5,307,609
2.05%, 07/15/2025(b)
  5,341,000       5,206,221
Chevron Corp.                    
1.55%, 05/11/2025
  22,234,000      21,740,756
3.33%, 11/17/2025
  6,576,000       6,494,683
Chevron USA, Inc., 0.69%, 08/12/2025(b)
  6,600,000        6,372,140
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025
  8,884,000        8,836,689
DCP Midstream Operating L.P., 5.38%, 07/15/2025
  4,627,000        4,628,992
Devon Energy Corp., 5.85%, 12/15/2025
  4,313,000        4,361,880
Enbridge Energy Partners L.P., 5.88%, 10/15/2025
  4,404,000        4,442,732
Enbridge, Inc. (Canada)                    
2.50%, 01/15/2025
  4,422,000       4,376,133
2.50%, 02/14/2025(b)
  4,414,000       4,361,813
Energy Transfer L.P.                    
4.05%, 03/15/2025
  8,820,000       8,762,041
5.75%, 04/01/2025
  4,450,000       4,453,259
Enterprise Products Operating LLC, 3.75%, 02/15/2025(b)
  10,229,000       10,168,310
EOG Resources, Inc., 3.15%, 04/01/2025(b)
  4,403,000        4,356,391
Equinor ASA (Norway), 2.88%, 04/06/2025
  11,016,000       10,893,965
Exxon Mobil Corp.                    
2.71%, 03/06/2025(b)
  15,561,000      15,389,768
2.99%, 03/19/2025
  24,453,000      24,198,599
Kinder Morgan, Inc., 4.30%, 06/01/2025(b)
  13,342,000       13,264,625
Marathon Petroleum Corp., 4.70%, 05/01/2025
  11,022,000      10,980,995
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
MPLX L.P.                    
4.00%, 02/15/2025
$ 4,390,000       $4,362,371
4.88%, 06/01/2025
  10,504,000      10,485,850
Occidental Petroleum Corp.                    
5.88%, 09/01/2025
  5,401,000       5,435,377
5.50%, 12/01/2025
  4,134,000       4,167,287
ONEOK Partners L.P., 4.90%, 03/15/2025
  4,412,000        4,400,553
Ovintiv, Inc., 5.65%, 05/15/2025
  5,336,000        5,345,257
Phillips 66, 3.85%, 04/09/2025
  5,726,000        5,678,163
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025
  8,893,000        8,860,881
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025
  7,054,000        7,058,351
Shell International Finance B.V., 3.25%, 05/11/2025
  24,185,000       23,951,159
Spectra Energy Partners L.P., 3.50%, 03/15/2025
  4,451,000        4,409,798
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.                    
6.50%, 07/15/2027
  6,270,000       6,343,478
6.88%, 01/15/2029
  6,020,000       6,190,216
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025
  8,798,000        8,713,975
Western Midstream Operating L.P., 3.10%, 02/01/2025
  5,841,000        5,776,324
Williams Cos., Inc. (The)                    
3.90%, 01/15/2025
  6,576,000       6,540,968
4.00%, 09/15/2025
  6,674,000       6,613,883
        302,931,492
Passenger Airlines-0.28%
Southwest Airlines Co., 5.25%, 05/04/2025(b)
  11,585,000      11,588,486
Personal Care Products-0.11%
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025(b)
  4,444,000       4,392,178
Pharmaceuticals-3.59%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025(b)
  17,788,000       17,560,636
Bristol-Myers Squibb Co., 0.75%, 11/13/2025
  8,818,000        8,436,470
Eli Lilly and Co., 2.75%, 06/01/2025
  4,945,000        4,878,266
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025
  8,800,000        8,733,631
Haleon UK Capital PLC, 3.13%, 03/24/2025
  12,328,000       12,193,528
Johnson & Johnson                    
2.63%, 01/15/2025
  6,587,800       6,532,071
0.55%, 09/01/2025(b)
  8,892,000       8,558,418
Merck & Co., Inc., 2.75%, 02/10/2025(b)
  22,232,000       22,020,210
Novartis Capital Corp. (Switzerland)                    
1.75%, 02/14/2025
  8,890,000       8,766,127
3.00%, 11/20/2025
  15,481,000      15,238,335
Pfizer, Inc., 0.80%, 05/28/2025
  6,647,000        6,457,468
Royalty Pharma PLC, 1.20%, 09/02/2025(b)
  8,811,000        8,493,064
Viatris, Inc., 1.65%, 06/22/2025
  6,673,000       6,483,519
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Pharmaceuticals-(continued)
Zoetis, Inc.                    
4.50%, 11/13/2025
$ 6,607,000       $6,590,908
5.40%, 11/14/2025
  5,288,000       5,326,841
        146,269,492
Professional Services-0.32%
Automatic Data Processing, Inc., 3.38%, 09/15/2025(b)
  8,892,000        8,790,925
Verisk Analytics, Inc., 4.00%, 06/15/2025
  4,499,000       4,460,870
        13,251,795
Residential REITs-0.22%
AvalonBay Communities, Inc., 3.45%, 06/01/2025
  4,667,000        4,614,888
Essex Portfolio L.P., 3.50%, 04/01/2025
  4,451,000       4,410,684
        9,025,572
Retail REITs-0.71%
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025
  5,804,000        5,761,971
Kimco Realty OP LLC, 3.30%, 02/01/2025
  4,450,000        4,411,281
Realty Income Corp.                    
3.88%, 04/15/2025(b)
  4,399,000       4,367,989
4.63%, 11/01/2025(b)
  4,799,000       4,792,628
Simon Property Group L.P., 3.50%, 09/01/2025
  9,787,000       9,673,183
        29,007,052
Semiconductors & Semiconductor Equipment-1.89%
Applied Materials, Inc., 3.90%, 10/01/2025
  6,229,000        6,190,748
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025
  4,345,000        4,304,861
Intel Corp.                    
3.40%, 03/25/2025(b)
  13,339,000      13,198,456
3.70%, 07/29/2025
  20,012,000      19,745,735
Lam Research Corp., 3.80%, 03/15/2025(b)
  4,407,000        4,379,845
Microchip Technology, Inc., 4.25%, 09/01/2025
  10,668,000       10,586,128
QUALCOMM, Inc., 3.45%, 05/20/2025(b)
  12,007,000       11,898,440
Texas Instruments, Inc., 1.38%, 03/12/2025(b)
  6,697,000       6,574,541
        76,878,754
Software-3.37%
Adobe, Inc.                    
1.90%, 02/01/2025
  4,395,000       4,337,683
3.25%, 02/01/2025(b)
  8,771,000       8,712,428
Intuit, Inc., 0.95%, 07/15/2025
  4,397,000        4,256,384
Microsoft Corp.                    
2.70%, 02/12/2025
  19,837,000      19,655,535
3.13%, 11/03/2025
  26,503,000      26,151,894
Oracle Corp.                    
2.50%, 04/01/2025
  31,133,000      30,660,374
2.95%, 05/15/2025
  22,239,000      21,924,537
5.80%, 11/10/2025
  8,816,000       8,935,400
  Principal
Amount 		  Value
Software-(continued)
Roper Technologies, Inc., 1.00%, 09/15/2025(b)
$ 6,224,000   $    5,989,789
VMware LLC, 4.50%, 05/15/2025
  6,650,000       6,624,872
        137,248,896
Specialized REITs-0.86%
American Tower Corp.                    
2.40%, 03/15/2025
  6,672,000       6,567,139
4.00%, 06/01/2025
  6,598,000       6,543,019
1.30%, 09/15/2025(b)
  4,434,000       4,268,040
Crown Castle, Inc., 1.35%, 07/15/2025
  4,386,000        4,254,332
Equinix, Inc., 1.00%, 09/15/2025
  6,226,000        5,987,035
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025
  7,561,000       7,548,590
        35,168,155
Specialty Retail-1.61%
AutoZone, Inc., 3.63%, 04/15/2025
  4,405,000        4,364,549
Dell International LLC/EMC Corp., 5.85%, 07/15/2025
  8,861,000        8,925,526
Home Depot, Inc. (The)                    
2.70%, 04/15/2025
  4,444,000       4,387,961
3.35%, 09/15/2025
  8,895,000       8,789,792
4.00%, 09/15/2025
  6,669,000       6,640,631
Leidos, Inc., 3.63%, 05/15/2025
  4,400,000        4,349,232
Lowe’s Cos., Inc.                    
4.00%, 04/15/2025
  6,615,000       6,572,620
4.40%, 09/08/2025(b)
  8,891,000       8,856,835
3.38%, 09/15/2025
  6,675,000       6,586,867
Ross Stores, Inc., 4.60%, 04/15/2025
  6,157,000       6,134,502
        65,608,515
Technology Hardware, Storage & Peripherals-2.51%
Apple, Inc.                    
2.75%, 01/13/2025
  13,162,000      13,058,651
2.50%, 02/09/2025
  13,218,000      13,079,568
1.13%, 05/11/2025(b)
  19,884,000      19,409,694
3.20%, 05/13/2025
  17,696,000      17,534,236
0.55%, 08/20/2025(b)
  11,016,000      10,611,994
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
  22,099,000       22,090,241
NetApp, Inc., 1.88%, 06/22/2025(b)
  6,659,000       6,487,542
        102,271,926
Textiles, Apparel & Luxury Goods-0.49%
NIKE, Inc., 2.40%, 03/27/2025
  8,894,000        8,783,885
Tapestry, Inc., 7.05%, 11/27/2025
  4,450,000        4,534,131
VF Corp., 2.40%, 04/23/2025
  6,632,927       6,501,165
        19,819,181
Tobacco-1.08%
Altria Group, Inc., 2.35%, 05/06/2025
  6,670,000        6,554,002
Philip Morris International, Inc.                    
1.50%, 05/01/2025
  6,675,000       6,532,934
3.38%, 08/11/2025(b)
  6,602,000       6,521,923
5.00%, 11/17/2025
  6,600,000       6,625,366
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025(b)
  18,070,000      17,979,959
        44,214,184
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Trading Companies & Distributors-0.60%
Air Lease Corp.                    
2.30%, 02/01/2025
$ 6,594,000       $6,508,153
3.25%, 03/01/2025
  6,203,000       6,139,787
3.38%, 07/01/2025(b)
  7,555,000       7,448,281
WW Grainger, Inc., 1.85%, 02/15/2025
  4,450,000       4,379,286
        24,475,507
Water Utilities-0.11%
American Water Capital Corp., 3.40%, 03/01/2025
  4,703,000       4,663,112
Wireless Telecommunication Services-0.85%
Rogers Communications, Inc. (Canada)                    
2.95%, 03/15/2025
  8,781,000       8,677,870
3.63%, 12/15/2025
  6,156,000       6,063,260
Sprint LLC, 7.63%, 02/15/2025
  13,221,000       13,280,613
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025(b)
  6,530,000       6,501,315
        34,523,058
Total U.S. Dollar Denominated Bonds & Notes

(Cost $4,036,286,679)
  4,017,878,242
  Shares    
Money Market Funds-0.45%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $18,237,269)
  18,237,269      18,237,269
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.06%

(Cost $4,054,523,948)
  4,036,115,511
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-5.61%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  59,205,679   $   59,205,679
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  169,120,840     169,188,488
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $228,382,478)
  228,394,167
TOTAL INVESTMENTS IN SECURITIES-104.67%

(Cost $4,282,906,426)
  4,264,509,678
OTHER ASSETS LESS LIABILITIES-(4.67)%
  (190,140,106)
NET ASSETS-100.00%
  $4,074,369,572
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $96,692   $209,544,919   $(191,404,342)   $-   $-   $18,237,269   $723,124
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $68,301,916   $434,910,009   $(444,006,246)   $-   $-   $59,205,679   $3,909,448*
Invesco Private Prime Fund 177,073,153   1,001,278,862   (1,009,249,705)   4,310   81,868   169,188,488   10,526,492*
Total $245,471,761   $1,645,733,790   $(1,644,660,293)   $4,310   $81,868   $246,631,436   $15,159,064
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.99%
Aerospace & Defense-2.25%
Boeing Co. (The)                    
2.75%, 02/01/2026
$ 10,598,000      $10,249,955
2.20%, 02/04/2026
  41,742,000      40,011,336
General Dynamics Corp.                    
1.15%, 06/01/2026(b)
  3,785,000       3,592,525
2.13%, 08/15/2026(b)
  3,790,000       3,641,403
Lockheed Martin Corp., 3.55%, 01/15/2026
  7,578,000        7,489,197
RTX Corp.                    
5.00%, 02/27/2026
  3,764,000       3,785,350
2.65%, 11/01/2026(b)
  5,439,000       5,246,414
5.75%, 11/08/2026
  9,414,000       9,658,690
        83,674,870
Air Freight & Logistics-0.25%
FedEx Corp., 3.25%, 04/01/2026
  5,611,000        5,498,978
United Parcel Service, Inc., 2.40%, 11/15/2026
  3,809,000       3,658,814
        9,157,792
Automobiles-3.94%
American Honda Finance Corp.                    
4.95%, 01/09/2026
  6,381,000       6,417,342
4.75%, 01/12/2026(b)
  3,741,000       3,753,776
5.25%, 07/07/2026
  7,198,000       7,308,472
1.30%, 09/09/2026(b)
  5,680,000       5,346,913
2.30%, 09/09/2026
  3,744,000       3,596,970
Ford Motor Co., 4.35%, 12/08/2026
  11,270,000       11,133,181
Ford Motor Credit Co. LLC                    
4.39%, 01/08/2026
  9,017,000       8,913,567
6.95%, 03/06/2026
  9,812,000      10,037,957
6.95%, 06/10/2026(b)
  6,740,000       6,928,498
2.70%, 08/10/2026(b)
  11,268,000      10,765,616
PACCAR Financial Corp.                    
4.45%, 03/30/2026
  3,745,000       3,753,688
5.20%, 11/09/2026
  3,737,000       3,810,483
Toyota Motor Corp. (Japan)                    
1.34%, 03/25/2026(b)
  7,572,000       7,224,408
5.28%, 07/13/2026
  3,831,000       3,896,002
Toyota Motor Credit Corp.                    
4.80%, 01/05/2026(b)
  6,813,000       6,847,530
0.80%, 01/09/2026
  5,304,000       5,056,201
5.20%, 05/15/2026(b)
  5,679,000       5,760,652
4.45%, 05/18/2026
  10,568,000      10,583,533
1.13%, 06/18/2026
  7,574,000       7,163,622
4.55%, 08/07/2026
  6,000,000       6,025,626
5.00%, 08/14/2026(b)
  4,868,000       4,932,197
5.40%, 11/20/2026
  6,800,000       6,952,013
        146,208,247
Banks-21.47%
Bank of America Corp.                    
4.45%, 03/03/2026(b)
  15,027,000      14,981,024
3.50%, 04/19/2026
  18,767,000      18,481,685
4.25%, 10/22/2026(b)
  15,145,000      15,068,734
Bank of America N.A., 5.53%, 08/18/2026(b)
  14,979,000      15,322,581
  Principal
Amount 		  Value
Banks-(continued)
Bank of Montreal (Canada)                    
5.30%, 06/05/2026
$ 10,167,000      $10,309,971
5.27%, 12/11/2026(b)
  8,640,000       8,796,891
Bank of Nova Scotia (The) (Canada)                    
4.75%, 02/02/2026
  9,471,000       9,497,424
1.05%, 03/02/2026(b)
  7,140,000       6,783,116
1.35%, 06/24/2026(b)
  5,681,000       5,380,299
1.30%, 09/15/2026(b)
  6,755,000       6,353,520
5.35%, 12/07/2026
  8,706,000       8,881,339
Barclays PLC (United Kingdom), 5.20%, 05/12/2026
  15,398,000       15,444,538
BPCE S.A. (France), 3.38%, 12/02/2026
  4,618,000        4,515,489
Canadian Imperial Bank of Commerce (Canada), 5.93%, 10/02/2026
  6,364,000        6,544,030
Citibank N.A.                    
5.44%, 04/30/2026
  15,127,000      15,352,135
4.93%, 08/06/2026(b)
  11,500,000      11,602,898
5.49%, 12/04/2026(b)
  15,152,000      15,496,606
Citigroup, Inc.                    
3.70%, 01/12/2026
  15,063,000      14,871,517
4.60%, 03/09/2026
  11,365,000      11,341,418
3.40%, 05/01/2026(b)
  15,152,000      14,879,659
3.20%, 10/21/2026
  22,588,000      21,985,005
4.30%, 11/20/2026
  7,501,000       7,455,153
Cooperatieve Rabobank U.A. (Netherlands)                    
4.85%, 01/09/2026
  7,510,000       7,546,489
3.75%, 07/21/2026
  11,531,000      11,289,955
5.50%, 10/05/2026(b)
  5,260,000       5,379,167
Fifth Third Bank N.A., 3.85%, 03/15/2026
  5,615,000        5,520,658
HSBC Holdings PLC (United Kingdom)                    
4.30%, 03/08/2026
  13,255,000      13,183,097
4.38%, 11/23/2026
  11,360,000      11,248,803
JPMorgan Chase & Co.                    
3.30%, 04/01/2026
  18,826,000      18,489,533
3.20%, 06/15/2026
  13,149,000      12,865,864
2.95%, 10/01/2026
  22,533,000      21,916,484
7.63%, 10/15/2026
  3,752,000       3,986,889
4.13%, 12/15/2026
  15,148,000      15,051,372
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026(b)
  20,657,000       21,012,026
KeyBank N.A.                    
4.70%, 01/26/2026
  3,758,000       3,743,335
3.40%, 05/20/2026(b)
  4,475,000       4,340,731
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026
  11,269,000       11,201,949
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026
  9,770,000        9,712,951
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
3.85%, 03/01/2026
  17,845,000      17,641,449
2.76%, 09/13/2026(b)
  7,515,000       7,258,850
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026(b)
  7,454,000       7,209,600
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Banks-(continued)
Morgan Stanley Bank N.A.                    
4.75%, 04/21/2026
$ 11,232,000      $11,281,059
5.88%, 10/30/2026
  12,498,000      12,880,754
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026
  11,269,000       11,272,158
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026
  5,260,000        4,937,583
Royal Bank of Canada (Canada)                    
4.88%, 01/12/2026(b)
  7,513,000       7,553,091
1.15%, 07/14/2026(b)
  5,621,000       5,296,950
5.20%, 07/20/2026(b)
  7,454,000       7,565,964
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
0.95%, 01/12/2026(b)
  7,515,000       7,145,022
5.46%, 01/13/2026
  13,480,000      13,607,801
3.78%, 03/09/2026(b)
  11,264,000      11,123,675
5.88%, 07/13/2026(b)
  6,468,000       6,614,729
2.63%, 07/14/2026(b)
  16,907,000      16,339,525
1.40%, 09/17/2026(b)
  15,004,000      14,075,489
3.01%, 10/19/2026(b)
  11,268,000      10,919,547
Toronto-Dominion Bank (The) (Canada)                    
5.10%, 01/09/2026
  5,682,000       5,721,923
5.53%, 07/17/2026(b)
  13,520,000      13,777,757
5.26%, 12/11/2026(b)
  3,750,000       3,817,872
Truist Bank                    
3.30%, 05/15/2026
  5,633,000       5,499,126
3.80%, 10/30/2026
  6,511,000       6,376,710
U.S. Bancorp                    
Series V, 2.38%, 07/22/2026(b)
  10,144,000       9,801,111
Series W, 3.10%, 04/27/2026(b)
  7,485,000       7,303,467
UBS AG (Switzerland)                    
1.25%, 06/01/2026(b)
  7,311,000       6,914,623
1.25%, 08/07/2026
  12,416,000      11,688,898
Wells Fargo & Co.                    
3.00%, 04/22/2026
  26,344,000      25,721,401
4.10%, 06/03/2026
  18,349,000      18,178,698
3.00%, 10/23/2026
  26,388,000      25,633,488
Wells Fargo Bank N.A.                    
4.81%, 01/15/2026
  13,635,000      13,688,286
5.45%, 08/07/2026(b)
  16,525,000      16,837,508
5.25%, 12/11/2026(b)
  17,046,000      17,378,800
        796,897,249
Beverages-1.37%
Constellation Brands, Inc.                    
5.00%, 02/02/2026(b)
  3,752,000       3,752,223
3.70%, 12/06/2026
  4,503,000       4,423,553
Diageo Capital PLC (United Kingdom), 5.38%, 10/05/2026(b)
  6,057,000        6,172,140
Molson Coors Beverage Co., 3.00%, 07/15/2026
  15,024,000       14,619,059
PepsiCo, Inc.                    
4.55%, 02/13/2026(b)
  3,760,000       3,775,451
2.85%, 02/24/2026
  5,627,000       5,519,082
2.38%, 10/06/2026(b)
  7,496,000       7,241,460
5.13%, 11/10/2026(b)
  5,260,000       5,364,379
        50,867,347
  Principal
Amount 		  Value
Biotechnology-2.84%
AbbVie, Inc.                    
3.20%, 05/14/2026(b)
$ 15,027,000      $14,740,563
2.95%, 11/21/2026
  29,980,000      29,142,868
Amgen, Inc.                    
5.51%, 03/02/2026
  10,900,000      10,901,745
2.60%, 08/19/2026
  9,391,000       9,065,350
Gilead Sciences, Inc., 3.65%, 03/01/2026
  20,656,000       20,386,681
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026(b)
  21,813,000      21,340,096
        105,577,303
Broadline Retail-0.68%
Amazon.com, Inc., 1.00%, 05/12/2026(b)
  20,858,000       19,796,371
eBay, Inc., 1.40%, 05/10/2026(b)
  5,678,000       5,384,210
        25,180,581
Building Products-0.10%
Johnson Controls International PLC, 3.90%, 02/14/2026
  3,673,000       3,632,170
Capital Markets-6.81%
Ameriprise Financial, Inc., 2.88%, 09/15/2026
  3,901,000        3,785,441
Ares Capital Corp.                    
3.88%, 01/15/2026(b)
  8,715,000       8,551,596
2.15%, 07/15/2026
  7,533,000       7,107,732
Bank of New York Mellon Corp. (The)                    
0.75%, 01/28/2026(b)
  5,240,000       4,980,879
2.80%, 05/04/2026
  5,684,000       5,540,551
2.45%, 08/17/2026
  5,682,000       5,482,032
1.05%, 10/15/2026
  3,753,000       3,509,056
Blackstone Secured Lending Fund                    
3.63%, 01/15/2026(b)
  6,044,000       5,896,294
2.75%, 09/16/2026(b)
  5,285,000       5,017,190
Blue Owl Capital Corp.                    
4.25%, 01/15/2026(b)
  3,800,000       3,750,571
3.40%, 07/15/2026
  7,508,000       7,233,758
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026(b)
  3,817,000        3,786,983
Charles Schwab Corp. (The)                    
0.90%, 03/11/2026(b)
  9,500,000       8,981,328
1.15%, 05/13/2026(b)
  7,603,000       7,186,575
5.88%, 08/24/2026
  7,600,000       7,790,556
Deutsche Bank AG (Germany), 1.69%, 03/19/2026(b)
  6,008,000        5,753,400
FS KKR Capital Corp., 3.40%, 01/15/2026(b)
  7,605,000        7,387,277
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026
  3,753,000        3,654,520
Goldman Sachs Group, Inc. (The)                    
3.75%, 02/25/2026(b)
  13,254,000      13,107,220
3.50%, 11/16/2026
  20,709,000      20,253,003
Morgan Stanley                    
3.88%, 01/27/2026
  22,725,000      22,489,757
3.13%, 07/27/2026
  22,725,000      22,164,618
6.25%, 08/09/2026
  5,476,000       5,653,313
4.35%, 09/08/2026
  17,043,000      16,955,202
Nasdaq, Inc., 3.85%, 06/30/2026
  3,850,000       3,810,321
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Capital Markets-(continued)
Nomura Holdings, Inc. (Japan)                    
5.71%, 01/09/2026
$ 4,600,000       $4,644,199
1.65%, 07/14/2026
  9,498,000       8,963,921
State Street Corp.                    
2.65%, 05/19/2026(b)
  5,651,000       5,491,843
5.27%, 08/03/2026
  9,038,000       9,183,350
UBS Group AG (Switzerland), 4.55%, 04/17/2026
  14,889,000      14,845,642
        252,958,128
Chemicals-0.90%
Ecolab, Inc., 2.70%, 11/01/2026(b)
  5,702,000        5,511,437
EIDP, Inc., 4.50%, 05/15/2026
  4,605,000        4,612,212
FMC Corp.                    
5.15%, 05/18/2026
  3,800,000       3,824,525
3.20%, 10/01/2026(b)
  3,782,000       3,669,192
Linde, Inc., 3.20%, 01/30/2026
  5,464,000        5,373,492
PPG Industries, Inc., 1.20%, 03/15/2026
  5,244,000        4,975,759
Westlake Corp., 3.60%, 08/15/2026(b)
  5,668,000       5,557,417
        33,524,034
Commercial Services & Supplies-0.10%
Republic Services, Inc., 2.90%, 07/01/2026(b)
  3,771,000       3,669,419
Communications Equipment-0.65%
Cisco Systems, Inc.                    
4.90%, 02/26/2026
  7,573,000       7,647,395
2.95%, 02/28/2026
  5,651,000       5,542,040
2.50%, 09/20/2026
  11,336,300      10,980,327
        24,169,762
Consumer Finance-2.33%
American Express Co.                    
4.90%, 02/13/2026
  9,011,000       9,050,860
1.65%, 11/04/2026(b)
  8,262,000       7,789,968
Capital One Financial Corp., 3.75%, 07/28/2026
  11,512,000       11,283,235
Discover Bank, 3.45%, 07/27/2026
  7,487,000        7,277,274
General Motors Financial Co., Inc.                    
1.25%, 01/08/2026(b)
  11,366,000      10,848,659
5.25%, 03/01/2026
  9,399,000       9,443,812
5.40%, 04/06/2026
  12,398,000      12,516,416
1.50%, 06/10/2026(b)
  9,388,000       8,875,568
4.00%, 10/06/2026(b)
  5,633,000       5,557,575
Synchrony Financial, 3.70%, 08/04/2026(b)
  3,787,000       3,702,049
        86,345,416
Consumer Staples Distribution & Retail-1.04%
Kroger Co. (The)                    
3.50%, 02/01/2026
  3,753,000       3,692,485
2.65%, 10/15/2026
  5,624,000       5,413,281
Sysco Corp., 3.30%, 07/15/2026
  7,500,000        7,338,431
Target Corp., 2.50%, 04/15/2026(b)
  7,574,000        7,405,067
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026(b)
  351,000          334,280
Walmart, Inc.                    
4.00%, 04/15/2026(b)
  5,617,000       5,603,857
1.05%, 09/17/2026(b)
  9,389,000       8,846,467
        38,633,868
  Principal
Amount 		  Value
Containers & Packaging-0.30%
Berry Global, Inc., 1.57%, 01/15/2026
$ 11,555,000   $   11,051,913
Diversified Telecommunication Services-1.68%
AT&T, Inc.                    
5.54%, 02/20/2026
  13,171,000      13,173,517
1.70%, 03/25/2026
  22,726,000      21,734,351
Verizon Communications, Inc.                    
1.45%, 03/20/2026
  14,394,000      13,725,827
2.63%, 08/15/2026
  14,048,000      13,580,235
        62,213,930
Electric Utilities-3.38%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026
  4,056,000        3,975,081
Commonwealth Edison Co., 2.55%, 06/15/2026(b)
  3,790,000        3,673,018
Duke Energy Carolinas LLC, 2.95%, 12/01/2026
  4,530,000        4,397,781
Duke Energy Corp., 2.65%, 09/01/2026
  11,364,000       10,964,960
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026
  5,617,000        5,472,513
Entergy Arkansas LLC, 3.50%, 04/01/2026
  4,545,000        4,481,811
Entergy Corp., 2.95%, 09/01/2026
  5,664,000        5,491,461
Exelon Corp., 3.40%, 04/15/2026
  5,652,000        5,549,912
Florida Power & Light Co., 4.45%, 05/15/2026
  3,803,000        3,812,013
Fortis, Inc. (Canada), 3.06%, 10/04/2026
  8,434,000        8,137,346
National Rural Utilities Cooperative Finance Corp.                    
4.45%, 03/13/2026(b)
  4,547,000       4,547,111
1.00%, 06/15/2026
  4,498,000       4,231,279
NextEra Energy Capital Holdings, Inc., 4.95%, 01/29/2026
  7,534,000        7,570,274
Pacific Gas and Electric Co., 3.15%, 01/01/2026
  14,781,575       14,435,792
PPL Capital Funding, Inc., 3.10%, 05/15/2026(b)
  4,900,000        4,772,616
San Diego Gas & Electric Co., 2.50%, 05/15/2026(b)
  3,772,000        3,667,523
Southern California Edison Co., 5.35%, 03/01/2026(b)
  4,533,000        4,588,743
Southern Co. (The), 3.25%, 07/01/2026
  13,175,000       12,865,251
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026
  3,785,000        3,623,017
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026
  5,682,000        5,573,046
Xcel Energy, Inc., 3.35%, 12/01/2026(b)
  3,799,000       3,696,177
        125,526,725
Electrical Equipment-0.37%
Emerson Electric Co., 0.88%, 10/15/2026
  5,671,000        5,288,780
Regal Rexnord Corp., 6.05%, 02/15/2026
  8,320,000       8,426,553
        13,715,333
Electronic Equipment, Instruments & Components-0.73%
Avnet, Inc., 4.63%, 04/15/2026(b)
  4,131,000       4,108,071
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electronic Equipment, Instruments & Components-(continued)
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026
$ 7,560,000   $    7,217,999
Jabil, Inc., 1.70%, 04/15/2026
  3,781,000        3,595,066
TD SYNNEX Corp., 1.75%, 08/09/2026(b)
  5,234,000        4,932,771
Tyco Electronics Group S.A., 4.50%, 02/13/2026
  3,777,000        3,785,224
Vontier Corp., 1.80%, 04/01/2026
  3,773,000       3,591,578
        27,230,709
Energy Equipment & Services-0.12%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026(b)
  4,522,000       4,299,150
Entertainment-1.31%
Netflix, Inc., 4.38%, 11/15/2026
  7,509,000        7,514,167
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026(b)
  4,121,000        4,141,766
TWDC Enterprises 18 Corp.                    
3.00%, 02/13/2026
  7,512,000       7,354,505
1.85%, 07/30/2026(b)
  7,513,000       7,181,874
Walt Disney Co. (The), 1.75%, 01/13/2026(b)
  11,360,000       10,964,244
Warnermedia Holdings, Inc., 6.41%, 03/15/2026
  11,360,000      11,364,342
        48,520,898
Financial Services-3.27%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)                    
1.75%, 01/30/2026
  7,556,000       7,236,258
2.45%, 10/29/2026(b)
  28,330,000      27,006,624
Berkshire Hathaway, Inc., 3.13%, 03/15/2026(b)
  18,941,000       18,679,834
Blackstone Private Credit Fund, 2.63%, 12/15/2026(b)
  9,324,000        8,752,414
Fidelity National Information Services, Inc., 1.15%, 03/01/2026
  9,442,000        8,962,874
Fiserv, Inc., 3.20%, 07/01/2026
  15,224,000       14,870,292
Global Payments, Inc.                    
1.20%, 03/01/2026(b)
  8,331,000       7,903,041
4.80%, 04/01/2026
  5,665,000       5,653,538
Mastercard, Inc., 2.95%, 11/21/2026
  5,665,000        5,518,118
PayPal Holdings, Inc., 2.65%, 10/01/2026(b)
  9,414,000        9,097,860
Voya Financial, Inc., 3.65%, 06/15/2026
  3,364,000        3,306,872
Western Union Co. (The), 1.35%, 03/15/2026
  4,529,000       4,294,412
        121,282,137
Food Products-1.24%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026
  7,496,000        7,237,569
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026
  5,245,000        5,114,889
Conagra Brands, Inc., 5.30%, 10/01/2026
  3,753,000        3,806,214
Hershey Co. (The), 2.30%, 08/15/2026
  3,746,000        3,611,014
Ingredion, Inc., 3.20%, 10/01/2026
  3,753,000        3,653,980
Kellanova, 3.25%, 04/01/2026
  5,621,000       5,510,840
  Principal
Amount 		  Value
Food Products-(continued)
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026
$ 14,083,000   $   13,719,353
McCormick & Co., Inc., 0.90%, 02/15/2026
  3,745,000       3,548,526
        46,202,385
Gas Utilities-0.20%
National Fuel Gas Co., 5.50%, 01/15/2026
  3,798,000        3,823,441
Southern California Gas Co., Series TT, 2.60%, 06/15/2026
  3,850,000       3,728,044
        7,551,485
Ground Transportation-0.78%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026(b)
  3,800,000        3,710,626
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026(b)
  7,576,000        7,150,840
CSX Corp., 2.60%, 11/01/2026
  5,303,000        5,119,357
Norfolk Southern Corp., 2.90%, 06/15/2026(b)
  4,506,000        4,384,016
Union Pacific Corp.                    
4.75%, 02/21/2026
  3,797,000       3,815,344
2.75%, 03/01/2026
  4,899,000       4,779,678
        28,959,861
Health Care Equipment & Supplies-0.68%
Abbott Laboratories, 3.75%, 11/30/2026
  12,771,000       12,661,144
Baxter International, Inc., 2.60%, 08/15/2026
  5,451,000        5,250,946
Stryker Corp., 3.50%, 03/15/2026
  7,499,000       7,376,591
        25,288,681
Health Care Providers & Services-3.43%
Cigna Group (The)                    
4.50%, 02/25/2026
  7,880,000       7,869,359
1.25%, 03/15/2026(b)
  4,751,000       4,516,435
5.69%, 03/15/2026
  5,041,000       5,042,578
CVS Health Corp.                    
5.00%, 02/20/2026
  11,265,000      11,300,928
2.88%, 06/01/2026(b)
  13,151,000      12,758,198
Elevance Health, Inc.                    
4.90%, 02/08/2026
  3,782,000       3,779,430
1.50%, 03/15/2026(b)
  5,652,000       5,399,447
HCA, Inc.                    
5.88%, 02/15/2026
  11,272,500      11,367,803
5.25%, 06/15/2026
  11,269,000      11,311,757
5.38%, 09/01/2026
  7,511,000       7,564,519
Humana, Inc., 5.70%, 03/13/2026
  3,760,000        3,760,155
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026
  3,750,000        3,555,791
McKesson Corp.                    
5.25%, 02/15/2026
  3,595,000       3,591,807
1.30%, 08/15/2026(b)
  3,745,000       3,524,987
Quest Diagnostics, Inc., 3.45%, 06/01/2026
  3,750,000       3,674,422
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.                    
1.25%, 01/15/2026(b)
$ 3,787,000       $3,632,820
3.10%, 03/15/2026
  7,534,000       7,402,151
1.15%, 05/15/2026(b)
  7,605,000       7,219,196
4.75%, 07/15/2026
  4,920,000       4,971,572
Universal Health Services, Inc., 1.65%, 09/01/2026(b)
  5,248,000       4,929,897
        127,173,252
Health Care REITs-0.59%
Healthpeak OP LLC, 3.25%, 07/15/2026
  4,909,000        4,792,944
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026
  4,500,000        4,501,639
Sabra Health Care L.P., 5.13%, 08/15/2026
  3,740,000        3,750,057
Ventas Realty L.P., 4.13%, 01/15/2026
  3,799,000        3,760,432
Welltower OP LLC, 4.25%, 04/01/2026
  5,284,000       5,250,268
        22,055,340
Hotels, Restaurants & Leisure-1.15%
Booking Holdings, Inc., 3.60%, 06/01/2026
  7,518,000        7,420,945
Expedia Group, Inc., 5.00%, 02/15/2026(b)
  5,682,000        5,696,346
Marriott International, Inc., Series R, 3.13%, 06/15/2026
  5,621,000        5,475,730
McDonald’s Corp., 3.70%, 01/30/2026
  13,146,000       12,999,050
Starbucks Corp.                    
4.75%, 02/15/2026(b)
  7,490,000       7,508,823
2.45%, 06/15/2026
  3,743,000       3,619,173
        42,720,067
Household Durables-0.11%
DR Horton, Inc., 1.30%, 10/15/2026
  4,493,000       4,208,967
Household Products-0.72%
Colgate-Palmolive Co., 4.80%, 03/02/2026(b)
  3,754,000        3,788,665
Procter & Gamble Co. (The)                    
4.10%, 01/26/2026(b)
  4,879,000       4,874,961
2.70%, 02/02/2026
  4,496,000       4,398,357
1.00%, 04/23/2026
  7,493,000       7,126,100
2.45%, 11/03/2026(b)
  6,561,000       6,346,553
        26,534,636
Independent Power and Renewable Electricity Producers-0.16%
AES Corp. (The), 1.38%, 01/15/2026
  6,044,000       5,758,965
Industrial Conglomerates-0.42%
3M Co., 2.25%, 09/19/2026
  4,868,000        4,652,311
Honeywell International, Inc., 2.50%, 11/01/2026(b)
  11,332,000      10,941,313
        15,593,624
Insurance-1.36%
Allstate Corp. (The), 3.28%, 12/15/2026
  4,142,000        4,040,756
Arch Capital Finance LLC, 4.01%, 12/15/2026
  3,776,000        3,727,457
Chubb INA Holdings LLC, 3.35%, 05/03/2026
  11,362,000      11,163,861
  Principal
Amount 		  Value
Insurance-(continued)
CNA Financial Corp., 4.50%, 03/01/2026
$ 3,800,000   $    3,789,432
Loews Corp., 3.75%, 04/01/2026
  3,803,000        3,761,147
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026
  7,577,000        7,541,988
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026
  4,531,000        4,483,763
Old Republic International Corp., 3.88%, 08/26/2026
  4,146,000        4,078,488
Prudential Financial, Inc., 1.50%, 03/10/2026
  3,797,000        3,640,063
Trinity Acquisition PLC, 4.40%, 03/15/2026(b)
  4,122,000       4,096,211
        50,323,166
Interactive Media & Services-0.39%
Alphabet, Inc., 2.00%, 08/15/2026(b)
  15,149,000      14,577,387
IT Services-0.82%
CGI, Inc. (Canada), 1.45%, 09/14/2026
  4,600,000        4,308,264
DXC Technology Co., 1.80%, 09/15/2026(b)
  5,249,000        4,932,519
International Business Machines Corp.                    
4.50%, 02/06/2026(b)
  6,363,000       6,367,949
3.45%, 02/19/2026
  10,195,000      10,045,839
Kyndryl Holdings, Inc., 2.05%, 10/15/2026
  5,025,000       4,722,090
        30,376,661
Leisure Products-0.13%
Hasbro, Inc., 3.55%, 11/19/2026
  5,061,000       4,924,344
Life Sciences Tools & Services-0.33%
Thermo Fisher Scientific, Inc.                    
4.95%, 08/10/2026
  4,464,000       4,520,024
5.00%, 12/05/2026
  7,500,000       7,622,117
        12,142,141
Machinery-2.65%
Caterpillar Financial Services Corp.                    
4.80%, 01/06/2026(b)
  6,785,000       6,821,992
5.05%, 02/27/2026(b)
  6,028,000       6,094,599
0.90%, 03/02/2026(b)
  5,653,000       5,376,583
4.35%, 05/15/2026
  9,448,000       9,450,478
1.15%, 09/14/2026
  3,789,000       3,562,576
CNH Industrial Capital LLC                    
1.88%, 01/15/2026
  3,777,000       3,636,856
1.45%, 07/15/2026(b)
  4,527,000       4,272,794
Fortive Corp., 3.15%, 06/15/2026
  6,750,000        6,571,860
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b)
  7,529,000        7,303,026
John Deere Capital Corp.                    
4.80%, 01/09/2026(b)
  9,091,000       9,146,551
0.70%, 01/15/2026(b)
  6,943,000       6,609,572
5.05%, 03/03/2026(b)
  4,136,000       4,176,625
4.75%, 06/08/2026(b)
  4,489,000       4,524,478
2.65%, 06/10/2026(b)
  3,777,000       3,674,186
1.05%, 06/17/2026
  4,148,000       3,923,005
5.15%, 09/08/2026(b)
  4,163,000       4,237,210
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Machinery-(continued)
Wabtec Corp., 3.45%, 11/15/2026(b)
$ 5,616,000   $    5,478,998
Xylem, Inc., 3.25%, 11/01/2026(b)
  3,756,000       3,655,577
        98,516,966
Media-1.08%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026
  8,237,000        8,440,202
Comcast Corp., 3.15%, 03/01/2026
  16,666,000       16,358,122
Discovery Communications LLC, 4.90%, 03/11/2026
  4,878,000        4,851,207
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026(b)
  10,514,000      10,330,631
        39,980,162
Multi-Utilities-0.99%
Ameren Corp., 5.70%, 12/01/2026(b)
  4,532,000        4,636,840
CenterPoint Energy, Inc., 1.45%, 06/01/2026
  3,772,000        3,563,314
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026(b)
  4,261,000        4,048,981
DTE Electric Co., 4.85%, 12/01/2026
  3,765,000        3,818,447
DTE Energy Co., 2.85%, 10/01/2026(b)
  4,536,000        4,388,703
Sempra, 5.40%, 08/01/2026(b)
  4,250,000        4,314,424
WEC Energy Group, Inc.                    
4.75%, 01/09/2026
  7,515,000       7,520,234
5.60%, 09/12/2026(b)
  4,508,000       4,599,254
        36,890,197
Office REITs-0.39%
Boston Properties L.P.                    
3.65%, 02/01/2026
  7,535,000       7,372,079
2.75%, 10/01/2026
  7,533,000       7,178,687
        14,550,766
Oil, Gas & Consumable Fuels-6.78%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026
  4,141,000        4,208,279
Chevron Corp., 2.95%, 05/16/2026
  17,042,000       16,690,317
Diamondback Energy, Inc., 3.25%, 12/01/2026
  5,667,000        5,515,722
Enbridge, Inc. (Canada)                    
1.60%, 10/04/2026
  3,780,000       3,562,254
5.90%, 11/15/2026
  5,631,000       5,789,757
4.25%, 12/01/2026
  5,684,000       5,648,977
Energy Transfer L.P.                    
4.75%, 01/15/2026
  7,552,000       7,537,522
3.90%, 07/15/2026
  4,159,000       4,099,077
6.05%, 12/01/2026
  7,571,000       7,801,090
Enterprise Products Operating LLC                    
5.05%, 01/10/2026
  5,675,000       5,722,330
3.70%, 02/15/2026(b)
  6,631,000       6,565,319
EOG Resources, Inc., 4.15%, 01/15/2026(b)
  5,677,000        5,663,419
EQM Midstream Partners L.P., 4.13%, 12/01/2026
  3,790,000        3,725,882
Equinor ASA (Norway), 1.75%, 01/22/2026
  6,000,000       5,787,091
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Exxon Mobil Corp.                    
3.04%, 03/01/2026
$ 18,934,000      $18,603,784
2.28%, 08/16/2026
  7,573,000       7,313,535
HF Sinclair Corp., 5.88%, 04/01/2026(b)
  5,976,000        6,040,227
Kinder Morgan, Inc., 1.75%, 11/15/2026
  3,788,000        3,570,435
MPLX L.P., 1.75%, 03/01/2026
  11,293,000       10,801,024
Occidental Petroleum Corp., 5.55%, 03/15/2026(b)
  6,448,000        6,506,322
ONEOK, Inc.                    
5.85%, 01/15/2026
  4,548,000       4,608,589
5.00%, 03/01/2026
  4,913,000       4,923,089
5.55%, 11/01/2026
  5,671,000       5,778,507
Ovintiv, Inc., 5.38%, 01/01/2026
  3,468,000        3,480,985
Phillips 66, 1.30%, 02/15/2026
  3,737,000        3,563,554
Pioneer Natural Resources Co.                    
1.13%, 01/15/2026(b)
  5,617,000       5,368,783
5.10%, 03/29/2026
  8,335,000       8,418,738
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026
  5,812,000        5,785,448
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026
  11,359,000       11,512,935
Shell International Finance B.V.                    
2.88%, 05/10/2026(b)
  13,260,000      12,969,791
2.50%, 09/12/2026(b)
  7,560,000       7,303,939
Spectra Energy Partners L.P., 3.38%, 10/15/2026
  4,530,000        4,417,108
TransCanada PipeLines Ltd. (Canada)                    
4.88%, 01/15/2026(b)
  6,410,000       6,418,125
6.20%, 03/09/2026(b)
  6,399,000       6,399,762
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026
  7,540,000        7,799,214
Valero Energy Corp., 3.40%, 09/15/2026
  3,368,000        3,287,706
Williams Cos., Inc. (The), 5.40%, 03/02/2026
  8,312,000       8,395,018
        251,583,654
Passenger Airlines-0.17%
Delta Air Lines, Inc., 7.38%, 01/15/2026(b)
  5,987,000       6,132,867
Personal Care Products-0.29%
Kenvue, Inc., 5.35%, 03/22/2026
  5,632,000        5,715,316
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026(b)
  5,214,000       5,014,600
        10,729,916
Pharmaceuticals-2.45%
AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026(b)
  9,376,000        8,899,331
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026(b)
  9,018,000        8,524,703
Bristol-Myers Squibb Co., 4.95%, 02/20/2026
  7,513,000        7,582,658
Eli Lilly and Co., 5.00%, 02/27/2026
  5,626,000        5,626,683
Johnson & Johnson, 2.45%, 03/01/2026(b)
  15,024,000       14,661,637
Merck & Co., Inc., 0.75%, 02/24/2026(b)
  7,502,000       7,128,915
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Pharmaceuticals-(continued)
Pfizer, Inc.                    
2.75%, 06/03/2026(b)
$ 9,395,000       $9,149,662
3.00%, 12/15/2026(b)
  13,146,000      12,817,313
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026
  16,880,000      16,646,813
        91,037,715
Professional Services-0.36%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026
  3,774,000        3,690,961
Concentrix Corp., 6.65%, 08/02/2026(b)
  5,989,000        6,157,701
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026
  3,758,000       3,675,821
        13,524,483
Real Estate Management & Development-0.12%
CBRE Services, Inc., 4.88%, 03/01/2026
  4,545,000       4,551,693
Residential REITs-0.20%
Camden Property Trust, 5.85%, 11/03/2026(b)
  3,750,000        3,868,733
ERP Operating L.P., 2.85%, 11/01/2026
  3,778,000       3,659,770
        7,528,503
Retail REITs-0.89%
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026
  4,491,000        4,438,982
Kimco Realty OP LLC, 2.80%, 10/01/2026
  3,805,000        3,668,039
Realty Income Corp.                    
5.05%, 01/13/2026
  3,804,000       3,804,243
4.88%, 06/01/2026(b)
  4,658,000       4,672,713
4.13%, 10/15/2026
  4,900,000       4,859,971
Simon Property Group L.P.                    
3.30%, 01/15/2026
  6,049,000       5,945,630
3.25%, 11/30/2026
  5,671,000       5,529,792
        32,919,370
Semiconductors & Semiconductor Equipment-1.17%
Analog Devices, Inc., 3.50%, 12/05/2026
  6,935,000        6,824,097
Intel Corp.                    
4.88%, 02/10/2026(b)
  11,367,000      11,353,518
2.60%, 05/19/2026(b)
  7,560,000       7,267,384
Marvell Technology, Inc., 1.65%, 04/15/2026
  3,737,000        3,560,530
NVIDIA Corp., 3.20%, 09/16/2026(b)
  7,575,000        7,444,449
Skyworks Solutions, Inc., 1.80%, 06/01/2026
  3,761,000        3,568,946
Texas Instruments, Inc., 1.13%, 09/15/2026(b)
  3,741,000       3,522,072
        43,540,996
Software-2.59%
Fortinet, Inc., 1.00%, 03/15/2026
  3,751,000        3,550,467
Intuit, Inc., 5.25%, 09/15/2026
  5,611,000        5,720,086
Microsoft Corp., 2.40%, 08/08/2026
  30,225,000       29,302,462
Oracle Corp.                    
1.65%, 03/25/2026
  20,772,000      19,840,090
2.65%, 07/15/2026
  22,727,000      21,955,170
  Principal
Amount 		  Value
Software-(continued)
Roper Technologies, Inc., 3.80%, 12/15/2026
$ 5,274,000   $    5,198,284
VMware LLC, 1.40%, 08/15/2026
  11,336,000      10,666,024
        96,232,583
Specialized REITs-1.89%
American Tower Corp.                    
4.40%, 02/15/2026
  3,759,000       3,739,566
1.60%, 04/15/2026(b)
  5,299,000       5,035,954
1.45%, 09/15/2026
  4,490,000       4,213,876
3.38%, 10/15/2026
  7,512,000       7,324,590
Crown Castle, Inc.                    
4.45%, 02/15/2026
  6,821,000       6,790,051
3.70%, 06/15/2026
  5,610,000       5,509,634
1.05%, 07/15/2026(b)
  7,571,000       7,102,787
Equinix, Inc., 1.45%, 05/15/2026(b)
  5,275,000        4,998,992
Extra Space Storage L.P., 3.50%, 07/01/2026(b)
  4,402,000        4,318,685
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026
  7,386,000        7,402,486
Public Storage Operating Co.                    
0.88%, 02/15/2026
  3,741,000       3,554,450
1.50%, 11/09/2026(b)
  4,899,000       4,612,264
Weyerhaeuser Co., 4.75%, 05/15/2026
  5,640,000       5,648,222
        70,251,557
Specialty Retail-2.80%
Dell International LLC/EMC Corp.                    
6.02%, 06/15/2026
  18,833,000      19,242,554
4.90%, 10/01/2026
  12,988,000      13,059,147
Home Depot, Inc. (The)                    
3.00%, 04/01/2026(b)
  9,765,000       9,568,940
5.15%, 06/25/2026(b)
  11,360,000      11,543,998
2.13%, 09/15/2026(b)
  7,487,000       7,186,705
4.95%, 09/30/2026
  5,627,500       5,709,796
Lowe’s Cos., Inc.                    
4.80%, 04/01/2026
  7,573,000       7,598,574
2.50%, 04/15/2026
  10,144,000       9,833,548
O’Reilly Automotive, Inc.                    
3.55%, 03/15/2026
  3,792,000       3,730,350
5.75%, 11/20/2026
  5,617,000       5,754,343
Ross Stores, Inc., 0.88%, 04/15/2026
  3,787,000        3,567,652
TJX Cos., Inc. (The), 2.25%, 09/15/2026
  7,576,000       7,281,069
        104,076,676
Technology Hardware, Storage & Peripherals-2.55%
Apple, Inc.                    
0.70%, 02/08/2026
  18,891,000      17,982,114
3.25%, 02/23/2026(b)
  24,557,000      24,229,711
4.42%, 05/08/2026
  7,579,000       7,589,097
2.45%, 08/04/2026
  17,145,000      16,611,391
2.05%, 09/11/2026
  15,109,000      14,498,919
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026(b)
  5,769,000        5,513,097
HP, Inc., 1.45%, 06/17/2026(b)
  3,917,000        3,711,254
IBM International Capital Pte. Ltd., 4.70%, 02/05/2026
  4,492,000       4,505,802
        94,641,385
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Textiles, Apparel & Luxury Goods-0.35%
NIKE, Inc., 2.38%, 11/01/2026(b)
$ 7,488,000   $    7,204,463
Tapestry, Inc., 7.00%, 11/27/2026(b)
  5,630,000       5,808,691
        13,013,154
Tobacco-1.22%
Altria Group, Inc., 2.63%, 09/16/2026(b)
  3,745,000        3,605,632
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026(b)
  7,498,000        7,299,554
B.A.T. International Finance PLC (United Kingdom), 1.67%, 03/25/2026
  11,271,000       10,761,882
Philip Morris International, Inc.                    
4.88%, 02/13/2026(b)
  12,771,000      12,839,182
2.75%, 02/25/2026
  5,627,000       5,484,587
0.88%, 05/01/2026
  5,580,000       5,260,997
        45,251,834
Trading Companies & Distributors-0.64%
Air Lease Corp.                    
2.88%, 01/15/2026(b)
  10,924,000      10,633,266
5.30%, 06/25/2026
  4,520,000       4,572,422
1.88%, 08/15/2026
  9,091,000       8,622,407
        23,828,095
Wireless Telecommunication Services-1.01%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026(b)
  3,740,000        3,606,524
Sprint LLC, 7.63%, 03/01/2026
  11,363,000       11,724,014
T-Mobile USA, Inc.                    
2.25%, 02/15/2026(b)
  13,632,000      13,186,590
2.63%, 04/15/2026
  9,089,000       8,816,880
        37,334,008
Total U.S. Dollar Denominated Bonds & Notes

(Cost $3,685,358,059)
  3,674,844,523
  Shares   Value
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $3,810,675)
  3,810,675   $    3,810,675
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.09%

(Cost $3,689,168,734)
  3,678,655,198
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.81%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  100,856,094      100,856,094
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  263,073,597     263,178,826
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $364,017,900)
  364,034,920
TOTAL INVESTMENTS IN SECURITIES-108.90%

(Cost $4,053,186,634)
  4,042,690,118
OTHER ASSETS LESS LIABILITIES-(8.90)%
  (330,528,194)
NET ASSETS-100.00%
  $3,712,161,924
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $391,146   $143,364,952   $(139,945,423)   $-   $-   $3,810,675   $414,173
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Table of Contents
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $59,624,954   $434,059,183   $(392,828,043)   $-   $-   $100,856,094   $3,950,852*
Invesco Private Prime Fund 154,066,675   1,011,953,434   (902,891,673)   16,102   34,288   263,178,826   10,648,093*
Total $214,082,775   $1,589,377,569   $(1,435,665,139)   $16,102   $34,288   $367,845,595   $15,013,118
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.95%
Aerospace & Defense-1.90%
Boeing Co. (The), 5.04%, 05/01/2027
$ 9,847,000   $    9,862,618
General Dynamics Corp.                    
3.50%, 04/01/2027(b)
  3,680,000       3,618,183
2.63%, 11/15/2027
  2,450,000       2,339,114
Howmet Aerospace, Inc., 5.90%, 02/01/2027(b)
  3,101,000        3,199,162
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027
  2,957,000        2,855,842
L3Harris Technologies, Inc., 5.40%, 01/15/2027
  6,150,000        6,279,200
Lockheed Martin Corp., 5.10%, 11/15/2027(b)
  3,690,000        3,794,457
Northrop Grumman Corp., 3.20%, 02/01/2027
  3,681,000        3,584,194
RTX Corp., 3.13%, 05/04/2027
  5,415,000       5,240,400
        40,773,170
Air Freight & Logistics-0.22%
United Parcel Service, Inc., 3.05%, 11/15/2027(b)
  4,920,000       4,747,761
Automobile Components-0.53%
BorgWarner, Inc., 2.65%, 07/01/2027
  5,409,000        5,154,409
Lear Corp., 3.80%, 09/15/2027
  2,706,000        2,634,231
United Rentals (North America), Inc., 3.88%, 11/15/2027(b)
  3,695,000       3,569,637
        11,358,277
Automobiles-4.62%
American Honda Finance Corp.                    
2.35%, 01/08/2027
  2,451,000       2,342,702
4.90%, 03/12/2027(b)
  3,443,000       3,492,105
4.90%, 07/09/2027
  3,450,000       3,502,368
Ford Motor Credit Co. LLC                    
4.27%, 01/09/2027
  4,429,000       4,340,874
5.80%, 03/05/2027
  7,390,000       7,503,203
5.85%, 05/17/2027
  7,375,000       7,502,018
4.95%, 05/28/2027
  7,382,000       7,344,286
4.13%, 08/17/2027
  6,486,000       6,309,758
3.82%, 11/02/2027
  3,680,000       3,531,087
7.35%, 11/04/2027
  7,390,000       7,818,682
General Motors Co.                    
4.20%, 10/01/2027
  3,686,000       3,634,828
6.80%, 10/01/2027
  4,927,000       5,205,798
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027
  4,925,000        4,720,939
PACCAR Financial Corp., 5.00%, 05/13/2027
  2,460,000        2,515,668
Toyota Motor Credit Corp.                    
3.20%, 01/11/2027
  3,693,000       3,608,087
1.90%, 01/13/2027
  3,693,000       3,499,555
3.05%, 03/22/2027(b)
  6,887,000       6,697,910
1.15%, 08/13/2027
  2,943,000       2,696,454
4.55%, 09/20/2027(b)
  4,921,000       4,962,907
5.45%, 11/10/2027(b)
  3,442,000       3,561,579
Series B, 5.00%, 03/19/2027(b)
  4,433,000       4,517,675
        99,308,483
  Principal
Amount 		  Value
Banks-12.68%
Banco Santander S.A. (Spain)                    
4.25%, 04/11/2027
$ 4,921,000       $4,863,916
5.29%, 08/18/2027(b)
  8,621,000       8,769,108
Bank of America Corp.                    
3.25%, 10/21/2027(b)
  12,220,000      11,851,094
Series L, 4.18%, 11/25/2027
  9,836,000       9,740,409
Bank of Montreal (Canada)                    
2.65%, 03/08/2027(b)
  6,147,000       5,905,768
5.37%, 06/04/2027(b)
  3,690,000       3,792,617
Series H, 4.70%, 09/14/2027(b)
  4,920,000       4,969,897
Bank of Nova Scotia (The) (Canada)                    
1.95%, 02/02/2027
  3,682,000       3,479,657
2.95%, 03/11/2027
  3,432,000       3,317,837
5.40%, 06/04/2027
  4,183,000       4,291,526
Canadian Imperial Bank of Commerce (Canada)                    
3.45%, 04/07/2027
  4,921,000       4,799,877
5.24%, 06/28/2027(b)
  6,644,000       6,789,829
Citigroup, Inc., 4.45%, 09/29/2027
  18,958,000       18,871,894
Cooperatieve Rabobank U.A. (Netherlands), 5.04%, 03/05/2027
  3,197,000        3,252,150
Fifth Third Bancorp, 2.55%, 05/05/2027(b)
  3,696,000        3,508,321
Fifth Third Bank N.A., 2.25%, 02/01/2027
  2,944,000        2,788,793
HSBC USA, Inc., 5.29%, 03/04/2027
  4,927,000        5,021,769
JPMorgan Chase & Co.                    
8.00%, 04/29/2027
  2,458,000       2,697,657
4.25%, 10/01/2027
  7,382,000       7,368,127
3.63%, 12/01/2027
  5,459,000       5,339,954
KeyBank N.A., 5.85%, 11/15/2027(b)
  4,928,000        5,072,744
KeyCorp, 2.25%, 04/06/2027(b)
  3,927,000        3,689,795
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027(b)
  6,150,000        6,033,606
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027(b)
  2,415,000        2,323,712
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
3.68%, 02/22/2027
  4,921,000       4,838,151
3.29%, 07/25/2027(b)
  4,927,000       4,781,289
Mizuho Financial Group, Inc. (Japan)                    
3.66%, 02/28/2027
  2,458,000       2,408,230
3.17%, 09/11/2027(b)
  5,418,000       5,217,071
PNC Bank N.A., 3.10%, 10/25/2027(b)
  4,906,000        4,710,476
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027(b)
  3,678,000        3,562,274
Royal Bank of Canada (Canada)                    
4.88%, 01/19/2027(b)
  6,153,000       6,226,200
2.05%, 01/21/2027(b)
  2,428,000       2,307,438
3.63%, 05/04/2027(b)
  5,905,000       5,809,634
4.24%, 08/03/2027(b)
  6,154,000       6,155,407
6.00%, 11/01/2027(b)
  6,644,000       6,965,594
Santander Holdings USA, Inc., 4.40%, 07/13/2027
  5,164,000       5,103,158
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Banks-(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
3.45%, 01/11/2027
$ 6,144,000       $6,004,624
2.17%, 01/14/2027
  2,458,000       2,329,257
3.36%, 07/12/2027(b)
  8,604,000       8,353,823
3.35%, 10/18/2027(b)
  3,695,000       3,566,871
Toronto-Dominion Bank (The) (Canada)                    
1.95%, 01/12/2027(b)
  3,679,000       3,490,480
2.80%, 03/10/2027(b)
  5,418,000       5,212,727
4.98%, 04/05/2027(b)
  4,181,000       4,239,170
4.11%, 06/08/2027
  7,387,000       7,323,575
4.69%, 09/15/2027
  7,381,000       7,439,210
Truist Financial Corp., 1.13%, 08/03/2027(b)
  3,687,000        3,354,081
U.S. Bancorp, Series X, 3.15%, 04/27/2027
  6,398,000        6,230,240
UBS AG (Switzerland), 5.00%, 07/09/2027
  5,870,000        5,953,780
Wells Fargo & Co., 4.30%, 07/22/2027
  12,307,000      12,261,822
        272,384,639
Beverages-1.70%
Coca-Cola Co. (The)                    
3.38%, 03/25/2027
  4,925,000       4,848,533
2.90%, 05/25/2027
  2,455,000       2,380,259
1.45%, 06/01/2027(b)
  7,378,000       6,895,304
Constellation Brands, Inc.                    
3.50%, 05/09/2027
  2,460,000       2,397,926
4.35%, 05/09/2027
  2,957,000       2,946,735
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027
  3,694,000        3,797,280
Keurig Dr Pepper, Inc., 5.10%, 03/15/2027
  3,691,000        3,753,215
PepsiCo, Inc.                    
2.63%, 03/19/2027
  2,455,000       2,367,663
3.00%, 10/15/2027
  7,378,000       7,155,354
        36,542,269
Biotechnology-1.55%
AbbVie, Inc., 4.80%, 03/15/2027
  11,083,000       11,233,572
Amgen, Inc.                    
2.20%, 02/21/2027
  8,477,000       8,043,754
3.20%, 11/02/2027
  4,924,000       4,757,072
Gilead Sciences, Inc.                    
2.95%, 03/01/2027(b)
  6,144,000       5,951,932
1.20%, 10/01/2027(b)
  3,696,000       3,373,243
        33,359,573
Broadline Retail-2.15%
Amazon.com, Inc.                    
3.30%, 04/13/2027(b)
  9,840,000       9,647,949
1.20%, 06/03/2027
  6,147,000       5,687,708
3.15%, 08/22/2027(b)
  17,238,000      16,821,834
4.55%, 12/01/2027(b)
  9,843,000       9,985,571
eBay, Inc., 3.60%, 06/05/2027(b)
  4,183,000       4,098,885
        46,241,947
  Principal
Amount 		  Value
Building Products-0.25%
Carlisle Cos., Inc., 3.75%, 12/01/2027
$ 2,954,000   $    2,883,399
Owens Corning, 5.50%, 06/15/2027(b)
  2,460,000       2,522,006
        5,405,405
Capital Markets-5.73%
Ares Capital Corp.                    
7.00%, 01/15/2027
  4,431,000       4,597,925
2.88%, 06/15/2027
  2,457,000       2,306,342
Bank of New York Mellon Corp. (The)                    
2.05%, 01/26/2027(b)
  4,188,000       3,988,219
3.25%, 05/16/2027
  3,693,000       3,598,827
BlackRock, Inc., 3.20%, 03/15/2027
  3,435,000        3,362,585
Blackstone Secured Lending Fund, 2.13%, 02/15/2027
  3,047,000        2,823,247
Blue Owl Capital Corp., 2.63%, 01/15/2027(b)
  2,427,000        2,281,343
Blue Owl Credit Income Corp., 7.75%, 09/16/2027
  2,957,000        3,114,437
Cboe Global Markets, Inc., 3.65%, 01/12/2027
  3,183,000        3,128,592
Charles Schwab Corp. (The)                    
3.20%, 03/02/2027(b)
  3,193,000       3,098,244
2.45%, 03/03/2027(b)
  7,377,000       7,026,547
3.30%, 04/01/2027(b)
  3,650,000       3,546,056
FactSet Research Systems, Inc., 2.90%, 03/01/2027
  2,458,000        2,359,131
FS KKR Capital Corp., 3.25%, 07/15/2027
  2,463,000        2,312,993
Goldman Sachs Group, Inc. (The)                    
5.95%, 01/15/2027
  3,980,000       4,101,301
3.85%, 01/26/2027(b)
  14,772,000      14,558,357
Jefferies Financial Group, Inc., 4.85%, 01/15/2027
  3,704,000        3,712,525
Morgan Stanley                    
3.63%, 01/20/2027(b)
  14,757,000      14,531,779
3.95%, 04/23/2027(b)
  9,833,000       9,695,106
Nomura Holdings, Inc. (Japan)                    
2.33%, 01/22/2027
  6,151,000       5,813,189
5.59%, 07/02/2027
  2,460,000       2,515,111
5.39%, 07/06/2027
  2,458,000       2,501,967
Northern Trust Corp., 4.00%, 05/10/2027(b)
  4,917,000        4,898,099
S&P Global, Inc.                    
2.95%, 01/22/2027(b)
  2,464,000       2,390,047
2.45%, 03/01/2027(b)
  6,080,000       5,819,218
State Street Corp., 4.99%, 03/18/2027
  4,920,000       4,999,565
        123,080,752
Chemicals-1.72%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027(b)
  3,205,000        3,019,767
Albemarle Corp., 4.65%, 06/01/2027(b)
  3,197,000        3,189,513
Celanese US Holdings LLC, 6.17%, 07/15/2027(b)
  9,847,000       10,164,428
Ecolab, Inc.                    
1.65%, 02/01/2027
  2,463,000       2,319,070
3.25%, 12/01/2027(b)
  2,455,000       2,381,380
LYB International Finance II B.V., 3.50%, 03/02/2027
  2,908,000        2,836,881
Mosaic Co. (The), 4.05%, 11/15/2027
  3,435,000       3,376,204
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Chemicals-(continued)
Olin Corp., 5.13%, 09/15/2027
$ 2,505,000   $    2,476,706
Sherwin-Williams Co. (The), 3.45%, 06/01/2027(b)
  7,380,000       7,196,731
        36,960,680
Commercial Services & Supplies-0.71%
Cintas Corp. No. 2, 3.70%, 04/01/2027(b)
  4,920,000        4,851,026
Republic Services, Inc., 3.38%, 11/15/2027
  3,205,000        3,116,115
Waste Management, Inc.                    
4.95%, 07/03/2027(b)
  3,690,000       3,762,841
3.15%, 11/15/2027
  3,694,000       3,576,447
        15,306,429
Communications Equipment-0.58%
Cisco Systems, Inc., 4.80%, 02/26/2027(b)
  9,843,000       10,004,386
Nokia OYJ (Finland), 4.38%, 06/12/2027
  2,466,000       2,451,480
        12,455,866
Construction & Engineering-0.14%
Quanta Services, Inc., 4.75%, 08/09/2027
  2,920,000       2,933,821
Construction Materials-0.11%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027
  2,440,000       2,376,321
Consumer Finance-3.99%
Ally Financial, Inc.                    
4.75%, 06/09/2027(b)
  3,689,000       3,676,958
7.10%, 11/15/2027(b)
  3,686,000       3,915,717
American Express Co.                    
2.55%, 03/04/2027
  8,610,000       8,241,592
3.30%, 05/03/2027
  8,188,000       7,970,908
5.85%, 11/05/2027(b)
  7,381,000       7,718,776
Capital One Financial Corp.                    
3.75%, 03/09/2027
  6,639,000       6,505,197
3.65%, 05/11/2027(b)
  4,927,000       4,808,011
Discover Financial Services, 4.10%, 02/09/2027(b)
  4,924,000        4,840,222
General Motors Financial Co., Inc.                    
4.35%, 01/17/2027(b)
  6,153,000       6,101,831
2.35%, 02/26/2027(b)
  4,923,000       4,661,094
5.00%, 04/09/2027(b)
  6,158,000       6,212,533
5.40%, 05/08/2027(b)
  5,901,000       6,010,349
5.35%, 07/15/2027(b)
  5,410,000       5,508,586
2.70%, 08/20/2027
  4,413,000       4,185,592
Synchrony Financial, 3.95%, 12/01/2027(b)
  5,587,000       5,385,311
        85,742,677
Consumer Staples Distribution & Retail-1.50%
Costco Wholesale Corp.                    
3.00%, 05/18/2027(b)
  4,928,000       4,814,413
1.38%, 06/20/2027
  6,149,000       5,723,065
Dollar General Corp.                    
3.88%, 04/15/2027(b)
  2,945,000       2,878,319
4.63%, 11/01/2027
  2,713,000       2,695,631
Kroger Co. (The), 3.70%, 08/01/2027
  2,943,000       2,884,529
  Principal
Amount 		  Value
Consumer Staples Distribution & Retail-(continued)
Sysco Corp., 3.25%, 07/15/2027
$ 3,681,000   $    3,561,451
Target Corp., 1.95%, 01/15/2027(b)
  4,920,000        4,699,029
Walmart, Inc., 3.95%, 09/09/2027(b)
  4,919,000       4,928,551
        32,184,988
Containers & Packaging-0.11%
Packaging Corp. of America, 3.40%, 12/15/2027
  2,456,000       2,376,070
Diversified REITs-0.22%
Digital Realty Trust L.P., 3.70%, 08/15/2027
  4,905,000       4,785,816
Diversified Telecommunication Services-2.31%
AT&T, Inc.                    
4.25%, 03/01/2027(b)
  7,333,000       7,306,706
2.30%, 06/01/2027
  12,296,000      11,632,018
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027(b)
  6,150,000        6,084,543
TELUS Corp. (Canada)                    
2.80%, 02/16/2027
  2,950,000       2,827,607
3.70%, 09/15/2027(b)
  2,461,000       2,402,791
Verizon Communications, Inc.                    
4.13%, 03/16/2027
  15,986,000      15,862,320
3.00%, 03/22/2027(b)
  3,678,000       3,558,519
        49,674,504
Electric Utilities-4.08%
Alabama Power Co., 3.75%, 09/01/2027
  2,711,000        2,676,894
American Electric Power Co., Inc.                    
5.75%, 11/01/2027
  2,455,000       2,545,634
3.20%, 11/13/2027
  2,452,000       2,353,129
Duke Energy Corp.                    
4.85%, 01/05/2027(b)
  2,950,000       2,979,748
3.15%, 08/15/2027
  3,682,000       3,551,351
5.00%, 12/08/2027
  2,465,000       2,511,793
Duke Energy Florida LLC, 3.20%, 01/15/2027(b)
  3,203,000        3,125,917
Edison International, 5.75%, 06/15/2027(b)
  2,950,000        3,023,787
Eversource Energy                    
2.90%, 03/01/2027
  3,202,000       3,075,076
4.60%, 07/01/2027
  2,953,000       2,953,374
Exelon Corp., 2.75%, 03/15/2027(b)
  3,176,000        3,053,687
FirstEnergy Corp., Series B, 3.90%, 07/15/2027
  7,379,000        7,244,952
Georgia Power Co., 5.00%, 02/23/2027
  2,460,000        2,499,172
ITC Holdings Corp., 3.35%, 11/15/2027
  2,449,000        2,364,056
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027(b)
  2,953,000        2,989,622
NextEra Energy Capital Holdings, Inc.                    
1.88%, 01/15/2027(b)
  4,921,000       4,638,071
3.55%, 05/01/2027
  7,325,000       7,156,658
4.63%, 07/15/2027(b)
  6,154,000       6,197,306
Pacific Gas and Electric Co., 2.10%, 08/01/2027(b)
  4,920,000        4,574,210
Southern California Edison Co.                    
4.88%, 02/01/2027
  2,457,000       2,480,525
5.85%, 11/01/2027
  3,696,000       3,847,051
Series D, 4.70%, 06/01/2027(b)
  2,958,000       2,988,960
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electric Utilities-(continued)
Virginia Electric & Power Co.                    
Series A, 3.50%, 03/15/2027
$ 3,679,000       $3,604,649
Series B, 3.75%, 05/15/2027(b)
  2,959,000       2,911,615
Xcel Energy, Inc., 1.75%, 03/15/2027(b)
  2,449,000       2,285,949
        87,633,186
Electrical Equipment-0.11%
Emerson Electric Co., 1.80%, 10/15/2027
  2,430,000       2,261,658
Electronic Equipment, Instruments & Components-0.43%
Eaton Corp., 3.10%, 09/15/2027(b)
  3,436,000        3,331,383
Jabil, Inc., 4.25%, 05/15/2027
  2,461,000        2,434,391
Keysight Technologies, Inc., 4.60%, 04/06/2027
  3,434,000       3,430,551
        9,196,325
Energy Equipment & Services-0.30%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027
  6,629,000       6,432,117
Entertainment-1.35%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027(b)
  2,944,000        2,887,327
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b)
  4,923,000        4,757,191
Walt Disney Co. (The), 3.70%, 03/23/2027
  2,461,000        2,431,321
Warnermedia Holdings, Inc., 3.76%, 03/15/2027
  19,670,000      18,848,435
        28,924,274
Financial Services-3.49%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)                    
6.10%, 01/15/2027(b)
  4,430,000       4,561,714
6.45%, 04/15/2027
  7,906,000       8,228,757
3.65%, 07/21/2027
  4,853,000       4,724,535
4.63%, 10/15/2027(b)
  2,957,000       2,952,692
BlackRock Funding, Inc., 4.60%, 07/26/2027
  1,987,000        2,016,079
Blackstone Private Credit Fund, 3.25%, 03/15/2027
  4,890,000        4,632,107
Corebridge Financial, Inc., 3.65%, 04/05/2027
  6,111,000        5,985,272
Fiserv, Inc.                    
5.15%, 03/15/2027
  3,690,000       3,753,190
2.25%, 06/01/2027
  4,925,000       4,648,292
Global Payments, Inc.                    
2.15%, 01/15/2027(b)
  3,682,000       3,486,967
4.95%, 08/15/2027(b)
  2,458,000       2,485,838
LPL Holdings, Inc., 5.70%, 05/20/2027
  2,460,000        2,504,953
Mastercard, Inc., 3.30%, 03/26/2027
  4,920,000        4,824,229
ORIX Corp. (Japan)                    
3.70%, 07/18/2027
  2,450,000       2,393,305
5.00%, 09/13/2027(b)
  2,466,000       2,501,162
PayPal Holdings, Inc., 3.90%, 06/01/2027(b)
  2,457,000       2,438,086
  Principal
Amount 		  Value
Financial Services-(continued)
Visa, Inc.                    
1.90%, 04/15/2027(b)
$ 7,375,000       $6,991,614
0.75%, 08/15/2027(b)
  2,456,000       2,248,935
2.75%, 09/15/2027(b)
  3,675,000       3,538,741
        74,916,468
Food Products-2.25%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027(b)
  2,945,000        2,886,656
Campbell Soup Co., 5.20%, 03/19/2027(b)
  2,460,000        2,512,115
Conagra Brands, Inc., 1.38%, 11/01/2027
  4,920,000        4,466,354
General Mills, Inc.                    
4.70%, 01/30/2027(b)
  2,461,000       2,475,237
3.20%, 02/10/2027(b)
  3,680,000       3,572,224
Hormel Foods Corp., 4.80%, 03/30/2027
  2,460,000        2,493,875
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 2.50%, 01/15/2027
  4,864,000        4,621,396
JM Smucker Co. (The), 3.38%, 12/15/2027(b)
  2,449,000        2,380,415
Kellanova, 3.40%, 11/15/2027
  2,958,000        2,871,466
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027(b)
  6,638,000        6,547,152
McCormick & Co., Inc., 3.40%, 08/15/2027
  3,692,000        3,599,331
Mondelez International, Inc., 2.63%, 03/17/2027
  3,678,000        3,520,572
Tyson Foods, Inc., 3.55%, 06/02/2027
  6,636,000       6,477,576
        48,424,369
Gas Utilities-0.27%
Atmos Energy Corp., 3.00%, 06/15/2027(b)
  2,450,000        2,370,190
Southern California Gas Co., 2.95%, 04/15/2027(b)
  3,451,000       3,329,809
        5,699,999
Ground Transportation-0.52%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027
  2,450,000        2,392,278
CSX Corp., 3.25%, 06/01/2027(b)
  4,184,000        4,080,231
Union Pacific Corp.                    
2.15%, 02/05/2027
  2,454,000       2,336,177
3.00%, 04/15/2027
  2,464,000       2,388,416
        11,197,102
Health Care Equipment & Supplies-1.11%
Baxter International, Inc., 1.92%, 02/01/2027
  7,078,000        6,646,146
Becton, Dickinson and Co., 3.70%, 06/06/2027
  8,485,000        8,316,018
GE HealthCare Technologies, Inc., 5.65%, 11/15/2027
  8,621,000       8,904,126
        23,866,290
Health Care Providers & Services-4.60%
Cardinal Health, Inc., 3.41%, 06/15/2027(b)
  6,013,000       5,851,075
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
Cencora, Inc., 3.45%, 12/15/2027
$ 3,682,000   $    3,570,368
Centene Corp., 4.25%, 12/15/2027
  11,817,000       11,562,757
Cigna Group (The)                    
3.40%, 03/01/2027
  6,522,000       6,358,322
3.05%, 10/15/2027(b)
  2,686,000       2,583,536
CommonSpirit Health, 6.07%, 11/01/2027
  2,503,000        2,619,807
CVS Health Corp.                    
3.63%, 04/01/2027(b)
  3,696,000       3,618,793
1.30%, 08/21/2027
  11,067,000      10,098,015
Elevance Health, Inc., 3.65%, 12/01/2027(b)
  7,873,000        7,704,349
HCA, Inc.                    
4.50%, 02/15/2027
  5,903,000       5,881,473
3.13%, 03/15/2027
  4,919,000       4,745,891
Humana, Inc.                    
1.35%, 02/03/2027(b)
  3,394,000       3,144,540
3.95%, 03/15/2027
  2,656,000       2,616,462
Icon Investments Six DAC, 5.81%, 05/08/2027(b)
  3,690,000        3,785,475
Kaiser Foundation Hospitals, 3.15%, 05/01/2027
  2,830,000        2,760,618
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027
  2,952,000        2,875,499
SSM Health Care Corp., Series A, 3.82%, 06/01/2027
  2,464,000        2,430,391
UnitedHealth Group, Inc.                    
3.45%, 01/15/2027
  3,693,000       3,635,556
3.38%, 04/15/2027
  3,079,000       3,016,333
4.60%, 04/15/2027
  2,466,000       2,495,442
3.70%, 05/15/2027
  2,955,000       2,924,877
2.95%, 10/15/2027(b)
  4,668,000       4,507,067
        98,786,646
Health Care REITs-0.38%
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027
  2,458,000        2,392,428
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027
  3,450,000        3,409,928
Welltower OP LLC, 2.70%, 02/15/2027(b)
  2,466,000       2,372,754
        8,175,110
Hotels, Restaurants & Leisure-1.59%
Darden Restaurants, Inc., 3.85%, 05/01/2027(b)
  2,464,000        2,419,066
Expedia Group, Inc., 4.63%, 08/01/2027
  3,687,000        3,698,246
Hyatt Hotels Corp., 5.75%, 01/30/2027
  2,955,000        3,013,829
Las Vegas Sands Corp., 5.90%, 06/01/2027(b)
  3,690,000        3,767,595
Marriott International, Inc., 5.00%, 10/15/2027
  4,921,000        4,998,971
McDonald’s Corp.                    
3.50%, 03/01/2027(b)
  4,172,000       4,091,597
3.50%, 07/01/2027
  4,919,000       4,814,600
Starbucks Corp.                    
4.85%, 02/08/2027
  4,920,000       4,968,626
2.00%, 03/12/2027
  2,456,000       2,320,313
        34,092,843
  Principal
Amount 		  Value
Household Durables-0.38%
D.R. Horton, Inc., 1.40%, 10/15/2027(b)
$ 2,435,000   $    2,226,745
Leggett & Platt, Inc., 3.50%, 11/15/2027(b)
  2,445,000        2,328,284
Lennar Corp., 4.75%, 11/29/2027
  3,596,000       3,628,843
        8,183,872
Household Products-0.73%
Colgate-Palmolive Co., 3.10%, 08/15/2027(b)
  2,456,000        2,398,910
Kimberly-Clark Corp., 1.05%, 09/15/2027(b)
  2,941,000        2,681,594
Procter & Gamble Co. (The)                    
1.90%, 02/01/2027
  4,924,000       4,681,449
2.80%, 03/25/2027
  2,459,000       2,386,952
2.85%, 08/11/2027(b)
  3,682,000       3,568,533
        15,717,438
Independent Power and Renewable Electricity Producers-0.16%
NSTAR Electric Co., 3.20%, 05/15/2027(b)
  3,449,000       3,345,909
Industrial Conglomerates-0.40%
3M Co., 2.88%, 10/15/2027
  4,187,000        4,008,092
Honeywell International, Inc., 1.10%, 03/01/2027
  4,926,000       4,576,216
        8,584,308
Insurance-1.45%
American National Group, Inc., 5.00%, 06/15/2027
  2,461,000        2,459,121
Aon Corp., 8.21%, 01/01/2027(b)
  2,460,000        2,643,543
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027
  2,947,000        2,835,547
Aon North America, Inc., 5.13%, 03/01/2027
  2,950,000        3,004,299
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027
  3,682,000        3,534,113
Brighthouse Financial, Inc., 3.70%, 06/22/2027
  3,710,000        3,590,029
CNA Financial Corp., 3.45%, 08/15/2027
  2,457,000        2,390,150
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027(b)
  2,464,000        2,352,144
Progressive Corp. (The)                    
2.45%, 01/15/2027(b)
  2,460,000       2,360,751
2.50%, 03/15/2027(b)
  2,460,000       2,355,132
Willis North America, Inc., 4.65%, 06/15/2027
  3,688,000       3,695,195
        31,220,024
Interactive Media & Services-0.81%
Alphabet, Inc., 0.80%, 08/15/2027
  4,921,000        4,513,121
Meta Platforms, Inc., 3.50%, 08/15/2027(b)
  13,073,000      12,880,827
        17,393,948
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
IT Services-0.82%
International Business Machines Corp.                    
3.30%, 01/27/2027
$ 2,463,000       $2,407,396
2.20%, 02/09/2027
  3,188,000       3,030,393
1.70%, 05/15/2027(b)
  6,150,000       5,739,690
4.15%, 07/27/2027
  3,694,000       3,682,046
VeriSign, Inc., 4.75%, 07/15/2027(b)
  2,707,000       2,699,260
        17,558,785
Leisure Products-0.11%
Hasbro, Inc., 3.50%, 09/15/2027
  2,460,000       2,369,173
Life Sciences Tools & Services-0.26%
Illumina, Inc., 5.75%, 12/13/2027
  2,461,000        2,537,660
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027(b)
  2,951,000       3,005,699
        5,543,359
Machinery-2.66%
Caterpillar Financial Services Corp.                    
1.70%, 01/08/2027(b)
  2,462,000       2,326,367
4.50%, 01/08/2027
  2,460,000       2,478,858
5.00%, 05/14/2027(b)
  4,200,000       4,287,890
3.60%, 08/12/2027(b)
  3,437,000       3,392,354
1.10%, 09/14/2027(b)
  3,680,000       3,361,582
CNH Industrial N.V., 3.85%, 11/15/2027(b)
  2,461,000        2,412,842
Ingersoll Rand, Inc., 5.20%, 06/15/2027
  3,450,000        3,511,163
John Deere Capital Corp.                    
4.50%, 01/08/2027
  3,690,000       3,723,626
1.70%, 01/11/2027
  2,452,000       2,315,235
4.85%, 03/05/2027
  2,713,000       2,755,511
2.35%, 03/08/2027
  2,521,000       2,407,764
1.75%, 03/09/2027
  2,451,000       2,306,914
4.90%, 06/11/2027(b)
  3,450,000       3,513,130
2.80%, 09/08/2027
  2,455,000       2,359,717
4.15%, 09/15/2027
  4,436,000       4,439,150
Otis Worldwide Corp., 2.29%, 04/05/2027
  2,496,000        2,365,954
Parker-Hannifin Corp.                    
3.25%, 03/01/2027(b)
  3,450,000       3,354,938
4.25%, 09/15/2027
  5,907,000       5,878,100
        57,191,095
Media-1.07%
Comcast Corp.                    
2.35%, 01/15/2027(b)
  6,881,000       6,581,565
3.30%, 02/01/2027
  6,145,400       6,006,334
3.30%, 04/01/2027(b)
  3,927,000       3,832,309
5.35%, 11/15/2027
  3,691,000       3,809,847
Paramount Global, 2.90%, 01/15/2027(b)
  2,880,000       2,732,947
        22,963,002
Metals & Mining-0.40%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027(b)
  5,905,000        6,229,472
Nucor Corp., 4.30%, 05/23/2027(b)
  2,466,000       2,465,505
        8,694,977
Multi-Utilities-1.04%
Ameren Corp., 1.95%, 03/15/2027
  2,458,000       2,304,364
  Principal
Amount 		  Value
Multi-Utilities-(continued)
DTE Energy Co., 4.95%, 07/01/2027
$ 5,700,000   $    5,762,910
NiSource, Inc., 3.49%, 05/15/2027
  5,025,000        4,896,468
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027(b)
  3,442,000        3,577,722
Sempra, 3.25%, 06/15/2027(b)
  3,680,000        3,559,443
WEC Energy Group, Inc., 1.38%, 10/15/2027
  2,463,000       2,244,832
        22,345,739
Office REITs-0.18%
Boston Properties L.P., 6.75%, 12/01/2027
  3,694,000       3,862,317
Oil, Gas & Consumable Fuels-6.13%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027
  2,459,000        2,449,104
BP Capital Markets America, Inc.                    
3.54%, 04/06/2027
  2,452,000       2,407,493
5.02%, 11/17/2027
  3,689,000       3,770,223
BP Capital Markets PLC, 3.28%, 09/19/2027(b)
  7,376,000        7,181,708
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027
  6,149,000        6,031,937
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027
  5,910,000        5,970,809
Chevron Corp., 2.00%, 05/11/2027(b)
  4,927,000        4,668,288
Chevron USA, Inc., 1.02%, 08/12/2027
  3,693,000        3,380,453
Coterra Energy, Inc., 3.90%, 05/15/2027
  3,370,000        3,303,886
DCP Midstream Operating L.P., 5.63%, 07/15/2027
  2,466,000        2,531,845
Diamondback Energy, Inc., 5.20%, 04/18/2027
  4,190,000        4,261,394
Enbridge, Inc. (Canada)                    
5.25%, 04/05/2027(b)
  3,688,000       3,757,954
3.70%, 07/15/2027
  3,436,000       3,363,037
Energy Transfer L.P.                    
4.40%, 03/15/2027
  3,449,000       3,433,269
4.20%, 04/15/2027
  2,949,000       2,920,080
4.00%, 10/01/2027
  3,680,000       3,614,293
Enterprise Products Operating LLC                    
4.60%, 01/11/2027
  4,920,000       4,961,049
3.95%, 02/15/2027(b)
  2,836,000       2,815,558
EQT Corp., 3.90%, 10/01/2027
  5,750,000        5,622,017
Equinor ASA (Norway), 3.00%, 04/06/2027
  2,460,000        2,385,290
Exxon Mobil Corp., 3.29%, 03/19/2027(b)
  4,920,000        4,850,291
Hess Corp., 4.30%, 04/01/2027(b)
  4,925,000        4,892,453
Marathon Oil Corp., 4.40%, 07/15/2027
  4,925,000        4,907,599
MPLX L.P., 4.13%, 03/01/2027
  6,254,000        6,186,508
Occidental Petroleum Corp., 8.50%, 07/15/2027
  2,405,000        2,618,583
ONEOK, Inc., 4.00%, 07/13/2027
  2,450,000        2,419,482
Phillips 66 Co., 4.95%, 12/01/2027
  3,692,000        3,750,691
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027
  7,461,000        7,513,258
Targa Resources Corp., 5.20%, 07/01/2027(b)
  3,694,000        3,749,410
TC PipeLines L.P., 3.90%, 05/25/2027
  2,461,000       2,407,125
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Valero Energy Corp., 2.15%, 09/15/2027(b)
$ 2,779,000   $    2,602,255
Williams Cos., Inc. (The), 3.75%, 06/15/2027
  7,132,000       6,986,140
        131,713,482
Passenger Airlines-0.40%
Southwest Airlines Co., 5.13%, 06/15/2027
  8,505,000       8,579,165
Personal Care Products-0.50%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027(b)
  2,455,000        2,388,602
Unilever Capital Corp. (United Kingdom)                    
2.90%, 05/05/2027(b)
  4,920,000       4,762,970
4.25%, 08/12/2027(b)
  3,650,000       3,664,611
        10,816,183
Pharmaceuticals-3.70%
AstraZeneca Finance LLC (United Kingdom), 4.80%, 02/26/2027(b)
  6,156,000        6,241,324
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027
  3,680,000        3,579,438
Bristol-Myers Squibb Co.                    
4.90%, 02/22/2027(b)
  4,926,000       5,005,595
3.25%, 02/27/2027
  2,515,000       2,457,925
1.13%, 11/13/2027(b)
  4,927,000       4,483,821
Eli Lilly and Co.                    
4.50%, 02/09/2027
  4,920,000       4,964,991
3.10%, 05/15/2027
  1,973,000       1,924,751
4.15%, 08/14/2027
  800,000         802,202
Haleon US Capital LLC, 3.38%, 03/24/2027(b)
  9,680,000        9,445,952
Johnson & Johnson                    
2.95%, 03/03/2027(b)
  4,921,000       4,806,875
0.95%, 09/01/2027(b)
  7,382,000       6,770,483
Merck & Co., Inc., 1.70%, 06/10/2027(b)
  7,374,000        6,911,580
Novartis Capital Corp. (Switzerland)                    
2.00%, 02/14/2027(b)
  6,153,000       5,852,688
3.10%, 05/17/2027
  4,927,000       4,806,397
Royalty Pharma PLC, 1.75%, 09/02/2027(b)
  4,922,000        4,541,818
Viatris, Inc., 2.30%, 06/22/2027
  3,675,000        3,436,109
Zoetis, Inc., 3.00%, 09/12/2027(b)
  3,678,000       3,531,831
        79,563,780
Professional Services-0.18%
Equifax, Inc., 5.10%, 12/15/2027(b)
  3,692,000       3,758,385
Residential REITs-0.13%
Mid-America Apartments L.P., 3.60%, 06/01/2027
  2,946,000       2,881,788
Retail REITs-0.84%
Realty Income Corp.                    
3.00%, 01/15/2027
  2,957,000       2,854,312
3.95%, 08/15/2027(b)
  2,918,000       2,878,981
Regency Centers L.P., 3.60%, 02/01/2027
  2,581,000       2,524,986
  Principal
Amount 		  Value
Retail REITs-(continued)
Simon Property Group L.P.                    
1.38%, 01/15/2027
$ 2,694,000       $2,509,157
3.38%, 06/15/2027
  3,678,000       3,595,883
3.38%, 12/01/2027
  3,695,000       3,584,688
        17,948,007
Semiconductors & Semiconductor Equipment-2.86%
Applied Materials, Inc., 3.30%, 04/01/2027
  5,903,000        5,771,533
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027
  14,370,000       14,174,718
Broadcom, Inc., 5.05%, 07/12/2027
  6,150,000        6,245,194
Intel Corp.                    
3.75%, 03/25/2027
  4,928,000       4,797,549
3.15%, 05/11/2027(b)
  4,926,000       4,718,048
3.75%, 08/05/2027
  6,389,000       6,205,186
Micron Technology, Inc., 4.19%, 02/15/2027(b)
  4,417,000        4,373,933
QUALCOMM, Inc., 3.25%, 05/20/2027
  9,836,000        9,596,015
Texas Instruments, Inc.                    
4.60%, 02/08/2027(b)
  3,200,000       3,234,717
2.90%, 11/03/2027(b)
  2,451,000       2,362,170
        61,479,063
Software-3.29%
Adobe, Inc.                    
2.15%, 02/01/2027
  4,190,000       3,998,404
4.85%, 04/04/2027
  2,463,000       2,503,642
Autodesk, Inc., 3.50%, 06/15/2027
  2,458,000        2,399,873
Intuit, Inc., 1.35%, 07/15/2027(b)
  2,466,000        2,281,597
Microsoft Corp., 3.30%, 02/06/2027
  19,695,000       19,393,285
Oracle Corp.                    
2.80%, 04/01/2027
  11,082,000      10,652,949
3.25%, 11/15/2027
  13,528,000      13,074,050
Roper Technologies, Inc., 1.40%, 09/15/2027
  3,433,000        3,143,278
VMware LLC                    
4.65%, 05/15/2027
  2,462,000       2,467,221
3.90%, 08/21/2027
  6,149,000       6,044,678
Workday, Inc., 3.50%, 04/01/2027
  4,926,000       4,820,376
        70,779,353
Specialized REITs-1.09%
American Tower Corp.                    
2.75%, 01/15/2027(b)
  3,678,000       3,521,031
3.65%, 03/15/2027
  3,188,000       3,115,320
3.55%, 07/15/2027(b)
  3,680,000       3,573,459
Crown Castle, Inc.                    
4.00%, 03/01/2027
  2,460,000       2,424,861
2.90%, 03/15/2027(b)
  3,695,000       3,543,516
3.65%, 09/01/2027
  4,921,000       4,785,562
Public Storage Operating Co., 3.09%, 09/15/2027
  2,499,000       2,411,987
        23,375,736
Specialty Retail-1.59%
AutoZone, Inc., 3.75%, 06/01/2027(b)
  2,938,000       2,884,359
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Specialty Retail-(continued)
Home Depot, Inc. (The)                    
2.50%, 04/15/2027(b)
$ 3,681,000       $3,532,852
2.88%, 04/15/2027
  3,681,000       3,568,284
4.88%, 06/25/2027
  4,920,000       5,016,229
2.80%, 09/14/2027(b)
  4,919,000       4,733,830
Lowe’s Cos., Inc.                    
3.35%, 04/01/2027
  3,690,000       3,599,431
3.10%, 05/03/2027
  7,378,000       7,135,769
O’Reilly Automotive, Inc., 3.60%, 09/01/2027
  3,678,000       3,593,283
        34,064,037
Technology Hardware, Storage & Peripherals-2.19%
Apple, Inc.                    
3.35%, 02/09/2027(b)
  11,070,000      10,901,850
3.20%, 05/11/2027
  9,836,000       9,639,014
3.00%, 06/20/2027(b)
  4,927,000       4,803,734
2.90%, 09/12/2027
  9,833,000       9,527,209
3.00%, 11/13/2027(b)
  7,373,000       7,173,270
IBM International Capital Pte. Ltd., 4.60%, 02/05/2027(b)
  2,460,000        2,477,051
NetApp, Inc., 2.38%, 06/22/2027
  2,695,000       2,549,021
        47,071,149
Textiles, Apparel & Luxury Goods-0.33%
NIKE, Inc., 2.75%, 03/27/2027(b)
  4,922,000        4,755,326
VF Corp., 2.80%, 04/23/2027
  2,454,000       2,298,595
        7,053,921
Tobacco-0.84%
B.A.T Capital Corp. (United Kingdom), 4.70%, 04/02/2027
  4,432,000        4,446,642
Philip Morris International, Inc.                    
4.75%, 02/12/2027
  3,690,000       3,724,128
3.13%, 08/17/2027(b)
  2,425,000       2,361,029
5.13%, 11/17/2027
  7,381,000       7,547,687
        18,079,486
Trading Companies & Distributors-0.55%
Air Lease Corp.                    
2.20%, 01/15/2027
  3,694,000       3,493,420
3.63%, 04/01/2027(b)
  2,456,000       2,381,729
3.63%, 12/01/2027(b)
  2,448,000       2,373,971
5.85%, 12/15/2027(b)
  3,442,000       3,566,436
        11,815,556
  Principal
Amount 		  Value
Water Utilities-0.25%
American Water Capital Corp., 2.95%, 09/01/2027(b)
$ 2,944,000   $    2,836,135
Essential Utilities, Inc., 4.80%, 08/15/2027
  2,430,000       2,446,801
        5,282,936
Wireless Telecommunication Services-0.41%
Rogers Communications, Inc. (Canada), 3.20%, 03/15/2027(b)
  6,465,000        6,255,405
T-Mobile USA, Inc., 5.38%, 04/15/2027
  2,585,000       2,596,226
        8,851,631
Total U.S. Dollar Denominated Bonds & Notes

(Cost $2,121,287,456)
  2,125,693,439
  Shares    
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $772,736)
  772,736         772,736
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.99%

(Cost $2,122,060,192)
  2,126,466,175
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-19.42%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  113,845,544      113,845,544
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  303,261,309     303,382,614
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $417,205,444)
  417,228,158
TOTAL INVESTMENTS IN SECURITIES-118.41%

(Cost $2,539,265,636)
  2,543,694,333
OTHER ASSETS LESS LIABILITIES-(18.41)%
  (395,441,512)
NET ASSETS-100.00%
  $2,148,252,821
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Table of Contents
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $53,994   $67,265,424   $(66,546,682)   $-   $-   $772,736   $167,615
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 58,041,712   422,026,212   (366,222,380)   -   -   113,845,544   3,914,204*
Invesco Private Prime Fund 149,226,869   977,458,304   (823,351,839)   19,409   29,871   303,382,614   10,506,923*
Total $207,322,575   $1,466,749,940   $(1,256,120,901)   $19,409   $29,871   $418,000,894   $14,588,742
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.86%
Aerospace & Defense-2.78%
Boeing Co. (The), 3.25%, 02/01/2028
$ 6,128,000   $    5,775,310
General Dynamics Corp., 3.75%, 05/15/2028(b)
  5,570,000        5,492,560
HEICO Corp., 5.25%, 08/01/2028(b)
  3,340,000        3,425,372
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028(b)
  3,328,000        3,021,462
L3Harris Technologies, Inc., 4.40%, 06/15/2028(b)
  4,741,000        4,722,331
Lockheed Martin Corp., 4.45%, 05/15/2028
  2,789,000        2,816,303
Northrop Grumman Corp., 3.25%, 01/15/2028
  11,151,000       10,762,065
RTX Corp., 4.13%, 11/16/2028
  16,718,000      16,510,254
        52,525,657
Air Freight & Logistics-0.32%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)
  3,348,000        3,314,589
FedEx Corp., 3.40%, 02/15/2028(b)
  2,757,000       2,670,417
        5,985,006
Automobiles-3.51%
American Honda Finance Corp.                    
4.70%, 01/12/2028(b)
  2,754,000       2,784,832
3.50%, 02/15/2028
  2,783,000       2,702,917
2.00%, 03/24/2028(b)
  4,180,000       3,855,201
5.13%, 07/07/2028
  4,463,000       4,581,511
5.65%, 11/15/2028
  4,460,000       4,683,151
Ford Motor Credit Co. LLC                    
2.90%, 02/16/2028
  4,184,000       3,873,106
6.80%, 05/12/2028
  8,358,000       8,771,548
6.80%, 11/07/2028
  8,365,000       8,819,688
General Motors Co., 5.00%, 10/01/2028
  4,182,000        4,237,742
Toyota Motor Corp. (Japan)                    
5.12%, 07/13/2028
  2,758,000       2,842,752
3.67%, 07/20/2028
  2,790,000       2,747,086
Toyota Motor Credit Corp.                    
3.05%, 01/11/2028(b)
  2,790,000       2,683,456
4.63%, 01/12/2028(b)
  5,530,000       5,590,204
1.90%, 04/06/2028(b)
  4,160,000       3,837,398
5.25%, 09/11/2028
  4,151,000       4,289,123
        66,299,715
Banks-12.90%
Banco Santander S.A. (Spain)                    
4.38%, 04/12/2028
  6,896,000       6,809,041
5.59%, 08/08/2028(b)
  8,250,000       8,534,639
6.61%, 11/07/2028(b)
  6,970,000       7,509,710
Bank of Montreal (Canada)                    
5.20%, 02/01/2028(b)
  6,694,000       6,853,767
5.72%, 09/25/2028(b)
  5,550,000       5,797,133
Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028(b)
  4,181,000        4,302,650
Barclays PLC (United Kingdom), 4.84%, 05/09/2028(b)
  11,145,000      11,057,098
  Principal
Amount 		  Value
Banks-(continued)
Canadian Imperial Bank of Commerce (Canada)                    
5.00%, 04/28/2028(b)
$ 5,501,000       $5,600,482
5.99%, 10/03/2028(b)
  3,885,000       4,093,891
Citibank N.A., 5.80%, 09/29/2028(b)
  13,750,000       14,433,596
Citigroup, Inc., 4.13%, 07/25/2028
  11,706,000       11,516,558
Fifth Third Bancorp, 3.95%, 03/14/2028(b)
  4,062,000        3,983,356
KeyCorp, 4.10%, 04/30/2028(b)
  4,184,000        4,081,033
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028(b)
  8,361,000        8,299,302
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028(b)
  6,603,000        6,561,947
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
3.96%, 03/02/2028(b)
  7,248,000       7,154,322
4.05%, 09/11/2028(b)
  5,574,000       5,509,016
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028
  7,150,000        7,041,873
National Bank of Canada (Canada), 5.60%, 12/18/2028
  5,500,000        5,716,679
PNC Bank N.A.                    
3.25%, 01/22/2028
  3,837,000       3,685,216
4.05%, 07/26/2028
  6,969,000       6,859,139
Regions Financial Corp., 1.80%, 08/12/2028(b)
  3,575,000        3,197,957
Royal Bank of Canada (Canada)                    
4.90%, 01/12/2028
  4,180,000       4,253,323
5.20%, 08/01/2028(b)
  5,571,000       5,751,072
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
5.52%, 01/13/2028(b)
  10,595,000      10,917,500
3.54%, 01/17/2028
  4,177,000       4,047,745
5.80%, 07/13/2028
  4,180,000       4,374,727
3.94%, 07/19/2028(b)
  4,184,000       4,114,217
5.72%, 09/14/2028(b)
  6,130,000       6,389,406
1.90%, 09/17/2028(b)
  11,150,000      10,068,289
Synovus Bank, 5.63%, 02/15/2028
  2,786,000        2,778,591
Toronto-Dominion Bank (The) (Canada)                    
5.16%, 01/10/2028(b)
  6,966,000       7,114,294
5.52%, 07/17/2028(b)
  6,968,000       7,222,355
U.S. Bancorp, 3.90%, 04/26/2028(b)
  4,719,000        4,640,396
UBS AG (Switzerland)                    
7.50%, 02/15/2028
  13,934,000      15,214,764
5.65%, 09/11/2028
  8,248,000       8,582,416
        244,067,500
Beverages-1.78%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028(b)
  9,097,000        9,040,588
Coca-Cola Co. (The)                    
1.50%, 03/05/2028(b)
  4,150,000       3,806,506
1.00%, 03/15/2028(b)
  7,250,000       6,550,861
Constellation Brands, Inc., 3.60%, 02/15/2028
  3,855,000        3,737,212
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028(b)
  2,790,000       2,746,607
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Beverages-(continued)
PepsiCo, Inc.                    
3.60%, 02/18/2028
$ 4,163,000       $4,097,138
4.45%, 05/15/2028(b)
  3,624,000       3,675,960
        33,654,872
Biotechnology-1.45%
Amgen, Inc.                    
5.15%, 03/02/2028
  20,903,000      21,355,079
1.65%, 08/15/2028
  6,844,000       6,165,553
        27,520,632
Broadline Retail-0.61%
Amazon.com, Inc., 1.65%, 05/12/2028
  12,543,000      11,515,939
Building Products-0.31%
Lennox International, Inc., 5.50%, 09/15/2028
  2,790,000        2,881,546
Masco Corp., 1.50%, 02/15/2028
  3,340,000       3,011,636
        5,893,182
Capital Markets-4.63%
Ameriprise Financial, Inc., 5.70%, 12/15/2028
  3,340,000        3,512,526
Ares Capital Corp., 2.88%, 06/15/2028(b)
  6,931,000        6,334,135
Ares Management Corp., 6.38%, 11/10/2028
  2,786,000        2,974,448
Bank of New York Mellon Corp. (The)                    
3.40%, 01/29/2028
  4,125,000       4,000,431
3.85%, 04/28/2028
  5,014,000       4,956,663
1.65%, 07/14/2028
  2,606,000       2,372,094
3.00%, 10/30/2028
  2,790,000       2,640,696
Blackstone Secured Lending Fund, 2.85%, 09/30/2028(b)
  3,519,000        3,188,799
Blue Owl Credit Income Corp., 7.95%, 06/13/2028
  3,513,000        3,748,871
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028(b)
  5,762,000        5,630,910
Charles Schwab Corp. (The)                    
3.20%, 01/25/2028
  3,901,000       3,749,567
2.00%, 03/20/2028(b)
  6,911,000       6,369,446
CME Group, Inc., 3.75%, 06/15/2028(b)
  2,749,000        2,715,292
FS KKR Capital Corp., 3.13%, 10/12/2028
  4,185,000        3,756,284
Jefferies Financial Group, Inc., 5.88%, 07/21/2028
  5,574,000        5,774,131
Nasdaq, Inc., 5.35%, 06/28/2028(b)
  5,578,000        5,764,741
Nomura Holdings, Inc. (Japan)                    
5.84%, 01/18/2028
  3,063,000       3,159,624
6.07%, 07/12/2028
  4,950,000       5,165,074
2.17%, 07/14/2028
  5,575,000       5,058,331
Northern Trust Corp., 3.65%, 08/03/2028(b)
  2,789,000        2,745,918
S&P Global, Inc., 4.75%, 08/01/2028
  3,883,000       3,941,741
        87,559,722
Chemicals-0.92%
Celanese US Holdings LLC, 6.35%, 11/15/2028
  5,573,000        5,866,014
Ecolab, Inc., 5.25%, 01/15/2028
  2,748,000       2,839,763
  Principal
Amount 		  Value
Chemicals-(continued)
Nutrien Ltd. (Canada), 4.90%, 03/27/2028(b)
$ 4,181,000   $    4,238,587
PPG Industries, Inc., 3.75%, 03/15/2028(b)
  4,463,000       4,367,705
        17,312,069
Commercial Services & Supplies-0.37%
Republic Services, Inc., 3.95%, 05/15/2028(b)
  4,457,000        4,401,391
Waste Management, Inc., 1.15%, 03/15/2028(b)
  2,792,000       2,512,950
        6,914,341
Communications Equipment-0.20%
Motorola Solutions, Inc., 4.60%, 02/23/2028(b)
  3,847,000       3,860,208
Consumer Finance-2.11%
Ally Financial, Inc., 2.20%, 11/02/2028(b)
  4,162,000        3,734,252
Capital One Financial Corp., 3.80%, 01/31/2028
  7,736,000        7,507,836
Discover Bank, 4.65%, 09/13/2028
  5,015,000        4,999,628
General Motors Financial Co., Inc.                    
6.00%, 01/09/2028(b)
  5,575,000       5,790,770
2.40%, 04/10/2028
  5,500,000       5,069,541
5.80%, 06/23/2028
  7,510,000       7,761,181
2.40%, 10/15/2028(b)
  5,572,000       5,069,818
        39,933,026
Consumer Staples Distribution & Retail-1.64%
Dollar General Corp.                    
4.13%, 05/01/2028
  2,785,000       2,719,641
5.20%, 07/05/2028(b)
  2,788,000       2,811,934
Dollar Tree, Inc., 4.20%, 05/15/2028(b)
  6,971,000        6,844,113
Walmart, Inc.                    
3.90%, 04/15/2028
  4,177,000       4,168,459
3.70%, 06/26/2028(b)
  8,250,000       8,209,673
1.50%, 09/22/2028(b)
  6,969,000       6,353,179
        31,106,999
Containers & Packaging-0.17%
WRKCo, Inc., 4.00%, 03/15/2028
  3,245,000       3,183,559
Distributors-0.24%
LKQ Corp., 5.75%, 06/15/2028(b)
  4,400,000       4,532,786
Diversified REITs-0.97%
CubeSmart L.P., 2.25%, 12/15/2028(b)
  3,029,000        2,752,091
Digital Realty Trust L.P.                    
5.55%, 01/15/2028
  4,950,000       5,064,392
4.45%, 07/15/2028
  3,619,000       3,596,542
VICI Properties L.P., 4.75%, 02/15/2028
  6,967,000       6,946,098
        18,359,123
Diversified Telecommunication Services-1.36%
AT&T, Inc., 1.65%, 02/01/2028
  12,545,000       11,439,963
Verizon Communications, Inc., 2.10%, 03/22/2028
  15,506,000      14,363,142
        25,803,105
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electric Utilities-6.38%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028(b)
$ 3,331,000   $    3,214,783
CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028(b)
  2,770,000        2,843,555
Commonwealth Edison Co., 3.70%, 08/15/2028
  3,047,000        2,975,940
Constellation Energy Generation LLC, 5.60%, 03/01/2028(b)
  4,180,000        4,333,375
Duke Energy Corp., 4.30%, 03/15/2028
  5,013,000        4,986,181
Duke Energy Florida LLC, 3.80%, 07/15/2028
  3,347,000        3,298,655
Duke Energy Progress LLC, 3.70%, 09/01/2028(b)
  2,776,000        2,715,668
Edison International                    
4.13%, 03/15/2028
  3,062,000       3,002,033
5.25%, 11/15/2028
  3,343,000       3,404,111
Entergy Corp., 1.90%, 06/15/2028
  3,627,000        3,297,595
Eversource Energy, 5.45%, 03/01/2028
  7,245,000        7,429,071
Exelon Corp., 5.15%, 03/15/2028(b)
  5,579,000        5,696,911
Florida Power & Light Co.                    
5.05%, 04/01/2028
  5,570,000       5,706,345
4.40%, 05/15/2028
  4,185,000       4,210,715
Georgia Power Co., 4.65%, 05/16/2028
  4,183,000        4,227,159
National Rural Utilities Cooperative Finance Corp.                    
3.40%, 02/07/2028
  3,848,000       3,736,396
4.80%, 03/15/2028(b)
  3,308,000       3,353,006
NextEra Energy Capital Holdings, Inc.                    
4.90%, 02/28/2028
  6,964,000       7,055,488
1.90%, 06/15/2028
  8,358,000       7,618,974
Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028(b)
  3,303,000        3,295,036
Pacific Gas and Electric Co.                    
3.00%, 06/15/2028(b)
  4,398,000       4,128,730
3.75%, 07/01/2028
  4,879,000       4,699,269
San Diego Gas & Electric Co., 4.95%, 08/15/2028(b)
  3,304,000        3,371,706
Southern California Edison Co.                    
5.30%, 03/01/2028
  4,183,000       4,291,292
5.65%, 10/01/2028
  3,070,000       3,205,089
Southern Co. (The), 4.85%, 06/15/2028(b)
  4,185,000        4,247,759
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028
  3,201,000        3,142,419
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028(b)
  3,848,000        3,771,412
Xcel Energy, Inc., 4.00%, 06/15/2028
  3,514,000       3,443,414
        120,702,087
Electrical Equipment-0.65%
Emerson Electric Co., 2.00%, 12/21/2028(b)
  5,573,000        5,091,008
Regal Rexnord Corp., 6.05%, 04/15/2028
  6,960,000       7,194,858
        12,285,866
Electronic Equipment, Instruments & Components-1.41%
Arrow Electronics, Inc., 3.88%, 01/12/2028(b)
  2,761,000        2,678,269
Avnet, Inc., 6.25%, 03/15/2028
  2,775,000       2,898,123
  Principal
Amount 		  Value
Electronic Equipment, Instruments & Components-(continued)
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028
$ 2,749,000   $    2,578,660
Eaton Corp., 4.35%, 05/18/2028(b)
  2,790,000        2,812,097
Jabil, Inc., 3.95%, 01/12/2028(b)
  2,792,000        2,713,868
TD SYNNEX Corp., 2.38%, 08/09/2028(b)
  3,328,000        3,039,670
Teledyne Technologies, Inc., 2.25%, 04/01/2028(b)
  3,854,000        3,565,181
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028(b)
  3,062,000        2,996,647
Trimble, Inc., 4.90%, 06/15/2028
  3,305,000       3,326,308
        26,608,823
Energy Equipment & Services-0.28%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028
  2,691,000        2,596,413
Schlumberger Investment S.A., 4.50%, 05/15/2028(b)
  2,764,000       2,778,343
        5,374,756
Entertainment-1.10%
Netflix, Inc., 5.88%, 11/15/2028(b)
  10,502,000       11,118,723
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028(b)
  4,456,000        4,517,817
Walt Disney Co. (The), 2.20%, 01/13/2028(b)
  5,571,000       5,231,745
        20,868,285
Financial Services-3.10%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)                    
3.88%, 01/23/2028(b)
  3,026,000       2,948,431
5.75%, 06/06/2028(b)
  5,570,000       5,762,654
3.00%, 10/29/2028
  20,901,000      19,555,740
Block Financial LLC, 2.50%, 07/15/2028
  2,788,000        2,562,560
Fidelity National Information Services, Inc., 1.65%, 03/01/2028(b)
  4,151,000        3,759,644
Fiserv, Inc.                    
5.45%, 03/02/2028
  4,952,000       5,104,735
5.38%, 08/21/2028
  3,879,000       4,003,693
LPL Holdings, Inc., 6.75%, 11/17/2028(b)
  4,160,000        4,438,224
Mastercard, Inc.                    
3.50%, 02/26/2028
  2,775,000       2,716,925
4.88%, 03/09/2028(b)
  4,132,000       4,246,124
MGIC Investment Corp., 5.25%, 08/15/2028
  3,623,000       3,609,249
        58,707,979
Food Products-1.86%
Campbell Soup Co., 4.15%, 03/15/2028(b)
  5,547,000        5,500,316
General Mills, Inc.                    
4.20%, 04/17/2028(b)
  7,805,000       7,760,204
5.50%, 10/17/2028
  2,791,000       2,902,639
Hormel Foods Corp., 1.70%, 06/03/2028(b)
  4,181,000        3,823,270
J.M. Smucker Co. (The), 5.90%, 11/15/2028(b)
  4,183,000       4,418,542
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Food Products-(continued)
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.13%, 02/01/2028
$ 4,876,000   $    4,903,759
Kellanova, 4.30%, 05/15/2028
  3,343,000        3,332,657
Mondelez International, Inc., 4.13%, 05/07/2028
  2,542,000       2,522,317
        35,163,704
Gas Utilities-0.27%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028
  4,948,000       5,056,253
Ground Transportation-1.03%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028
  2,791,000        2,750,187
CSX Corp., 3.80%, 03/01/2028(b)
  4,437,000        4,369,407
Ryder System, Inc.                    
5.65%, 03/01/2028
  2,792,000       2,882,625
5.25%, 06/01/2028
  3,628,000       3,704,653
Union Pacific Corp., 3.95%, 09/10/2028(b)
  5,881,000       5,835,854
        19,542,726
Health Care Equipment & Supplies-1.72%
Abbott Laboratories, 1.15%, 01/30/2028(b)
  3,577,000        3,253,735
Baxter International, Inc., 2.27%, 12/01/2028(b)
  6,960,000        6,348,875
Becton, Dickinson and Co., 4.69%, 02/13/2028(b)
  4,455,000        4,481,535
Edwards Lifesciences Corp., 4.30%, 06/15/2028
  3,332,000        3,293,698
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028(b)
  5,546,000        5,553,673
Stryker Corp.                    
3.65%, 03/07/2028
  3,345,000       3,266,031
4.85%, 12/08/2028
  3,313,000       3,373,280
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028(b)
  2,790,000       2,876,482
        32,447,309
Health Care Providers & Services-5.25%
Centene Corp., 2.45%, 07/15/2028
  12,817,000       11,737,164
Cigna Group (The), 4.38%, 10/15/2028
  21,169,000       21,057,707
CVS Health Corp., 4.30%, 03/25/2028
  27,873,000       27,544,825
Elevance Health, Inc., 4.10%, 03/01/2028(b)
  6,875,000        6,801,826
HCA, Inc.                    
5.20%, 06/01/2028(b)
  5,576,000       5,675,514
5.63%, 09/01/2028(b)
  8,321,000       8,583,711
Humana, Inc.                    
5.75%, 03/01/2028
  2,752,000       2,853,942
5.75%, 12/01/2028(b)
  2,785,000       2,910,190
UnitedHealth Group, Inc.                    
5.25%, 02/15/2028
  5,550,000       5,754,348
3.85%, 06/15/2028(b)
  6,383,000       6,304,140
        99,223,367
Health Care REITs-0.69%
Healthpeak OP LLC, 2.13%, 12/01/2028
  2,790,000       2,526,973
  Principal
Amount 		  Value
Health Care REITs-(continued)
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028
$ 3,044,000   $    3,019,083
Ventas Realty L.P., 4.00%, 03/01/2028
  3,580,000        3,505,895
Welltower OP LLC, 4.25%, 04/15/2028
  4,133,000       4,088,037
        13,139,988
Hotels, Restaurants & Leisure-1.52%
Booking Holdings, Inc., 3.55%, 03/15/2028
  2,792,000        2,720,330
Expedia Group, Inc., 3.80%, 02/15/2028(b)
  5,571,000        5,421,303
Marriott International, Inc., 5.55%, 10/15/2028(b)
  3,858,000        4,003,547
McDonald’s Corp.                    
3.80%, 04/01/2028(b)
  5,853,000       5,763,020
4.80%, 08/14/2028
  3,342,000       3,403,807
Starbucks Corp.                    
3.50%, 03/01/2028(b)
  3,347,000       3,255,640
4.00%, 11/15/2028(b)
  4,183,000       4,132,094
        28,699,741
Household Durables-0.18%
Mohawk Industries, Inc., 5.85%, 09/18/2028(b)
  3,340,000       3,496,225
Household Products-0.47%
Clorox Co. (The), 3.90%, 05/15/2028(b)
  2,783,000        2,727,848
Colgate-Palmolive Co., 4.60%, 03/01/2028(b)
  2,757,000        2,807,417
Procter & Gamble Co. (The), 3.95%, 01/26/2028
  3,346,000       3,338,139
        8,873,404
Independent Power and Renewable Electricity Producers-0.27%
AES Corp. (The), 5.45%, 06/01/2028(b)
  5,019,000       5,113,611
Industrial Conglomerates-0.32%
3M Co., 3.63%, 09/14/2028(b)
  3,349,000        3,260,474
Honeywell International, Inc., 4.95%, 02/15/2028
  2,790,000       2,874,846
        6,135,320
Industrial REITs-0.23%
Prologis L.P., 4.88%, 06/15/2028(b)
  4,185,000       4,260,463
Insurance-0.32%
Lincoln National Corp., 3.80%, 03/01/2028
  2,778,000        2,703,078
Willis North America, Inc., 4.50%, 09/15/2028(b)
  3,325,000       3,310,333
        6,013,411
Interactive Media & Services-0.45%
Meta Platforms, Inc., 4.60%, 05/15/2028(b)
  8,294,000       8,441,942
IT Services-0.47%
DXC Technology Co., 2.38%, 09/15/2028
  3,603,000        3,233,612
International Business Machines Corp., 4.50%, 02/06/2028(b)
  5,600,000       5,643,263
        8,876,875
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Life Sciences Tools & Services-0.32%
Revvity, Inc., 1.90%, 09/15/2028(b)
$ 2,777,000   $    2,500,304
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028(b)
  3,905,000       3,555,810
        6,056,114
Machinery-2.17%
CNH Industrial Capital LLC, 4.55%, 04/10/2028
  3,345,000        3,339,793
Ingersoll Rand, Inc., 5.40%, 08/14/2028(b)
  2,790,000        2,875,986
John Deere Capital Corp.                    
4.75%, 01/20/2028(b)
  6,136,000       6,236,054
4.90%, 03/03/2028
  3,628,000       3,712,681
1.50%, 03/06/2028
  2,758,000       2,512,794
4.95%, 07/14/2028
  8,359,000       8,577,819
Otis Worldwide Corp., 5.25%, 08/16/2028
  4,178,000        4,300,652
Wabtec Corp., 4.70%, 09/15/2028
  6,868,000        6,890,417
Xylem, Inc., 1.95%, 01/30/2028
  2,783,000       2,567,553
        41,013,749
Marine Transportation-0.14%
Kirby Corp., 4.20%, 03/01/2028
  2,786,000       2,738,493
Media-2.01%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.                    
3.75%, 02/15/2028(b)
  5,578,000       5,337,284
4.20%, 03/15/2028
  6,964,000       6,741,611
Comcast Corp.                    
3.15%, 02/15/2028(b)
  9,195,000       8,852,186
3.55%, 05/01/2028
  5,571,000       5,427,325
Discovery Communications LLC, 3.95%, 03/20/2028
  9,480,000        8,976,075
Paramount Global, 3.38%, 02/15/2028
  2,818,000       2,635,050
        37,969,531
Metals & Mining-0.41%
Freeport-McMoRan, Inc.                    
4.13%, 03/01/2028
  2,708,000       2,661,007
4.38%, 08/01/2028
  2,419,000       2,390,394
Nucor Corp., 3.95%, 05/01/2028(b)
  2,790,000       2,758,911
        7,810,312
Multi-Utilities-1.53%
DTE Electric Co., Series A, 1.90%, 04/01/2028
  3,209,000        2,953,703
DTE Energy Co., 4.88%, 06/01/2028(b)
  4,461,000        4,511,662
National Grid PLC (United Kingdom), 5.60%, 06/12/2028(b)
  3,899,000        4,033,894
NiSource, Inc., 5.25%, 03/30/2028
  5,849,000        5,981,481
Public Service Enterprise Group, Inc., 5.88%, 10/15/2028
  3,347,000        3,502,605
Sempra, 3.40%, 02/01/2028(b)
  5,574,000        5,375,706
WEC Energy Group, Inc., 2.20%, 12/15/2028(b)
  2,792,000       2,548,791
        28,907,842
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-5.80%
BP Capital Markets PLC, 3.72%, 11/28/2028(b)
$ 4,461,000   $    4,349,876
Chevron USA, Inc., 3.85%, 01/15/2028
  3,336,000        3,314,401
Continental Resources, Inc., 4.38%, 01/15/2028
  5,574,000        5,470,483
Enbridge, Inc. (Canada), 6.00%, 11/15/2028(b)
  4,185,000        4,420,932
Energy Transfer L.P.                    
5.55%, 02/15/2028
  5,578,000       5,735,852
4.95%, 05/15/2028
  4,463,000       4,502,472
4.95%, 06/15/2028
  5,571,000       5,630,431
6.10%, 12/01/2028
  2,785,000       2,942,770
EQM Midstream Partners L.P., 5.50%, 07/15/2028
  4,740,000        4,775,450
EQT Corp., 5.70%, 04/01/2028
  2,788,000        2,865,777
Equinor ASA (Norway), 3.63%, 09/10/2028(b)
  5,550,000        5,432,133
Kinder Morgan, Inc., 4.30%, 03/01/2028(b)
  6,971,000        6,936,548
MPLX L.P., 4.00%, 03/15/2028
  6,969,000        6,834,046
Occidental Petroleum Corp., 6.38%, 09/01/2028
  3,206,000        3,365,236
ONEOK, Inc.                    
4.55%, 07/15/2028
  4,399,000       4,392,374
5.65%, 11/01/2028(b)
  4,132,000       4,293,586
Ovintiv, Inc., 5.65%, 05/15/2028(b)
  3,897,000        4,011,760
Phillips 66, 3.90%, 03/15/2028
  4,400,000        4,315,368
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028
  7,526,000        7,431,395
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028(b)
  7,799,000        7,717,720
Valero Energy Corp., 4.35%, 06/01/2028(b)
  3,291,000        3,263,844
Valero Energy Partners L.P., 4.50%, 03/15/2028
  2,541,000        2,530,228
Williams Cos., Inc. (The), 5.30%, 08/15/2028
  5,020,000       5,156,465
        109,689,147
Passenger Airlines-0.12%
Delta Air Lines, Inc., 4.38%, 04/19/2028
  2,264,000       2,204,057
Personal Care Products-1.09%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028(b)
  3,901,000        3,919,074
Kenvue, Inc., 5.05%, 03/22/2028(b)
  5,570,000        5,725,744
Unilever Capital Corp. (United Kingdom)                    
3.50%, 03/22/2028
  7,146,000       6,977,379
4.88%, 09/08/2028
  3,840,000       3,932,055
        20,554,252
Pharmaceuticals-3.68%
AstraZeneca Finance LLC (United Kingdom)                    
4.88%, 03/03/2028(b)
  6,129,000       6,260,376
1.75%, 05/28/2028(b)
  6,983,000       6,397,910
Bristol-Myers Squibb Co., 3.90%, 02/20/2028(b)
  8,088,000        7,989,576
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028(b)
  9,751,000       9,630,840
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Pharmaceuticals-(continued)
Johnson & Johnson, 2.90%, 01/15/2028(b)
$ 8,317,000   $    8,046,422
Merck & Co., Inc.                    
4.05%, 05/17/2028(b)
  2,785,000       2,787,244
1.90%, 12/10/2028(b)
  5,755,000       5,248,565
Pfizer, Inc., 3.60%, 09/15/2028(b)
  5,497,000        5,382,735
Sanofi S.A., 3.63%, 06/19/2028
  5,481,000        5,409,884
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028(b)
  9,625,000        9,810,924
Zoetis, Inc., 3.90%, 08/20/2028
  2,760,000       2,711,660
        69,676,136
Professional Services-0.91%
Automatic Data Processing, Inc., 1.70%, 05/15/2028
  5,463,000        5,022,596
Concentrix Corp., 6.60%, 08/02/2028(b)
  4,462,000        4,679,698
Equifax, Inc., 5.10%, 06/01/2028(b)
  3,855,000        3,921,246
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028
  3,340,000       3,533,181
        17,156,721
Real Estate Management & Development-0.20%
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028
  3,340,000       3,694,684
Residential REITs-0.45%
American Homes 4 Rent L.P., 4.25%, 02/15/2028
  2,792,000        2,745,094
ERP Operating L.P., 3.50%, 03/01/2028
  2,791,000        2,707,289
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028
  3,341,000       3,035,120
        8,487,503
Retail REITs-0.54%
Realty Income Corp.                    
3.40%, 01/15/2028(b)
  3,329,000       3,215,304
3.65%, 01/15/2028(b)
  3,027,000       2,945,340
Simon Property Group L.P., 1.75%, 02/01/2028
  4,459,000       4,089,450
        10,250,094
Semiconductors & Semiconductor Equipment-2.13%
Analog Devices, Inc., 1.70%, 10/01/2028(b)
  4,183,000        3,799,244
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028
  4,332,000        4,193,483
Intel Corp.                    
4.88%, 02/10/2028(b)
  9,755,000       9,750,163
1.60%, 08/12/2028
  5,579,000       4,926,876
Marvell Technology, Inc., 2.45%, 04/15/2028
  4,158,000        3,844,540
Micron Technology, Inc., 5.38%, 04/15/2028
  3,331,000        3,406,515
NVIDIA Corp., 1.55%, 06/15/2028(b)
  6,972,000        6,384,311
Texas Instruments, Inc., 4.60%, 02/15/2028
  3,898,000       3,955,926
        40,261,058
Software-2.13%
Intuit, Inc., 5.13%, 09/15/2028(b)
  4,178,000       4,318,367
  Principal
Amount 		  Value
Software-(continued)
Oracle Corp.                    
2.30%, 03/25/2028
$ 11,151,000      $10,351,296
4.50%, 05/06/2028(b)
  4,178,000       4,199,966
Roper Technologies, Inc., 4.20%, 09/15/2028
  4,400,000        4,361,722
Salesforce, Inc.                    
3.70%, 04/11/2028(b)
  8,365,000       8,241,813
1.50%, 07/15/2028(b)
  5,578,000       5,057,885
VMware LLC, 1.80%, 08/15/2028
  4,117,000       3,711,890
        40,242,939
Specialized REITs-2.56%
American Tower Corp.                    
3.60%, 01/15/2028
  3,900,000       3,772,709
1.50%, 01/31/2028
  3,627,000       3,271,000
5.50%, 03/15/2028(b)
  3,904,000       4,012,029
5.25%, 07/15/2028(b)
  3,591,000       3,668,582
5.80%, 11/15/2028(b)
  4,184,000       4,377,782
Crown Castle, Inc.                    
5.00%, 01/11/2028
  5,570,000       5,622,045
3.80%, 02/15/2028(b)
  5,533,000       5,379,049
4.80%, 09/01/2028
  3,303,000       3,320,091
Equinix, Inc., 1.55%, 03/15/2028
  3,605,000        3,251,360
Extra Space Storage L.P., 5.70%, 04/01/2028
  2,769,000        2,859,923
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028
  2,790,000        2,851,154
Public Storage Operating Co.                    
1.85%, 05/01/2028(b)
  3,596,000       3,284,880
1.95%, 11/09/2028
  3,031,000       2,752,702
        48,423,306
Specialty Retail-1.66%
AutoZone, Inc., 6.25%, 11/01/2028(b)
  2,758,000        2,933,985
Dell International LLC/EMC Corp., 5.25%, 02/01/2028(b)
  5,577,000        5,719,061
Home Depot, Inc. (The)                    
0.90%, 03/15/2028(b)
  2,783,000       2,495,993
1.50%, 09/15/2028
  5,543,000       5,008,648
Lowe’s Cos., Inc.                    
1.30%, 04/15/2028
  5,506,000       4,946,815
1.70%, 09/15/2028(b)
  5,573,000       5,016,735
O’Reilly Automotive, Inc., 4.35%, 06/01/2028(b)
  2,771,000        2,759,842
TJX Cos., Inc. (The), 1.15%, 05/15/2028
  2,783,000       2,496,980
        31,378,059
Technology Hardware, Storage & Peripherals-2.16%
Apple, Inc.                    
1.20%, 02/08/2028
  13,936,000      12,716,022
4.00%, 05/10/2028(b)
  8,365,000       8,395,899
1.40%, 08/05/2028(b)
  12,819,000      11,648,626
Hewlett Packard Enterprise Co., 5.25%, 07/01/2028(b)
  3,050,000        3,121,460
HP, Inc., 4.75%, 01/15/2028(b)
  4,995,000       5,048,175
        40,930,182
Textiles, Apparel & Luxury Goods-0.31%
Tapestry, Inc., 7.35%, 11/27/2028(b)
  5,548,000       5,822,402
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Tobacco-1.72%
Altria Group, Inc., 6.20%, 11/01/2028
$ 2,790,000   $    2,956,733
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028
  9,755,000        8,990,799
B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028(b)
  5,573,000        5,534,353
Philip Morris International, Inc.                    
4.88%, 02/15/2028
  8,644,000       8,768,270
3.13%, 03/02/2028
  2,734,000       2,622,126
5.25%, 09/07/2028
  3,603,000       3,709,180
        32,581,461
Trading Companies & Distributors-0.34%
Air Lease Corp.                    
5.30%, 02/01/2028(b)
  3,904,000       3,981,510
2.10%, 09/01/2028
  2,770,000       2,509,819
        6,491,329
Water Utilities-0.18%
American Water Capital Corp., 3.75%, 09/01/2028(b)
  3,440,000       3,364,787
Wireless Telecommunication Services-2.06%
Sprint Capital Corp., 6.88%, 11/15/2028
  13,796,000       14,953,341
T-Mobile USA, Inc.                    
4.75%, 02/01/2028(b)
  8,366,000       8,402,133
4.95%, 03/15/2028(b)
  5,531,000       5,615,748
4.80%, 07/15/2028(b)
  5,020,000       5,077,510
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028(b)
  4,934,000       4,976,803
        39,025,535
Total U.S. Dollar Denominated Bonds & Notes

(Cost $1,853,446,296)
  1,869,789,269
  Shares   Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $74,172)
  74,172   $       74,172
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.86%

(Cost $1,853,520,468)
  1,869,863,441
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-22.09%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  115,834,395      115,834,395
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  301,831,851     301,952,584
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $417,765,036)
  417,786,979
TOTAL INVESTMENTS IN SECURITIES-120.95%

(Cost $2,271,285,504)
  2,287,650,420
OTHER ASSETS LESS LIABILITIES-(20.95)%
  (396,304,213)
NET ASSETS-100.00%
  $1,891,346,207
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $70,749   $59,553,687   $(59,550,264)   $-   $-   $74,172   $157,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40
Table of Contents
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $44,945,202   $408,919,584   $(338,030,391)   $-   $-   $115,834,395   $3,871,167*
Invesco Private Prime Fund 116,108,652   882,371,523   (696,578,371)   18,531   32,249   301,952,584   10,416,739*
Total $161,124,603   $1,350,844,794   $(1,094,159,026)   $18,531   $32,249   $417,861,151   $14,444,907
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.80%
Aerospace & Defense-1.37%
Boeing Co. (The), 3.20%, 03/01/2029(b)
$ 3,590,000   $    3,312,207
Howmet Aerospace, Inc., 3.00%, 01/15/2029(b)
  2,500,000        2,350,500
L3Harris Technologies, Inc., 5.05%, 06/01/2029
  2,695,000        2,753,100
Lockheed Martin Corp., 4.50%, 02/15/2029
  2,330,000        2,352,746
Northrop Grumman Corp., 4.60%, 02/01/2029(b)
  1,800,000        1,814,699
RTX Corp.                    
5.75%, 01/15/2029
  1,800,000       1,891,063
7.50%, 09/15/2029
  1,485,000       1,681,696
        16,156,011
Air Freight & Logistics-0.41%
GXO Logistics, Inc., 6.25%, 05/06/2029
  2,160,000        2,254,653
United Parcel Service, Inc., 3.40%, 03/15/2029(b)
  2,685,000       2,594,713
        4,849,366
Automobiles-3.47%
American Honda Finance Corp.                    
2.25%, 01/12/2029
  2,322,000       2,126,765
4.90%, 03/13/2029
  2,683,000       2,740,483
Ford Motor Credit Co. LLC                    
2.90%, 02/10/2029
  2,692,000       2,438,169
5.80%, 03/08/2029
  5,720,000       5,831,756
5.11%, 05/03/2029
  5,345,000       5,293,812
General Motors Co., 5.40%, 10/15/2029(b)
  3,571,000        3,656,755
PACCAR Financial Corp., 4.60%, 01/31/2029(b)
  2,160,000        2,191,851
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029
  1,777,000        1,668,356
Toyota Motor Credit Corp.                    
4.65%, 01/05/2029(b)
  2,870,000       2,904,919
3.65%, 01/08/2029(b)
  1,785,000       1,739,942
5.05%, 05/16/2029
  3,591,000       3,700,761
4.45%, 06/29/2029(b)
  2,871,000       2,889,636
4.55%, 08/09/2029
  3,520,000       3,550,789
        40,733,994
Banks-6.21%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 5.38%, 03/13/2029
  3,570,000        3,683,468
Bank of Nova Scotia (The) (Canada), 5.45%, 08/01/2029
  2,510,000        2,605,367
Canadian Imperial Bank of Commerce (Canada), 5.26%, 04/08/2029(b)
  4,110,000        4,226,951
Citibank N.A., 4.84%, 08/06/2029
  5,340,000        5,415,249
Cooperatieve Rabobank U.A. (Netherlands), 4.80%, 01/09/2029(b)
  1,800,000        1,835,133
KeyCorp, 2.55%, 10/01/2029
  2,686,000        2,406,046
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
3.74%, 03/07/2029(b)
  5,365,000       5,219,145
3.20%, 07/18/2029
  6,248,000       5,876,971
  Principal
Amount 		  Value
Banks-(continued)
PNC Bank N.A., 2.70%, 10/22/2029
$ 2,694,000   $    2,446,072
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029(b)
  5,386,000        5,176,640
Royal Bank of Canada (Canada), 4.95%, 02/01/2029(b)
  3,590,000        3,673,761
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
2.47%, 01/14/2029
  1,795,000       1,647,169
5.32%, 07/09/2029(b)
  2,690,000       2,772,952
3.04%, 07/16/2029
  8,981,000       8,366,204
2.72%, 09/27/2029(b)
  1,745,000       1,596,117
Toronto-Dominion Bank (The) (Canada), 4.99%, 04/05/2029(b)
  3,235,000        3,297,304
Truist Financial Corp., 3.88%, 03/19/2029(b)
  2,360,000        2,282,053
Wells Fargo & Co., 4.15%, 01/24/2029
  8,985,000        8,885,640
Zions Bancorporation N.A., 3.25%, 10/29/2029
  1,800,000       1,578,157
        72,990,399
Beverages-2.93%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029
  15,271,000       15,560,199
Coca-Cola Co. (The), 2.13%, 09/06/2029
  3,582,000        3,262,405
Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029
  2,510,000        2,592,439
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029
  3,599,000        3,279,314
Keurig Dr Pepper, Inc.                    
5.05%, 03/15/2029
  2,683,000       2,750,791
3.95%, 04/15/2029(b)
  3,593,000       3,516,007
PepsiCo, Inc.                    
7.00%, 03/01/2029
  1,831,000       2,047,401
4.50%, 07/17/2029(b)
  1,350,000       1,377,657
        34,386,213
Biotechnology-2.95%
AbbVie, Inc.                    
4.80%, 03/15/2029
  8,979,000       9,175,618
3.20%, 11/21/2029
  19,528,000      18,508,995
Amgen, Inc.                    
3.00%, 02/22/2029(b)
  2,687,000       2,538,013
4.05%, 08/18/2029
  4,488,000       4,406,756
        34,629,382
Broadline Retail-0.92%
Amazon.com, Inc.                    
3.45%, 04/13/2029(b)
  5,387,000       5,266,738
4.65%, 12/01/2029
  5,385,000       5,526,229
        10,792,967
Building Products-0.65%
CRH SMW Finance DAC, 5.20%, 05/21/2029
  2,680,000       2,755,451
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Building Products-(continued)
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029(b)
$ 2,500,000   $    2,334,984
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 5.50%, 04/19/2029(b)
  2,511,000       2,612,090
        7,702,525
Capital Markets-4.19%
Ares Capital Corp.                    
5.88%, 03/01/2029
  3,590,000       3,651,558
5.95%, 07/15/2029
  3,050,000       3,109,309
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029
  2,686,000        2,537,012
BlackRock, Inc., 3.25%, 04/30/2029(b)
  3,597,000        3,468,726
Blue Owl Capital Corp., 5.95%, 03/15/2029(b)
  2,140,000        2,180,697
Blue Owl Credit Income Corp., 7.75%, 01/15/2029
  1,968,000        2,095,309
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029
  3,580,000        3,621,564
Charles Schwab Corp. (The)                    
4.00%, 02/01/2029(b)
  2,130,000       2,096,110
3.25%, 05/22/2029(b)
  2,150,000       2,045,093
Deutsche Bank AG (Germany), 5.41%, 05/10/2029(b)
  3,590,000        3,703,842
FS KKR Capital Corp., 6.88%, 08/15/2029
  2,150,000        2,211,861
Golub Capital BDC, Inc., 6.00%, 07/15/2029
  2,160,000        2,177,954
Lazard Group LLC, 4.38%, 03/11/2029
  1,776,000        1,740,082
Nomura Holdings, Inc. (Japan)                    
2.71%, 01/22/2029
  1,800,000       1,652,722
5.61%, 07/06/2029(b)
  2,160,000       2,226,358
Northern Trust Corp., 3.15%, 05/03/2029
  1,787,000        1,710,157
S&P Global, Inc.                    
2.70%, 03/01/2029(b)
  4,412,000       4,123,888
4.25%, 05/01/2029(b)
  3,300,000       3,291,002
2.50%, 12/01/2029
  1,795,000       1,641,437
        49,284,681
Chemicals-2.12%
Air Products and Chemicals, Inc., 4.60%, 02/08/2029
  2,680,000        2,726,351
Celanese US Holdings LLC, 6.33%, 07/15/2029
  2,680,000        2,834,562
Dow Chemical Co. (The), 7.38%, 11/01/2029(b)
  2,800,000        3,165,646
Eastman Chemical Co., 5.00%, 08/01/2029(b)
  1,740,000        1,766,351
FMC Corp., 3.45%, 10/01/2029
  1,785,000        1,672,369
Huntsman International LLC, 4.50%, 05/01/2029
  2,681,000        2,612,197
Nutrien Ltd. (Canada), 4.20%, 04/01/2029(b)
  2,680,000        2,647,383
Olin Corp., 5.63%, 08/01/2029(b)
  2,403,000       2,398,021
  Principal
Amount 		  Value
Chemicals-(continued)
Rohm & Haas Co., 7.85%, 07/15/2029
$ 2,137,000   $    2,412,944
Sherwin-Williams Co. (The), 2.95%, 08/15/2029
  2,865,000       2,668,669
        24,904,493
Commercial Services & Supplies-0.38%
Waste Connections, Inc., 3.50%, 05/01/2029
  1,792,000        1,730,479
Waste Management, Inc., 4.88%, 02/15/2029(b)
  2,680,000       2,747,947
        4,478,426
Communications Equipment-1.18%
Cisco Systems, Inc., 4.85%, 02/26/2029
  8,980,000        9,229,338
Juniper Networks, Inc., 3.75%, 08/15/2029
  1,789,000        1,715,801
Motorola Solutions, Inc., 4.60%, 05/23/2029
  2,860,000       2,868,568
        13,813,707
Construction & Engineering-0.17%
MasTec, Inc., 5.90%, 06/15/2029(b)
  1,974,000       2,043,094
Construction Materials-0.16%
Amcor Group Finance PLC, 5.45%, 05/23/2029
  1,790,000       1,841,868
Consumer Finance-1.85%
American Express Co., 4.05%, 05/03/2029(b)
  3,580,000        3,565,448
General Motors Financial Co., Inc.                    
5.80%, 01/07/2029(b)
  5,370,000       5,564,298
5.65%, 01/17/2029
  1,800,000       1,851,386
4.30%, 04/06/2029
  3,940,000       3,861,048
5.55%, 07/15/2029
  4,460,000       4,583,455
Synchrony Financial, 5.15%, 03/19/2029
  2,321,000       2,312,918
        21,738,553
Consumer Staples Distribution & Retail-1.05%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029
  1,793,000        1,967,991
Kroger Co. (The), 4.50%, 01/15/2029(b)
  2,425,000        2,433,604
Sysco Corp., 5.75%, 01/17/2029(b)
  1,800,000        1,888,404
Target Corp., 3.38%, 04/15/2029(b)
  3,590,000        3,487,445
Walmart, Inc., 3.25%, 07/08/2029(b)
  2,623,000       2,552,716
        12,330,160
Containers & Packaging-0.37%
Packaging Corp. of America, 3.00%, 12/15/2029
  1,786,000        1,661,928
WRKCo, Inc., 4.90%, 03/15/2029(b)
  2,684,000       2,715,370
        4,377,298
Distributors-0.22%
Genuine Parts Co., 4.95%, 08/15/2029
  2,610,000       2,626,880
Diversified Consumer Services-0.29%
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029
  3,415,000       3,359,462
Diversified REITs-0.26%
Digital Realty Trust L.P., 3.60%, 07/01/2029
  3,219,000       3,078,712
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Diversified Telecommunication Services-2.40%
AT&T, Inc., 4.35%, 03/01/2029(b)
$ 10,780,000   $   10,744,803
Verizon Communications, Inc.                    
3.88%, 02/08/2029
  3,581,000       3,501,007
4.02%, 12/03/2029
  14,230,000      13,939,420
        28,185,230
Electric Utilities-5.89%
AEP Texas, Inc., 5.45%, 05/15/2029(b)
  1,793,000        1,857,092
American Electric Power Co., Inc., 5.20%, 01/15/2029
  3,595,000        3,684,367
Avangrid, Inc., 3.80%, 06/01/2029
  2,684,000        2,586,408
Duke Energy Corp.                    
4.85%, 01/05/2029
  2,335,000       2,368,010
3.40%, 06/15/2029
  2,142,000       2,036,489
Duke Energy Florida LLC, 2.50%, 12/01/2029
  2,471,000        2,263,413
Duke Energy Progress LLC, 3.45%, 03/15/2029(b)
  2,151,000        2,074,043
Edison International                    
5.45%, 06/15/2029
  1,800,000       1,851,544
6.95%, 11/15/2029
  1,971,000       2,156,457
Evergy, Inc., 2.90%, 09/15/2029
  2,860,000        2,628,875
Eversource Energy                    
5.95%, 02/01/2029
  2,870,000       3,010,325
Series O, 4.25%, 04/01/2029
  1,797,000       1,764,459
Exelon Corp., 5.15%, 03/15/2029
  2,303,000        2,364,919
Florida Power & Light Co., 5.15%, 06/15/2029
  2,690,000        2,786,579
MidAmerican Energy Co., 3.65%, 04/15/2029
  3,038,000        2,955,210
National Rural Utilities Cooperative Finance Corp., 4.85%, 02/07/2029(b)
  1,800,000        1,833,847
Nevada Power Co., Series CC, 3.70%, 05/01/2029
  1,786,000        1,732,579
NextEra Energy Capital Holdings, Inc.                    
4.90%, 03/15/2029
  3,222,000       3,274,410
3.50%, 04/01/2029
  1,752,000       1,676,544
2.75%, 11/01/2029
  3,552,000       3,276,954
Pacific Gas and Electric Co.                    
6.10%, 01/15/2029
  3,052,000       3,192,829
5.55%, 05/15/2029
  3,053,000       3,143,256
PacifiCorp, 5.10%, 02/15/2029
  1,789,000        1,834,076
Southern California Edison Co.                    
5.15%, 06/01/2029
  2,143,000       2,203,680
Series A, 4.20%, 03/01/2029
  1,796,000       1,773,206
Southern Co. (The), 5.50%, 03/15/2029
  3,593,000        3,741,757
Tampa Electric Co., 4.90%, 03/01/2029
  1,800,000        1,835,194
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029
  1,789,000        1,668,525
Xcel Energy, Inc., 2.60%, 12/01/2029
  1,789,000       1,618,721
        69,193,768
Electronic Equipment, Instruments & Components-0.50%
Amphenol Corp., 4.35%, 06/01/2029
  1,800,000        1,800,293
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029(b)
  2,519,000        2,363,523
Keysight Technologies, Inc., 3.00%, 10/30/2029
  1,793,000       1,672,026
        5,835,842
  Principal
Amount 		  Value
Energy Equipment & Services-0.30%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029
$ 1,876,000   $    1,761,131
NOV, Inc., 3.60%, 12/01/2029(b)
  1,814,000       1,721,495
        3,482,626
Entertainment-1.24%
Netflix, Inc., 6.38%, 05/15/2029
  2,893,000        3,136,238
Walt Disney Co. (The), 2.00%, 09/01/2029
  7,189,000        6,459,415
Warnermedia Holdings, Inc., 4.05%, 03/15/2029(b)
  5,360,000       5,009,555
        14,605,208
Financial Services-3.21%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.10%, 01/19/2029(b)
  2,870,000        2,910,836
BlackRock Funding, Inc., 4.70%, 03/14/2029
  1,793,000        1,834,399
Blackstone Private Credit Fund, 4.00%, 01/15/2029(b)
  2,280,000        2,152,481
Corebridge Financial, Inc., 3.85%, 04/05/2029
  3,588,000        3,465,795
Enact Holdings, Inc., 6.25%, 05/28/2029
  2,680,000        2,765,234
Fidelity National Information Services, Inc., 3.75%, 05/21/2029
  1,670,000        1,621,050
Fiserv, Inc., 3.50%, 07/01/2029
  10,774,000       10,320,147
Global Payments, Inc., 5.30%, 08/15/2029
  1,797,000        1,832,290
Mastercard, Inc., 2.95%, 06/01/2029(b)
  3,582,000        3,405,093
PayPal Holdings, Inc., 2.85%, 10/01/2029
  5,393,000        5,022,891
Radian Group, Inc., 6.20%, 05/15/2029
  2,250,000       2,344,440
        37,674,656
Food Products-1.01%
Campbell Soup Co., 5.20%, 03/21/2029(b)
  2,160,000        2,220,656
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 3.00%, 02/02/2029(b)
  2,090,000        1,932,376
Mondelez International, Inc., 4.75%, 02/20/2029(b)
  1,974,000        2,004,681
Tyson Foods, Inc.                    
4.35%, 03/01/2029
  3,590,000       3,550,138
5.40%, 03/15/2029
  2,158,000       2,225,599
        11,933,450
Gas Utilities-0.17%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029
  2,155,000       2,059,443
Ground Transportation-0.69%
CSX Corp., 4.25%, 03/15/2029
  3,409,000        3,404,335
Ryder System, Inc., 5.38%, 03/15/2029(b)
  1,967,000        2,024,946
Union Pacific Corp., 3.70%, 03/01/2029
  2,771,000       2,717,925
        8,147,206
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Health Care Equipment & Supplies-0.91%
Becton, Dickinson and Co.                    
4.87%, 02/08/2029
$ 2,240,000       $2,276,163
5.08%, 06/07/2029(b)
  2,160,000       2,213,453
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029
  2,861,000        2,639,106
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029
  3,520,000       3,549,189
        10,677,911
Health Care Providers & Services-5.25%
Cardinal Health, Inc., 5.13%, 02/15/2029
  2,325,000        2,377,841
Centene Corp., 4.63%, 12/15/2029
  11,724,000       11,414,043
Cigna Group (The), 5.00%, 05/15/2029
  3,590,000        3,663,592
CommonSpirit Health, 3.35%, 10/01/2029
  3,276,000        3,093,204
CVS Health Corp.                    
5.00%, 01/30/2029
  3,589,000       3,640,852
5.40%, 06/01/2029(b)
  3,605,000       3,705,213
Elevance Health, Inc.                    
5.15%, 06/15/2029(b)
  2,139,000       2,202,263
2.88%, 09/15/2029
  2,947,000       2,740,811
HCA, Inc.                    
5.88%, 02/01/2029
  3,599,000       3,740,186
3.38%, 03/15/2029
  1,777,000       1,680,333
4.13%, 06/15/2029
  7,181,000       7,008,298
Humana, Inc., 3.70%, 03/23/2029(b)
  2,114,000        2,041,402
Icon Investments Six DAC, 5.85%, 05/08/2029
  2,690,000        2,811,584
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029
  2,326,000        2,143,512
Quest Diagnostics, Inc., 4.20%, 06/30/2029
  1,776,000        1,751,764
UnitedHealth Group, Inc.                    
4.25%, 01/15/2029(b)
  4,490,000       4,493,371
4.00%, 05/15/2029(b)
  3,234,000       3,201,808
        61,710,077
Health Care REITs-0.86%
Healthpeak OP LLC, 3.50%, 07/15/2029
  2,330,000        2,215,340
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029
  1,786,000        1,662,739
Ventas Realty L.P., 4.40%, 01/15/2029
  2,686,000        2,659,652
Welltower OP LLC                    
2.05%, 01/15/2029
  1,760,000       1,583,645
4.13%, 03/15/2029
  1,967,000       1,931,886
        10,053,262
Hotels, Restaurants & Leisure-1.01%
Las Vegas Sands Corp., 6.00%, 08/15/2029
  1,800,000        1,847,509
Marriott International, Inc.                    
4.90%, 04/15/2029
  2,870,000       2,909,054
4.88%, 05/15/2029
  1,772,000       1,793,917
McDonald’s Corp., 5.00%, 05/17/2029(b)
  1,789,000        1,839,611
Starbucks Corp., 3.55%, 08/15/2029
  3,571,000       3,449,683
        11,839,774
  Principal
Amount 		  Value
Household Durables-0.36%
Leggett & Platt, Inc., 4.40%, 03/15/2029(b)
$ 1,788,000   $    1,699,990
Whirlpool Corp., 4.75%, 02/26/2029(b)
  2,503,000       2,519,322
        4,219,312
Household Products-0.54%
Clorox Co. (The), 4.40%, 05/01/2029(b)
  1,786,000        1,789,372
Kimberly-Clark Corp., 3.20%, 04/25/2029
  2,504,000        2,407,035
Procter & Gamble Co. (The), 4.35%, 01/29/2029
  2,146,000       2,179,258
        6,375,665
Industrial Conglomerates-0.90%
3M Co.                    
3.38%, 03/01/2029(b)
  2,864,000       2,747,283
2.38%, 08/26/2029(b)
  3,580,000       3,245,131
Honeywell International, Inc.                    
4.25%, 01/15/2029(b)
  2,680,000       2,700,030
4.88%, 09/01/2029
  1,809,000       1,857,537
        10,549,981
Insurance-2.52%
Allstate Corp. (The), 5.05%, 06/24/2029
  1,800,000        1,843,122
Aon Corp., 3.75%, 05/02/2029
  2,679,000        2,595,865
Aon North America, Inc., 5.15%, 03/01/2029
  3,593,000        3,680,728
Chubb INA Holdings LLC, 4.65%, 08/15/2029
  1,140,000        1,157,359
CNA Financial Corp., 3.90%, 05/01/2029
  1,744,000        1,698,145
CNO Financial Group, Inc., 5.25%, 05/30/2029(b)
  1,798,000        1,805,385
F&G Annuities & Life, Inc., 6.50%, 06/04/2029
  1,980,000        2,021,223
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029(b)
  2,149,000        1,979,445
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029(b)
  5,361,000        5,383,734
PartnerRe Finance B LLC, 3.70%, 07/02/2029(b)
  1,741,000        1,675,025
Principal Financial Group, Inc., 3.70%, 05/15/2029
  1,790,000        1,730,411
Progressive Corp. (The), 4.00%, 03/01/2029
  1,965,000        1,946,896
Reinsurance Group of America, Inc., 3.90%, 05/15/2029
  2,204,000       2,135,028
        29,652,366
Interactive Media & Services-0.30%
Meta Platforms, Inc., 4.30%, 08/15/2029(b)
  3,520,000       3,544,901
IT Services-0.96%
International Business Machines Corp., 3.50%, 05/15/2029
  11,675,000      11,260,220
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Leisure Products-0.43%
Hasbro, Inc., 3.90%, 11/19/2029(b)
$ 3,225,000   $    3,084,101
Polaris, Inc., 6.95%, 03/15/2029
  1,800,000       1,931,279
        5,015,380
Life Sciences Tools & Services-1.21%
IQVIA, Inc., 6.25%, 02/01/2029
  4,494,000        4,751,048
Revvity, Inc., 3.30%, 09/15/2029
  3,046,000        2,852,227
Thermo Fisher Scientific, Inc.                    
5.00%, 01/31/2029(b)
  3,592,000       3,694,250
2.60%, 10/01/2029
  3,220,000       2,981,061
        14,278,586
Machinery-2.98%
Caterpillar Financial Services Corp., 4.85%, 02/27/2029
  2,154,000        2,206,659
Caterpillar, Inc., 2.60%, 09/19/2029
  1,790,000        1,660,971
CNH Industrial Capital LLC                    
5.50%, 01/12/2029
  1,800,000       1,862,224
5.10%, 04/20/2029
  2,143,000       2,185,668
Cummins, Inc., 4.90%, 02/20/2029
  1,793,000        1,837,733
Deere & Co., 5.38%, 10/16/2029(b)
  1,792,000        1,889,984
Ingersoll Rand, Inc., 5.18%, 06/15/2029
  2,710,000        2,780,838
John Deere Capital Corp.                    
4.50%, 01/16/2029
  3,580,000       3,618,286
3.45%, 03/07/2029
  2,153,000       2,081,403
3.35%, 04/18/2029(b)
  2,153,000       2,079,884
4.85%, 06/11/2029
  3,066,000       3,140,539
Parker-Hannifin Corp.                    
3.25%, 06/14/2029
  3,580,000       3,398,629
4.50%, 09/15/2029(b)
  3,595,000       3,603,770
Trane Technologies Financing Ltd., 3.80%, 03/21/2029
  2,688,000       2,620,427
        34,967,015
Media-2.09%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.                    
2.25%, 01/15/2029
  4,490,000       3,969,131
5.05%, 03/30/2029
  4,490,000       4,446,079
6.10%, 06/01/2029
  5,370,000       5,549,977
Comcast Corp.                    
4.55%, 01/15/2029(b)
  3,590,000       3,624,362
5.10%, 06/01/2029(b)
  2,690,000       2,777,173
Discovery Communications LLC, 4.13%, 05/15/2029
  2,697,000        2,518,637
Paramount Global, 4.20%, 06/01/2029(b)
  1,788,000       1,679,910
        24,565,269
Metals & Mining-0.15%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029(b)
  1,793,000       1,755,084
Multi-Utilities-1.86%
Ameren Corp., 5.00%, 01/15/2029
  2,510,000        2,546,826
CenterPoint Energy, Inc., 5.40%, 06/01/2029
  2,500,000        2,571,520
Consumers Energy Co.                    
4.90%, 02/15/2029
  1,794,000       1,837,098
4.60%, 05/30/2029
  2,160,000       2,186,107
  Principal
Amount 		  Value
Multi-Utilities-(continued)
DTE Energy Co.                    
5.10%, 03/01/2029
$ 4,310,000       $4,393,514
Series C, 3.40%, 06/15/2029
  1,717,000       1,630,286
NiSource, Inc., 5.20%, 07/01/2029
  2,140,000        2,191,720
Public Service Enterprise Group, Inc., 5.20%, 04/01/2029
  2,690,000        2,761,831
Sempra, 3.70%, 04/01/2029
  1,789,000       1,723,021
        21,841,923
Office REITs-0.24%
Boston Properties L.P., 3.40%, 06/21/2029
  3,042,000       2,810,457
Oil, Gas & Consumable Fuels-7.54%
Boardwalk Pipelines L.P., 4.80%, 05/03/2029
  1,776,000        1,776,870
BP Capital Markets America, Inc.                    
4.70%, 04/10/2029
  4,490,000       4,551,096
4.97%, 10/17/2029
  2,690,000       2,759,139
Cheniere Energy Partners L.P., 4.50%, 10/01/2029
  5,371,000        5,256,010
Chevron USA, Inc., 3.25%, 10/15/2029
  1,785,000        1,708,871
ConocoPhillips Co., 6.95%, 04/15/2029
  4,293,000        4,768,276
DCP Midstream Operating L.P., 5.13%, 05/15/2029
  2,139,000        2,175,641
Diamondback Energy, Inc., 3.50%, 12/01/2029
  3,273,000        3,094,590
Enbridge, Inc. (Canada)                    
5.30%, 04/05/2029
  2,686,000       2,761,514
3.13%, 11/15/2029
  3,582,000       3,342,063
Energy Transfer L.P.                    
5.25%, 04/15/2029
  5,389,000       5,511,575
5.25%, 07/01/2029
  3,600,000       3,686,936
4.15%, 09/15/2029
  1,955,000       1,908,377
Enterprise Products Operating LLC, 3.13%, 07/31/2029(b)
  4,489,000        4,254,418
Exxon Mobil Corp., 2.44%, 08/16/2029(b)
  4,484,000        4,153,292
Kinder Morgan, Inc., 5.00%, 02/01/2029
  4,486,000        4,546,432
Marathon Oil Corp., 5.30%, 04/01/2029
  2,150,000        2,215,254
MPLX L.P., 4.80%, 02/15/2029
  2,694,000        2,720,484
Occidental Petroleum Corp., 5.20%, 08/01/2029
  2,155,000        2,186,590
ONEOK, Inc., 4.35%, 03/15/2029
  2,570,000        2,544,881
Phillips 66 Co., 3.15%, 12/15/2029
  2,030,000        1,898,353
Shell International Finance B.V., 2.38%, 11/07/2029
  5,386,000        4,921,926
Targa Resources Corp., 6.15%, 03/01/2029
  3,580,000        3,782,015
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029(b)
  4,493,000        4,352,644
Valero Energy Corp., 4.00%, 04/01/2029(b)
  1,573,000        1,539,368
Western Midstream Operating L.P., 6.35%, 01/15/2029
  2,131,000        2,248,324
Williams Cos., Inc. (The), 4.90%, 03/15/2029
  3,950,000       3,994,350
        88,659,289
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Paper & Forest Products-0.18%
Georgia-Pacific LLC, 7.75%, 11/15/2029
$ 1,796,000   $    2,071,929
Passenger Airlines-0.13%
Delta Air Lines, Inc., 3.75%, 10/28/2029(b)
  1,693,000       1,581,514
Personal Care Products-0.41%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029(b)
  2,321,000        2,110,021
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029
  3,034,000       2,749,324
        4,859,345
Pharmaceuticals-4.27%
AstraZeneca Finance LLC (United Kingdom), 4.85%, 02/26/2029
  4,490,000        4,598,511
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029(b)
  3,579,000        3,552,139
Bristol-Myers Squibb Co., 4.90%, 02/22/2029(b)
  6,284,000        6,445,442
Eli Lilly and Co.                    
4.50%, 02/09/2029(b)
  3,590,000       3,652,310
3.38%, 03/15/2029
  3,323,000       3,229,728
4.20%, 08/14/2029
  3,520,000       3,528,865
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029
  3,582,000        3,449,461
Haleon US Capital LLC, 3.38%, 03/24/2029
  3,590,000        3,432,671
Johnson & Johnson, 4.80%, 06/01/2029
  4,130,000        4,272,601
Merck & Co., Inc., 3.40%, 03/07/2029
  6,288,000        6,085,243
Pfizer, Inc., 3.45%, 03/15/2029(b)
  6,275,000        6,084,797
Royalty Pharma PLC, 5.15%, 09/02/2029
  1,800,000       1,832,442
        50,164,210
Professional Services-0.30%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029
  2,699,000        2,479,126
Equifax, Inc., 4.80%, 09/15/2029
  1,000,000       1,004,994
        3,484,120
Real Estate Management & Development-0.16%
CBRE Services, Inc., 5.50%, 04/01/2029
  1,796,000       1,858,006
Residential REITs-0.65%
Camden Property Trust, 3.15%, 07/01/2029(b)
  2,145,000        2,023,070
ERP Operating L.P., 3.00%, 07/01/2029
  2,143,000        2,009,177
Essex Portfolio L.P., 4.00%, 03/01/2029
  1,790,000        1,738,438
Sun Communities Operating L.P., 5.50%, 01/15/2029
  1,800,000       1,840,510
        7,611,195
Retail REITs-0.66%
Realty Income Corp.                    
3.25%, 06/15/2029
  1,788,000       1,694,926
3.10%, 12/15/2029(b)
  2,135,000       1,996,252
Simon Property Group L.P., 2.45%, 09/13/2029
  4,470,000       4,067,750
        7,758,928
  Principal
Amount 		  Value
Semiconductors & Semiconductor Equipment-4.04%
Applied Materials, Inc., 4.80%, 06/15/2029
$ 2,500,000   $    2,557,332
Broadcom, Inc., 5.05%, 07/12/2029
  8,080,000        8,239,503
Intel Corp.                    
4.00%, 08/05/2029
  3,041,000       2,928,541
2.45%, 11/15/2029
  7,172,000       6,360,832
KLA Corp., 4.10%, 03/15/2029(b)
  2,876,000        2,863,033
Lam Research Corp., 4.00%, 03/15/2029
  3,590,000        3,549,534
Marvell Technology, Inc., 5.75%, 02/15/2029(b)
  1,790,000        1,866,021
Microchip Technology, Inc., 5.05%, 03/15/2029
  3,593,000        3,664,498
Micron Technology, Inc.                    
5.33%, 02/06/2029
  2,714,000       2,780,604
6.75%, 11/01/2029(b)
  4,474,000       4,870,187
Qorvo, Inc., 4.38%, 10/15/2029
  3,051,000        2,940,902
Texas Instruments, Inc.                    
4.60%, 02/08/2029(b)
  2,335,000       2,382,449
2.25%, 09/04/2029
  2,690,000       2,463,211
        47,466,647
Software-1.43%
Adobe, Inc., 4.80%, 04/04/2029
  2,693,000        2,762,182
Atlassian Corp., 5.25%, 05/15/2029
  1,801,000        1,842,049
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029(b)
  2,685,000        2,462,719
Oracle Corp., 6.15%, 11/09/2029
  4,495,000        4,818,997
Roper Technologies, Inc., 2.95%, 09/15/2029
  2,508,000        2,334,879
Workday, Inc., 3.70%, 04/01/2029
  2,664,000       2,575,223
        16,796,049
Specialized REITs-2.13%
American Tower Corp.                    
5.20%, 02/15/2029
  2,329,000       2,381,822
3.95%, 03/15/2029
  2,150,000       2,084,993
3.80%, 08/15/2029
  5,923,000       5,687,485
Crown Castle, Inc.                    
4.30%, 02/15/2029
  2,150,000       2,111,529
5.60%, 06/01/2029
  2,695,000       2,795,354
4.90%, 09/01/2029
  1,000,000       1,008,972
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029
  2,742,000        2,766,966
Public Storage Operating Co.                    
5.13%, 01/15/2029(b)
  1,787,000       1,843,346
3.39%, 05/01/2029
  1,790,000       1,723,396
Weyerhaeuser Co., 4.00%, 11/15/2029
  2,684,000       2,605,410
        25,009,273
Specialty Retail-2.46%
AutoZone, Inc., 5.10%, 07/15/2029
  2,150,000        2,198,194
Dell International LLC/EMC Corp., 5.30%, 10/01/2029
  6,264,000        6,469,955
Home Depot, Inc. (The)                    
4.90%, 04/15/2029
  2,690,000       2,764,540
2.95%, 06/15/2029
  6,286,000       5,946,371
4.75%, 06/25/2029
  4,490,000       4,591,856
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Specialty Retail-(continued)
Lowe’s Cos., Inc., 3.65%, 04/05/2029
$ 5,385,000   $    5,206,501
O’Reilly Automotive, Inc., 3.90%, 06/01/2029(b)
  1,793,000       1,746,338
        28,923,755
Technology Hardware, Storage & Peripherals-1.37%
Apple, Inc.                    
3.25%, 08/08/2029(b)
  3,582,000       3,459,135
2.20%, 09/11/2029
  6,291,000       5,770,307
HP, Inc., 4.00%, 04/15/2029
  3,574,000        3,482,410
IBM International Capital Pte. Ltd., 4.60%, 02/05/2029
  1,770,000        1,785,509
Western Digital Corp., 2.85%, 02/01/2029
  1,785,000       1,602,844
        16,100,205
Tobacco-1.68%
Altria Group, Inc., 4.80%, 02/14/2029
  6,898,000        6,940,960
B.A.T Capital Corp. (United Kingdom), 3.46%, 09/06/2029
  1,793,000        1,698,172
B.A.T. International Finance PLC (United Kingdom), 5.93%, 02/02/2029
  3,593,000        3,771,170
Philip Morris International, Inc.                    
3.38%, 08/15/2029
  2,687,000       2,558,617
5.63%, 11/17/2029
  4,486,000       4,725,922
        19,694,841
Trading Companies & Distributors-0.31%
Air Lease Corp., 5.10%, 03/01/2029(b)
  1,800,000        1,830,094
GATX Corp., 4.70%, 04/01/2029
  1,786,000       1,787,382
        3,617,476
Water Utilities-0.16%
American Water Capital Corp., 3.45%, 06/01/2029
  1,970,000       1,891,219
Wireless Telecommunication Services-1.79%
Rogers Communications, Inc. (Canada), 5.00%, 02/15/2029(b)
  4,470,000       4,522,626
  Principal
Amount 		  Value
Wireless Telecommunication Services-(continued)
T-Mobile USA, Inc.                    
4.85%, 01/15/2029(b)
$ 3,590,000       $3,638,448
2.63%, 02/15/2029
  3,579,000       3,303,696
2.40%, 03/15/2029
  1,776,000       1,622,232
3.38%, 04/15/2029
  8,407,000       7,995,678
        21,082,680
Total U.S. Dollar Denominated Bonds & Notes

(Cost $1,148,974,238)
  1,160,983,484
  Shares    
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $390,604)
  390,604         390,604
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.83%

(Cost $1,149,364,842)
  1,161,374,088
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.89%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  55,029,258       55,029,258
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  143,433,794     143,491,168
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $198,510,690)
  198,520,426
TOTAL INVESTMENTS IN SECURITIES-115.72%

(Cost $1,347,875,532)
  1,359,894,514
OTHER ASSETS LESS LIABILITIES-(15.72)%
  (184,773,846)
NET ASSETS-100.00%
  $1,175,120,668
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $133,085   $35,790,271   $(35,532,752)   $-   $-   $390,604   $75,108
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48
Table of Contents
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $15,281,535   $218,280,318   $(178,532,595)   $-   $-   $55,029,258   $1,935,886*
Invesco Private Prime Fund 39,295,374   491,122,132   (386,928,953)   8,608   (5,993)   143,491,168   5,210,298*
Total $54,709,994   $745,192,721   $(600,994,300)   $8,608   $(5,993)   $198,911,030   $7,221,292
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-99.06%
Aerospace & Defense-2.64%
Boeing Co. (The), 5.15%, 05/01/2030
$ 18,249,000   $   18,208,989
RTX Corp., 2.25%, 07/01/2030(b)
  4,056,000        3,595,581
Textron, Inc., 3.00%, 06/01/2030
  2,640,000       2,414,823
        24,219,393
Automobile Components-0.30%
Magna International, Inc. (Canada), 2.45%, 06/15/2030
  3,043,000       2,725,467
Automobiles-3.01%
American Honda Finance Corp.                    
4.60%, 04/17/2030(b)
  2,834,000       2,851,025
5.85%, 10/04/2030(b)
  2,032,000       2,177,232
Ford Motor Credit Co. LLC                    
7.35%, 03/06/2030
  4,660,000       5,047,937
7.20%, 06/10/2030
  3,447,000       3,712,297
4.00%, 11/13/2030
  6,690,000       6,170,803
Toyota Motor Credit Corp.                    
4.55%, 05/17/2030
  2,840,000       2,861,106
5.55%, 11/20/2030
  4,465,000       4,721,725
        27,542,125
Banks-6.20%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030
  4,010,000        3,741,438
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030
  5,065,000        5,145,963
Citizens Financial Group, Inc., 3.25%, 04/30/2030
  3,046,000        2,796,579
Huntington National Bank (The), 5.65%, 01/10/2030(b)
  3,655,000        3,786,943
Mitsubishi UFJ Financial Group, Inc. (Japan)                    
2.56%, 02/25/2030(b)
  4,664,000       4,208,064
2.05%, 07/17/2030
  5,074,000       4,400,814
Sumitomo Mitsui Financial Group, Inc. (Japan)                    
5.71%, 01/13/2030(b)
  5,475,000       5,742,077
2.75%, 01/15/2030(b)
  5,072,000       4,608,280
2.13%, 07/08/2030(b)
  6,085,000       5,288,639
5.85%, 07/13/2030(b)
  2,633,000       2,787,231
2.14%, 09/23/2030(b)
  3,448,000       2,978,438
Truist Bank, 2.25%, 03/11/2030
  5,065,000        4,406,612
Truist Financial Corp., 1.95%, 06/05/2030
  3,043,000        2,628,414
U.S. Bancorp, 1.38%, 07/22/2030(b)
  5,067,000       4,266,932
        56,786,424
Beverages-1.91%
Coca-Cola Co. (The), 1.65%, 06/01/2030
  6,084,000        5,292,208
Constellation Brands, Inc., 2.88%, 05/01/2030
  2,430,000        2,220,120
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030
  4,060,000       3,582,597
  Principal
Amount 		  Value
Beverages-(continued)
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030
$ 3,045,000   $    2,838,881
PepsiCo, Inc., 1.63%, 05/01/2030
  4,051,000       3,527,365
        17,461,171
Biotechnology-3.19%
Amgen, Inc.                    
2.45%, 02/21/2030
  5,067,000       4,576,749
5.25%, 03/02/2030
  11,150,000      11,552,927
Biogen, Inc., 2.25%, 05/01/2030(b)
  6,084,000        5,372,298
Gilead Sciences, Inc., 1.65%, 10/01/2030
  4,060,000        3,457,775
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030
  4,981,000       4,259,545
        29,219,294
Broadline Retail-1.15%
Amazon.com, Inc., 1.50%, 06/03/2030(b)
  8,110,000        7,015,670
eBay, Inc., 2.70%, 03/11/2030
  3,855,000       3,526,736
        10,542,406
Building Products-0.24%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030
  2,532,000       2,176,578
Capital Markets-2.17%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030
  3,041,000        2,987,269
Cboe Global Markets, Inc., 1.63%, 12/15/2030
  2,000,000        1,699,495
CI Financial Corp. (Canada), 3.20%, 12/17/2030
  3,834,000        3,172,351
Franklin Resources, Inc., 1.60%, 10/30/2030(b)
  3,450,000        2,890,170
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030
  4,038,000        3,569,281
Northern Trust Corp., 1.95%, 05/01/2030
  3,976,000        3,510,052
S&P Global, Inc., 1.25%, 08/15/2030(b)
  2,432,000       2,054,537
        19,883,155
Chemicals-2.20%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030(b)
  3,648,000        3,242,346
Celanese US Holdings LLC, 6.55%, 11/15/2030
  4,056,000        4,351,635
Dow Chemical Co. (The), 2.10%, 11/15/2030(b)
  3,319,000        2,911,579
EIDP, Inc., 2.30%, 07/15/2030(b)
  2,025,000        1,813,027
Linde, Inc., 1.10%, 08/10/2030(b)
  2,843,000        2,394,385
LYB International Finance III LLC, 2.25%, 10/01/2030(b)
  2,032,000        1,779,803
Nutrien Ltd. (Canada), 2.95%, 05/13/2030
  2,027,000        1,866,701
Sherwin-Williams Co. (The), 2.30%, 05/15/2030
  2,000,000       1,782,367
        20,141,843
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Commercial Services & Supplies-0.58%
Republic Services, Inc., 2.30%, 03/01/2030(b)
$ 2,430,000   $    2,179,028
Waste Management, Inc., 4.63%, 02/15/2030
  3,043,000       3,090,000
        5,269,028
Communications Equipment-0.35%
Motorola Solutions, Inc., 2.30%, 11/15/2030
  3,650,000       3,183,633
Construction & Engineering-0.40%
Quanta Services, Inc., 2.90%, 10/01/2030
  4,060,000       3,688,853
Construction Materials-0.51%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030
  1,940,000        1,753,130
Vulcan Materials Co., 3.50%, 06/01/2030
  3,046,000       2,885,149
        4,638,279
Consumer Finance-0.91%
General Motors Financial Co., Inc.                    
5.85%, 04/06/2030(b)
  4,060,000       4,237,319
3.60%, 06/21/2030(b)
  4,383,000       4,071,548
        8,308,867
Consumer Staples Distribution & Retail-1.09%
Costco Wholesale Corp., 1.60%, 04/20/2030
  7,093,000        6,187,049
Kroger Co. (The), 2.20%, 05/01/2030
  2,027,000        1,779,614
Walmart, Inc., 4.00%, 04/15/2030
  2,024,000       2,033,088
        9,999,751
Containers & Packaging-0.63%
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030
  1,983,000        1,763,787
Avery Dennison Corp., 2.65%, 04/30/2030
  1,992,000        1,798,027
Sonoco Products Co., 3.13%, 05/01/2030
  2,435,000       2,254,625
        5,816,439
Distributors-0.19%
Genuine Parts Co., 1.88%, 11/01/2030
  2,026,000       1,714,923
Diversified Consumer Services-0.50%
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030
  3,040,000        2,813,427
Yale University, Series 2020, 1.48%, 04/15/2030
  2,005,000       1,735,026
        4,548,453
Diversified REITs-0.44%
VICI Properties L.P., 4.95%, 02/15/2030
  4,053,000       4,041,293
Diversified Telecommunication Services-0.81%
Verizon Communications, Inc.                    
1.50%, 09/18/2030
  4,059,000       3,443,673
1.68%, 10/30/2030
  4,643,000       3,941,193
        7,384,866
Electric Utilities-5.37%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030
  2,395,000       2,082,405
  Principal
Amount 		  Value
Electric Utilities-(continued)
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030
$ 2,434,000   $    2,057,781
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030
  4,460,000        4,295,611
Duke Energy Carolinas LLC, 2.45%, 02/01/2030
  2,029,000        1,837,767
Duke Energy Corp., 2.45%, 06/01/2030
  3,448,000        3,083,280
Duke Energy Florida LLC, 1.75%, 06/15/2030
  1,985,000        1,711,593
Entergy Corp., 2.80%, 06/15/2030
  2,430,000        2,199,646
Eversource Energy, Series R, 1.65%, 08/15/2030
  2,433,000        2,047,643
FirstEnergy Corp., 2.65%, 03/01/2030(b)
  2,434,000        2,199,784
Florida Power & Light Co., 4.63%, 05/15/2030
  2,032,000        2,064,709
NextEra Energy Capital Holdings, Inc.                    
5.00%, 02/28/2030(b)
  2,434,000       2,496,459
2.25%, 06/01/2030
  7,337,000       6,481,149
Pacific Gas and Electric Co., 4.55%, 07/01/2030
  12,570,000       12,298,094
PG&E Wildfire Recovery Funding LLC, Series A-1, 3.59%, 06/01/2030(b)
  1,608,461        1,567,952
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030
  3,249,000       2,776,378
        49,200,251
Electrical Equipment-0.90%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030
  2,025,000        1,739,676
Emerson Electric Co., 1.95%, 10/15/2030
  2,030,000        1,779,746
Regal Rexnord Corp., 6.30%, 02/15/2030
  4,460,000       4,712,002
        8,231,424
Electronic Equipment, Instruments & Components-0.40%
Jabil, Inc., 3.60%, 01/15/2030
  2,024,000        1,893,595
Teledyne FLIR LLC, 2.50%, 08/01/2030
  1,968,000       1,738,304
        3,631,899
Energy Equipment & Services-1.13%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030
  2,028,000        2,036,934
Halliburton Co., 2.92%, 03/01/2030
  3,990,000        3,666,086
Schlumberger Investment S.A., 2.65%, 06/26/2030
  5,068,000       4,624,762
        10,327,782
Financial Services-2.25%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.15%, 09/30/2030
  3,445,000        3,672,387
Block Financial LLC, 3.88%, 08/15/2030(b)
  2,620,000        2,486,609
Fiserv, Inc.                    
4.75%, 03/15/2030
  3,450,000       3,488,710
2.65%, 06/01/2030
  4,054,000       3,665,633
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Financial Services-(continued)
Global Payments, Inc., 2.90%, 05/15/2030
$ 4,055,000   $    3,651,916
PayPal Holdings, Inc., 2.30%, 06/01/2030(b)
  4,060,000       3,634,868
        20,600,123
Food Products-2.59%
Campbell Soup Co., 2.38%, 04/24/2030
  2,032,000        1,817,895
Hormel Foods Corp., 1.80%, 06/11/2030(b)
  4,054,000        3,541,902
Ingredion, Inc., 2.90%, 06/01/2030
  2,436,000        2,240,729
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.50%, 01/15/2030
  4,973,000        5,012,158
JM Smucker Co. (The), 2.38%, 03/15/2030(b)
  2,028,000        1,812,109
Kellanova, 2.10%, 06/01/2030
  2,032,000        1,800,010
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030(b)
  3,004,000        2,892,189
McCormick & Co., Inc., 2.50%, 04/15/2030
  2,030,000        1,823,516
Mondelez International, Inc., 2.75%, 04/13/2030
  3,043,000       2,791,747
        23,732,255
Gas Utilities-0.45%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030(b)
  2,027,000        1,715,185
Southern California Gas Co., Series XX, 2.55%, 02/01/2030
  2,636,000       2,386,379
        4,101,564
Ground Transportation-0.47%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030
  2,032,000        1,795,570
Norfolk Southern Corp., 5.05%, 08/01/2030
  2,430,000       2,507,014
        4,302,584
Health Care Equipment & Supplies-2.69%
Abbott Laboratories, 1.40%, 06/30/2030(b)
  2,639,000        2,285,908
Becton, Dickinson and Co., 2.82%, 05/20/2030
  3,039,000        2,782,336
Boston Scientific Corp., 2.65%, 06/01/2030
  4,867,000        4,435,781
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
  3,045,000        2,768,322
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030
  5,035,000        5,325,471
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030(b)
  4,057,000        3,492,024
Stryker Corp., 1.95%, 06/15/2030
  4,060,000       3,546,372
        24,636,214
Health Care Providers & Services-6.43%
Cencora, Inc., 2.80%, 05/15/2030
  1,985,000        1,805,278
Centene Corp.                    
3.38%, 02/15/2030
  7,976,000       7,310,446
3.00%, 10/15/2030
  8,920,000       7,932,935
Cigna Group (The), 2.40%, 03/15/2030(b)
  5,680,000       5,093,146
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
CommonSpirit Health, 2.78%, 10/01/2030
$ 2,194,000   $    1,967,981
CVS Health Corp.                    
5.13%, 02/21/2030
  6,080,000       6,177,432
1.75%, 08/21/2030
  5,073,000       4,271,756
Elevance Health, Inc., 2.25%, 05/15/2030
  4,457,000        3,953,381
Sutter Health, Series 20-A, 2.29%, 08/15/2030
  2,843,000        2,521,276
UnitedHealth Group, Inc.                    
4.80%, 01/15/2030
  5,070,000       5,176,988
5.30%, 02/15/2030
  5,065,000       5,308,121
2.00%, 05/15/2030
  5,065,000       4,466,438
Universal Health Services, Inc., 2.65%, 10/15/2030
  3,240,000       2,864,383
        58,849,561
Hotel & Resort REITs-0.30%
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030
  3,042,000       2,782,351
Hotels, Restaurants & Leisure-2.43%
Booking Holdings, Inc., 4.63%, 04/13/2030(b)
  6,080,000        6,147,631
Marriott International, Inc.                    
4.80%, 03/15/2030
  2,030,000       2,042,087
Series FF, 4.63%, 06/15/2030(b)
  4,053,000       4,059,515
McDonald’s Corp., 2.13%, 03/01/2030
  3,040,000        2,711,023
Starbucks Corp.                    
2.25%, 03/12/2030(b)
  3,044,000       2,722,474
2.55%, 11/15/2030
  5,068,000       4,542,593
        22,225,323
Household Durables-0.57%
Mohawk Industries, Inc., 3.63%, 05/15/2030(b)
  1,980,000        1,880,898
NVR, Inc., 3.00%, 05/15/2030(b)
  3,647,000       3,346,754
        5,227,652
Household Products-0.66%
Clorox Co. (The), 1.80%, 05/15/2030
  2,000,000        1,729,493
Procter & Gamble Co. (The), 1.20%, 10/29/2030
  5,067,000       4,282,803
        6,012,296
Industrial Conglomerates-0.84%
Honeywell International, Inc.                    
4.70%, 02/01/2030
  4,060,000       4,130,382
1.95%, 06/01/2030
  4,054,000       3,577,516
        7,707,898
Industrial REITs-0.28%
Prologis L.P., 1.25%, 10/15/2030
  3,044,000       2,536,413
Insurance-3.62%
Alleghany Corp., 3.63%, 05/15/2030
  2,023,000        1,956,768
Allstate Corp. (The), 1.45%, 12/15/2030
  2,384,000        1,977,493
Aon Corp., 2.80%, 05/15/2030
  4,055,000        3,696,682
Berkshire Hathaway Finance Corp.                    
1.85%, 03/12/2030
  2,027,000       1,798,735
1.45%, 10/15/2030(b)
  3,040,000       2,598,124
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Insurance-(continued)
Brighthouse Financial, Inc., 5.63%, 05/15/2030(b)
$ 2,450,000   $    2,501,642
CNA Financial Corp., 2.05%, 08/15/2030
  1,995,000        1,731,275
Fidelity National Financial, Inc., 3.40%, 06/15/2030
  2,634,000        2,424,410
Loews Corp., 3.20%, 05/15/2030
  1,995,000        1,865,990
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030
  3,040,000        2,691,472
Principal Financial Group, Inc., 2.13%, 06/15/2030(b)
  2,376,000        2,068,019
Prudential Financial, Inc., 2.10%, 03/10/2030
  2,032,000        1,808,550
Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030
  4,058,000        3,775,622
Reinsurance Group of America, Inc., 3.15%, 06/15/2030
  2,432,000       2,242,352
        33,137,134
Interactive Media & Services-1.30%
Alphabet, Inc., 1.10%, 08/15/2030(b)
  9,130,000        7,737,317
Meta Platforms, Inc., 4.80%, 05/15/2030(b)
  4,060,000       4,188,124
        11,925,441
IT Services-0.52%
International Business Machines Corp., 1.95%, 05/15/2030
  5,471,000       4,788,531
Life Sciences Tools & Services-0.53%
Agilent Technologies, Inc., 2.10%, 06/04/2030
  1,992,000        1,748,841
Thermo Fisher Scientific, Inc., 4.98%, 08/10/2030
  3,043,000       3,147,545
        4,896,386
Machinery-1.99%
Cummins, Inc., 1.50%, 09/01/2030(b)
  3,443,000        2,946,443
Flowserve Corp., 3.50%, 10/01/2030
  1,995,000        1,843,988
IDEX Corp., 3.00%, 05/01/2030
  1,993,000        1,828,712
John Deere Capital Corp.                    
2.45%, 01/09/2030(b)
  2,229,000       2,040,227
4.70%, 06/10/2030(b)
  4,055,000       4,145,130
Otis Worldwide Corp., 2.57%, 02/15/2030
  6,031,000       5,448,604
        18,253,104
Media-0.63%
Discovery Communications LLC, 3.63%, 05/15/2030
  4,060,000        3,605,439
Omnicom Group, Inc., 2.45%, 04/30/2030
  2,395,000       2,129,101
        5,734,540
Metals & Mining-1.23%
Freeport-McMoRan, Inc.                    
4.25%, 03/01/2030
  1,828,000       1,777,158
4.63%, 08/01/2030
  2,403,000       2,378,998
Newmont Corp., 2.25%, 10/01/2030
  3,906,000        3,466,100
Nucor Corp., 2.70%, 06/01/2030
  2,026,000        1,857,347
Reliance, Inc., 2.15%, 08/15/2030(b)
  2,029,000       1,769,066
        11,248,669
  Principal
Amount 		  Value
Multi-Utilities-0.93%
Consumers Energy Co., 4.70%, 01/15/2030
$ 2,800,000   $    2,841,411
NiSource, Inc., 3.60%, 05/01/2030
  3,995,000        3,789,686
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030
  2,231,000       1,881,199
        8,512,296
Oil, Gas & Consumable Fuels-9.81%
BP Capital Markets America, Inc., 1.75%, 08/10/2030(b)
  4,053,000        3,493,185
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030(b)
  2,028,000        1,837,441
Chevron Corp., 2.24%, 05/11/2030
  6,080,000        5,456,570
Devon Energy Corp., 4.50%, 01/15/2030
  2,326,000        2,303,205
Diamondback Energy, Inc., 5.15%, 01/30/2030
  3,443,000        3,523,912
Enbridge, Inc. (Canada), 6.20%, 11/15/2030
  2,993,000        3,235,457
Energy Transfer L.P., 6.40%, 12/01/2030
  4,051,000        4,385,690
Enterprise Products Operating LLC, 2.80%, 01/31/2030
  5,074,000        4,693,176
EOG Resources, Inc., 4.38%, 04/15/2030(b)
  3,043,000        3,048,833
Equinor ASA (Norway), 2.38%, 05/22/2030
  3,040,000        2,747,696
Exxon Mobil Corp., 2.61%, 10/15/2030(b)
  8,108,000        7,400,432
MPLX L.P., 2.65%, 08/15/2030
  6,086,000        5,441,806
Occidental Petroleum Corp.                    
8.88%, 07/15/2030
  4,055,000       4,785,646
6.63%, 09/01/2030
  5,881,000       6,339,248
ONEOK, Inc.                    
3.10%, 03/15/2030
  3,165,000       2,922,510
3.25%, 06/01/2030
  2,030,000       1,881,851
5.80%, 11/01/2030(b)
  2,030,000       2,145,495
Phillips 66, 2.15%, 12/15/2030
  3,452,000        3,003,352
Pioneer Natural Resources Co., 1.90%, 08/15/2030
  4,460,000        3,887,078
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030
  3,040,000        2,864,121
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030
  3,849,000        3,904,368
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030
  2,835,000        2,633,305
Western Midstream Operating L.P., 4.05%, 02/01/2030
  4,285,000        4,104,282
Williams Cos., Inc. (The), 3.50%, 11/15/2030
  4,051,000       3,797,343
        89,836,002
Personal Care Products-0.93%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030(b)
  2,835,000        2,581,117
Kenvue, Inc., 5.00%, 03/22/2030
  4,060,000        4,203,283
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030
  2,028,000       1,713,554
        8,497,954
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Pharmaceuticals-5.32%
AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030(b)
$ 2,633,000   $    2,720,133
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030
  5,270,000        4,489,870
Bristol-Myers Squibb Co., 1.45%, 11/13/2030
  5,065,000        4,282,030
Johnson & Johnson, 1.30%, 09/01/2030(b)
  7,097,000        6,089,628
Merck & Co., Inc.                    
4.30%, 05/17/2030
  3,040,000       3,053,517
1.45%, 06/24/2030
  5,073,000       4,345,187
Pfizer, Inc., 1.70%, 05/28/2030
  4,058,000        3,534,082
Royalty Pharma PLC, 2.20%, 09/02/2030
  4,040,000        3,501,384
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030
  10,140,000        8,905,538
Viatris, Inc., 2.70%, 06/22/2030(b)
  5,880,000        5,178,208
Zoetis, Inc., 2.00%, 05/15/2030
  2,978,000       2,600,293
        48,699,870
Professional Services-0.62%
Automatic Data Processing, Inc., 1.25%, 09/01/2030(b)
  4,055,000        3,443,995
Equifax, Inc., 3.10%, 05/15/2030(b)
  2,391,000       2,212,187
        5,656,182
Residential REITs-0.30%
Camden Property Trust, 2.80%, 05/15/2030
  2,993,000       2,741,399
Retail REITs-1.36%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030
  3,240,000        3,105,004
Kimco Realty OP LLC, 2.70%, 10/01/2030
  2,026,000        1,823,909
Realty Income Corp., 4.85%, 03/15/2030
  2,430,000        2,465,364
Regency Centers L.P., 3.70%, 06/15/2030
  2,390,000        2,278,231
Simon Property Group L.P., 2.65%, 07/15/2030
  3,040,000       2,760,578
        12,433,086
Semiconductors & Semiconductor Equipment-2.19%
Applied Materials, Inc., 1.75%, 06/01/2030
  3,040,000        2,645,219
Intel Corp., 5.13%, 02/10/2030
  5,065,000        5,116,067
Lam Research Corp., 1.90%, 06/15/2030(b)
  3,041,000        2,659,536
QUALCOMM, Inc., 2.15%, 05/20/2030
  4,868,000        4,356,931
Texas Instruments, Inc., 1.75%, 05/04/2030
  3,000,000        2,630,908
Xilinx, Inc., 2.38%, 06/01/2030
  2,997,000       2,691,228
        20,099,889
Software-1.29%
Autodesk, Inc., 2.85%, 01/15/2030
  2,030,000        1,872,435
Intuit, Inc., 1.65%, 07/15/2030
  1,987,000        1,708,597
Oracle Corp., 4.65%, 05/06/2030(b)
  3,040,000        3,062,059
ServiceNow, Inc., 1.40%, 09/01/2030
  6,080,000       5,168,956
        11,812,047
  Principal
Amount 		  Value
Specialized REITs-0.89%
American Tower Corp.                    
2.90%, 01/15/2030
$ 3,045,000       $2,789,208
2.10%, 06/15/2030
  3,042,000       2,648,221
1.88%, 10/15/2030
  3,247,000       2,756,928
        8,194,357
Specialty Retail-1.85%
AutoNation, Inc., 4.75%, 06/01/2030
  2,029,000        2,005,980
Best Buy Co., Inc., 1.95%, 10/01/2030
  2,641,000        2,284,540
Dell International LLC/EMC Corp., 6.20%, 07/15/2030(b)
  2,995,000        3,228,957
Leidos, Inc., 4.38%, 05/15/2030
  2,995,000        2,914,514
Lowe’s Cos., Inc., 1.70%, 10/15/2030
  5,073,000        4,313,609
Tractor Supply Co., 1.75%, 11/01/2030(b)
  2,634,000       2,233,856
        16,981,456
Technology Hardware, Storage & Peripherals-1.66%
Apple, Inc.                    
4.15%, 05/10/2030
  2,026,000       2,059,038
1.65%, 05/11/2030(b)
  7,095,000       6,226,367
1.25%, 08/20/2030
  5,065,000       4,322,865
NetApp, Inc., 2.70%, 06/22/2030
  2,840,000       2,552,633
        15,160,903
Textiles, Apparel & Luxury Goods-1.05%
Ralph Lauren Corp., 2.95%, 06/15/2030
  3,046,000        2,822,207
Tapestry, Inc., 7.70%, 11/27/2030
  3,990,000        4,251,123
VF Corp., 2.95%, 04/23/2030(b)
  2,998,000       2,589,504
        9,662,834
Tobacco-2.69%
Altria Group, Inc., 3.40%, 05/06/2030
  3,042,000        2,848,700
B.A.T Capital Corp. (United Kingdom), 6.34%, 08/02/2030
  4,060,000        4,366,855
Philip Morris International, Inc.                    
5.13%, 02/15/2030
  8,920,000       9,173,800
2.10%, 05/01/2030
  3,043,000       2,684,805
5.50%, 09/07/2030
  2,834,000       2,971,517
1.75%, 11/01/2030
  3,039,000       2,582,117
        24,627,794
Trading Companies & Distributors-0.77%
Air Lease Corp.                    
3.00%, 02/01/2030
  2,580,000       2,358,772
3.13%, 12/01/2030
  3,040,000       2,749,005
GATX Corp., 4.00%, 06/30/2030(b)
  2,025,000       1,953,966
        7,061,743
Water Utilities-0.40%
American Water Capital Corp., 2.80%, 05/01/2030(b)
  2,005,000        1,834,459
Essential Utilities, Inc., 2.70%, 04/15/2030(b)
  2,028,000       1,832,759
        3,667,218
Total U.S. Dollar Denominated Bonds & Notes

(Cost $892,164,650)
  907,026,666
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54
Table of Contents
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $446,802)
  446,802   $      446,802
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.11%

(Cost $892,611,452)
  907,473,468
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-11.67%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  29,502,257      29,502,257
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  77,359,703   $   77,390,647
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $106,887,057)
  106,892,904
TOTAL INVESTMENTS IN SECURITIES-110.78%

(Cost $999,498,509)
  1,014,366,372
OTHER ASSETS LESS LIABILITIES-(10.78)%
  (98,745,733)
NET ASSETS-100.00%
  $915,620,639
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $42,585   $24,745,237   $(24,341,020)   $-   $-   $446,802   $53,365
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 12,326,202   141,864,961   (124,688,906)   -   -   29,502,257   1,177,066*
Invesco Private Prime Fund 31,695,872   317,485,288   (271,798,387)   5,186   2,688   77,390,647   3,167,732*
Total $44,064,659   $484,095,486   $(420,828,313)   $5,186   $2,688   $107,339,706   $4,398,163
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-99.05%
Aerospace & Defense-2.24%
Boeing Co. (The), 3.63%, 02/01/2031
$ 3,405,000   $  3,081,795
General Dynamics Corp., 2.25%, 06/01/2031(b)
  1,200,000     1,052,073
L3Harris Technologies, Inc.                  
1.80%, 01/15/2031
  1,581,000     1,327,244
5.25%, 06/01/2031
  1,838,000     1,892,017
RTX Corp.                  
6.00%, 03/15/2031
  2,430,000     2,612,801
1.90%, 09/01/2031
  2,430,000     2,029,915
Textron, Inc., 2.45%, 03/15/2031
  1,194,000     1,035,402
        13,031,247
Air Freight & Logistics-0.37%
FedEx Corp., 2.40%, 05/15/2031(b)
  2,431,000     2,136,949
Automobiles-3.50%
American Honda Finance Corp.                  
1.80%, 01/13/2031
  1,340,000     1,138,941
5.05%, 07/10/2031
  1,820,000     1,856,558
Ford Motor Co., 7.45%, 07/16/2031
  2,565,000     2,825,072
Ford Motor Credit Co. LLC                  
6.05%, 03/05/2031
  2,456,000     2,525,601
3.63%, 06/17/2031
  2,430,000     2,154,330
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031
  3,640,000     4,417,762
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031(b)
  1,203,000     1,068,551
Toyota Motor Credit Corp.                  
1.65%, 01/10/2031
  1,333,000     1,126,540
5.10%, 03/21/2031
  2,190,000     2,258,428
1.90%, 09/12/2031
  1,188,000       996,208
        20,367,991
Banks-2.80%
Banco Santander S.A. (Spain), 5.44%, 07/15/2031
  3,640,000     3,751,947
Bank of Montreal (Canada), 5.51%, 06/04/2031
  1,940,000     2,018,924
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031
  2,433,000     2,057,249
Royal Bank of Canada (Canada), 2.30%, 11/03/2031
  3,642,000     3,144,182
Sumitomo Mitsui Financial Group, Inc. (Japan)                  
1.71%, 01/12/2031
  1,210,000     1,007,125
5.42%, 07/09/2031
  2,190,000     2,270,599
2.22%, 09/17/2031
  2,430,000     2,053,023
        16,303,049
Beverages-2.51%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031
  1,819,000     1,868,322
Coca-Cola Co. (The)                  
2.00%, 03/05/2031
  1,820,000     1,583,765
1.38%, 03/15/2031
  3,156,000     2,636,578
Constellation Brands, Inc., 2.25%, 08/01/2031
  2,433,000     2,074,812
  Principal
Amount 		  Value
Beverages-(continued)
Keurig Dr Pepper, Inc.                  
2.25%, 03/15/2031
$ 1,212,000     $1,046,755
Series 10, 5.20%, 03/15/2031
  1,218,000     1,256,792
PepsiCo, Inc.                  
1.40%, 02/25/2031
  1,823,000     1,526,724
1.95%, 10/21/2031
  3,035,000     2,603,755
        14,597,503
Biotechnology-1.31%
AbbVie, Inc., 4.95%, 03/15/2031
  4,855,000     5,000,581
Amgen, Inc., 2.30%, 02/25/2031
  3,035,000     2,645,791
        7,646,372
Broadline Retail-1.37%
Amazon.com, Inc., 2.10%, 05/12/2031
  7,286,000     6,367,662
eBay, Inc., 2.60%, 05/10/2031(b)
  1,825,000     1,607,879
        7,975,541
Building Products-0.66%
Carrier Global Corp., 2.70%, 02/15/2031
  1,823,000     1,622,583
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031
  1,199,000     1,004,765
Masco Corp., 2.00%, 02/15/2031
  1,437,000     1,219,076
        3,846,424
Capital Markets-3.83%
Ares Capital Corp., 3.20%, 11/15/2031
  1,705,000     1,471,833
Bank of New York Mellon Corp. (The)                  
1.65%, 01/28/2031
  1,191,000     1,002,513
1.80%, 07/28/2031
  1,215,000     1,018,349
BlackRock, Inc., 1.90%, 01/28/2031
  3,035,000     2,618,488
Blue Owl Credit Income Corp., 6.65%, 03/15/2031
  1,810,000     1,842,448
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031
  1,176,000     1,041,977
Charles Schwab Corp. (The)                  
1.65%, 03/11/2031
  1,825,000     1,518,228
2.30%, 05/13/2031
  1,823,000     1,583,328
1.95%, 12/01/2031
  2,060,000     1,717,328
Jefferies Financial Group, Inc., 2.63%, 10/15/2031
  2,431,000     2,070,275
Moody’s Corp., 2.00%, 08/19/2031
  1,460,000     1,239,127
Nasdaq, Inc., 1.65%, 01/15/2031
  1,580,000     1,326,411
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031
  2,430,000     2,080,147
State Street Corp., 2.20%, 03/03/2031
  2,065,000     1,798,162
        22,328,614
Chemicals-0.46%
Air Products and Chemicals, Inc., 4.75%, 02/08/2031(b)
  1,460,000     1,493,598
Ecolab, Inc., 1.30%, 01/30/2031
  1,460,000     1,208,393
        2,701,991
Commercial Services & Supplies-0.89%
Republic Services, Inc., 1.45%, 02/15/2031
  1,580,000     1,306,941
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Commercial Services & Supplies-(continued)
Waste Management, Inc.                  
1.50%, 03/15/2031
$ 2,430,000     $2,026,816
4.95%, 07/03/2031
  1,821,000     1,870,989
        5,204,746
Communications Equipment-1.39%
Cisco Systems, Inc., 4.95%, 02/26/2031
  6,069,000     6,278,074
Motorola Solutions, Inc., 2.75%, 05/24/2031
  2,066,000     1,827,548
        8,105,622
Construction Materials-0.59%
Eagle Materials, Inc., 2.50%, 07/01/2031
  1,820,000     1,582,729
Martin Marietta Materials, Inc., 2.40%, 07/15/2031
  2,178,000     1,874,682
        3,457,411
Consumer Finance-3.02%
Ally Financial, Inc.                  
8.00%, 11/01/2031
  4,845,000     5,532,870
8.00%, 11/01/2031
  1,186,000     1,354,439
General Motors Financial Co., Inc.                  
2.35%, 01/08/2031
  2,433,000     2,070,334
5.75%, 02/08/2031
  2,430,000     2,511,988
2.70%, 06/10/2031
  2,430,000     2,092,557
5.60%, 06/18/2031
  2,430,000     2,487,910
Synchrony Financial, 2.88%, 10/28/2031
  1,821,000     1,536,460
        17,586,558
Consumer Staples Distribution & Retail-1.17%
Dollar Tree, Inc., 2.65%, 12/01/2031
  1,945,000     1,660,453
Kroger Co. (The), 1.70%, 01/15/2031
  1,210,000     1,010,863
Walmart, Inc., 1.80%, 09/22/2031
  4,860,000     4,172,476
        6,843,792
Containers & Packaging-0.29%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031
  1,945,000     1,696,200
Diversified REITs-0.74%
American Assets Trust L.P., 3.38%, 02/01/2031
  1,206,000     1,026,209
COPT Defense Properties L.P., 2.75%, 04/15/2031
  1,440,000     1,235,992
DOC DR LLC, 2.63%, 11/01/2031
  1,188,000     1,025,499
W.P. Carey, Inc., 2.40%, 02/01/2031
  1,190,000     1,023,211
        4,310,911
Diversified Telecommunication Services-4.52%
AT&T, Inc., 2.75%, 06/01/2031
  7,286,000     6,464,858
Orange S.A. (France), 9.00%, 03/01/2031
  5,980,000     7,349,067
Verizon Communications, Inc.                  
1.75%, 01/20/2031
  5,446,000     4,576,166
2.55%, 03/21/2031
  9,007,000     7,926,565
        26,316,656
Electric Utilities-5.33%
Appalachian Power Co., Series AA, 2.70%, 04/01/2031
  1,210,000     1,064,475
Baltimore Gas and Electric Co., 2.25%, 06/15/2031
  1,455,000     1,256,886
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031
  1,218,000     1,011,950
  Principal
Amount 		  Value
Electric Utilities-(continued)
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031
$ 2,181,000   $  1,917,220
Duke Energy Carolinas LLC, 2.55%, 04/15/2031
  1,300,000     1,148,120
Duke Energy Corp., 2.55%, 06/15/2031
  2,401,000     2,084,909
Duke Energy Florida LLC, 2.40%, 12/15/2031
  1,580,000     1,360,080
Duke Energy Progress LLC, 2.00%, 08/15/2031
  1,576,000     1,329,809
Entergy Corp., 2.40%, 06/15/2031
  1,580,000     1,353,145
Entergy Texas, Inc., 1.75%, 03/15/2031
  1,456,000     1,215,146
Eversource Energy, 5.85%, 04/15/2031
  1,700,000     1,787,459
Pacific Gas and Electric Co., 2.50%, 02/01/2031
  4,861,000     4,174,677
PacifiCorp, 5.30%, 02/15/2031
  1,720,000     1,764,896
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031
  1,255,599     1,240,737
Progress Energy, Inc., 7.75%, 03/01/2031
  1,583,000     1,833,340
Public Service Co. of Colorado, 1.88%, 06/15/2031
  1,823,000     1,525,497
Southern California Edison Co., 5.45%, 06/01/2031
  1,826,000     1,901,532
Virginia Electric & Power Co., 2.30%, 11/15/2031
  1,200,000     1,025,902
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031
  2,000,000     2,052,729
        31,048,509
Electrical Equipment-0.36%
Emerson Electric Co., 2.20%, 12/21/2031
  2,428,000     2,100,123
Electronic Equipment, Instruments & Components-1.46%
Amphenol Corp., 2.20%, 09/15/2031
  1,820,000     1,550,751
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031
  2,430,000     2,191,408
Jabil, Inc., 3.00%, 01/15/2031
  1,460,000     1,285,665
Teledyne Technologies, Inc., 2.75%, 04/01/2031
  2,502,000     2,216,116
Vontier Corp., 2.95%, 04/01/2031
  1,457,000     1,261,584
        8,505,524
Energy Equipment & Services-0.20%
Helmerich & Payne, Inc., 2.90%, 09/29/2031
  1,340,000     1,153,829
Entertainment-1.21%
Electronic Arts, Inc., 1.85%, 02/15/2031
  1,825,000     1,547,670
Walt Disney Co. (The), 2.65%, 01/13/2031
  6,075,000     5,475,059
        7,022,729
Financial Services-1.82%
Fidelity National Information Services, Inc., 2.25%, 03/01/2031
  2,205,000     1,908,940
Fiserv, Inc., 5.35%, 03/15/2031
  1,216,000     1,260,973
Global Payments, Inc., 2.90%, 11/15/2031
  1,820,000     1,584,771
Mastercard, Inc.                  
1.90%, 03/15/2031
  1,460,000     1,271,421
2.00%, 11/18/2031
  1,825,000     1,562,438
ORIX Corp. (Japan), 2.25%, 03/09/2031
  1,200,000     1,032,356
Visa, Inc., 1.10%, 02/15/2031(b)
  2,424,000     2,003,508
        10,624,407
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Food Products-1.71%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031
$ 2,427,000   $  2,150,195
Flowers Foods, Inc., 2.40%, 03/15/2031
  1,201,000     1,034,900
General Mills, Inc., 2.25%, 10/14/2031
  1,210,000     1,037,658
Kellanova, Series B, 7.45%, 04/01/2031
  1,492,000     1,714,962
McCormick & Co., Inc., 1.85%, 02/15/2031
  1,219,000     1,031,751
Mondelez International, Inc., 1.50%, 02/04/2031
  1,218,000     1,013,166
Pilgrim’s Pride Corp., 4.25%, 04/15/2031
  2,080,000     1,962,053
        9,944,685
Gas Utilities-0.56%
Atmos Energy Corp., 1.50%, 01/15/2031
  1,430,000     1,193,224
National Fuel Gas Co., 2.95%, 03/01/2031
  1,219,000     1,062,658
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031
  1,219,000     1,020,182
        3,276,064
Ground Transportation-1.05%
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031
  3,405,000     2,946,327
Norfolk Southern Corp., 2.30%, 05/15/2031
  1,200,000     1,049,666
Union Pacific Corp., 2.38%, 05/20/2031
  2,424,000     2,149,059
        6,145,052
Health Care Equipment & Supplies-1.09%
Baxter International, Inc., 1.73%, 04/01/2031
  1,580,000     1,312,538
Becton, Dickinson and Co., 1.96%, 02/11/2031
  2,431,000     2,066,429
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031
  1,605,000     1,408,116
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031
  1,822,000     1,579,679
        6,366,762
Health Care Providers & Services-7.63%
Cencora, Inc., 2.70%, 03/15/2031
  2,430,000     2,155,140
Centene Corp.                  
2.50%, 03/01/2031
  5,350,000     4,545,274
2.63%, 08/01/2031
  3,155,000     2,678,900
Cigna Group (The)                  
2.38%, 03/15/2031
  3,647,000     3,171,739
5.13%, 05/15/2031
  1,820,000     1,867,702
CommonSpirit Health, 5.21%, 12/01/2031
  1,881,000     1,916,324
CVS Health Corp.                  
5.25%, 01/30/2031
  1,820,000     1,851,168
1.88%, 02/28/2031(b)
  3,037,000     2,517,269
5.55%, 06/01/2031(b)
  2,433,000     2,501,958
2.13%, 09/15/2031
  2,399,000     1,993,354
Elevance Health, Inc., 2.55%, 03/15/2031
  2,430,000     2,148,276
HCA, Inc.                  
5.45%, 04/01/2031
  4,256,000     4,368,004
2.38%, 07/15/2031
  2,060,000     1,754,515
Humana, Inc., 5.38%, 04/15/2031
  3,036,000     3,110,076
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031
  1,183,000     1,042,594
Quest Diagnostics, Inc., 2.80%, 06/30/2031
  1,335,000     1,184,081
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.                  
4.90%, 04/15/2031
$ 2,430,000     $2,485,857
2.30%, 05/15/2031
  3,640,000     3,178,551
        44,470,782
Health Care REITs-2.00%
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031
  1,826,000     1,670,380
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031
  1,941,000     1,596,803
Healthpeak OP LLC, 2.88%, 01/15/2031
  1,430,000     1,282,716
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031
  1,696,000     1,512,739
Sabra Health Care L.P., 3.20%, 12/01/2031
  1,940,000     1,683,622
Ventas Realty L.P., 2.50%, 09/01/2031
  1,201,000     1,026,896
Welltower OP LLC                  
2.75%, 01/15/2031
  1,430,000     1,275,575
2.80%, 06/01/2031
  1,826,000     1,620,862
        11,669,593
Hotels, Restaurants & Leisure-0.81%
Expedia Group, Inc., 2.95%, 03/15/2031
  1,212,000     1,090,646
Marriott International, Inc., Series HH, 2.85%, 04/15/2031
  2,670,000     2,369,939
Starbucks Corp., 4.90%, 02/15/2031
  1,210,000     1,240,348
        4,700,933
Household Products-0.58%
Kimberly-Clark Corp., 2.00%, 11/02/2031(b)
  1,460,000     1,260,320
Procter & Gamble Co. (The), 1.95%, 04/23/2031
  2,430,000     2,139,799
        3,400,119
Independent Power and Renewable Electricity Producers-0.35%
AES Corp. (The), 2.45%, 01/15/2031
  2,420,000     2,065,169
Industrial Conglomerates-0.74%
Honeywell International, Inc.                  
1.75%, 09/01/2031
  3,640,000     3,074,733
4.95%, 09/01/2031
  1,219,000     1,259,708
        4,334,441
Insurance-1.73%
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031
  1,220,000     1,062,172
Aon North America, Inc., 5.30%, 03/01/2031
  1,581,000     1,633,569
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031
  1,200,000     1,070,704
Brown & Brown, Inc., 2.38%, 03/15/2031(b)
  1,678,000     1,431,970
Fidelity National Financial, Inc., 2.45%, 03/15/2031
  1,460,000     1,248,156
First American Financial Corp., 2.40%, 08/15/2031
  1,529,000     1,270,216
Lincoln National Corp., 3.40%, 01/15/2031(b)
  1,220,000     1,114,071
Primerica, Inc., 2.80%, 11/19/2031
  1,453,000     1,256,028
        10,086,886
Interactive Media & Services-0.42%
Meta Platforms, Inc., 4.55%, 08/15/2031
  2,430,000     2,458,515
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
IT Services-0.51%
Kyndryl Holdings, Inc., 3.15%, 10/15/2031
$ 1,578,000   $  1,367,784
VeriSign, Inc., 2.70%, 06/15/2031
  1,821,000     1,580,722
        2,948,506
Leisure Products-0.19%
Brunswick Corp., 2.40%, 08/18/2031
  1,333,000     1,103,602
Life Sciences Tools & Services-1.09%
Agilent Technologies, Inc., 2.30%, 03/12/2031
  2,061,000     1,787,858
Illumina, Inc., 2.55%, 03/23/2031(b)
  1,200,000     1,028,262
Revvity, Inc., 2.25%, 09/15/2031
  1,201,000     1,014,723
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031
  2,915,000     2,491,381
        6,322,224
Machinery-1.55%
Caterpillar, Inc., 1.90%, 03/12/2031(b)
  1,200,000     1,044,801
IDEX Corp., 2.63%, 06/15/2031
  1,180,000     1,029,538
Ingersoll Rand, Inc., 5.31%, 06/15/2031
  1,216,000     1,258,277
John Deere Capital Corp.                  
1.45%, 01/15/2031
  1,479,000     1,244,333
4.90%, 03/07/2031
  2,066,000     2,119,350
2.00%, 06/17/2031
  1,462,000     1,258,437
Xylem, Inc., 2.25%, 01/30/2031
  1,218,000     1,061,705
        9,016,441
Media-2.66%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.80%, 04/01/2031
  3,890,000     3,301,022
Comcast Corp.                  
1.95%, 01/15/2031
  3,642,000     3,114,155
1.50%, 02/15/2031
  4,255,000     3,539,152
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031
  1,200,000     1,035,443
Omnicom Group, Inc., 2.60%, 08/01/2031
  1,920,000     1,674,480
Paramount Global, 4.95%, 01/15/2031
  3,035,000     2,820,706
        15,484,958
Metals & Mining-0.19%
Steel Dynamics, Inc., 3.25%, 01/15/2031
  1,200,000     1,093,513
Multi-Utilities-1.54%
Ameren Corp., 3.50%, 01/15/2031
  1,945,000     1,809,106
CenterPoint Energy, Inc., 2.65%, 06/01/2031
  1,200,000     1,049,454
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031
  2,068,000     1,758,251
DTE Electric Co., Series C, 2.63%, 03/01/2031
  1,453,000     1,298,458
NiSource, Inc., 1.70%, 02/15/2031
  1,800,000     1,497,882
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031
  1,817,000     1,560,310
        8,973,461
Office REITs-0.46%
Boston Properties L.P., 3.25%, 01/30/2031
  3,040,000     2,677,702
Oil, Gas & Consumable Fuels-6.13%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031
  1,190,000     1,075,246
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Burlington Resources LLC, 7.20%, 08/15/2031
$ 1,088,000   $  1,252,599
Cheniere Energy Partners L.P., 4.00%, 03/01/2031
  3,641,000     3,436,500
Conoco Funding Co., 7.25%, 10/15/2031
  956,000     1,105,625
Devon Energy Corp., 7.88%, 09/30/2031
  1,618,000     1,877,711
Diamondback Energy, Inc., 3.13%, 03/24/2031
  1,865,000     1,683,807
Hess Corp., 7.30%, 08/15/2031
  1,514,000     1,728,435
Kinder Morgan, Inc.                  
2.00%, 02/15/2031
  1,820,000     1,550,515
7.80%, 08/01/2031
  1,283,000     1,484,250
Occidental Petroleum Corp.                  
6.13%, 01/01/2031(b)
  2,775,000     2,926,486
7.50%, 05/01/2031
  2,107,000     2,391,567
ONEOK, Inc., 6.35%, 01/15/2031
  1,461,000     1,568,938
Ovintiv, Inc., 7.38%, 11/01/2031
  1,212,000     1,356,597
Phillips 66 Co., 5.25%, 06/15/2031
  1,459,000     1,500,982
Pioneer Natural Resources Co., 2.15%, 01/15/2031
  2,429,000     2,113,914
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031
  2,426,000     2,384,234
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031
  2,430,000     2,120,576
Valero Energy Corp., 2.80%, 12/01/2031
  1,120,000        978,402
Williams Cos., Inc. (The), 2.60%, 03/15/2031
  3,639,000     3,182,460
        35,718,844
Personal Care Products-0.51%
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031
  1,461,000     1,252,010
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031
  2,060,000     1,747,402
        2,999,412
Pharmaceuticals-3.47%
AstraZeneca Finance LLC (United Kingdom)                  
4.90%, 02/26/2031
  2,427,000     2,495,147
2.25%, 05/28/2031
  1,820,000     1,587,605
Bristol-Myers Squibb Co.                  
5.75%, 02/01/2031
  2,430,000     2,603,378
5.10%, 02/22/2031
  3,039,000     3,143,021
Johnson & Johnson, 4.90%, 06/01/2031
  2,790,000     2,899,196
Merck & Co., Inc., 2.15%, 12/10/2031
  4,860,000     4,185,884
Pfizer, Inc., 1.75%, 08/18/2031
  2,430,000     2,054,070
Royalty Pharma PLC, 2.15%, 09/02/2031
  1,460,000     1,225,137
        20,193,438
Professional Services-0.72%
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031
  2,430,000     2,112,305
Equifax, Inc., 2.35%, 09/15/2031
  2,425,000     2,075,613
        4,187,918
Real Estate Management & Development-0.18%
CBRE Services, Inc., 2.50%, 04/01/2031
  1,183,000     1,020,161
Residential REITs-0.89%
AvalonBay Communities, Inc., 2.45%, 01/15/2031
  1,465,000     1,291,824
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Residential REITs-(continued)
ERP Operating L.P., 1.85%, 08/01/2031
$ 1,211,000   $  1,017,901
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031
  1,580,000     1,305,210
Sun Communities Operating L.P., 2.70%, 07/15/2031
  1,826,000     1,564,656
        5,179,591
Retail REITs-0.96%
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031
  1,190,000     1,015,148
Kimco Realty OP LLC, 2.25%, 12/01/2031
  1,183,000        990,971
Realty Income Corp., 3.25%, 01/15/2031
  2,305,000     2,118,237
Simon Property Group L.P., 2.20%, 02/01/2031
  1,698,000     1,471,395
        5,595,751
Semiconductors & Semiconductor Equipment-3.16%
Analog Devices, Inc., 2.10%, 10/01/2031
  2,430,000     2,088,905
Broadcom, Inc., 5.15%, 11/15/2031
  3,640,000     3,719,580
Intel Corp.                  
5.00%, 02/21/2031
  1,214,000     1,212,253
2.00%, 08/12/2031
  3,033,000     2,496,247
Marvell Technology, Inc., 2.95%, 04/15/2031
  1,821,000     1,627,749
Micron Technology, Inc., 5.30%, 01/15/2031
  2,430,000     2,492,273
NVIDIA Corp., 2.00%, 06/15/2031
  3,035,000     2,654,087
Skyworks Solutions, Inc., 3.00%, 06/01/2031
  1,215,000     1,061,855
Texas Instruments, Inc., 1.90%, 09/15/2031
  1,210,000     1,043,210
        18,396,159
Software-3.16%
Autodesk, Inc., 2.40%, 12/15/2031
  2,432,000     2,095,402
Fortinet, Inc., 2.20%, 03/15/2031
  1,210,000     1,037,507
Oracle Corp., 2.88%, 03/25/2031
  7,889,000     7,062,608
Roper Technologies, Inc., 1.75%, 02/15/2031
  2,430,000     2,027,521
Salesforce, Inc., 1.95%, 07/15/2031
  3,640,000     3,109,726
VMware LLC, 2.20%, 08/15/2031
  3,640,000     3,080,399
        18,413,163
Specialized REITs-3.05%
American Tower Corp.                  
2.70%, 04/15/2031
  1,697,000     1,494,834
2.30%, 09/15/2031
  1,705,000     1,448,973
Crown Castle, Inc.                  
2.25%, 01/15/2031
  2,670,000     2,280,587
2.10%, 04/01/2031
  2,430,000     2,039,970
2.50%, 07/15/2031
  1,820,000     1,558,391
Equinix, Inc., 2.50%, 05/15/2031
  2,431,000     2,113,806
Extra Space Storage L.P.                  
5.90%, 01/15/2031
  1,460,000     1,536,238
2.40%, 10/15/2031
  1,464,000     1,244,684
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031
  1,670,000     1,554,295
Public Storage Operating Co.                  
2.30%, 05/01/2031
  1,543,000     1,350,559
2.25%, 11/09/2031
  1,331,000     1,139,055
        17,761,392
Specialty Retail-2.85%
AutoZone, Inc., 1.65%, 01/15/2031
  1,462,000     1,220,961
  Principal
Amount 		  Value
Specialty Retail-(continued)
Home Depot, Inc. (The)                  
1.38%, 03/15/2031
$ 3,035,000     $2,511,401
4.85%, 06/25/2031
  2,430,000     2,489,334
1.88%, 09/15/2031
  2,433,000     2,064,691
Leidos, Inc., 2.30%, 02/15/2031
  2,430,000     2,079,294
Lowe’s Cos., Inc., 2.63%, 04/01/2031
  3,642,000     3,229,823
O’Reilly Automotive, Inc., 1.75%, 03/15/2031
  1,210,000     1,011,448
Ross Stores, Inc., 1.88%, 04/15/2031
  1,195,000     1,003,515
TJX Cos., Inc. (The), 1.60%, 05/15/2031
  1,200,000     1,003,468
        16,613,935
Technology Hardware, Storage & Peripherals-1.92%
Apple, Inc.                  
1.65%, 02/08/2031
  6,680,000     5,757,630
1.70%, 08/05/2031(b)
  2,433,000     2,080,777
HP, Inc., 2.65%, 06/17/2031
  2,425,000     2,113,249
IBM International Capital Pte. Ltd., 4.75%, 02/05/2031
  1,210,000     1,225,164
        11,176,820
Tobacco-1.37%
B.A.T Capital Corp. (United Kingdom)                  
5.83%, 02/20/2031
  2,070,000     2,173,457
2.73%, 03/25/2031
  3,035,000     2,670,398
Philip Morris International, Inc., 5.13%, 02/13/2031
  3,048,000     3,127,763
        7,971,618
Trading Companies & Distributors-0.25%
Air Lease Corp., 5.20%, 07/15/2031
  1,460,000     1,471,538
Water Utilities-0.20%
American Water Capital Corp., 2.30%, 06/01/2031
  1,339,000     1,157,390
Wireless Telecommunication Services-1.33%
T-Mobile USA, Inc.                  
2.88%, 02/15/2031
  2,430,000     2,182,695
3.50%, 04/15/2031
  5,952,000     5,538,548
        7,721,243
Total U.S. Dollar Denominated Bonds & Notes

(Cost $564,625,098)
  577,030,479
  Shares    
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $45,840)
  45,840        45,840
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.06%

(Cost $564,670,938)
  577,076,319
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.19%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  3,527,136     3,527,136
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60
Table of Contents
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  9,202,091   $  9,205,772
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $12,732,377)
  12,732,908
TOTAL INVESTMENTS IN SECURITIES-101.25%

(Cost $577,403,315)
  589,809,227
OTHER ASSETS LESS LIABILITIES-(1.25)%
  (7,261,292)
NET ASSETS-100.00%
  $582,547,935
    
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $42,663   $17,415,508   $(17,412,331)   $-   $-   $45,840   $33,097
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 932,243   33,984,779   (31,389,886)   -   -   3,527,136   114,374*
Invesco Private Prime Fund 2,397,193   62,330,853   (55,525,193)   479   2,440   9,205,772   303,993*
Total $3,372,099   $113,731,140   $(104,327,410)   $479   $2,440   $12,778,748   $451,464
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61
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Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.81%
Aerospace & Defense-1.52%
General Electric Co., 6.75%, 03/15/2032
$ 3,630,000   $  4,108,947
Lockheed Martin Corp., 3.90%, 06/15/2032
  2,192,000     2,121,734
RTX Corp., 2.38%, 03/15/2032
  2,740,000     2,335,683
        8,566,364
Automobiles-2.87%
Ford Motor Co.                  
3.25%, 02/12/2032
  6,850,500     5,837,550
6.10%, 08/19/2032
  4,800,000     4,934,983
General Motors Co., 5.60%, 10/15/2032
  3,423,000     3,541,224
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032
  2,060,000     1,863,031
        16,176,788
Banks-4.24%
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032
  2,330,000     2,001,951
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032
  2,740,000     2,527,115
Citigroup, Inc., 6.63%, 06/15/2032
  2,740,000     3,006,478
Citizens Financial Group, Inc., 2.64%, 09/30/2032
  1,684,000     1,368,842
KeyBank N.A., 4.90%, 08/08/2032(b)
  1,985,000     1,882,711
Royal Bank of Canada (Canada), 3.88%, 05/04/2032
  2,741,000     2,604,344
Toronto-Dominion Bank (The) (Canada)                  
2.45%, 01/12/2032(b)
  1,640,000     1,417,859
3.20%, 03/10/2032
  4,130,000     3,720,421
4.46%, 06/08/2032
  5,500,000     5,381,152
        23,910,873
Beverages-1.63%
Constellation Brands, Inc., 4.75%, 05/09/2032
  1,921,000     1,914,740
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032
  2,060,000     1,737,110
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032
  2,330,000     2,242,305
PepsiCo, Inc., 3.90%, 07/18/2032
  3,430,000     3,329,585
        9,223,740
Biotechnology-0.85%
Amgen, Inc.                  
2.00%, 01/15/2032
  2,740,000     2,289,644
3.35%, 02/22/2032
  2,740,000     2,510,774
        4,800,418
Broadline Retail-2.28%
Amazon.com, Inc.                  
3.60%, 04/13/2032
  6,853,000     6,533,998
4.70%, 12/01/2032
  6,170,000     6,323,242
        12,857,240
Building Products-0.22%
Carlisle Cos., Inc., 2.20%, 03/01/2032
  1,510,000     1,263,625
Capital Markets-4.79%
Ameriprise Financial, Inc., 4.50%, 05/13/2032
  1,370,000     1,358,805
BlackRock, Inc., 2.10%, 02/25/2032
  2,740,000     2,329,943
  Principal
Amount 		  Value
Capital Markets-(continued)
Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032
$ 1,648,000   $  1,391,762
Charles Schwab Corp. (The), 2.90%, 03/03/2032
  2,740,000     2,425,017
CME Group, Inc., 2.65%, 03/15/2032
  2,060,000     1,837,686
Credit Suisse (USA) LLC (Switzerland), 7.13%, 07/15/2032
  2,040,000     2,328,803
FactSet Research Systems, Inc., 3.45%, 03/01/2032
  1,370,000     1,232,089
Jefferies Financial Group, Inc., 2.75%, 10/15/2032
  1,373,000     1,151,205
Moody’s Corp., 4.25%, 08/08/2032
  1,370,000     1,333,259
Morgan Stanley, 7.25%, 04/01/2032
  2,702,000     3,171,141
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032
  2,050,000     1,778,333
Northern Trust Corp., 6.13%, 11/02/2032(b)
  2,753,000     3,018,365
S&P Global, Inc., 2.90%, 03/01/2032
  4,090,000     3,679,816
        27,036,224
Chemicals-1.27%
Albemarle Corp., 5.05%, 06/01/2032(b)
  1,641,000     1,622,823
Celanese US Holdings LLC, 6.38%, 07/15/2032
  2,741,000     2,899,417
Ecolab, Inc., 2.13%, 02/01/2032
  1,760,000     1,508,414
Sherwin-Williams Co. (The), 2.20%, 03/15/2032
  1,370,000     1,162,669
        7,193,323
Commercial Services & Supplies-1.64%
Cintas Corp. No. 2, 4.00%, 05/01/2032
  2,192,000     2,123,040
Republic Services, Inc., 1.75%, 02/15/2032
  2,052,000     1,691,815
Waste Connections, Inc.                  
2.20%, 01/15/2032
  1,780,000     1,511,642
3.20%, 06/01/2032
  1,375,000     1,240,694
Waste Management, Inc., 4.15%, 04/15/2032
  2,741,000     2,679,555
        9,246,746
Communications Equipment-0.30%
Motorola Solutions, Inc., 5.60%, 06/01/2032
  1,641,000     1,713,105
Construction & Engineering-0.20%
Quanta Services, Inc., 2.35%, 01/15/2032
  1,370,000     1,156,166
Consumer Finance-0.93%
Discover Financial Services, 6.70%, 11/29/2032
  2,056,000     2,241,646
General Motors Financial Co., Inc., 3.10%, 01/12/2032
  3,430,000     2,990,596
        5,232,242
Consumer Staples Distribution & Retail-1.84%
Costco Wholesale Corp., 1.75%, 04/20/2032
  2,740,000     2,294,204
Dollar General Corp., 5.00%, 11/01/2032(b)
  1,920,000     1,884,998
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62
Table of Contents
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Consumer Staples Distribution & Retail-(continued)
Target Corp., 4.50%, 09/15/2032(b)
$ 2,740,000   $  2,757,338
Walmart, Inc., 4.15%, 09/09/2032
  3,430,000     3,432,572
        10,369,112
Containers & Packaging-0.65%
Avery Dennison Corp., 2.25%, 02/15/2032
  1,375,000     1,152,116
Sonoco Products Co., 2.85%, 02/01/2032
  1,370,000     1,185,773
WRKCo, Inc., 4.20%, 06/01/2032(b)
  1,375,000     1,329,256
        3,667,145
Distributors-0.21%
Genuine Parts Co., 2.75%, 02/01/2032
  1,375,000     1,181,414
Diversified Consumer Services-0.24%
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032
  1,370,000     1,375,718
Diversified REITs-0.93%
CubeSmart L.P., 2.50%, 02/15/2032
  1,370,000     1,169,773
VICI Properties L.P., 5.13%, 05/15/2032
  4,109,000     4,064,323
        5,234,096
Diversified Telecommunication Services-3.86%
AT&T, Inc., 2.25%, 02/01/2032
  6,850,000     5,779,244
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032
  1,625,000     1,352,412
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032
  1,370,000     1,739,072
TELUS Corp. (Canada), 3.40%, 05/13/2032
  2,463,000     2,216,095
Verizon Communications, Inc., 2.36%, 03/15/2032
  12,620,000    10,726,879
        21,813,702
Electric Utilities-8.70%
AEP Texas, Inc., 4.70%, 05/15/2032
  1,370,000     1,349,920
Alabama Power Co., 3.05%, 03/15/2032
  1,919,000     1,723,518
American Electric Power Co., Inc., 5.95%, 11/01/2032
  1,375,000     1,464,443
Appalachian Power Co., Series BB, 4.50%, 08/01/2032
  1,370,000     1,320,152
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032
  1,374,000     1,349,860
Duke Energy Carolinas LLC, 2.85%, 03/15/2032
  1,370,000     1,218,178
Duke Energy Corp., 4.50%, 08/15/2032
  3,153,000     3,072,963
Duke Energy Progress LLC, 3.40%, 04/01/2032
  1,370,000     1,258,851
Entergy Louisiana LLC, 2.35%, 06/15/2032
  1,370,000     1,160,139
Eversource Energy, 3.38%, 03/01/2032
  1,825,000     1,632,618
Exelon Corp., 3.35%, 03/15/2032
  1,782,000     1,624,217
Florida Power & Light Co., 2.45%, 02/03/2032
  4,111,000     3,579,265
Georgia Power Co., 4.70%, 05/15/2032
  1,920,000     1,924,608
National Rural Utilities Cooperative Finance Corp.                  
2.75%, 04/15/2032
  1,370,000     1,209,116
4.02%, 11/01/2032
  1,640,000     1,562,501
NextEra Energy Capital Holdings, Inc.                  
2.44%, 01/15/2032
  2,705,000     2,307,046
5.00%, 07/15/2032
  2,730,000     2,766,304
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032
  1,920,000     1,904,491
  Principal
Amount 		  Value
Electric Utilities-(continued)
Pacific Gas and Electric Co., 5.90%, 06/15/2032
$ 1,649,000   $  1,709,921
Public Service Electric and Gas Co., 3.10%, 03/15/2032
  1,370,000     1,242,681
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032
  1,639,000     1,470,054
Southern California Edison Co.                  
2.75%, 02/01/2032
  1,368,000     1,199,088
5.95%, 11/01/2032
  2,060,000     2,208,038
Southern Co. (The), 5.70%, 10/15/2032
  1,370,000     1,451,708
Union Electric Co., 2.15%, 03/15/2032
  1,440,000     1,212,594
Virginia Electric & Power Co., 2.40%, 03/30/2032
  1,640,000     1,406,337
Wisconsin Electric Power Co., 4.75%, 09/30/2032(b)
  1,370,000     1,392,590
Wisconsin Power and Light Co., 3.95%, 09/01/2032
  1,640,000     1,546,984
Xcel Energy, Inc., 4.60%, 06/01/2032
  1,917,000     1,869,183
        49,137,368
Electronic Equipment, Instruments & Components-1.09%
Allegion US Holding Co., Inc., 5.41%, 07/01/2032
  1,646,000     1,696,484
Arrow Electronics, Inc., 2.95%, 02/15/2032
  1,366,000     1,185,416
Eaton Corp., 4.00%, 11/02/2032
  1,920,000     1,855,140
Tyco Electronics Group S.A., 2.50%, 02/04/2032
  1,640,000     1,439,940
        6,176,980
Entertainment-2.63%
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032
  1,370,000     1,300,920
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032
  1,368,000     1,578,244
Warnermedia Holdings, Inc., 4.28%, 03/15/2032
  13,690,000    11,972,796
        14,851,960
Financial Services-4.12%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032
  11,004,000     9,785,968
Corebridge Financial, Inc., 3.90%, 04/05/2032
  4,130,000     3,825,768
Fidelity National Information Services, Inc., 5.10%, 07/15/2032
  2,060,000     2,110,510
Global Payments, Inc., 5.40%, 08/15/2032
  2,058,000     2,099,930
ORIX Corp. (Japan)                  
4.00%, 04/13/2032
  1,370,000     1,298,115
5.20%, 09/13/2032
  1,367,000     1,398,411
PayPal Holdings, Inc., 4.40%, 06/01/2032(b)
  2,741,000     2,721,691
        23,240,393
Food Products-1.49%
Archer-Daniels-Midland Co., 2.90%, 03/01/2032
  2,060,000     1,836,859
J. M. Smucker Co. (The), 2.13%, 03/15/2032
  1,370,000     1,143,434
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63
Table of Contents
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Food Products-(continued)
Mondelez International, Inc.                  
3.00%, 03/17/2032
$ 2,060,000     $1,844,906
1.88%, 10/15/2032(b)
  1,720,000     1,415,052
Pilgrim’s Pride Corp., 3.50%, 03/01/2032
  2,434,000     2,154,218
        8,394,469
Gas Utilities-0.76%
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032
  1,366,000     1,322,537
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032
  1,375,000     1,407,707
Southwest Gas Corp., 4.05%, 03/15/2032
  1,643,000     1,542,606
        4,272,850
Ground Transportation-1.62%
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032
  2,190,000     2,083,996
CSX Corp., 4.10%, 11/15/2032
  2,600,000     2,520,190
Norfolk Southern Corp., 3.00%, 03/15/2032
  1,650,000     1,480,092
Union Pacific Corp., 2.80%, 02/14/2032
  3,425,000     3,070,911
        9,155,189
Health Care Equipment & Supplies-1.78%
Baxter International, Inc., 2.54%, 02/01/2032(b)
  4,220,000     3,605,419
Becton, Dickinson and Co., 4.30%, 08/22/2032
  1,370,000     1,329,158
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032
  4,770,000     5,084,682
        10,019,259
Health Care Providers & Services-3.27%
Elevance Health, Inc.                  
4.10%, 05/15/2032
  1,640,000     1,583,076
5.50%, 10/15/2032
  1,780,000     1,873,120
HCA, Inc., 3.63%, 03/15/2032
  5,480,000     4,983,741
Humana, Inc., 2.15%, 02/03/2032
  2,051,000     1,701,689
UnitedHealth Group, Inc.                  
4.95%, 01/15/2032
  4,200,000     4,290,483
4.20%, 05/15/2032
  4,110,000     4,013,334
        18,445,443
Health Care REITs-0.82%
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032
  2,500,000     2,032,266
Welltower OP LLC                  
2.75%, 01/15/2032
  1,380,000     1,202,881
3.85%, 06/15/2032
  1,510,000     1,416,390
        4,651,537
Hotels, Restaurants & Leisure-1.25%
Marriott International, Inc., Series GG, 3.50%, 10/15/2032
  2,740,000     2,471,478
McDonald’s Corp., 4.60%, 09/09/2032
  2,060,000     2,070,396
Starbucks Corp., 3.00%, 02/14/2032
  2,823,000     2,540,011
        7,081,885
Household Products-1.14%
Church & Dwight Co., Inc., 5.60%, 11/15/2032
  1,380,000     1,469,843
Clorox Co. (The), 4.60%, 05/01/2032
  1,640,000     1,635,467
  Principal
Amount 		  Value
Household Products-(continued)
Colgate-Palmolive Co., 3.25%, 08/15/2032
$ 1,373,000   $  1,276,103
Procter & Gamble Co. (The), 2.30%, 02/01/2032
  2,330,000     2,074,702
        6,456,115
Industrial Conglomerates-0.55%
GE Capital Funding LLC, 4.55%, 05/15/2032
  1,300,000     1,286,409
Honeywell International, Inc., 4.75%, 02/01/2032
  1,790,000     1,818,641
        3,105,050
Industrial REITs-0.20%
Prologis L.P., 2.25%, 01/15/2032
  1,330,000     1,128,091
Insurance-2.49%
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032
  1,375,000     1,394,897
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032
  2,744,000     2,502,338
Brown & Brown, Inc., 4.20%, 03/17/2032
  1,641,000     1,553,474
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032
  2,040,000     2,081,872
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032
  2,053,000     1,935,490
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032
  1,370,000     1,475,728
MetLife, Inc., 6.50%, 12/15/2032
  1,640,000     1,851,421
Progressive Corp. (The), 3.00%, 03/15/2032
  1,370,000     1,243,188
        14,038,408
Interactive Media & Services-1.39%
Meta Platforms, Inc., 3.85%, 08/15/2032
  8,170,000     7,829,757
IT Services-0.88%
International Business Machines Corp.                  
2.72%, 02/09/2032
  1,320,000     1,171,033
4.40%, 07/27/2032
  2,050,000     2,022,358
5.88%, 11/29/2032
  1,640,000     1,782,242
        4,975,633
Life Sciences Tools & Services-0.66%
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
  2,190,000     2,008,646
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032
  1,693,000     1,741,998
        3,750,644
Machinery-0.94%
Flowserve Corp., 2.80%, 01/15/2032
  1,370,000     1,170,035
John Deere Capital Corp.                  
3.90%, 06/07/2032
  1,373,000     1,312,855
4.35%, 09/15/2032
  1,650,000     1,642,510
Stanley Black & Decker, Inc., 3.00%, 05/15/2032(b)
  1,353,000     1,203,685
        5,329,085
Media-1.33%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.30%, 02/01/2032
  2,745,000     2,193,754
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64
Table of Contents
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Media-(continued)
Comcast Corp., 5.50%, 11/15/2032
$ 2,750,000   $  2,904,668
Paramount Global, 4.20%, 05/19/2032
  2,743,000     2,383,192
        7,481,614
Metals & Mining-1.17%
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032(b)
  2,808,000     3,075,135
Newmont Corp., 2.60%, 07/15/2032(b)
  2,490,000     2,174,618
Nucor Corp., 3.13%, 04/01/2032
  1,510,000     1,363,598
        6,613,351
Multi-Utilities-0.87%
Ameren Illinois Co., 3.85%, 09/01/2032
  1,370,000     1,295,047
Dominion Energy, Inc., 5.38%, 11/15/2032
  2,330,000     2,400,814
DTE Electric Co., Series A, 3.00%, 03/01/2032
  1,370,000     1,236,161
        4,932,022
Office REITs-0.33%
Boston Properties L.P., 2.55%, 04/01/2032
  2,300,000     1,869,047
Oil, Gas & Consumable Fuels-5.92%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032
  1,370,000     1,227,971
BP Capital Markets America, Inc., 2.72%, 01/12/2032
  5,502,000     4,845,780
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032
  1,370,000     1,169,590
Cheniere Energy Partners L.P., 3.25%, 01/31/2032
  3,316,000     2,944,338
ConocoPhillips, 5.90%, 10/15/2032
  1,385,000     1,500,733
Kinder Morgan, Inc., 7.75%, 01/15/2032
  2,770,000     3,214,539
Marathon Oil Corp., 6.80%, 03/15/2032
  1,510,000     1,686,257
MPLX L.P., 4.95%, 09/01/2032
  2,746,000     2,719,442
Occidental Petroleum Corp., 5.38%, 01/01/2032
  2,750,000     2,792,317
ONEOK, Inc., 6.10%, 11/15/2032
  2,100,000     2,230,847
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032
  1,367,000     1,534,467
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032
  2,740,000     2,544,078
Valero Energy Corp., 7.50%, 04/15/2032
  1,993,000     2,313,264
Williams Cos., Inc. (The), 4.65%, 08/15/2032
  2,740,000     2,696,899
        33,420,522
Personal Care Products-0.53%
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032
  2,743,000     3,013,998
Pharmaceuticals-2.05%
Bristol-Myers Squibb Co., 2.95%, 03/15/2032
  4,800,000     4,313,852
Haleon US Capital LLC, 3.63%, 03/24/2032
  5,455,000     5,069,863
Zoetis, Inc., 5.60%, 11/16/2032
  2,060,000     2,172,200
        11,555,915
Residential REITs-1.37%
American Homes 4 Rent L.P., 3.63%, 04/15/2032
  1,640,000     1,492,189
  Principal
Amount 		  Value
Residential REITs-(continued)
AvalonBay Communities, Inc., 2.05%, 01/15/2032
$ 1,920,000   $  1,629,823
Essex Portfolio L.P., 2.65%, 03/15/2032
  1,783,000     1,532,956
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032
  1,640,000     1,548,796
Sun Communities Operating L.P., 4.20%, 04/15/2032
  1,640,000     1,521,959
        7,725,723
Retail REITs-1.51%
Kimco Realty OP LLC, 3.20%, 04/01/2032
  1,621,000     1,444,238
Realty Income Corp.                  
5.63%, 10/13/2032
  2,060,000     2,161,912
2.85%, 12/15/2032
  1,920,000     1,651,996
Simon Property Group L.P.                  
2.25%, 01/15/2032
  1,921,000     1,633,977
2.65%, 02/01/2032
  1,893,000     1,647,432
        8,539,555
Semiconductors & Semiconductor Equipment-3.74%
Advanced Micro Devices, Inc., 3.92%, 06/01/2032(b)
  1,370,000     1,332,775
Broadcom, Inc., 4.30%, 11/15/2032
  5,480,000     5,294,648
Intel Corp.                  
4.15%, 08/05/2032
  3,430,000     3,216,203
4.00%, 12/15/2032
  2,204,000     2,032,724
KLA Corp., 4.65%, 07/15/2032
  2,740,000     2,768,190
Micron Technology, Inc., 2.70%, 04/15/2032
  2,740,000     2,348,377
QUALCOMM, Inc.                  
1.65%, 05/20/2032
  3,388,000     2,776,567
4.25%, 05/20/2032(b)
  1,373,000     1,355,802
        21,125,286
Software-1.77%
Oracle Corp., 6.25%, 11/09/2032
  6,190,000     6,747,861
Workday, Inc., 3.80%, 04/01/2032
  3,440,000     3,228,809
        9,976,670
Specialized REITs-1.80%
American Tower Corp., 4.05%, 03/15/2032
  1,780,000     1,686,448
Equinix, Inc., 3.90%, 04/15/2032
  3,290,000     3,100,367
Extra Space Storage L.P., 2.35%, 03/15/2032
  1,644,000     1,364,136
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032
  2,193,000     1,915,899
Weyerhaeuser Co., 7.38%, 03/15/2032
  1,800,000     2,070,338
        10,137,188
Specialty Retail-3.27%
AutoNation, Inc., 3.85%, 03/01/2032
  1,916,000     1,752,859
AutoZone, Inc., 4.75%, 08/01/2032
  2,060,000     2,050,895
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b)
  2,059,000     1,822,196
Home Depot, Inc. (The)                  
3.25%, 04/15/2032
  3,430,000     3,167,602
4.50%, 09/15/2032(b)
  3,428,000     3,450,853
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65
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Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Specialty Retail-(continued)
Lowe’s Cos., Inc., 3.75%, 04/01/2032
$ 4,115,000   $  3,868,162
O’Reilly Automotive, Inc., 4.70%, 06/15/2032
  2,330,000     2,325,040
        18,437,607
Technology Hardware, Storage & Peripherals-1.21%
Apple, Inc., 3.35%, 08/08/2032
  4,114,000     3,888,703
HP, Inc., 4.20%, 04/15/2032
  1,860,000     1,774,274
Western Digital Corp., 3.10%, 02/01/2032(b)
  1,370,000     1,153,777
        6,816,754
Textiles, Apparel & Luxury Goods-0.20%
Tapestry, Inc., 3.05%, 03/15/2032
  1,370,000     1,148,951
Tobacco-2.26%
Altria Group, Inc., 2.45%, 02/04/2032
  4,800,000     4,040,104
B.A.T Capital Corp. (United Kingdom)                  
4.74%, 03/16/2032
  2,470,000     2,437,494
7.75%, 10/19/2032
  1,630,000     1,904,340
Philip Morris International, Inc., 5.75%, 11/17/2032
  4,110,000     4,350,786
        12,732,724
Trading Companies & Distributors-0.32%
Air Lease Corp., 2.88%, 01/15/2032
  2,060,000     1,784,938
Water Utilities-0.38%
American Water Capital Corp., 4.45%, 06/01/2032
  2,190,000     2,172,248
Wireless Telecommunication Services-2.53%
Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032
  5,360,000     4,941,288
Sprint Capital Corp., 8.75%, 03/15/2032
  5,626,000     6,946,822
T-Mobile USA, Inc., 2.70%, 03/15/2032
  2,745,000     2,382,420
        14,270,530
Total U.S. Dollar Denominated Bonds & Notes

(Cost $540,910,166)
  557,812,800
  Shares   Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $52,309)
  52,309   $     52,309
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.82%

(Cost $540,962,475)
  557,865,109
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.53%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  6,907,673     6,907,673
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  13,006,523    13,011,726
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $19,918,628)
  19,919,399
TOTAL INVESTMENTS IN SECURITIES-102.35%

(Cost $560,881,103)
  577,784,508
OTHER ASSETS LESS LIABILITIES-(2.35)%
  (13,286,624)
NET ASSETS-100.00%
  $564,497,884
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $67,027   $17,642,686   $(17,657,404)   $-   $-   $52,309   $42,603
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66
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Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $1,137,562   $42,515,786   $(36,745,675)   $-   $-   $6,907,673   $180,040*
Invesco Private Prime Fund 2,925,157   74,369,342   (64,283,239)   783   (317)   13,011,726   480,079*
Total $4,129,746   $134,527,814   $(118,686,318)   $783   $(317)   $19,971,708   $702,722
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67
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Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.44%
Aerospace & Defense-2.45%
HEICO Corp., 5.35%, 08/01/2033
$ 872,000   $    897,278
L3Harris Technologies, Inc., 5.40%, 07/31/2033
  2,281,000     2,352,663
Lockheed Martin Corp., 5.25%, 01/15/2033
  1,530,000     1,605,640
Northrop Grumman Corp., 4.70%, 03/15/2033
  1,536,000     1,539,565
RTX Corp., 5.15%, 02/27/2033
  1,915,000     1,964,264
        8,359,410
Air Freight & Logistics-0.41%
United Parcel Service, Inc., 4.88%, 03/03/2033
  1,380,000     1,411,071
Automobile Components-0.24%
Magna International, Inc. (Canada), 5.50%, 03/21/2033
  765,000       805,026
Automobiles-1.06%
Ford Motor Credit Co. LLC, 7.12%, 11/07/2033
  1,915,000     2,070,318
Toyota Motor Corp. (Japan), 5.12%, 07/13/2033(b)
  744,000        793,329
Toyota Motor Credit Corp., 4.70%, 01/12/2033
  749,000       752,622
        3,616,269
Banks-5.77%
Banco Santander S.A. (Spain)                  
6.92%, 08/08/2033
  3,040,000     3,296,663
6.94%, 11/07/2033
  2,300,000     2,618,090
Canadian Imperial Bank of Commerce (Canada), 6.09%, 10/03/2033
  1,670,000     1,797,626
Citigroup, Inc., 6.00%, 10/31/2033
  1,004,000     1,073,492
KeyBank N.A., 5.00%, 01/26/2033(b)
  1,522,000     1,484,072
Royal Bank of Canada (Canada)                  
5.00%, 02/01/2033
  2,608,000     2,662,954
5.00%, 05/02/2033(b)
  1,368,000     1,403,586
Sumitomo Mitsui Financial Group, Inc. (Japan)                  
5.77%, 01/13/2033
  2,685,000     2,850,455
5.78%, 07/13/2033
  970,000     1,031,452
5.81%, 09/14/2033(b)
  1,380,000     1,480,882
        19,699,272
Beverages-1.85%
Brown-Forman Corp., 4.75%, 04/15/2033
  1,000,000     1,010,154
Constellation Brands, Inc., 4.90%, 05/01/2033
  1,150,000     1,146,813
Diageo Capital PLC (United Kingdom)                  
5.50%, 01/24/2033
  1,150,000     1,215,478
5.63%, 10/05/2033
  1,380,000     1,472,570
PepsiCo, Inc., 4.45%, 02/15/2033(b)
  1,437,000     1,485,603
        6,330,618
  Principal
Amount 		  Value
Biotechnology-2.74%
Amgen, Inc.                  
4.20%, 03/01/2033
$ 1,130,000     $1,082,307
5.25%, 03/02/2033
  6,512,000     6,695,132
Gilead Sciences, Inc., 5.25%, 10/15/2033
  1,530,000     1,594,491
        9,371,930
Building Products-0.28%
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033(b)
  917,000       970,422
Capital Markets-2.07%
Ameriprise Financial, Inc., 5.15%, 05/15/2033
  1,150,000     1,184,510
BlackRock, Inc., 4.75%, 05/25/2033
  1,910,000     1,935,373
Goldman Sachs Group, Inc. (The), 6.13%, 02/15/2033(b)
  1,580,000     1,750,498
Nomura Holdings, Inc. (Japan)                  
6.18%, 01/18/2033
  1,150,000     1,232,825
6.09%, 07/12/2033
  895,000       956,072
        7,059,278
Chemicals-2.25%
Air Products and Chemicals, Inc., 4.80%, 03/03/2033
  920,000        939,756
Celanese US Holdings LLC, 6.70%, 11/15/2033
  1,530,000     1,655,125
Dow Chemical Co. (The), 6.30%, 03/15/2033
  918,000        999,716
Eastman Chemical Co., 5.75%, 03/08/2033
  770,000        803,715
EIDP, Inc., 4.80%, 05/15/2033
  905,000        908,181
FMC Corp., 5.65%, 05/18/2033(b)
  770,000        788,221
LYB International Finance III LLC, 5.63%, 05/15/2033(b)
  770,000        808,912
Mosaic Co. (The), 5.45%, 11/15/2033(b)
  770,000       786,462
        7,690,088
Commercial Services & Supplies-1.11%
Republic Services, Inc.                  
2.38%, 03/15/2033
  1,066,000       893,657
5.00%, 12/15/2033
  1,000,000     1,018,368
Waste Connections, Inc., 4.20%, 01/15/2033
  1,140,000     1,098,884
Waste Management, Inc., 4.63%, 02/15/2033
  770,000       771,764
        3,782,673
Consumer Finance-0.71%
Ally Financial, Inc., 6.70%, 02/14/2033
  770,000        793,317
General Motors Financial Co., Inc., 6.40%, 01/09/2033(b)
  1,520,000     1,629,778
        2,423,095
Consumer Staples Distribution & Retail-1.34%
Dollar General Corp., 5.45%, 07/05/2033
  1,536,000     1,537,901
Target Corp., 4.40%, 01/15/2033
  770,000        771,488
Walmart, Inc., 4.10%, 04/15/2033(b)
  2,279,000     2,257,017
        4,566,406
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68
Table of Contents
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Containers & Packaging-0.46%
Amcor Finance (USA), Inc., 5.63%, 05/26/2033
$ 763,000   $    796,039
WRKCo, Inc., 3.00%, 06/15/2033
  870,000       759,611
        1,555,650
Distributors-0.28%
LKQ Corp., 6.25%, 06/15/2033
  914,000       960,561
Diversified Telecommunication Services-3.17%
AT&T, Inc., 2.55%, 12/01/2033
  5,736,000     4,752,807
Bell Canada (Canada), 5.10%, 05/11/2033
  1,299,000     1,311,232
Verizon Communications, Inc.                  
5.05%, 05/09/2033
  1,530,000     1,558,008
4.50%, 08/10/2033
  3,275,000     3,186,210
        10,808,257
Electric Utilities-8.83%
American Electric Power Co., Inc., 5.63%, 03/01/2033
  1,300,000     1,358,981
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033
  920,000        925,085
Consolidated Edison Co. of New York, Inc., 5.20%, 03/01/2033
  770,000        796,210
Constellation Energy Generation LLC, 5.80%, 03/01/2033
  915,000        961,415
Duke Energy Carolinas LLC, 4.95%, 01/15/2033
  1,914,000     1,945,085
Duke Energy Corp., 5.75%, 09/15/2033
  915,000        967,419
Duke Energy Florida LLC, 5.88%, 11/15/2033
  920,000        990,902
Duke Energy Progress LLC, 5.25%, 03/15/2033
  770,000        797,567
Entergy Louisiana LLC, 4.00%, 03/15/2033
  1,136,000     1,064,233
Eversource Energy, 5.13%, 05/15/2033
  1,225,000     1,226,674
Exelon Corp., 5.30%, 03/15/2033
  1,293,000     1,331,597
Florida Power & Light Co.                  
5.10%, 04/01/2033
  1,150,000     1,185,232
4.80%, 05/15/2033
  1,140,000     1,150,539
Georgia Power Co., 4.95%, 05/17/2033(b)
  1,535,000     1,552,573
National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033
  1,000,000     1,068,710
NextEra Energy Capital Holdings, Inc., 5.05%, 02/28/2033
  1,529,000     1,542,621
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033
  1,230,000     1,307,713
Pacific Gas and Electric Co.                  
6.15%, 01/15/2033
  1,135,000     1,195,704
6.40%, 06/15/2033
  1,750,000     1,871,200
PECO Energy Co., 4.90%, 06/15/2033
  876,000        889,493
PPL Electric Utilities Corp., 5.00%, 05/15/2033
  885,000        898,643
Public Service Electric and Gas Co.                  
4.65%, 03/15/2033
  765,000       764,900
5.20%, 08/01/2033
  770,000       796,968
Southern Co. (The), 5.20%, 06/15/2033(b)
  1,150,000     1,176,519
Virginia Electric and Power Co., 5.00%, 04/01/2033
  1,140,000     1,149,177
Xcel Energy, Inc., 5.45%, 08/15/2033
  1,215,000     1,242,440
        30,157,600
  Principal
Amount 		  Value
Electrical Equipment-0.59%
Regal Rexnord Corp., 6.40%, 04/15/2033
$ 1,900,000   $  2,017,676
Electronic Equipment, Instruments & Components-0.95%
Eaton Corp., 4.15%, 03/15/2033
  1,990,000     1,935,476
Trimble, Inc., 6.10%, 03/15/2033
  1,230,000     1,315,305
        3,250,781
Energy Equipment & Services-0.23%
Schlumberger Investment S.A., 4.85%, 05/15/2033
  760,000       771,997
Financial Services-2.70%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.40%, 10/29/2033
  2,300,000     2,006,014
Apollo Global Management, Inc., 6.38%, 11/15/2033(b)
  769,000        846,958
Brookfield Capital Finance LLC (Canada), 6.09%, 06/14/2033
  845,000        903,072
Equitable Holdings, Inc., 5.59%, 01/11/2033
  760,000        786,417
Fiserv, Inc.                  
5.60%, 03/02/2033
  1,370,000     1,434,531
5.63%, 08/21/2033
  1,990,000     2,083,324
Mastercard, Inc., 4.85%, 03/09/2033
  1,140,000     1,174,342
        9,234,658
Food Products-2.68%
Archer-Daniels-Midland Co., 4.50%, 08/15/2033
  760,000        750,528
General Mills, Inc., 4.95%, 03/29/2033
  1,533,000     1,546,811
J.M. Smucker Co. (The), 6.20%, 11/15/2033
  1,530,000     1,667,738
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.75%, 04/01/2033
  2,785,000     2,852,631
McCormick & Co., Inc., 4.95%, 04/15/2033
  768,000        781,023
Pilgrim’s Pride Corp., 6.25%, 07/01/2033
  1,480,000     1,566,620
        9,165,351
Gas Utilities-1.10%
Atmos Energy Corp., 5.90%, 11/15/2033
  1,100,000     1,192,399
CenterPoint Energy Resources Corp., 5.40%, 03/01/2033
  915,000        945,770
Southern California Gas Co., 5.20%, 06/01/2033
  770,000        791,906
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033(b)
  770,000       814,380
        3,744,455
Ground Transportation-1.19%
CSX Corp., 5.20%, 11/15/2033(b)
  910,000        946,916
Norfolk Southern Corp., 4.45%, 03/01/2033
  750,000        739,613
Ryder System, Inc., 6.60%, 12/01/2033(b)
  910,000     1,006,081
Union Pacific Corp., 4.50%, 01/20/2033(b)
  1,380,000     1,379,089
        4,071,699
Health Care Equipment & Supplies-0.45%
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033
  1,530,000     1,520,576
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69
Table of Contents
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Health Care Providers & Services-5.84%
Cigna Group (The), 5.40%, 03/15/2033
$ 1,227,000   $  1,271,057
CVS Health Corp.                  
5.25%, 02/21/2033
  2,685,000     2,702,215
5.30%, 06/01/2033
  1,915,000     1,924,085
Elevance Health, Inc., 4.75%, 02/15/2033
  1,530,000     1,525,949
HCA, Inc., 5.50%, 06/01/2033(b)
  1,913,000     1,958,203
Humana, Inc., 5.88%, 03/01/2033
  1,151,000     1,210,507
McKesson Corp., 5.10%, 07/15/2033
  915,000        940,110
Providence St. Joseph Health Obligated Group, 5.40%, 10/01/2033
  895,000        921,553
Quest Diagnostics, Inc., 6.40%, 11/30/2033
  1,140,000     1,255,207
UnitedHealth Group, Inc.                  
5.35%, 02/15/2033
  3,059,000     3,202,851
4.50%, 04/15/2033(b)
  2,275,000     2,248,939
UPMC, 5.04%, 05/15/2033
  764,000       774,655
        19,935,331
Health Care REITs-0.62%
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033
  1,520,000     1,193,303
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033(b)
  1,075,000       910,277
        2,103,580
Hotels, Restaurants & Leisure-1.00%
Darden Restaurants, Inc., 6.30%, 10/10/2033(b)
  760,000        815,116
Marriott International, Inc., Series II, 2.75%, 10/15/2033
  1,058,000        887,900
McDonald’s Corp., 4.95%, 08/14/2033
  915,000        936,772
Starbucks Corp., 4.80%, 02/15/2033(b)
  766,000       778,960
        3,418,748
Household Products-0.61%
Colgate-Palmolive Co., 4.60%, 03/01/2033
  770,000        785,282
Procter & Gamble Co. (The), 4.05%, 01/26/2033(b)
  1,305,000     1,295,917
        2,081,199
Industrial Conglomerates-0.51%
Honeywell International, Inc., 5.00%, 02/15/2033
  1,685,000     1,734,973
Industrial REITs-0.63%
Prologis L.P.                  
4.63%, 01/15/2033
  994,000       986,395
4.75%, 06/15/2033
  1,150,000     1,150,542
        2,136,937
Insurance-2.61%
Allstate Corp. (The), 5.25%, 03/30/2033(b)
  1,150,000     1,190,584
American International Group, Inc., 5.13%, 03/27/2033(b)
  1,150,000     1,173,485
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033
  1,150,000     1,186,589
Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033(b)
  915,000        966,491
MetLife, Inc., 5.38%, 07/15/2033(b)
  1,533,000     1,606,357
Progressive Corp. (The), 4.95%, 06/15/2033
  770,000       791,587
  Principal
Amount 		  Value
Insurance-(continued)
Travelers Property Casualty Corp., 6.38%, 03/15/2033
$ 742,000   $    836,378
Willis North America, Inc., 5.35%, 05/15/2033
  1,150,000     1,171,790
        8,923,261
Interactive Media & Services-0.81%
Meta Platforms, Inc., 4.95%, 05/15/2033(b)
  2,684,000     2,770,463
IT Services-0.34%
International Business Machines Corp., 4.75%, 02/06/2033
  1,148,000     1,160,881
Life Sciences Tools & Services-0.46%
Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033(b)
  1,530,000     1,579,128
Machinery-1.73%
Ingersoll Rand, Inc., 5.70%, 08/14/2033
  1,520,000     1,604,153
John Deere Capital Corp., Series I, 5.15%, 09/08/2033
  1,530,000     1,595,451
Nordson Corp., 5.80%, 09/15/2033
  770,000        821,292
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033
  765,000        785,726
Trane Technologies Financing Ltd., 5.25%, 03/03/2033
  1,072,000     1,112,095
        5,918,717
Media-3.55%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.40%, 04/01/2033(b)
  1,530,000     1,391,457
Comcast Corp.                  
4.25%, 01/15/2033
  2,605,000     2,519,322
4.65%, 02/15/2033(b)
  1,535,000     1,535,157
7.05%, 03/15/2033
  1,150,000     1,331,282
4.80%, 05/15/2033(b)
  1,533,000     1,543,582
Fox Corp., 6.50%, 10/13/2033
  1,895,000     2,053,948
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033
  1,530,000     1,745,059
        12,119,807
Metals & Mining-0.37%
Rio Tinto Alcan, Inc. (Canada), 6.13%, 12/15/2033
  1,153,000     1,269,808
Multi-Utilities-1.98%
Ameren Illinois Co., 4.95%, 06/01/2033
  770,000        780,508
Arizona Public Service Co., 5.55%, 08/01/2033
  750,000        771,626
Consumers Energy Co., 4.63%, 05/15/2033
  1,075,000     1,068,776
Dominion Energy, Inc., Series F, 5.25%, 08/01/2033
  780,000        791,156
DTE Electric Co., 5.20%, 04/01/2033
  923,000        953,131
National Grid PLC (United Kingdom), 5.81%, 06/12/2033
  1,222,000     1,280,889
Sempra, 5.50%, 08/01/2033
  1,076,000     1,111,497
        6,757,583
Office REITs-0.29%
Boston Properties L.P., 2.45%, 10/01/2033
  1,290,000     1,005,017
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70
Table of Contents
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-11.78%
BP Capital Markets America, Inc.                  
4.81%, 02/13/2033
$ 3,445,000     $3,447,762
4.89%, 09/11/2033
  2,300,000     2,314,111
Cheniere Energy Partners L.P., 5.95%, 06/30/2033
  2,140,000     2,254,096
ConocoPhillips Co., 5.05%, 09/15/2033
  1,535,000     1,575,107
Diamondback Energy, Inc., 6.25%, 03/15/2033
  1,667,000     1,791,714
Enbridge, Inc. (Canada)                  
5.70%, 03/08/2033
  3,527,000     3,679,338
2.50%, 08/01/2033
  1,530,000     1,266,749
Energy Transfer L.P.                  
5.75%, 02/15/2033
  2,300,000     2,393,226
6.55%, 12/01/2033
  2,295,000     2,511,339
Enterprise Products Operating LLC                  
5.35%, 01/31/2033(b)
  1,534,000     1,596,095
Series D, 6.88%, 03/01/2033
  760,000       865,840
Hess Corp., 7.13%, 03/15/2033
  813,000        926,998
Kinder Morgan Energy Partners L.P., 7.30%, 08/15/2033
  760,000        875,813
Kinder Morgan, Inc.                  
4.80%, 02/01/2033
  1,150,000     1,124,477
5.20%, 06/01/2033
  2,274,000     2,280,490
MPLX L.P., 5.00%, 03/01/2033
  1,670,000     1,653,547
ONEOK, Inc., 6.05%, 09/01/2033
  2,275,000     2,402,751
Ovintiv, Inc., 6.25%, 07/15/2033
  915,000        966,715
Phillips 66 Co., 5.30%, 06/30/2033
  1,376,000     1,408,894
Targa Resources Corp.                  
4.20%, 02/01/2033
  1,106,000     1,029,344
6.13%, 03/15/2033
  1,360,000     1,445,446
Western Midstream Operating L.P., 6.15%, 04/01/2033
  1,145,000     1,204,009
Williams Cos., Inc. (The), 5.65%, 03/15/2033
  1,150,000     1,194,990
        40,208,851
Personal Care Products-1.25%
Estee Lauder Cos., Inc. (The), 4.65%, 05/15/2033
  1,075,000     1,073,333
Kenvue, Inc., 4.90%, 03/22/2033
  1,893,000     1,937,775
Unilever Capital Corp. (United Kingdom), 5.00%, 12/08/2033
  1,230,000     1,274,184
        4,285,292
Pharmaceuticals-2.81%
AstraZeneca Finance LLC (United Kingdom), 4.88%, 03/03/2033
  770,000        791,496
Bristol-Myers Squibb Co., 5.90%, 11/15/2033
  1,530,000     1,667,373
Eli Lilly and Co., 4.70%, 02/27/2033
  1,533,000     1,556,906
Johnson & Johnson                  
4.95%, 05/15/2033(b)
  765,000       814,011
4.38%, 12/05/2033
  1,306,000     1,330,107
Merck & Co., Inc.                  
4.50%, 05/17/2033
  2,295,000     2,298,645
6.50%, 12/01/2033
  1,000,000     1,143,828
        9,602,366
Professional Services-0.73%
Concentrix Corp., 6.85%, 08/02/2033(b)
  835,000       872,783
  Principal
Amount 		  Value
Professional Services-(continued)
Jacobs Engineering Group, Inc., 5.90%, 03/01/2033
$ 769,000   $    793,365
Verisk Analytics, Inc., 5.75%, 04/01/2033
  765,000       812,829
        2,478,977
Retail REITs-1.09%
Kimco Realty OP LLC, 4.60%, 02/01/2033
  1,000,000        977,985
NNN REIT, Inc., 5.60%, 10/15/2033
  770,000        792,210
Realty Income Corp., 4.90%, 07/15/2033(b)
  915,000        910,136
Simon Property Group L.P., 5.50%, 03/08/2033
  999,000     1,044,297
        3,724,628
Semiconductors & Semiconductor Equipment-2.80%
Intel Corp., 5.20%, 02/10/2033(b)
  3,445,000     3,432,902
Marvell Technology, Inc., 5.95%, 09/15/2033
  761,000        808,803
Micron Technology, Inc.                  
5.88%, 02/09/2033
  1,139,000     1,199,182
5.88%, 09/15/2033
  1,380,000     1,454,368
QUALCOMM, Inc., 5.40%, 05/20/2033(b)
  1,075,000     1,150,809
Texas Instruments, Inc., 4.90%, 03/14/2033(b)
  1,455,000     1,509,055
        9,555,119
Software-1.25%
Intuit, Inc., 5.20%, 09/15/2033
  1,895,000     1,975,438
Oracle Corp., 4.90%, 02/06/2033
  2,295,000     2,297,615
        4,273,053
Specialized REITs-1.79%
American Tower Corp.                  
5.65%, 03/15/2033
  1,230,000     1,282,654
5.55%, 07/15/2033
  1,306,000     1,354,530
5.90%, 11/15/2033
  1,148,000     1,218,977
Crown Castle, Inc., 5.10%, 05/01/2033
  1,150,000     1,149,964
Public Storage Operating Co., 5.10%, 08/01/2033(b)
  1,076,000     1,103,059
        6,109,184
Specialty Retail-3.00%
AutoZone, Inc.                  
4.75%, 02/01/2033(b)
  832,000       821,856
6.55%, 11/01/2033
  760,000       840,444
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033(b)
  1,000,000     1,059,840
Dell International LLC/EMC Corp., 5.75%, 02/01/2033
  1,532,000     1,624,426
Leidos, Inc., 5.75%, 03/15/2033
  1,150,000     1,196,242
Lowe’s Cos., Inc.                  
5.00%, 04/15/2033
  1,915,000     1,947,980
5.15%, 07/01/2033(b)
  1,531,000     1,576,700
Tractor Supply Co., 5.25%, 05/15/2033
  1,150,000     1,177,479
        10,244,967
Technology Hardware, Storage & Peripherals-0.96%
Apple, Inc., 4.30%, 05/10/2033(b)
  1,530,000     1,561,253
HP, Inc., 5.50%, 01/15/2033(b)
  1,675,000     1,733,162
        3,294,415
Textiles, Apparel & Luxury Goods-0.60%
Tapestry, Inc., 7.85%, 11/27/2033
  1,900,000     2,034,397
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71
Table of Contents
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Tobacco-2.36%
Altria Group, Inc., 6.88%, 11/01/2033
$ 770,000   $    862,563
B.A.T Capital Corp. (United Kingdom), 6.42%, 08/02/2033
  1,915,000     2,077,568
Philip Morris International, Inc.                  
5.38%, 02/15/2033
  3,418,000     3,526,471
5.63%, 09/07/2033
  1,528,000     1,605,264
        8,071,866
Wireless Telecommunication Services-1.76%
T-Mobile USA, Inc.                  
5.20%, 01/15/2033
  1,910,000     1,956,749
5.05%, 07/15/2033
  3,988,000     4,038,503
        5,995,252
Total U.S. Dollar Denominated Bonds & Notes

(Cost $328,759,585)
  336,138,619
  Shares    
Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $774,511)
  774,511       774,511
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.67%

(Cost $329,534,096)
  336,913,130
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.98%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  7,549,325   $  7,549,325
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  19,682,471    19,690,344
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $27,238,943)
  27,239,669
TOTAL INVESTMENTS IN SECURITIES-106.65%

(Cost $356,773,039)
  364,152,799
OTHER ASSETS LESS LIABILITIES-(6.65)%
  (22,691,610)
NET ASSETS-100.00%
  $341,461,189
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $11,135,649   $(10,361,138)   $-   $-   $774,511   $22,703
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   17,644,669   (10,095,344)   -   -   7,549,325   52,461*
Invesco Private Prime Fund -   41,951,253   (22,261,566)   726   (69)   19,690,344   140,355*
Total $-   $70,731,571   $(42,718,048)   $726   $(69)   $28,014,180   $215,519
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72
Table of Contents
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-97.69%
Aerospace & Defense-2.87%
Boeing Co. (The), 3.60%, 05/01/2034
$ 60,000   $    51,130
L3Harris Technologies, Inc., 5.35%, 06/01/2034
  60,000        61,561
Lockheed Martin Corp.                 
4.75%, 02/15/2034
  70,000       70,947
4.80%, 08/15/2034
  50,000       50,776
Northrop Grumman Corp., 4.90%, 06/01/2034
  70,000        70,689
RTX Corp., 6.10%, 03/15/2034
  130,000      141,599
        446,702
Air Freight & Logistics-1.06%
FedEx Corp., 4.90%, 01/15/2034
  40,000        40,440
GXO Logistics, Inc., 6.50%, 05/06/2034
  40,000        41,588
United Parcel Service, Inc., 5.15%, 05/22/2034(b)
  80,000       82,990
        165,018
Automobiles-1.75%
American Honda Finance Corp., 4.90%, 01/10/2034
  60,000        60,568
Ford Motor Credit Co. LLC, 6.13%, 03/08/2034
  140,000       141,774
Toyota Motor Credit Corp., 4.80%, 01/05/2034
  70,000       70,447
        272,789
Banks-3.69%
Banco Santander S.A. (Spain), 6.35%, 03/14/2034
  100,000       104,885
Bank of Nova Scotia (The) (Canada), 5.65%, 02/01/2034
  70,000        73,811
Citibank N.A., 5.57%, 04/30/2034
  170,000       178,629
Royal Bank of Canada (Canada), 5.15%, 02/01/2034
  100,000       102,553
Sumitomo Mitsui Financial Group, Inc. (Japan), 5.56%, 07/09/2034
  110,000      114,641
        574,519
Beverages-1.66%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 5.00%, 06/15/2034
  80,000        82,082
Coca-Cola Co. (The), 5.00%, 05/13/2034
  80,000        83,203
Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034
  40,000        41,636
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034
  50,000       51,566
        258,487
Biotechnology-1.65%
AbbVie, Inc., 5.05%, 03/15/2034
  250,000      257,711
Broadline Retail-0.66%
Amazon.com, Inc., 4.80%, 12/05/2034
  100,000      102,993
Building Products-0.75%
Carrier Global Corp., 5.90%, 03/15/2034
  40,000        43,176
Owens Corning, 5.70%, 06/15/2034
  70,000       73,097
        116,273
Capital Markets-2.50%
Brookfield Finance, Inc. (Canada), 6.35%, 01/05/2034
  60,000        65,328
Jefferies Financial Group, Inc., 6.20%, 04/14/2034
  130,000      136,889
  Principal
Amount 		  Value
Capital Markets-(continued)
Nasdaq, Inc., 5.55%, 02/15/2034
$ 100,000   $   104,200
Nomura Holdings, Inc. (Japan), 5.78%, 07/03/2034
  80,000       83,114
        389,531
Chemicals-2.60%
Air Products and Chemicals, Inc., 4.85%, 02/08/2034
  100,000       101,565
CF Industries, Inc., 5.15%, 03/15/2034
  50,000        49,884
Dow Chemical Co. (The)                 
5.15%, 02/15/2034
  50,000       50,559
4.25%, 10/01/2034
  30,000       28,397
Eastman Chemical Co., 5.63%, 02/20/2034
  60,000        61,812
LYB International Finance III LLC, 5.50%, 03/01/2034
  60,000        61,546
Nutrien Ltd. (Canada), 5.40%, 06/21/2034
  50,000       50,970
        404,733
Commercial Services & Supplies-1.76%
Republic Services, Inc.                 
5.00%, 04/01/2034
  70,000       71,248
5.20%, 11/15/2034
  40,000       41,226
Waste Connections, Inc., 5.00%, 03/01/2034
  60,000        60,939
Waste Management, Inc., 4.88%, 02/15/2034(b)
  100,000      101,576
        274,989
Communications Equipment-1.93%
Cisco Systems, Inc., 5.05%, 02/26/2034
  210,000       217,645
Motorola Solutions, Inc., 5.40%, 04/15/2034
  80,000       82,567
        300,212
Construction Materials-0.40%
CRH America Finance, Inc., 5.40%, 05/21/2034
  60,000       61,829
Consumer Finance-1.54%
General Motors Financial Co., Inc.                 
6.10%, 01/07/2034
  130,000      136,030
5.95%, 04/04/2034
  100,000      103,561
        239,591
Consumer Staples Distribution & Retail-0.28%
Sysco Corp., 6.00%, 01/17/2034
  40,000       43,353
Diversified REITs-0.33%
VICI Properties L.P., 5.75%, 04/01/2034(b)
  50,000       51,540
Diversified Telecommunication Services-2.90%
AT&T, Inc., 5.40%, 02/15/2034(b)
  230,000       237,595
Bell Canada (Canada), 5.20%, 02/15/2034
  60,000        61,015
Verizon Communications, Inc., 4.40%, 11/01/2034
  160,000      153,641
        452,251
Electric Utilities-8.85%
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034
  50,000        52,644
Constellation Energy Generation LLC, 6.13%, 01/15/2034
  40,000        43,018
Duke Energy Carolinas LLC, 4.85%, 01/15/2034
  50,000        50,244
Duke Energy Corp., 5.45%, 06/15/2034
  60,000        61,841
Duke Energy Progress LLC, 5.10%, 03/15/2034
  40,000       41,231
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73
Table of Contents
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electric Utilities-(continued)
Entergy Louisiana LLC, 5.35%, 03/15/2034
$ 40,000   $    41,167
Eversource Energy                 
5.50%, 01/01/2034
  50,000       51,070
5.95%, 07/15/2034
  60,000       63,163
Exelon Corp., 5.45%, 03/15/2034
  50,000        51,662
Florida Power & Light Co., 5.30%, 06/15/2034(b)
  60,000        62,551
Georgia Power Co., 5.25%, 03/15/2034
  80,000        82,558
NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034
  90,000        91,568
Pacific Gas and Electric Co.                 
6.95%, 03/15/2034
  70,000       78,174
5.80%, 05/15/2034
  90,000       92,691
PacifiCorp, 5.45%, 02/15/2034
  90,000        92,004
PPL Electric Utilities Corp., 4.85%, 02/15/2034
  50,000        50,563
Southern California Edison Co.                 
6.00%, 01/15/2034
  40,000       43,189
5.20%, 06/01/2034
  80,000       81,323
Southern Co. (The), 5.70%, 03/15/2034
  90,000        95,004
Union Electric Co., 5.20%, 04/01/2034
  40,000        41,036
Virginia Electric and Power Co., 5.00%, 01/15/2034
  40,000        40,313
Xcel Energy, Inc., 5.50%, 03/15/2034
  70,000       71,715
        1,378,729
Electronic Equipment, Instruments & Components-0.93%
Amphenol Corp., 5.25%, 04/05/2034
  50,000        51,466
Arrow Electronics, Inc., 5.88%, 04/10/2034
  40,000        40,945
TD SYNNEX Corp., 6.10%, 04/12/2034
  50,000       52,019
        144,430
Energy Equipment & Services-0.26%
Schlumberger Investment S.A., 5.00%, 06/01/2034
  40,000       40,790
Entertainment-0.58%
Walt Disney Co. (The), 6.20%, 12/15/2034
  80,000       89,878
Financial Services-3.24%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.30%, 01/19/2034
  60,000        60,796
BlackRock Funding, Inc., 5.00%, 03/14/2034
  80,000        82,557
Corebridge Financial, Inc., 5.75%, 01/15/2034
  60,000        62,607
Fiserv, Inc., 5.45%, 03/15/2034
  60,000        61,879
LPL Holdings, Inc., 6.00%, 05/20/2034
  40,000        41,137
Mastercard, Inc., 4.88%, 05/09/2034
  80,000        82,140
PayPal Holdings, Inc., 5.15%, 06/01/2034
  70,000        71,925
TPG Operating Group II, L.P., 5.88%, 03/05/2034
  40,000       42,082
        505,123
Food Products-1.60%
Campbell Soup Co., 5.40%, 03/21/2034
  80,000        82,669
Pilgrim’s Pride Corp., 6.88%, 05/15/2034
  40,000        44,266
Tyson Foods, Inc.                 
5.70%, 03/15/2034
  80,000       83,276
4.88%, 08/15/2034
  40,000       39,650
        249,861
Ground Transportation-0.29%
Canadian National Railway Co. (Canada), 6.25%, 08/01/2034
  40,000       45,031
  Principal
Amount 		  Value
Health Care Equipment & Supplies-0.65%
Becton, Dickinson and Co., 5.11%, 02/08/2034
$ 50,000   $    50,822
Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034
  50,000       51,050
        101,872
Health Care Providers & Services-4.89%
Cardinal Health, Inc., 5.45%, 02/15/2034
  40,000        41,355
Cencora, Inc., 5.13%, 02/15/2034
  40,000        40,709
Cigna Group (The), 5.25%, 02/15/2034
  100,000       102,171
CommonSpirit Health, 5.32%, 12/01/2034
  60,000        61,385
CVS Health Corp., 5.70%, 06/01/2034(b)
  100,000       102,487
Elevance Health, Inc., 5.38%, 06/15/2034
  80,000        82,932
HCA, Inc., 5.60%, 04/01/2034
  110,000       113,092
Humana, Inc., 5.95%, 03/15/2034
  70,000        74,057
Icon Investments Six DAC, 6.00%, 05/08/2034
  40,000        42,145
UnitedHealth Group, Inc., 5.00%, 04/15/2034
  100,000      101,646
        761,979
Health Care REITs-0.65%
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034
  70,000        59,231
Ventas Realty, L.P., 5.63%, 07/01/2034
  40,000       41,435
        100,666
Hotel & Resort REITs-0.32%
Host Hotels & Resorts, L.P., 5.70%, 07/01/2034
  50,000       50,707
Hotels, Restaurants & Leisure-1.64%
Choice Hotels International, Inc., 5.85%, 08/01/2034
  50,000        51,133
Las Vegas Sands Corp., 6.20%, 08/15/2034
  40,000        40,999
Marriott International, Inc., 5.30%, 05/15/2034
  80,000        81,386
McDonald’s Corp., 5.20%, 05/17/2034
  40,000        41,733
Starbucks Corp., 5.00%, 02/15/2034
  40,000       40,614
        255,865
Household Products-0.39%
Procter & Gamble Co. (The), 4.55%, 01/29/2034
  60,000       61,197
Independent Power and Renewable Electricity Producers-0.33%
NSTAR Electric Co., 5.40%, 06/01/2034
  50,000       52,220
Industrial Conglomerates-0.51%
Honeywell International, Inc., 4.50%, 01/15/2034
  80,000       79,461
Industrial REITs-0.85%
Prologis L.P.                 
5.13%, 01/15/2034
  60,000       61,397
5.00%, 03/15/2034
  70,000       70,808
        132,205
Insurance-4.47%
Aon North America, Inc., 5.45%, 03/01/2034
  150,000       155,314
Arthur J. Gallagher & Co., 5.45%, 07/15/2034(b)
  40,000        41,136
Brown & Brown, Inc., 5.65%, 06/11/2034
  50,000        51,559
Chubb INA Holdings LLC, 5.00%, 03/15/2034
  80,000        82,011
CNA Financial Corp., 5.13%, 02/15/2034
  40,000        40,377
CNO Financial Group, Inc., 6.45%, 06/15/2034
  60,000        62,641
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034
  60,000        62,120
Marsh & McLennan Cos., Inc., 5.15%, 03/15/2034
  40,000       41,461
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74
Table of Contents
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Insurance-(continued)
MetLife, Inc.                 
6.38%, 06/15/2034
$ 60,000       $67,078
5.30%, 12/15/2034
  40,000       41,501
Reinsurance Group of America, Inc., 5.75%, 09/15/2034
  50,000       51,953
        697,151
IT Services-0.27%
Kyndryl Holdings, Inc., 6.35%, 02/20/2034
  40,000       42,132
Leisure Products-0.27%
Hasbro, Inc., 6.05%, 05/14/2034
  40,000       41,429
Life Sciences Tools & Services-0.27%
Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034
  40,000       41,699
Machinery-2.91%
AGCO Corp., 5.80%, 03/21/2034
  60,000        61,751
Cummins, Inc., 5.15%, 02/20/2034
  60,000        62,262
Ingersoll Rand, Inc., 5.45%, 06/15/2034(b)
  60,000        62,425
John Deere Capital Corp.                 
5.10%, 04/11/2034
  80,000       82,708
5.05%, 06/12/2034
  70,000       72,050
Parker-Hannifin Corp., 4.20%, 11/21/2034
  30,000        28,675
Trane Technologies Financing Ltd., 5.10%, 06/13/2034
  40,000        41,102
Wabtec Corp., 5.61%, 03/11/2034
  40,000       41,678
        452,651
Media-2.23%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.                 
6.65%, 02/01/2034
  60,000       62,546
6.55%, 06/01/2034
  100,000      103,646
Comcast Corp.                 
5.30%, 06/01/2034(b)
  110,000      114,075
4.20%, 08/15/2034
  70,000       66,631
        346,898
Metals & Mining-0.98%
ArcelorMittal S.A. (Luxembourg), 6.00%, 06/17/2034
  40,000        41,458
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
  60,000        61,221
Steel Dynamics, Inc., 5.38%, 08/15/2034
  50,000       50,729
        153,408
Multi-Utilities-1.72%
DTE Electric Co., 5.20%, 03/01/2034
  40,000        41,301
DTE Energy Co., 5.85%, 06/01/2034
  70,000        73,755
National Grid PLC (United Kingdom), 5.42%, 01/11/2034
  60,000        61,332
NiSource, Inc., 5.35%, 04/01/2034
  50,000        51,065
Public Service Enterprise Group, Inc., 5.45%, 04/01/2034
  40,000       41,147
        268,600
Office REITs-0.41%
Boston Properties L.P., 6.50%, 01/15/2034
  60,000       63,638
Oil, Gas & Consumable Fuels-11.03%
Boardwalk Pipelines, L.P., 5.63%, 08/01/2034
  40,000       40,857
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
BP Capital Markets America, Inc.                 
4.99%, 04/10/2034
$ 80,000       $80,879
5.23%, 11/17/2034
  80,000       82,352
Coterra Energy, Inc., 5.60%, 03/15/2034
  40,000        40,970
Diamondback Energy, Inc., 5.40%, 04/18/2034(b)
  110,000       112,003
Enbridge, Inc. (Canada), 5.63%, 04/05/2034
  100,000       103,237
Energy Transfer L.P.                 
5.55%, 05/15/2034
  100,000      102,645
5.60%, 09/01/2034
  100,000      102,996
Enterprise Products Operating LLC, 4.85%, 01/31/2034
  80,000        80,372
EQT Corp., 5.75%, 02/01/2034
  60,000        61,314
Kinder Morgan, Inc.                 
5.40%, 02/01/2034
  80,000       81,241
5.30%, 12/01/2034(b)
  50,000       50,322
Marathon Oil Corp., 5.70%, 04/01/2034
  50,000        52,781
MPLX L.P., 5.50%, 06/01/2034
  140,000       142,497
Ovintiv, Inc., 6.50%, 08/15/2034
  50,000        54,210
Phillips 66, 4.65%, 11/15/2034
  70,000        67,768
Plains All American Pipeline L.P./PAA Finance Corp., 5.70%, 09/15/2034
  50,000        51,157
Suncor Energy, Inc. (Canada), 5.95%, 12/01/2034
  40,000        42,406
Targa Resources Corp., 6.50%, 03/30/2034
  80,000        87,351
TotalEnergies Capital (France), 5.15%, 04/05/2034
  100,000       103,429
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034
  100,000        97,238
Williams Cos., Inc. (The), 5.15%, 03/15/2034
  80,000       80,393
        1,718,418
Passenger Airlines-0.15%
American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034
  26,783       23,244
Personal Care Products-0.33%
Estee Lauder Cos., Inc. (The), 5.00%, 02/14/2034(b)
  50,000       50,940
Pharmaceuticals-5.14%
AstraZeneca Finance LLC (United Kingdom), 5.00%, 02/26/2034
  130,000       133,922
Bristol-Myers Squibb Co., 5.20%, 02/22/2034
  210,000       217,903
Eli Lilly and Co., 4.70%, 02/09/2034
  130,000       131,715
GlaxoSmithKline Capital, Inc. (United Kingdom), 5.38%, 04/15/2034
  40,000        42,615
Johnson & Johnson, 4.95%, 06/01/2034
  70,000        73,247
Royalty Pharma PLC, 5.40%, 09/02/2034
  40,000        40,463
Takeda Pharmaceutical Co. Ltd. (Japan), 5.30%, 07/05/2034
  90,000        92,407
Wyeth LLC, 6.50%, 02/01/2034
  60,000       67,995
        800,267
Professional Services-0.33%
Verisk Analytics, Inc., 5.25%, 06/05/2034
  50,000       50,948
Real Estate Management & Development-0.54%
CBRE Services, Inc., 5.95%, 08/15/2034
  80,000       84,571
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
75
Table of Contents
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Residential REITs-0.59%
American Homes 4 Rent L.P.                 
5.50%, 02/01/2034
$ 50,000       $50,947
5.50%, 07/15/2034
  40,000       40,819
        91,766
Retail REITs-1.28%
Kimco Realty OP LLC, 6.40%, 03/01/2034(b)
  40,000        44,084
NNN REIT, Inc., 5.50%, 06/15/2034
  40,000        40,925
Realty Income Corp., 5.13%, 02/15/2034
  70,000        70,665
Simon Property Group, L.P., 6.25%, 01/15/2034(b)
  40,000       43,758
        199,432
Semiconductors & Semiconductor Equipment-1.43%
Analog Devices, Inc., 5.05%, 04/01/2034
  50,000        51,600
Intel Corp., 5.15%, 02/21/2034
  80,000        79,267
KLA Corp., 4.70%, 02/01/2034(b)
  40,000        40,244
Texas Instruments, Inc., 4.85%, 02/08/2034
  50,000       51,576
        222,687
Software-1.57%
Adobe, Inc., 4.95%, 04/04/2034
  60,000        62,023
Atlassian Corp., 5.50%, 05/15/2034
  40,000        40,993
Oracle Corp., 4.30%, 07/08/2034
  150,000      141,890
        244,906
Specialized REITs-1.06%
American Tower Corp., 5.45%, 02/15/2034(b)
  50,000        51,654
Crown Castle, Inc., 5.80%, 03/01/2034
  60,000        62,843
Extra Space Storage L.P., 5.40%, 02/01/2034
  50,000       50,923
        165,420
Specialty Retail-1.91%
AutoZone, Inc., 5.40%, 07/15/2034
  60,000        61,491
Dell International LLC/EMC Corp., 5.40%, 04/15/2034(b)
  80,000        82,127
Home Depot, Inc. (The), 4.95%, 06/25/2034
  150,000      153,771
        297,389
Technology Hardware, Storage & Peripherals-0.52%
IBM International Capital Pte. Ltd., 4.90%, 02/05/2034
  80,000       80,655
Tobacco-1.46%
B.A.T Capital Corp. (United Kingdom), 6.00%, 02/20/2034
  70,000        73,853
Philip Morris International, Inc., 5.25%, 02/13/2034
  150,000      153,431
        227,284
  Principal
Amount 		  Value
Water Utilities-0.66%
American Water Capital Corp., 5.15%, 03/01/2034
$ 60,000   $    61,672
Essential Utilities, Inc., 5.38%, 01/15/2034
  40,000       40,876
        102,548
Wireless Telecommunication Services-1.85%
Rogers Communications, Inc. (Canada), 5.30%, 02/15/2034
  100,000       100,926
T-Mobile USA, Inc.                 
5.75%, 01/15/2034
  80,000       84,840
5.15%, 04/15/2034
  100,000      101,843
        287,609
Total U.S. Dollar Denominated Bonds & Notes

(Cost $15,018,494)
  15,218,225
  Shares    
Money Market Funds-0.95%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $148,045)
  148,045      148,045
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.64%

(Cost $15,166,539)
  15,366,270
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-5.56%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  187,415       187,415
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  679,332      679,604
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $867,002)
  867,019
TOTAL INVESTMENTS IN SECURITIES-104.20%

(Cost $16,033,541)
  16,233,289
OTHER ASSETS LESS LIABILITIES-(4.20)%
  (654,841)
NET ASSETS-100.00%
  $15,578,448
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76
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Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $264,011   $(115,966)   $-   $-   $148,045   $626
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   720,026   (532,611)   -   -   187,415   888*
Invesco Private Prime Fund -   1,031,912   (352,345)   17   20   679,604   2,123*
Total $-   $2,015,949   $(1,000,922)   $17   $20   $1,015,064   $3,637
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
77
Table of Contents
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Treasury Securities-76.87%
U.S. Treasury Bills-76.87%
5.25%–5.26%, 09/19/2024
$ 86,000,000   $ 85,800,289
5.14%–5.20%, 10/17/2024
  334,000,000   331,922,149
Total U.S. Treasury Securities

(Cost $417,591,994)
  417,722,438
U.S. Dollar Denominated Bonds & Notes-17.24%
Broadline Retail-0.60%
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(b)(c)
  3,245,000     3,278,210
Consumer Finance-2.67%
Navient Corp., 5.88%, 10/25/2024
  14,500,000    14,490,723
Entertainment-3.07%
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)(c)
  16,701,000    16,676,700
Health Care Providers & Services-1.01%
Owens & Minor, Inc., 4.38%, 12/15/2024
  5,465,000     5,477,597
Media-5.68%
DISH DBS Corp., 5.88%, 11/15/2024
  31,631,000    30,847,579
Metals & Mining-0.00%
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(b)(d)(e)
  1,200,000             0
Mortgage REITs-0.73%
Starwood Property Trust, Inc., 3.75%, 12/31/2024(b)
  4,000,000     3,972,203
Pharmaceuticals-3.48%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024
  19,000,000    18,924,268
Total U.S. Dollar Denominated Bonds & Notes

(Cost $95,400,537)
  93,667,280
  Principal
Amount 		  Value
Variable Rate Senior Loan Interests-5.54%(f)(g)
Technology Hardware, Storage & Peripherals-5.54%
Vericast Corp., Term Loan, 13.03% (1 mo. SOFR + 7.75%), 06/16/2026

(Cost $30,437,562)
$ 30,749,000   $ 30,095,584
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.65%

(Cost $543,430,093)
  541,485,302
  Shares    
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.39%
Invesco Private Government Fund, 5.28%(h)(i)(j)
  593,803        593,803
Invesco Private Prime Fund, 5.46%(h)(i)(j)
  1,546,701     1,547,320
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,141,041)
  2,141,123
TOTAL INVESTMENTS IN SECURITIES-100.04%

(Cost $545,571,134)
  543,626,425
OTHER ASSETS LESS LIABILITIES-(0.04)%
  (214,394)
NET ASSETS-100.00%
  $543,412,031
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78
Table of Contents
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $23,927,113, which represented 4.40% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(e) Security valued using significant unobservable inputs (Level 3). See Note 5.
(f) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(g) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(h) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $23,700,787   $1,153,693,335   $(1,177,394,122)   $-   $-   $-   $1,663,379
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 11,964,297   114,369,151   (125,739,645)   -   -   593,803   583,395*
Invesco Private Prime Fund 30,765,338   232,057,248   (261,287,642)   130   12,246   1,547,320   1,619,248*
Total $66,430,422   $1,500,119,734   $(1,564,421,409)   $130   $12,246   $2,141,123   $3,866,022
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(i) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(j) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
79
Table of Contents
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-93.14%
Aerospace & Defense-2.81%
Bombardier, Inc. (Canada), 7.13%, 06/15/2026(b)
$ 4,174,000   $    4,249,144
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)(c)
  22,620,000      24,571,699
        28,820,843
Automobile Components-4.01%
Benteler International AG (Austria), 10.50%, 05/15/2028(b)(c)
  12,425,000       13,243,783
Clarios Global L.P., 6.75%, 05/15/2025(b)
  10,410,000       10,444,311
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)
  4,600,000        4,591,453
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(c)
  12,807,000      12,860,905
        41,140,452
Automobiles-3.17%
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)(c)
  15,900,000       15,970,245
PM General Purchaser LLC, 9.50%, 10/01/2028(b)
  16,161,000      16,583,448
        32,553,693
Broadline Retail-1.41%
QVC, Inc., 4.45%, 02/15/2025(c)
  14,552,000      14,447,863
Building Products-0.51%
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028(b)
  5,141,000       5,249,856
Chemicals-1.44%
Avient Corp., 5.75%, 05/15/2025(b)
  14,751,000      14,773,348
Commercial Services & Supplies-3.83%
Brink’s Co. (The), 5.50%, 07/15/2025(b)
  9,116,000        9,137,322
GFL Environmental, Inc., 3.75%, 08/01/2025(b)
  18,641,000       18,452,512
Matthews International Corp., 5.25%, 12/01/2025(b)(c)
  6,800,000        6,678,311
OPENLANE, Inc., 5.13%, 06/01/2025(b)
  4,996,000       4,992,987
        39,261,132
Communications Equipment-1.57%
Viasat, Inc., 5.63%, 09/15/2025(b)(c)
  16,283,000      16,137,713
Construction Materials-1.29%
Williams Scotsman, Inc., 6.13%, 06/15/2025(b)
  13,236,000      13,213,830
Consumer Finance-2.97%
Navient Corp., 6.75%, 06/25/2025
  12,432,000       12,485,284
PRA Group, Inc., 7.38%, 09/01/2025(b)
  6,571,000        6,571,000
SLM Corp., 4.20%, 10/29/2025(c)
  11,481,000      11,383,209
        30,439,493
Consumer Staples Distribution & Retail-1.35%
Aramark Services, Inc., 5.00%, 04/01/2025(b)
  13,862,000      13,847,967
  Principal
Amount 		  Value
Containers & Packaging-0.91%
Ball Corp., 5.25%, 07/01/2025(c)
$ 4,454,000   $    4,458,012
Pactiv LLC, 7.95%, 12/15/2025
  4,738,000       4,916,571
        9,374,583
Distributors-1.15%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)(c)
  11,197,000      11,822,005
Electric Utilities-2.81%
DPL, Inc., 4.13%, 07/01/2025
  9,666,000        9,518,777
Mallinckrodt International Finance S.A., 14.75%, 11/14/2028(b)
  17,660,000      19,290,388
        28,809,165
Electrical Equipment-3.01%
WESCO Distribution, Inc., 7.25%, 06/15/2028(b)(c)
  30,062,000      30,865,768
Energy Equipment & Services-0.62%
Welltec International ApS (Denmark), 8.25%, 10/15/2026(b)(c)
  6,197,000       6,338,527
Financial Services-3.76%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)
  14,826,000       14,789,332
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)
  4,958,000        4,815,653
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)(c)
  18,976,000      18,965,736
        38,570,721
Food Products-0.64%
B&G Foods, Inc., 5.25%, 04/01/2025
  6,557,000       6,532,488
Gas Utilities-0.77%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025
  7,953,000       7,935,466
Health Care Providers & Services-0.75%
Encompass Health Corp., 5.75%, 09/15/2025
  7,660,000       7,652,272
Health Care REITs-1.00%
Diversified Healthcare Trust, 9.75%, 06/15/2025
  10,236,000      10,262,255
Hotel & Resort REITs-1.04%
XHR L.P., 6.38%, 08/15/2025(b)
  10,676,000      10,684,754
Hotels, Restaurants & Leisure-19.55%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)(c)
  12,431,000       12,422,108
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c)
  36,561,000       37,361,869
Carnival Corp., 10.50%, 06/01/2030(b)
  25,203,000       27,373,482
Dave & Buster’s, Inc., 7.63%, 11/01/2025(b)(c)
  11,065,000       11,150,455
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)(c)
  12,431,000       12,427,564
IRB Holding Corp., 7.00%, 06/15/2025(b)
  19,017,000       19,037,171
Life Time, Inc., 8.00%, 04/15/2026(b)(c)
  11,802,000       11,987,752
MGM Resorts International, 5.75%, 06/15/2025(c)
  16,970,000      16,980,330
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80
Table of Contents
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Raising Cane’s Restaurants, L.L.C., 9.38%, 05/01/2029(b)(c)
$ 11,448,000   $   12,370,468
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)(c)
  8,750,000        8,831,314
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b)
  6,691,000        6,692,920
Travel + Leisure Co., 6.60%, 10/01/2025
  8,803,000        8,925,344
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)(c)
  14,912,000      14,909,171
        200,469,948
Household Durables-1.22%
Newell Brands, Inc., 4.88%, 06/01/2025
  12,574,000      12,543,326
Machinery-1.54%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025, (Acquired 09/06/2022 - 08/23/2024; Cost $15,718,983)(b)(c)(d)
  15,883,000      15,762,664
Mortgage REITs-2.54%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)
  7,438,000        7,416,405
Rithm Capital Corp., 6.25%, 10/15/2025(b)
  6,916,000        6,924,010
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c)
  11,736,000      11,685,094
        26,025,509
Oil, Gas & Consumable Fuels-13.70%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)
  18,853,000       19,127,556
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(b)
  8,261,000        8,300,898
CITGO Petroleum Corp., 7.00%, 06/15/2025(b)
  24,520,000       24,580,662
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)
  21,993,000       21,460,066
NuStar Logistics L.P., 5.75%, 10/01/2025
  13,472,000       13,488,323
Range Resources Corp.                    
4.88%, 05/15/2025(c)
  15,364,000      15,291,570
8.25%, 01/15/2029(c)
  14,916,000      15,469,041
Southwestern Energy Co.                    
5.70%, 01/23/2025
  9,733,000       9,719,977
8.38%, 09/15/2028
  6,722,000       6,912,421
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)(c)
  6,197,000       6,206,138
        140,556,652
Passenger Airlines-1.17%
American Airlines Group, Inc., 3.75%, 03/01/2025(b)(c)
  12,112,000      11,976,968
  Principal
Amount 		  Value
Pharmaceuticals-4.10%
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)
$ 33,298,000   $   32,090,947
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)
  10,552,000       9,964,451
        42,055,398
Software-4.66%
PTC, Inc., 3.63%, 02/15/2025(b)
  12,475,000       12,377,795
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)
  38,654,000      35,455,474
        47,833,269
Specialty Retail-2.99%
Bath & Body Works, Inc., 7.50%, 06/15/2029(c)
  12,120,000       12,575,336
JELD-WEN, Inc., 4.63%, 12/15/2025(b)(c)
  4,500,000        4,502,251
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)
  13,830,000      13,625,326
        30,702,913
Technology Hardware, Storage & Peripherals-0.85%
Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c)
  8,802,000       8,670,417
Total U.S. Dollar Denominated Bonds & Notes

(Cost $951,818,720)
  955,331,258
  Shares    
Money Market Funds-5.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $51,739,099)
  51,739,099      51,739,099
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.19%

(Cost $1,003,557,819)
  1,007,070,357
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.27%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  26,335,623       26,335,623
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  68,676,333      68,703,804
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $95,035,751)
  95,039,427
TOTAL INVESTMENTS IN SECURITIES-107.46%

(Cost $1,098,593,570)
  1,102,109,784
OTHER ASSETS LESS LIABILITIES-(7.46)%
  (76,463,606)
NET ASSETS-100.00%
  $1,025,646,178
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
81
Table of Contents
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $715,662,068, which represented 69.78% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Restricted security. The value of this security at August 31, 2024 represented 1.54% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $34,363,349   $622,082,814   $(604,707,064)   $-   $-   $51,739,099   $2,109,766
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 25,736,260   184,882,173   (184,282,810)   -   -   26,335,623   1,335,518*
Invesco Private Prime Fund 66,178,954   402,493,104   (399,989,385)   3,342   17,789   68,703,804   3,618,105*
Total $126,278,563   $1,209,458,091   $(1,188,979,259)   $3,342   $17,789   $146,778,526   $7,063,389
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82
Table of Contents
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-96.96%
Aerospace & Defense-2.53%
Bombardier, Inc. (Canada), 8.75%, 11/15/2030(b)(c)
$ 5,630,000   $   6,146,581
Spirit AeroSystems, Inc., 9.75%, 11/15/2030(b)(c)
  9,000,000     10,083,537
        16,230,118
Automobile Components-1.58%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)
  3,522,000       3,490,737
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026
  6,751,000      6,672,686
        10,163,423
Automobiles-0.64%
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026(b)
  4,650,000      4,105,313
Banks-1.24%
Freedom Mortgage Corp.                   
7.63%, 05/01/2026(b)
  3,756,000      3,775,032
12.25%, 10/01/2030(b)
  3,750,000      4,164,480
        7,939,512
Capital Markets-0.88%
Aretec Group, Inc., 10.00%, 08/15/2030(b)(c)
  5,250,000      5,674,032
Chemicals-1.94%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b)
  1,554,000       1,534,786
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)
  3,480,000       3,393,000
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)
  5,700,000       5,622,082
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026
  1,880,000      1,882,486
        12,432,354
Commercial Services & Supplies-2.21%
Cimpress PLC (Ireland), 7.00%, 06/15/2026
  3,920,000       3,916,845
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026
  2,999,000       2,947,335
GFL Environmental, Inc., 5.13%, 12/15/2026(b)(c)
  3,754,000       3,742,957
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)
  3,591,000      3,589,787
        14,196,924
Communications Equipment-0.73%
Hughes Satellite Systems Corp., 5.25%, 08/01/2026
  5,625,000      4,708,429
Construction & Engineering-2.14%
Brand Industrial Services, Inc., 10.38%, 08/01/2030(b)
  10,010,000     10,919,128
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(b)
  2,812,000      2,814,195
        13,733,323
  Principal
Amount 		  Value
Consumer Finance-4.47%
Credit Acceptance Corp., 6.63%, 03/15/2026
$ 2,998,000   $   2,996,554
goeasy Ltd. (Canada), 4.38%, 05/01/2026(b)
  2,397,000       2,353,792
LFS Topco LLC, 5.88%, 10/15/2026(b)
  2,030,000       1,896,251
Navient Corp., 6.75%, 06/15/2026(c)
  3,750,000       3,820,245
OneMain Finance Corp., 7.13%, 03/15/2026
  12,000,000     12,237,576
SLM Corp., 3.13%, 11/02/2026(c)
  3,749,000       3,586,330
World Acceptance Corp., 7.00%, 11/01/2026(b)(c)
  1,860,000      1,805,154
        28,695,902
Consumer Staples Distribution & Retail-1.11%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026(b)(c)
  5,320,000       5,143,574
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b)
  1,790,000       1,767,688
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026
  190,000        180,949
        7,092,211
Containers & Packaging-2.30%
Ball Corp., 4.88%, 03/15/2026
  1,920,000       1,913,745
Berry Global, Inc., 4.50%, 02/15/2026(b)(c)
  2,184,000       2,157,121
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)
  1,538,000       1,529,135
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026(c)
  2,630,000       2,765,471
LABL, Inc., 6.75%, 07/15/2026(b)(c)
  5,254,000       5,232,153
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b)
  1,160,000      1,178,653
        14,776,278
Diversified Consumer Services-0.47%
Graham Holdings Co., 5.75%, 06/01/2026(b)
  3,003,000      3,019,619
Diversified Telecommunication Services-3.91%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)
  14,896,000     14,789,331
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)(c)
  5,250,000       5,300,500
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)
  6,266,000      4,971,536
        25,061,367
Electric Utilities-3.07%
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)
  9,000,000       9,753,633
Terraform Global Operating L.P., 6.13%, 03/01/2026(b)
  2,435,000       2,442,133
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)
  7,500,000      7,497,949
        19,693,715
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
83
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Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Energy Equipment & Services-1.25%
Permian Resources Operating LLC                   
5.38%, 01/15/2026(b)
$ 2,170,000      $2,169,960
9.88%, 07/15/2031(b)(c)
  3,750,000      4,211,400
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)(c)
  1,626,000      1,625,164
        8,006,524
Entertainment-0.35%
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b)
  2,253,000      2,242,122
Financial Services-4.83%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)(c)
  4,240,000       4,230,675
Block, Inc., 2.75%, 06/01/2026(c)
  7,500,000       7,210,183
GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026(b)(c)
  3,005,000       3,094,320
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)
  2,250,000       2,246,536
Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026(b)
  3,750,000       3,709,422
PHH Mortgage Corp., 7.88%, 03/15/2026(b)
  2,341,000       2,308,264
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c)
  8,624,000      8,210,016
        31,009,416
Gas Utilities-1.53%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026
  4,980,000       4,929,079
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026(b)
  4,873,000      4,890,908
        9,819,987
Health Care Providers & Services-1.45%
LifePoint Health, Inc., 11.00%, 10/15/2030(b)(c)
  8,250,000      9,308,029
Health Care REITs-0.55%
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026(c)
  3,750,000      3,531,088
Hotel & Resort REITs-0.57%
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(b)(c)
  3,750,000      3,628,799
Hotels, Restaurants & Leisure-9.47%
Carnival Corp., 7.63%, 03/01/2026(b)(c)
  10,130,000     10,239,404
CCM Merger, Inc., 6.38%, 05/01/2026(b)
  1,992,000       1,996,461
CEC Entertainment LLC, 6.75%, 05/01/2026(b)
  4,880,000       4,867,820
Empire Resorts, Inc., 7.75%, 11/01/2026(b)
  2,557,000       2,468,583
Life Time, Inc., 5.75%, 01/15/2026(b)
  6,942,000       6,948,276
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b)
  3,000,000       2,958,384
MGM Resorts International, 4.63%, 09/01/2026(c)
  3,000,000       2,961,541
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)
  8,808,000       8,547,236
NCL Corp. Ltd., 8.13%, 01/15/2029(b)(c)
  5,922,000      6,338,559
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026(b)
$ 2,626,000   $   2,539,635
Travel + Leisure Co., 6.63%, 07/31/2026(b)(c)
  4,880,000       4,969,909
Viking Cruises Ltd., 9.13%, 07/15/2031(b)(c)
  5,400,000      5,928,266
        60,764,074
Household Durables-3.31%
Newell Brands, Inc., 5.70%, 04/01/2026(c)
  14,888,000     14,851,108
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)(c)
  6,380,000      6,357,713
        21,208,821
Independent Power and Renewable Electricity Producers-1.39%
Calpine Corp., 5.25%, 06/01/2026(b)
  3,145,000       3,137,055
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)(c)
  3,750,000       3,631,043
Sunnova Energy Corp., 5.88%, 09/01/2026(b)(c)
  2,288,000      2,151,524
        8,919,622
Industrial Conglomerates-1.44%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026
  9,270,000      9,225,811
IT Services-1.09%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)(c)
  3,750,000       3,632,314
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)
  3,380,000      3,337,929
        6,970,243
Life Sciences Tools & Services-1.22%
IQVIA, Inc., 5.00%, 10/15/2026(b)(c)
  7,880,000      7,835,597
Machinery-0.65%
Chart Industries, Inc., 9.50%, 01/01/2031(b)(c)
  3,830,000      4,163,926
Media-6.74%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)(c)
  5,622,000       5,612,916
DISH DBS Corp., 5.25%, 12/01/2026(b)
  20,340,000     17,461,900
Gannett Holdings LLC, 6.00%, 11/01/2026(b)
  2,094,000       2,093,862
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)(c)
  7,502,000       7,182,025
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026(b)
  3,190,000       3,141,193
TEGNA, Inc., 4.75%, 03/15/2026(b)(c)
  4,125,000       4,077,369
Townsquare Media, Inc., 6.88%, 02/01/2026(b)(c)
  3,637,000      3,637,781
        43,207,046
Metals & Mining-1.74%
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b)
  4,312,000      3,877,783
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84
Table of Contents
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Metals & Mining-(continued)
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b)
$ 1,853,000   $   1,859,124
Novelis Corp., 3.25%, 11/15/2026(b)
  5,630,000      5,424,672
        11,161,579
Mortgage REITs-0.45%
Starwood Property Trust, Inc., 3.63%, 07/15/2026(b)(c)
  3,005,000      2,895,116
Oil, Gas & Consumable Fuels-14.31%
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b)
  2,999,000       2,972,004
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b)
  2,250,000       2,255,739
Buckeye Partners L.P., 3.95%, 12/01/2026
  4,502,000       4,377,525
California Resources Corp., 7.13%, 02/01/2026(b)(c)
  3,800,000       3,817,461
Chesapeake Energy Corp., 5.50%, 02/01/2026(b)
  3,749,000       3,753,526
Chord Energy Corp., 6.38%, 06/01/2026(b)
  3,005,000       3,029,175
CITGO Petroleum Corp., 6.38%, 06/15/2026(b)
  4,880,000       4,921,148
Civitas Resources, Inc.                   
5.00%, 10/15/2026(b)
  3,002,000      2,962,092
8.63%, 11/01/2030(b)
  7,500,000      8,158,147
8.75%, 07/01/2031(b)(c)
  10,130,000     10,944,725
EQM Midstream Partners L.P., 4.13%, 12/01/2026
  3,689,000       3,626,590
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b)(c)
  3,750,000       3,725,260
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)
  5,963,000       5,951,344
Ithaca Energy (North Sea) PLC (United Kingdom), 9.00%, 07/15/2026(b)(c)
  4,690,000       4,779,574
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b)
  3,002,000       2,990,690
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)(c)
  11,250,000       9,747,522
SM Energy Co., 6.75%, 09/15/2026(c)
  3,145,000       3,150,369
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)
  3,752,000       3,774,122
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026
  2,246,000       2,210,763
Vital Energy, Inc., 9.75%, 10/15/2030(c)
  2,265,000       2,487,602
W&T Offshore, Inc., 11.75%, 02/01/2026(b)
  2,063,000      2,119,097
        91,754,475
Paper & Forest Products-0.34%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026(c)
  2,253,000      2,180,587
Passenger Airlines-2.29%
United AirLines, Inc., 4.38%, 04/15/2026(b)
  15,005,000     14,657,918
Pharmaceuticals-0.81%
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026
  5,250,000      5,176,249
  Principal
Amount 		  Value
Real Estate Management & Development-0.46%
Forestar Group, Inc., 3.85%, 05/15/2026(b)(c)
$ 3,001,000   $   2,930,313
Retail REITs-1.24%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)
  7,859,000      7,962,802
Software-1.23%
ACI Worldwide, Inc., 5.75%, 08/15/2026(b)
  2,996,000       2,988,977
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026(b)
  1,940,000       1,909,886
Fair Isaac Corp., 5.25%, 05/15/2026(b)
  3,000,000      3,004,358
        7,903,221
Specialty Retail-2.25%
Guitar Center, Inc., 8.50%, 01/15/2026(b)(c)
  3,936,000       3,500,012
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)(c)
  5,442,000       5,416,485
Victra Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)
  5,456,000      5,483,394
        14,399,891
Technology Hardware, Storage & Peripherals-3.94%
Seagate HDD Cayman                   
8.25%, 12/15/2029(c)
  3,748,000      4,066,520
8.50%, 07/15/2031(c)
  3,750,000      4,081,144
Western Digital Corp., 4.75%, 02/15/2026(c)
  17,250,000     17,105,172
        25,252,836
Textiles, Apparel & Luxury Goods-1.73%
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)
  6,753,000       6,712,681
Under Armour, Inc., 3.25%, 06/15/2026(c)
  4,500,000      4,364,648
        11,077,329
Tobacco-0.29%
Turning Point Brands, Inc., 5.63%, 02/15/2026(b)
  1,871,000      1,863,832
Trading Companies & Distributors-0.35%
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)(c)
  2,255,000      2,215,586
Water Utilities-0.47%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(b)
  3,004,000      3,030,718
Total U.S. Dollar Denominated Bonds & Notes

(Cost $617,451,230)
  621,826,077
  Shares    
Money Market Funds-1.44%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $9,201,671)
  9,201,671      9,201,671
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.40%

(Cost $626,652,901)
  631,027,748
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
85
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Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-22.23%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  39,509,241   $  39,509,241
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  103,043,887    103,085,105
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $142,585,668)
  142,594,346
TOTAL INVESTMENTS IN SECURITIES-120.63%

(Cost $769,238,569)
  773,622,094
OTHER ASSETS LESS LIABILITIES-(20.63)%
  (132,296,512)
NET ASSETS-100.00%
  $641,325,582
    
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $478,661,447, which represented 74.64% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $4,437,939   $178,316,717   $(173,552,985)   $-   $-   $9,201,671   $440,094
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 18,066,546   161,070,797   (139,628,102)   -   -   39,509,241   1,461,298*
Invesco Private Prime Fund 46,453,822   307,748,676   (251,129,042)   7,240   4,409   103,085,105   3,962,193*
Total $68,958,307   $647,136,190   $(564,310,129)   $7,240   $4,409   $151,796,017   $5,863,585
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.53%
Aerospace & Defense-0.42%
Moog, Inc., 4.25%, 12/15/2027(b)(c)
$ 1,268,000   $  1,222,543
Automobile Components-2.49%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027(c)
  1,268,000     1,275,486
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.                  
5.75%, 07/15/2027(b)(c)
  1,015,000       995,028
5.75%, 07/15/2027(b)
  890,000       871,719
Dana, Inc., 5.38%, 11/15/2027(c)
  1,015,000     1,008,193
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)
  1,770,000     1,730,719
United Rentals (North America), Inc., 5.50%, 05/15/2027
  1,267,000     1,271,950
        7,153,095
Automobiles-0.77%
Allison Transmission, Inc., 4.75%, 10/01/2027(b)
  1,015,000        994,518
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027(b)(c)
  1,260,000     1,234,890
        2,229,408
Banks-0.46%
Freedom Mortgage Corp., 6.63%, 01/15/2027(b)(c)
  1,353,000     1,337,813
Broadline Retail-2.16%
QVC, Inc., 4.75%, 02/15/2027(c)
  1,450,000     1,271,687
Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027(b)
  4,551,000     4,947,574
        6,219,261
Building Products-0.30%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)
  890,000       877,051
Capital Markets-0.53%
APX Group, Inc., 6.75%, 02/15/2027(b)
  1,518,000     1,522,539
Chemicals-3.09%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027(b)(c)
  1,255,000     1,236,182
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2026(b)(d)
  1,341,000     1,393,161
Chemours Co. (The), 5.38%, 05/15/2027(c)
  1,250,000     1,215,683
HB Fuller Co., 4.00%, 02/15/2027
  754,000        736,463
Methanex Corp. (Canada), 5.13%, 10/15/2027(c)
  1,770,000     1,743,354
Olympus Water US Holding Corp., 7.13%, 10/01/2027(b)
  812,000        826,881
SNF Group SACA (France), 3.13%, 03/15/2027(b)
  890,000        835,906
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027(c)
  890,000       890,139
        8,877,769
  Principal
Amount 		  Value
Commercial Services & Supplies-4.18%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b)
$ 2,659,000   $  2,670,194
Brink’s Co. (The), 4.63%, 10/15/2027(b)(c)
  1,518,000     1,487,737
Clean Harbors, Inc., 4.88%, 07/15/2027(b)(c)
  1,376,000     1,362,965
CoreCivic, Inc., 4.75%, 10/15/2027
  610,000        582,452
Enviri Corp., 5.75%, 07/31/2027(b)(c)
  1,204,000     1,176,059
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b)(c)
  1,439,000     1,404,489
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)(c)
  959,000        947,877
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)(c)
  2,524,000     2,392,261
        12,024,034
Construction & Engineering-1.26%
AECOM, 5.13%, 03/15/2027(c)
  2,519,000     2,523,819
Pike Corp., 8.63%, 01/31/2031(b)
  1,011,000     1,092,677
        3,616,496
Construction Materials-0.58%
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)
  1,640,000     1,662,786
Consumer Finance-1.72%
Navient Corp.                  
5.00%, 03/15/2027(c)
  1,770,000     1,739,471
11.50%, 03/15/2031
  1,262,000     1,417,789
OneMain Finance Corp., 3.50%, 01/15/2027(c)
  1,895,000     1,798,228
        4,955,488
Consumer Staples Distribution & Retail-1.93%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)
  2,933,000     2,868,623
Performance Food Group, Inc., 5.50%, 10/15/2027(b)
  2,684,000     2,672,516
        5,541,139
Containers & Packaging-6.10%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b)
  1,520,000     1,520,877
Graphic Packaging International LLC, 4.75%, 07/15/2027(b)
  759,000        747,468
LABL, Inc., 10.50%, 07/15/2027(b)
  1,746,000     1,726,283
Mauser Packaging Solutions Holding Co.                  
7.88%, 04/15/2027(b)
  6,820,000     7,059,928
9.25%, 04/15/2027(b)
  3,402,000     3,459,004
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(b)(c)
  1,543,000     1,549,532
Pactiv LLC, 8.38%, 04/15/2027
  400,000        424,735
Sealed Air Corp., 4.00%, 12/01/2027(b)(c)
  1,078,000     1,040,453
        17,528,280
Distributors-0.57%
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027(b)
  1,667,000     1,636,326
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
87
Table of Contents
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Diversified Consumer Services-1.12%
Service Corp. International, 4.63%, 12/15/2027
$ 1,392,000   $  1,367,218
Sotheby’s, 7.38%, 10/15/2027(b)(c)
  1,935,000     1,857,497
        3,224,715
Diversified Telecommunication Services-3.33%
Altice France S.A. (France), 8.13%, 02/01/2027(b)
  4,251,000     3,423,823
Frontier Communications Holdings LLC, 5.88%, 10/15/2027(b)(c)
  2,903,000     2,895,018
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)(c)
  3,731,000     3,260,740
        9,579,581
Electric Utilities-1.45%
NRG Energy, Inc., 6.63%, 01/15/2027
  922,000        925,563
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b)
  3,288,000     3,256,733
        4,182,296
Electrical Equipment-0.26%
EnerSys, 4.38%, 12/15/2027(b)
  754,000       739,099
Energy Equipment & Services-2.78%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)
  1,581,000     1,642,657
Nabors Industries, Inc., 7.38%, 05/15/2027(b)(c)
  1,770,000     1,791,964
Permian Resources Operating LLC, 8.00%, 04/15/2027(b)
  1,392,000     1,438,542
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027
  1,895,000     1,913,569
Viridien (France), 8.75%, 04/01/2027(b)(c)
  1,260,000     1,210,045
        7,996,777
Entertainment-1.89%
Live Nation Entertainment, Inc.                  
6.50%, 05/15/2027(b)
  3,035,000     3,090,088
4.75%, 10/15/2027(b)(c)
  2,398,000     2,337,739
        5,427,827
Financial Services-3.84%
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)(c)
  1,140,000     1,166,542
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(b)
  1,062,000     1,040,082
GGAM Finance Ltd. (Ireland), 8.00%, 02/15/2027(b)(c)
  1,770,000     1,846,437
LD Holdings Group LLC, 8.75%, 11/01/2027(b)
  860,000        802,071
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)(c)
  1,518,000     1,516,716
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(b)
  1,015,000     1,005,167
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c)
  2,524,000     2,412,369
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(b)
  1,267,000     1,263,269
        11,052,653
  Principal
Amount 		  Value
Gas Utilities-0.44%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027
$ 1,290,000   $  1,261,014
Health Care Equipment & Supplies-0.99%
Neogen Food Safety Corp., 8.63%, 07/20/2030(b)
  890,000        971,940
Teleflex, Inc., 4.63%, 11/15/2027
  1,267,000     1,243,931
Varex Imaging Corp., 7.88%, 10/15/2027(b)
  619,000       629,025
        2,844,896
Health Care Providers & Services-5.82%
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b)
  1,265,000     1,259,290
Community Health Systems, Inc.                  
5.63%, 03/15/2027(b)
  4,806,000     4,655,437
8.00%, 12/15/2027(b)
  1,769,000     1,773,751
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b)(c)
  1,518,000     1,482,405
Tenet Healthcare Corp.                  
6.25%, 02/01/2027
  3,790,000     3,800,665
5.13%, 11/01/2027(c)
  3,790,000     3,759,976
        16,731,524
Health Care REITs-1.05%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027(c)
  3,539,000     3,006,869
Health Care Technology-0.27%
Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027(b)
  760,000       769,556
Hotel & Resort REITs-0.98%
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027
  1,769,000     1,734,177
Service Properties Trust, 5.50%, 12/15/2027(c)
  1,141,000     1,074,471
        2,808,648
Hotels, Restaurants & Leisure-9.15%
Academy Ltd., 6.00%, 11/15/2027(b)(c)
  1,016,000     1,013,050
Affinity Interactive, 6.88%, 12/15/2027(b)
  1,376,000     1,180,484
Boyd Gaming Corp., 4.75%, 12/01/2027(c)
  2,533,000     2,490,299
Carnival Corp., 5.75%, 03/01/2027(b)(c)
  6,890,000     6,917,126
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027
  1,267,000     1,261,825
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027(c)
  1,518,000     1,510,799
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027(b)
  1,895,000     1,875,604
Lindblad Expeditions LLC, 6.75%, 02/15/2027(b)
  913,000        907,767
PENN Entertainment, Inc., 5.63%, 01/15/2027(b)(c)
  1,015,000        998,930
Sabre GLBL, Inc.                  
8.63%, 06/01/2027(b)(c)
  2,281,000     2,194,363
11.25%, 12/15/2027(b)(c)
  1,389,000     1,407,763
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c)
  1,267,000     1,258,787
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88
Table of Contents
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Travel + Leisure Co., Series J, 6.00%, 04/01/2027
$ 1,015,000   $  1,018,389
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)
  2,273,000     2,259,303
        26,294,489
Household Durables-1.45%
Beazer Homes USA, Inc., 5.88%, 10/15/2027
  899,000        897,818
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)
  1,267,000     1,254,244
Newell Brands, Inc., 6.38%, 09/15/2027(c)
  1,267,000     1,276,969
Tri Pointe Homes, Inc., 5.25%, 06/01/2027
  754,000       755,400
        4,184,431
Household Products-0.27%
Energizer Holdings, Inc., 6.50%, 12/31/2027(b)
  754,000       765,102
Independent Power and Renewable Electricity Producers-0.47%
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b)(c)
  1,392,000     1,345,726
Industrial Conglomerates-1.23%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027
  3,658,000     3,538,413
Insurance-1.81%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer                  
4.25%, 10/15/2027(b)(c)
  1,895,000     1,828,131
6.75%, 10/15/2027(b)
  3,390,000     3,377,950
        5,206,081
Interactive Media & Services-1.87%
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)
  1,141,000     1,123,437
Nexstar Media, Inc., 5.63%, 07/15/2027(b)
  4,337,000     4,241,919
        5,365,356
IT Services-1.14%
Cablevision Lightpath LLC, 3.88%, 09/15/2027(b)(c)
  1,136,000     1,070,088
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)(c)
  1,141,000     1,155,986
Unisys Corp., 6.88%, 11/01/2027(b)
  1,107,000     1,041,445
        3,267,519
Machinery-1.65%
Park-Ohio Industries, Inc., 6.63%, 04/15/2027
  878,000        849,789
TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027(b)
  3,940,000     3,881,727
        4,731,516
Media-10.93%
Altice Financing S.A. (Luxembourg), 9.63%, 07/15/2027(b)(c)
  950,000        910,429
Belo Corp.                  
7.75%, 06/01/2027
  502,000       517,120
7.25%, 09/15/2027
  605,000       617,346
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027(b)(c)
  8,221,000     8,063,693
  Principal
Amount 		  Value
Media-(continued)
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c)
$ 3,162,000   $  3,091,557
CSC Holdings LLC, 5.50%, 04/15/2027(b)
  3,260,000     2,672,260
DISH Network Corp., 11.75%, 11/15/2027(b)
  8,508,000     8,658,038
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)(c)
  1,010,000     1,054,102
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)
  660,000        568,917
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b)
  3,790,000     3,708,521
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)
  1,580,000     1,576,450
        31,438,433
Metals & Mining-0.79%
Compass Minerals International, Inc., 6.75%, 12/01/2027(b)(c)
  1,267,000     1,235,908
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)
  1,015,000     1,025,476
        2,261,384
Mortgage REITs-1.21%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(b)
  796,000        746,077
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027(b)
  1,544,000     1,499,853
Starwood Property Trust, Inc., 4.38%, 01/15/2027(b)(c)
  1,267,000     1,231,990
        3,477,920
Oil, Gas & Consumable Fuels-7.31%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)
  777,000        950,363
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027(b)
  825,000        798,971
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027(b)(c)
  770,000        795,545
EQM Midstream Partners L.P., 6.50%, 07/01/2027(b)
  2,012,000     2,063,541
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(b)
  1,518,000     1,628,834
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027
  2,479,000     2,540,107
Murphy Oil Corp., 5.88%, 12/01/2027(c)
  1,054,000     1,059,393
Murphy Oil USA, Inc., 5.63%, 05/01/2027
  754,000        750,692
NuStar Logistics L.P., 5.63%, 04/28/2027
  1,392,000     1,396,751
Parkland Corp. (Canada), 5.88%, 07/15/2027(b)(c)
  1,267,000     1,268,267
SM Energy Co., 6.63%, 01/15/2027(c)
  1,058,000     1,063,355
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b)
  1,085,000     1,082,782
Venture Global LNG, Inc., 9.88%, 02/01/2032(b)(c)
  5,060,000     5,624,822
        21,023,423
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
89
Table of Contents
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Passenger Airlines-0.46%
Allegiant Travel Co., 7.25%, 08/15/2027(b)(c)
$ 1,393,000   $  1,323,537
Pharmaceuticals-0.72%
Bausch Health Cos., Inc., 6.13%, 02/01/2027(b)
  2,430,000     2,077,407
Professional Services-0.77%
AMN Healthcare, Inc., 4.63%, 10/01/2027(b)(c)
  1,267,000     1,238,699
Korn Ferry, 4.63%, 12/15/2027(b)
  1,012,000       990,539
        2,229,238
Retail REITs-0.63%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027(b)(c)
  1,879,000     1,813,322
Software-0.81%
Gen Digital, Inc., 6.75%, 09/30/2027(b)
  2,272,000     2,328,986
Specialized REITs-2.14%
Iron Mountain, Inc., 4.88%, 09/15/2027(b)(c)
  2,525,000     2,481,598
SBA Communications Corp., 3.88%, 02/15/2027(c)
  3,786,000     3,666,988
        6,148,586
Specialty Retail-0.69%
JELD-WEN, Inc., 4.88%, 12/15/2027(b)(c)
  1,015,000        982,468
Lithia Motors, Inc., 4.63%, 12/15/2027(b)
  1,015,000       991,945
        1,974,413
Technology Hardware, Storage & Peripherals-1.20%
Seagate HDD Cayman                  
4.88%, 06/01/2027(c)
  1,275,000     1,270,311
9.63%, 12/01/2032(c)
  1,900,000     2,192,332
        3,462,643
  Principal
Amount 		  Value
Trading Companies & Distributors-1.05%
Herc Holdings, Inc., 5.50%, 07/15/2027(b)(c)
$ 3,036,000   $  3,016,472
Total U.S. Dollar Denominated Bonds & Notes

(Cost $279,327,498)
  283,303,880
  Shares    
Money Market Funds-0.43%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $1,229,587)
  1,229,587     1,229,587
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.96%

(Cost $280,557,085)
  284,533,467
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-24.69%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  19,664,998    19,664,998
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  51,295,612    51,316,130
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $70,976,927)
  70,981,128
TOTAL INVESTMENTS IN SECURITIES-123.65%

(Cost $351,534,012)
  355,514,595
OTHER ASSETS LESS LIABILITIES-(23.65)%
  (68,001,009)
NET ASSETS-100.00%
  $287,513,586
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $214,912,163, which represented 74.75% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $775,448   $29,819,785   $(29,365,646)   $-   $-   $1,229,587   $74,019
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90
Table of Contents
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $7,741,004   $83,016,460   $(71,092,466)   $-   $-   $19,664,998   $672,253*
Invesco Private Prime Fund 19,905,247   164,136,519   (132,731,691)   4,201   1,854   51,316,130   1,821,731*
Total $28,421,699   $276,972,764   $(233,189,803)   $4,201   $1,854   $72,210,715   $2,568,003
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
91
Table of Contents
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.16%
Aerospace & Defense-2.79%
Bombardier, Inc. (Canada), 6.00%, 02/15/2028(b)
$ 1,110,000   $  1,111,647
BWX Technologies, Inc., 4.13%, 06/30/2028(b)
  586,000        566,037
Spirit AeroSystems, Inc., 4.60%, 06/15/2028
  1,030,000        985,154
TransDigm, Inc., 6.75%, 08/15/2028(b)
  3,100,000     3,191,134
Triumph Group, Inc., 9.00%, 03/15/2028(b)
  1,416,000     1,497,168
        7,351,140
Automobile Components-4.09%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028
  590,000        593,395
ANGI Group LLC, 3.88%, 08/15/2028(b)(c)
  739,000        671,208
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)(c)
  720,000        668,390
Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028(b)(c)
  1,105,000     1,137,065
Dana, Inc., 5.63%, 06/15/2028(c)
  590,000        582,037
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b)
  740,000        744,303
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(b)(c)
  540,000        433,965
Tenneco, Inc., 8.00%, 11/17/2028(b)
  2,800,000     2,620,466
United Rentals (North America), Inc., 4.88%, 01/15/2028(c)
  2,460,000     2,428,439
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028(b)
  890,000       920,251
        10,799,519
Automobiles-0.48%
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b)
  815,000        818,501
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)
  440,000       438,650
        1,257,151
Banks-0.49%
Freedom Mortgage Corp., 12.00%, 10/01/2028(b)
  1,183,000     1,288,999
Biotechnology-0.55%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)
  660,000        490,791
Grifols S.A. (Spain), 4.75%, 10/15/2028(b)(c)
  1,002,000       952,704
        1,443,495
Broadline Retail-0.21%
QVC, Inc., 4.38%, 09/01/2028(c)
  740,000       557,699
Building Products-1.11%
Adams Homes, Inc., 9.25%, 10/15/2028(b)
  587,000        618,829
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028(b)
  778,000       828,675
  Principal
Amount 		  Value
Building Products-(continued)
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(b)
$ 867,000   $    840,903
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028
  660,000       647,761
        2,936,168
Capital Markets-0.49%
Coinbase Global, Inc., 3.38%, 10/01/2028(b)
  1,478,000     1,298,546
Chemicals-5.89%
Calderys Financing LLC (France), 11.25%, 06/01/2028(b)
  810,000        879,270
Chemours Co. (The), 5.75%, 11/15/2028(b)(c)
  1,150,000     1,078,937
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b)
  773,000        627,727
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b)
  810,000        787,010
Element Solutions, Inc., 3.88%, 09/01/2028(b)
  1,183,000     1,119,709
HB Fuller Co., 4.25%, 10/15/2028
  441,000        420,528
Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028(b)
  515,000        450,449
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b)
  680,000        689,405
Ingevity Corp., 3.88%, 11/01/2028(b)(c)
  810,000        752,268
Innophos Holdings, Inc., 9.38%, 02/15/2028(b)
  405,000        381,008
Iris Holding, Inc., 10.00%, 12/15/2028(b)
  590,000        504,534
LSB Industries, Inc., 6.25%, 10/15/2028(b)
  710,000        696,383
Minerals Technologies, Inc., 5.00%, 07/01/2028(b)
  591,000        574,009
NOVA Chemicals Corp. (Canada), 8.50%, 11/15/2028(b)(c)
  590,000        629,758
Olympus Water US Holding Corp.                  
4.25%, 10/01/2028(b)(c)
  1,206,000     1,133,908
9.75%, 11/15/2028(b)
  2,530,000     2,698,088
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(b)
  1,620,000     1,545,358
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b)
  593,000       577,871
        15,546,220
Commercial Services & Supplies-3.76%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.                  
4.63%, 06/01/2028(b)
  1,140,000     1,056,822
4.63%, 06/01/2028(b)
  1,810,000     1,680,654
Garda World Security Corp. (Canada), 7.75%, 02/15/2028(b)(c)
  587,000        616,219
GFL Environmental, Inc.                  
4.00%, 08/01/2028(b)
  1,110,000     1,059,134
3.50%, 09/01/2028(b)
  1,105,000     1,045,823
Interface, Inc., 5.50%, 12/01/2028(b)
  440,000        431,444
Madison IAQ LLC, 4.13%, 06/30/2028(b)(c)
  1,028,000       979,011
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92
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Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Commercial Services & Supplies-(continued)
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028(b)
$ 1,550,000   $  1,144,135
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)(c)
  1,920,000     1,914,418
        9,927,660
Communications Equipment-0.19%
Viasat, Inc., 6.50%, 07/15/2028(b)(c)
  592,000       494,572
Construction & Engineering-0.89%
Fluor Corp., 4.25%, 09/15/2028
  840,000        815,471
Pike Corp., 5.50%, 09/01/2028(b)
  1,074,000     1,047,062
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028(b)
  477,000       489,825
        2,352,358
Construction Materials-0.67%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)
  1,052,000     1,044,810
Williams Scotsman, Inc., 4.63%, 08/15/2028(b)
  740,000       716,295
        1,761,105
Consumer Finance-2.00%
Credit Acceptance Corp., 9.25%, 12/15/2028(b)
  890,000        957,847
Enova International, Inc., 11.25%, 12/15/2028(b)
  590,000        635,166
FirstCash, Inc., 4.63%, 09/01/2028(b)
  740,000        709,618
goeasy Ltd. (Canada), 9.25%, 12/01/2028(b)(c)
  813,000        875,009
Navient Corp., 4.88%, 03/15/2028(c)
  720,000        685,916
OneMain Finance Corp., 3.88%, 09/15/2028
  890,000        820,483
PRA Group, Inc., 8.38%, 02/01/2028(b)
  590,000       602,623
        5,286,662
Consumer Staples Distribution & Retail-1.86%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 6.50%, 02/15/2028(b)(c)
  1,010,000     1,024,110
Aramark Services, Inc., 5.00%, 02/01/2028(b)(c)
  1,695,000     1,664,265
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)
  569,000        432,613
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028(b)
  547,000        331,125
United Natural Foods, Inc., 6.75%, 10/15/2028(b)
  741,000        696,761
US Foods, Inc., 6.88%, 09/15/2028(b)
  740,000       770,693
        4,919,567
Containers & Packaging-3.70%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)
  882,000        801,154
Ball Corp., 6.88%, 03/15/2028
  1,110,000     1,150,020
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)
  660,000        645,221
Graham Packaging Co., Inc., 7.13%, 08/15/2028(b)
  752,000       743,755
  Principal
Amount 		  Value
Containers & Packaging-(continued)
Graphic Packaging International LLC, 3.50%, 03/15/2028(b)
$ 661,000   $    625,518
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)(c)
  1,012,000        995,401
LABL, Inc.                  
5.88%, 11/01/2028(b)
  740,000       683,985
9.50%, 11/01/2028(b)
  440,000       450,236
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028(b)(c)
  723,000        687,596
Sealed Air Corp., 6.13%, 02/01/2028(b)(c)
  1,142,000     1,161,147
Silgan Holdings, Inc., 4.13%, 02/01/2028(c)
  840,000        812,247
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(b)
  910,000       999,408
        9,755,688
Diversified Consumer Services-0.22%
Adtalem Global Education, Inc., 5.50%, 03/01/2028(b)
  595,000       585,737
Diversified REITs-2.12%
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC                  
10.50%, 02/15/2028(b)
  4,280,000     4,396,228
4.75%, 04/15/2028(b)
  840,000       739,719
Series MAY, 10.50%, 02/15/2028(b)
  440,000       451,948
        5,587,895
Diversified Telecommunication Services-3.76%
Altice France S.A. (France), 5.50%, 01/15/2028(b)
  1,584,000     1,129,176
Consolidated Communications, Inc.                  
5.00%, 10/01/2028(b)
  590,000       517,822
6.50%, 10/01/2028(b)
  1,110,000     1,018,706
Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b)(c)
  2,290,000     2,225,822
Iliad Holding S.A.S. (France), 7.00%, 10/15/2028(b)
  1,265,000     1,284,981
Level 3 Financing, Inc., 4.25%, 07/01/2028(b)
  700,000        495,299
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)
  2,062,000     2,014,947
Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b)
  1,598,000     1,237,036
        9,923,789
Electric Utilities-0.89%
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028(b)
  940,000        904,744
PG&E Corp., 5.00%, 07/01/2028(c)
  1,480,000     1,450,819
        2,355,563
Electrical Equipment-0.46%
Vertiv Group Corp., 4.13%, 11/15/2028(b)
  1,250,000     1,200,731
Energy Equipment & Services-1.66%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b)
  1,180,000     1,185,951
Bristow Group, Inc., 6.88%, 03/01/2028(b)
  592,000       594,942
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93
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Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Energy Equipment & Services-(continued)
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)
$ 590,000   $    595,008
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)
  1,180,000     1,211,074
Oceaneering International, Inc., 6.00%, 02/01/2028
  296,000        300,093
Transocean Aquila Ltd., 8.00%, 09/30/2028(b)
  480,000       495,001
        4,382,069
Entertainment-0.69%
Cinemark USA, Inc., 5.25%, 07/15/2028(b)(c)
  1,133,000     1,113,963
Live Nation Entertainment, Inc., 3.75%, 01/15/2028(b)
  740,000       702,957
        1,816,920
Financial Services-3.59%
AG Issuer LLC, 6.25%, 03/01/2028(b)
  735,000        718,479
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(b)
  595,000        589,247
eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028(b)(c)
  1,623,000     1,772,199
GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028(b)(c)
  883,000        944,426
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)
  1,470,000     1,398,194
LD Holdings Group LLC, 6.13%, 04/01/2028(b)
  890,000        752,766
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)
  1,480,000     1,421,908
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b)
  1,250,000     1,228,614
Werner FinCo L.P./Werner FinCo, Inc., 11.50%, 06/15/2028(b)
  593,000       653,970
        9,479,803
Food Products-1.79%
B&G Foods, Inc., 8.00%, 09/15/2028(b)
  1,180,000     1,228,247
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b)
  623,000        602,715
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b)(c)
  737,000        726,024
Post Holdings, Inc., 5.63%, 01/15/2028(b)
  865,000        863,711
TKC Holdings, Inc., 6.88%, 05/15/2028(b)(c)
  631,000        628,712
TreeHouse Foods, Inc., 4.00%, 09/01/2028(c)
  740,000       684,970
        4,734,379
Gas Utilities-0.29%
AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028(b)
  730,000       767,051
Health Care Equipment & Supplies-1.29%
Bausch & Lomb Corp., 8.38%, 10/01/2028(b)
  2,010,000     2,113,445
Hologic, Inc., 4.63%, 02/01/2028(b)(c)
  590,000        576,752
Teleflex, Inc., 4.25%, 06/01/2028(b)
  740,000       711,871
        3,402,068
  Principal
Amount 		  Value
Health Care Providers & Services-3.68%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(b)
$ 660,000   $    656,422
Avantor Funding, Inc., 4.63%, 07/15/2028(b)
  2,289,000     2,229,918
Cano Health LLC, 6.25%, 10/01/2028(b)(d)(e)
  100,000            425
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028(b)
  1,030,000     1,104,466
Molina Healthcare, Inc., 4.38%, 06/15/2028(b)
  1,180,000     1,136,266
Tenet Healthcare Corp.                  
4.63%, 06/15/2028(c)
  890,000       870,382
6.13%, 10/01/2028(c)
  3,692,000     3,702,208
        9,700,087
Health Care REITs-0.46%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)
  590,000        555,546
Diversified Healthcare Trust, 4.75%, 02/15/2028
  740,000       650,995
        1,206,541
Hotel & Resort REITs-0.64%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028(b)
  1,070,000     1,065,421
RHP Hotel Properties L.P./RHP Finance Corp., 7.25%, 07/15/2028(b)
  590,000       614,031
        1,679,452
Hotels, Restaurants & Leisure-3.45%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b)
  1,110,000     1,076,461
Acushnet Co., 7.38%, 10/15/2028(b)
  512,000        538,576
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028
  440,000        447,239
Churchill Downs, Inc., 4.75%, 01/15/2028(b)(c)
  1,031,000     1,006,158
Full House Resorts, Inc., 8.25%, 02/15/2028(b)
  602,000        597,736
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b)(c)
  740,000        741,823
Light & Wonder International, Inc., 7.00%, 05/15/2028(b)
  1,030,000     1,042,275
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(b)
  410,000        426,308
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(c)
  513,000        490,677
MGM Resorts International, 4.75%, 10/15/2028(c)
  1,108,000     1,079,297
Station Casinos LLC, 4.50%, 02/15/2028(b)
  1,020,000        979,603
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b)
  719,000       688,755
        9,114,908
Household Durables-1.25%
CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b)
  751,000        647,332
Dream Finders Homes, Inc., 8.25%, 08/15/2028(b)
  440,000       466,284
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94
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Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Household Durables-(continued)
Installed Building Products, Inc., 5.75%, 02/01/2028(b)
$ 440,000   $    437,131
LGI Homes, Inc., 8.75%, 12/15/2028(b)
  594,000        633,249
M/I Homes, Inc., 4.95%, 02/01/2028
  590,000        580,143
Tri Pointe Homes, Inc., 5.70%, 06/15/2028
  519,000       524,813
        3,288,952
Household Products-0.70%
Central Garden & Pet Co., 5.13%, 02/01/2028(c)
  440,000        434,926
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)(c)
  862,000        831,677
Prestige Brands, Inc., 5.13%, 01/15/2028(b)
  590,000       581,957
        1,848,560
Independent Power and Renewable Electricity Producers-2.72%
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028(b)
  587,000        582,057
Calpine Corp.                  
4.50%, 02/15/2028(b)
  1,845,000     1,790,923
5.13%, 03/15/2028(b)
  2,070,000     2,021,356
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)
  1,250,000     1,215,500
Sunnova Energy Corp., 11.75%, 10/01/2028(b)
  600,000        557,634
TerraForm Power Operating LLC, 5.00%, 01/31/2028(b)
  1,030,000     1,011,391
        7,178,861
Insurance-0.71%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)
  1,840,000     1,875,904
Interactive Media & Services-1.02%
Cars.com, Inc., 6.38%, 11/01/2028(b)
  590,000        587,019
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)
  738,000        710,276
Nexstar Media, Inc., 4.75%, 11/01/2028(b)(c)
  1,479,000     1,383,481
        2,680,776
IT Services-2.69%
Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028(b)
  514,000        460,654
Ahead DB Holdings LLC, 6.63%, 05/01/2028(b)
  588,000        566,000
Arches Buyer, Inc., 4.25%, 06/01/2028(b)
  1,400,000     1,280,677
ASGN, Inc., 4.63%, 05/15/2028(b)
  810,000        783,845
Cablevision Lightpath LLC, 5.63%, 09/15/2028(b)
  610,000        553,936
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)
  1,530,000     1,592,641
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028(b)
  660,000        624,265
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028(b)
  760,000        755,617
Virtusa Corp., 7.13%, 12/15/2028(b)
  514,000       484,186
        7,101,821
  Principal
Amount 		  Value
Machinery-1.65%
ATS Corp. (Canada), 4.13%, 12/15/2028(b)(c)
$ 520,000   $    487,110
GrafTech Finance, Inc., 4.63%, 12/15/2028(b)(c)
  712,000        477,483
Maxim Crane Works Holdings Capital, LLC, 11.50%, 09/01/2028(b)
  733,000        764,420
Titan International, Inc., 7.00%, 04/30/2028
  590,000        577,440
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028(b)
  586,000        587,385
Trinity Industries, Inc., 7.75%, 07/15/2028(b)
  883,000        925,842
Wabash National Corp., 4.50%, 10/15/2028(b)
  590,000       543,887
        4,363,567
Media-8.83%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)
  981,000        920,611
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028(b)
  3,685,000     3,553,745
Clear Channel Outdoor Holdings, Inc.                  
7.75%, 04/15/2028(b)
  1,471,000     1,283,534
9.00%, 09/15/2028(b)(c)
  1,110,000     1,180,921
CSC Holdings LLC                  
5.38%, 02/01/2028(b)
  1,440,000     1,108,707
11.25%, 05/15/2028(b)
  1,430,000     1,272,211
DISH DBS Corp., 5.75%, 12/01/2028(b)
  3,600,000     2,776,618
GCI LLC, 4.75%, 10/15/2028(b)
  882,000        837,661
Lamar Media Corp., 3.75%, 02/15/2028(c)
  881,000        844,924
McGraw-Hill Education, Inc., 5.75%, 08/01/2028(b)
  1,219,000     1,195,971
Sirius XM Radio, Inc., 4.00%, 07/15/2028(b)
  2,950,000     2,766,056
Sunrise HoldCo IV B.V. (Netherlands), 5.50%, 01/15/2028(b)(c)
  670,000        661,639
TEGNA, Inc., 4.63%, 03/15/2028
  1,480,000     1,396,624
Univision Communications, Inc., 8.00%, 08/15/2028(b)
  2,125,000     2,151,658
Urban One, Inc., 7.38%, 02/01/2028(b)(c)
  870,000        633,380
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028(b)(c)
  740,000       702,419
        23,286,679
Metals & Mining-0.67%
Century Aluminum Co., 7.50%, 04/01/2028(b)
  370,000        378,012
Constellium SE, 5.63%, 06/15/2028(b)
  484,000        480,667
Kaiser Aluminum Corp., 4.63%, 03/01/2028(b)
  721,000        685,469
Warrior Met Coal, Inc., 7.88%, 12/01/2028(b)
  226,000       233,787
        1,777,935
Oil, Gas & Consumable Fuels-7.75%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(b)
  760,000        781,488
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028(b)
  480,000       472,340
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95
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Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Civitas Resources, Inc., 8.38%, 07/01/2028(b)
$ 1,989,000   $  2,099,417
Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028(b)
  315,000        322,897
Crescent Energy Finance LLC, 9.25%, 02/15/2028(b)
  1,470,000     1,559,645
CVR Energy, Inc., 5.75%, 02/15/2028(b)
  590,000        559,304
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)
  1,035,000     1,070,323
EQM Midstream Partners L.P., 5.50%, 07/15/2028
  1,198,000     1,206,960
Global Marine, Inc., 7.00%, 06/01/2028
  385,000        364,264
Greenfire Resources Ltd. (Canada), 12.00%, 10/01/2028(b)
  350,000        376,564
Hess Midstream Operations L.P., 5.13%, 06/15/2028(b)
  810,000        801,250
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(b)
  814,000        868,434
Kinetik Holdings L.P., 6.63%, 12/15/2028(b)
  1,180,000     1,216,889
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b)
  590,000        646,399
Matador Resources Co., 6.88%, 04/15/2028(b)
  734,000        753,533
Murphy Oil Corp., 6.38%, 07/15/2028
  513,000        520,022
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)
  1,043,000     1,067,254
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)
  881,000        928,700
SM Energy Co., 6.50%, 07/15/2028
  591,000        594,768
Sunoco L.P. and Sunoco Finance Corp., 7.00%, 09/15/2028(b)
  740,000        772,542
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)
  3,320,000     3,479,333
        20,462,326
Paper & Forest Products-0.75%
Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028(b)
  450,000        424,388
Clearwater Paper Corp., 4.75%, 08/15/2028(b)
  410,000        383,122
Domtar Corp., 6.75%, 10/01/2028(b)
  947,000        868,628
Mercer International, Inc. (Germany), 12.88%, 10/01/2028(b)
  284,000       295,847
        1,971,985
Passenger Airlines-0.73%
American Airlines, Inc., 7.25%, 02/15/2028(b)(c)
  1,104,000     1,111,898
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)
  860,000       824,682
        1,936,580
Personal Care Products-0.42%
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)
  1,106,000     1,098,176
Pharmaceuticals-3.55%
AdaptHealth LLC, 6.13%, 08/01/2028(b)
  516,000       511,880
  Principal
Amount 		  Value
Pharmaceuticals-(continued)
Bausch Health Cos., Inc.                  
4.88%, 06/01/2028(b)
$ 2,307,000     $1,726,017
11.00%, 09/30/2028(b)
  2,550,000     2,339,625
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028(b)
  740,000        711,404
Elanco Animal Health, Inc., 6.65%, 08/28/2028
  1,080,000     1,121,066
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)
  3,100,000     2,965,904
        9,375,896
Professional Services-1.23%
Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b)
  1,363,000     1,296,775
CoreLogic, Inc., 4.50%, 05/01/2028(b)
  1,106,000     1,036,036
KBR, Inc., 4.75%, 09/30/2028(b)
  366,000        352,681
Science Applications International Corp., 4.88%, 04/01/2028(b)
  590,000       572,760
        3,258,252
Real Estate Management & Development-0.94%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)
  956,000        970,554
Forestar Group, Inc., 5.00%, 03/01/2028(b)
  440,000        426,613
Howard Hughes Corp. (The), 5.38%, 08/01/2028(b)
  1,110,000     1,080,425
        2,477,592
Residential REITs-0.14%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)
  365,000       367,977
Retail REITs-0.26%
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)
  740,000       680,460
Semiconductors & Semiconductor Equipment-0.59%
Entegris, Inc., 4.38%, 04/15/2028(b)
  591,000        568,185
ON Semiconductor Corp., 3.88%, 09/01/2028(b)
  1,032,000       981,417
        1,549,602
Software-2.65%
Alteryx, Inc., 8.75%, 03/15/2028(b)(f)
  660,000        677,555
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(b)(c)
  574,000        567,633
Fair Isaac Corp., 4.00%, 06/15/2028(b)
  1,329,000     1,270,360
GoTo Group, Inc., 5.50%, 05/01/2028(b)
  530,000        411,624
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028(b)
  520,000        477,672
MicroStrategy, Inc., 6.13%, 06/15/2028(b)
  741,000        725,987
NCR Voyix Corp., 5.00%, 10/01/2028(b)
  920,000        909,988
PTC, Inc., 4.00%, 02/15/2028(b)
  740,000        715,901
Rocket Software, Inc., 9.00%, 11/28/2028(b)
  1,180,000     1,225,139
        6,981,859
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96
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Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Specialized REITs-0.73%
Iron Mountain, Inc.                  
5.25%, 03/15/2028(b)
$ 1,220,000     $1,207,326
5.00%, 07/15/2028(b)(c)
  740,000       728,186
        1,935,512
Specialty Retail-2.46%
Asbury Automotive Group, Inc., 4.50%, 03/01/2028
  600,000        582,262
Bath & Body Works, Inc., 5.25%, 02/01/2028
  660,000        651,165
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)(c)
  1,109,000     1,049,973
Ken Garff Automotive LLC, 4.88%, 09/15/2028(b)
  590,000        573,774
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)
  1,259,000        989,836
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)
  1,767,000     1,692,162
White Cap Buyer LLC, 6.88%, 10/15/2028(b)
  945,000       939,203
        6,478,375
Technology Hardware, Storage & Peripherals-0.36%
Xerox Holdings Corp., 5.50%, 08/15/2028(b)
  1,110,000       951,407
Trading Companies & Distributors-1.20%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)
  1,471,000     1,462,841
H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)
  1,848,000     1,713,633
        3,176,474
Total U.S. Dollar Denominated Bonds & Notes

(Cost $254,726,423)
  259,019,070
  Shares   Value
Money Market Funds-0.71%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)

(Cost $1,875,763)
  1,875,763   $  1,875,763
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.87%

(Cost $256,602,186)
  260,894,833
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-13.39%
Invesco Private Government Fund, 5.28%(g)(h)(i)
  9,786,911     9,786,911
Invesco Private Prime Fund, 5.46%(g)(h)(i)
  25,536,574    25,546,789
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $35,331,293)
  35,333,700
TOTAL INVESTMENTS IN SECURITIES-112.26%

(Cost $291,933,479)
  296,228,533
OTHER ASSETS LESS LIABILITIES-(12.26)%
  (32,359,199)
NET ASSETS-100.00%
  $263,869,334
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $229,443,863, which represented 86.95% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) The borrower has filed for protection in federal bankruptcy court.
(e) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $648,228   $25,050,135   $(23,822,600)   $-   $-   $1,875,763   $90,361
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97
Table of Contents
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $3,187,584   $60,840,077   $(54,240,750)   $-   $-   $9,786,911   $392,307*
Invesco Private Prime Fund 8,736,644   112,007,311   (95,199,192)   2,457   (431)   25,546,789   1,068,177*
Total $12,572,456   $197,897,523   $(173,262,542)   $2,457   $(431)   $37,209,463   $1,550,845
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(h) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-97.70%
Aerospace & Defense-2.41%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029(b)
$ 210,000   $    217,572
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)(c)
  290,000        305,706
BWX Technologies, Inc., 4.13%, 04/15/2029(b)
  150,000        144,188
TransDigm, Inc.                  
4.63%, 01/15/2029
  460,000       442,904
6.38%, 03/01/2029(b)
  1,056,000     1,089,593
4.88%, 05/01/2029
  289,000       279,711
        2,479,674
Automobile Components-1.78%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029(c)
  232,000        216,060
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b)(c)
  230,000        210,944
Champions Financing, Inc., 8.75%, 02/15/2029(b)
  250,000        256,614
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029(c)
  320,000        297,477
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)
  350,000        323,463
Patrick Industries, Inc., 4.75%, 05/01/2029(b)
  130,000        122,491
Phinia, Inc., 6.75%, 04/15/2029(b)
  200,000        205,483
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(b)
  231,000       199,654
        1,832,186
Automobiles-0.71%
Allison Transmission, Inc., 5.88%, 06/01/2029(b)
  190,000        190,677
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029(b)
  250,000        211,498
Jaguar Land Rover Automotive PLC (United Kingdom), 5.50%, 07/15/2029(b)
  160,000        159,729
Thor Industries, Inc., 4.00%, 10/15/2029(b)
  190,000       173,699
        735,603
Beverages-0.54%
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029(b)
  305,000        289,864
Triton Water Holdings, Inc., 6.25%, 04/01/2029(b)
  272,000       270,032
        559,896
Broadline Retail-0.80%
Rakuten Group, Inc. (Japan), 9.75%, 04/15/2029(b)
  764,000       824,070
Building Products-1.08%
Cornerstone Building Brands, Inc.                  
6.13%, 01/15/2029(b)
  120,000       100,209
9.50%, 08/15/2029(b)
  190,000       188,267
GYP Holdings III Corp., 4.63%, 05/01/2029(b)
  135,000       126,142
  Principal
Amount 		  Value
Building Products-(continued)
Park River Holdings, Inc.                  
5.63%, 02/01/2029(b)
$ 130,000       $107,799
6.75%, 08/01/2029(b)
  110,000        93,086
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029
  120,000        116,035
STL Holding Co. LLC, 8.75%, 02/15/2029(b)
  110,000        116,721
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029(b)
  269,000       266,510
        1,114,769
Capital Markets-0.56%
APX Group, Inc., 5.75%, 07/15/2029(b)
  310,000        307,436
Aretec Group, Inc., 7.50%, 04/01/2029(b)
  150,000        142,497
Armor Holdco, Inc., 8.50%, 11/15/2029(b)
  132,000       127,054
        576,987
Chemicals-3.15%
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)
  270,000        250,605
Chemours Co. (The), 4.63%, 11/15/2029(b)
  240,000        211,373
INEOS Finance PLC (Luxembourg), 7.50%, 04/15/2029(b)
  305,000        316,050
INEOS Quattro Finance 2 PLC (United Kingdom), 9.63%, 03/15/2029(b)
  150,000        161,978
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029(b)
  131,000        126,063
Methanex Corp. (Canada), 5.25%, 12/15/2029(c)
  270,000        265,539
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)
  213,000        194,524
Olympus Water US Holding Corp., 6.25%, 10/01/2029(b)
  150,000        141,030
Rain Carbon, Inc., 12.25%, 09/01/2029(b)
  152,000        162,865
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b)
  259,000        248,113
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029
  160,000        151,709
SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029(b)
  260,000        245,582
Tronox, Inc., 4.63%, 03/15/2029(b)
  410,000        374,040
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)
  428,000       397,253
        3,246,724
Commercial Services & Supplies-5.32%
ACCO Brands Corp., 4.25%, 03/15/2029(b)
  225,000        209,811
ADT Security Corp. (The), 4.13%, 08/01/2029(b)
  400,000        380,242
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029(b)
  366,000        326,079
APi Group DE, Inc.                  
4.13%, 07/15/2029(b)
  130,000       122,311
4.75%, 10/15/2029(b)
  100,000        95,720
Brink’s Co. (The), 6.50%, 06/15/2029(b)
  150,000        155,350
Clean Harbors, Inc., 5.13%, 07/15/2029(b)
  120,000        117,967
CoreCivic, Inc., 8.25%, 04/15/2029
  190,000        200,586
CPI CG, Inc., 10.00%, 07/15/2029(b)
  110,000        115,872
Deluxe Corp., 8.00%, 06/01/2029(b)
  185,000       173,018
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Commercial Services & Supplies-(continued)
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029(b)
$ 240,000   $    223,618
Garda World Security Corp. (Canada), 6.00%, 06/01/2029(b)
  191,000        180,868
GEO Group, Inc. (The), 8.63%, 04/15/2029
  247,000        256,451
GFL Environmental, Inc.                  
4.75%, 06/15/2029(b)
  286,000       276,983
4.38%, 08/15/2029(b)
  210,000       199,569
Madison IAQ LLC, 5.88%, 06/30/2029(b)
  401,000        382,488
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)
  1,000,000        999,320
Pitney Bowes, Inc., 7.25%, 03/15/2029(b)
  129,000        125,662
R.R. Donnelley & Sons Co., 9.50%, 08/01/2029(b)
  400,000        396,625
Reworld Holding Corp., 4.88%, 12/01/2029(b)
  300,000        278,627
Signal Parent, Inc., 6.13%, 04/01/2029(b)
  114,000         78,220
Stericycle, Inc., 3.88%, 01/15/2029(b)
  190,000       185,030
        5,480,417
Communications Equipment-0.14%
Viavi Solutions, Inc., 3.75%, 10/01/2029(b)
  158,000       140,715
Construction & Engineering-0.70%
Arcosa, Inc., 4.38%, 04/15/2029(b)
  156,000        148,051
Dycom Industries, Inc., 4.50%, 04/15/2029(b)
  190,000        182,828
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)
  120,000        109,795
Tutor Perini Corp., 11.88%, 04/30/2029(b)
  140,000        152,402
VM Consolidated, Inc., 5.50%, 04/15/2029(b)
  128,000       124,661
        717,737
Construction Materials-0.43%
ACProducts Holdings, Inc., 6.38%, 05/15/2029(b)
  190,000         97,076
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(b)
  150,000        146,041
Williams Scotsman, Inc., 6.63%, 06/15/2029(b)
  190,000       196,345
        439,462
Consumer Finance-2.30%
Bread Financial Holdings, Inc., 9.75%, 03/15/2029(b)
  340,000        367,120
Encore Capital Group, Inc., 9.25%, 04/01/2029(b)
  192,000        204,624
Enova International, Inc., 9.13%, 08/01/2029(b)
  190,000        193,061
goeasy Ltd. (Canada), 7.63%, 07/01/2029(b)
  232,000        239,447
Navient Corp., 5.50%, 03/15/2029(c)
  280,000        266,159
OneMain Finance Corp.                  
9.00%, 01/15/2029
  350,000       372,339
5.38%, 11/15/2029
  280,000       269,519
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029(b)
  120,000        113,012
PRA Group, Inc., 5.00%, 10/01/2029(b)
  132,000        119,174
PROG Holdings, Inc., 6.00%, 11/15/2029(b)
  230,000       224,855
        2,369,310
  Principal
Amount 		  Value
Consumer Staples Distribution & Retail-2.11%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029(b)
$ 450,000   $    418,394
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)
  150,000        138,991
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/2029(b)
  280,000        292,467
Performance Food Group, Inc., 4.25%, 08/01/2029(b)
  382,000        360,927
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)(c)
  330,000        310,588
US Foods, Inc., 4.75%, 02/15/2029(b)
  361,000        352,410
Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029
  300,000       300,786
        2,174,563
Containers & Packaging-1.47%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b)
  400,000        345,748
Ball Corp., 6.00%, 06/15/2029
  380,000        391,476
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)
  190,000        189,904
Graphic Packaging International LLC, 3.50%, 03/01/2029(b)
  130,000        120,873
LABL, Inc., 8.25%, 11/01/2029(b)
  180,000        160,652
Sealed Air Corp., 5.00%, 04/15/2029(b)
  165,000        162,650
TriMas Corp., 4.13%, 04/15/2029(b)
  150,000       140,530
        1,511,833
Distributors-0.30%
Gates Corp., 6.88%, 07/01/2029(b)
  190,000        195,129
Resideo Funding, Inc., 4.00%, 09/01/2029(b)
  120,000       111,293
        306,422
Diversified Consumer Services-0.49%
Carriage Services, Inc., 4.25%, 05/15/2029(b)
  152,000        140,500
Service Corp. International, 5.13%, 06/01/2029
  280,000        277,397
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/2029(b)
  105,000        91,000
        508,897
Diversified REITs-0.66%
Hudson Pacific Properties L.P., 4.65%, 04/01/2029
  190,000        157,283
Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029(b)
  190,000        195,988
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029(b)
  428,000       328,217
        681,488
Diversified Telecommunication Services-3.91%
Altice France S.A. (France)                  
5.13%, 01/15/2029(b)
  181,000       125,894
5.13%, 07/15/2029(b)
  941,000       657,686
5.50%, 10/15/2029(b)
  748,000       519,872
CommScope LLC, 4.75%, 09/01/2029(b)
  473,000       381,948
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Diversified Telecommunication Services-(continued)
Frontier Communications Holdings LLC                  
6.75%, 05/01/2029(b)
$ 382,000       $368,819
5.88%, 11/01/2029
  290,000       267,097
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029(b)
  310,000        288,507
Level 3 Financing, Inc.                  
3.63%, 01/15/2029(b)
  150,000        94,125
10.50%, 04/15/2029(b)
  256,000       275,704
4.88%, 06/15/2029(b)
  237,000       185,464
3.75%, 07/15/2029(b)
  170,000       102,510
11.00%, 11/15/2029(b)
  603,000       661,827
Lumen Technologies, Inc., 4.13%, 04/15/2029(b)
  130,000       102,050
        4,031,503
Electric Utilities-1.14%
DPL, Inc., 4.35%, 04/15/2029
  150,000        140,371
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029(b)
  140,000        132,227
NRG Energy, Inc.                  
3.38%, 02/15/2029(b)
  185,000       169,923
5.25%, 06/15/2029(b)
  280,000       276,992
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)
  480,000       459,853
        1,179,366
Electrical Equipment-0.70%
Sensata Technologies B.V., 4.00%, 04/15/2029(b)
  380,000        358,100
WESCO Distribution, Inc., 6.38%, 03/15/2029(b)
  349,000       358,548
        716,648
Electronic Equipment, Instruments & Components-1.25%
Coherent Corp., 5.00%, 12/15/2029(b)(c)
  378,000        365,851
Imola Merger Corp., 4.75%, 05/15/2029(b)
  766,000        737,988
TTM Technologies, Inc., 4.00%, 03/01/2029(b)
  190,000       179,464
        1,283,303
Energy Equipment & Services-1.97%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 8.63%, 03/15/2029(b)
  390,000        410,380
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029
  133,000        134,046
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(b)
  120,000        129,399
Permian Resources Operating LLC, 5.88%, 07/01/2029(b)
  270,000        270,254
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)
  150,000        152,453
Summit Midstream Holdings LLC, 8.63%, 10/31/2029(b)
  220,000        228,513
U.S. Acute Care Solutions LLC, 9.75%, 05/15/2029(b)
  310,000        317,520
USA Compression Partners L.P./USA Compression Finance Corp., 7.13%, 03/15/2029(b)
  380,000       390,645
        2,033,210
  Principal
Amount 		  Value
Entertainment-1.16%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029(b)
$ 363,000   $    264,752
Banijay Entertainment (France), 8.13%, 05/01/2029(b)
  200,000        208,185
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b)
  189,000        181,075
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/2029(b)
  250,000        225,465
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)
  167,000        111,423
Playtika Holding Corp., 4.25%, 03/15/2029(b)
  227,000       204,206
        1,195,106
Financial Services-3.61%
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029(b)
  140,000        110,558
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)
  387,000        375,696
Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029(b)
  430,000        440,892
GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029(b)
  152,000        157,236
Hightower Holding LLC, 6.75%, 04/15/2029(b)
  117,000        112,273
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)
  223,000        213,016
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b)
  158,000        168,711
Nationstar Mortgage Holdings, Inc., 6.50%, 08/01/2029(b)
  290,000        292,559
NCR Atleos Corp., 9.50%, 04/01/2029(b)
  519,000        572,220
PennyMac Financial Services, Inc.                  
4.25%, 02/15/2029(b)
  250,000       236,350
7.88%, 12/15/2029(b)
  280,000       297,411
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029(b)
  290,000        269,464
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b)
  230,000        215,384
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(b)(c)
  266,000       259,629
        3,721,399
Food Products-0.89%
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/2029(b)
  191,000        200,381
Post Holdings, Inc., 5.50%, 12/15/2029(b)
  475,000        467,889
TKC Holdings, Inc., 10.50%, 05/15/2029(b)
  253,000       252,616
        920,886
Gas Utilities-0.69%
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)
  309,000        289,956
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029(b)
  450,000       425,747
        715,703
Ground Transportation-0.66%
Carriage Purchaser, Inc., 7.88%, 10/15/2029(b)
  120,000       110,438
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
101
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Ground Transportation-(continued)
Hertz Corp. (The)                  
12.63%, 07/15/2029(b)
$ 290,000       $309,152
5.00%, 12/01/2029(b)(c)
  382,000       258,160
        677,750
Health Care Equipment & Supplies-3.40%
Hologic, Inc., 3.25%, 02/15/2029(b)
  358,000        330,926
Medline Borrower L.P.                  
3.88%, 04/01/2029(b)
  1,730,000     1,635,496
5.25%, 10/01/2029(b)
  960,000       943,586
Medline Borrower L.P./Medline Co-Issuer, Inc., 6.25%, 04/01/2029(b)
  580,000       598,603
        3,508,611
Health Care Providers & Services-2.32%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)
  179,000        174,582
AHP Health Partners, Inc., 5.75%, 07/15/2029(b)
  116,000        112,876
Avantor Funding, Inc., 3.88%, 11/01/2029(b)
  307,000        287,802
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029(b)
  210,000        205,001
Community Health Systems, Inc., 6.00%, 01/15/2029(b)
  250,000        237,738
HealthEquity, Inc., 4.50%, 10/01/2029(b)(c)
  230,000        219,782
LifePoint Health, Inc., 5.38%, 01/15/2029(b)
  178,000        166,332
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b)
  180,000        128,948
Option Care Health, Inc., 4.38%, 10/31/2029(b)
  189,000        179,421
Owens & Minor, Inc., 4.50%, 03/31/2029(b)
  180,000        163,976
Tenet Healthcare Corp., 4.25%, 06/01/2029
  538,000       516,793
        2,393,251
Hotel & Resort REITs-1.06%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029(b)
  288,000        274,980
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029(b)
  213,000        204,634
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)
  192,000        174,415
Service Properties Trust, 8.38%, 06/15/2029
  263,000        260,715
XHR L.P., 4.88%, 06/01/2029(b)
  190,000       180,939
        1,095,683
Hotels, Restaurants & Leisure-5.48%
1011778 BC ULC/New Red Finance, Inc. (Canada)                  
3.50%, 02/15/2029(b)
  290,000       270,740
6.13%, 06/15/2029(b)
  450,000       459,911
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029(b)
  117,000        107,654
Boyne USA, Inc., 4.75%, 05/15/2029(b)
  268,000        257,423
Caesars Entertainment, Inc., 4.63%, 10/15/2029(b)(c)
  464,000        439,192
Carnival Corp., 6.00%, 05/01/2029(b)(c)
  800,000        804,121
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029
  190,000       187,370
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Everi Holdings, Inc., 5.00%, 07/15/2029(b)
$ 150,000   $    148,785
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029(b)
  380,000        355,755
Hilton Domestic Operating Co., Inc.                  
5.88%, 04/01/2029(b)
  210,000       214,151
3.75%, 05/01/2029(b)
  300,000       282,406
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029(b)(c)
  324,000        306,568
Light & Wonder International, Inc., 7.25%, 11/15/2029(b)
  197,000        204,260
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(b)
  183,000        172,713
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(b)
  190,000        176,887
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)
  290,000        277,058
Papa John’s International, Inc., 3.88%, 09/15/2029(b)
  155,000        142,226
PENN Entertainment, Inc., 4.13%, 07/01/2029(b)
  151,000        135,348
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)
  280,000        208,966
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b)
  275,000        266,253
Travel + Leisure Co., 4.50%, 12/01/2029(b)
  250,000       233,277
        5,651,064
Household Durables-0.83%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029(b)
  120,000        112,794
Century Communities, Inc., 3.88%, 08/15/2029(b)
  190,000        176,192
Landsea Homes Corp., 8.88%, 04/01/2029(b)
  120,000        124,683
LGI Homes, Inc., 4.00%, 07/15/2029(b)
  120,000        109,057
New Home Co., Inc. (The), 9.25%, 10/01/2029(b)
  140,000        145,953
Newell Brands, Inc., 6.63%, 09/15/2029
  190,000       190,064
        858,743
Household Products-0.26%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)(c)
  285,000       268,228
Independent Power and Renewable Electricity Producers-0.68%
Calpine Corp., 4.63%, 02/01/2029(b)
  250,000        238,664
NextEra Energy Operating Partners L.P., 7.25%, 01/15/2029(b)
  280,000        293,402
TransAlta Corp. (Canada), 7.75%, 11/15/2029
  160,000       169,469
        701,535
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
102
Table of Contents
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Industrial Conglomerates-0.51%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.                  
9.75%, 01/15/2029(b)
$ 270,000       $283,895
4.38%, 02/01/2029
  270,000       237,153
        521,048
Insurance-2.51%
Acrisure LLC/Acrisure Finance, Inc.                  
8.25%, 02/01/2029(b)
  360,000       370,882
4.25%, 02/15/2029(b)
  270,000       253,158
8.50%, 06/15/2029(b)
  190,000       197,446
6.00%, 08/01/2029(b)
  190,000       181,625
Alliance Resource Operating Partners L.P./ Alliance Resource Finance Corp., 8.63%, 06/15/2029(b)
  150,000        158,044
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029(b)
  170,000        165,952
AmWINS Group, Inc.                  
6.38%, 02/15/2029(b)
  290,000       297,525
4.88%, 06/30/2029(b)
  300,000       286,866
AssuredPartners, Inc., 5.63%, 01/15/2029(b)
  210,000        201,398
BroadStreet Partners, Inc., 5.88%, 04/15/2029(b)
  283,000        269,617
HUB International Ltd., 5.63%, 12/01/2029(b)
  210,000       206,045
        2,588,558
Interactive Media & Services-0.25%
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)
  130,000        129,798
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)
  204,000       131,750
        261,548
IT Services-0.91%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)
  196,000        186,415
ION Trading Technologies S.a.r.l. (Luxembourg), 9.50%, 05/30/2029(b)
  210,000        223,145
Newfold Digital Holdings Group, Inc., 6.00%, 02/15/2029(b)
  195,000        124,543
Twilio, Inc., 3.63%, 03/15/2029
  190,000        175,683
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)(c)
  250,000       231,307
        941,093
Leisure Products-0.30%
Universal Entertainment Corp. (Japan), 9.88%, 08/01/2029(b)
  120,000        118,658
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)
  190,000       190,099
        308,757
Machinery-1.39%
ESAB Corp., 6.25%, 04/15/2029(b)
  270,000        277,707
Hillenbrand, Inc., 6.25%, 02/15/2029
  190,000        192,648
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), 9.00%, 02/15/2029(b)
  380,000        390,006
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)
  174,000       165,087
  Principal
Amount 		  Value
Machinery-(continued)
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)
$ 190,000   $    180,953
Terex Corp., 5.00%, 05/15/2029(b)
  230,000       223,503
        1,429,904
Media-7.09%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)
  785,000        605,600
AMC Networks, Inc.                  
10.25%, 01/15/2029(b)
  330,000       331,939
4.25%, 02/15/2029(c)
  380,000       269,871
CCO Holdings LLC/CCO Holdings Capital Corp.                  
5.38%, 06/01/2029(b)
  572,000       543,119
6.38%, 09/01/2029(b)
  580,000       573,371
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029(b)
  404,000        340,963
CSC Holdings LLC                  
11.75%, 01/31/2029(b)
  770,000       680,397
6.50%, 02/01/2029(b)
  660,000       498,815
Gray Television, Inc., 10.50%, 07/15/2029(b)
  500,000        513,644
Lamar Media Corp., 4.88%, 01/15/2029
  150,000        147,458
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029(b)(c)
  308,000        249,062
McGraw-Hill Education, Inc., 8.00%, 08/01/2029(b)
  247,000        246,219
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029(b)
  190,000        179,502
Sirius XM Radio, Inc., 5.50%, 07/01/2029(b)
  480,000        467,599
Stagwell Global LLC, 5.63%, 08/15/2029(b)
  418,000        396,618
TEGNA, Inc., 5.00%, 09/15/2029
  420,000        390,420
Univision Communications, Inc., 4.50%, 05/01/2029(b)
  406,000        356,746
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)
  547,000       518,922
        7,310,265
Metals & Mining-1.46%
ATI, Inc., 4.88%, 10/01/2029
  120,000        116,455
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029(b)
  280,000        283,877
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029(b)
  141,000        132,383
Coeur Mining, Inc., 5.13%, 02/15/2029(b)
  110,000        104,719
Constellium SE, 3.75%, 04/15/2029(b)
  190,000        175,514
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b)(c)
  210,000        212,153
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)
  190,000        172,848
TMS International Corp., 6.25%, 04/15/2029(b)
  130,000        122,306
United States Steel Corp., 6.88%, 03/01/2029
  187,000       188,750
        1,509,005
Mortgage REITs-0.91%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029(b)
  190,000        168,637
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)
  240,000       231,489
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
103
Table of Contents
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Mortgage REITs-(continued)
Rithm Capital Corp., 8.00%, 04/01/2029(b)
$ 293,000   $    291,878
Starwood Property Trust, Inc., 7.25%, 04/01/2029(b)
  240,000       250,121
        942,125
Office REITs-0.44%
Brandywine Operating Partnership L.P., 8.88%, 04/12/2029
  150,000        163,147
Office Properties Income Trust                  
9.00%, 03/31/2029(b)
  120,000       114,148
9.00%, 09/30/2029(b)
  220,000       179,250
        456,545
Oil, Gas & Consumable Fuels-9.85%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029(b)
  279,000        275,834
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b)
  150,000        150,077
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 07/15/2029(b)
  190,000        197,749
Buckeye Partners L.P., 6.88%, 07/01/2029(b)
  230,000        235,427
California Resources Corp., 8.25%, 06/15/2029(b)
  350,000        361,297
Chesapeake Energy Corp.                  
5.88%, 02/01/2029(b)
  188,000       188,563
6.75%, 04/15/2029(b)
  361,000       366,620
CITGO Petroleum Corp., 8.38%, 01/15/2029(b)
  415,000        431,702
CNX Resources Corp., 6.00%, 01/15/2029(b)
  201,000        202,076
Comstock Resources, Inc.                  
6.75%, 03/01/2029(b)
  466,000       458,754
6.75%, 03/01/2029(b)
  150,000       147,436
CVR Energy, Inc., 8.50%, 01/15/2029(b)
  230,000        234,536
DT Midstream, Inc., 4.13%, 06/15/2029(b)
  419,000        398,402
Genesis Energy L.P./Genesis Energy Finance Corp., 8.25%, 01/15/2029
  230,000        239,176
Hess Midstream Operations L.P., 6.50%, 06/01/2029(b)
  240,000        247,831
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029(b)
  221,000        219,450
ITT Holdings LLC, 6.50%, 08/01/2029(b)
  465,000        438,844
Kodiak Gas Services, LLC, 7.25%, 02/15/2029(b)
  290,000        300,593
MEG Energy Corp. (Canada), 5.88%, 02/01/2029(b)
  231,000        229,517
Murphy Oil USA, Inc., 4.75%, 09/15/2029
  190,000        184,513
New Fortress Energy, Inc., 8.75%, 03/15/2029(b)(c)
  280,000        234,893
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, 02/15/2029(b)
  350,000        358,233
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)
  310,000        292,854
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)
  155,000        162,224
SM Energy Co., 6.75%, 08/01/2029(b)
  290,000        294,764
Southwestern Energy Co., 5.38%, 02/01/2029
  266,000        262,780
Sunoco L.P., 7.00%, 05/01/2029(b)
  286,000       298,143
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029
$ 310,000   $    297,890
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b)
  310,000        317,122
Talos Production, Inc., 9.00%, 02/01/2029(b)
  240,000        255,167
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029(b)
  150,000        150,037
TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029(b)
  268,000        260,329
Venture Global LNG, Inc., 9.50%, 02/01/2029(b)
  1,200,000     1,353,077
Vital Energy, Inc., 7.75%, 07/31/2029(b)
  110,000       111,411
        10,157,321
Paper & Forest Products-0.43%
Glatfelter Corp., 4.75%, 11/15/2029(b)
  195,000        169,806
Mercer International, Inc. (Germany), 5.13%, 02/01/2029(c)
  328,000       268,459
        438,265
Passenger Airlines-1.07%
American Airlines, Inc., 8.50%, 05/15/2029(b)
  380,000        395,308
United AirLines, Inc., 4.63%, 04/15/2029(b)
  745,000       709,673
        1,104,981
Personal Care Products-0.18%
Edgewell Personal Care Co., 4.13%, 04/01/2029(b)
  190,000       180,253
Pharmaceuticals-0.88%
AdaptHealth LLC, 4.63%, 08/01/2029(b)
  190,000        173,564
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.                  
12.25%, 04/15/2029(b)
  305,000       305,260
4.88%, 06/01/2029(b)
  234,000       148,004
Kedrion S.p.A. (Italy), 6.50%, 09/01/2029(b)
  300,000       282,742
        909,570
Professional Services-0.80%
AMN Healthcare, Inc., 4.00%, 04/15/2029(b)
  139,000        130,335
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)(c)
  350,000        337,486
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)
  180,000        178,382
TriNet Group, Inc., 3.50%, 03/01/2029(b)
  195,000       181,259
        827,462
Real Estate Management & Development-0.80%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b)(c)
  217,000        155,972
Howard Hughes Corp. (The), 4.13%, 02/01/2029(b)
  250,000        230,564
Hunt Cos., Inc., 5.25%, 04/15/2029(b)
  241,000        227,977
Kennedy-Wilson, Inc., 4.75%, 03/01/2029
  227,000       205,153
        819,666
Residential REITs-0.12%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029(b)
  130,000       123,204
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
104
Table of Contents
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Semiconductors & Semiconductor Equipment-0.42%
ams-OSRAM AG (Austria), 12.25%, 03/30/2029(b)
$ 150,000   $    160,193
Entegris, Inc., 3.63%, 05/01/2029(b)
  155,000        142,826
Synaptics, Inc., 4.00%, 06/15/2029(b)
  140,000       131,156
        434,175
Software-4.90%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/2029(b)
  290,000        299,653
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029(b)
  270,000        271,549
Cloud Software Group, Inc.                  
6.50%, 03/31/2029(b)
  1,537,000     1,516,156
9.00%, 09/30/2029(b)
  1,370,000     1,380,017
Dye & Durham Ltd. (Canada), 8.63%, 04/15/2029(b)(c)
  210,000        220,217
Elastic N.V., 4.13%, 07/15/2029(b)
  221,000        206,078
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 8.75%, 05/01/2029(b)
  200,000        208,406
NCR Voyix Corp., 5.13%, 04/15/2029(b)
  450,000        441,640
Open Text Corp. (Canada), 3.88%, 12/01/2029(b)
  330,000        304,525
Rocket Software, Inc., 6.50%, 02/15/2029(b)
  223,000       203,783
        5,052,024
Specialized REITs-1.26%
Iron Mountain, Inc.                  
7.00%, 02/15/2029(b)
  380,000       394,954
4.88%, 09/15/2029(b)
  380,000       369,120
SBA Communications Corp., 3.13%, 02/01/2029
  578,000       532,414
        1,296,488
Specialty Retail-4.09%
Arko Corp., 5.13%, 11/15/2029(b)
  169,000        150,263
Asbury Automotive Group, Inc., 4.63%, 11/15/2029(b)(c)
  310,000        295,484
At Home Group, Inc., 7.13%, 07/15/2029(b)
  20,000          4,700
Foot Locker, Inc., 4.00%, 10/01/2029(b)
  156,000        135,980
Gap, Inc. (The), 3.63%, 10/01/2029(b)
  290,000        260,143
Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom), 8.38%, 01/15/2029(b)
  200,000        197,331
LBM Acquisition LLC, 6.25%, 01/15/2029(b)
  276,000        249,766
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)
  380,000        362,289
Lithia Motors, Inc., 3.88%, 06/01/2029(b)
  310,000        287,800
Penske Automotive Group, Inc., 3.75%, 06/15/2029
  190,000        177,001
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)
  440,000        434,018
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)
  250,000        233,906
Staples, Inc., 10.75%, 09/01/2029(b)
  911,000        859,214
Upbound Group, Inc., 6.38%, 02/15/2029(b)
  170,000        165,994
Velocity Vehicle Group LLC, 8.00%, 06/01/2029(b)
  190,000        197,865
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c)
  230,000       200,651
        4,212,405
  Principal
Amount 		  Value
Technology Hardware, Storage & Peripherals-0.58%
Empire Communities Corp. (Canada), 9.75%, 05/01/2029(b)
$ 180,000   $    189,900
Seagate HDD Cayman                  
4.09%, 06/01/2029
  190,000       181,004
3.13%, 07/15/2029
  66,000        58,505
Xerox Holdings Corp., 8.88%, 11/30/2029(b)
  180,000       169,056
        598,465
Textiles, Apparel & Luxury Goods-0.43%
Crocs, Inc., 4.25%, 03/15/2029(b)
  130,000        122,853
Kontoor Brands, Inc., 4.13%, 11/15/2029(b)
  150,000        141,384
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)
  210,000       179,053
        443,290
Tobacco-0.33%
Vector Group Ltd., 5.75%, 02/01/2029(b)
  335,000       339,900
Trading Companies & Distributors-0.83%
Alta Equipment Group, Inc., 9.00%, 06/01/2029(b)
  190,000        172,780
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029(b)
  132,000        123,287
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)
  120,000        115,510
Foundation Building Materials, Inc., 6.00%, 03/01/2029(b)
  150,000        134,728
Herc Holdings, Inc., 6.63%, 06/15/2029(b)
  300,000       308,760
        855,065
Total U.S. Dollar Denominated Bonds & Notes

(Cost $99,018,529)
  100,714,124
  Shares    
Money Market Funds-0.51%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $526,231)
  526,231       526,231
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.21%

(Cost $99,544,760)
  101,240,355
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.10%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  1,739,880     1,739,880
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  4,542,148     4,543,965
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $6,283,609)
  6,283,845
TOTAL INVESTMENTS IN SECURITIES-104.31%

(Cost $105,828,369)
  107,524,200
OTHER ASSETS LESS LIABILITIES-(4.31)%
  (4,439,604)
NET ASSETS-100.00%
  $103,084,596
    
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
Investment Abbreviations:
CPI -Consumer Price Index
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $90,298,288, which represented 87.60% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $137,190   $5,110,659   $(4,721,618)   $-   $-   $526,231   $17,818
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 23,345   11,829,450   (10,112,915)   -   -   1,739,880   30,001*
Invesco Private Prime Fund 60,032   21,057,938   (16,573,960)   242   (287)   4,543,965   82,194*
Total $220,567   $37,998,047   $(31,408,493)   $242   $(287)   $6,810,076   $130,013
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.14%
Aerospace & Defense-1.27%
TransDigm, Inc., 6.88%, 12/15/2030(b)
$ 730,000   $   763,030
Air Freight & Logistics-0.72%
Rand Parent LLC, 8.50%, 02/15/2030(b)
  430,000      430,402
Automobile Components-1.51%
Dana, Inc., 4.25%, 09/01/2030
  195,000       175,842
ZF North America Capital, Inc. (Germany)                 
7.13%, 04/14/2030(b)
  305,000      319,916
6.75%, 04/23/2030(b)
  400,000      411,500
        907,258
Banks-0.63%
Verde Purchaser LLC, 10.50%, 11/30/2030(b)(c)
  350,000      377,365
Building Products-1.25%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(b)
  250,000       254,361
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b)
  240,000       228,146
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030(b)
  285,000      267,871
        750,378
Chemicals-1.47%
Avient Corp., 7.13%, 08/01/2030(b)
  365,000       380,199
NOVA Chemicals Corp. (Canada), 9.00%, 02/15/2030(b)
  330,000       354,876
SNF Group SACA (France), 3.38%, 03/15/2030(b)
  170,000      148,226
        883,301
Commercial Services & Supplies-0.74%
Reworld Holding Corp., 5.00%, 09/01/2030
  195,000       178,786
VT Topco, Inc., 8.50%, 08/15/2030(b)
  250,000      263,259
        442,045
Communications Equipment-0.31%
Ciena Corp., 4.00%, 01/31/2030(b)
  195,000      183,643
Consumer Finance-2.87%
Encore Capital Group, Inc., 8.50%, 05/15/2030(b)
  240,000       251,330
FirstCash, Inc., 5.63%, 01/01/2030(b)
  265,000       262,005
Navient Corp., 9.38%, 07/25/2030
  250,000       271,558
OneMain Finance Corp.                 
7.88%, 03/15/2030(c)
  350,000      366,357
4.00%, 09/15/2030
  410,000      363,200
PRA Group, Inc., 8.88%, 01/31/2030(b)
  200,000      206,969
        1,721,419
Consumer Staples Distribution & Retail-0.38%
US Foods, Inc., 4.63%, 06/01/2030(b)(c)
  240,000      229,875
Containers & Packaging-3.34%
Ball Corp., 2.88%, 08/15/2030
  650,000       575,014
Clydesdale Acquisition Holdings, Inc.                 
6.88%, 01/15/2030(b)
  250,000      251,234
8.75%, 04/15/2030(b)
  560,000      559,197
Crown Americas LLC, 5.25%, 04/01/2030
  250,000      250,060
  Principal
Amount 		  Value
Containers & Packaging-(continued)
Graphic Packaging International LLC, 3.75%, 02/01/2030(b)
$ 195,000   $   180,497
OI European Group B.V., 4.75%, 02/15/2030(b)
  205,000      192,857
        2,008,859
Distributors-0.71%
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)
  400,000      428,967
Diversified Consumer Services-0.64%
Service Corp. International, 3.38%, 08/15/2030
  430,000      386,266
Diversified REITs-0.40%
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030(b)
  330,000      242,127
Diversified Telecommunication Services-6.14%
Frontier Communications Holdings LLC                 
6.00%, 01/15/2030(b)(c)
  490,000      452,474
8.75%, 05/15/2030(b)
  605,000      637,888
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030(b)
  1,503,000    1,446,935
Level 3 Financing, Inc.                 
10.50%, 05/15/2030(b)
  450,000      484,412
3.88%, 10/15/2030(b)
  220,000      150,803
10.75%, 12/15/2030(b)
  340,000      367,870
Lumen Technologies, Inc., 4.13%, 04/15/2030(b)
  200,000      150,235
        3,690,617
Electric Utilities-0.80%
PG&E Corp., 5.25%, 07/01/2030
  490,000      480,057
Electrical Equipment-0.42%
Sensata Technologies B.V., 5.88%, 09/01/2030(b)
  250,000      250,559
Electronic Equipment, Instruments & Components-2.37%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)
  1,390,000    1,425,145
Energy Equipment & Services-4.23%
Nabors Industries, Inc., 9.13%, 01/31/2030(b)
  330,000       353,896
Noble Finance II LLC, 8.00%, 04/15/2030(b)
  700,000       726,392
Transocean, Inc., 8.75%, 02/15/2030(b)
  595,000       629,029
Weatherford International Ltd., 8.63%, 04/30/2030(b)
  800,000      830,957
        2,540,274
Entertainment-0.75%
Roblox Corp., 3.88%, 05/01/2030(b)
  487,000      449,005
Financial Services-3.05%
Burford Capital Global Finance LLC, 6.88%, 04/15/2030(b)
  180,000       178,595
Hightower Holding LLC, 9.13%, 01/31/2030(b)
  200,000       207,241
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)
  190,000       173,577
Mobius Merger Sub, Inc., 9.00%, 06/01/2030(b)
  240,000      233,848
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
107
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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Financial Services-(continued)
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030(b)
$ 320,000   $   304,050
PennyMac Financial Services, Inc., 7.13%, 11/15/2030(b)
  330,000       335,534
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)
  400,000      397,286
        1,830,131
Food Products-1.62%
Darling Ingredients, Inc., 6.00%, 06/15/2030(b)
  510,000       516,872
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030(b)
  490,000      456,415
        973,287
Gas Utilities-0.87%
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(b)
  500,000      520,169
Ground Transportation-0.97%
Brightline East LLC, 11.00%, 01/31/2030(b)(c)
  640,000      584,272
Health Care Equipment & Supplies-0.52%
Embecta Corp.                 
5.00%, 02/15/2030(b)
  247,000      222,933
6.75%, 02/15/2030(b)
  95,000       87,795
        310,728
Health Care Providers & Services-10.38%
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)
  320,000       312,707
Community Health Systems, Inc.                 
6.13%, 04/01/2030(b)
  600,000      475,659
5.25%, 05/15/2030(b)
  750,000      673,016
DaVita, Inc., 4.63%, 06/01/2030(b)
  1,405,000    1,325,694
LifePoint Health, Inc., 9.88%, 08/15/2030(b)
  405,000       444,662
Molina Healthcare, Inc., 3.88%, 11/15/2030(b)
  320,000       294,485
Owens & Minor, Inc., 6.63%, 04/01/2030(b)(c)
  270,000       261,536
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030(b)
  195,000       186,618
Star Parent, Inc., 9.00%, 10/01/2030(b)
  510,000       545,076
Tenet Healthcare Corp.                 
4.38%, 01/15/2030
  730,000      698,584
6.13%, 06/15/2030
  1,000,000    1,016,442
        6,234,479
Health Care Technology-1.88%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)
  1,180,000    1,129,807
Hotel & Resort REITs-0.48%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030(b)
  280,000      287,265
Hotels, Restaurants & Leisure-6.29%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)
  1,480,000    1,356,866
Brinker International, Inc., 8.25%, 07/15/2030(b)
  180,000       191,475
Caesars Entertainment, Inc., 7.00%, 02/15/2030(b)
  1,000,000    1,036,328
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Churchill Downs, Inc., 5.75%, 04/01/2030(b)
$ 605,000   $   601,743
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030(b)
  655,000      589,826
        3,776,238
Household Durables-1.40%
KB Home, 7.25%, 07/15/2030
  180,000       188,005
M/I Homes, Inc., 3.95%, 02/15/2030
  150,000       138,558
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)
  295,000       278,460
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(b)
  240,000      237,386
        842,409
Household Products-0.37%
Central Garden & Pet Co., 4.13%, 10/15/2030(c)
  240,000      220,748
Industrial Conglomerates-0.64%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 9.00%, 06/15/2030(b)
  380,000      384,781
Insurance-4.73%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/2030(b)
  550,000       564,969
HUB International Ltd., 7.25%, 06/15/2030(b)
  1,545,000    1,614,775
Jones Deslauriers Insurance Management, Inc. (Canada)                 
8.50%, 03/15/2030(b)
  365,000      388,483
10.50%, 12/15/2030(b)
  250,000      271,936
        2,840,163
Interactive Media & Services-0.73%
Ziff Davis, Inc., 4.63%, 10/15/2030(b)
  220,000       203,552
ZipRecruiter, Inc., 5.00%, 01/15/2030(b)
  265,000      237,599
        441,151
Life Sciences Tools & Services-0.91%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)
  280,000       285,820
IQVIA, Inc., 6.50%, 05/15/2030(b)(c)
  250,000      260,078
        545,898
Machinery-1.72%
Chart Industries, Inc., 7.50%, 01/01/2030(b)
  730,000       767,953
SPX FLOW, Inc., 8.75%, 04/01/2030(b)
  255,000      266,486
        1,034,439
Media-5.54%
Cable One, Inc., 4.00%, 11/15/2030(b)(c)
  320,000       245,894
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030(b)
  460,000       481,009
Gray Television, Inc., 4.75%, 10/15/2030(b)
  340,000       193,930
Lamar Media Corp., 4.00%, 02/15/2030
  265,000       247,648
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)(c)
  355,000       250,831
Sirius XM Radio, Inc., 4.13%, 07/01/2030(b)
  780,000       700,860
Univision Communications, Inc., 7.38%, 06/30/2030(b)
  440,000      422,633
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
108
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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Media-(continued)
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b)
$ 450,000   $   390,482
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030(b)
  450,000      397,787
        3,331,074
Metals & Mining-3.13%
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(b)
  350,000       376,738
ATI, Inc., 7.25%, 08/15/2030(c)
  210,000       223,756
Carpenter Technology Corp., 7.63%, 03/15/2030
  150,000       155,809
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)
  380,000       385,731
Commercial Metals Co., 4.13%, 01/15/2030
  150,000       141,262
Taseko Mines Ltd. (Canada), 8.25%, 05/01/2030(b)
  250,000       260,087
Vibrantz Technologies, Inc., 9.00%, 02/15/2030(b)
  370,000      337,876
        1,881,259
Oil, Gas & Consumable Fuels-10.12%
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)
  400,000       426,617
CNX Midstream Partners L.P., 4.75%, 04/15/2030(b)
  195,000       182,004
Comstock Resources, Inc., 5.88%, 01/15/2030(b)
  485,000       458,860
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030
  250,000       265,550
Hess Midstream Operations L.P.                 
4.25%, 02/15/2030(b)
  380,000      359,402
5.50%, 10/15/2030(b)
  200,000      198,266
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030(b)
  250,000       248,871
Kinetik Holdings L.P., 5.88%, 06/15/2030(b)
  490,000       491,990
NuStar Logistics L.P., 6.38%, 10/01/2030
  305,000       318,834
Parkland Corp. (Canada), 4.63%, 05/01/2030(b)
  405,000       379,090
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)
  240,000       249,764
Range Resources Corp., 4.75%, 02/15/2030(b)
  240,000       230,507
Southwestern Energy Co., 5.38%, 03/15/2030
  600,000       595,153
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030
  390,000       370,849
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(b)
  355,000       338,769
Venture Global LNG, Inc., 7.00%, 01/15/2030(b)
  750,000       767,357
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030(b)
  196,000      197,725
        6,079,608
Personal Care Products-0.70%
BellRing Brands, Inc., 7.00%, 03/15/2030(b)
  405,000      420,986
Pharmaceuticals-1.04%
AdaptHealth LLC, 5.13%, 03/01/2030(b)
  295,000       269,950
Perrigo Finance Unlimited Co., 4.90%, 06/15/2030
  365,000      353,073
        623,023
  Principal
Amount 		  Value
Real Estate Management & Development-1.49%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030(b)(c)
$ 310,000   $   275,086
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b)
  220,000       153,563
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b)
  200,000       213,439
Kennedy-Wilson, Inc., 4.75%, 02/01/2030
  290,000      256,164
        898,252
Residential REITs-0.31%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030(b)
  196,000      184,638
Semiconductors & Semiconductor Equipment-0.78%
Entegris, Inc., 5.95%, 06/15/2030(b)
  465,000      471,603
Software-3.26%
Capstone Borrower, Inc., 8.00%, 06/15/2030(b)
  240,000       252,968
Gen Digital, Inc., 7.13%, 09/30/2030(b)(c)
  300,000       313,618
McAfee Corp., 7.38%, 02/15/2030(b)
  1,015,000       974,524
NCR Voyix Corp., 5.25%, 10/01/2030(b)
  220,000       214,636
RingCentral, Inc., 8.50%, 08/15/2030(b)
  190,000      203,164
        1,958,910
Specialized REITs-1.02%
Iron Mountain, Inc., 5.25%, 07/15/2030(b)
  630,000      614,484
Specialty Retail-1.63%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030
  215,000       205,688
Bath & Body Works, Inc., 6.63%, 10/01/2030(b)
  460,000       466,138
Staples, Inc., 12.75%, 01/15/2030(b)
  400,000      309,526
        981,352
Trading Companies & Distributors-1.27%
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030(b)
  300,000       308,376
Boise Cascade Co., 4.88%, 07/01/2030(b)
  195,000       186,772
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030(b)
  250,000      268,529
        763,677
Wireless Telecommunication Services-0.34%
Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. (Canada), 8.00%, 08/01/2030(b)
  196,000      202,366
Total U.S. Dollar Denominated Bonds & Notes

(Cost $56,699,236)
  58,957,789
  Shares    
Money Market Funds-0.40%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $239,390)
  239,390      239,390
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.54%

(Cost $56,938,626)
  59,197,179
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
109
Table of Contents
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-5.57%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  927,063   $   927,063
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  2,415,889    2,416,855
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,343,763)
  3,343,918
TOTAL INVESTMENTS IN SECURITIES-104.11%

(Cost $60,282,389)
  62,541,097
OTHER ASSETS LESS LIABILITIES-(4.11)%
  (2,466,195)
NET ASSETS-100.00%
  $60,074,902
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $50,514,526, which represented 84.09% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $56,115   $4,987,246   $(4,803,971)   $-   $-   $239,390   $13,387
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   11,119,712   (10,192,649)   -   -   927,063   24,495*
Invesco Private Prime Fund -   17,190,307   (14,773,159)   155   (448)   2,416,855   66,972*
Total $56,115   $33,297,265   $(29,769,779)   $155   $(448)   $3,583,308   $104,854
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
110
Table of Contents
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.40%
Aerospace & Defense-1.58%
Bombardier, Inc. (Canada), 7.25%, 07/01/2031(b)
$ 180,000   $   189,169
TransDigm, Inc., 7.13%, 12/01/2031(b)
  260,000      274,890
        464,059
Air Freight & Logistics-0.64%
GN Bondco LLC, 9.50%, 10/15/2031(b)
  185,000      188,470
Automobile Components-2.22%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031(b)
  130,000       129,378
Goodyear Tire & Rubber Co. (The)                 
5.25%, 04/30/2031
  131,000      118,798
5.25%, 07/15/2031
  150,000      136,185
United Rentals (North America), Inc., 3.88%, 02/15/2031
  289,000      267,034
        651,395
Automobiles-0.81%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)
  260,000      236,528
Broadline Retail-0.37%
Kohl’s Corp., 4.63%, 05/01/2031
  130,000      107,558
Building Products-0.75%
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/2031(b)
  207,000      218,875
Capital Markets-0.87%
Coinbase Global, Inc., 3.63%, 10/01/2031(b)
  180,000       148,473
StoneX Group, Inc., 7.88%, 03/01/2031(b)
  100,000      105,235
        253,708
Chemicals-3.29%
Ashland, Inc., 3.38%, 09/01/2031(b)
  120,000       105,232
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(b)
  130,000       137,835
Consolidated Energy Finance S.A. (Switzerland), 12.00%, 02/15/2031(b)
  150,000       147,821
Olympus Water US Holding Corp., 7.25%, 06/15/2031(b)
  210,000       217,249
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031
  130,000       116,595
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 06/01/2031(b)
  160,000       146,948
W. R. Grace Holdings LLC, 7.38%, 03/01/2031(b)
  90,000       93,585
        965,265
Commercial Services & Supplies-4.62%
Allied Universal Holdco LLC, 7.88%, 02/15/2031(b)
  540,000       548,715
Clean Harbors, Inc., 6.38%, 02/01/2031(b)
  130,000       132,942
GEO Group, Inc. (The), 10.25%, 04/15/2031
  170,000       179,765
GFL Environmental, Inc., 6.75%, 01/15/2031(b)
  260,000       271,915
Ritchie Bros. Holdings, Inc. (Canada), 7.75%, 03/15/2031(b)
  209,000      222,419
        1,355,756
Communications Equipment-0.52%
Viasat, Inc., 7.50%, 05/30/2031(b)
  200,000      153,225
  Principal
Amount 		  Value
Construction & Engineering-1.12%
Artera Services, LLC, 8.50%, 02/15/2031(b)
$ 160,000   $   160,510
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(b)
  160,000      167,547
        328,057
Construction Materials-1.93%
Knife River Corp., 7.75%, 05/01/2031(b)
  110,000       116,834
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031(b)
  290,000       311,609
Williams Scotsman, Inc., 7.38%, 10/01/2031(b)
  130,000      136,727
        565,170
Consumer Finance-0.70%
OneMain Finance Corp., 7.50%, 05/15/2031
  200,000      206,591
Consumer Staples Distribution & Retail-1.01%
Fiesta Purchaser, Inc., 7.88%, 03/01/2031(b)
  127,000       134,016
Ingles Markets, Inc., 4.00%, 06/15/2031(b)
  100,000        90,133
Safeway, Inc., 7.25%, 02/01/2031
  70,000       72,417
        296,566
Containers & Packaging-2.35%
Ball Corp., 3.13%, 09/15/2031
  210,000       183,803
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031(b)
  200,000       207,730
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b)
  180,000       182,362
Sealed Air Corp., 7.25%, 02/15/2031(b)
  110,000      115,736
        689,631
Diversified Consumer Services-0.63%
Service Corp. International, 4.00%, 05/15/2031
  200,000      183,703
Diversified Telecommunication Services-1.57%
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b)
  200,000       211,832
Iliad Holding S.A.S. (France), 8.50%, 04/15/2031(b)
  170,000       180,331
Level 3 Financing, Inc., 4.00%, 04/15/2031(b)
  100,000       67,499
        459,662
Electric Utilities-2.88%
NRG Energy, Inc., 3.63%, 02/15/2031(b)
  270,000       241,793
Sotera Health Holdings LLC, 7.38%, 06/01/2031(b)
  190,000       198,947
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)
  380,000      404,607
        845,347
Electronic Equipment, Instruments & Components-1.03%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.75%, 07/15/2031(b)
  130,000       134,067
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)
  185,000      167,229
        301,296
Energy Equipment & Services-0.48%
Nabors Industries, Inc., 8.88%, 08/15/2031(b)
  140,000      140,390
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
111
Table of Contents
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Entertainment-1.48%
Light and Wonder International, Inc., 7.50%, 09/01/2031(b)
$ 150,000   $   158,047
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/2031(b)
  260,000      276,109
        434,156
Financial Services-4.63%
Block, Inc., 3.50%, 06/01/2031
  250,000       225,883
Burford Capital Global Finance LLC, 9.25%, 07/01/2031(b)
  170,000       181,973
Freedom Mortgage Holdings LLC, 9.13%, 05/15/2031(b)
  90,000        90,759
Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031(b)
  300,000       315,317
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031(b)
  150,000       145,848
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)
  110,000       106,166
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.88%, 03/01/2031(b)
  320,000      292,141
        1,358,087
Food Products-0.76%
Post Holdings, Inc., 4.50%, 09/15/2031(b)
  240,000      223,476
Gas Utilities-1.04%
Venture Global Calcasieu Pass LLC, 4.13%, 08/15/2031(b)
  330,000      306,112
Ground Transportation-0.43%
XPO, Inc., 7.13%, 06/01/2031(b)
  120,000      125,572
Health Care Providers & Services-3.84%
Community Health Systems, Inc., 4.75%, 02/15/2031(b)
  260,000       222,039
DaVita, Inc., 3.75%, 02/15/2031(b)
  390,000       347,405
Encompass Health Corp., 4.63%, 04/01/2031
  100,000        94,774
Tenet Healthcare Corp.                 
6.75%, 05/15/2031
  350,000      363,209
6.88%, 11/15/2031
  90,000       98,014
        1,125,441
Health Care REITs-0.92%
Diversified Healthcare Trust, 4.38%, 03/01/2031
  110,000        84,320
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031
  270,000      184,692
        269,012
Hotel & Resort REITs-0.88%
Service Properties Trust, 8.63%, 11/15/2031(b)
  240,000      256,942
Hotels, Restaurants & Leisure-5.35%
Boyd Gaming Corp., 4.75%, 06/15/2031(b)
  230,000       216,560
Churchill Downs, Inc., 6.75%, 05/01/2031(b)
  160,000       164,619
Hilton Domestic Operating Co., Inc., 4.00%, 05/01/2031(b)
  270,000       249,666
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 4.88%, 07/01/2031(b)
  130,000       116,641
Merlin Entertainments Group U.S. Holdings, Inc. (United Kingdom), 7.38%, 02/15/2031(b)
  130,000      129,600
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)
$ 190,000   $   131,973
Six Flags Entertainment Corp., 7.25%, 05/15/2031(b)
  210,000       217,930
Station Casinos LLC, 4.63%, 12/01/2031(b)
  110,000       102,185
Yum! Brands, Inc., 3.63%, 03/15/2031
  260,000      238,834
        1,568,008
Household Durables-1.19%
Beazer Homes USA, Inc., 7.50%, 03/15/2031(b)
  60,000        61,156
KB Home, 4.00%, 06/15/2031
  110,000       101,719
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)
  210,000      184,894
        347,769
Household Products-1.38%
Central Garden & Pet Co., 4.13%, 04/30/2031(b)
  100,000        90,708
Kronos Acquisition Holdings, Inc. (Canada), 8.25%, 06/30/2031(b)
  140,000       144,201
Prestige Brands, Inc., 3.75%, 04/01/2031(b)
  160,000       145,147
Spectrum Brands, Inc., 3.88%, 03/15/2031(b)
  27,000       24,006
        404,062
Independent Power and Renewable Electricity Producers-2.15%
Calpine Corp.                 
5.00%, 02/01/2031(b)
  210,000      201,491
3.75%, 03/01/2031(b)
  230,000      210,232
Clearway Energy Operating LLC, 3.75%, 02/15/2031(b)
  240,000      217,947
        629,670
Insurance-5.59%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b)
  380,000       393,110
Ardonagh Finco Ltd. (United Kingdom), 7.75%, 02/15/2031(b)
  180,000       185,952
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 7.25%, 02/15/2031(b)
  240,000       247,180
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(b)
  780,000      813,074
        1,639,316
Interactive Media & Services-0.39%
Match Group Holdings II LLC, 3.63%, 10/01/2031(b)
  130,000      115,520
IT Services-0.68%
Star Holding LLC, 8.75%, 08/01/2031(b)
  90,000        88,281
Twilio, Inc., 3.88%, 03/15/2031
  120,000      110,205
        198,486
Leisure Products-0.73%
Amer Sports Co. (Finland), 6.75%, 02/16/2031(b)
  210,000      213,615
Machinery-0.85%
Hillenbrand, Inc., 3.75%, 03/01/2031
  90,000        80,023
J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031(b)
  160,000      168,977
        249,000
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
112
Table of Contents
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Marine Transportation-1.02%
Stena International S.A. (Sweden)                 
7.25%, 01/15/2031(b)
$ 181,000      $186,513
7.63%, 02/15/2031(b)
  110,000      113,734
        300,247
Media-9.43%
CCO Holdings LLC/CCO Holdings Capital Corp.                 
4.25%, 02/01/2031(b)
  780,000      677,466
7.38%, 03/01/2031(b)
  300,000      305,548
CSC Holdings LLC                 
3.38%, 02/15/2031(b)
  250,000      161,693
4.50%, 11/15/2031(b)
  380,000      253,098
Gray Television, Inc., 5.38%, 11/15/2031(b)
  270,000       154,886
Lamar Media Corp., 3.63%, 01/15/2031
  140,000       126,882
McGraw-Hill Education, Inc., 7.38%, 09/01/2031(b)
  170,000       175,696
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031(b)
  120,000       127,730
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)
  400,000       343,626
Sunrise FinCo I B.V. (Netherlands), 4.88%, 07/15/2031(b)
  320,000       298,096
Univision Communications, Inc., 8.50%, 07/31/2031(b)
  140,000      139,820
        2,764,541
Metals & Mining-2.58%
Alcoa Nederland Holding B.V., 7.13%, 03/15/2031(b)
  200,000       210,480
ATI, Inc., 5.13%, 10/01/2031
  90,000        86,647
Cleveland-Cliffs, Inc., 4.88%, 03/01/2031(b)
  80,000        73,549
Commercial Metals Co., 3.88%, 02/15/2031
  80,000        72,653
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)
  150,000       134,948
Novelis Corp., 3.88%, 08/15/2031(b)
  200,000      179,527
        757,804
Mortgage REITs-0.35%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 07/15/2031(b)
  100,000      104,045
Oil, Gas & Consumable Fuels-8.54%
CNX Resources Corp., 7.38%, 01/15/2031(b)
  130,000       135,942
CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031(b)
  360,000       353,153
DT Midstream, Inc., 4.38%, 06/15/2031(b)
  260,000       244,492
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/2031(b)
  110,000       116,936
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031(b)
  149,000       147,670
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(b)
  200,000       201,846
Murphy Oil USA, Inc., 3.75%, 02/15/2031(b)
  130,000       117,739
Northern Oil and Gas, Inc., 8.75%, 06/15/2031(b)
  130,000       139,018
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 09/01/2031(b)
  120,000       113,800
Talos Production, Inc., 9.38%, 02/01/2031(b)
  160,000       170,995
Venture Global LNG, Inc., 8.38%, 06/01/2031(b)
  590,000       626,827
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031(b)
  130,000      135,091
        2,503,509
  Principal
Amount 		  Value
Pharmaceuticals-2.61%
Endo Finance Holdings, Inc., 8.50%, 04/15/2031(b)
$ 260,000   $   276,388
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031(b)
  520,000      487,452
        763,840
Professional Services-0.35%
TriNet Group, Inc., 7.13%, 08/15/2031(b)
  100,000      103,790
Real Estate Management & Development-1.37%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)
  100,000       108,381
Howard Hughes Corp. (The), 4.38%, 02/01/2031(b)
  170,000       152,523
Kennedy-Wilson, Inc., 5.00%, 03/01/2031
  160,000      139,321
        400,225
Software-2.83%
Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031(b)
  160,000       145,816
UKG, Inc., 6.88%, 02/01/2031(b)
  660,000      683,266
        829,082
Specialized REITs-0.87%
Iron Mountain, Inc., 4.50%, 02/15/2031(b)
  270,000      253,690
Specialty Retail-2.57%
Gap, Inc. (The), 3.88%, 10/01/2031(b)
  180,000       155,661
LCM Investments Holdings II LLC, 8.25%, 08/01/2031(b)
  220,000       234,484
Lithia Motors, Inc., 4.38%, 01/15/2031(b)
  130,000       119,910
Sonic Automotive, Inc., 4.88%, 11/15/2031(b)
  130,000       119,142
Valvoline, Inc., 3.63%, 06/15/2031(b)
  140,000      125,096
        754,293
Technology Hardware, Storage & Peripherals-0.22%
Seagate HDD Cayman, 4.13%, 01/15/2031
  70,000       63,613
Textiles, Apparel & Luxury Goods-1.27%
Crocs, Inc., 4.13%, 08/15/2031(b)
  90,000        81,216
Hanesbrands, Inc., 9.00%, 02/15/2031(b)
  160,000       172,174
Levi Strauss & Co., 3.50%, 03/01/2031(b)
  131,000      118,301
        371,691
Trading Companies & Distributors-0.64%
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/2031(b)
  180,000      188,798
Wireless Telecommunication Services-2.09%
VMED O2 UK Financing I PLC (United Kingdom)                 
4.25%, 01/31/2031(b)
  330,000      287,338
4.75%, 07/15/2031(b)
  370,000      325,055
        612,393
Total U.S. Dollar Denominated Bonds & Notes

(Cost $28,125,805)
  28,847,057
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
113
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Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $62,297)
  62,297   $    62,297
TOTAL INVESTMENTS IN SECURITIES-98.61%

(Cost $28,188,102)
  28,909,354
OTHER ASSETS LESS LIABILITIES-1.39%
  407,491
NET ASSETS-100.00%
  $29,316,845
    
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $25,203,819, which represented 85.97% of the Fund’s Net Assets.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $2,452,417   $(2,390,120)   $-   $-   $62,297   $5,539
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   970,751   (970,751)   -   -   -   684*
Invesco Private Prime Fund -   4,354,674   (4,354,656)   -   (18)   -   3,183*
Total $-   $7,777,842   $(7,715,527)   $-   $(18)   $62,297   $9,406
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
114
Table of Contents
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-97.86%
Aerospace & Defense-3.43%
TransDigm, Inc., 6.63%, 03/01/2032(b)
$ 170,000   $  177,007
Automobile Components-2.57%
Dana, Inc., 4.50%, 02/15/2032
  30,000       26,730
United Rentals North America, Inc., 3.75%, 01/15/2032
  60,000       54,199
ZF North America Capital, Inc. (Germany), 6.88%, 04/23/2032(b)
  50,000      51,988
        132,917
Building Products-2.77%
Builders FirstSource, Inc.                
4.25%, 02/01/2032(b)
  100,000      91,448
6.38%, 06/15/2032(b)
  50,000      51,539
        142,987
Chemicals-0.52%
Scotts Miracle-Gro Co. (The), 4.38%, 02/01/2032
  30,000      26,988
Commercial Services & Supplies-1.11%
ADT Security Corp. (The), 4.88%, 07/15/2032(b)
  60,000      57,089
Construction Materials-0.59%
Global Infrastructure Solutions, Inc., 7.50%, 04/15/2032(b)
  30,000      30,591
Consumer Finance-0.80%
FirstCash, Inc., 6.88%, 03/01/2032(b)
  40,000      41,143
Consumer Staples Distribution & Retail-0.82%
US Foods, Inc., 7.25%, 01/15/2032(b)
  40,000      42,273
Containers & Packaging-0.79%
Graphic Packaging International LLC, 6.38%, 07/15/2032(b)
  40,000      40,947
Diversified REITs-1.11%
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)
  60,000      57,143
Electric Utilities-2.31%
NRG Energy, Inc., 3.88%, 02/15/2032(b)
  40,000       35,919
Vistra Operations Co. LLC, 6.88%, 04/15/2032(b)
  80,000      83,148
        119,067
Electrical Equipment-1.40%
WESCO Distribution, Inc., 6.63%, 03/15/2032(b)
  70,000      72,201
Energy Equipment & Services-4.48%
Harvest Midstream I L.P., 7.50%, 05/15/2032(b)
  40,000       42,078
Permian Resources Operating LLC, 7.00%, 01/15/2032(b)
  80,000       83,988
Vallourec S.A. (France), 7.50%, 04/15/2032(b)
  100,000     105,427
        231,493
Financial Services-5.16%
Block, Inc., 6.50%, 05/15/2032(b)
  150,000     155,739
Compass Group Diversified Holdings LLC, 5.00%, 01/15/2032(b)
  30,000       28,007
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)
  80,000      82,945
        266,691
  Principal
Amount 		  Value
Food Products-2.48%
Lamb Weston Holdings, Inc., 4.38%, 01/31/2032(b)
$ 50,000   $   46,089
Post Holdings, Inc., 6.25%, 02/15/2032(b)
  80,000      82,141
        128,230
Ground Transportation-2.00%
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(b)
  50,000       51,166
XPO, Inc., 7.13%, 02/01/2032(b)
  50,000      52,344
        103,510
Health Care Equipment & Supplies-1.20%
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(b)
  60,000      61,697
Health Care Providers & Services-6.25%
Community Health Systems, Inc., 10.88%, 01/15/2032(b)
  150,000     162,566
LifePoint Health, Inc., 10.00%, 06/01/2032(b)
  40,000       43,463
Molina Healthcare, Inc., 3.88%, 05/15/2032(b)
  60,000       53,885
Surgery Center Holdings, Inc., 7.25%, 04/15/2032(b)
  60,000      63,094
        323,008
Hotel & Resort REITs-1.60%
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032(b)
  80,000      82,451
Hotels, Restaurants & Leisure-14.60%
Caesars Entertainment, Inc., 6.50%, 02/15/2032(b)
  120,000     123,391
Hilton Domestic Operating Co., Inc.                
3.63%, 02/15/2032(b)
  120,000     107,635
6.13%, 04/01/2032(b)
  30,000      30,777
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 6.63%, 01/15/2032(b)
  70,000       70,896
MGM Resorts International, 6.50%, 04/15/2032
  60,000       60,472
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b)
  100,000     103,334
Station Casinos LLC, 6.63%, 03/15/2032(b)
  40,000       40,828
Vail Resorts, Inc., 6.50%, 05/15/2032(b)
  50,000       52,006
Yum! Brands, Inc.                
4.63%, 01/31/2032
  90,000      85,385
5.38%, 04/01/2032
  80,000      79,363
        754,087
Household Durables-0.71%
TopBuild Corp., 4.13%, 02/15/2032(b)
  40,000      36,432
Independent Power and Renewable Electricity Producers-0.52%
Clearway Energy Operating LLC, 3.75%, 01/15/2032(b)
  30,000      26,671
Insurance-6.83%
Ardonagh Group Finance Ltd. (United Kingdom), 8.88%, 02/15/2032(b)
  100,000     103,661
AssuredPartners, Inc., 7.50%, 02/15/2032(b)
  40,000       40,833
HUB International Ltd., 7.38%, 01/31/2032(b)
  150,000     155,604
USI, Inc., 7.50%, 01/15/2032(b)
  50,000      52,438
        352,536
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
115
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Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
August 31, 2024
  Principal
Amount 		  Value
IT Services-1.01%
EquipmentShare.com, Inc., 8.63%, 05/15/2032(b)
$ 50,000   $   52,348
Media-6.59%
CCO Holdings LLC/CCO Holdings Capital Corp.                
4.75%, 02/01/2032(b)
  90,000      78,503
4.50%, 05/01/2032
  200,000     170,963
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)
  100,000      90,673
        340,139
Metals & Mining-1.36%
Cleveland-Cliffs, Inc., 7.00%, 03/15/2032(b)
  70,000      70,385
Oil, Gas & Consumable Fuels-14.02%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b)
  50,000       51,561
Baytex Energy Corp. (Canada), 7.38%, 03/15/2032(b)
  50,000       51,824
CNX Resources Corp., 7.25%, 03/01/2032(b)
  30,000       31,433
Crescent Energy Finance LLC, 7.63%, 04/01/2032(b)
  50,000       51,601
Genesis Energy L.P./Genesis Energy Finance Corp., 7.88%, 05/15/2032
  50,000       51,341
Global Partners L.P./GLP Finance Corp., 8.25%, 01/15/2032(b)
  40,000       41,618
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 04/15/2032(b)
  40,000       39,889
Matador Resources Co., 6.50%, 04/15/2032(b)
  70,000       71,097
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032(b)
  100,000     103,005
Southwestern Energy Co., 4.75%, 02/01/2032
  90,000       85,357
Sunoco L.P., 7.25%, 05/01/2032(b)
  60,000       63,501
Vital Energy, Inc., 7.88%, 04/15/2032(b)
  80,000      81,964
        724,191
Personal Care Products-0.99%
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032(c)
  50,000      51,051
Software-3.84%
Cloud Software Group, Inc., 8.25%, 06/30/2032(b)
  130,000     136,196
SS&C Technologies, Inc., 6.50%, 06/01/2032(b)
  60,000      61,978
        198,174
  Principal
Amount 		  Value
Specialized REITs-0.95%
Iron Mountain, Inc., 5.63%, 07/15/2032(b)
$ 50,000   $   49,298
Specialty Retail-3.87%
Asbury Automotive Group, Inc., 5.00%, 02/15/2032(b)
  50,000       47,130
Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom), 8.75%, 01/15/2032(b)
  50,000       47,914
Wand NewCo 3, Inc., 7.63%, 01/30/2032(b)
  100,000     104,851
        199,895
Wireless Telecommunication Services-1.18%
VMED 02 UK Financing I PLC (United Kingdom), 7.75%, 04/15/2032(b)
  60,000      61,074
Total U.S. Dollar Denominated Bonds & Notes

(Cost $4,895,993)
  5,053,714
  Shares    
Money Market Funds-0.56%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $28,817)
  28,817      28,817
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.42%

(Cost $4,924,810)
  5,082,531
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.03%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  14,866       14,866
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  38,575      38,590
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $53,460)
  53,456
TOTAL INVESTMENTS IN SECURITIES-99.45%

(Cost $4,978,270)
  5,135,987
OTHER ASSETS LESS LIABILITIES-0.55%
  28,270
NET ASSETS-100.00%
  $5,164,257
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
116
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Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $4,361,865, which represented 84.46% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $102,104   $(73,287)   $-   $-   $28,817   $498
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   81,291   (66,425)   -   -   14,866   72*
Invesco Private Prime Fund -   85,359   (46,765)   (4)   -   38,590   167*
Total $-   $268,754   $(186,477)   $(4)   $-   $82,273   $737
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
117
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-87.60%                
Alabama-0.52%                
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB(a)
3.00%   09/01/2024   $ 400   $    400,000
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
5.00%   09/01/2024     450        450,000
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB
5.00%   01/01/2026     100        100,310
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB
5.00%   01/01/2027     30        30,093
                980,403
Arizona-0.69%                
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB(a)
5.00%   12/01/2024     500        502,250
Mesa (City of), AZ, Series 2014, Ref. RB
3.00%   07/01/2028     20         19,980
Mesa (City of), AZ, Series 2014, Ref. RB
3.25%   07/01/2029     245        245,033
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB
5.00%   07/01/2026     500        500,812
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB
5.00%   07/01/2027     40        40,054
                1,308,129
Arkansas-0.05%                
Little Rock (City of), AR, Series 2014, RB
4.00%   07/01/2041     100        99,613
California-13.02%                
Bay Area Toll Authority, Series 2023 B, Ref. VRD RB, (LOC - Barclays Bank PLC)(b)(c)
3.60%   04/01/2055     2,000     2,000,000
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)
5.00%   10/01/2024     50         50,080
California (State of), Series 2014, GO Bonds
5.00%   10/01/2024     100        100,168
California (State of), Series 2014, GO Bonds(a)
5.00%   12/04/2024     1,595     1,597,808
California (State of), Series 2014, Ref. GO Bonds(a)
5.00%   12/04/2024     350        351,105
California (State of), Series 2014, Ref. GO Bonds
5.00%   10/01/2031     85         85,173
California (State of), Series 2014, Ref. GO Bonds
5.00%   10/01/2033     1,260     1,262,558
California (State of), Series 2014, Ref. GO Bonds
5.00%   10/01/2034     15         15,030
California (State of), Series 2015 B, Ref. GO Bonds
5.00%   09/01/2024     125        125,000
California (State of), Series 2016, GO Bonds
5.00%   09/01/2024     75         75,000
California (State of), Series 2016, GO Bonds
5.00%   09/01/2024     580        580,000
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2024     40         40,143
California (State of), Series 2018, Ref. GO Bonds
5.00%   10/01/2024     100        100,168
California (State of), Series 2019, GO Bonds
4.00%   10/01/2024     125        125,114
California (State of), Series 2020, GO Bonds
5.00%   11/01/2024     900        903,211
California (State of), Series 2021, GO Bonds
5.00%   10/01/2024     610        611,025
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2024     135        135,748
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2024     545        545,000
California (State of) (Green Bonds), Series 2014, GO Bonds(a)
5.00%   12/04/2024     1,100     1,102,233
California (State of) Department of Water Resources (Central Valley), Series 2014 A, RB(a)
5.00%   12/01/2024     195        196,027
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)
5.00%   12/01/2024     100        100,527
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB
5.00%   12/01/2024     35         35,196
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)
5.00%   12/01/2024     2,000     2,010,531
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB(a)
5.00%   12/01/2024     40         40,203
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
5.00%   11/15/2024     120        120,521
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB
5.00%   10/01/2038     25         25,011
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
5.00%   11/15/2024     85         85,315
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
5.00%   10/01/2024     100        100,167
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022, VRD RB(b)
2.30%   07/15/2062     2,000     2,000,000
California (State of) Public Works Board, Series 2014 B, RB
5.00%   10/01/2039     70         70,086
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB
5.00%   12/01/2024     250        251,273
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
5.00%   10/01/2024     5          5,008
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
5.00%   10/01/2024     70         70,108
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2026     100       100,212
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
118
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2029   $ 400   $    400,722
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2031     1,000     1,002,379
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2033     100        100,232
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2034     115        115,265
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
4.50%   09/01/2035     100        100,037
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2039     100        100,204
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB(a)
5.00%   11/15/2024     340        341,342
California State University, Series 2014 A, Ref. RB(a)
5.00%   11/01/2024     250        250,814
California State University, Series 2014 A, Ref. RB(a)
5.00%   11/01/2024     30         30,098
California State University, Series 2014 A, Ref. RB(a)
5.00%   11/01/2024     60         60,195
California State University, Series 2014, Ref. RB(a)
5.00%   11/01/2024     2,000     2,006,513
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2024     50         50,160
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB
5.00%   10/01/2026     180        180,339
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB(a)
5.00%   09/25/2024     140        140,151
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-2, VRD RB(b)
2.05%   07/01/2034     2,000     2,000,000
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(a)
5.00%   12/01/2024     200        200,808
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
5.00%   10/01/2024     450        450,606
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)
4.00%   10/15/2024     500        500,634
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)
5.00%   10/15/2024     500        501,209
Pomona Unified School District, Series 2015 F, GO Bonds(a)
5.00%   11/25/2024     100        100,439
San Francisco (City & County of), CA Public Utilities Commission, Series 2015, Ref. RB
5.00%   11/01/2024     115        115,406
San Francisco Unified School District, Series 2015 F, GO Bonds
3.50%   06/15/2035     60         59,276
Santa Clara Valley Water District, Series 2023, COP
4.00%   12/01/2024     65         65,110
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds
5.00%   08/01/2043     250        249,997
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds
5.00%   08/01/2043     500       499,994
                24,636,679
Colorado-2.32%                
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds
5.00%   12/15/2026     35         35,233
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2024     40         40,235
Colorado Springs (City of), CO, Series 2010 C, VRD RB(b)
2.80%   11/01/2040     2,000     2,000,000
Colorado Springs (City of), CO, Series 2014 A-2, RB(a)
5.00%   11/15/2024     2,000     2,007,369
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%   11/15/2024     35         35,136
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
5.00%   12/01/2024     45         45,221
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
5.00%   12/01/2026     15         15,078
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
5.00%   12/01/2027     25         25,131
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2024     125        125,615
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
5.00%   12/15/2024     30         30,168
University of Colorado, Series 2017 A-2, Ref. RB
3.25%   06/01/2037     35        33,768
                4,392,954
Connecticut-2.17%                
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2024     475        475,704
Connecticut (State of), Series 2018 E, GO Bonds
5.00%   09/15/2024     30         30,019
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds
5.00%   11/15/2028     100        100,363
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
5.00%   09/01/2024     150        150,000
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
5.00%   09/01/2026     75         75,111
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
5.00%   09/01/2033     45         45,040
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB
5.00%   07/01/2042     500        500,215
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(b)
2.65%   11/15/2050     2,000     2,000,000
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB(a)
5.00%   11/01/2024     725       727,207
                4,103,659
District of Columbia-1.17%                
District of Columbia, Series 1998 A, RB, (LOC - TD Bank N.A.)(b)(c)
2.85%   08/15/2038     2,000     2,000,000
District of Columbia, Series 2014 A, Ref. RB
5.00%   12/01/2024     35        35,196
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
119
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
District of Columbia-(continued)                
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2024   $ 115   $    115,298
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2024     55        55,073
                2,205,567
Florida-9.31%                
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB
5.00%   12/01/2044     1,000     1,000,599
Citizens Property Insurance, Inc., Series 2015 A-1, RB(a)
5.00%   12/01/2024     155        155,697
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds
5.00%   06/01/2026     165        165,270
Florida Gulf Coast University Financing Corp., Series 2008 A, VRD RB, (LOC - TD Bank N.A.)(b)(c)
2.84%   02/01/2038     2,000     2,000,000
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(b)(c)
2.80%   06/01/2048     2,000     2,000,000
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB
5.00%   10/01/2044     500        500,170
Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2020 C, Ref. VRD RB, (LOC - TD Bank N.A.)(b)(c)
2.85%   11/01/2038     1,975     1,975,000
Jacksonville (City of), FL, Series 2022 A, Ref. RB
5.00%   10/01/2024     1,000     1,001,332
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB
4.00%   11/01/2040     155        146,773
JEA Electric System, Series 2017 B, Ref. RB
3.38%   10/01/2034     175        169,681
JEA Water & Sewer System, Series 2008 A-2, VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
2.95%   10/01/2042     2,000     2,000,000
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(a)
5.00%   11/15/2024     65         65,239
Miami (City of) & Dade (County of), FL School Board, Series 2012 A, COP
4.00%   08/01/2029     55         55,050
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP
5.00%   11/01/2028     25         25,078
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP
5.00%   11/01/2030     30         30,089
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(d)
5.00%   02/01/2040     100        100,067
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
5.00%   07/01/2028     1,270     1,272,029
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
5.00%   07/01/2029     110        110,180
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
3.00%   07/01/2030     25         25,000
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
4.00%   07/01/2034     25         25,000
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB
5.00%   07/01/2039     500        500,294
Orange (County of), FL Health Facilities Authority (The Nemours Foundation), Series 2009 B, VRD RB, (LOC - TD Bank N.A.)(b)(c)
2.92%   01/01/2039     2,000     2,000,000
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB
5.00%   10/01/2024     120        120,173
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB(b)
3.02%   10/01/2039     2,000     2,000,000
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2024     185       185,263
                17,627,984
Georgia-0.33%                
Atlanta (City of), GA, Series 2015, GO Bonds(a)
4.75%   12/01/2024     270        271,119
Atlanta (City of), GA, Series 2015, GO Bonds(a)
5.00%   12/01/2024     50         50,237
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2024     115        115,326
Forsyth (County of), GA, Series 2019, GO Bonds
5.00%   09/01/2024     20         20,000
Georgia (State of), Series 2014 A-2, GO Bonds
4.00%   02/01/2026     10         10,009
Georgia (State of), Series 2014 A-2, GO Bonds
5.00%   02/01/2027     20         20,033
Georgia (State of), Series 2016 E, Ref. GO Bonds
5.00%   12/01/2024     15         15,079
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
3.00%   10/01/2043     155       127,520
                629,323
Hawaii-0.73%                
Hawaii (State of), Series 2014 EO, GO Bonds
5.00%   08/01/2029     800        801,257
Hawaii (State of), Series 2015 EY, Ref. GO Bonds
5.00%   10/01/2024     50         50,071
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
5.00%   10/01/2024     240        240,343
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
5.00%   10/01/2024     75         75,107
Hawaii (State of), Series 2016 FG, GO Bonds
5.00%   10/01/2024     50         50,071
Hawaii (State of), Series 2016, Ref. GO Bonds
5.00%   10/01/2024     75         75,107
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
5.00%   09/01/2024     95        95,000
                1,386,956
Illinois-3.23%                
Chicago (City of), IL, Series 2014, RB
5.00%   11/01/2044     1,000     1,001,019
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
5.00%   12/01/2024     1,000     1,004,796
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
120
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds
5.00%   12/01/2027   $ 30   $     30,182
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds
5.00%   12/01/2028     145        145,916
Chicago (City of), IL Transit Authority, Series 2014, RB
5.25%   12/01/2049     545        545,885
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
4.00%   12/30/2024     285        285,801
Illinois (State of), Series 2014, GO Bonds
5.00%   05/01/2027     10         10,013
Illinois (State of), Series 2014, GO Bonds
5.00%   05/01/2028     10         10,013
Illinois (State of), Series 2014, GO Bonds
5.25%   02/01/2029     210        210,357
Illinois (State of), Series 2014, GO Bonds
5.25%   02/01/2030     100        100,159
Illinois (State of), Series 2014, GO Bonds
5.00%   05/01/2039     1,020     1,020,911
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)(d)
4.25%   05/01/2034     20         20,004
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
5.00%   10/01/2024     120        120,166
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
5.00%   10/01/2024     35         35,049
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
5.00%   10/01/2024     40         40,056
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
5.00%   10/01/2024     1,500     1,502,081
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds
4.00%   02/01/2035     25        25,008
                6,107,416
Indiana-0.31%                
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   12/01/2024     10         10,049
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB
5.00%   12/01/2024     25         25,100
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB
3.13%   12/01/2024     550       548,471
                583,620
Iowa-0.00%                
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2014, Ref. RB
4.00%   12/01/2044     5         4,881
Kansas-0.35%                
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
5.00%   09/01/2024     335        335,000
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB
3.00%   09/01/2024     25         25,000
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB
5.00%   09/01/2024     55         55,000
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds
4.00%   10/01/2024     235        235,157
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2014 A, Ref. RB
5.00%   09/01/2044     20        20,010
                670,167
Kentucky-0.05%                
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
5.00%   11/01/2024     50         50,148
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 B, Ref. RB(a)
4.00%   11/18/2024     25         25,045
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB
4.00%   05/15/2045     25        24,537
                99,730
Louisiana-1.70%                
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB(a)
5.00%   10/01/2024     1,000     1,001,387
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB(a)
5.00%   10/01/2024     125        125,173
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-2, Ref. VRD RB, (LOC - Bank of New York Mellon)(b)(c)
3.02%   07/01/2047     2,000     2,000,000
New Orleans (City of), LA, Series 2014, Ref. RB(a)
5.00%   12/01/2024     15         15,069
New Orleans (City of), LA, Series 2014, Ref. RB(a)
5.00%   12/01/2024     30         30,139
Shreveport (City of), LA, Series 2014 B, RB
4.00%   12/01/2038     55        53,944
                3,225,712
Maine-0.01%                
Maine (State of) Municipal Bond Bank (Transcap), Series 2015 A, Ref. RB
5.00%   09/01/2024     20        20,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
121
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maryland-2.15%                
Maryland (State of), First Series 2016, GO Bonds
4.00%   06/01/2027   $ 120   $    120,031
Maryland (State of), First Series 2016, GO Bonds
4.00%   06/01/2029     300        300,066
Maryland (State of), First Series 2016, GO Bonds
4.00%   06/01/2030     25         25,004
Maryland (State of) Department of Transportation, Series 2016, RB
4.00%   11/01/2027     525        525,433
Maryland (State of) Department of Transportation, Series 2016, RB
4.00%   11/01/2029     100        100,051
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   09/01/2024     45         45,000
Maryland (State of) Health & Higher Educational Facilities Authority, Series 1985 A, VRD RB, (LOC - TD Bank N.A.)(b)(c)
3.02%   04/01/2035     2,000     2,000,000
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB
5.00%   10/01/2045     100        100,007
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
5.00%   11/01/2024     40         40,131
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
5.00%   11/01/2024     180        180,592
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
5.00%   11/01/2024     100        100,329
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds
5.00%   11/01/2024     10         10,033
Prince George’s (County of), MD, Series 2014 A, GO Bonds
4.00%   09/01/2024     530       530,000
                4,076,677
Massachusetts-2.41%                
Massachusetts (Commonwealth of), Series 2004 C, Ref. GO Bonds, (INS - AMBAC)(d)
5.50%   12/01/2024     5          5,032
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
5.00%   11/01/2024     175        175,593
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds(a)
5.00%   09/10/2024     320        320,110
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds
5.00%   11/01/2024     500        501,694
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB
5.00%   06/01/2044     985        985,504
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB
5.00%   07/01/2044     500        500,210
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB(a)
5.00%   10/01/2024     20         20,029
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 1997 P-1, VRD RB(b)
2.15%   07/01/2027     2,000     2,000,000
University of Massachusetts Building Authority, Series 2014 1, RB(a)
5.00%   11/01/2024     50        50,156
                4,558,328
Michigan-2.01%                
Michigan (State of), Series 2021 A, RB
5.00%   11/15/2024     1,000     1,003,729
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
5.00%   10/01/2024     150        150,214
Michigan (State of) Finance Authority (Detroit regional Convention facility Authority), Series 2014 H-1, Ref. RB
5.00%   10/01/2039     255        255,354
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2024     20         20,070
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
5.00%   12/01/2024     170        170,765
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
5.00%   12/01/2024     100        100,450
Michigan (State of) Housing Development Authority, Series 2022 B, VRD RB, (LOC - Barclays Bank PLC)(b)(c)
2.80%   06/01/2046     2,000     2,000,000
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB
5.00%   12/01/2044     100       100,115
                3,800,697
Minnesota-1.06%                
Metropolitan Council, Series 2021 B, GO Bonds
5.00%   12/01/2024     1,000     1,005,092
Minnesota (State of), Series 2014 A, GO Bonds(a)
5.00%   11/18/2024     1,000     1,003,840
                2,008,932
Mississippi-0.01%                
Mississippi (State of), Series 2015 C, Ref. GO Bonds
5.00%   10/01/2024     15        15,022
Missouri-0.89%                
Curators of the University of Missouri (The), Series 2014 A, Ref. RB
5.00%   11/01/2024     15         15,046
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
5.00%   12/01/2024     30         30,122
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
5.00%   12/01/2027     75         75,311
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
5.00%   12/01/2030     10         10,032
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
5.00%   12/01/2031     100        100,318
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
5.00%   10/01/2024     1,000     1,001,482
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
122
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Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Missouri-(continued)                
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
5.00%   11/15/2034   $ 50   $     50,106
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
5.00%   11/15/2045     400       400,178
                1,682,595
Montana-0.13%                
Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB
3.90%   03/01/2031     250       248,795
Nevada-1.96%                
Clark (County of), NV, Series 2016 A, Ref. GO Bonds
5.00%   11/01/2024     105        105,328
Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
3.00%   07/01/2040     2,000     2,000,000
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds
5.00%   12/01/2024     175        175,882
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds(a)
5.00%   12/01/2024     30         30,135
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds(a)
5.00%   12/01/2024     95         95,316
Nevada (State of), Series 2016, Ref. RB
5.00%   12/01/2024     1,290     1,296,474
                3,703,135
New Jersey-3.51%                
New Jersey (State of) Economic Development Authority, Series 2014 RR, Ref. RB
4.00%   06/15/2034     40         40,006
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014, RB
5.00%   06/15/2026     1,000     1,001,336
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2009 D, VRD RB, (LOC - TD Bank N.A.)(b)(c)
2.55%   07/01/2043     2,000     2,000,000
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB
5.00%   07/01/2028     235        235,253
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB
5.00%   06/15/2032     1,130     1,134,846
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB
5.00%   12/15/2024     25         25,140
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
5.00%   06/15/2026     100        100,109
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
5.00%   06/15/2038     800        800,685
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
4.25%   06/15/2044     150        149,994
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
5.00%   06/15/2044     1,000     1,000,442
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2024     25         25,132
New Jersey (State of) Turnpike Authority, Series 2014 A, RB
5.00%   01/01/2027     35         35,041
South Jersey Transportation Authority, Series 2014 A, Ref. RB
5.00%   11/01/2039     100       100,106
                6,648,090
New Mexico-0.01%                
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB(a)
5.00%   09/27/2024     15        15,018
New York-11.69%                
Dobbs Ferry Local Development Corp. (Mercy College), Series 2014, RB
5.00%   07/01/2044     105        105,027
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(a)
5.00%   11/19/2024     455        456,780
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)(d)
5.25%   11/15/2024     200        200,860
Metropolitan Transportation Authority, Series 2014 C, RB
5.00%   11/15/2024     100        100,380
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
5.25%   11/15/2044     100        100,275
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
5.00%   11/15/2024     15         15,068
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds
5.00%   10/01/2024     55         55,088
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
5.00%   09/01/2028     25         25,036
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
5.00%   09/01/2033     100        100,141
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
5.00%   09/01/2039     825        826,125
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB
4.00%   12/15/2040     155        154,995
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2024     125        125,286
New York (City of), NY, Series 2013 G, GO Bonds(a)
5.00%   11/13/2024     50         50,180
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
5.00%   11/13/2024     40         40,144
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
5.00%   11/13/2024     50         50,180
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
5.00%   11/13/2024     350        351,260
New York (City of), NY, Series 2014 J, Ref. GO Bonds
5.00%   08/01/2030     1,400     1,401,733
New York (City of), NY, Subseries 2014 I-1, GO Bonds
5.00%   03/01/2027     200        200,270
New York (City of), NY Municipal Water Finance Authority, Series 2011 FF-2, VRD RB(b)
2.40%   06/15/2044     2,000     2,000,000
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB
5.00%   06/15/2026     1,200     1,208,139
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB
5.00%   06/15/2026     75         75,509
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
5.00%   06/15/2026     25        25,170
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
123
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Municipal Water Finance Authority, Series 2022, Ref. VRD RB(b)
2.70%   06/15/2044   $ 2,000   $  2,000,000
New York (City of), NY Municipal Water Finance Authority, Series 2023 CC, VRD RB(b)
2.70%   06/15/2053     1,100     1,100,000
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB(a)
5.00%   10/28/2024     1,045     1,048,038
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     710        712,064
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     15         15,044
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     75         75,218
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     170        170,494
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     205        205,596
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
5.00%   10/28/2024     30         30,087
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
5.00%   11/01/2024     65         65,200
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2024     80         80,246
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2024     300        300,923
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
5.00%   10/28/2024     1,370     1,373,983
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
5.00%   10/28/2024     50         50,145
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
5.00%   10/28/2024     1,080     1,083,140
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB
5.00%   11/01/2024     200        200,267
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB
5.00%   10/01/2024     25         25,036
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB
5.00%   10/01/2024     55         55,075
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB
5.00%   10/01/2024     490        490,707
New York City Housing Development Corp., Series 2023 B-2, VRD RB(b)
2.60%   05/01/2054     2,000     2,000,000
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
3.00%   10/15/2024     10          9,998
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     330        330,692
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     440        440,923
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     150        150,315
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     285        285,598
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     100        100,210
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
5.00%   10/15/2024     1,000     1,002,097
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2024     55         55,222
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2014 A, RB(a)
5.00%   11/19/2024     1,000     1,003,913
                22,127,877
North Carolina-2.65%                
Buncombe County Metropolitan Sewerage District, Series 2008 A, Ref. VRD RB(b)
2.84%   07/01/2031     1,700     1,700,000
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
5.00%   12/01/2024     105        105,532
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 B, VRD RB(b)
3.00%   11/01/2034     2,000     2,000,000
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB
4.00%   11/01/2046     110        107,771
North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB
5.00%   10/01/2031     45         45,936
University of North Carolina at Greensboro, Series 2014, RB
4.00%   04/01/2039     60         60,002
Wake (County of), NC, Series 2014, GO Bonds
5.00%   09/01/2024     1,000     1,000,000
                5,019,241
Ohio-2.42%                
Columbus (City of), OH, Series 2014, Ref. RB
5.00%   06/01/2027     125        125,573
Cuyahoga (County of), OH, Series 2020 D, Ref. RB
4.00%   12/01/2024     50         50,098
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)
5.00%   12/01/2024     195        195,829
Hamilton (County of), OH, Series 2016 A, Ref. RB
5.00%   12/01/2024     100        100,485
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB(a)
5.00%   11/15/2024     115        115,447
Ohio (State of), Series 2015 A, Ref. GO Bonds
5.00%   09/01/2024     10         10,000
Ohio (State of), Series 2016 A, Ref. GO Bonds
5.00%   12/15/2024     80         80,470
Ohio (State of), Series 2020 B, Ref. GO Bonds
5.00%   09/15/2024     20         20,013
Ohio (State of) (Garvee), Series 2016 I, RB
5.00%   12/15/2024     5          5,025
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2008 B4, Ref. VRD RB(b)
2.65%   01/01/2043     1,800     1,800,000
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2013 B-1, Ref. VRD RB(b)
2.75%   01/01/2039     2,000     2,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
124
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB
5.00%   12/01/2024   $ 45   $     45,214
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB
5.00%   12/01/2024     40        40,190
                4,588,344
Oklahoma-0.54%                
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
4.00%   09/01/2024     15         15,000
Grand River Dam Authority, Series 2014 A, RB(a)
5.00%   10/15/2024     1,000     1,002,085
                1,017,085
Oregon-0.74%                
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB
5.00%   11/15/2024     25         25,099
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB(a)
5.00%   11/15/2024     25         25,095
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
4.00%   11/15/2024     20         20,040
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
5.00%   11/15/2024     35         35,139
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
5.00%   11/15/2024     30         30,119
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
5.00%   11/15/2024     235        235,932
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
5.00%   11/15/2024     15         15,059
Oregon (State of) Department of Transportation, Series 2017 A, RB
5.00%   11/15/2024     1,000     1,003,952
                1,390,435
Pennsylvania-3.89%                
Delaware Valley Regional Finance Authority, Series 2020 B, Ref. RB
5.00%   11/01/2024     5          5,014
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB(a)
5.00%   12/01/2024     125        125,563
Pennsylvania (Commonwealth of), First Series 2014, GO Bonds
4.00%   06/15/2032     15         15,007
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
5.00%   09/15/2024     290        290,165
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
5.00%   09/15/2024     175        175,100
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB
4.00%   02/01/2040     1,000        985,895
Pennsylvania (Commonwealth of) Housing Finance Agency, Series 2020-132B, VRD RB(b)
2.85%   10/01/2050     2,000     2,000,000
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB
5.25%   12/01/2039     325        326,009
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB(a)
5.00%   12/01/2039     1,275     1,279,025
Philadelphia (City of), PA, Eighth Series 2009 D, Ref. VRD RB, (LOC - TD Bank N.A.)(b)(c)
2.83%   08/01/2031     2,000     2,000,000
Philadelphia (City of), PA, Series 2016, Ref. RB
5.00%   10/01/2024     150        150,201
West View Municipal Authority, Series 2014, RB(a)
4.00%   11/15/2024     10        10,016
                7,361,995
Rhode Island-1.08%                
Rhode Island (State of), Series 2014 D, Ref. GO Bonds
5.00%   08/01/2027     40         40,071
Rhode Island Health & Educational Building Corp. (Higher Education Facilities- Brown), Series 2005 A, VRD RB(b)
2.83%   05/01/2035     2,000     2,000,000
                2,040,071
South Carolina-0.49%                
South Carolina (State of) Public Service Authority, Series 2014 A, RB(a)
5.50%   10/23/2024     300        300,951
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
5.00%   12/01/2024     50         50,183
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
5.00%   12/01/2026     130        130,263
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
5.00%   12/01/2028     30         30,055
South Carolina (State of) Public Service Authority, Series 2015 B, Ref. RB(a)
5.00%   12/01/2024     400        401,849
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB
5.00%   10/01/2024     10        10,015
                923,316
South Dakota-0.03%                
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB
5.00%   11/01/2034     10         10,018
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB
4.00%   11/01/2044     55        51,665
                61,683
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
125
Table of Contents
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Tennessee-0.08%                
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2024   $ 80   $     80,254
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2024     70        70,222
                150,476
Texas-6.69%                
Austin (City of), TX, Series 2015, Ref. GO Bonds
5.00%   09/01/2024     35         35,000
Austin (City of), TX, Series 2017, Ref. RB
5.00%   11/15/2024     5          5,020
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
5.00%   11/01/2024     500        501,399
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB
5.00%   11/01/2024     425        426,189
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
5.00%   12/01/2024     30         30,154
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
5.00%   12/01/2024     45         45,230
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
5.00%   12/01/2024     65         65,333
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2024     120        120,540
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB
5.00%   11/15/2030     1,000     1,002,841
Harris (County of), TX, Series 2020 A, Ref. GO Bonds
5.00%   10/01/2024     960        961,370
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
5.00%   11/01/2024     265        265,828
Houston (City of), TX, Series 2012 B, Ref. RB, (SIFMA Municipal Swap Index + 0.01%)(e)(f)
2.90%   09/11/2024     2,000     2,000,000
Houston (City of), TX, Series 2014 D, Ref. RB
5.00%   11/15/2024     35         35,141
Houston (City of), TX, Series 2014 D, Ref. RB
5.00%   11/15/2028     55         55,264
Houston (City of), TX, Series 2016 B, Ref. RB
5.00%   11/15/2024     170        170,686
Houston (City of), TX, Series 2017 B, Ref. RB
5.00%   11/15/2024     40         40,161
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
2.50%   07/01/2047     2,000     2,000,000
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
5.00%   10/01/2024     370        370,528
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
5.00%   10/01/2024     1,100     1,101,570
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
5.00%   10/01/2024     1,000     1,001,427
Texas (State of), Series 2018 A, Ref. GO Bonds
5.00%   10/01/2024     10         10,013
Texas (State of), Series 2020, VRD GO Bonds(b)
2.45%   12/01/2050     2,000     2,000,000
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB(a)
5.00%   11/04/2024     100        100,303
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB
5.00%   10/01/2024     75         75,101
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
5.00%   10/01/2024     20         20,027
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   10/15/2024     225       225,531
                12,664,656
Utah-1.06%                
Utah (County of), UT, Series 2016 C, VRD RB(b)
2.95%   05/15/2051     2,000     2,000,000
Virginia-1.88%                
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds
5.00%   10/01/2024     10         10,014
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
4.00%   10/01/2024     1,200     1,200,803
Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB(b)
2.80%   12/01/2033     2,000     2,000,000
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
3.00%   09/01/2024     340        340,000
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
5.00%   09/15/2024     10        10,007
                3,560,824
Washington-1.79%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2024     10         10,032
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(b)
2.93%   07/01/2032     2,000     2,000,000
King County Rural Library District, Series 2012, Ref. GO Bonds
4.00%   12/01/2024     20         20,042
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2024     70         70,341
Seattle (Port of), WA, Series 2015 A, RB(a)
5.00%   11/12/2024     500        501,765
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2024     200        200,984
Washington (State of), Series 2014 R, Ref. GO Bonds(a)
4.00%   10/07/2024     45        45,034
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
126
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Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of), Series 2015 A-1, GO Bonds(a)
5.00%   10/07/2024   $ 350   $    350,624
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB
5.00%   10/01/2038     155        155,028
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB
5.00%   10/01/2041     25        25,003
                3,378,853
West Virginia-0.14%                
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
5.00%   09/01/2024     10         10,000
West Virginia University, Series 2014 A, RB(a)
5.00%   10/01/2024     250       250,347
                260,347
Wisconsin-2.33%                
Appleton Redevelopment Authority, Series 2001, VRD RB, (LOC - Thrivent Financial Lutherans)(b)(c)
2.65%   06/01/2036     2,000     2,000,000
University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB(b)
2.35%   04/01/2048     1,100     1,100,000
Wisconsin (State of), Series 2016-1, Ref. GO Bonds
5.00%   11/01/2024     50         50,162
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
5.00%   11/01/2024     25         25,081
Wisconsin (State of), Series 2017 2, Ref. GO Bonds
5.00%   11/01/2024     1,000     1,003,240
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB
5.00%   11/15/2029     235       235,644
                4,414,127
TOTAL INVESTMENTS IN SECURITIES(g)-87.60%

(Cost $165,844,616)
  165,799,412
OTHER ASSETS LESS LIABILITIES-12.40%
  23,467,028
NET ASSETS-100.00%
  $189,266,440
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
LOC -Letter of Credit
RB -Revenue Bonds
Ref. -Refunding
SIFMA -Securities Industry and Financial Markets Association
VRD -Variable Rate Demand
    
Notes to Schedule of Investments:
(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024.
(c) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(d) Principal and/or interest payments are secured by the bond insurance company listed.
(e) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024.
(g) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
127
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.02%                
Alabama-0.38%                
Alabama (State of), Series 2014 A, Ref. GO Bonds
5.00%   08/01/2025   $ 285   $    285,453
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2025     300        308,727
Auburn University, Series 2015 A, Ref. RB
4.00%   06/01/2038     5          5,003
Birmingham (City of), AL, Series 2015 A-1, GO Bonds(a)
5.00%   09/01/2025     200        204,640
Birmingham (City of), AL Special Care Facilities Financing Authority, Series 2015, Ref. RB
5.00%   06/01/2034     60        60,568
                864,391
Alaska-0.14%                
Alaska (State of) International Airports System, Series 2016 A, Ref. RB
5.00%   10/01/2031     105        106,860
Alaska (State of) International Airports System, Series 2016 B, Ref. RB
5.00%   10/01/2034     20         20,329
Alaska (State of) International Airports System, Series 2016 B, Ref. RB
5.00%   10/01/2035     80         81,271
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB
5.00%   09/01/2032     100       101,983
                310,443
Arizona-1.47%                
Arizona (State of), Series 2019 A, Ref. COP(a)
5.00%   10/01/2025     100        102,677
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB
4.00%   11/01/2027     85         85,894
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
5.00%   07/01/2025     100        101,777
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB
5.00%   07/01/2025     200        203,834
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)(b)
5.00%   07/01/2040     15         15,148
Mesa (City of), AZ, Series 2017, Ref. RB
4.00%   07/01/2025     75         75,754
Phoenix (City of), AZ, Series 2014, GO Bonds
4.00%   07/01/2025     15         15,013
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds
5.00%   07/01/2025     40         40,744
Phoenix Civic Improvement Corp., Series 2015 A, Ref. RB
5.00%   07/01/2035     35         35,546
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB
5.00%   07/01/2034     135        136,721
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB
5.00%   07/01/2025     130        132,417
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2025     140        142,742
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB
5.00%   07/01/2025     80         81,567
Pima (County of), AZ, Series 2016, Ref. RB(a)
5.00%   07/01/2025     10         10,182
Pima (County of), AZ, Series 2016, Ref. RB(a)
5.00%   07/01/2025     30         30,545
Pima (County of), AZ, Series 2016, Ref. RB
5.00%   07/01/2025     20         20,383
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
5.00%   12/01/2032     205        208,213
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
5.00%   12/01/2034     625        634,518
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
5.00%   12/01/2035     165        167,500
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a)
5.00%   12/01/2041     250        254,096
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a)
5.00%   12/01/2045     605        614,913
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2025     55         55,366
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2025     25         25,167
University of Arizona Board of Regents, Series 2015 D, RB
5.00%   07/01/2041     25         25,308
University of Arizona Board of Regents, Series 2015 D, RB
5.00%   07/01/2046     125       126,285
                3,342,310
Arkansas-0.01%                
Arkansas (State of), Series 2015, Ref. GO Bonds
4.00%   06/01/2025     25        25,021
California-16.88%                
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds
5.00%   08/01/2039     30         30,488
Antelope Valley Community College District, Series 2015, Ref. GO Bonds(a)
5.00%   02/15/2025     125        126,329
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2025     1,000     1,013,521
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(b)
5.00%   09/01/2049     100        103,386
California (State of), Series 2013, Ref. GO Bonds(a)
3.00%   12/04/2024     100        100,000
California (State of), Series 2014, Ref. GO Bonds(a)
5.00%   12/04/2024     1,000     1,003,549
California (State of), Series 2015 B, Ref. GO Bonds
5.00%   09/01/2025     50        51,205
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
128
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   09/01/2028   $ 865   $    884,383
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   08/01/2030     80         80,701
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   09/01/2030     60         61,261
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   08/01/2031     100        100,831
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   09/01/2032     75         76,473
California (State of), Series 2015 C, Ref. GO Bonds
5.00%   09/01/2034     175        178,316
California (State of), Series 2015, GO Bonds
5.00%   03/01/2027     100        101,124
California (State of), Series 2015, GO Bonds
5.00%   03/01/2045     325        328,075
California (State of), Series 2015, GO Bonds
5.00%   08/01/2045     815        828,975
California (State of), Series 2015, Ref. GO Bonds
5.00%   03/01/2027     360        364,045
California (State of), Series 2015, Ref. GO Bonds
5.00%   08/01/2027     150        153,103
California (State of), Series 2015, Ref. GO Bonds
5.00%   03/01/2028     200        202,257
California (State of), Series 2015, Ref. GO Bonds
5.00%   08/01/2029     100        102,032
California (State of), Series 2015, Ref. GO Bonds
5.00%   08/01/2033     55         55,968
California (State of), Series 2015, Ref. GO Bonds
5.00%   08/01/2034     1,750     1,780,325
California (State of), Series 2015, Ref. GO Bonds
5.00%   08/01/2035     1,150     1,169,824
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2025     50         51,205
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2025     155        158,361
California (State of), Series 2018, Ref. GO Bonds
5.00%   10/01/2025     650        666,979
California (State of), Series 2020, GO Bonds
5.00%   11/01/2025     1,250     1,285,198
California (State of), Series 2020, GO Bonds
4.00%   11/01/2050     30         29,175
California (State of), Series 2021, GO Bonds
4.00%   10/01/2025     2,000     2,030,478
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2025     725        743,939
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2025     410        422,385
California (State of), Series 2022, GO Bonds
5.00%   09/01/2025     1,090     1,116,264
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2025     1,000     1,024,095
California (State of) (Bid Group B), Series 2020, Ref. GO Bonds
5.00%   11/01/2025     1,000     1,028,159
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB
5.00%   12/01/2025     20         20,124
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2025     55         56,847
California (State of) Educational Facilities Authority (Pepperdine University), Series 2015, Ref. RB(a)
5.00%   09/01/2025     5          5,130
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB(a)
5.00%   10/01/2025     100        102,774
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
5.00%   11/15/2029     500        513,083
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB
5.00%   08/15/2054     500        505,567
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(a)
5.00%   08/15/2025     100        102,442
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
3.25%   11/15/2025     40         40,379
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
5.00%   11/15/2025     20         20,608
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
5.00%   11/15/2025     230        236,994
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
5.00%   11/15/2025     500        515,204
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)
5.00%   07/01/2025     120        122,529
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB
5.00%   01/01/2025     200        201,260
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)
5.00%   02/01/2025     200        201,859
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)
5.00%   02/01/2025     60         60,558
California (State of) Public Works Board, Series 2015 F, Ref. RB
5.00%   05/01/2027     150        152,035
California (State of) Public Works Board, Series 2015 H, RB
3.50%   12/01/2035     70         68,993
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2025     60         61,328
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB
5.00%   12/01/2025     300        309,249
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
5.00%   10/01/2025     5          5,137
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
5.00%   10/01/2025     120        123,199
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2027     100        102,915
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2031     150        153,690
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2038     1,000     1,021,096
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2043     660       671,450
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
129
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2047   $ 50   $     50,738
Chino Basin Regional Financing Authority, Series 2020 B, RN
4.00%   11/01/2025     200        202,989
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB
5.00%   09/01/2033     55         56,006
East Bay Municipal Utility District, Series 2015 A, Ref. RB
5.00%   06/01/2029     50         50,804
Glendale Unified School District, Series 2015 B, Ref. GO Bonds(a)
4.00%   09/01/2025     5          5,082
Long Beach (City of), CA, Series 2020, Ref. RB
5.00%   05/15/2025     30         30,503
Long Beach Unified School District (Election of 2022), Series 2023 A, GO Bonds
5.00%   08/01/2025     5          5,113
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB
5.00%   05/15/2038     75         75,893
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
5.00%   07/01/2028     65         65,461
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
5.00%   07/01/2029     45         45,321
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
5.00%   07/01/2035     40         40,251
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2025     1,000     1,021,077
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2025     215        219,003
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
4.00%   12/01/2040     30         30,004
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
5.00%   12/01/2045     200        203,090
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB
5.00%   10/01/2034     400        407,944
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds
5.00%   08/01/2025     90         92,132
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2025     50         51,070
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
5.00%   07/01/2025     40         40,856
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
5.00%   07/01/2025     85         86,820
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2025     85         86,820
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
5.00%   10/01/2025     250        256,154
Los Rios Community College District, Series 2021 E, GO Bonds
3.00%   08/01/2025     1,050     1,055,593
Metropolitan Water District of Southern California, Series 2015 A, RB(a)
5.00%   07/01/2025     500        510,538
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2025     250        255,083
Monterey (City of), CA, Series 2015, COP
4.00%   09/01/2045     35         34,849
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
5.00%   11/01/2025     100        102,909
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2025     40         40,424
Orange (County of), CA Water District, Series 2021 A, COP
4.00%   02/15/2025     50         50,247
Palomar Community College District, Series 2015 C, GO Bonds(a)
5.00%   08/01/2025     5          5,115
Peralta Community College District, Series 2016 A, Ref. GO Bonds
4.00%   08/01/2039     20         20,000
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)
4.13%   11/01/2025     105        107,119
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)
5.25%   11/01/2025     80         82,639
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB
5.00%   08/15/2025     100        102,442
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB
4.00%   11/01/2025     165        167,436
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP
5.00%   10/01/2025     20         20,538
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
5.00%   08/01/2025     10         10,239
San Diego (County of), CA Water Authority, Series 2015, Ref. RB
5.00%   05/01/2029     100        101,478
San Diego Community College District, Series 2016, Ref. GO Bonds
5.00%   08/01/2025     10         10,234
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds
5.00%   07/01/2025     120        122,509
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds
5.00%   07/01/2027     25         25,474
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
5.00%   06/15/2025     10         10,202
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP
5.00%   04/01/2029     35         35,834
San Francisco (City & County of), CA Public Utilities Commission, Series 2015, Ref. RB
5.00%   11/01/2027     250        253,986
San Francisco (City & County of), CA Public Utilities Commission, Series 2016 B, RB
4.00%   10/01/2046     350        348,329
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB
5.00%   07/01/2025     100        102,099
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB
5.00%   07/01/2028     115        117,203
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds
5.00%   08/01/2029     65         66,290
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds
4.00%   08/01/2035     150        150,248
San Francisco Unified School District, Series 2020, Ref. GO Bonds
4.00%   06/15/2025     1,185     1,198,186
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB(a)
5.00%   01/15/2025     1,100     1,109,223
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%   01/15/2044     1,000     1,004,905
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%   01/15/2049     1,000     1,004,954
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB
5.00%   08/01/2025     100        102,205
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB(a)
5.00%   08/01/2025     385        393,735
San Mateo County Community College District, Series 2015 A, GO Bonds(a)
5.00%   09/01/2025     65         66,676
San Mateo County Transit District, Series 2015 A, Ref. RB
5.00%   06/01/2029     1,000     1,013,698
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
130
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB
3.00%   05/15/2034   $ 250   $    241,970
Santa Clara Unified School District, Series 2023, GO Bonds
5.00%   07/01/2025     10         10,213
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2025     500        507,107
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds
4.00%   09/01/2037     25         25,035
University of California, Series 2015 AO, Ref. RB
5.00%   05/15/2027     35         35,553
University of California, Series 2015 AO, Ref. RB
5.00%   05/15/2031     40         40,567
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2025     20         20,348
University of California, Series 2022 S, Ref. RB
5.00%   05/15/2025     305        310,286
University of California, Series 2023 BM, Ref. RB
5.00%   05/15/2025     10         10,174
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2025     30         30,520
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2028     1,025     1,040,396
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2029     40         40,598
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2030     120        121,735
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2032     60         60,805
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2040     115        116,375
Vista Joint Powers Financing Authority, Series 2015, Ref. RB
5.25%   05/01/2037     45         45,593
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)
5.00%   08/01/2025     20         20,468
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)
5.00%   08/01/2025     40        40,937
                38,471,309
Colorado-1.00%                
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds
5.00%   12/01/2040     10         10,212
Adams (County of), CO, Series 2015, Ref. COP
4.00%   12/01/2040     200        200,149
Adams (County of), CO , Series 2015, Ref. COP
4.00%   12/01/2045     35         34,187
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds
5.00%   12/15/2025     45         46,432
Anthem West Metropolitan District, Series 2015, Ref. GO Bonds, (INS - BAM)(b)
4.13%   12/01/2044     5          5,001
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds
5.00%   12/15/2031     105        107,561
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
5.00%   12/01/2025     25         25,743
Board of Governors of Colorado State University System, Series 2015 A, RB
4.13%   03/01/2055     350        344,145
Boulder Valley School District No. Re-2 Boulder, Series 2015, GO Bonds
5.00%   12/01/2038     200        202,808
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2025     35         36,095
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2025     80         82,504
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
5.00%   01/01/2025     200        201,299
Colorado (State of) Higher Education, Series 2014 A, Ref. COP
5.00%   11/01/2025     95         97,631
Colorado (State of) Regional Transportation District, Series 2015, COP
5.00%   06/01/2027     165        167,549
Denver (City & County of), CO, Series 2022 C, Ref. RB
5.00%   11/15/2025     5          5,141
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
5.00%   12/01/2025     150        150,823
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2025     10         10,300
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds
5.00%   12/15/2025     30         30,920
Park Creek Metropolitan District, Series 2015, Ref. RB
5.00%   12/01/2045     275        278,210
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 A, Ref. GO Bonds
4.00%   12/15/2032     25         25,291
University of Colorado, Series 2017 A-2, Ref. RB
5.00%   06/01/2025     130        132,130
University of Northern Colorado, Series 2015 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
4.00%   06/01/2040     75        75,102
                2,269,233
Connecticut-1.95%                
Connecticut (State of), Series 2015 A, GO Bonds
5.00%   03/15/2027     200        202,326
Connecticut (State of), Series 2015 A, GO Bonds
5.00%   03/15/2028     210        212,416
Connecticut (State of), Series 2015 B, GO Bonds
5.00%   06/15/2025     50         50,910
Connecticut (State of), Series 2015 F, GO Bonds
5.00%   11/15/2027     135        138,529
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2025     1,000     1,007,812
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2025     105        105,441
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2025     1,000     1,028,159
Connecticut (State of), Series 2022 D, Ref. GO Bonds
5.00%   09/15/2025     100        102,504
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, Ref. RB
5.00%   09/01/2025     500        500,831
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
5.00%   08/01/2028     300        305,877
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
5.00%   08/01/2029     80        81,500
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
131
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-(continued)                
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
5.00%   08/01/2033   $ 95   $     96,424
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
5.00%   08/01/2034     240        243,408
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
5.00%   08/01/2035     40         40,528
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
5.00%   01/01/2025     75         75,514
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB
5.00%   07/01/2025     250       255,020
                4,447,199
Delaware-0.22%                
Delaware (State of), Series 2017 A, Ref. GO Bonds
5.00%   01/01/2025     200        201,563
Delaware (State of), Series 2020 A, GO Bonds
5.00%   01/01/2025     300       302,345
                503,908
District of Columbia-0.79%                
District of Columbia, Series 2015 A, GO Bonds(a)
5.00%   06/01/2025     5          5,078
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2028     5          5,081
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2029     10         10,159
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2030     100        101,538
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2032     1,000     1,014,932
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2034     50         50,735
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2036     150        152,029
District of Columbia, Series 2015 A, GO Bonds
5.00%   06/01/2038     100        101,249
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2025     5          5,086
District of Columbia, Series 2018 B, Ref. GO Bonds
5.00%   06/01/2025     275        279,710
District of Columbia, Series 2019 A, RB
5.00%   03/01/2025     35         35,426
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB(a)
5.00%   10/28/2024     50        50,144
                1,811,167
Florida-3.13%                
Broward (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   07/01/2025     70         71,273
Broward (County of), FL School Board, Series 2015 B, Ref. COP
5.00%   07/01/2030     165        167,412
Broward (County of), FL School Board, Series 2015 B, Ref. COP
5.00%   07/01/2031     90         91,256
Central Florida Expressway Authority, Series 2016 B, Ref. RB
5.00%   07/01/2025     80         81,454
Florida (State of), Series 2016 A, Ref. RB
5.00%   07/01/2025     45         45,844
Florida (State of), Series 2017 A, Ref. RB
5.00%   07/01/2025     505        514,472
Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds
4.00%   06/01/2032     135        135,601
Florida (State of) (Department of Transportation), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2025     100        101,884
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB
5.00%   07/01/2025     500        500,794
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB
5.00%   07/01/2025     65         66,235
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
5.00%   07/01/2025     110        112,118
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB
5.00%   10/01/2025     55         56,283
Florida Keys Aqueduct Authority, Series 2019 A, RB
5.00%   09/01/2049     975        982,018
Florida Keys Aqueduct Authority, Series 2021 B, RB
5.00%   09/01/2025     100        102,271
FSU Financial Assistance, Inc., Series 2015 A, RB
4.25%   10/01/2045     50         50,003
Gainesville (City of), FL, Series 2017 A, RB(a)
5.00%   10/01/2025     10         10,241
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2025     40         40,976
Hillsborough (County of), FL, Series 2015, RB
3.75%   10/01/2045     200        186,564
Hillsborough (County of), FL, Series 2015, Ref. RB
5.00%   11/01/2025     130        133,434
Jacksonville (City of), FL, Series 2015, Ref. RB
5.00%   10/01/2027     75         76,664
Jacksonville (City of), FL, Series 2015, Ref. RB
5.00%   10/01/2029     30         30,650
JEA Water & Sewer System, Series 2017 A, Ref. RB
5.00%   10/01/2025     135        138,497
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)(b)
5.00%   06/01/2031     100        101,153
Lee (County of), FL, Series 2015, Ref. RB
5.00%   10/01/2033     45         45,639
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   05/01/2025     45         45,560
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   05/01/2028     200        202,458
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   05/01/2030     125        126,470
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   05/01/2032     50         50,608
Miami Beach (City of), FL, Series 2015, RB
4.00%   09/01/2045     260        257,063
Miami Beach (City of), FL, Series 2015, RB
5.00%   09/01/2045     210       211,474
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
132
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Miami-Dade (County of), FL, Series 2014 B, Ref. RB(a)
5.00%   10/30/2024   $ 665   $    666,887
Miami-Dade (County of), FL, Series 2015, Ref. RB
5.00%   10/01/2025     450        461,319
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
5.00%   04/01/2040     265        266,654
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
5.00%   04/01/2045     185        185,945
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)
5.00%   08/01/2025     40         40,835
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)
5.00%   08/01/2025     35         35,730
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB
5.00%   10/01/2025     140        143,476
Palm Beach (County of), FL, Series 2015 D, RB(a)
5.00%   12/01/2025     15         15,446
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB
5.00%   10/01/2028     100        101,301
Palm Beach County School District, Series 2015 D, Ref. COP
5.00%   08/01/2027     60         61,096
Palm Beach County School District, Series 2015 D, Ref. COP
5.00%   08/01/2030     220        223,838
Palm Beach County School District, Series 2017 A, Ref. COP
5.00%   08/01/2025     20         20,423
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB
5.00%   12/01/2055     35         34,707
Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB
4.00%   10/01/2028     25         25,227
Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB
4.00%   10/01/2030     20         20,199
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
5.00%   10/01/2025     65         66,600
Village Community Development District No. 7, Series 2015, Ref. RB
4.00%   05/01/2036     5          4,908
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB(a)
5.00%   04/15/2025     15        15,193
                7,126,153
Georgia-2.66%                
Atlanta (City of), GA, Series 2015, Ref. RB(a)
5.00%   05/01/2025     25         25,392
Atlanta (City of), GA, Series 2015, Ref. RB(a)
5.00%   05/01/2025     350        355,488
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2025     35         35,541
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2028     700        709,862
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2030     110        111,415
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2031     20         20,249
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2040     755        761,046
Atlanta Development Authority (The), Series 2015 A-1, RB
5.25%   07/01/2044     150        151,667
DeKalb (County of), GA, Series 2006 B, Ref. RB
5.25%   10/01/2025     100        102,952
Forsyth (County of), GA, Series 2019, GO Bonds
5.00%   09/01/2025     60         61,452
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)
5.25%   02/15/2025     100        101,107
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)
5.50%   02/15/2025     100        101,218
Georgia (State of), Series 2015 A, GO Bonds
4.00%   02/01/2033     5          5,012
Georgia (State of), Series 2015 A, GO Bonds
3.50%   02/01/2035     100        100,013
Georgia (State of), Series 2016 C-1, Ref. GO Bonds
4.00%   07/01/2025     140        141,696
Georgia (State of), Series 2016 E, Ref. GO Bonds
5.00%   12/01/2025     440        453,895
Georgia (State of), Series 2017 A-1, GO Bonds
5.00%   02/01/2025     10         10,093
Georgia (State of), Series 2018 A, GO Bonds
5.00%   07/01/2025     50         51,012
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
4.00%   07/01/2025     600        607,267
Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds
5.00%   02/01/2027     370        373,141
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB
4.13%   06/15/2040     50         49,001
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB
5.00%   07/01/2060     175        175,223
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB
5.50%   07/01/2060     100        100,415
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2025     50         50,830
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2015, Ref. RAC
5.00%   08/01/2034     75         75,473
Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB
4.00%   08/01/2025     500        506,462
Gwinnett County School District, Series 2010, Ref. GO Bonds
5.00%   02/01/2025     100        100,868
Gwinnett County School District, Series 2015, Ref. GO Bonds
5.00%   02/01/2031     55         55,965
Gwinnett County School District, Series 2015, Ref. GO Bonds
5.00%   02/01/2035     480        487,655
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
5.00%   09/01/2025     170       173,792
                6,055,202
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
133
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Hawaii-0.95%                
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds(a)
5.00%   10/01/2025   $ 175   $    179,571
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
5.00%   10/01/2025     220        225,771
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
5.00%   10/01/2025     130        133,410
Hawaii (State of), Series 2016 FG, GO Bonds
5.00%   10/01/2025     5          5,131
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
5.00%   10/01/2025     70         71,844
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2025     20         20,525
Hawaii (State of) Department of Budget & Finance (Queens Health System), Series 2015 A, Ref. RB
5.00%   07/01/2035     100        101,202
Honolulu (City & County of), HI, Series 2015 A, GO Bonds
5.00%   10/01/2038     50         50,906
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
5.00%   10/01/2027     250        256,111
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
5.00%   10/01/2028     195        199,704
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
5.00%   10/01/2029     110        112,641
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
5.00%   10/01/2030     75         76,704
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)
5.00%   07/01/2025     15         15,285
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)
5.00%   07/01/2025     5          5,095
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
5.00%   10/01/2027     400        409,777
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
5.00%   10/01/2029     30         30,720
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
4.00%   10/01/2032     50         50,340
Honolulu (City & County of), HI (Green Bonds), Series 2015 A, RB(a)
5.00%   07/01/2025     5          5,095
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
5.00%   03/01/2025     200        202,139
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
5.00%   03/01/2025     5         5,053
                2,157,024
Illinois-4.87%                
Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)(b)
4.00%   01/01/2038     105        105,095
Chicago (City of), IL, Series 2004, Ref. RB
5.00%   11/01/2025     300        307,925
Chicago (City of), IL, Series 2005 D, Ref. GO Bonds
5.50%   01/01/2040     105        105,236
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
5.00%   01/01/2029     25         25,134
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
5.00%   01/01/2030     25         25,132
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
5.00%   01/01/2031     725        728,728
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
5.00%   01/01/2032     235        236,125
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
5.00%   01/01/2033     135        135,653
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2025     25         25,161
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
5.00%   12/01/2025     1,020     1,049,543
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2025     100        102,385
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
4.00%   11/15/2025     60         60,836
Cook (County of), IL, Series 2022 A, Ref. GO Bonds
5.00%   11/15/2025     25         25,641
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
4.00%   12/30/2025     105        106,692
Illinois (State of), Series 2017 D, GO Bonds
5.00%   11/01/2025     75         76,725
Illinois (State of), Series 2020 B, GO Bonds
5.00%   10/01/2025     50         51,046
Illinois (State of), Series 2020 D, GO Bonds
5.00%   10/01/2025     45         45,946
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2025     1,485     1,498,973
Illinois (State of) Finance Authority, Series 2015, RB(a)
5.00%   05/01/2025     450        455,571
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
5.00%   02/15/2025     475        479,356
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB
4.00%   01/01/2025     50         50,183
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB
5.00%   07/15/2025     10         10,182
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
5.00%   11/15/2035     750        757,801
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
4.13%   11/15/2037     50         49,892
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
5.00%   11/15/2045     90         90,593
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
5.00%   11/15/2025     15         15,205
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
5.00%   11/15/2028     20         20,241
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
5.00%   11/15/2038     85         85,620
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB
5.00%   08/15/2035     230        232,538
Illinois (State of) Finance Authority (The University of Chicago), Series 2021 A, Ref. RB
5.00%   10/01/2025     100        102,612
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB
5.00%   06/15/2053     250        251,576
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
5.00%   02/01/2027     35        35,573
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
134
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
5.00%   02/01/2029   $ 20   $     20,322
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
5.00%   02/01/2030     80         81,251
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
4.00%   02/01/2034     45         45,041
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
5.00%   01/01/2036     1,000     1,005,256
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
5.00%   01/01/2038     510        512,545
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
5.00%   01/01/2039     10         10,048
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
5.00%   01/01/2036     1,000     1,013,313
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
5.00%   01/01/2037     15         15,192
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
5.00%   01/01/2040     270        272,854
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2025     100        100,666
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
5.00%   01/01/2025     20         20,135
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2025     45         45,303
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB
4.00%   10/15/2040     120        117,596
Springfield (City of), IL, Series 2015, Ref. RB
5.00%   03/01/2028     20         20,194
Springfield (City of), IL, Series 2015, Ref. RB
5.00%   03/01/2029     190        191,765
Springfield (City of), IL, Series 2015, Ref. RB
5.00%   03/01/2031     20         20,177
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(b)
4.00%   03/01/2040     170        170,024
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(b)
5.00%   03/01/2040     80        80,446
                11,091,047
Indiana-1.57%                
Indiana (State of) Finance Authority, Series 2015 B, Ref. RB
5.00%   02/01/2025     135        136,238
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   12/01/2025     10         10,297
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
5.00%   10/01/2025     1,500     1,537,406
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2015 A, Ref. RB(a)
4.00%   03/01/2025     80         80,446
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB
5.00%   02/01/2025     305        307,797
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB
4.00%   12/01/2040     560        555,752
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB
5.00%   12/01/2025     80         81,990
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB
5.00%   01/01/2030     160        160,804
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB
5.00%   01/01/2032     90         90,446
Indiana University, Series 2015 A, Ref. RB
4.00%   06/01/2042     500        487,889
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
5.00%   10/01/2025     45         46,083
Richmond (City of), VA Hospital Authority, Series 2015 A, Ref. RB
5.00%   01/01/2035     85        85,180
                3,580,328
Iowa-0.04%                
Iowa (State of), Series 2016 A, Ref. RB
5.00%   06/01/2025     25         25,391
Iowa (State of) Finance Authority, Series 2017, Ref. RB
5.00%   08/01/2025     40         40,842
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB
5.00%   08/01/2025     20        20,421
                86,654
Kansas-0.81%                
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
5.00%   09/01/2025     25         25,580
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
5.00%   09/01/2025     50         51,175
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2025     85         86,998
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2027     55         56,238
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2029     145        148,134
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2032     1,000     1,020,426
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2033     305        311,441
Kansas (State of) Department of Transportation, Series 2015, RB
5.00%   09/01/2034     25         25,523
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds
4.00%   10/01/2025     20         20,294
University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB
5.00%   09/01/2045     50         50,468
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
5.00%   09/01/2040     45        45,671
                1,841,948
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
135
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Kentucky-0.47%                
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN
5.00%   11/01/2025   $ 400   $    410,614
Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund), Series 2014 A, Ref. RN(a)
5.00%   09/01/2024     100        100,000
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
4.25%   07/01/2035     125        124,913
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(b)
4.00%   09/01/2039     230        227,047
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
5.00%   11/01/2025     100        102,654
Kentucky (Commonwealth of) Turnpike Authority, Series 2016 A, Ref. RB
5.00%   07/01/2025     20         20,370
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB
3.00%   05/15/2047     110        85,352
                1,070,950
Louisiana-1.19%                
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)
5.00%   02/01/2025     335        337,906
Louisiana (State of), Series 2015 A, Ref. RB(a)
4.00%   05/01/2025     1,010     1,018,270
Louisiana (State of), Series 2015 A, Ref. RB(a)
4.50%   05/01/2025     1,160     1,173,269
Louisiana (State of), Series 2015 A, Ref. RB(a)
5.00%   05/01/2025     150        152,203
New Orleans (City of), LA, Series 2015, RB(a)
5.00%   06/01/2025     25         25,419
New Orleans (City of), LA, Series 2015, RB(a)
5.00%   12/01/2025     5         5,151
                2,712,218
Maine-0.02%                
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB
5.00%   09/01/2025     45        46,035
Maryland-1.81%                
Maryland (State of), First series 2016, GO Bonds
4.00%   06/01/2025     400        400,187
Maryland (State of), Series 2015 A, GO Bonds
2.75%   08/01/2025     500        499,597
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2025     380        384,694
Maryland (State of), Series 2017 A, GO Bonds
5.00%   08/01/2025     100        102,205
Maryland (State of), Series 2017 B, Ref. GO Bonds
5.00%   08/01/2025     300        306,615
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   09/01/2025     10         10,242
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
5.00%   10/01/2025     510        523,377
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB
4.00%   05/15/2040     75         74,958
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB
5.00%   07/01/2040     100        100,800
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB
5.00%   07/01/2045     425        427,518
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB
5.00%   03/01/2025     470        475,119
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2025     100        101,942
Montgomery (County of), MD, Series 2016 A, GO Bonds
5.00%   12/01/2025     150        150,767
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds
5.00%   10/01/2025     10         10,266
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds
5.00%   08/01/2025     535        546,797
Prince George’s (County of), MD, Series 2023 A, Ref. GO Bonds
5.00%   08/01/2025     15        15,329
                4,130,413
Massachusetts-4.04%                
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds
5.00%   08/01/2025     80         81,793
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2029     35         35,616
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2030     40         40,667
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
4.50%   07/01/2034     85         85,636
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2036     175        177,468
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds
5.00%   07/01/2045     110        111,006
Massachusetts (Commonwealth of), Series 2015 D, GO Bonds
4.00%   09/01/2029     5          5,047
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
4.00%   09/01/2037     25         25,071
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2025     45         45,900
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2025     50         51,000
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%   04/01/2033     145        145,338
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
3.00%   04/01/2044     295        249,807
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%   04/01/2046     220        216,235
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
5.00%   10/01/2025     2,340     2,403,145
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
136
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
5.00%   01/01/2025   $ 50   $     50,363
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds
3.00%   12/01/2025     50         50,202
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2025     250        257,272
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB
5.00%   06/01/2040     845        853,352
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB
5.00%   07/01/2045     500        504,652
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB(a)
5.00%   07/01/2025     40         40,760
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB
5.00%   07/01/2025     500        510,124
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB(a)
4.00%   05/01/2025     230        231,944
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB
4.00%   05/01/2025     20         20,183
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
5.00%   07/01/2044     710        712,543
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB
5.00%   01/01/2035     275        275,911
Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB
5.00%   07/01/2045     100        100,939
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB(a)
5.00%   08/15/2025     70         71,583
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
5.00%   08/15/2025     500        511,451
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
5.00%   08/15/2027     230        235,012
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
5.00%   08/15/2029     200        203,941
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
4.00%   08/15/2032     65         65,328
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
5.00%   08/15/2037     600        608,865
Massachusetts (Commonwealth of) School Building Authority, Series 2015 D, Ref. RB
5.00%   08/15/2037     25         25,369
University of Massachusetts Building Authority, Series 2015 1, RB
5.00%   11/01/2040     200       203,088
                9,206,611
Michigan-1.74%                
Ann Arbor School District, Series 2023, GO Bonds
4.00%   05/01/2025     10         10,075
Mattawan Consolidated School District, Series 2015 I, GO Bonds(a)
5.00%   05/01/2025     1,000     1,015,349
Michigan (State of) (Garvee), Series 2016, Ref. RB
5.00%   03/15/2025     500        505,564
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2028     140        143,121
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2029     25         25,527
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2030     10         10,202
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2032     375        381,880
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2033     575        585,263
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2034     15         15,255
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   04/15/2038     30         30,440
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   10/15/2045     300        303,078
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
5.00%   11/01/2044     100        100,818
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
5.00%   10/01/2025     5          5,126
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB
5.00%   07/01/2034     25         25,359
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 D-1, Ref. RB
5.00%   07/01/2034     50         50,657
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015, RB
5.00%   07/01/2035     200        202,891
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)
5.00%   05/15/2025     55         55,855
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)
5.00%   05/15/2025     45         45,699
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
5.00%   12/01/2025     35         35,587
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
5.50%   12/01/2027     350        356,406
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
5.00%   12/01/2025     5          5,139
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB
5.25%   10/15/2040     50        50,991
                3,960,282
Minnesota-0.98%                
Metropolitan Council, Series 2021 B, GO Bonds
5.00%   12/01/2025     175        180,395
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2025     80         80,546
Minnesota (State of), Series 2015 A, GO Bonds
5.00%   08/01/2027     25         25,518
Minnesota (State of), Series 2015 A, GO Bonds
5.00%   08/01/2029     225        229,619
Minnesota (State of), Series 2015 D, Ref. GO Bonds
5.00%   08/01/2025     110        112,405
Minnesota (State of), Series 2015 D, Ref. GO Bonds
5.00%   08/01/2027     5          5,103
Minnesota (State of), Series 2016 D, Ref. GO Bonds
5.00%   08/01/2025     465        475,169
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2025     65        66,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
137
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Minnesota-(continued)                
Minnesota (State of), Series 2020 A, GO Bonds
5.00%   08/01/2025   $ 30   $     30,656
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB
5.00%   07/01/2028     300        303,660
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB
5.00%   07/01/2032     40         40,418
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB
5.00%   07/01/2033     180        181,853
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB
4.00%   07/01/2035     500       500,127
                2,231,890
Mississippi-0.35%                
Mississippi (State of), Series 2015 A, GO Bonds(a)
4.00%   10/01/2025     310        314,360
Mississippi (State of), Series 2015 C, Ref. GO Bonds
5.00%   10/01/2025     130        133,340
Mississippi (State of), Series 2015 F, GO Bonds(a)
5.00%   11/01/2025     300        308,308
Mississippi (State of), Series 2015 F, GO Bonds(a)
5.00%   11/01/2025     50        51,385
                807,393
Missouri-0.91%                
Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB
4.00%   02/01/2040     60         59,356
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB
5.00%   10/01/2038     80         81,510
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB
4.00%   05/15/2042     25         24,527
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB
5.00%   05/01/2025     250        250,827
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB
5.00%   12/01/2029     1,000     1,012,858
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB
5.00%   12/01/2030     100        101,227
Springfield (City of), MO, Series 2015, Ref. RB
5.00%   08/01/2025     500        510,206
Springfield (City of), MO, Series 2015, Ref. RB
4.00%   08/01/2031     5          5,011
St. Charles (County of), MO Public Water Supply District No. 2, Series 2018, COP
4.00%   12/01/2039     40        40,079
                2,085,601
Nebraska-0.64%                
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB
4.13%   11/01/2036     65         65,047
Gretna (City of), NE, Series 2022, COP
5.00%   12/15/2025     100        100,552
Lincoln (City of), NE, Series 2015 A, Ref. RB
4.00%   09/01/2040     100         99,712
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB
5.00%   02/01/2043     1,000     1,006,339
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB
5.00%   01/01/2028     75         75,465
University of Nebraska, Series 2015, RB(a)
4.00%   07/01/2025     100       101,121
                1,448,236
Nevada-0.60%                
Clark (County of), NV, Series 2015, Ref. GO Bonds
4.00%   11/01/2035     285        285,826
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB
5.00%   07/01/2040     210        211,982
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
5.00%   07/01/2025     20         20,362
Clark County School District, Series 2015 C, Ref. GO Bonds
5.00%   06/15/2028     415        425,967
Clark County School District, Series 2017 A, Ref. GO Bonds
5.00%   06/15/2025     170        172,908
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds
5.00%   06/01/2025     65         66,123
Nevada (State of), Series 2015 B, Ref. GO Bonds
5.00%   11/01/2025     115        116,815
Nevada (State of), Series 2016, Ref. RB
5.00%   12/01/2025     70        72,123
                1,372,106
New Jersey-3.71%                
Essex (County of), NJ, Series 2017, Ref. GO Bonds
5.00%   08/01/2025     15         15,327
New Jersey (State of), Series 2013, GO Bonds
3.00%   06/01/2025     100        100,001
New Jersey (State of), Series 2014, GO Bonds(a)
5.00%   06/01/2025     300        305,072
New Jersey (State of), Series 2014, GO Bonds(a)
5.00%   06/01/2025     30         30,507
New Jersey (State of), Series 2020 A, GO Bonds
5.00%   06/01/2025     1,720     1,750,999
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)(b)
5.50%   09/01/2025     505        520,186
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
5.00%   06/15/2025     10        10,192
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
138
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
5.00%   06/15/2025   $ 400   $    407,677
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
5.00%   06/15/2025     50         50,960
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
5.00%   06/15/2025     55         56,056
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
5.25%   06/15/2025     5          5,106
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB
5.25%   06/15/2028     100        101,566
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
5.00%   06/15/2025     1,025     1,042,698
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
4.38%   06/15/2027     35         35,286
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB
4.00%   11/01/2025     45         45,650
New Jersey (State of) Educational Facilities Authority, Series 2015 H, Ref. RB, (INS - AGM)(b)
4.00%   07/01/2033     30         30,199
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
5.00%   07/01/2025     200        203,718
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
5.00%   07/01/2025     200        203,652
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
5.00%   06/15/2025     270        270,323
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
5.25%   06/15/2031     100        101,557
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
5.25%   06/15/2032     25         25,366
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
4.75%   06/15/2035     45         45,419
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
4.75%   06/15/2038     135        136,057
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
5.00%   06/15/2045     260        261,593
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
5.00%   12/15/2025     35         36,001
New Jersey (State of) Turnpike Authority, Series 2004 C-2, RB, (INS - AMBAC)(b)
5.50%   01/01/2025     280        282,382
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB
5.00%   01/01/2025     70         70,482
New Jersey (State of) Turnpike Authority, Series 2015 E, RB(a)
5.00%   01/01/2032     1,000     1,005,082
New Jersey (State of) Turnpike Authority, Series 2015 E, RB(a)
5.00%   01/01/2045     1,285     1,291,530
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2025     5         5,034
                8,445,678
New Mexico-0.59%                
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB
5.00%   07/01/2025     55         56,068
New Mexico (State of) (Capital), Series 2015, GO Bonds(a)
5.00%   03/01/2025     75         75,824
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB(a)
4.13%   08/01/2025     1,005     1,018,566
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB(a)
5.00%   08/01/2025     110        112,345
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB
5.00%   07/01/2025     50         50,971
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
5.00%   07/01/2025     35        35,680
                1,349,454
New York-17.80%                
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB
5.00%   05/01/2025     100        101,548
Metropolitan Transportation Authority, Series 2015 B, RB
4.00%   11/15/2045     235        227,255
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB
5.00%   11/15/2029     350        357,972
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)(b)
5.00%   11/15/2033     105        107,492
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
5.00%   11/15/2032     60         61,189
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
5.00%   11/15/2035     5          5,093
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
5.00%   11/15/2036     70         71,247
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   11/15/2025     35         36,028
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
5.00%   11/15/2025     200        205,290
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
5.00%   11/15/2040     1,430     1,441,583
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
5.00%   11/15/2027     15         15,374
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
5.00%   11/15/2029     290        296,601
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
5.00%   11/15/2034     170        173,249
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB
5.00%   11/15/2025     200        205,290
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB
5.00%   11/15/2025     45         46,190
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
5.00%   11/15/2025     200        205,290
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
5.00%   05/01/2027     75         76,085
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
5.00%   05/01/2030     70         70,999
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
5.00%   05/01/2045     60         60,572
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2029     175        179,291
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2030     100       102,396
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
139
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2032   $ 245   $    250,599
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2035     365        373,017
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.25%   10/15/2055     1,000     1,019,817
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
4.00%   12/01/2025     100        101,804
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB
5.00%   11/15/2025     15         15,444
New York (City of), NY, Series 2015 C, Ref. GO Bonds
5.00%   08/01/2026     690        696,601
New York (City of), NY, Series 2015 C, Ref. GO Bonds
5.00%   08/01/2028     420        423,438
New York (City of), NY, Series 2015 C, Ref. GO Bonds
5.00%   08/01/2031     125        125,972
New York (City of), NY, Series 2015 C, Ref. GO Bonds
5.00%   08/01/2032     1,000     1,007,817
New York (City of), NY, Series 2015 F-1, GO Bonds
5.00%   06/01/2036     650        658,839
New York (City of), NY, Series 2015 F-1, GO Bonds
3.75%   06/01/2037     75         74,649
New York (City of), NY, Series 2017 1, GO Bonds
5.00%   08/01/2025     175        178,827
New York (City of), NY, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2025     50         51,093
New York (City of), NY, Series 2017 C, Ref. GO Bonds
5.00%   08/01/2025     200        204,374
New York (City of), NY, Series 2018 A, Ref. GO Bonds
5.00%   08/01/2025     50         51,093
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2025     110        112,405
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2025     500        510,934
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
5.00%   08/01/2025     70         71,531
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
5.00%   08/01/2025     95         97,077
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB(a)
5.00%   06/15/2025     20         20,363
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB
5.00%   06/15/2029     90         91,540
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB
5.00%   06/15/2039     460        465,828
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB
5.00%   06/15/2031     170        172,736
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB
5.00%   06/15/2039     100        101,267
New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB
5.00%   06/15/2029     15         15,257
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
5.00%   06/15/2046     315        318,137
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB
5.00%   06/15/2027     425        437,264
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB
5.00%   06/15/2027     170        174,905
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
5.00%   06/15/2025     410        417,590
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB
5.00%   06/15/2027     15         15,433
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
5.00%   06/15/2027     2,025     2,083,433
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB
5.00%   08/01/2031     300        305,342
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB
5.00%   08/01/2037     85         86,314
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
5.00%   11/01/2027     200        202,774
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
5.00%   11/01/2027     200        204,836
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%   02/01/2032     185        186,454
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%   02/01/2033     400        403,160
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%   02/01/2041     330        331,957
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%   07/15/2027     300        305,677
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%   07/15/2034     35         35,602
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%   07/15/2035     25         25,178
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%   07/15/2040     1,200     1,217,642
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%   07/15/2041     200        202,855
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%   07/15/2028     610        614,962
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%   07/15/2040     355        357,209
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB
5.00%   07/15/2035     500        508,383
New York (City of), NY Transitional Finance Authority, Series 2015, RB
5.00%   08/01/2028     200        203,815
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB(a)
5.00%   07/15/2025     50         51,042
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   11/01/2025     100        102,735
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB(a)
5.00%   11/01/2025     5          5,130
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2025     45         46,231
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB(a)
5.00%   08/01/2025     45         45,964
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB
5.00%   11/01/2025     185        190,059
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2025     75         77,051
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
5.00%   11/01/2029     75         76,813
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
5.00%   11/01/2032     180        183,958
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
5.00%   11/01/2033     200        204,420
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
5.00%   11/01/2035     150       153,177
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
140
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
5.00%   11/01/2038   $ 75   $     76,373
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
5.00%   03/15/2025     200        202,475
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
5.00%   03/15/2025     450        455,352
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
5.00%   03/15/2025     1,000     1,011,894
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
5.00%   03/15/2030     100        101,107
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
5.00%   03/15/2032     85         85,896
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
5.00%   07/01/2032     1,000     1,018,739
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
5.00%   03/15/2033     1,000     1,010,433
New York (State of) Dormitory Authority, Series 2015 B, RB(a)
5.00%   02/15/2025     105        106,032
New York (State of) Dormitory Authority, Series 2015 B, RB(a)
5.00%   02/15/2025     40         40,393
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   03/15/2030     245        249,716
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   03/15/2031     200        203,809
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2032     1,000     1,008,887
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   03/15/2032     600        611,305
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2033     650        655,718
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   03/15/2033     175        178,261
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2034     435        438,768
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2035     1,000     1,008,438
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   03/15/2042     40         40,582
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2044     1,575     1,584,905
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB
5.00%   02/15/2031     150        151,367
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB
5.00%   03/15/2045     200        202,606
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB(a)
4.00%   09/15/2025     150        152,186
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB
5.00%   03/15/2030     1,000     1,021,302
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
5.00%   02/15/2025     100        100,983
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2025     100        102,558
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)
5.00%   10/01/2025     200        205,311
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB(a)
5.00%   03/15/2025     100        101,189
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(b)
5.00%   10/01/2025     50         51,328
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB
5.00%   07/01/2043     200        201,178
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
5.00%   07/01/2035     130        130,643
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
5.00%   07/01/2040     45         45,144
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB
5.00%   07/01/2030     325        331,144
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB
5.00%   07/01/2035     105        106,933
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(b)
5.00%   11/15/2025     10         10,296
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
5.00%   01/01/2025     110        110,744
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
5.00%   01/01/2028     200        201,347
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
5.00%   01/01/2032     885        890,143
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   06/15/2027     355        361,297
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   12/15/2027     80         82,305
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   12/15/2033     485        497,058
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   12/15/2034     100        102,422
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   12/15/2036     325        332,460
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
4.00%   12/15/2037     50         50,257
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
5.00%   12/15/2037     75         76,674
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2032     5          5,100
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2033     95         96,858
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2040     265        267,977
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
4.00%   11/15/2045     210        203,198
New York State Environmental Facilities Corp., Series 2015 A, Ref. RB
5.00%   06/15/2040     275        279,126
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2025     75         76,436
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
5.00%   06/15/2025     90         91,723
New York State Urban Development Corp., Series 2015 A, Ref. RB(a)
5.00%   03/15/2025     100        101,211
New York State Urban Development Corp., Series 2015 A, Ref. RB(a)
5.00%   09/15/2025     20        20,515
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
141
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Urban Development Corp., Series 2015 A, Ref. RB
5.00%   03/15/2030   $ 70   $     71,412
New York State Urban Development Corp., Series 2015 A, Ref. RB
5.00%   03/15/2033     150        152,949
New York State Urban Development Corp., Series 2015, Ref. RB(a)
5.00%   09/15/2025     10         10,257
New York State Urban Development Corp., Series 2015, Ref. RB
5.00%   03/15/2028     5          5,111
New York State Urban Development Corp., Series 2020, Ref. RB(a)
5.00%   03/15/2025     1,000     1,012,107
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB(a)
5.00%   03/15/2025     65         65,735
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
5.00%   12/01/2025     100        102,413
Suffolk (County of), NY Water Authority, Series 2015, Ref. RB
4.00%   06/01/2031     155        156,163
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB
5.00%   11/15/2034     405        413,866
Triborough Bridge & Tunnel Authority, Series 2015 A, RB
5.00%   11/15/2050     500        503,867
Triborough Bridge & Tunnel Authority, Series 2021 A, RB
5.00%   11/01/2025     500       514,137
                40,571,977
North Carolina-1.45%                
Charlotte (City of), NC, Series 2015, Ref. RB
5.00%   07/01/2025     110        112,200
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB
5.00%   01/15/2025     135        135,955
Guilford (County of), NC, Series 2017, Ref. GO Bonds
5.00%   03/01/2025     100        101,094
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
5.00%   12/01/2025     65         66,996
North Carolina (State of), Series 2013 B, Ref. GO Bonds
5.00%   06/01/2025     20         20,352
North Carolina (State of), Series 2014 A, Ref. GO Bonds
5.00%   06/01/2025     1,000     1,017,576
North Carolina (State of), Series 2014 B, Ref. RB
5.00%   06/01/2025     145        147,495
North Carolina (State of), Series 2017 B, Ref. RB
5.00%   05/01/2025     40         40,603
North Carolina (State of), Series 2019 B, GO Bonds
5.00%   06/01/2025     25         25,439
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
5.00%   05/01/2025     120        121,810
North Carolina (State of) (Garvee), Series 2015, RB
5.00%   03/01/2027     150        151,539
North Carolina (State of) (Garvee), Series 2015, RB
5.00%   03/01/2029     270        272,525
North Carolina (State of) (Garvee), Series 2015, RB
5.00%   03/01/2030     130        131,127
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)
5.00%   10/01/2025     300        308,031
North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB
5.00%   06/01/2025     65         66,017
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
4.00%   06/01/2034     155        155,474
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
5.00%   06/01/2045     200        200,951
Raleigh (City of), NC Combined Enterprise System, Series 2015 A, Ref. RB
4.00%   12/01/2035     135        135,439
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2025     100        101,094
Wake (County of), NC, Series 2024 B, Ref. GO Bonds
5.00%   09/01/2025     5         5,125
                3,316,842
Ohio-1.52%                
Bowling Green State University, Series 2016 A, RB
5.00%   06/01/2042     100        101,520
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(b)
5.25%   12/01/2025     200        206,276
Columbus (City of), OH, Series 2014, Ref. RB
5.00%   06/01/2025     25         25,109
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds
5.00%   07/01/2025     150        152,913
Columbus (City of), OH, Series 2016 A, GO Bonds
4.00%   08/15/2027     500        505,362
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2025     100        101,294
Franklin (County of), OH, Series 2015, RB
5.00%   05/15/2045     200        201,238
Ohio (State of), Series 2015 C, GO Bonds(a)
5.00%   05/01/2025     25         25,392
Ohio (State of), Series 2017 A, GO Bonds
5.00%   05/01/2032     150        151,982
Ohio (State of), Series 2017 A, GO Bonds
5.00%   05/01/2034     270        273,496
Ohio (State of), Series 2017 A, GO Bonds
5.00%   05/01/2035     180        182,295
Ohio (State of), Series 2017 B, Ref. GO Bonds
5.00%   09/15/2025     135        138,465
Ohio (State of), Series 2020 B, Ref. GO Bonds
5.00%   08/01/2025     500        511,116
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
5.00%   01/01/2025     15         15,105
Ohio (State of) (Garvee), Series 2016-1, RB
5.00%   12/15/2025     180        185,495
Ohio (State of) (Garvee), Series 2018 1, RB
5.00%   12/15/2025     100       103,053
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
142
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2015, Ref. RB
5.00%   07/01/2041   $ 440   $    443,587
Willoughby-Eastlake City School District, Series 2016, GO Bonds(a)
5.00%   12/01/2025     140       144,072
                3,467,770
Oklahoma-0.21%                
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
4.00%   09/01/2025     75         75,692
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB
5.00%   06/01/2025     65         65,930
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB
5.00%   07/01/2025     130        132,428
Oklahoma (State of) Development Finance Authority, Series 2015 A, Ref. RB
4.00%   08/15/2038     55         54,435
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB
5.00%   06/01/2025     100        101,705
University of Oklahoma (The), Series 2015 C, RB
4.00%   07/01/2045     45        43,768
                473,958
Oregon-0.32%                
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2025     5          5,093
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB
5.00%   11/15/2025     10         10,045
Oregon (State of) Department of Transportation, Series 2017 A, RB
5.00%   11/15/2025     500        514,378
Oregon (State of) Facilities Authority, Series 2015 A, Ref. RB
5.00%   04/01/2045     100        100,488
Oregon (State of) Lottery, Series 2015 D, Ref. RB
5.00%   04/01/2027     100       101,318
                731,322
Pennsylvania-3.70%                
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
5.00%   11/01/2025     100        102,642
Allegheny (County of), PA Sanitary Authority, Series 2015, Ref. RB
5.00%   12/01/2040     410        417,385
Chartiers Valley School District, Series 2015 B, GO Bonds(a)
5.00%   04/15/2025     85         86,121
Commonwealth Financing Authority, Series 2015 A, RB
5.00%   06/01/2033     600        607,981
Commonwealth Financing Authority, Series 2015 A, RB
5.00%   06/01/2035     285        288,454
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
4.13%   07/01/2040     245        243,633
Monroeville Finance Authority, Series 2012, RB
5.00%   02/15/2025     105        105,972
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
5.00%   03/15/2025     95         96,179
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
5.00%   03/15/2028     500        505,748
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
5.00%   03/15/2029     195        197,231
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
5.00%   03/15/2033     100        101,054
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
4.00%   03/15/2034     90         90,339
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
4.00%   03/15/2035     15         15,018
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds
5.00%   08/15/2025     100        102,385
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds
5.00%   03/15/2031     1,350     1,364,874
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
5.00%   09/15/2025     155        159,026
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
5.00%   01/01/2025     500        503,611
Pennsylvania (Commonwealth of), First series 2021, GO Bonds
5.00%   05/15/2025     65         66,086
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
5.00%   09/01/2025     195        199,912
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
5.00%   09/01/2025     130        133,275
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
5.00%   08/15/2025     40         40,954
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
5.00%   08/15/2031     100        101,932
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
5.00%   08/15/2032     30         30,571
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
4.00%   08/15/2034     20         20,122
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
4.00%   08/15/2035     35         35,207
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
5.00%   09/15/2025     45         46,169
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2025     20         20,542
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2015, RB
4.00%   03/15/2040     35         34,510
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB
5.00%   09/01/2045     35         35,123
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB
5.00%   09/01/2039     100        100,545
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB
5.00%   08/15/2040     105       106,475
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
143
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2025   $ 5   $      5,084
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2026     25         25,355
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
4.00%   12/01/2035     5          5,030
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2038     50         50,740
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2040     65         65,529
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
4.00%   12/01/2041     95         95,134
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2045     1,250     1,259,156
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
5.00%   06/01/2025     50         50,797
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
5.00%   06/01/2025     75         76,195
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
5.00%   06/01/2027     200        204,941
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
5.00%   06/01/2029     20         20,490
Philadelphia (City of), PA, Series 2015 B, GO Bonds
4.00%   08/01/2035     25         25,082
Philadelphia (City of), PA, Series 2016, Ref. RB
5.00%   10/01/2025     50         51,199
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2025     40         40,816
Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB
5.00%   04/01/2040     185        186,240
Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB
5.00%   04/15/2031     75         75,925
Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)(b)
4.13%   02/01/2036     85         85,215
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)(b)
5.00%   08/15/2038     150       152,573
                8,434,577
South Carolina-0.83%                
Charleston (City of), SC, Series 2015, RB(a)
5.00%   01/01/2025     200        201,313
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
5.00%   12/01/2025     90         92,663
Greenville County School District, Series 2023, Ref. RB
5.00%   12/01/2025     100        102,983
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB
4.00%   10/01/2038     25         25,031
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
5.00%   12/01/2028     100        101,207
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
5.00%   12/01/2050     210        210,466
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB
5.25%   12/01/2055     350        351,757
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
4.00%   10/01/2028     5          5,030
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
4.00%   10/01/2031     150        150,782
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2025     600        615,867
Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB
4.00%   03/01/2040     45        44,823
                1,901,922
South Dakota-0.06%                
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
5.00%   11/01/2035     120        122,199
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
4.00%   11/01/2040     10         9,796
                131,995
Tennessee-0.83%                
Chattanooga (City of), TN, Series 2015 A, Ref. RB
5.00%   09/01/2031     130        132,443
Chattanooga (City of), TN, Series 2015 A, Ref. RB
5.00%   09/01/2032     400        407,324
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds(a)
5.00%   07/01/2025     40         40,787
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
5.00%   01/01/2025     170        171,177
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
5.00%   07/01/2025     5          5,098
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)
5.00%   11/01/2025     10         10,277
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)
5.00%   11/01/2025     1,000     1,027,694
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2025     85        87,384
                1,882,184
Texas-10.20%                
Alamo Regional Mobility Authority, Series 2016, RB(a)
5.00%   06/15/2025     1,000     1,017,235
Austin (City of), TX, Series 1998, Ref. RB, (INS - NATL)(b)
5.25%   05/15/2025     225        228,987
Austin Community College District, Series 2015, GO Bonds
5.00%   08/01/2035     150        152,576
Bexar (County of), TX, Series 2016, Ref. GO Bonds(a)
4.00%   06/15/2025     250       252,386
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
144
Table of Contents
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Board of Regents of the University of Texas System, Series 2016 C, RB
5.00%   08/15/2025   $ 10   $     10,229
Central Texas Regional Mobility Authority, Series 2015 A, RB(a)
5.00%   07/01/2025     500        509,296
Central Texas Regional Mobility Authority, Series 2015 A, RB(a)
5.00%   07/01/2025     500        509,296
Clear Creek Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2031     20         20,186
Clint Independent School District, Series 2015, GO Bonds(a)
5.00%   08/15/2025     70         71,457
Corpus Christi (City of), TX, Series 2015, RB
5.00%   07/15/2040     100        101,131
Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2032     295        295,814
Dallas (City of), TX, Series 2015 A, Ref. RB
5.00%   10/01/2044     1,000     1,012,284
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     155        159,412
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     1,500     1,542,700
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     175        179,982
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     10         10,285
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     25         25,712
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     175        179,982
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
5.00%   12/01/2025     200        205,693
Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2025     20         20,194
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds(a)
4.00%   02/15/2025     65         65,315
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2025     205        206,991
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2027     95         95,968
Dallas College, Series 2022, GO Bonds
5.00%   02/15/2025     25         25,243
Harris (County of), TX, Series 2015 A, Ref. GO Bonds
5.00%   10/01/2027     70         71,590
Harris (County of), TX, Series 2015 A, Ref. GO Bonds
5.00%   10/01/2029     155        158,421
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2025     380        388,414
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
5.00%   11/01/2025     130        133,600
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
5.00%   08/15/2025     215        219,659
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2015, RB
5.00%   12/01/2045     95         95,612
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB
5.00%   12/01/2025     25         25,116
Houston (City of), TX, Series 2014 C, Ref. RB
5.00%   05/15/2025     255        255,375
Houston (City of), TX, Series 2016 B, Ref. RB
5.00%   11/15/2025     200        205,320
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
5.00%   03/01/2025     1,300     1,314,223
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.50%   02/15/2025     85         85,995
Kerrville Health Facilities Development Corp., Series 2015, Ref. RB
5.00%   08/15/2035     25         25,206
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds
5.00%   08/15/2028     115        117,179
Lone Star College System, Series 2015 B, Ref. GO Bonds
5.00%   02/15/2025     105        105,996
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%   05/15/2040     100        100,905
Lower Colorado River Authority, Series 2015, Ref. RB
4.00%   05/15/2045     250        234,988
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%   05/15/2045     1,080     1,087,757
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2030     15         15,317
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2031     310        316,308
North Texas Municipal Water District, Series 2015, Ref. RB
5.00%   09/01/2029     200        204,224
North Texas Municipal Water District, Series 2015, Ref. RB
5.00%   09/01/2031     10         10,194
North Texas Municipal Water District, Series 2015, Ref. RB
5.00%   09/01/2032     145        147,718
North Texas Municipal Water District, Series 2015, Ref. RB
5.00%   09/01/2035     135        137,305
North Texas Tollway Authority, Series 2008 I, Ref. RB(a)
6.20%   01/01/2025     100        101,017
North Texas Tollway Authority, Series 2014 A, Ref. RB
5.00%   01/01/2025     250        250,845
North Texas Tollway Authority, Series 2015 A, Ref. RB
5.00%   01/01/2032     225        226,193
North Texas Tollway Authority, Series 2015 A, Ref. RB
5.00%   01/01/2033     260        261,321
North Texas Tollway Authority, Series 2015 A, Ref. RB
5.00%   01/01/2034     355       356,752
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
145
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
North Texas Tollway Authority, Series 2015 A, Ref. RB
5.00%   01/01/2035   $ 220   $    221,051
North Texas Tollway Authority, Series 2015 B, Ref. RB
5.00%   01/01/2029     60         60,379
North Texas Tollway Authority, Series 2015 B, Ref. RB
5.00%   01/01/2034     215        216,061
North Texas Tollway Authority, Series 2015 B, Ref. RB
4.00%   01/01/2035     100        100,055
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2025     155        155,524
North Texas Tollway Authority, Series 2022 A, Ref. RB
5.00%   01/01/2025     50         50,331
North Texas Tollway Authority, Series 2022 B, Ref. RB
5.00%   01/01/2025     120        120,795
Northwest Independent School District, Series 2015, GO Bonds(a)
5.00%   02/15/2025     65         65,604
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB
5.00%   07/01/2025     145        145,251
Pflugerville Independent School District, Series 2023 A, GO Bonds
5.00%   02/15/2025     1,000     1,009,486
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2025     1,000     1,009,666
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)
5.00%   02/15/2025     450        454,077
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)
5.00%   02/15/2025     150        151,359
Rockwall Independent School District, Series 2016, GO Bonds(a)
5.00%   02/15/2025     175        176,586
SA Energy Acquisition Public Facility Corp., Series 2007, RB
5.50%   08/01/2025     100        101,789
San Antonio (City of), TX, Series 2012, Ref. RB
5.25%   02/01/2025     270        272,727
San Antonio (City of), TX Water System, Series 2015 B, Ref. RB
5.00%   05/15/2036     275        277,591
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB
5.00%   03/01/2029     150        151,394
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
5.00%   02/15/2025     50         50,456
Texas (State of), Series 2015 A, Ref. GO Bonds
5.00%   10/01/2027     175        179,182
Texas (State of), Series 2015 A, Ref. GO Bonds
5.00%   10/01/2028     130        133,092
Texas (State of), Series 2015 A, Ref. GO Bonds
5.00%   10/01/2035     205        209,239
Texas (State of), Series 2015, Ref. GO Bonds
5.00%   10/01/2029     75         76,776
Texas (State of), Series 2015, Ref. GO Bonds
5.00%   10/01/2034     50         51,061
Texas (State of), Series 2016 A, GO Bonds
5.00%   04/01/2025     25         25,324
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2025     115        116,489
Texas (State of), Series 2016, Ref. GO Bonds
5.00%   10/01/2025     90         92,341
Texas (State of), Series 2018 A, Ref. GO Bonds
5.00%   10/01/2025     105        107,732
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%   08/01/2039     405        410,895
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%   08/01/2041     575        582,490
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB
5.00%   10/01/2025     40         41,019
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
5.00%   10/01/2025     1,000     1,025,476
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%   10/15/2030     305        311,560
Texas (State of) Water Development Board, Series 2015 A, RB
4.00%   10/15/2033     500        503,107
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%   10/15/2040     115        116,940
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%   10/15/2045     100        101,390
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2025     400        408,857
Texas A&M University, Series 2017 E, Ref. RB
5.00%   05/15/2025     125        127,044
Texas State University Board of Regents, Series 2017 A, Ref. RB
5.00%   03/15/2025     135        136,589
Ysleta Independent School District, Series 2016, GO Bonds(a)
5.00%   08/15/2025     155       158,519
                23,256,208
Utah-0.38%                
Utah (State of), Series 2018, GO Bonds
5.00%   07/01/2025     320        326,214
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
4.00%   06/15/2025     30         30,321
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
4.00%   06/15/2025     40         40,429
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
4.00%   06/15/2025     45         45,482
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     60         61,105
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     80         81,473
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     130        132,393
Utah (State of) Transit Authority, Series 2015 A, Ref. RB
5.00%   06/15/2025     10         10,182
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     15         15,276
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     115        117,117
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
5.00%   06/15/2025     5         5,092
                865,084
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
146
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Vermont-0.02%                
University of Vermont and State Agricultural College, Series 2015, Ref. RB
5.00%   10/01/2040   $ 15   $     15,275
University of Vermont and State Agricultural College, Series 2015, Ref. RB
5.00%   10/01/2045     20        20,307
                35,582
Virginia-1.26%                
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
4.00%   10/01/2025     75         76,175
Richmond (City of), VA, Series 2016, Ref. RB
5.00%   01/15/2025     150        151,227
University of Virginia, Series 2015 A-1, RB
4.00%   04/01/2045     150        148,411
Upper Occoquan Sewage Authority, Series 2014, Ref. RB(a)
5.00%   07/01/2025     500        509,834
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB(a)
5.00%   02/01/2025     40         40,360
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB
5.00%   02/01/2025     215        216,989
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
3.00%   09/01/2025     40         40,070
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB
5.00%   02/01/2025     365        368,377
Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   09/01/2025     45         46,098
Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB
4.00%   08/01/2033     1,000     1,003,322
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB
5.00%   08/01/2025     65         66,439
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
4.00%   08/01/2025     90         90,094
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
5.00%   05/15/2025     120       122,004
                2,879,400
Washington-4.46%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
4.00%   11/01/2025     1,000     1,016,332
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
5.00%   11/01/2025     115        118,185
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
5.00%   11/01/2025     75         77,077
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
5.00%   11/01/2025     75         77,077
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
5.00%   11/01/2025     160        164,431
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
5.00%   11/01/2025     20         20,554
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
5.00%   07/01/2025     200        203,900
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
5.00%   07/01/2029     100        101,857
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
5.00%   07/01/2032     75         76,226
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
5.00%   07/01/2033     170        172,737
Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB
5.00%   07/01/2031     500        508,379
Energy Northwest (No. 3), Series 2018, Ref. RB
5.00%   07/01/2025     500        509,751
King (County of), WA, Series 2015, Ref. GO Bonds(a)
5.00%   01/01/2025     115        115,755
King (County of), WA, Series 2015, Ref. GO Bonds(a)
5.00%   01/01/2025     100        100,656
King (County of), WA, Series 2015, Ref. RB(a)
5.00%   01/01/2025     40         40,277
King (County of), WA, Series 2015, Ref. RB(a)
5.00%   01/01/2025     55         55,381
King (County of), WA, Series 2015, Ref. RB
4.00%   07/01/2045     75         73,988
King (County of), WA, Series 2016 B, Ref. RB
5.00%   07/01/2025     90         91,785
King County School District No. 403 Renton, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2028     25         25,678
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2025     50         50,834
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
3.50%   12/01/2028     40         40,132
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)
5.00%   12/01/2025     435        448,466
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)
5.00%   12/01/2025     155        159,798
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2028     35         35,979
Seattle (City of), WA, Series 2019 B, Ref. RB
5.00%   02/01/2025     300        302,751
Seattle (Port of), WA, Series 2022 A, Ref. RB
5.00%   08/01/2025     65         66,392
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
5.00%   12/01/2037     15         15,381
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
5.00%   12/01/2045     20         20,324
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2027     10        10,287
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
147
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of), Series 2014 D, Ref. GO Bonds
5.00%   07/01/2032   $ 345   $    347,107
Washington (State of), Series 2014 R, Ref. GO Bonds
5.00%   07/01/2028     45         45,306
Washington (State of), Series 2014 R, Ref. GO Bonds
5.00%   07/01/2029     10         10,064
Washington (State of), Series 2014 R, Ref. GO Bonds
5.00%   07/01/2030     125        125,792
Washington (State of), Series 2015 A-1, GO Bonds
5.00%   08/01/2031     200        203,453
Washington (State of), Series 2015 A-1, GO Bonds
5.00%   08/01/2035     1,000     1,016,269
Washington (State of), Series 2015 R, Ref. GO Bonds
5.00%   07/01/2026     15         15,112
Washington (State of), Series 2015 R, Ref. GO Bonds
5.00%   07/01/2029     865        870,568
Washington (State of), Series 2015 R, Ref. GO Bonds
4.00%   07/01/2031     400        400,738
Washington (State of), Series 2015 R, Ref. GO Bonds
5.00%   07/01/2031     140        140,869
Washington (State of), Series 2015 R, Ref. GO Bonds
5.00%   07/01/2032     200        201,222
Washington (State of), Series 2015 R, Ref. GO Bonds
5.00%   07/01/2033     200        201,208
Washington (State of), Series 2017 R, Ref. GO Bonds
5.00%   08/01/2025     250        255,444
Washington (State of), Series R-2015C, Ref. GO Bonds
5.00%   07/01/2030     700        704,437
Washington (State of), Series R-2015C, Ref. GO Bonds
5.00%   07/01/2032     295        296,802
Washington (State of), Series R-2022D, Ref. GO Bonds
5.00%   07/01/2025     325        331,311
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB
4.00%   07/01/2036     110        108,896
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB
5.00%   07/01/2039     75         75,251
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
5.00%   08/15/2028     45         45,699
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
5.00%   08/15/2030     35         35,417
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB
5.00%   03/01/2038     40        40,227
                10,171,562
Wisconsin-1.06%                
Waushara (County of), WI, Series 2022 A, RB
4.50%   06/01/2027     500        506,238
Wisconsin (State of), Series 2015, Ref. GO Bonds
3.00%   05/01/2025     50         50,150
Wisconsin (State of), Series 2015, Ref. GO Bonds
5.00%   05/01/2025     60         60,961
Wisconsin (State of), Series 2015, Ref. GO Bonds(a)
5.00%   05/01/2027     175        177,455
Wisconsin (State of), Series 2015-4, Ref. GO Bonds(a)
5.00%   11/01/2024     295        295,874
Wisconsin (State of), Series 2016 A, GO Bonds(a)
5.00%   05/01/2035     500        506,849
Wisconsin (State of), Series 2016-1, Ref. GO Bonds(a)
5.00%   11/01/2025     30         30,421
Wisconsin (State of), Series 2017 A, GO Bonds(a)
5.00%   05/01/2025     115        116,651
Wisconsin (State of), Series 2017 A, GO Bonds(a)
5.00%   05/01/2027     330        334,738
Wisconsin (State of), Series 2019 A, Ref. RB(a)
5.00%   05/01/2025     45         45,661
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB
5.00%   07/01/2025     35         35,685
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
5.00%   07/01/2025     50         50,979
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB
4.25%   06/01/2041     200       196,055
                2,407,717
TOTAL INVESTMENTS IN SECURITIES(c)-98.02%

(Cost $223,852,089)
  223,378,304
OTHER ASSETS LESS LIABILITIES-1.98%
  4,510,777
NET ASSETS-100.00%
  $227,889,081
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
148
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RAC -Revenue Anticipation Certificates
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
    
Notes to Schedule of Investments:
(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b) Principal and/or interest payments are secured by the bond insurance company listed.
(c) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
149
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.35%                
Alabama-0.47%                
Alabama (State of) Economic Settlement Authority, Series 2016 A, RB
4.00%   09/15/2033   $ 200   $    202,258
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)
5.00%   09/01/2026     120        125,536
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a)
5.00%   09/01/2026     20         20,943
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2026     105        110,518
Alhambra Unified School District, Series 2016 B, RB
4.00%   10/01/2043     10          9,868
Auburn University, Series 2016 A, Ref. RB
5.00%   06/01/2038     40         41,218
Birmingham (City of), AL Special Care Facilities Financing Authority (Ascension Senior Credit Group), Series 2016, Ref. RB
5.00%   11/15/2046     150        152,215
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)
5.00%   08/01/2026     60         62,808
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
5.00%   09/01/2034     50         51,476
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
5.00%   09/01/2035     85         87,392
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
3.63%   09/01/2041     20         18,959
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
5.00%   09/01/2041     125       127,273
                1,010,464
Alaska-0.07%                
North Slope (Borough of), AK, Series 2021 C, GO Bonds
4.00%   06/30/2026     150       153,605
Arizona-1.24%                
Arizona (State of), Series 2019 A, Ref. COP(a)
5.00%   10/01/2026     65         68,393
Arizona (State of) Department of Transportation, Series 2016, Ref. RB
5.00%   07/01/2032     35         36,406
Arizona (State of) Department of Transportation, Series 2016, Ref. RB
5.00%   07/01/2033     500        519,907
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
5.00%   07/01/2026     100        104,033
Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB
5.00%   07/01/2026     130        135,765
Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB
5.00%   11/15/2042     20         20,105
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
5.00%   01/01/2026     30         30,920
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
5.00%   07/01/2026     30         31,265
Mesa (City of), AZ, Series 2016, Ref. RB
4.00%   07/01/2031     120        121,695
Mesa (City of), AZ, Series 2016, Ref. RB
4.00%   07/01/2032     575        582,854
Mesa (City of), AZ, Series 2017, Ref. RB
4.00%   07/01/2026     5          5,131
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds
5.00%   07/01/2026     80         83,591
Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB
4.00%   10/01/2047     70         65,584
Phoenix Civic Improvement Corp., Series 2016, Ref. RB
5.00%   07/01/2033     20         20,714
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2026     25         26,077
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2029     50         52,065
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2030     50         51,965
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2032     10         10,360
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2033     100        103,567
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2034     25         25,887
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2037     100        103,279
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB
5.00%   07/01/2026     70         73,142
Pima (County of), AZ, Series 2016, Ref. RB
5.00%   07/01/2026     5          5,220
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2026     70         72,203
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
5.00%   01/01/2026     110        113,462
University of Arizona Board of Regents (Green Bonds), Series 2016 B, RB
5.00%   07/01/2042     200       205,224
                2,668,814
California-18.80%                
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(b)
4.00%   10/01/2037     100        100,422
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB
4.00%   12/01/2034     25         25,454
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
5.00%   04/01/2026     20         20,804
California (State of), Series 2013, Ref. GO Bonds(a)
3.25%   12/04/2024     35        35,011
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
150
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2015, GO Bonds
5.00%   03/01/2026   $ 95   $     96,070
California (State of), Series 2016, GO Bonds
5.00%   09/01/2026     5          5,237
California (State of), Series 2016, GO Bonds
5.00%   09/01/2028     5          5,227
California (State of), Series 2016, GO Bonds
5.00%   09/01/2029     25         26,114
California (State of), Series 2016, GO Bonds
4.00%   09/01/2031     75         76,403
California (State of), Series 2016, GO Bonds
4.00%   09/01/2032     5          5,087
California (State of), Series 2016, GO Bonds
3.00%   09/01/2046     5          4,170
California (State of), Series 2016, GO Bonds
4.00%   09/01/2046     50         49,064
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2028     5          5,118
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2029     700        731,182
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2030     200        208,622
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2031     430        438,043
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2032     80         81,389
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2032     420        436,678
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2032     180        187,148
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2033     5          5,077
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2033     35         35,538
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2033     100        103,867
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2034     735        745,061
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2034     20         20,274
California (State of), Series 2016, Ref. GO Bonds
5.00%   09/01/2034     30         31,126
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2035     500        505,771
California (State of), Series 2016, Ref. GO Bonds
4.00%   09/01/2036     25         25,206
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2026     275        287,452
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2026     280        294,897
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2033     150        155,569
California (State of), Series 2017, Ref. GO Bonds
4.00%   08/01/2034     95         96,251
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2034     500        518,028
California (State of), Series 2017, Ref. GO Bonds
4.00%   08/01/2036     50         50,401
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2036     100        103,326
California (State of), Series 2018, GO Bonds
5.00%   10/01/2026     1,260     1,324,460
California (State of), Series 2018, GO Bonds
5.00%   10/01/2026     2,015     2,093,744
California (State of), Series 2018, GO Bonds
5.00%   10/01/2047     350        358,317
California (State of), Series 2018, Ref. GO Bonds
5.00%   10/01/2029     150        155,298
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2026     75         78,837
California (State of), Series 2020, GO Bonds
3.00%   03/01/2026     100        100,333
California (State of), Series 2021, GO Bonds
5.00%   12/01/2032     20         20,693
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2026     400        422,102
California (State of), Series 2022, GO Bonds
5.00%   04/01/2026     20         20,744
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
5.00%   08/01/2028     100        104,354
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
5.00%   08/01/2030     25         26,036
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
5.00%   08/01/2033     210        217,796
California (State of) (Bid Group C), Series 2018, Ref. GO Bonds
5.00%   08/01/2026     50         52,264
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB(a)
5.00%   12/01/2026     10         10,584
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
5.00%   12/01/2026     50         53,011
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
5.00%   12/01/2030     35         36,713
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
5.00%   12/01/2031     30         31,424
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB
5.00%   12/01/2026     45         47,710
California (State of) Department of Water Resources, Series 2019 BA, RB
5.00%   12/01/2026     50         53,011
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
5.00%   12/01/2028     90         94,816
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
5.00%   12/01/2029     20         21,042
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
4.00%   12/01/2034     10         10,223
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
4.00%   12/01/2035     35         35,679
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2026     175        185,537
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2026     75         79,516
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)
5.00%   04/01/2026     20         20,804
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB
4.00%   03/01/2039     305       297,345
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
151
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
5.00%   11/15/2026   $ 45   $     46,252
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB
5.00%   08/15/2033     95         98,652
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
5.00%   08/15/2032     95         98,768
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
4.00%   08/15/2035     70         70,769
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
5.00%   08/15/2035     285        295,032
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
4.00%   08/15/2036     380        383,671
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
4.00%   08/15/2039     180        180,695
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB
5.00%   08/15/2055     150        152,128
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
4.00%   10/01/2035     115        115,597
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
4.00%   10/01/2036     100        100,310
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
4.00%   10/01/2047     25         24,124
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
5.00%   11/15/2026     25         26,437
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB(a)
5.00%   11/15/2026     40         42,165
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
5.00%   11/15/2046     60         61,571
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(a)
4.00%   10/01/2026     30         30,992
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)
5.00%   07/01/2026     10         10,486
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2026     5          5,208
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2027     110        114,223
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2028     160        165,991
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2029     80         82,937
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2030     95         98,335
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
5.00%   10/01/2031     25         25,834
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
5.00%   10/01/2026     55         58,054
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB
5.00%   10/01/2044     200        202,842
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB
5.00%   10/15/2047     200        201,033
California (State of) Public Works Board, Series 2015 F, Ref. RB
5.00%   05/01/2026     35         35,590
California (State of) Public Works Board, Series 2019 C, RB
5.00%   11/01/2026     5          5,264
California (State of) Public Works Board, Series 2022 A, Ref. RB
5.00%   08/01/2026     1,265     1,325,424
California (State of) Public Works Board, Series 2023 C, Ref. RB
5.00%   09/01/2026     5          5,250
California (State of) Public Works Board, Series 2023, Ref. RB
5.00%   12/01/2026     500        527,403
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
5.00%   11/01/2026     25         26,319
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
5.00%   11/01/2029     70         73,230
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
4.00%   11/01/2032     220        222,532
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
5.00%   11/01/2033     55         57,056
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
5.00%   11/01/2034     70         72,528
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB
4.00%   04/01/2031     60         60,823
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB
4.00%   04/01/2032     55        55,639
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
152
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
5.00%   10/01/2026   $ 5   $      5,266
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
5.00%   10/01/2026     25         26,269
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB
4.13%   03/01/2034     225        225,463
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB
4.38%   03/01/2044     200        200,986
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)
4.00%   02/15/2026     20         20,440
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)
5.00%   02/15/2026     25         25,904
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
4.00%   08/15/2046     150        146,990
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2026     90         94,017
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2027     100        104,230
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2028     40         41,658
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2029     75         78,017
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2031     35         36,253
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2032     30         31,040
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2033     5          5,172
California State University, Series 2016 A, Ref. RB
4.00%   11/01/2034     10         10,140
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2036     45         46,443
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2041     600        616,901
California State University, Series 2016 A, Ref. RB
4.00%   11/01/2045     70         69,760
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2045     400        409,654
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2026     5          5,293
Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds
4.00%   08/01/2034     220        222,945
Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)(b)
5.00%   08/01/2046     175        178,356
East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)(b)
5.25%   02/01/2026     95         96,767
Eastern Municipal Water District, Series 2016 A, Ref. RB
5.00%   07/01/2042     625        644,319
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
5.00%   07/01/2033     25         25,964
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
4.00%   07/01/2034     15         15,284
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
4.00%   07/01/2035     50         50,838
Fresno Unified School District, Series 2016 A, Ref. GO Bonds
4.00%   08/01/2041     50         50,073
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
3.50%   08/01/2037     45         43,994
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
4.00%   08/01/2039     50         50,119
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
4.00%   08/01/2042     60         60,035
Imperial Irrigation District, Series 2016 C, Ref. RB
5.00%   11/01/2036     250        257,812
Imperial Irrigation District, Series 2016 C, Ref. RB
5.00%   11/01/2038     25         25,733
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB
5.25%   05/01/2043     225        231,013
Irvine Ranch Water District, Series 2016, RB
5.25%   02/01/2046     30         30,929
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
4.00%   08/01/2046     160        159,331
Los Angeles (City of), CA, Series 2022 C, Ref. RB
5.00%   06/01/2026     5          5,240
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
5.00%   05/15/2026     120        125,309
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2041     50         51,059
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2046     1,100     1,120,737
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB
5.00%   07/01/2027     15         15,475
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
5.00%   07/01/2026     25         25,887
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
5.00%   07/01/2027     10         10,320
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
5.00%   07/01/2030     40         41,206
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
5.00%   07/01/2031     25         25,732
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
5.00%   07/01/2035     1,000     1,027,016
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2026     215        225,440
Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB
5.00%   07/01/2026     250        261,596
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2026     570        597,679
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2030     200        207,396
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2031     90         93,211
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2032     60         62,135
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2033     1,000     1,034,605
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
153
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2034   $ 35   $     36,200
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.00%   06/01/2035     10         10,332
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2026     25         26,122
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2026     50         52,354
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2026     50         52,354
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2026     535        558,831
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
4.00%   08/01/2036     20         20,261
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2026     260        265,285
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
5.00%   07/01/2030     105        109,399
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
5.00%   07/01/2026     375        393,485
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2026     680        713,520
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
5.00%   10/01/2026     500        525,995
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB
5.00%   07/01/2026     150        157,036
Metropolitan Water District of Southern California, Series 2021 B, Ref. RB
5.00%   10/01/2026     150        158,425
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
5.00%   08/01/2041     100        102,752
Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds(a)
4.00%   09/01/2026     105        108,541
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
5.00%   11/01/2029     250        262,145
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
5.00%   11/01/2030     195        203,876
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
4.00%   11/01/2033     20         20,399
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
4.00%   11/01/2035     165        167,223
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
4.00%   11/01/2036     25         25,260
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(b)
4.00%   08/01/2044     50         49,841
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(b)
4.00%   08/01/2042     200        200,154
Oakland Unified School District, Series 2016, Ref. GO Bonds
5.00%   08/01/2029     45         46,739
Palomar Health, Series 2016 B, Ref. GO Bonds
4.00%   08/01/2035     20         19,843
Palomar Health, Series 2016 B, Ref. GO Bonds
4.00%   08/01/2036     200        196,689
Palomar Health, Series 2016, Ref. RB
5.00%   11/01/2039     110        106,858
Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds
4.00%   08/01/2035     20         20,239
Pittsburg Unified School District, Series 2016, Ref. GO Bonds
4.00%   08/01/2040     35         35,006
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2032     40         41,365
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2033     25         25,830
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2034     180        185,920
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2035     875        903,587
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
4.00%   05/15/2037     15         15,049
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
4.00%   05/15/2038     140        140,685
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2041     165        169,642
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
4.00%   05/15/2044     125        125,127
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
5.00%   10/01/2043     150        154,854
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB
5.00%   08/15/2026     5          5,252
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB
5.00%   08/15/2026     20         21,007
Sacramento (County of), CA, Series 2016 B, Ref. RB
5.00%   07/01/2041     130        132,742
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP
5.00%   10/01/2026     125        131,525
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB(a)
5.00%   11/15/2025     75         77,235
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB
4.00%   05/15/2026     120        121,172
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2029     5          5,215
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2032     145        150,462
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2034     5          5,178
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2035     100        103,452
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2036     100        103,393
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2037     5          5,166
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
5.00%   08/01/2028     880        922,399
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
5.00%   08/01/2037     60         62,061
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%   04/01/2041     125        128,297
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
4.00%   08/01/2026     115        118,489
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
5.00%   08/01/2026     130        136,359
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
5.00%   08/01/2026     70        73,424
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
154
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Diego Community College District, Series 2016, Ref. GO Bonds
5.00%   08/01/2028   $ 100   $    104,895
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds
5.00%   07/01/2029     130        135,905
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds
4.00%   07/01/2032     50         50,790
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds
4.00%   07/01/2033     35         35,437
San Diego Unified School District (Election of 1998), Series 2005 C-2, Ref. GO Bonds, (INS - AGM)(b)
5.50%   07/01/2026     35         36,998
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB
5.00%   05/01/2026     5          5,214
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB
5.00%   05/01/2046     100        101,957
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
5.00%   05/01/2026     40         41,708
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
5.00%   11/01/2026     20         21,146
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
5.00%   11/01/2028     170        178,595
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
5.00%   11/01/2029     10         10,481
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%   11/01/2030     55         56,403
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
5.00%   11/01/2033     625        649,421
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%   11/01/2036     80         80,833
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
5.00%   11/01/2026     90         95,159
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
5.00%   10/01/2026     5          5,276
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)(b)
5.00%   08/01/2041     150        154,156
San Francisco (County of), CA Transportation Authority, Series 2017, RB
4.00%   02/01/2026     150        153,295
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB
5.00%   08/01/2026     110        115,402
San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds
4.00%   08/01/2030     65         66,535
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP
5.00%   12/01/2026     105        110,785
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
4.00%   07/01/2048     165        162,731
Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB
5.00%   06/01/2026     100        104,665
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2026     500        521,061
Santa Clara Valley Water District, Series 2023, COP
4.00%   06/01/2026     20         20,545
Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN
0.50%   03/01/2026     500        474,441
Sonoma (County of), CA Junior College District, Series 2016 A, GO Bonds
5.00%   08/01/2041     5          5,152
Stockton Unified School District, Series 2016, Ref. GO Bonds
5.00%   08/01/2031     20         20,605
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
4.00%   08/01/2042     20         19,824
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(b)
3.38%   08/01/2040     80         73,363
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2030     5          5,199
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2031     130        134,901
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2046     25         25,622
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2026     200        209,019
University of California, Series 2024 BX, RB
5.00%   05/15/2026     1,000     1,045,095
University of California (Limited), Series 2016 K, RB
5.00%   05/15/2035     120        124,042
University of California (Limited), Series 2016 K, RB
4.00%   05/15/2036     70         70,590
University of California (Limited), Series 2016 K, RB
4.00%   05/15/2046     195        193,187
University of California (Limited), Series 2016 K, RB
5.00%   05/15/2051     300        306,585
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(b)
3.00%   08/01/2034     20         19,400
West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB
3.00%   04/01/2041     125       109,413
                40,465,977
Colorado-2.60%                
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
5.00%   12/01/2030     125        131,304
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
5.00%   12/01/2031     20         20,977
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
5.00%   12/01/2032     10         10,471
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
5.00%   12/15/2028     100        105,353
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
5.00%   12/15/2030     150        157,893
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
4.00%   12/15/2031     15         15,282
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
5.00%   12/15/2032     10         10,488
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
5.00%   12/01/2026     20         21,083
Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB(a)
5.00%   08/01/2026     110        115,275
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2026     15        15,826
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
155
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Colorado-(continued)                
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2026   $ 1,540   $  1,624,815
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
5.00%   01/01/2026     95         97,952
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB
5.00%   01/15/2035     190        193,895
Colorado (State of) Higher Education, Series 2014 A, Ref. COP
5.00%   11/01/2026     30         31,538
Colorado (State of) Regional Transportation District, Series 2015, COP
5.00%   06/01/2026     160        162,478
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB
5.00%   11/15/2026     30         31,605
Commerce (City of), CO, Series 2016, RB(a)
5.00%   08/01/2026     55         57,428
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%   11/15/2031     125        130,071
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%   11/15/2032     10         10,385
Denver (City & County of), CO, Series 2018 A-1, RB
5.00%   08/01/2041     25         25,912
Denver (City & County of), CO, Series 2022 C, Ref. RB
5.00%   11/15/2026     15         15,783
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP
5.38%   06/01/2043     215        221,684
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds
4.00%   12/01/2026     90         91,192
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2026     30         31,624
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2028     10         10,524
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2030     105        110,296
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2031     1,555     1,631,343
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2037     5          5,212
Denver City & County School District No. 1, Series 2017, GO Bonds
5.00%   12/01/2038     90         93,660
Eagle County School District No. Re50J, Series 2017, GO Bonds
5.00%   12/01/2035     100        104,465
Jefferson County School District R-1, Series 2012, Ref. GO Bonds
5.00%   12/15/2026     40         42,203
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds
5.00%   12/15/2032     105        110,573
University of Colorado, Series 2017 A-2, Ref. RB
5.00%   06/01/2026     55         57,258
Weld County School District No. RE-4, Series 2016, GO Bonds
5.25%   12/01/2041     100       104,206
                5,600,054
Connecticut-1.69%                
Connecticut (State of), Series 2015 A, GO Bonds
5.00%   03/15/2026     10         10,123
Connecticut (State of), Series 2015 F, GO Bonds
5.00%   11/15/2026     845        867,390
Connecticut (State of), Series 2016 A, GO Bonds
5.00%   03/15/2029     5          5,162
Connecticut (State of), Series 2016 A, GO Bonds
4.00%   03/15/2036     5          5,023
Connecticut (State of), Series 2016 E, GO Bonds
5.00%   10/15/2026     130        136,637
Connecticut (State of), Series 2016 E, GO Bonds
5.00%   10/15/2029     215        224,469
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2026     55         57,757
Connecticut (State of), Series 2018 C, GO Bonds
5.00%   06/15/2026     100        104,378
Connecticut (State of), Series 2018 E, GO Bonds
5.00%   09/15/2026     205        215,057
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2026     35         36,386
Connecticut (State of), Series 2019 B, Ref. GO Bonds
5.00%   02/15/2026     5          5,177
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2026     160        165,340
Connecticut (State of), Series 2022 D, Ref. GO Bonds
5.00%   09/15/2026     500        524,529
Connecticut (State of), Series 2022 E, GO Bonds
5.00%   11/15/2026     85         89,510
Connecticut (State of) (Green Bonds), Series 2016 F, GO Bonds
5.00%   10/15/2030     200        208,091
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
5.00%   09/01/2026     150        157,218
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
5.00%   09/01/2029     25         26,044
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
5.00%   09/01/2030     435        451,690
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
4.00%   09/01/2035     95         95,477
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
4.00%   09/01/2036     15         15,026
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
5.00%   12/01/2041     5          5,089
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
5.00%   12/01/2045     195        197,477
Metropolitan District (The), Series 2016 C, GO Bonds, (INS - AGM)(b)
4.00%   11/01/2034     35        35,583
                3,638,633
Delaware-0.14%                
Delaware (State of), Series 2017 A, Ref. GO Bonds
5.00%   01/01/2026     11         11,358
Delaware (State of) Transportation Authority, Series 2016, Ref. RB
5.00%   07/01/2026     285       297,690
                309,048
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
156
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
District of Columbia-1.09%                
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2028   $ 10   $     10,377
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2030     135        139,768
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2031     50         51,697
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2032     175        181,000
District of Columbia, Series 2016 A, GO Bonds
4.00%   06/01/2035     20         20,167
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2041     500        512,933
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2029     10         10,465
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2030     25         26,112
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2032     45         46,972
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2033     10         10,434
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2034     275        286,805
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2035     50         52,102
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2036     635        660,296
District of Columbia, Series 2016 D, GO Bonds
5.00%   06/01/2041     15         15,489
District of Columbia, Series 2016 E, Ref. GO Bonds
5.00%   06/01/2026     5          5,214
District of Columbia, Series 2016 E, Ref. GO Bonds
5.00%   06/01/2031     85         88,649
District of Columbia, Series 2023 B, Ref. GO Bonds
5.00%   06/01/2026     15         15,642
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB
5.00%   10/01/2029     50         51,727
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB
5.00%   10/01/2030     15         15,487
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
5.00%   10/01/2026     100        104,722
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%   07/01/2026     15         15,646
Washington Metropolitan Area Transit Authority, Series 2021 A, RB
5.00%   07/15/2026     25        26,119
                2,347,823
Florida-3.77%                
Broward (County of), FL School Board, Series 2015 A, Ref. COP
5.00%   07/01/2026     125        127,064
Broward (County of), FL School Board, Series 2017 C, Ref. COP
5.00%   07/01/2026     500        520,985
Central Florida Expressway Authority, Series 2016 A, Ref. RB(a)
5.00%   07/01/2026     5          5,215
Central Florida Expressway Authority, Series 2016 A, Ref. RB
4.00%   07/01/2031     10         10,099
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
4.00%   07/01/2026     500        512,664
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
4.00%   07/01/2026     250        256,332
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
5.00%   07/01/2026     290        302,489
Central Florida Expressway Authority, Series 2016 B, Ref. RB
5.00%   07/01/2028     20         20,737
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%   07/01/2030     15         15,227
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%   07/01/2031     65         65,645
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%   07/01/2038     20         20,032
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%   07/01/2039     140        140,108
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
5.00%   07/01/2026     375        391,218
Duval County (County of), FL School Board, Series 2016, Ref. COP
4.00%   07/01/2034     5          5,063
Florida (State of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2026     20         20,872
Florida (State of), Series 2016 B, Ref. RB
5.00%   07/01/2026     160        166,745
Florida (State of), Series 2021 B, Ref. GO Bonds
5.00%   06/01/2026     195        203,345
Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds
5.00%   06/01/2026     50         50,871
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB
5.00%   07/01/2026     100        104,471
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
5.00%   11/01/2026     140        146,965
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   10/01/2026     80         83,629
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   10/01/2028     85         88,617
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   10/01/2029     40         41,636
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   10/01/2031     35         36,339
Halifax Hospital Medical Center, Series 2016, Ref. RB
5.00%   06/01/2036     500        507,030
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP
5.00%   05/01/2026     15         15,210
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
5.00%   02/01/2028     30         30,708
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
5.00%   02/01/2029     130        133,088
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
5.00%   02/01/2031     25         25,559
Miami (City of) & Dade (County of), FL School Board, Series 2016, Ref. COP
5.00%   02/01/2032     75         76,625
Miami-Dade (County of), FL, Series 2015 B, Ref. RB
5.00%   10/01/2026     25         25,577
Miami-Dade (County of), FL, Series 2015, Ref. RB
5.00%   10/01/2026     100        102,455
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2029     30        31,140
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
157
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2030   $ 40   $     41,549
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2031     75         77,877
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2032     55         57,130
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2033     35         36,355
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2034     10         10,385
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2035     50         51,864
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
5.00%   07/01/2036     25         25,882
Miami-Dade (County of), FL, Series 2016 A, Ref. RB
5.00%   10/01/2041     200        204,017
Miami-Dade (County of), FL, Series 2016, Ref. RB
5.00%   10/01/2030     55         56,964
Miami-Dade (County of), FL, Series 2016, Ref. RB
5.00%   10/01/2034     360        373,842
Miami-Dade (County of), FL, Series 2016, Ref. RB
5.00%   10/01/2035     305        314,304
Miami-Dade (County of), FL, Series 2016, Ref. RB
4.00%   10/01/2039     30         29,928
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB
5.00%   07/01/2029     125        129,154
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB
5.00%   07/01/2026     10         10,163
Miami-Dade (County of), FL Transit System, Series 2017, Ref. RB
4.00%   07/01/2038     35         35,101
Orange (County of), FL Convention Center, Series 2017, Ref. RB
5.00%   10/01/2026     190        198,971
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
5.00%   10/01/2035     235        242,451
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
5.00%   10/01/2036     50         51,498
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
5.00%   10/01/2039     10         10,251
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
3.38%   08/01/2026     35         35,590
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
5.00%   08/01/2026     510        534,263
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
5.00%   08/01/2026     10         10,476
Orange (County of), FL School Board, Series 2017, Ref. COP
5.00%   08/01/2026     50         52,216
Palm Beach County School District, Series 2017 A, Ref. COP
5.00%   08/01/2026     45         46,995
Port St. Lucie (City of), FL, Series 2016, Ref. RB
5.00%   09/01/2029     20         20,851
Port St. Lucie (City of), FL, Series 2016, Ref. RB
4.00%   09/01/2031     600        606,463
Port St. Lucie (City of), FL, Series 2016, Ref. RB
4.00%   09/01/2033     5          5,048
Reedy Creek Improvement District, Series 2016, GO Bonds
5.00%   06/01/2035     200        205,987
South Broward Hospital District, Series 2016, Ref. RB
4.00%   05/01/2033     50         50,554
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2026     10         10,367
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2027     50         51,813
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2028     25         25,922
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2029     5          5,173
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2032     30         30,853
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2035     100        102,673
South Florida Water Management District, Series 2016, Ref. COP
5.00%   10/01/2036     30         30,755
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
5.00%   10/01/2026     50        52,413
                8,119,858
Georgia-1.11%                
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
5.75%   11/01/2026     30         32,008
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(b)
5.25%   10/01/2032     120        124,957
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   07/01/2046     100        101,314
Georgia (State of), Series 2016 E, Ref. GO Bonds
5.00%   12/01/2026     85         89,716
Georgia (State of), Series 2016 F, Ref. GO Bonds
5.00%   07/01/2026     50         52,272
Georgia (State of), Series 2017 A-1, GO Bonds
5.00%   02/01/2026     440        455,360
Georgia (State of), Series 2017 C, Ref. GO Bonds
5.00%   07/01/2026     15         15,682
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2026     60         62,854
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2026     200        209,088
Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds
5.00%   07/01/2026     45         47,045
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
4.00%   07/01/2026     30         30,830
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
5.00%   07/01/2026     30         31,363
Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds
5.00%   02/01/2026     100        101,023
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
5.00%   02/01/2030     30         30,876
Georgia (State of) Municipal Electric Authority (Project One), Series 2016 A, Ref. RB
5.00%   01/01/2028     25        25,864
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
158
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2026   $ 70   $     72,935
Gwinnett County School District, Series 2022 B, GO Bonds
5.00%   08/01/2026     40         41,842
Henry County School District, Series 2016, GO Bonds(a)
4.00%   08/01/2026     50         51,328
Henry County School District, Series 2016, GO Bonds(a)
4.00%   08/01/2026     10         10,266
Henry County School District, Series 2016, GO Bonds
5.00%   08/01/2026     115        120,295
Henry County School District, Series 2016, GO Bonds
4.00%   08/01/2028     15         15,297
Main Street Natural Gas, Inc., Series 2007 A, RB
5.50%   09/15/2026     170        176,922
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB
5.00%   07/01/2026     75         78,394
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB(a)
5.00%   07/01/2026     50         52,290
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB(a)
5.00%   07/01/2026     35         36,603
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
5.00%   10/01/2046     50         51,526
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
4.00%   10/01/2038     60         60,167
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
5.00%   10/01/2038     100        103,888
Richmond (County of), GA Board of Education, Series 2023, GO Bonds
5.00%   10/01/2026     25         26,253
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)
4.00%   05/01/2026     5          5,127
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)
5.00%   05/01/2026     65        67,700
                2,381,085
Hawaii-0.89%                
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
5.00%   10/01/2026     65         66,568
Hawaii (State of), Series 2016 FB, GO Bonds
4.00%   04/01/2026     40         40,931
Hawaii (State of), Series 2016 FB, GO Bonds
4.00%   04/01/2028     75         76,419
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
5.00%   10/01/2026     5          5,245
Hawaii (State of), Series 2016 FG, GO Bonds
5.00%   10/01/2028     75         78,595
Hawaii (State of), Series 2016 FG, GO Bonds
5.00%   10/01/2030     25         26,121
Hawaii (State of), Series 2016 FG, GO Bonds
5.00%   10/01/2031     190        198,598
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
5.00%   10/01/2026     85         89,172
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
4.00%   10/01/2031     430        440,223
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2026     100        104,908
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2026     45         46,458
Honolulu (City & County of), HI, Series 2016 B, Ref. RB
5.00%   07/01/2035     10         10,355
Honolulu (City & County of), HI, Series 2016 B, Ref. RB
5.00%   07/01/2036     5          5,174
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds
5.00%   09/01/2026     590        618,393
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
5.00%   03/01/2026     45         46,613
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
5.00%   03/01/2026     60         62,150
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
5.00%   03/01/2026     5         5,178
                1,921,101
Illinois-5.48%                
Chicago (City of), IL, Series 1999, RB
5.00%   11/01/2030     175        181,622
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds
5.00%   01/01/2038     100        100,514
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB
5.00%   01/01/2041     300        303,819
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2026     20         20,611
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2028     80         82,055
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2029     60         61,447
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2030     60         61,347
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2032     55         56,107
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2034     220        224,204
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2036     50         50,888
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2037     260        264,394
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2038     100        101,559
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
5.00%   12/01/2026     1,075     1,130,302
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
5.00%   12/01/2029     190        198,905
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2016 A, Ref. GO Bonds
5.00%   12/01/2028     15         15,726
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB
5.00%   01/01/2046     250        252,316
Chicago (City of), IL Transit Authority, Series 2017, RB
5.00%   12/01/2046     75         76,224
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
5.00%   11/15/2026     135        141,630
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
5.00%   11/15/2028     40        41,725
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
159
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
5.00%   11/15/2029   $ 100   $    104,290
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
5.00%   11/15/2030     20         20,888
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
5.00%   11/15/2031     500        522,103
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2026     5          5,246
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
4.00%   12/30/2026     145        149,413
Illinois (State of), Series 2016 C, Ref. RB
4.00%   06/15/2029     35         35,288
Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)(b)
4.00%   06/15/2028     55         55,607
Illinois (State of), Series 2016 D, Ref. RB
5.00%   06/15/2028     10         10,247
Illinois (State of), Series 2016, GO Bonds
5.00%   06/01/2026     5          5,173
Illinois (State of), Series 2016, GO Bonds
4.00%   01/01/2031     130        130,590
Illinois (State of), Series 2016, GO Bonds
4.13%   11/01/2031     210        212,199
Illinois (State of), Series 2016, GO Bonds
5.00%   11/01/2032     100        103,006
Illinois (State of), Series 2016, GO Bonds
5.00%   01/01/2033     570        580,352
Illinois (State of), Series 2016, GO Bonds
4.00%   06/01/2033     745        746,891
Illinois (State of), Series 2016, GO Bonds
5.00%   11/01/2033     25         25,696
Illinois (State of), Series 2016, GO Bonds
5.00%   11/01/2034     485        497,721
Illinois (State of), Series 2016, GO Bonds
4.00%   06/01/2035     100        100,028
Illinois (State of), Series 2016, GO Bonds
4.25%   01/01/2036     185        185,638
Illinois (State of), Series 2016, GO Bonds, (INS - AGM)(b)
3.75%   01/01/2034     5          4,947
Illinois (State of), Series 2016, GO Bonds, (INS - AGM)(b)
4.00%   01/01/2039     30         29,656
Illinois (State of), Series 2016, Ref. GO Bonds
5.00%   02/01/2026     120        123,337
Illinois (State of), Series 2017 D, GO Bonds
5.00%   11/01/2026     485        505,898
Illinois (State of), Series 2018 B, Ref. GO Bonds
5.00%   10/01/2026     105        109,349
Illinois (State of), Series 2019 A, GO Bonds
5.00%   11/01/2026     35         36,507
Illinois (State of), Series 2021 A, GO Bonds
5.00%   12/01/2026     185        193,274
Illinois (State of), Series 2021 B, GO Bonds
5.00%   03/01/2026     5          5,147
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2026     65         67,356
Illinois (State of), Series 2024 B, GO Bonds
5.00%   05/01/2026     25         25,827
Illinois (State of) Educational Facilities Authority, Series 2002, RB
4.00%   11/01/2036     80         80,892
Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB
5.00%   03/01/2030     160        164,936
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
5.00%   02/15/2026     215        222,159
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2016 A, Ref. RB
5.00%   02/15/2045     500        505,338
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB
4.00%   07/01/2026     135        137,410
Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB
5.00%   12/01/2040     55         55,841
Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB(a)
4.00%   07/01/2026     5          5,118
Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB
5.00%   12/01/2026     20         20,550
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB
5.00%   07/01/2026     55         57,328
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
5.00%   01/01/2036     55         56,109
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
5.00%   01/01/2040     1,120     1,139,438
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
4.00%   12/01/2031     60         60,519
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
5.00%   12/01/2031     170        173,953
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
5.00%   12/01/2032     285        291,375
Illinois (State of) Toll Highway Authority, Series 2016 B, RB
5.00%   01/01/2041     275        281,214
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2026     160        165,206
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2026     120        123,904
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   12/01/2041     75         76,638
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)(b)
5.00%   12/01/2046     140        145,415
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
5.00%   01/01/2026     35         36,041
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2026     30         30,893
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds
4.00%   01/01/2026     15        15,230
                11,802,576
Indiana-1.24%                
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   07/15/2032     250       259,188
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
160
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Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Indiana-(continued)                
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   07/15/2034   $ 555   $    574,986
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, RB(a)
4.00%   09/01/2026     20         20,517
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB
5.00%   02/01/2026     500        517,243
Indiana (State of) Finance Authority (Green Bonds), Series 2016, Ref. RB
5.00%   02/01/2029     15         15,644
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   01/01/2033     15         15,553
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   01/01/2034     35         36,258
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   01/01/2035     5          5,173
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   01/01/2042     615        629,927
Indiana University, Series 2016 A, Ref. RB
5.00%   06/01/2028     25         26,013
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
5.00%   10/01/2026     545       571,637
                2,672,139
Iowa-0.09%                
Iowa (State of), Series 2016 A, Ref. RB
4.00%   06/01/2026     25         25,560
Iowa (State of), Series 2016 A, Ref. RB
5.00%   06/01/2028     35         36,405
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
5.00%   08/01/2026     45         47,123
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB
5.00%   12/01/2041     90        93,229
                202,317
Kansas-0.22%                
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
5.00%   09/01/2026     145        151,805
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
4.00%   09/01/2030     20         20,375
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
4.00%   09/01/2031     85         86,194
Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds(a)
5.50%   09/01/2026     210       221,926
                480,300
Kentucky-0.60%                
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
5.00%   11/01/2026     235        246,135
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
5.00%   11/01/2028     35         36,529
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB
5.00%   07/01/2028     50         51,755
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB
5.00%   07/01/2026     245        255,506
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   10/01/2029     35         36,091
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   10/01/2030     210        216,114
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   10/01/2031     85         87,267
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   10/01/2032     120        123,016
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
5.00%   10/01/2033     70         71,671
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB
4.00%   10/01/2034     120        120,420
University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)
4.00%   10/01/2032     40        40,364
                1,284,868
Louisiana-0.60%                
Louisiana (State of), Series 2016 A, GO Bonds
5.00%   09/01/2036     115        119,781
Louisiana (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2026     200        209,095
Louisiana (State of) (Garvee), Series 2019 A, RB
5.00%   09/01/2026     250        261,882
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
4.00%   05/15/2035     80         80,490
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
4.00%   05/15/2036     320        321,437
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
5.00%   05/15/2047     75         75,810
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB
5.00%   06/01/2026     150        155,610
Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)(b)
4.00%   12/01/2037     55        55,214
                1,279,319
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
161
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maine-0.03%                
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB
5.00%   09/01/2026   $ 50   $     52,297
Maryland-1.69%                
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
5.00%   02/15/2026     45         46,603
Maryland (State of), Second Series 2018 B, GO Bonds
5.00%   08/01/2026     30         31,427
Maryland (State of), Series 2015 B, Ref. GO Bonds
4.00%   08/01/2026     175        180,078
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2026     10         10,380
Maryland (State of), Series 2017 A, GO Bonds
5.00%   08/01/2026     50         52,379
Maryland (State of), Series 2017 B, Ref. GO Bonds
5.00%   08/01/2026     65         68,130
Maryland (State of), Series 2018 A, GO Bonds
5.00%   03/15/2026     100        103,801
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
5.00%   08/01/2026     105        109,995
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2026     150        157,136
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   05/01/2026     35         35,509
Maryland (State of) Department of Transportation, Series 2019, RB
5.00%   10/01/2026     1,500     1,576,738
Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB
5.00%   12/01/2026     5          5,276
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
5.00%   10/01/2026     165        173,441
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
5.00%   10/01/2028     250        261,188
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
5.00%   10/01/2029     10         10,441
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)
5.00%   05/01/2026     500        520,273
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2026     35         36,571
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds
5.00%   10/01/2026     100        105,137
Montgomery (County of), MD, Series 2018 A, GO Bonds
5.00%   11/01/2026     60         63,205
Prince George’s (County of), MD, Series 2018 A, GO Bonds
5.00%   07/15/2026     70         73,211
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
3.00%   06/01/2026     20        20,096
                3,641,015
Massachusetts-4.55%                
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2026     165        172,498
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2029     10         10,405
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2031     40         41,450
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2032     50         51,766
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB
5.00%   06/01/2026     5          5,222
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2026     85         88,862
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2031     290        300,513
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
4.00%   07/01/2033     300        303,723
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2033     200        206,936
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2034     80         82,722
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2036     100        103,177
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2038     135        138,987
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds
5.00%   04/01/2026     150        155,939
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
4.00%   09/01/2032     10         10,141
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
4.00%   09/01/2034     40         40,470
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
4.00%   09/01/2035     290        292,566
Massachusetts (Commonwealth of), Series 2016 H, GO Bonds
5.00%   12/01/2026     140        147,799
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2028     15         15,756
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2029     5          5,245
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2030     25         26,188
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2031     25         26,094
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2034     515        536,169
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
5.00%   12/01/2035     65         67,588
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
5.00%   12/01/2036     10         10,383
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
5.00%   12/01/2037     110        114,093
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
4.00%   12/01/2040     100        100,135
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
5.00%   10/01/2026     50         52,579
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds
5.00%   07/01/2026     25         26,136
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
5.00%   11/01/2026     240        252,872
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
5.00%   07/01/2026     20         20,909
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
5.00%   09/01/2026     125        131,190
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
5.00%   01/01/2026     115       118,833
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
162
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
5.00%   05/01/2026   $ 200   $    208,242
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
5.00%   05/01/2026     75         78,091
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2026     5          5,268
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB
5.00%   06/01/2041     30         30,691
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
5.00%   07/01/2026     100        104,489
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB
5.00%   08/01/2026     20         20,959
Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB
5.00%   07/01/2040     175        178,972
Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB
5.00%   10/01/2046     250        253,868
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB
5.00%   07/01/2037     220        224,454
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB
5.00%   07/01/2028     10         10,330
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
5.00%   12/01/2046     1,500     1,526,404
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
5.00%   10/01/2043     180        181,203
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
5.00%   07/15/2033     510        531,590
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
5.00%   07/15/2034     10         10,421
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
4.00%   07/15/2036     75         75,964
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
5.00%   10/15/2026     300        315,952
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
5.00%   07/01/2028     15         15,567
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
5.00%   07/01/2031     250        258,242
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
4.00%   07/01/2032     5          5,063
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
5.00%   07/01/2041     200        204,364
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
5.00%   07/01/2047     50         50,754
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
5.00%   11/15/2035     50         51,870
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
5.00%   11/15/2036     10         10,358
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
5.00%   11/15/2046     40         40,942
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB
5.00%   11/15/2034     400        415,454
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB
4.00%   11/15/2035     200        202,035
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB(a)
5.00%   02/15/2026     250        259,220
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2026     70         72,333
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB
5.00%   01/01/2026     65         67,167
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)
5.00%   08/01/2026     20         20,951
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)
5.00%   08/01/2026     5          5,238
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
5.00%   08/01/2026     160        167,612
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
5.00%   08/01/2026     495        518,549
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
5.00%   08/01/2026     5          5,238
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB
5.00%   08/01/2028     15        15,616
                9,800,817
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
163
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Michigan-2.88%                
Great Lakes Water Authority, Series 2016 A, RB
5.00%   07/01/2046   $ 20   $     20,425
Great Lakes Water Authority, Series 2016 B, RB
5.00%   07/01/2046     20         20,346
Great Lakes Water Authority, Series 2016 B, Ref. RB
5.00%   07/01/2030     400        415,886
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2028     20         20,876
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2030     185        192,347
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2032     65         67,159
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.25%   07/01/2033     150        156,067
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2035     140        144,590
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2036     200        205,541
Great Lakes Water Authority, Series 2016 D, Ref. RB
5.00%   07/01/2030     500        516,885
Great Lakes Water Authority, Series 2016 D, Ref. RB
5.00%   07/01/2036     30         30,788
Great Lakes Water Authority, Series 2018 A, Ref. RB
5.00%   07/01/2026     105        109,369
Livonia Public Schools, Series 2016, GO Bonds, (INS - AGM)(b)
5.00%   05/01/2045     45         46,050
Michigan (State of), Series 2017 A, Ref. GO Bonds
5.00%   05/01/2026     55         57,239
Michigan (State of), Series 2018, GO Bonds
4.00%   05/01/2028     5          5,105
Michigan (State of), Series 2018, GO Bonds
4.00%   05/01/2029     60         61,231
Michigan (State of) (Garvee), Series 2016, Ref. RB
5.00%   03/15/2026     170        176,018
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2030     10         10,418
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2031     95         98,776
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2032     115        119,264
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2033     40         41,415
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2034     500        516,999
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   04/15/2035     135        139,658
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   04/15/2041     300        308,125
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2046     150        153,452
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   10/15/2051     400        407,753
Michigan (State of) Finance Authority (Bronson Healthcare Group), Series 2020 A, Ref. RB
5.00%   05/15/2036     65         66,497
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
5.00%   10/01/2026     500        524,956
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
5.00%   10/01/2029     100        104,796
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2030     25         25,944
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2032     65         67,300
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2034     80         82,639
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2037     500        513,545
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
4.00%   11/15/2046     165        155,609
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB
5.00%   12/01/2045     15         15,190
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
5.00%   12/01/2026     40         41,915
Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB
5.00%   11/15/2047     45         45,777
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB
5.00%   12/01/2026     35         36,676
Oakland University Board of Trustees, Series 2016, RB
5.00%   03/01/2047     150        152,206
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(b)
4.00%   05/01/2045     20         19,688
University of Michigan, Series 2015, Ref. RB(a)
5.00%   04/01/2026     125        129,633
University of Michigan, Series 2015, Ref. RB(a)
5.00%   04/01/2026     75         77,780
University of Michigan, Series 2015, Ref. RB
5.00%   04/01/2031     10         10,363
University of Michigan, Series 2017 A, Ref. RB
5.00%   04/01/2026     75        77,957
                6,190,253
Minnesota-1.03%                
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2026     25         25,777
Minnesota (State of), Series 2016 D, Ref. GO Bonds
5.00%   08/01/2026     10         10,470
Minnesota (State of), Series 2017 A, GO Bonds
5.00%   10/01/2026     500        525,579
Minnesota (State of), Series 2017 D, Ref. GO Bonds
5.00%   10/01/2026     85         89,348
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2026     25         26,228
Minnesota (State of), Series 2022 A, Ref. RB
5.00%   03/01/2026     100        103,554
Minnesota (State of) Public Facilities Authority, Series 2016 A, RB
5.00%   03/01/2036     1,250     1,288,654
St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB
3.25%   05/01/2039     100         88,757
University of Minnesota, Series 2016 A, RB
5.00%   04/01/2041     50        51,220
                2,209,587
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
164
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Mississippi-0.32%                
Mississippi (State of), Series 2016 B, GO Bonds(a)
5.00%   12/01/2026   $ 80   $     84,510
Mississippi (State of), Series 2016 B, GO Bonds(a)
5.00%   12/01/2026     45         47,537
Mississippi (State of), Series 2016 B, GO Bonds(a)
5.00%   12/01/2026     25         26,410
Mississippi (State of), Series 2016 B, GO Bonds(a)
5.00%   12/01/2026     5          5,282
Mississippi (State of), Series 2016 B, GO Bonds(a)
5.00%   12/01/2026     5          5,282
Mississippi (State of), Series 2018 A, GO Bonds(a)
5.00%   11/01/2026     125        131,731
Mississippi (State of), Series 2018 A, GO Bonds(a)
5.00%   11/01/2026     75         79,039
Mississippi (State of), Series 2018 A, GO Bonds(a)
5.00%   11/01/2026     15         15,808
Mississippi (State of), Series 2018 A, GO Bonds
4.00%   11/01/2038     100        100,441
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB
5.00%   09/01/2041     200       201,691
                697,731
Missouri-0.69%                
Hazelwood School District, Series 2017, Ref. GO Bonds
4.00%   03/01/2028     20         20,367
Hazelwood School District, Series 2017, Ref. GO Bonds
4.00%   03/01/2030     105        106,635
Kansas City (City of), MO, Series 2022 A, Ref. GO Bonds
5.00%   02/01/2026     80         82,759
Metropolitan St. Louis Sewer District, Series 2016 C, RB(a)
4.00%   05/01/2041     10         10,196
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
5.00%   05/01/2026     40         41,569
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
5.00%   10/01/2026     55         57,665
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB
5.00%   07/01/2026     15         15,296
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
5.00%   11/15/2028     25         25,876
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
5.00%   11/15/2029     75         77,583
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
5.00%   11/15/2030     15         15,499
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
5.00%   11/15/2031     55         56,729
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
4.00%   11/15/2033     15         15,103
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
5.00%   11/15/2034     20         20,544
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
4.00%   11/15/2042     80         79,369
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB
5.00%   05/01/2026     190        197,735
Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB
5.00%   11/01/2026     70         73,648
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point), Series 2015 A, Ref. RB
3.75%   01/01/2036     110        110,241
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
4.00%   12/01/2032     75         75,783
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
4.00%   12/01/2033     100        100,834
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
5.00%   12/01/2034     5          5,154
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
4.00%   12/01/2035     150        150,654
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
5.00%   12/01/2040     100        102,156
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds(a)
5.00%   02/01/2026     15         15,475
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds
5.00%   02/01/2026     20        20,673
                1,477,543
Nebraska-0.20%                
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB
5.00%   02/01/2028     60         61,875
Omaha Public Power District, Series 2016 A, Ref. RB
5.00%   02/01/2026     40         41,374
Omaha Public Power District, Series 2016 A, Ref. RB
5.00%   02/01/2041     20         20,520
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB
5.00%   01/01/2032     70         72,389
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
3.00%   05/15/2046     310       239,530
                435,688
Nevada-0.75%                
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
5.00%   11/01/2026     230        241,988
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
4.00%   11/01/2031     50        50,785
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
165
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Nevada-(continued)                
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
4.00%   11/01/2032   $ 20   $     20,295
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
4.00%   11/01/2034     40         40,508
Clark (County of), NV, Series 2020 C, Ref. RB
5.00%   07/01/2026     10         10,431
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB
5.00%   07/01/2026     45         46,889
Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds
4.00%   07/01/2035     250        251,503
Clark County School District, Series 2015 C, Ref. GO Bonds
5.00%   06/15/2026     25         25,696
Clark County School District, Series 2016 B, Ref. GO Bonds
5.00%   06/15/2026     85         88,509
Clark County School District, Series 2017 A, Ref. GO Bonds
5.00%   06/15/2026     95         98,922
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2036     5          5,162
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2037     75         77,348
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2038     200        206,021
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2041     90         92,416
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2046     100        102,258
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds
5.00%   06/01/2026     50         52,079
Nevada (State of), Series 2015 D, Ref. GO Bonds
5.00%   04/01/2026     25         25,349
Nevada (State of), Series 2016, Ref. RB
5.00%   12/01/2026     90         93,569
Nevada (State of), Series 2016, Ref. RB
5.00%   12/01/2028     80         83,131
Truckee Meadows Water Authority, Series 2016, Ref. RB
5.00%   07/01/2032     10        10,355
                1,623,214
New Hampshire-0.04%                
New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. RB
5.00%   10/01/2038     30         30,456
New Hampshire Municipal Bond Bank, Series 2016 D, Ref. RB
4.00%   08/15/2039     50        50,305
                80,761
New Jersey-3.55%                
Bayonne (City of), NJ, Series 2016, Ref. GO Bonds(a)
5.00%   07/01/2026     135        140,814
New Jersey (State of), Series 2020 A, GO Bonds
5.00%   06/01/2026     155        161,633
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
4.25%   06/15/2026     25         25,240
New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB(a)
5.00%   12/15/2026     85         89,756
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)
4.75%   12/15/2026     15         15,757
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)
5.50%   12/15/2026     450        480,146
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB
5.00%   11/01/2026     335        350,975
New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB
5.00%   03/01/2026     555        573,785
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB
5.00%   07/01/2031     145        149,885
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB
5.00%   03/01/2026     1,000     1,038,677
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
4.00%   07/01/2032     5          5,055
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
5.00%   07/01/2033     65         67,037
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
4.00%   07/01/2036     5          5,031
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB
5.00%   07/01/2039     100        102,567
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
5.00%   07/01/2029     65         67,538
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
5.00%   07/01/2030     170        176,073
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
5.00%   07/01/2031     45         46,524
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
5.00%   07/01/2043     280        285,833
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016, Ref. RB
4.00%   07/01/2035     380        382,797
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
5.00%   06/15/2028     230        238,152
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
5.00%   06/15/2029     50         51,691
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
4.10%   06/15/2031     225        228,065
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2026     10        10,505
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
166
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN
5.00%   06/15/2030   $ 300   $    309,486
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN
5.00%   06/15/2031     200        205,885
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
5.00%   12/15/2026     605        635,535
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2026     165        171,595
New Jersey (State of) Turnpike Authority, Series 2005 D-3, RB, (INS - AGM)(b)
5.25%   01/01/2026     250        255,264
New Jersey (State of) Turnpike Authority, Series 2005 D-4, RB, (INS - AGM)(b)
5.25%   01/01/2026     1,020     1,041,285
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
5.00%   01/01/2033     30         30,685
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
5.00%   01/01/2034     240        245,287
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
5.00%   01/01/2035     15         15,322
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(b)
5.00%   12/01/2038     35        35,926
                7,639,806
New Mexico-0.17%                
New Mexico (State of) (Capital), Series 2017 A, GO Bonds
5.00%   03/01/2026     240        248,780
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
5.00%   06/15/2026     30         31,287
New Mexico (State of) Finance Authority, Series 2021 A, RB
5.00%   06/15/2026     40         41,715
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 A, RB
5.00%   07/01/2026     45        47,020
                368,802
New York-15.29%                
Albany (County of), NY, Series 2018, GO Bonds
4.00%   04/01/2029     5          5,094
Build NYC Resource Corp. (Chapin School), Series 2016, RB
4.00%   11/01/2026     35         36,040
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
5.00%   07/01/2041     100        100,169
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
4.00%   07/01/2041     185        182,502
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB
5.00%   05/01/2026     10         10,283
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB
5.00%   05/01/2030     20         20,948
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2026     85         88,002
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%   09/01/2036     160        165,675
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%   09/01/2046     500        513,343
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(b)
5.25%   11/15/2026     350        370,857
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
4.00%   11/15/2026     65         67,101
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.25%   11/15/2029     90         94,550
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.25%   11/15/2033     75         78,513
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.25%   11/15/2034     15         15,677
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
5.25%   11/15/2035     30         31,282
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
5.00%   11/15/2034     15         15,508
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
5.00%   11/15/2035     20         20,656
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
5.00%   11/15/2037     750        772,664
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
5.00%   11/15/2028     25         26,117
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
5.00%   11/15/2029     5          5,223
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
5.00%   11/15/2030     75         77,976
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
4.00%   11/15/2032     5          5,068
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
4.00%   11/15/2033     145        146,522
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
4.00%   11/15/2034     105        106,075
Metropolitan Transportation Authority, Series 2017 A-2, Ref. RB
5.00%   11/15/2026     500        523,966
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB
5.00%   11/15/2026     160        167,669
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
5.00%   11/15/2026     300        314,380
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
5.00%   11/15/2036     1,000     1,035,742
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
5.00%   11/15/2046     200        204,878
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
5.00%   11/15/2051     100        102,333
Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB
5.00%   11/15/2026     500        528,625
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
5.00%   05/01/2026     65         66,073
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB
5.00%   11/15/2046     25         25,644
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB
5.25%   11/15/2056     100        102,969
New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB
5.00%   12/01/2026     15         15,842
New York (City of), NY, Series 2008 J-10, GO Bonds
5.00%   08/01/2026     45         47,124
New York (City of), NY, Series 2015 A, Ref. GO Bonds
5.00%   08/01/2026     45        45,950
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
167
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2016 B-1, GO Bonds
5.00%   12/01/2029   $ 45   $     46,850
New York (City of), NY, Series 2016 B-1, GO Bonds
5.00%   12/01/2041     195        201,088
New York (City of), NY, Series 2016 C, Ref. GO Bonds
5.00%   08/01/2026     375        387,192
New York (City of), NY, Series 2016 C, Ref. GO Bonds
5.00%   08/01/2027     100        102,915
New York (City of), NY, Series 2016 C, Ref. GO Bonds
5.00%   08/01/2028     65         66,804
New York (City of), NY, Series 2016 C, Ref. GO Bonds
5.00%   08/01/2029     55         56,449
New York (City of), NY, Series 2016 C, Ref. GO Bonds
5.00%   08/01/2031     25         25,634
New York (City of), NY, Series 2016 C, Ref. GO Bonds
4.00%   08/01/2035     10         10,028
New York (City of), NY, Series 2016 E, Ref. GO Bonds
5.00%   08/01/2026     130        136,135
New York (City of), NY, Series 2016 E, Ref. GO Bonds
5.00%   08/01/2028     25         25,931
New York (City of), NY, Series 2016 E, Ref. GO Bonds
5.00%   08/01/2029     50         51,767
New York (City of), NY, Series 2016 E, Ref. GO Bonds
4.00%   08/01/2033     35         35,297
New York (City of), NY, Series 2017 C, Ref. GO Bonds
5.00%   08/01/2026     2,000     2,094,384
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
5.00%   08/01/2026     80         83,775
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2026     80         83,775
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2026     150        155,510
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
5.00%   08/01/2026     10         10,472
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%   08/01/2029     555        565,735
New York (City of), NY, Subseries 2016 A-1, GO Bonds
5.00%   08/01/2030     20         20,688
New York (City of), NY, Subseries 2016 A-1, GO Bonds
5.00%   08/01/2031     45         46,531
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%   08/01/2032     80         80,877
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%   08/01/2034     125        125,746
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%   08/01/2035     25         25,094
New York (City of), NY, Subseries 2016 A-1, GO Bonds
5.00%   08/01/2038     500        514,851
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.00%   10/01/2026     5          5,249
New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB
5.25%   06/15/2046     1,000     1,032,766
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB
5.00%   06/15/2047     405        418,476
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB
5.00%   06/15/2028     175        184,488
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
5.00%   06/15/2026     215        224,565
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB
5.00%   06/15/2028     105        110,693
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB
5.00%   06/15/2037     415        431,496
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB
5.00%   06/15/2038     120        124,635
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB
4.00%   06/15/2033     75         76,266
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB
4.00%   06/15/2037     30         30,361
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
5.00%   11/01/2026     245        250,924
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
5.00%   05/01/2040     35         35,887
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%   07/15/2028     10         10,282
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%   07/15/2030     40         41,049
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%   07/15/2035     100        102,391
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
4.00%   07/15/2036     105        105,996
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%   07/15/2043     200        203,519
New York (City of), NY Transitional Finance Authority, Series 2016, RB
4.00%   05/01/2030     25         25,354
New York (City of), NY Transitional Finance Authority, Series 2016, RB
5.00%   05/01/2035     100        102,845
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2026     30         31,564
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2026     465        489,236
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2026     435        457,673
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2026     30         31,001
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%   08/01/2029     250        259,641
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%   08/01/2030     655        679,516
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%   08/01/2033     200        206,882
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%   08/01/2034     1,105     1,141,984
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2030     245        251,853
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2031     350        359,496
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2035     185        189,503
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2037     195        199,476
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2038     40         40,907
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2039     250        255,599
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
5.00%   02/01/2040     15        15,326
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
168
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
5.00%   02/01/2030   $ 135   $    138,776
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
4.00%   02/01/2033     5          5,048
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
4.00%   02/01/2034     500        504,555
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
4.00%   02/01/2036     450        452,585
New York (City of), NY Transitional Finance Authority, Subseries 2020 D-1, RB
5.00%   11/01/2026     5          5,261
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.00%   11/01/2026     15         15,782
New York (City of), NY Trust for Cultural Resources, Series 2016-1E, Ref. RB
4.00%   04/01/2030     50         51,520
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB
5.00%   12/01/2026     30         31,517
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
4.00%   04/01/2029     100        103,098
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
4.00%   04/01/2031     375        385,658
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   07/01/2026     5          5,229
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2029     50         52,004
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   07/01/2029     25         26,014
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   03/15/2032     115        119,451
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   07/01/2032     90         93,534
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2033     40         41,557
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   03/15/2033     505        524,243
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2034     335        348,040
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   03/15/2034     20         20,750
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   07/01/2034     100        103,909
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2035     35         36,356
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   03/15/2035     75         77,753
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2036     50         51,889
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2039     15         15,495
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%   02/15/2041     210        216,763
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
5.00%   02/15/2026     35         36,220
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
5.00%   08/15/2026     50         52,358
New York (State of) Dormitory Authority, Series 2016, Ref. RB
4.00%   07/01/2040     565        565,141
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)
5.00%   02/15/2026     105        108,659
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
5.00%   07/01/2026     10         10,411
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)
5.00%   02/15/2026     35         36,220
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)
5.00%   02/15/2026     15         15,523
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
5.00%   01/15/2026     140        144,577
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2026     60         62,970
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2029     10         10,420
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2030     170        176,958
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2031     420        437,017
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2032     40         41,604
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2033     120        124,764
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2033     60         62,431
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2034     85         88,444
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2035     25         26,008
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB(a)
5.00%   03/15/2026     35         36,313
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   10/01/2026     125        131,187
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
5.00%   03/15/2026     10         10,375
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB(a)
5.00%   03/15/2026     15         15,563
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)
5.00%   03/15/2026     5          5,188
New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB
5.00%   03/15/2031     455        473,069
New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB
5.00%   10/01/2026     320        336,970
New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB(a)
5.00%   08/15/2026     70         73,301
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB(a)
5.00%   09/15/2026     265        278,262
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB
5.00%   03/15/2028     225        234,342
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
5.00%   07/01/2031     40         41,571
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
5.00%   07/01/2033     455        472,867
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
5.00%   07/01/2036     150       155,700
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
169
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
4.00%   07/01/2039   $ 105   $    105,231
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
5.00%   07/01/2039     145        150,011
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2026     20         20,902
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2033     15         15,358
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2035     15         15,354
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2036     20         20,459
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2041     5          5,098
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2046     1,265     1,285,922
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2051     200        202,866
New York (State of) Thruway Authority, Series 2016 A, RB
5.25%   01/01/2056     250        254,546
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB
5.00%   12/15/2032     25         25,884
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB
5.00%   12/15/2034     150        155,173
New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB
5.00%   12/15/2034     175        181,035
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB
5.00%   11/15/2046     150        153,183
New York State Environmental Facilities Corp., Series 2016 A, Ref. RB
4.00%   06/15/2036     100        100,711
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
5.00%   06/15/2028     35         36,318
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
5.00%   06/15/2029     55         57,052
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
5.00%   06/15/2030     30         31,093
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
5.00%   06/15/2032     225        233,037
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)
5.00%   03/15/2026     580        602,289
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)
5.00%   03/15/2026     95         98,651
New York State Urban Development Corp., Series 2016 A, Ref. RB
5.00%   03/15/2029     30         30,903
New York State Urban Development Corp., Series 2016 A, Ref. RB
5.00%   03/15/2033     135        138,920
New York State Urban Development Corp., Series 2016 A, Ref. RB
5.00%   03/15/2034     215        221,210
New York State Urban Development Corp., Series 2016 A, Ref. RB
4.00%   03/15/2036     135        136,336
New York State Urban Development Corp., Series 2016 A, Ref. RB
4.00%   03/15/2037     210        211,518
New York State Urban Development Corp., Series 2016, Ref. RB(a)
5.00%   03/15/2026     10         10,384
New York State Urban Development Corp., Series 2016, Ref. RB
5.00%   03/15/2026     45         46,690
New York State Urban Development Corp., Series 2017 C-1, Ref. RB
5.00%   03/15/2026     20         20,751
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2026     75         77,816
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(b)
5.00%   02/01/2026     5          5,172
Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB
5.00%   11/15/2026     5          5,271
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2031     500        517,373
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2041     500        512,846
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
5.00%   11/15/2026     15         15,812
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
5.00%   11/15/2026     160        168,525
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2017 C-1, Ref. RB
5.00%   11/15/2026     15         15,812
Westchester (County of), NY, Series 2018 A, GO Bonds
4.00%   12/01/2028     10         10,375
Westchester (County of), NY, Series 2018 A, GO Bonds
4.00%   12/01/2029     100       103,663
                32,908,237
North Carolina-0.78%                
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
5.00%   12/01/2026     50         52,774
North Carolina (State of), Series 2013 C, Ref. GO Bonds
5.00%   05/01/2026     45         46,877
North Carolina (State of), Series 2014 B, Ref. RB
5.00%   06/01/2026     30         31,289
North Carolina (State of), Series 2016 A, Ref. GO Bonds
5.00%   06/01/2026     90         93,946
North Carolina (State of), Series 2017 B, Ref. RB
5.00%   05/01/2026     85         88,475
North Carolina (State of), Series 2018 A, GO Bonds
5.00%   06/01/2026     330        344,469
North Carolina (State of), Series 2022 A, RB
5.00%   05/01/2026     60         62,453
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
5.00%   05/01/2026     30         31,226
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
5.00%   05/01/2026     45         46,840
North Carolina (State of) (Garvee), Series 2019, RB
5.00%   03/01/2026     65         67,407
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
5.00%   10/01/2026     55         57,814
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
5.00%   10/01/2040     20        20,802
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
170
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
North Carolina-(continued)                
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
5.00%   10/01/2044   $ 55   $     56,958
North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB(a)
6.00%   01/01/2026     25         26,037
North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB
5.00%   11/01/2037     150        152,823
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
5.00%   01/01/2026     10         10,312
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
5.00%   01/01/2028     35         35,932
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
5.00%   01/01/2032     20         20,429
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 C, Ref. RB
5.00%   01/01/2029     10         10,253
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
5.00%   01/01/2028     110        114,003
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
5.00%   01/01/2029     50         51,729
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB
5.00%   07/01/2054     250       253,016
                1,675,864
North Dakota-0.23%                
Cass County Joint Water Resource District, Series 2024 A, Ref. RB
3.45%   04/01/2027     500       502,498
Ohio-2.05%                
Allen (County of), OH, Series 2017 A, Ref. RB
5.00%   08/01/2026     145        150,986
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
5.00%   02/15/2041     100        102,095
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(b)
5.25%   12/01/2026     50         52,978
Columbus (City of), OH, Series 2015, Ref. RB
5.00%   06/01/2029     100        103,788
Columbus (City of), OH, Series 2015, Ref. RB
5.00%   06/01/2030     25         25,904
Columbus (City of), OH, Series 2015, Ref. RB
5.00%   06/01/2032     1,015     1,051,510
Columbus (City of), OH, Series 2016-1, Ref. GO Bonds
5.00%   07/01/2026     135        141,060
Columbus (City of), OH, Series 2022 A, GO Bonds
5.00%   04/01/2026     505        524,515
Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds
5.00%   12/01/2031     100        103,874
Cuyahoga (County of), OH, Series 2020 D, Ref. RB
5.00%   12/01/2026     25         26,269
Hamilton (County of), OH, Series 2016 A, Ref. RB
5.00%   12/01/2026     35         36,816
Hamilton (County of), OH, Series 2016 A, Ref. RB
5.00%   12/01/2029     95         99,537
Hamilton (County of), OH, Series 2016 A, Ref. RB
5.00%   12/01/2030     5          5,231
Hamilton (County of), OH, Series 2016 A, Ref. RB
4.00%   12/01/2031     65         66,177
Miami University, Series 2017, Ref. RB
5.00%   09/01/2041     50         51,218
Ohio (State of), Series 2016 S, GO Bonds
5.00%   05/01/2029     35         36,278
Ohio (State of), Series 2016 S, GO Bonds
5.00%   05/01/2031     70         72,302
Ohio (State of), Series 2017 B, Ref. GO Bonds
5.00%   09/15/2026     15         15,766
Ohio (State of), Series 2017 C, Ref. GO Bonds
5.00%   08/01/2026     30         31,439
Ohio (State of), Series 2018 A, GO Bonds
5.00%   02/01/2031     100        102,845
Ohio (State of), Series 2018 A, GO Bonds
5.00%   06/15/2031     10         10,309
Ohio (State of), Series 2018 A, GO Bonds
5.00%   06/15/2032     35         36,064
Ohio (State of), Series 2018 A, GO Bonds
5.00%   02/01/2033     125        128,469
Ohio (State of), Series 2018 A, GO Bonds
5.00%   06/15/2033     15         15,451
Ohio (State of), Series 2018 A, GO Bonds
5.00%   02/01/2034     30         30,824
Ohio (State of), Series 2018 A, GO Bonds
5.00%   06/15/2034     50         51,497
Ohio (State of), Series 2018-1, RB
5.00%   12/15/2026     20         21,092
Ohio (State of), Series 2018-1, RB
5.00%   12/15/2028     45         46,853
Ohio (State of), Series 2018-1, RB
5.00%   12/15/2029     195        202,649
Ohio (State of), Series 2019-1, RB
5.00%   12/15/2026     25         26,365
Ohio (State of), Series 2020 B, Ref. GO Bonds
5.00%   08/01/2026     10         10,480
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
5.00%   01/01/2026     5          5,164
Ohio (State of) (Garvee), Series 2016 1, RB
5.00%   12/15/2028     70         72,883
Ohio (State of) (Garvee), Series 2016-1, RB
5.00%   12/15/2026     35         36,485
Ohio (State of) (Garvee), Series 2016-1, RB
5.00%   12/15/2027     65         67,781
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB
5.00%   01/15/2041     335        339,218
Ohio (State of) Water Development Authority, Series 2016 A, RB
5.00%   12/01/2032     200        207,272
Ohio (State of) Water Development Authority, Series 2016 A, RB
5.00%   12/01/2033     25         25,900
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   12/01/2026     15         15,829
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB
5.00%   06/01/2026     45         46,926
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB
5.00%   12/01/2026     65        68,592
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
171
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Ohio State University (The), Series 2020 A, Ref. RB
5.00%   12/01/2026   $ 5   $      5,280
University of Cincinnati, Series 2016 C, RB
5.00%   06/01/2046     125       128,185
                4,400,156
Oklahoma-0.93%                
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
5.00%   09/01/2026     50         52,098
Grand River Dam Authority, Series 2016 A, Ref. RB
5.00%   06/01/2026     10         10,402
Grand River Dam Authority, Series 2016 A, Ref. RB
5.00%   06/01/2029     15         15,710
Grand River Dam Authority, Series 2016 A, Ref. RB
5.00%   06/01/2032     45         46,949
Grand River Dam Authority, Series 2016 A, Ref. RB
4.00%   06/01/2033     600        608,566
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
4.00%   01/01/2033     5          5,046
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
4.00%   01/01/2034     830        837,271
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2037     190        195,117
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2042     170        173,395
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
5.00%   01/01/2026     30         30,972
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB
5.00%   09/01/2026     25        25,553
                2,001,079
Oregon-0.80%                
Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   06/15/2032     25         25,387
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2026     80         83,359
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2026     40         41,751
Oregon (State of) (Article XI - Q State), Series 2016 F, Ref. GO Bonds
5.00%   05/01/2028     20         20,785
Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds
5.00%   08/01/2041     100        103,064
Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds
5.00%   05/01/2029     30         31,153
Oregon (State of) Facilities Authority, Series 2016 A, Ref. RB
5.00%   10/01/2035     15         15,301
Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB
5.00%   06/01/2046     100        100,914
Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB(a)
5.00%   09/01/2026     1,000     1,048,124
Oregon Health & Science University, Series 2016 B, Ref. RB
5.00%   07/01/2035     5          5,158
Oregon Health & Science University, Series 2016 B, Ref. RB
5.00%   07/01/2036     160        164,867
Portland Community College District, Series 2018, GO Bonds
5.00%   06/15/2029     25         26,079
University of Oregon, Series 2016 A, RB
5.00%   04/01/2046     60        61,103
                1,727,045
Pennsylvania-4.29%                
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
5.00%   11/01/2026     10         10,506
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
5.00%   11/01/2028     15         15,727
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
4.00%   11/01/2032     105        106,724
Allegheny (County of), PA, Series 2016 C-76, GO Bonds
5.00%   11/01/2041     10         10,279
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
5.00%   07/15/2026     10         10,435
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
5.00%   03/01/2026     100        103,256
Chester (County of), PA, Series 2016 A, Ref. GO Bonds
4.00%   07/15/2028     45         46,126
Chester (County of), PA, Series 2016 A, Ref. GO Bonds
4.00%   07/15/2029     15         15,377
Erie (City & County of), PA Water Authority, Series 2016, Ref. RB(a)
5.00%   12/01/2026     65         68,446
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB
5.00%   08/15/2042     140        143,101
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB
5.00%   08/15/2026     50         52,205
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB
4.00%   07/01/2035     600        601,306
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB
3.00%   10/01/2037     100         91,969
Monroeville Finance Authority, Series 2012, RB
5.00%   02/15/2026     65         67,183
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB
5.00%   08/15/2046     10         10,094
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
5.00%   03/15/2026     35         35,407
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
5.00%   02/01/2026     320        331,397
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
5.00%   02/01/2029     300        309,588
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
4.00%   02/01/2031     20         20,245
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
4.00%   02/01/2032     200       202,325
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
172
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
4.00%   02/01/2033   $ 20   $     20,221
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGM)(b)
4.00%   02/01/2034     15         15,199
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
5.00%   09/15/2026     85         89,256
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
5.00%   01/01/2026     130        134,351
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2026     30         31,221
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
5.00%   05/15/2026     1,000     1,041,685
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
3.25%   08/15/2026     515        517,665
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
5.00%   09/15/2028     300        312,819
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
4.00%   09/15/2030     65         66,184
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
4.00%   09/15/2031     25         25,420
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
4.00%   09/15/2032     660        670,462
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
4.00%   09/15/2034     260        264,112
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
5.00%   07/15/2026     5          5,229
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2026     100        104,970
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB
4.00%   08/15/2031     500        506,539
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 A, Ref. RB
4.00%   08/15/2029     20         20,358
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGM)(b)
5.00%   06/01/2030     5          5,200
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2016 B, Ref. RB
5.00%   06/01/2028     5          5,184
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2026     145        152,719
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2028     35         36,669
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2029     25         26,160
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2030     175        182,604
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2032     230        237,970
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
4.00%   12/01/2034     35         35,528
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2035     5          5,171
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2034     60         61,560
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2035     235        241,046
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2036     45         46,071
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2041     525        536,873
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2046     60         61,079
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
4.00%   06/01/2033     165        167,166
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
5.00%   06/01/2035     105        107,886
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
5.00%   06/01/2039     150        153,054
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
5.00%   06/01/2026     40         41,059
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
5.00%   12/01/2030     100        104,368
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)(b)
4.00%   12/01/2037     390        392,690
Pennsylvania State University (The), Series 2016 A, RB
5.00%   09/01/2041     300        309,700
Philadelphia (City of), PA, Fourteenth Series 2016, Ref. RB
5.00%   10/01/2032     35         36,324
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2026     5          5,221
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds
5.00%   08/01/2026     145        151,400
Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)(b)
5.00%   09/01/2026     45        47,076
                9,227,165
Rhode Island-0.16%                
Rhode Island (State of), Series 2015 A, Ref. GO Bonds
5.00%   08/01/2026     20         20,439
Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB
5.00%   10/01/2040     40         40,863
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
5.00%   06/15/2026     50         51,975
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
5.00%   06/15/2030     110        113,828
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
5.00%   06/15/2031     95         98,189
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB
5.00%   11/01/2047     25        25,406
                350,700
South Carolina-0.56%                
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
5.00%   12/01/2026     55         57,879
Greenville County School District, Series 2023, Ref. RB
5.00%   12/01/2026     35         36,871
Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB
5.00%   11/01/2041     265       268,309
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
173
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
South Carolina-(continued)                
South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB
5.25%   08/15/2046   $ 85   $     86,111
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
5.00%   12/01/2029     225        231,116
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
5.00%   12/01/2031     150        153,362
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
5.00%   12/01/2032     145        147,893
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
5.00%   12/01/2037     35         35,538
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
5.00%   12/01/2035     20         20,443
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
4.00%   12/01/2056     20         18,585
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
5.00%   12/01/2056     55         55,387
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2026     90        94,585
                1,206,079
Tennessee-1.07%                
Clarksville (City of), TN, Series 2016, Ref. RB(a)
5.00%   02/01/2026     45         46,488
Memphis (City of), TN, Series 2015 A, Ref. GO Bonds
5.00%   04/01/2026     445        450,727
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds
5.00%   07/01/2026     100        101,849
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
5.00%   01/01/2026     50         51,627
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)
5.00%   07/01/2026     100        104,398
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)
5.00%   07/01/2026     10         10,440
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
4.00%   01/01/2030     30         30,499
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
4.00%   01/01/2031     20         20,290
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
4.00%   01/01/2032     30         30,351
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
4.75%   07/01/2026     20         20,773
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2026     175        182,728
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
5.00%   10/01/2041     15         15,152
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
5.00%   10/01/2045     25         25,151
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2029     35         36,146
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2030     5          5,155
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2031     25         25,725
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2035     100        102,279
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2040     200        203,087
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2046     535        540,105
Tennessee (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2028     45         46,908
Tennessee (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2030     100        104,087
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2026     35         36,756
Tennessee Energy Acquisition Corp., Series 2006 A, RB
5.25%   09/01/2026     30         30,868
Tennessee Energy Acquisition Corp., Series 2006 B, RB
5.63%   09/01/2026     75        78,087
                2,299,676
Texas-8.86%                
Aledo Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2040     500        501,732
Allen Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042     520        530,922
Austin (City of), TX, Series 2016, Ref. RB
5.00%   11/15/2032     35         36,312
Austin (City of), TX, Series 2016, Ref. RB
5.00%   11/15/2045     150        153,053
Austin (City of), TX, Series 2017 A, RB
5.00%   11/15/2041     40         40,873
Austin (City of), TX, Series 2021, Ref. RB
5.00%   11/15/2026     15         15,796
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)
5.00%   06/15/2026     60        62,410
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
174
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)
5.00%   06/15/2026   $ 220   $    228,837
Bexar (County of), TX, Series 2017, Ref. GO Bonds
5.00%   06/15/2028     500        519,809
Board of Regents of the University of Texas System, Series 2014 B, Ref. RB
5.00%   08/15/2026     115        120,407
Board of Regents of the University of Texas System, Series 2016 D, RB
5.00%   08/15/2026     445        465,575
Board of Regents of the University of Texas System, Series 2016 J, RB
5.00%   08/15/2026     405        424,041
Board of Regents of the University of Texas System, Series 2016 J, RB
5.00%   08/15/2028     125        130,205
Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB
5.00%   08/15/2026     35         36,632
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2026     100        103,576
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     175        180,682
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2026     5          5,179
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
5.00%   11/01/2026     40         42,050
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
5.00%   11/01/2026     10         10,513
Dallas (City of), TX, Series 2015 A, Ref. RB
5.00%   10/01/2026     160        163,789
Dallas (City of), TX, Series 2016 A, Ref. RB
5.00%   10/01/2035     60         62,088
Dallas (City of), TX, Series 2016 A, Ref. RB
4.00%   10/01/2041     25         24,431
Dallas (City of), TX, Series 2017, Ref. GO Bonds
5.00%   02/15/2026     500        517,444
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2026     210        217,327
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB
5.00%   12/01/2032     45         47,039
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB
4.00%   12/01/2036     100        100,760
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2026     105        110,660
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds
5.00%   02/15/2026     30         30,891
Denton (City of), TX, Series 2017, RB
5.00%   12/01/2035     165        170,102
Eagle Mountain & Saginaw Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2033     25         25,219
El Paso (City of), TX, Series 2016, GO Bonds
5.00%   08/15/2042     100        101,632
El Paso (City of), TX, Series 2016, Ref. GO Bonds
4.00%   08/15/2032     160        162,635
El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2037     150        155,119
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2026     75         77,562
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2026     5          5,171
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2026     15         15,691
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2030     30         31,133
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2031     150        155,435
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2034     55         56,929
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2035     15         15,509
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%   08/15/2036     95         98,096
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
5.00%   11/01/2028     40         41,922
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
5.00%   11/01/2029     75         78,621
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
5.00%   08/15/2026     125        130,877
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
5.00%   12/01/2026     25         26,202
Houston (City of), TX, Series 2016 A, Ref. GO Bonds
5.00%   03/01/2028     20         20,673
Houston (City of), TX, Series 2016 B, Ref. RB
5.00%   11/15/2026     15         15,783
Houston (City of), TX, Series 2016 B, Ref. RB
5.00%   11/15/2028     65         68,200
Houston (City of), TX, Series 2016 B, Ref. RB
4.00%   11/15/2031     300        302,675
Houston (City of), TX, Series 2016 B, Ref. RB
4.00%   11/15/2037     5          4,995
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
5.00%   03/01/2026     200        206,661
Houston (City of), TX, Series 2017 B, Ref. RB
5.00%   11/15/2026     90         94,696
Houston (City of), TX, Series 2018 B, Ref. RB
5.00%   07/01/2026     60         62,529
Houston (City of), TX, Series 2021 A, GO Bonds
5.00%   03/01/2026     15         15,500
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     20         20,600
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2029     145       149,290
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
175
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030   $ 190   $    195,594
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2031     1,230     1,265,155
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2033     55         55,381
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2026     110        113,854
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2026     25         25,121
Lone Star College System, Series 2016, Ref. GO Bonds
4.00%   02/15/2032     45         45,272
Lone Star College System, Series 2016, Ref. GO Bonds
5.00%   02/15/2033     25         25,776
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2026     150        155,947
Montgomery (County of), TX, Series 2016, Ref. GO Bonds
5.00%   03/01/2028     35         36,202
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(c)
5.00%   07/01/2046     100         80,541
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   02/01/2026     30         31,074
North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB
4.00%   12/15/2035     30         30,357
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2028     150        154,282
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2030     100        102,714
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2031     1,105     1,133,202
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2032     10         10,240
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2036     625        637,192
North Texas Tollway Authority, Series 2016 A, Ref. RB
5.00%   01/01/2039     20         20,327
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2029     20         20,559
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2031     115        117,935
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%   01/01/2028     15         15,357
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%   01/01/2030     45         46,018
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%   01/01/2031     120        122,574
North Texas Tollway Authority, Series 2022 B, Ref. RB
5.00%   01/01/2026     45         46,410
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations
5.00%   03/01/2030     630        648,211
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2039     310        316,467
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042     1,000     1,017,456
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
5.25%   07/01/2026     35         36,714
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2029     85         87,686
San Antonio (City of), TX, Series 2015, RB
4.00%   02/01/2033     55         55,358
San Antonio (City of), TX, Series 2015, RB
4.00%   02/01/2035     65         65,183
San Antonio (City of), TX, Series 2015, Ref. RB
5.00%   02/01/2026     70         72,404
San Antonio (City of), TX, Series 2016, Ref. RB
5.00%   02/01/2026     210        217,213
San Antonio (City of), TX, Series 2016, Ref. RB
4.00%   02/01/2028     35         35,585
San Antonio (City of), TX, Series 2016, Ref. RB
5.00%   02/01/2029     160        166,321
San Antonio (City of), TX, Series 2016, Ref. RB
5.00%   02/01/2030     20         20,760
San Antonio (City of), TX, Series 2016, Ref. RB
4.00%   02/01/2032     140        141,462
San Antonio (City of), TX, Series 2016, Ref. RB
5.00%   02/01/2032     50         51,715
San Antonio (City of), TX, Series 2018 A, RB
5.00%   02/01/2026     30         31,030
San Antonio (City of), TX, Series 2019, Ref. RB
4.00%   02/01/2026     130        132,674
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB
5.00%   05/15/2031     185        191,287
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB
5.00%   05/15/2032     20         20,652
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
5.00%   05/15/2033     15         15,578
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
5.00%   05/15/2034     20         20,724
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
5.00%   05/15/2036     200        206,646
San Jacinto Community College District, Series 2016 A, GO Bonds
4.00%   02/15/2041     20         19,688
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
5.00%   11/15/2029     135       139,222
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
176
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
4.00%   11/15/2035   $ 125   $    125,521
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
5.00%   11/15/2028     35         36,133
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
4.00%   11/15/2034     175        176,170
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
5.00%   11/15/2037     20         20,418
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
5.00%   02/15/2041     275        281,319
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB
5.00%   02/15/2034     70         72,370
Texas (State of), Series 2016 A, GO Bonds
5.00%   04/01/2026     270        280,348
Texas (State of), Series 2016 A, GO Bonds
5.00%   04/01/2038     250        256,542
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2029     20         20,692
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2029     10         10,346
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2030     260        268,670
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2031     140        144,449
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2032     5          5,154
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2033     20         20,604
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2033     5          5,151
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2037     30         30,813
Texas (State of), Series 2016, GO Bonds
5.00%   04/01/2043     5          5,102
Texas (State of), Series 2016, Ref. GO Bonds
5.00%   10/01/2026     5          5,249
Texas (State of), Series 2018 A, Ref. GO Bonds
5.00%   10/01/2026     10         10,497
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
5.00%   04/01/2026     10         10,380
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
5.00%   10/01/2026     85         89,278
Texas (State of) Water Development Board, Series 2016, RB
4.00%   10/15/2030     40         40,610
Texas (State of) Water Development Board, Series 2016, RB
4.00%   10/15/2032     20         20,249
Texas (State of) Water Development Board, Series 2016, RB
4.00%   10/15/2035     420        424,479
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%   04/15/2026     60         62,415
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   10/15/2026     40         42,084
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2026     50         52,350
Texas A&M University, Series 2016 C, Ref. RB
4.00%   05/15/2028     100        101,722
Texas A&M University, Series 2016 C, Ref. RB
4.00%   05/15/2029     35         35,540
Trinity River Authority, Series 2016, Ref. RB
5.00%   08/01/2026     500        523,023
University of Houston, Series 2017 A, Ref. RB
5.00%   02/15/2030     75         77,213
University of Houston, Series 2017 A, Ref. RB
5.00%   02/15/2036     395        405,013
Williamson (County of), TX, Series 2021, GO Notes
4.00%   02/15/2026     10        10,213
                19,059,727
Utah-0.24%                
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2026     225        234,977
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB
3.00%   05/15/2047     95         76,683
Utah (State of), Series 2018, GO Bonds
5.00%   07/01/2026     160        167,183
Utah (State of), Series 2020 B, GO Bonds
5.00%   07/01/2026     10         10,449
Utah Municipal Power Agency, Series 2016 B, RB
5.00%   07/01/2038     25        25,786
                515,078
Vermont-0.08%                
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
5.00%   12/01/2034     5          5,120
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
5.00%   12/01/2035     75         76,715
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
5.00%   12/01/2036     80        81,724
                163,559
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
177
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-1.87%                
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB
5.00%   07/01/2046   $ 255   $    257,285
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGM)(b)
5.00%   07/01/2041     75         76,649
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds(a)
5.00%   04/01/2026     100        103,785
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds
4.00%   10/01/2027     95         96,943
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds
4.00%   10/01/2028     40         40,776
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB
5.00%   05/15/2030     120        124,225
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB
5.00%   05/15/2031     90         92,862
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB(a)
5.00%   07/01/2026     770        802,458
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
5.00%   08/01/2026     100        104,681
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
5.00%   08/01/2026     25         26,170
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
5.00%   08/01/2026     415        434,426
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
5.00%   08/01/2026     40         41,872
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
5.00%   08/01/2026     10         10,468
Richmond (City of), VA, Series 2016, Ref. RB
5.00%   01/15/2026     20         20,695
Richmond (City of), VA, Series 2016, Ref. RB(a)
5.00%   01/15/2026     20         20,681
Richmond (City of), VA, Series 2016, Ref. RB(a)
5.00%   01/15/2026     40         41,361
Richmond (City of), VA, Series 2016, Ref. RB(a)
5.00%   01/15/2026     135        139,594
Richmond (City of), VA, Series 2016, Ref. RB
4.00%   01/15/2037     150        150,759
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds
5.00%   06/01/2026     25         25,438
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   09/01/2028     85         88,820
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   09/01/2029     65         67,844
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
5.00%   02/01/2026     500        517,384
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
5.00%   02/01/2026     70         72,434
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
5.00%   02/01/2026     35         36,217
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
5.00%   02/01/2026     25         25,869
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB
5.00%   08/01/2026     15         15,694
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
5.00%   08/01/2026     30         31,387
Virginia (Commonwealth of) Transportation Board, Series 2016, RB
5.00%   09/15/2030     230        240,060
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
5.00%   05/15/2026     80         83,376
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
5.00%   03/15/2026     225       233,551
                4,023,764
Washington-3.48%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
5.00%   11/01/2035     145        150,759
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2026     35         36,824
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
5.00%   07/01/2026     20         20,880
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
5.00%   07/01/2028     185        192,904
Energy Northwest (No. 1), Series 2017 A, Ref. RB
5.00%   07/01/2026     345        360,172
Energy Northwest (No. 1), Series 2021 A, Ref. RB
5.00%   07/01/2026     65         67,859
Energy Northwest (No. 1), Series 2022 A, Ref. RB
5.00%   07/01/2026     295        307,974
Grant (County of), WA Public Utility District No. 2, Series 2023 U, Ref. RB
4.00%   01/01/2026     110        111,672
King (County of), WA, Series 2016 A, Ref. RB
4.00%   07/01/2035     600        605,094
King (County of), WA, Series 2016 B, Ref. RB
5.00%   07/01/2028     100        104,236
King (County of), WA, Series 2016 B, Ref. RB
5.00%   07/01/2029     25         26,036
King (County of), WA, Series 2016 B, Ref. RB
4.00%   07/01/2030     50         50,871
King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2026     40         41,134
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2028     75         78,804
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2029     25        25,452
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
178
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2030   $ 20   $     21,001
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2031     75         78,686
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2035     45         45,434
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2026     10         10,541
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2029     15         15,777
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2030     300        315,348
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2031     65         65,665
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2032     20         20,197
King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2032     625        654,467
North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2026     45         47,386
Seattle (City of), WA, Series 2015 A, Ref. GO Bonds
5.00%   06/01/2026     20         20,332
Seattle (City of), WA, Series 2019 B, Ref. RB
5.00%   02/01/2026     70         72,483
Seattle (Port of), WA, Series 2016, Ref. RB
5.00%   02/01/2028     10         10,292
Seattle (Port of), WA, Series 2016, Ref. RB
5.00%   02/01/2029     15         15,439
Seattle (Port of), WA, Series 2016, Ref. RB
5.00%   02/01/2030     35         36,025
Seattle (Port of), WA, Series 2022 A, Ref. RB
5.00%   08/01/2026     30         31,370
University of Washington, Series 2016 A, Ref. RB
5.25%   12/01/2046     200        205,780
Washington (State of), Series 2016 A, GO Bonds
5.00%   08/01/2031     160        166,352
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2026     250        257,481
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2028     25         26,083
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2029     40         41,186
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2029     10         10,424
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2030     270        277,794
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2030     40         41,641
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2031     55         56,537
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2031     135        140,359
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2032     100        102,728
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2032     75         77,906
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2033     5          5,134
Washington (State of), Series 2016 C, GO Bonds
5.00%   02/01/2035     25         25,689
Washington (State of), Series 2016 C, GO Bonds
5.00%   02/01/2037     130        133,346
Washington (State of), Series 2016 R, Ref. GO Bonds
5.00%   07/01/2032     75         77,046
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2028     10         10,433
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2032     5          5,194
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2034     55         57,069
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2035     10         10,367
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2036     5          5,176
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2026     90         93,104
Washington (State of), Series 2020 R, Ref. GO Bonds
5.00%   07/01/2026     15         15,673
Washington (State of), Series R-2017 A, Ref. GO Bonds
5.00%   08/01/2033     120        124,582
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2026     135        141,345
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2028     395        412,107
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2030     25         26,026
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2032     280        290,851
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2034     50         51,881
Washington (State of), Series R-2018D, Ref. GO Bonds
5.00%   08/01/2026     10         10,457
Washington (State of), Series R-2020C, Ref. GO Bonds
5.00%   07/01/2026     5          5,224
Washington (State of), Series R-2022D, Ref. GO Bonds
4.00%   07/01/2026     100        102,713
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%   08/01/2026     15        15,682
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
179
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
5.00%   02/01/2026   $ 30   $     31,035
Washington (State of) (Bid Group 1), Series R-2022C, Ref. GO Bonds
4.00%   07/01/2026     695        713,733
Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB
5.00%   10/01/2040     70        70,678
                7,479,930
Wisconsin-1.66%                
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
5.00%   11/01/2026     40         41,485
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
5.00%   11/01/2029     1,500     1,556,669
Wisconsin (State of), Series 2018 A, RB
5.00%   06/01/2026     200        208,629
Wisconsin (State of), Series 2019 A, Ref. RB(a)
5.00%   05/01/2026     60         62,393
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
5.00%   05/01/2026     125        130,089
Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB
5.00%   07/01/2026     70         71,294
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB
5.00%   07/01/2026     85         88,847
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB
5.00%   07/01/2026     20         20,905
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)
3.13%   05/15/2026     25         25,170
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
4.00%   11/15/2033     35         35,291
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
4.00%   11/15/2035     240        241,631
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
4.50%   11/15/2039     100        100,173
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
5.00%   11/15/2039     350        357,656
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
5.00%   11/15/2028     10         10,364
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
5.00%   11/15/2029     40         41,426
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
5.00%   11/15/2030     25         25,844
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
4.00%   11/15/2032     50         50,425
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
4.00%   11/15/2039     325        325,409
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2019, Ref. RB
5.00%   11/15/2026     5          5,250
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016 B, RB
5.00%   02/15/2042     25         25,123
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2016, Ref. RB
5.00%   12/01/2041     50         51,391
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
5.00%   03/01/2041     65         66,612
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
5.00%   03/01/2046     30        30,673
                3,572,749
TOTAL INVESTMENTS IN SECURITIES(d)-98.35%

(Cost $211,718,173)
  211,668,801
OTHER ASSETS LESS LIABILITIES-1.65%
  3,544,027
NET ASSETS-100.00%
  $215,212,828
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
180
Table of Contents
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
MTA -Moving Treasury Average
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b) Principal and/or interest payments are secured by the bond insurance company listed.
(c) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(d) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
181
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.42%                
Alabama-0.78%                
Alabama (State of), Series 2016 C, Ref. GO Bonds
5.00%   08/01/2027   $ 25   $     26,096
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
4.00%   09/01/2027     70         72,952
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
5.00%   09/01/2027     75         80,312
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
5.00%   09/01/2027     25         26,771
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
5.00%   09/01/2027     75         80,313
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2027     410        441,491
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)
5.00%   01/01/2027     75         79,211
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)
5.00%   01/01/2027     70         73,931
Jefferson (County of), AL, Series 2017, Ref. Revenue Wts.
5.00%   09/15/2030     150        156,682
Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.(a)
4.00%   02/01/2027     260       269,081
                1,306,840
Alaska-0.09%                
Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB
4.00%   10/01/2037     100        101,052
Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB
5.50%   10/01/2042     10         10,650
North Slope (Borough of), AK, Series 2022 A, GO Bonds
5.00%   06/30/2027     40        42,671
                154,373
Arizona-1.58%                
Arizona (State of), Series 2019 A, Ref. COP(a)
5.00%   10/01/2027     100        107,733
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
5.00%   07/01/2027     100        105,146
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
4.00%   01/01/2032     5          5,072
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
5.00%   01/01/2032     5          5,213
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
4.00%   01/01/2036     70         70,606
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
4.00%   01/01/2038     240        240,919
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
5.00%   01/01/2031     80         83,621
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
5.00%   01/01/2034     115        119,505
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
5.00%   01/01/2035     305        316,635
Phoenix (City of), AZ, Series 2022, Ref. GO Bonds
5.00%   07/01/2027     10         10,691
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB
5.00%   07/01/2032     210        220,439
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2027     40         41,688
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2033     5          5,244
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
5.00%   07/01/2036     345        359,898
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
4.00%   07/01/2040     20         19,850
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2027     315        332,835
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2031     10         10,524
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2034     90         94,449
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2036     140        146,629
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
4.00%   01/01/2038     250        251,623
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2038     45         46,852
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
5.00%   01/01/2027     55        58,114
                2,653,286
California-18.41%                
Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGM)(b)
5.00%   07/01/2039     130        136,453
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB
5.00%   10/01/2034     1,155     1,227,668
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)(b)
5.00%   09/01/2036     200       208,704
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
182
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Anaheim Union High School District, Series 2018, GO Bonds
4.00%   08/01/2042   $ 100   $    100,415
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB(a)
5.00%   04/01/2027     35         37,386
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB
4.00%   04/01/2056     10          9,853
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
5.00%   04/01/2027     65         69,363
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2029     130        133,621
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2030     40         41,012
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2031     145        148,244
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2032     185        188,683
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2033     65         66,175
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2034     75         76,242
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2035     290        294,192
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2038     35         35,455
California (State of), Series 2017, GO Bonds
5.00%   11/01/2027     20         21,524
California (State of), Series 2017, GO Bonds
5.00%   08/01/2031     425        450,328
California (State of), Series 2017, GO Bonds
4.00%   11/01/2032     25         25,694
California (State of), Series 2017, GO Bonds
5.00%   11/01/2035     30         31,656
California (State of), Series 2017, GO Bonds
5.00%   11/01/2047     160        166,639
California (State of), Series 2017, Ref. GO Bonds
4.00%   08/01/2027     250        255,909
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2027     70         73,283
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2027     800        860,941
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2029     80         85,416
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2029     305        327,228
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2030     605        643,561
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2030     60         64,107
California (State of), Series 2017, Ref. GO Bonds
4.00%   11/01/2032     25         25,694
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2033     65         68,586
California (State of), Series 2017, Ref. GO Bonds
4.00%   11/01/2034     200        204,200
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2035     385        404,849
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2035     5          5,276
California (State of), Series 2017, Ref. GO Bonds
4.00%   11/01/2036     50         50,779
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2036     20         21,059
California (State of), Series 2017, Ref. GO Bonds
4.00%   08/01/2037     150        152,002
California (State of), Series 2017, Ref. GO Bonds
4.00%   11/01/2037     15         15,209
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2037     50         52,593
California (State of), Series 2018, Ref. GO Bonds
5.00%   08/01/2027     500        535,145
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2027     415        440,821
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2027     180        193,365
California (State of), Series 2020, GO Bonds
3.00%   03/01/2027     370        374,045
California (State of), Series 2020, GO Bonds
5.00%   11/01/2027     75         80,713
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2027     250        268,082
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2027     10         10,743
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2027     1,000     1,078,105
California (State of), Series 2022, GO Bonds
5.00%   04/01/2027     25         26,555
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2042     100        104,869
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
5.00%   08/01/2027     195        204,145
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB
5.00%   12/01/2031     10         10,729
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB(a)
5.00%   12/01/2027     80         86,900
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB
5.00%   12/01/2030     185        199,115
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB
5.00%   12/01/2032     55         58,966
California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB
5.00%   04/01/2042     250        256,354
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB
5.00%   08/15/2047     600        613,709
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB
5.00%   11/01/2027     435        471,311
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
5.00%   11/15/2031     50         53,506
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
5.00%   11/15/2033     75        80,113
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
183
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
5.00%   11/15/2036   $ 45   $     47,768
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
4.00%   11/15/2040     50         50,220
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2032     25         26,454
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2033     70         73,887
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2034     100        105,366
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2038     250        261,520
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
4.00%   11/15/2048     500        483,644
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2048     200        206,737
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
5.00%   11/15/2033     40         42,221
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
5.00%   11/15/2034     25         26,342
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
5.00%   11/15/2035     175        183,915
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
5.00%   11/15/2036     30         31,456
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
5.00%   10/01/2027     30         32,062
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
5.00%   10/01/2029     70         74,542
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
5.00%   02/01/2036     25         25,702
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
5.00%   02/01/2047     200        201,744
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB
5.00%   07/01/2042     150        152,232
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
5.00%   06/01/2042     45         46,520
California (State of) Public Works Board, Series 2017 B, Ref. RB
5.00%   10/01/2027     35         37,577
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2027     5          5,349
California (State of) Public Works Board, Series 2023 B, Ref. RB
5.00%   12/01/2027     5          5,387
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
5.00%   11/01/2027     40         42,013
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
5.00%   10/01/2027     15         16,183
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
5.00%   10/01/2029     235        250,375
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2027     20         21,511
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2028     40         42,747
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2031     445        469,750
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2032     150        158,311
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2033     80         84,362
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2035     65         68,466
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2036     65         68,372
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2037     75         78,802
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2038     55         57,723
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2042     185        193,657
Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)(b)
5.00%   08/01/2051     270        278,603
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds(a)
5.00%   08/01/2027     35         37,675
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds
4.00%   08/01/2042     100        100,032
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(b)
4.00%   06/01/2049     145        143,904
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB
5.00%   03/01/2029     65         69,013
Desert Community College District, Series 2017, Ref. GO Bonds
5.00%   08/01/2033     60         63,639
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds
4.00%   08/01/2051     125        123,324
East Bay Municipal Utility District, Series 2017 B, Ref. RB
5.00%   06/01/2031     25         26,588
East Bay Municipal Utility District, Series 2017 B, Ref. RB
5.00%   06/01/2032     45         47,788
East Bay Municipal Utility District, Series 2017 B, Ref. RB
5.00%   06/01/2034     150        159,087
East Bay Municipal Utility District, Series 2017 B, Ref. RB
5.00%   06/01/2035     75         79,426
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%   06/01/2045     5          5,220
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
5.00%   07/01/2047     100        104,379
El Monte Union High School District, Series 2021 B, GO Bonds
4.00%   06/01/2046     110        109,276
Escondido Union School District (Election of 2014), Series 2018 B, GO Bonds
4.00%   08/01/2047     20         19,864
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds
5.00%   08/01/2046     180       186,370
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
184
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Fairfield (City of), CA, Series 2017, Ref. RB
5.00%   04/01/2042   $ 85   $     88,287
Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
5.00%   10/01/2032     70         74,299
Gilroy Unified School District (Elections of 2008 & 2016), Series 2019, GO Bonds
4.00%   08/01/2048     15         14,877
Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds
5.25%   08/01/2042     100        105,694
Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds
7.00%   08/01/2034     60         67,386
Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2042     25         25,138
Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2047     100         99,318
Hayward Area Recreation & Park District, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2042     5          5,240
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds
4.00%   08/01/2046     150        149,408
Hayward Unified School District, Series 2022, COP
5.25%   08/01/2052     150        155,298
Jurupa Unified School District, Series 2017 B, GO Bonds
4.00%   08/01/2041     55         55,276
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
5.00%   06/01/2030     100        106,552
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
5.00%   05/15/2027     30         32,142
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2033     500        522,729
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2042     350        362,957
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2047     200        206,379
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.00%   07/01/2044     300        310,531
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.25%   07/01/2044     150        156,268
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
5.00%   07/01/2028     35         37,016
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
5.00%   07/01/2031     75         78,715
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
5.00%   07/01/2033     380        397,274
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
5.00%   07/01/2034     25         26,116
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2027     100        107,536
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
4.00%   07/01/2027     60         62,685
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.00%   07/01/2027     130        139,870
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   07/01/2038     220        231,853
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   07/01/2042     200        209,097
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2027     175        187,990
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2027     10         10,765
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2029     35         37,398
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2030     5          5,335
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2038     35         36,886
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2040     15         15,736
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2042     90         94,094
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2027     5          5,382
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2027     275        295,109
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
5.00%   06/01/2033     15         15,940
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
5.00%   07/01/2027     70         73,177
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
5.00%   07/01/2027     120        128,940
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
5.00%   07/01/2027     160        171,920
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
5.00%   07/01/2027     95        102,078
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2027     15         16,118
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2027     15         16,118
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2027     55         59,098
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
4.00%   08/01/2047     45         44,693
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2027     10         10,751
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB
5.00%   07/01/2027     70         75,255
Richmond (City of), CA, Series 2017 A, Ref. RB
5.25%   08/01/2047     150        156,968
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor), Series 2017 A, Ref. RB, (INS - BAM)(b)
4.00%   10/01/2040     15         15,081
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2027     40         42,914
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2029     15         16,174
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2030     40         43,041
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2031     85         91,344
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2032     155        166,330
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2033     75         80,424
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2035     10         10,699
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2037     45        47,931
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
185
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
5.00%   06/01/2038   $ 200   $    212,413
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds
4.00%   08/01/2042     250        251,037
Roseville (City of), CA, Series 2017 A, Ref. RB
4.00%   02/01/2037     75         76,278
Roseville Joint Union High School District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2045     50         49,938
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB
5.00%   08/15/2027     65         70,093
Sacramento (City of), CA Municipal Utility District, Series 2016 I, Ref. RB
5.00%   08/15/2027     5          5,392
Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB
5.00%   08/15/2027     10         10,783
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%   12/01/2027     100        108,691
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
5.00%   12/01/2027     20         21,738
San Bernardino City Unified School District (Election of 2012), Series 2017 D, GO Bonds, (INS - AGM)(b)
4.00%   08/01/2042     5          5,021
San Bernardino Community College District, Series 2017 B, Ref. GO Bonds
4.00%   08/01/2034     20         20,498
San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds(a)
4.00%   08/16/2027     25         26,174
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
5.00%   05/15/2027     45         46,981
San Diego Community College District (Election of 2002), Series 2009, GO Bonds(a)
6.00%   08/01/2027     10         11,059
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
4.00%   07/01/2047     340        340,134
San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds
5.00%   06/15/2027     5          5,375
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB
5.00%   05/01/2027     40         42,750
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB
5.00%   05/01/2047     500        517,614
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
5.00%   11/01/2027     45         47,372
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
5.00%   11/01/2029     135        145,735
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
5.00%   11/01/2032     20         21,365
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
5.00%   11/01/2027     10         10,838
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
5.00%   11/01/2030     40         42,939
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB
4.00%   03/01/2046     155        153,664
San Francisco (County of), CA Transportation Authority, Series 2017, RB
3.00%   02/01/2034     15         14,604
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB
4.00%   07/01/2036     1,000     1,011,991
San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2017, Ref. GO Bonds
4.00%   08/01/2037     500        506,017
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
5.00%   08/01/2047     90         93,339
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%   03/01/2042     10         10,365
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
5.00%   08/01/2034     80         84,652
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
5.00%   08/01/2035     200        211,282
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds
4.00%   08/01/2042     100        101,242
Santa Ana College Improvement District #1 Rancho Santiago Community College District (Election of 2012), Series 2017 B, GO Bonds
4.00%   08/01/2041     50         50,223
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds
5.00%   08/01/2031     285        302,983
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2027     500        534,342
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB
4.00%   07/01/2047     20         19,870
Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds
4.00%   08/01/2046     155        153,461
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2047     65         64,557
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB
5.00%   01/01/2027     40         42,386
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB
5.00%   01/01/2046     130        134,354
University of California, Series 2017 AV, RB
5.00%   05/15/2036     90         94,526
University of California, Series 2017 AV, RB
5.00%   05/15/2042     425        441,691
University of California, Series 2017 AV, RB
5.25%   05/15/2042     250        261,744
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2031     85         90,287
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2032     10         10,594
University of California, Series 2017 AY, Ref. RB
4.00%   05/15/2033     80         81,974
University of California, Series 2017 AY, Ref. RB
4.00%   05/15/2035     25         25,454
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2036     30         31,509
University of California, Series 2017 AY, Ref. RB
5.00%   05/15/2037     15         15,734
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2027     125       134,026
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
186
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2031   $ 30   $     31,850
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2032     5          5,294
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2034     10         10,540
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2036     15         15,746
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2042     375        389,531
University of California (Limited), Series 2017 M, RB
4.00%   05/15/2047     130        129,036
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2047     350        361,862
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2052     100        103,192
West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds
5.00%   08/01/2032     45         47,941
West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds
4.00%   08/01/2034     20        20,503
                30,938,609
Colorado-1.01%                
Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds
5.00%   12/01/2042     215        225,111
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
5.50%   12/01/2027     85         92,817
Board of Trustees of the Colorado School of Mines, Series 2017 B, RB
5.00%   12/01/2047     100        102,810
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2027     20         21,547
Colorado (State of), Series 2020 A, COP
5.00%   12/15/2027     70         75,416
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2027     210        226,247
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
5.00%   03/01/2040     25         25,855
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
5.00%   03/01/2043     50         51,476
Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB
4.00%   11/01/2036     35         35,698
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
5.00%   11/01/2027     70         75,332
Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB
5.00%   11/01/2034     175        186,170
Colorado Springs (City of), CO, Series 2017 A-2, RB
5.00%   11/15/2042     100        104,923
Denver (City & County of), CO, Series 2017 B, Ref. RB
5.00%   11/15/2033     70         74,357
Denver (City & County of), CO, Series 2022 C, Ref. RB
5.00%   11/15/2027     105        112,892
Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds
4.00%   12/01/2027     35         36,616
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds
5.00%   12/15/2027     75         81,073
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(b)
5.00%   12/01/2042     105        109,120
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(b)
5.00%   12/01/2047     30         31,029
University of Colorado, Series 2017 A-2, Ref. RB
5.00%   06/01/2027     30        31,946
                1,700,435
Connecticut-1.28%                
Connecticut (State of), Series 2016 B, Ref. GO Bonds
5.00%   05/15/2027     70         72,749
Connecticut (State of), Series 2016 E, GO Bonds
5.00%   10/15/2027     95         99,626
Connecticut (State of), Series 2017 A, GO Bonds
5.00%   04/15/2032     15         15,704
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2027     150        161,046
Connecticut (State of), Series 2018 E, GO Bonds
5.00%   09/15/2027     250        268,155
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2027     15         15,939
Connecticut (State of), Series 2020 A, RB
5.00%   05/01/2027     20         21,274
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2027     500        516,549
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2027     40         43,022
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2027     20         20,662
Connecticut (State of), Series 2022 D, Ref. GO Bonds
5.00%   09/15/2027     100        107,262
Connecticut (State of), Series 2022 E, GO Bonds
5.00%   11/15/2027     15         16,147
Connecticut (State of), Series 2022 F, Ref. GO Bonds
5.00%   11/15/2027     155        166,848
Connecticut (State of) (Green Bonds), Series 2017 A, RB
5.00%   05/01/2032     30         31,649
Connecticut (State of) (Green Bonds), Series 2017 A, RB
5.00%   05/01/2033     45         47,381
Connecticut (State of) (Green Bonds), Series 2017 A, RB
5.00%   05/01/2034     25         26,273
Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds
4.00%   06/01/2027     175        181,742
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
5.00%   09/01/2027     25         26,149
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB
5.00%   07/01/2027     140       149,873
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
187
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-(continued)                
University of Connecticut, Series 2017 A, RB
5.00%   01/15/2030   $ 50   $     52,555
University of Connecticut, Series 2017 A, RB
5.00%   01/15/2033     100       104,582
                2,145,187
Delaware-0.03%                
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB
4.00%   07/01/2040     10          9,976
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2027     40        42,742
                52,718
District of Columbia-2.29%                
District of Columbia, Series 2017 A, Ref. GO Bonds
5.00%   06/01/2032     500        525,820
District of Columbia, Series 2017 A, Ref. GO Bonds
5.00%   06/01/2033     80         84,009
District of Columbia, Series 2017 A, Ref. GO Bonds
5.00%   06/01/2034     150        157,422
District of Columbia, Series 2017 A, Ref. GO Bonds
4.00%   06/01/2036     5          5,098
District of Columbia, Series 2017 A, Ref. GO Bonds
5.00%   06/01/2037     180        187,795
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2027     20         21,325
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2029     165        174,821
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2030     75         79,224
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2031     5          5,266
District of Columbia, Series 2017 D, GO Bonds
4.00%   06/01/2033     25         25,596
District of Columbia, Series 2017 D, GO Bonds
4.00%   06/01/2034     65         66,532
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2038     75         78,055
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2027     25         26,856
District of Columbia, Series 2020 A, RB
5.00%   03/01/2027     20         21,204
District of Columbia, Series 2021 E, Ref. GO Bonds
5.00%   02/01/2027     50         52,909
District of Columbia (Catholic University of America (The)), Series 2017 B, RB
5.00%   10/01/2047     300        304,081
District of Columbia (Georgetown University), Series 2017, Ref. RB
5.00%   04/01/2030     10         10,425
District of Columbia Water & Sewer Authority, Series 2017 B, RB
4.00%   10/01/2044     495        496,682
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
5.00%   10/01/2029     20         21,302
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
5.00%   10/01/2030     20         21,246
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%   07/01/2030     110        115,796
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%   07/01/2031     540        567,361
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%   07/01/2035     600        627,496
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%   07/01/2042     175       180,719
                3,857,040
Florida-3.57%                
Brevard County School District, Series 2017 A, Ref. COP
5.00%   07/01/2031     10         10,496
Brevard County School District, Series 2017 A, Ref. COP
5.00%   07/01/2032     65         68,141
Broward (County of), FL School Board, Series 2019 A, Ref. COP
5.00%   07/01/2027     10         10,652
Central Florida Expressway Authority, Series 2016 B, Ref. RB
5.00%   07/01/2027     10         10,385
Central Florida Expressway Authority, Series 2017, Ref. RB
5.00%   07/01/2037     530        553,245
Central Florida Expressway Authority, Series 2017, Ref. RB
5.00%   07/01/2038     15         15,568
Central Florida Expressway Authority, Series 2017, Ref. RB
5.00%   07/01/2039     165        171,038
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
5.00%   07/01/2027     10         10,666
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB
5.00%   10/01/2044     285        292,758
Escambia (County of), FL, Series 2017, RB
5.00%   10/01/2043     100        103,802
Florida (State of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2027     40         41,769
Florida (State of), Series 2016 A, Ref. RB
5.00%   07/01/2027     45         46,834
Florida (State of), Series 2022 C, Ref. GO Bonds
5.00%   06/01/2027     265        282,771
Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds
4.00%   06/01/2033     200        203,662
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
5.00%   11/01/2027     10         10,727
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
5.00%   07/01/2027     50         53,441
Florida (State of) Higher Educational Facilities Financial Authority, Series 2017, RB
5.00%   03/01/2042     40         40,625
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2017, RB
5.00%   03/01/2047     110        111,134
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB
5.00%   10/01/2027     80         85,011
Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB
4.00%   10/01/2030     20         20,582
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2027     15         15,990
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2031     75        78,969
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
188
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2032   $ 55   $     57,781
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2033     70         73,282
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2034     175        182,958
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2035     70         73,257
JEA Electric System, Series 2017 B, Ref. RB
5.00%   10/01/2029     410        435,038
JEA Electric System, Series 2017 B, Ref. RB
5.00%   10/01/2030     120        126,922
JEA Electric System, Series 2017 B, Ref. RB
5.00%   10/01/2032     40         41,986
JEA Electric System, Series 2017 B, Ref. RB
4.00%   10/01/2036     5          5,044
JEA Water & Sewer System, Series 2017 A, Ref. RB
5.00%   10/01/2029     30         32,017
Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP
5.00%   08/01/2027     20         20,640
Miami Beach (City of), FL, Series 2017, Ref. RB
5.00%   09/01/2047     150        154,757
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%   10/01/2038     10         10,144
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%   10/01/2039     55         55,502
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%   10/01/2040     140        140,314
Miami-Dade (County of), FL, Series 2017 A, RB
3.38%   10/01/2047     40         34,106
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
5.00%   10/01/2027     45         48,258
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
4.00%   10/01/2034     75         76,737
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
4.00%   10/01/2035     120        122,699
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
4.00%   10/01/2036     50         51,083
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
4.00%   10/01/2037     60         61,210
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
4.00%   10/01/2038     100        101,445
Orange (County of), FL Convention Center, Series 2017, Ref. RB
5.00%   10/01/2027     50         53,437
Orange (County of), FL School Board, Series 2016 B, Ref. COP
5.00%   08/01/2027     310        322,714
Orange (County of), FL School Board, Series 2017, Ref. COP
5.00%   08/01/2027     105        112,075
Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB
5.00%   10/01/2027     25         26,833
Pinellas (County of), FL School Board, Series 2017 A, COP
5.00%   07/01/2041     25         25,876
Polk County School District, Series 2020 A, Ref. COP
5.00%   01/01/2027     150        157,900
Reedy Creek Improvement District, Series 2017 A, GO Bonds
5.00%   06/01/2037     200        207,184
South Broward Hospital District, Series 2017, Ref. RB
4.00%   05/01/2032     50         50,697
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
5.00%   08/15/2029     130        137,175
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
5.00%   08/15/2032     35         36,645
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
4.00%   08/15/2033     15         15,189
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
5.00%   08/15/2037     20         20,780
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
4.00%   08/15/2042     255        245,512
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB
5.00%   07/01/2047     305        312,227
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
5.00%   10/01/2027     20         21,430
Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB
5.00%   10/15/2047     110       112,730
                6,001,850
Georgia-1.72%                
Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)(b)
5.50%   11/01/2027     65         68,125
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
5.75%   11/01/2027     45         49,390
Atlanta (City of), GA, Series 2017 A, Ref. RB
5.00%   11/01/2031     10         10,647
Atlanta (City of), GA, Series 2017 A, Ref. RB
5.00%   11/01/2032     105        111,542
Atlanta (City of), GA, Series 2017 A, Ref. RB
5.00%   11/01/2038     10         10,523
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2027     40         42,997
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2029     110        117,740
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2031     35         37,264
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2032     60         63,738
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2033     55         58,370
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2034     40         42,402
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2035     105        111,121
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2036     45        47,521
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
189
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Atlanta (City of), GA, Series 2018, Ref. RB
5.00%   11/01/2040   $ 25   $     26,200
Atlanta (City of), GA, Series 2018, Ref. RB
5.00%   11/01/2041     55         57,527
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
5.00%   07/01/2027     30         32,048
Clark County School District, Series 2022, GO Bonds
5.00%   09/01/2027     15         16,085
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RAC
5.00%   04/01/2047     200        203,314
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 A, Ref. RB
5.00%   02/15/2042     10         10,225
Georgia (State of), Series 2016 E, Ref. GO Bonds
5.00%   12/01/2027     390        410,015
Georgia (State of), Series 2016 F, Ref. GO Bonds
5.00%   01/01/2027     540        571,077
Georgia (State of), Series 2016 F, Ref. GO Bonds
5.00%   07/01/2027     10         10,577
Georgia (State of), Series 2016 F, Ref. GO Bonds
5.00%   07/01/2028     125        131,794
Georgia (State of), Series 2017 A-1, GO Bonds
5.00%   02/01/2027     40         42,385
Georgia (State of), Series 2019 A, GO Bonds
5.00%   07/01/2027     40         42,798
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
5.00%   02/01/2027     30         30,971
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2027     35         37,309
Gwinnett (County of), GA Development Authority, Series 2017, Ref. RB
5.00%   07/01/2040     20         20,672
Gwinnett County School District, Series 2022 B, GO Bonds
5.00%   08/01/2027     440       471,440
                2,885,817
Hawaii-0.86%                
Hawaii (State of), Series 2016 FB, GO Bonds
5.00%   04/01/2027     235        243,411
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
5.00%   10/01/2027     15         15,716
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
5.00%   10/01/2027     10         10,486
Hawaii (State of), Series 2017 FK, GO Bonds
5.00%   05/01/2027     35         37,248
Hawaii (State of), Series 2017 FK, GO Bonds
5.00%   05/01/2029     35         37,139
Hawaii (State of), Series 2017 FK, GO Bonds
4.00%   05/01/2031     190        195,315
Hawaii (State of), Series 2017 FK, GO Bonds
5.00%   05/01/2033     60         63,413
Hawaii (State of), Series 2017 FK, GO Bonds
4.00%   05/01/2036     15         15,188
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2027     50         53,713
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2030     410        437,908
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2031     20         21,331
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds
5.00%   11/01/2027     60         64,570
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
5.00%   09/01/2027     25         26,808
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
5.00%   03/01/2027     210       222,646
                1,444,892
Idaho-0.06%                
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC
5.00%   07/15/2027     70         74,704
Idaho State Building Authority, Series 2017 A, RB(a)
4.00%   09/01/2027     30        31,265
                105,969
Illinois-6.80%                
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds
6.00%   01/01/2038     200        207,712
Chicago (City of), IL, Series 2017, Ref. RB
5.00%   11/01/2029     5          5,305
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
5.00%   11/01/2030     500        530,897
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
5.00%   11/01/2033     600        633,383
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
5.00%   11/01/2034     250        263,310
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
5.00%   11/01/2035     150        157,719
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
5.00%   11/01/2036     5          5,240
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds
5.00%   01/01/2027     125        129,718
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
5.00%   01/01/2027     15         15,415
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2033     10         10,383
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2034     90         93,355
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2035     5          5,182
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2036     310        320,831
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2037     45         46,504
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2038     330        340,651
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
5.00%   01/01/2039     40        41,197
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
190
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB
5.00%   01/01/2041   $ 245   $    251,414
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.25%   01/01/2035     10         10,444
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.25%   01/01/2036     35         36,505
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.00%   01/01/2047     115        117,402
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.00%   01/01/2052     320        325,788
Chicago (City of), IL (O’Hare International Airport), Series 2017 F, RB, (INS - BAM)(b)
4.25%   01/01/2047     165        165,398
Chicago (City of), IL Board of Education, Series 2017, RB
5.75%   04/01/2033     100        105,395
Chicago (City of), IL Board of Education, Series 2017, RB
5.00%   04/01/2042     480        488,169
Chicago (City of), IL Board of Education, Series 2017, RB
5.00%   04/01/2046     210        212,593
Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGM)(b)
5.00%   12/01/2027     100        105,190
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
5.00%   12/01/2027     60         63,107
Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds
5.00%   01/01/2027     65         68,123
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
5.00%   06/01/2027     35         36,795
Cook (County of), IL, Series 2017, Ref. RB
5.00%   11/15/2033     100        105,310
Cook (County of), IL, Series 2017, Ref. RB
4.00%   11/15/2034     95         96,698
Cook (County of), IL, Series 2017, Ref. RB
5.00%   11/15/2038     5          5,225
Cook (County of), IL, Series 2018, Ref. RB
5.00%   11/15/2033     85         89,514
Cook (County of), IL, Series 2018, Ref. RB
4.00%   11/15/2038     25         25,183
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2027     30         32,064
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
4.00%   11/15/2027     150        155,010
Illinois (State of), Series 2016, Ref. GO Bonds
5.00%   02/01/2027     100        104,760
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(b)
4.00%   02/01/2031     250        253,137
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(b)
4.00%   02/01/2032     20         20,209
Illinois (State of), Series 2017 A, GO Bonds
5.00%   12/01/2031     50         52,685
Illinois (State of), Series 2017 A, GO Bonds
5.00%   12/01/2032     500        525,344
Illinois (State of), Series 2017 C, GO Bonds
5.00%   11/01/2029     365        387,164
Illinois (State of), Series 2017 D, GO Bonds
5.00%   11/01/2027     470        499,611
Illinois (State of), Series 2022 B, Ref. GO Bonds
5.00%   03/01/2027     45         47,217
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   02/15/2041     1,000     1,028,612
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
5.00%   02/15/2030     120        126,082
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
5.00%   02/15/2032     30         31,393
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
4.00%   02/15/2033     545        553,843
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
3.75%   02/15/2034     230        229,661
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
5.00%   02/15/2036     150        156,314
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   01/01/2027     140        148,024
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   01/01/2030     20         20,969
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   07/01/2030     95         99,547
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   07/01/2031     30         31,391
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   07/01/2033     25         26,109
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   07/01/2034     225        234,782
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   07/01/2036     75         78,046
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)
4.00%   01/01/2027     45         46,310
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)
5.00%   01/01/2027     85         89,378
Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB
5.00%   03/01/2047     600        604,059
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB
5.00%   10/01/2048     25         25,653
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2023, Ref. RB
5.00%   12/15/2027     40         42,407
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2027     200        211,184
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2027     135        142,549
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds
5.00%   01/01/2029     60         63,297
Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)(b)
4.00%   01/01/2040     200        200,306
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
5.00%   01/01/2027     35         36,754
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds
4.00%   01/01/2027     10        10,271
                11,429,197
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
191
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Indiana-0.36%                
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   06/01/2027   $ 165   $    173,580
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
5.00%   11/01/2029     135        143,395
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
5.00%   11/01/2030     15         15,904
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
5.00%   11/01/2032     15         15,827
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
4.00%   11/01/2033     15         15,221
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
4.00%   11/01/2034     80         81,087
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB
5.00%   02/01/2027     80         83,419
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2027     25         26,454
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB
5.00%   10/01/2027     40        41,860
                596,747
Iowa-0.27%                
Iowa (State of), Series 2016 A, Ref. RB
5.00%   06/01/2027     70         72,773
Iowa (State of) Finance Authority, Series 2017, Ref. RB
5.00%   08/01/2029     20         21,303
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
5.00%   08/01/2027     250        267,864
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
5.00%   08/01/2030     80        84,803
                446,743
Kansas-0.32%                
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
5.00%   09/01/2027     15         16,063
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
5.00%   09/01/2027     75         80,313
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
5.00%   09/01/2027     10         10,708
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
4.00%   09/01/2027     10         10,235
Kansas (State of) Department of Transportation, Series 2017 A, RB
5.00%   09/01/2035     75         78,614
Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds(a)
5.00%   09/01/2027     80         85,667
University of Kansas Hospital Authority (KS Health System), Series 2017 A, Ref. RB
5.00%   03/01/2047     250       254,753
                536,353
Kentucky-0.51%                
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB
4.13%   08/15/2041     120        120,052
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
5.00%   06/01/2037     150        153,593
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
5.25%   06/01/2041     20         20,407
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(b)
4.00%   06/01/2037     135        135,250
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 B, Ref. RB, (INS - AGM)(b)
4.00%   06/01/2037     50         50,093
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
5.00%   11/01/2027     250        261,139
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB
5.00%   04/01/2037     15         15,606
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB
5.00%   04/01/2038     30         31,162
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB
5.00%   07/01/2027     70        72,546
                859,848
Louisiana-0.97%                
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(b)
5.00%   12/01/2042     50         51,588
Lafayette (Parish of), LA School Board, Series 2018, RB(a)
5.00%   04/01/2027     25         26,523
Louisiana (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2027     100        104,177
Louisiana (State of), Series 2017 B, GO Bonds
5.00%   10/01/2029     120        127,410
Louisiana (State of), Series 2017 B, GO Bonds
5.00%   10/01/2030     135        142,836
Louisiana (State of), Series 2017 B, GO Bonds
4.00%   10/01/2034     10         10,214
Louisiana (State of), Series 2017 B, GO Bonds
4.00%   10/01/2035     65         66,232
Louisiana (State of), Series 2017 B, GO Bonds
4.00%   10/01/2036     50         50,921
Louisiana (State of), Series 2017 C, Ref. RB
5.00%   05/01/2040     20         20,838
Louisiana (State of) (Garvee), Series 2019 A, RB
5.00%   09/01/2027     130        138,976
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
5.00%   08/15/2030     75        78,665
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
192
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Louisiana-(continued)                
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
5.00%   08/15/2031   $ 120   $    125,508
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
5.00%   08/15/2034     70         72,752
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
5.00%   08/15/2037     40         41,266
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(b)
5.00%   10/01/2048     150        152,494
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB
5.00%   07/01/2047     5          5,102
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
4.00%   05/15/2037     195        195,869
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
5.00%   05/15/2046     70         70,985
Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)(b)
5.00%   12/01/2041     150       154,827
                1,637,183
Maryland-2.38%                
Baltimore (City of), MD (Wastewater), Series 2017 A, RB
5.00%   07/01/2046     500        511,760
Howard (County of), MD, Series 2017 B, Ref. GO Bonds
5.00%   02/15/2027     10         10,606
Maryland (State of), Second Series 2020 B, Ref. GO Bonds
5.00%   08/01/2027     20         21,441
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2027     15         15,940
Maryland (State of), Series 2017 A, GO Bonds
5.00%   08/01/2027     40         42,881
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2029     160        169,035
Maryland (State of), Series 2017 A, GO Bonds
5.00%   08/01/2029     15         15,968
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2031     105        110,380
Maryland (State of), Series 2018 A, GO Bonds
5.00%   03/15/2027     90         95,641
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
5.00%   08/01/2027     620        664,664
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   09/01/2027     125        134,078
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   09/01/2030     25         26,604
Maryland (State of) Department of Transportation, Series 2019, RB
5.00%   10/01/2027     25         26,864
Maryland (State of) Department of Transportation, Series 2019, RB
4.00%   10/01/2032     40         40,850
Maryland (State of) Department of Transportation, Series 2021 A, RB
5.00%   10/01/2027     145        155,811
Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB
5.00%   12/01/2027     5          5,392
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
5.00%   10/01/2027     70         73,479
Maryland (State of) Health & Higher Educational Facilities Authority (Goucher College), Series 2017 A, Ref. RB
5.00%   07/01/2044     135        135,145
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
5.00%   05/15/2045     115        117,818
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB
3.75%   07/01/2036     675        678,623
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB
4.00%   07/01/2039     15         15,100
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2027     5          5,341
Montgomery (County of), MD, Series 2019 A, GO Bonds
5.00%   11/01/2027     25         26,952
Montgomery (County of), MD, Series 2020 A, GO Bonds
4.00%   08/01/2027     200        208,762
Prince George’s (County of), MD, Series 2019 A, GO Bonds
5.00%   07/15/2027     640       685,394
                3,994,529
Massachusetts-3.24%                
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(b)
5.50%   01/01/2027     50         53,252
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
5.00%   07/01/2027     10         10,700
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
5.00%   07/01/2027     10         10,419
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB
5.00%   06/01/2027     20         20,852
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2027     300        320,987
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2032     190        199,620
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2034     555        582,046
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2037     5          5,222
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2042     150        155,077
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2047     200        205,646
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.25%   04/01/2047     500       519,023
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
193
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
5.00%   06/01/2043   $ 90   $     93,774
Massachusetts (Commonwealth of), Series 2017 B, GO Bonds
5.00%   04/01/2037     60         62,666
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
5.00%   10/01/2027     40         43,044
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds
5.00%   07/01/2027     45         48,148
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
5.00%   11/01/2031     70         74,462
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
4.00%   11/01/2032     10         10,262
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
5.00%   11/01/2027     40         43,123
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%   11/01/2041     200        208,580
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%   11/01/2044     30         31,137
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%   11/01/2045     40         41,463
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
5.00%   07/01/2027     205        219,341
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
5.00%   01/01/2027     70         74,028
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
5.00%   05/01/2027     150        159,873
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds
5.00%   09/01/2027     30         32,224
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB
5.00%   06/01/2042     75         77,792
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
5.00%   07/01/2027     500        534,837
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB
5.00%   07/01/2027     800        835,575
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017 T, Ref. RB
4.00%   07/01/2042     205        205,252
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB
5.00%   07/01/2027     465        480,960
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
5.00%   10/15/2027     30         32,320
Massachusetts (Commonwealth of) Development Finance Agency (Sterling and Francine Clark Art Institute), Series 2016, Ref. RB
4.00%   07/01/2041     10         10,017
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)
5.25%   08/01/2027     25         27,005
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB
5.00%   08/01/2032     20        21,226
                5,449,953
Michigan-1.08%                
Great Lakes Water Authority, Series 2016 C, Ref. RB
5.00%   07/01/2027     95         99,103
Great Lakes Water Authority, Series 2024 A, Ref. RB
5.00%   07/01/2027     10         10,654
Great Lakes Water Authority, Series 2024 A, Ref. RB
5.00%   07/01/2027     15         15,981
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB
5.00%   11/01/2045     165        169,070
Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB
5.00%   05/01/2042     180        185,891
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2027     90         97,052
Michigan (State of) (Garvee), Series 2016, Ref. RB
5.00%   03/15/2027     125        132,486
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
5.00%   12/01/2034     245        257,179
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
5.00%   12/01/2037     155        161,968
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 MI, Ref. RB
5.00%   12/01/2031     50         52,386
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
5.00%   12/01/2027     10         10,691
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
5.00%   12/01/2035     170        178,177
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
4.00%   12/01/2036     155        156,180
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB
5.00%   12/01/2032     120        126,691
University of Michigan, Series 2017 A, Ref. RB(a)
5.00%   04/01/2027     35         37,133
University of Michigan, Series 2017 A, Ref. RB
5.00%   04/01/2029     20         21,201
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2017 A, RB
5.00%   12/01/2047     100       102,739
                1,814,582
Minnesota-0.84%                
Metropolitan Council, Series 2021 C, GO Bonds
5.00%   12/01/2027     90         97,117
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2027     30         31,615
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2030     10         10,493
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2031     20         20,950
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2032     35         36,607
Minnesota (State of), Series 2017 A, GO Bonds
5.00%   10/01/2027     70         75,305
Minnesota (State of), Series 2017 A, GO Bonds
5.00%   10/01/2032     640       681,070
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
194
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Minnesota-(continued)                
Minnesota (State of), Series 2017 D, Ref. GO Bonds
5.00%   10/01/2027   $ 50   $     53,790
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2027     15         16,076
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2027     295        316,165
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2027     10         10,738
Minnesota (State of), Series 2021 B, GO Bonds
5.00%   09/01/2027     20         21,477
Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB
5.00%   10/01/2047     20         20,324
University of Minnesota, Series 2017 B, Ref. RB
5.00%   12/01/2030     15         15,913
University of Minnesota, Series 2017 B, Ref. RB
5.00%   12/01/2031     10        10,589
                1,418,229
Mississippi-0.86%                
Mississippi (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2027     10         10,743
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
5.00%   10/01/2027     160        172,077
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
5.00%   10/01/2027     20         21,510
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
5.00%   10/01/2027     85         91,416
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
5.00%   10/01/2027     50         53,774
Mississippi (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2029     25         26,659
Mississippi (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2030     1,010     1,072,649
                1,448,828
Missouri-0.24%                
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
5.00%   05/01/2027     25         26,606
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
5.00%   05/01/2047     20         20,508
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
5.00%   10/01/2027     25         26,795
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
5.00%   06/01/2027     200        211,283
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
5.00%   06/01/2027     5          5,294
Springfield (City of), MO, Series 2015, Ref. RB
3.25%   08/01/2027     20         20,019
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(b)
5.50%   07/01/2027     80        86,046
                396,551
Nebraska-0.19%                
Douglas (County of), NE (Creighton University), Series 2017, Ref. RB
5.00%   07/01/2047     70         71,527
Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds
5.25%   04/01/2027     75         80,054
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB
5.00%   02/01/2027     25         25,792
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
5.00%   02/01/2037     140       147,339
                324,712
Nevada-1.18%                
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB
5.00%   09/01/2047     100        101,587
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
5.00%   11/01/2027     50         52,552
Clark (County of), NV, Series 2017, Ref. GO Bonds
5.00%   06/01/2030     990     1,048,537
Clark (County of), NV, Series 2017, Ref. GO Bonds
4.00%   06/01/2032     50         50,826
Clark (County of), NV, Series 2020 C, Ref. RB
5.00%   07/01/2027     25         26,671
Clark County School District, Series 2017 C, Ref. GO Bonds
4.00%   06/15/2037     50         50,105
Las Vegas Valley Water District, Series 2021 C, GO Bonds
5.00%   06/01/2027     60         63,925
Nevada (State of), Series 2017, RB
5.00%   12/01/2031     185        195,286
Truckee Meadows Water Authority, Series 2017, Ref. RB
5.00%   07/01/2030     375       397,921
                1,987,410
New Hampshire-0.03%                
New Hampshire (State of) Health and Education Facilities Authority (Concord Hospital Trust), Series 2017, RB
5.00%   10/01/2047     55        56,288
New Jersey-2.97%                
Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)(b)
5.00%   03/01/2037     100        103,561
New Jersey (State of), Series 2016, GO Bonds
3.50%   06/01/2030     10         10,132
New Jersey (State of), Series 2020 A, GO Bonds
5.00%   06/01/2027     700        746,173
New Jersey (State of), Series 2020, GO Bonds
5.00%   06/01/2040     220        230,544
New Jersey (State of), Series 2020, GO Bonds
5.00%   06/01/2041     250       261,648
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
195
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Economic Development Authority, Series 2017 A, RB
4.00%   11/01/2027   $ 315   $    327,308
New Jersey (State of) Economic Development Authority, Series 2017 A, RB
5.00%   11/01/2027     100        106,917
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB
5.00%   07/01/2033     100        102,344
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB
4.00%   07/01/2034     50         49,000
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(b)
5.00%   07/01/2027     20         21,046
New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB(a)
5.00%   06/15/2027     60         64,029
New Jersey (State of) Economic Development Authority, Series 2018 A, RB
5.00%   06/15/2047     200        204,553
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
5.00%   07/01/2029     100        106,569
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
5.00%   07/01/2031     75         79,574
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
5.00%   07/01/2032     15         15,888
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
5.00%   07/01/2034     115        121,323
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
4.00%   07/01/2035     15         15,284
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2029     45         47,956
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2030     25         26,584
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2031     500        530,490
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2032     20         21,183
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2034     10         10,550
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2035     20         21,072
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2036     10         10,504
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
4.00%   07/01/2038     100        101,218
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
4.00%   07/01/2041     25         25,018
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
4.00%   07/01/2036     20         20,111
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
5.00%   07/01/2037     210        218,653
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
4.00%   07/01/2047     35         34,060
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
5.00%   07/01/2052     185        188,548
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
5.00%   07/01/2027     40         42,617
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
5.00%   07/01/2029     75         79,484
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
4.00%   07/01/2034     15         15,166
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB
5.00%   07/01/2042     100        102,822
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
5.00%   06/15/2027     145        150,264
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2027     60         64,280
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
5.00%   12/15/2027     140        149,986
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
5.00%   06/15/2027     125        132,641
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2029     50         52,581
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2030     50         52,485
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2031     10         10,469
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2032     65         67,870
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2033     50         52,120
New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB
5.00%   01/01/2034     55         57,280
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2027     40         42,218
Newark (City of), NJ Housing Authority, Series 2017, Ref. RB
4.00%   01/01/2037     100       100,758
                4,994,881
New Mexico-0.54%                
New Mexico (State of) (Capital), Series 2017 A, GO Bonds
5.00%   03/01/2027     25         26,518
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
5.00%   06/15/2027     20         21,327
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2035     20        20,142
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
196
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Mexico-(continued)                
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2036   $ 220   $    221,170
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
5.00%   07/01/2027     500        534,412
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
5.00%   07/01/2027     80        85,506
                909,075
New York-17.78%                
Albany (County of), NY, Series 2018, GO Bonds
5.00%   04/01/2027     45         46,824
Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB
5.00%   01/01/2042     160        164,332
Build NYC Resource Corp. (Manhattan College), Series 2017, Ref. RB
5.00%   08/01/2047     235        237,218
Hempstead Town Local Development Corp., Series 2017, Ref. RB
5.00%   07/01/2047     100        102,477
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2031     205        214,946
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2034     120        125,438
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2035     100        104,354
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
4.00%   02/15/2036     25         25,431
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2037     5          5,207
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2039     855        887,794
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2042     450        464,833
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2045     500        514,838
Long Island (City of), NY Power Authority, Series 2017, RB
5.00%   09/01/2047     250        259,650
Metropolitan Transportation Authority, Series 2017 A, RB
4.00%   11/15/2035     20         20,358
Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   11/15/2035     340        355,246
Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   11/15/2042     50         51,668
Metropolitan Transportation Authority, Series 2017 A-2, Ref. RB
5.00%   11/15/2028     90         95,197
Metropolitan Transportation Authority, Series 2017 B-2, RB
5.00%   11/15/2027     25         26,949
Metropolitan Transportation Authority, Series 2017 B-2, RB
5.25%   11/15/2033     125        132,860
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   11/15/2047     100        102,818
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB
5.00%   11/15/2027     205        218,940
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
5.00%   11/15/2034     150        158,019
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
5.00%   11/15/2035     115        121,148
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
5.00%   11/15/2042     260        270,380
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
5.00%   11/15/2033     155        163,576
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
5.00%   11/15/2034     95        100,079
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
5.00%   11/15/2027     50         53,400
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB
4.00%   07/01/2043     35         35,064
Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB
4.00%   07/01/2043     45         45,082
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds
5.00%   10/01/2027     15         16,151
Nassau Health Care Corp., Series 2009, Ref. RB
5.00%   08/01/2027     15         16,072
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2029     15         16,024
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2030     10         10,666
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2032     60         63,779
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2033     170        180,529
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2047     300        311,303
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.25%   11/15/2057     100        104,745
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2027     70         75,126
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
4.00%   12/01/2027     160        167,948
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB
5.00%   11/15/2031     130        138,376
New York (City of), NY, Series 2008 J-9, GO Bonds
5.00%   08/01/2027     35         36,369
New York (City of), NY, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2027     140        149,637
New York (City of), NY, Series 2017 B-1, GO Bonds
5.25%   10/01/2030     130        138,698
New York (City of), NY, Series 2017 B-1, GO Bonds
5.25%   10/01/2032     120        127,594
New York (City of), NY, Series 2017 B-1, GO Bonds
3.00%   10/01/2034     45         42,022
New York (City of), NY, Series 2017 B-1, GO Bonds
5.00%   10/01/2037     250        262,468
New York (City of), NY, Series 2017 B-1, GO Bonds
4.00%   10/01/2041     1,000        996,104
New York (City of), NY, Series 2017 C, Ref. GO Bonds
5.00%   08/01/2028     250        263,105
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2027     300        320,651
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2027     450        476,538
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2027     500       529,487
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
197
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB
5.00%   06/15/2046   $ 420   $    434,288
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
5.00%   06/15/2036     70         73,459
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
5.00%   06/15/2037     15         15,718
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
4.00%   06/15/2039     115        115,615
New York (City of), NY Municipal Water Finance Authority, Series 2017, RB
4.00%   06/15/2037     20         20,231
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB
5.00%   06/15/2029     100        106,151
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB
5.00%   06/15/2037     140        146,699
New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB
5.00%   06/15/2030     5          5,297
New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB
5.00%   06/15/2031     5          5,285
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB
5.00%   06/15/2032     30         31,943
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB
4.00%   06/15/2048     155        151,694
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
5.00%   06/15/2040     1,000     1,049,120
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
5.00%   06/15/2040     200        209,824
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
5.00%   06/15/2027     265        283,394
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2033     5          5,269
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2034     5          5,263
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2035     25         26,282
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2037     50         52,421
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2039     150        156,741
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
5.00%   08/01/2040     250        260,677
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
5.00%   08/01/2041     250        260,134
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB
5.00%   02/01/2038     15         15,583
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB
5.00%   02/01/2039     1,015     1,052,610
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%   08/01/2030     140        148,077
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%   08/01/2032     40         42,189
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%   08/01/2034     365        384,234
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
4.00%   08/01/2035     85         86,615
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2027     35         37,128
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2028     140        147,590
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2031     35         36,781
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
5.00%   11/01/2033     90         94,392
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
4.00%   11/01/2034     20         20,312
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
5.00%   02/01/2030     20         20,951
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
3.50%   02/01/2038     45         44,214
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
5.00%   02/01/2043     215        221,750
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%   05/01/2031     210        220,737
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%   05/01/2036     100        104,551
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
4.00%   05/01/2037     325        328,892
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
5.00%   07/15/2030     180        190,094
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
5.00%   07/15/2032     120        126,341
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
5.00%   07/15/2035     55         57,689
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   11/01/2027     35         37,722
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2031     20         20,923
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2032     625        653,154
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2033     5          5,220
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2034     15         15,652
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2036     90         93,706
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2037     25         25,998
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB
5.00%   07/15/2031     15         15,810
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB
4.00%   07/15/2036     145        146,824
New York (City of), NY Transitional Finance Authority, Series 2018-1, RB
5.00%   11/01/2029     10         10,644
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2027     245        264,051
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2027     75         80,832
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2027     95        102,387
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2027     40         43,110
New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB
5.00%   08/01/2031     15         15,842
New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB
5.00%   08/01/2033     35         36,881
New York (City of), NY Transitional Finance Authority, Subseries 2017 F-1, RB
5.00%   05/01/2038     10        10,428
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
198
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB
5.00%   07/15/2027   $ 10   $     10,698
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
4.00%   04/01/2027     35         36,074
New York (State of) Dormitory Authority, Series 2017 A, RB(a)
5.00%   03/15/2027     85         90,303
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   10/01/2027     25         26,964
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2029     40         42,108
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2030     15         15,756
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2035     50         52,058
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2037     10         10,383
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2038     90         93,340
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2039     35         36,240
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2040     120        124,136
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2041     700        723,147
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)
5.00%   02/15/2027     40         42,374
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
5.00%   02/15/2029     125        130,955
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
5.00%   07/01/2030     20         21,181
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
5.00%   02/15/2032     310        323,498
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
5.00%   02/15/2037     70         72,685
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2030     45         47,503
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2032     110        115,787
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2033     40         42,056
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2034     15         15,760
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2035     90         94,450
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2037     130        136,031
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2041     150        157,238
New York (State of) Dormitory Authority, Series 2017, Ref. RB
4.00%   02/15/2034     75         76,288
New York (State of) Dormitory Authority, Series 2017, Ref. RB
4.00%   02/15/2035     130        131,393
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
5.00%   01/15/2027     35         36,924
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   10/01/2027     1,000     1,041,955
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   10/01/2027     140        150,352
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   10/01/2030     20         21,156
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   10/01/2033     250        263,374
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   10/01/2034     220        231,583
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2027     195        207,320
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(b)
5.00%   10/01/2027     50         53,713
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)
5.00%   03/15/2027     60         63,743
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB
5.00%   02/15/2042     290        301,164
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
4.00%   08/01/2043     350        348,459
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB
5.00%   07/01/2027     40         42,730
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB
5.00%   08/01/2027     35         36,145
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
5.00%   07/01/2046     100        101,624
New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)(b)
5.75%   07/01/2027     70         73,625
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB
5.00%   07/01/2042     600        621,678
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2027     30         32,090
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
5.00%   12/15/2039     260        273,342
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
5.00%   12/15/2041     1,000     1,047,942
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2027     35         37,429
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2031     175        184,928
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2033     15         15,815
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2034     95        100,092
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2035     80        84,160
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
199
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2042   $ 5   $      5,202
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB
5.00%   06/15/2027     25         26,735
New York State Urban Development Corp., Series 2017 A, Ref. RB
5.00%   03/15/2030     200        210,034
New York State Urban Development Corp., Series 2017 A, Ref. RB
5.00%   03/15/2032     175        183,375
New York State Urban Development Corp., Series 2017 A, Ref. RB
5.00%   03/15/2033     225        235,486
New York State Urban Development Corp., Series 2017 C, Ref. RB
5.00%   03/15/2034     30         31,666
New York State Urban Development Corp., Series 2017 C, Ref. RB
5.00%   03/15/2037     85         89,267
New York State Urban Development Corp., Series 2017 C, Ref. RB
5.00%   03/15/2040     150        156,840
New York State Urban Development Corp., Series 2017 C-2, Ref. RB
5.00%   03/15/2035     250        263,478
New York State Urban Development Corp., Series 2017 C-2, Ref. RB
5.00%   03/15/2036     40         42,077
New York State Urban Development Corp., Series 2017 C-3, Ref. RB
5.00%   03/15/2041     180        187,960
New York State Urban Development Corp., Series 2017, Ref. RB
5.00%   03/15/2029     35         36,809
Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)(b)
4.00%   10/15/2027     105        109,632
Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB
5.00%   11/15/2027     65         70,010
Triborough Bridge & Tunnel Authority, Series 2017 A, RB
5.00%   11/15/2027     10         10,550
Triborough Bridge & Tunnel Authority, Series 2017 A, RB
5.00%   11/15/2047     15         15,427
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2029     55         57,953
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2030     75         78,846
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2031     215        225,683
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2032     580        606,890
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2033     185        193,462
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2034     80         83,575
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2037     175        182,195
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2038     175        181,988
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB
5.00%   11/15/2027     105        112,547
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB
5.00%   11/15/2042     10         10,412
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB
5.00%   11/15/2027     20         21,542
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.00%   05/15/2027     445        473,997
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
5.00%   11/15/2027     5          5,385
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB
5.00%   11/15/2027     15        16,156
                29,887,865
North Carolina-1.01%                
Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds
5.00%   07/01/2027     500        534,979
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB
5.00%   01/15/2027     70         73,782
Mecklenburg (County of), NC, Series 2017 A, GO Bonds
4.00%   04/01/2029     40         41,015
North Carolina (State of), Series 2016 A, Ref. GO Bonds
5.00%   06/01/2027     80         83,130
North Carolina (State of), Series 2017 B, Ref. RB
5.00%   05/01/2027     50         53,238
North Carolina (State of), Series 2017 B, Ref. RB
5.00%   05/01/2029     530        561,645
North Carolina (State of), Series 2018 A, GO Bonds
5.00%   06/01/2027     85         90,770
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
5.00%   05/01/2027     70         74,533
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
5.00%   05/01/2027     50         53,238
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
5.00%   05/01/2027     45         47,914
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
5.00%   01/01/2027     20         20,553
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
5.00%   01/01/2027     25         25,945
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2027     20         21,204
Wake (County of), NC, Series 2023 A, Ref. GO Bonds
5.00%   05/01/2027     20        21,316
                1,703,262
Ohio-2.60%                
Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB
5.00%   12/01/2047     100        101,382
Columbus (City of), OH, Series 2017 A, GO Bonds
4.00%   04/01/2033     130        133,146
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
4.00%   04/01/2027     30         31,122
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
5.00%   04/01/2029     15         16,071
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2027     120        127,621
Columbus (City of), OH, Series 2022 A, GO Bonds
5.00%   04/01/2027     55         58,493
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.00%   02/15/2052     500       505,565
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
200
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.50%   02/15/2052   $ 125   $    127,767
Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB
5.00%   12/01/2047     210        215,146
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB
4.00%   12/01/2046     145        140,678
Hamilton (County of), OH, Series 2016 A, Ref. RB
5.00%   12/01/2027     20         21,465
Ohio (State of), Series 2017 B, Ref. GO Bonds
5.00%   09/15/2027     35         37,595
Ohio (State of), Series 2017 C, Ref. GO Bonds
5.00%   08/01/2027     110        117,828
Ohio (State of), Series 2017 U, Ref. GO Bonds
5.00%   05/01/2027     25         26,626
Ohio (State of), Series 2019 A, GO Bonds(a)
5.00%   05/01/2027     135        143,958
Ohio (State of), Series 2019 A, GO Bonds
5.00%   05/01/2031     45         47,643
Ohio (State of), Series 2019 A, GO Bonds
5.00%   05/01/2033     10         10,566
Ohio (State of), Series 2019 A, GO Bonds
5.00%   05/01/2038     10         10,485
Ohio (State of), Series 2019-1, RB
5.00%   12/15/2027     125        134,753
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2017, RB
5.00%   07/01/2042     500        514,786
Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB
5.25%   02/15/2027     25         26,626
Ohio (State of) Water Development Authority, Series 2019 A, RB
5.00%   06/01/2027     40         42,671
Ohio (State of) Water Development Authority, Series 2019 A, RB
5.00%   12/01/2027     65         70,077
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   06/01/2027     350        373,183
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   12/01/2027     30         31,888
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   06/01/2029     10         10,608
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   12/01/2029     20         21,210
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   06/01/2030     25         26,465
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
5.00%   12/01/2031     620        655,480
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB
5.00%   12/01/2027     5          5,390
Ohio State University (The), Series 2017 A, Ref. RB
5.00%   12/01/2044     240        249,286
Ohio State University (The), Series 2020 A, Ref. RB
5.00%   12/01/2027     45         48,588
University of Cincinnati, Series 2017 A, RB
5.00%   06/01/2045     280       287,250
                4,371,418
Oklahoma-0.41%                
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
5.00%   09/01/2027     15         15,567
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
4.00%   06/01/2027     25         25,782
Grand River Dam Authority, Series 2016 A, Ref. RB
5.00%   06/01/2027     30         31,406
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
5.00%   01/01/2047     20         20,600
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB
5.00%   01/01/2027     25         26,369
Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB
4.00%   01/01/2029     75         76,770
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
4.00%   01/01/2039     325        327,580
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
5.00%   01/01/2040     5          5,195
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
5.00%   01/01/2027     50         52,738
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB
5.00%   09/01/2027     95       101,389
                683,396
Oregon-0.81%                
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2033     25         26,436
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2034     20         21,138
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2037     145        152,733
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2027     20         21,288
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2032     70         74,388
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2033     15         15,936
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2034     55         58,357
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2036     60         63,480
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2037     25         26,388
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2029     70         74,524
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2031     100       106,076
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
201
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Oregon-(continued)                
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
5.00%   05/01/2027   $ 5   $      5,321
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB
5.00%   11/15/2027     40         42,479
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB
5.00%   11/15/2029     5          5,308
Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB(a)
4.00%   07/01/2027     50         51,987
Oregon (State of) Lottery, Series 2017 C, Ref. RB
5.00%   04/01/2030     40         42,372
Oregon (State of) Lottery, Series 2017 C, Ref. RB
5.00%   04/01/2031     135        142,729
Oregon Health & Science University, Series 2017 A, RB
5.00%   07/01/2042     100        102,916
Portland (Port of), OR, Series 2017 24A, RB
5.00%   07/01/2047     100        102,380
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2033     25         26,436
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2027     30         32,007
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2036     155       163,181
                1,357,860
Pennsylvania-4.97%                
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB
5.00%   08/01/2027     100        106,913
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB
5.00%   08/01/2029     15         15,942
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, Ref. RB
5.00%   08/01/2027     10         10,691
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
5.00%   04/01/2027     15         15,677
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
5.00%   03/01/2027     110        116,241
Chester (County of), PA, Series 2017, Ref. GO Bonds
5.00%   11/15/2030     25         26,877
Chester (County of), PA, Series 2017, Ref. GO Bonds
4.00%   11/15/2032     60         62,063
Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB
5.00%   10/01/2042     70         71,823
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2033     40         42,041
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2034     160        168,005
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2035     10         10,484
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2036     70         73,280
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2047     35         35,999
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB
5.00%   02/15/2045     275        280,505
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB
5.00%   02/15/2032     20         20,866
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB
4.00%   02/15/2039     95         94,687
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
4.00%   11/01/2034     80         80,848
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
5.00%   11/01/2034     55         57,793
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
5.00%   09/15/2027     80         83,709
Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds
4.00%   01/01/2030     100        101,968
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
5.00%   01/01/2027     255        269,200
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2027     50         53,185
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
5.00%   05/15/2027     225        239,540
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
5.00%   09/01/2027     5          5,359
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
5.00%   09/15/2027     105        109,784
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds
5.00%   01/15/2027     50         52,831
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
5.00%   07/15/2027     90         96,177
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2027     70         75,155
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
4.00%   11/15/2034     90         91,221
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
4.00%   11/15/2035     60         60,732
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
4.00%   11/15/2037     140        141,006
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
4.00%   11/15/2042     450        440,654
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB
5.00%   08/15/2033     15        15,743
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
202
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
4.00%   08/15/2036   $ 20   $     20,181
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
4.00%   08/15/2042     30         29,661
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
5.00%   08/15/2042     100        102,758
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
5.00%   08/15/2037     185        192,271
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
4.00%   08/15/2041     95         95,372
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
5.00%   12/01/2031     65         68,706
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
5.00%   12/01/2032     15         15,811
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
5.00%   12/01/2033     45         47,401
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
5.00%   12/01/2036     85         88,749
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB
6.00%   12/01/2030     85         93,239
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
5.00%   12/01/2027     15         15,703
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
5.00%   06/01/2027     15         15,547
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
5.00%   12/01/2042     45         46,735
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
5.00%   12/01/2047     200        207,793
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
5.00%   06/01/2036     190        197,779
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
5.00%   06/01/2037     165        171,474
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB
4.00%   06/01/2039     155        156,117
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
5.00%   06/01/2033     300        314,327
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
5.00%   06/01/2034     35         36,628
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
5.00%   06/01/2035     280        292,650
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
5.00%   12/01/2031     160        169,123
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
5.00%   12/01/2035     30         31,488
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
4.00%   12/01/2036     300        303,932
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
5.00%   12/01/2031     185        195,198
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
4.00%   12/01/2037     35         35,550
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
4.00%   12/01/2038     75         75,891
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB
5.00%   06/01/2031     55         57,622
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB
4.00%   06/01/2038     5          5,050
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB, (INS - AGM)(b)
4.00%   06/01/2037     90         91,055
Pennsylvania State University (The), Series 2017 A, RB
5.00%   09/01/2047     215        222,680
Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB
5.00%   08/01/2042     95         97,536
Philadelphia (City of), PA, Series 2017 A, RB
5.00%   10/01/2047     320        329,541
Philadelphia (City of), PA, Series 2017 A, RB
5.25%   10/01/2052     50         51,931
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2032     160        168,036
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2033     25         26,167
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2034     85         88,976
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
5.00%   08/01/2036     100        104,173
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds, (INS - AGM)(b)
5.00%   08/01/2035     95         99,763
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds
5.00%   08/01/2031     125        131,531
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds
5.00%   08/01/2041     30         31,052
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
5.00%   07/01/2033     5          5,238
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
4.00%   07/01/2035     50         50,315
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
4.00%   07/01/2036     210        210,497
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
4.00%   07/01/2037     30         30,044
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
5.00%   09/01/2042     100        101,752
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
5.00%   09/01/2047     50         50,574
Philadelphia School District (The), Series 2016 F, Ref. GO Bonds
5.00%   09/01/2027     30        31,147
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
203
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
5.00%   08/15/2031   $ 50   $     52,668
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
4.00%   08/15/2034     50         50,719
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
5.00%   08/15/2036     115       120,109
                8,355,259
Rhode Island-0.16%                
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
5.00%   06/15/2027     100        103,905
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB
5.00%   09/01/2029     100        106,749
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB
4.00%   09/01/2037     50        50,767
                261,421
South Carolina-0.56%                
Greenville County School District, Series 2023, Ref. RB
5.00%   12/01/2027     310        333,610
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
4.00%   11/01/2030     35         35,768
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
4.00%   11/01/2031     35         35,725
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
4.00%   11/01/2032     35         35,636
Mount Pleasent (Town of), SC, Series 2017 A, RB
4.00%   06/01/2044     375        374,156
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB
5.00%   10/01/2038     50         52,486
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB
5.00%   10/01/2039     50         52,310
South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB
5.00%   10/01/2037     5          5,260
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2027     15        16,109
                941,060
South Dakota-0.15%                
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB
4.00%   07/01/2042     30         29,024
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB
5.00%   09/01/2040     215       221,778
                250,802
Tennessee-0.87%                
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB
5.00%   01/01/2047     160        162,094
Knox (County of), TN Health, Educational & Housing Facility Board (University Health), Series 2017, Ref. RB
5.00%   04/01/2036     10         10,158
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
5.00%   01/01/2027     90         93,664
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB
5.00%   05/15/2042     460        476,862
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 B, RB
5.00%   07/01/2042     500        519,156
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
4.00%   07/01/2030     50         51,219
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2027     30         32,048
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
5.00%   05/15/2027     5          5,333
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2027     55         59,034
Tennessee Energy Acquisition Corp., Series 2006 C, RB
5.00%   02/01/2027     45        46,265
                1,455,833
Texas-7.46%                
Alamo Community College District, Series 2022, GO Notes
5.00%   02/15/2027     150        158,797
Aldine Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2036     120        124,866
Austin (City of), TX, Series 2015, Ref. GO Bonds
2.95%   09/01/2027     180        180,212
Austin (City of), TX, Series 2017, Ref. RB
5.00%   11/15/2027     25         26,919
Austin (City of), TX, Series 2017, Ref. RB
5.00%   11/15/2029     25         26,641
Austin (City of), TX, Series 2017, Ref. RB
5.00%   11/15/2042     60         62,159
Bexar (County of), TX, Series 2018, Ctfs. of Obligation
5.00%   06/15/2042     100        102,902
Bexar (County of), TX Hospital District, Series 2018, Ctfs. of Obligation
5.00%   02/15/2048     75         76,382
Board of Regents of the University of Texas System, Series 2016 E, RB
5.00%   08/15/2027     100        106,947
Board of Regents of the University of Texas System, Series 2016 J, RB
5.00%   08/15/2027     270        283,238
Board of Regents of the University of Texas System, Series 2017 B, RB
5.00%   08/15/2027     35         37,432
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2027     10         10,695
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
5.00%   08/15/2027     10         10,695
Central Texas Regional Mobility Authority, Series 2021 C, RB
5.00%   01/01/2027     75        76,807
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
204
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2027   $ 200   $    206,523
Dallas (City of), TX, Series 2017, RB
5.00%   10/01/2046     150        154,674
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2027     510        539,162
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2027     10         10,762
Dallas College, Series 2022, GO Bonds
5.00%   02/15/2033     500        523,403
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2027     200        214,013
El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds
4.00%   08/15/2038     115        108,996
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2029     80         84,740
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2030     125        131,790
Harris (County of), TX, Series 2020 A, Ref. GO Bonds
5.00%   10/01/2027     5          5,360
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
5.00%   08/15/2027     250        267,295
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
5.00%   11/01/2027     175        183,335
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
5.00%   12/01/2027     100        106,939
Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB
5.00%   11/15/2031     65         68,902
Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB
4.00%   11/15/2032     50         50,599
Hays (County of), TX, Series 2017, GO Bonds
4.00%   02/15/2042     65         65,068
Houston (City of), TX, Series 2016 A, Ref. GO Bonds
5.00%   03/01/2027     115        118,925
Houston (City of), TX, Series 2016 B, Ref. RB
5.00%   11/15/2027     65         68,260
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
5.00%   03/01/2030     115        120,425
Houston (City of), TX, Series 2017 B, Ref. RB
5.00%   11/15/2027     50         53,710
Houston (City of), TX, Series 2017 B, Ref. RB
5.00%   11/15/2042     1,000     1,035,370
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2027     85         87,723
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2034     400        418,222
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042     500        516,864
Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2029     75         77,030
Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2049     100        102,592
Lone Star College System, Series 2017 A, GO Bonds
5.00%   08/15/2042     20         20,656
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
5.00%   08/15/2029     110        116,071
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
4.00%   08/15/2034     50         50,273
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
4.00%   08/15/2035     325        326,048
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
4.00%   08/15/2037     100         99,572
North Texas Tollway Authority, Series 2017 A, Ref. RB
4.00%   01/01/2032     85         86,276
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2032     20         20,911
North Texas Tollway Authority, Series 2017 A, Ref. RB
4.00%   01/01/2033     150        151,970
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2033     105        109,619
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%   01/01/2032     5          5,201
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%   01/01/2048     180        183,243
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
4.00%   01/01/2034     415        421,748
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
4.00%   01/01/2035     100        101,435
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
4.00%   01/01/2036     40         40,382
North Texas Tollway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2027     90         94,657
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2027     55         58,882
San Antonio (City of), TX, Series 2016, Ref. RB
5.00%   02/01/2027     305        317,437
San Antonio (City of), TX, Series 2017, RB
5.00%   02/01/2047     140       143,899
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
205
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
San Antonio (City of), TX, Series 2017, Ref. RB
5.00%   02/01/2042   $ 250   $    256,743
San Antonio (City of), TX, Series 2018, Ref. RB
5.00%   02/01/2027     150        158,258
San Antonio Education Facilities Corp. (Trinity University), Series 2017, RB
5.00%   06/01/2047     315        327,005
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2039     300        310,955
Texas (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2032     65         68,699
Texas (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2033     105        110,838
Texas (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2034     80         84,356
Texas (State of), Series 2017 B, Ref. GO Bonds
5.00%   10/01/2033     175        184,731
Texas (State of), Series 2017, Ref. GO Bonds
5.00%   10/01/2030     30         31,861
Texas (State of), Series 2017, Ref. GO Bonds
5.00%   10/01/2031     5          5,298
Texas (State of), Series 2017, Ref. GO Bonds
5.00%   10/01/2032     45         47,561
Texas (State of), Series 2017, Ref. GO Bonds
5.00%   10/01/2035     10         10,522
Texas (State of) Water Development Board, Series 2016, RB
5.00%   04/15/2027     25         26,078
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%   04/15/2027     25         26,592
Texas (State of) Water Development Board, Series 2017 A, RB
4.00%   10/15/2032     15         15,347
Texas (State of) Water Development Board, Series 2017 A, RB
4.00%   10/15/2033     25         25,552
Texas (State of) Water Development Board, Series 2017 A, RB
4.00%   10/15/2042     100        100,029
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%   10/15/2042     190        197,037
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%   10/15/2047     820        846,679
Texas (State of) Water Development Board, Series 2017, RB
5.00%   10/15/2031     100        105,775
Texas (State of) Water Development Board, Series 2018, RB
5.00%   08/01/2027     280        299,844
Texas A&M University, Series 2017 E, Ref. RB
5.00%   05/15/2027     25         26,595
Texas A&M University, Series 2017 E, Ref. RB
5.00%   05/15/2029     80         84,733
Texas State University Board of Regents, Series 2017 A, Ref. RB
5.00%   03/15/2029     10         10,556
Texas State University Board of Regents, Series 2017 A, Ref. RB
5.00%   03/15/2030     150        157,806
Texas State University Board of Regents, Series 2017 A, Ref. RB
5.00%   03/15/2031     35         36,679
Trinity River Authority, Series 2017, Ref. RB
5.00%   08/01/2030     25        26,487
                12,536,270
Utah-0.38%                
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2027     5          5,341
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2027     105        112,289
Utah (State of), Series 2017, GO Bonds
5.00%   07/01/2027     95        100,364
Utah (State of), Series 2018, GO Bonds
5.00%   07/01/2027     30         32,090
Utah (State of), Series 2020 B, GO Bonds
5.00%   07/01/2027     35         37,439
Utah (State of), Series 2020, GO Bonds
5.00%   07/01/2027     150        160,451
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(b)
5.25%   06/15/2027     50         52,779
Utah (State of) Transit Authority, Series 2016, Ref. RB
3.00%   12/15/2027     145       145,056
                645,809
Virginia-1.98%                
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
4.50%   10/01/2027     30         31,768
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2023 A, RB
5.00%   07/01/2027     5          5,331
Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB
5.00%   12/01/2047     100        101,246
Richmond (City of), VA, Series 2016, Ref. RB
5.00%   01/15/2027     45         46,473
Richmond (City of), VA, Series 2017 B, Ref. GO Bonds
4.00%   07/15/2029     100        103,192
University of Virginia, Series 2017 A, Ref. RB
5.00%   04/01/2039     360        375,535
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB
5.00%   02/01/2027     50         51,626
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   09/01/2027     110        114,856
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
5.00%   02/01/2027     110        116,506
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB
5.00%   02/01/2027     250        264,787
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 C, RB
4.00%   02/01/2033     195        199,172
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
5.00%   02/01/2027     75        79,436
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
206
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-(continued)                
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
5.00%   02/01/2030   $ 15   $     15,801
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
5.00%   02/01/2031     20         21,013
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB
5.00%   02/01/2027     15         15,887
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
5.00%   02/01/2027     60         63,549
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB
5.00%   08/01/2029     60         63,962
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB
4.00%   08/01/2031     90         92,319
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
5.00%   08/01/2027     45         48,202
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2027     500        535,582
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
5.00%   05/15/2027     30         31,963
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
5.00%   05/15/2029     25         26,774
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
5.00%   05/15/2031     70         74,542
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
4.00%   05/15/2034     25         25,448
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
4.00%   05/15/2036     150        152,132
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
5.00%   03/15/2027     130        137,983
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
5.00%   09/15/2027     500       536,765
                3,331,850
Washington-3.45%                
Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2035     540        573,583
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2027     35         37,666
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB
5.00%   07/01/2029     170        180,773
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB
5.00%   07/01/2033     185        195,997
Energy Northwest (No. 1), Series 2020 A, Ref. RB
5.00%   07/01/2027     95        101,350
Energy Northwest (No. 3), Series 2018, Ref. RB
5.00%   07/01/2027     35         37,340
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2030     135        144,737
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2031     150        160,818
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2032     15         16,053
Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2027     10         10,439
King (County of), WA, Series 2017, Ref. GO Bonds
4.00%   07/01/2030     110        112,547
King (County of), WA, Series 2017, Ref. RB
5.00%   07/01/2049     100        103,761
King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2034     105        107,506
King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2035     35         35,769
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2027     120        126,301
King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2032     20         21,320
King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2033     130        138,541
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2027     70         73,076
Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2033     20         21,123
Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2036     10         10,524
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2035     100        105,343
Seattle (City of), WA, Series 2017 C, Ref. RB(a)
5.00%   09/01/2027     50        53,467
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
207
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Seattle (City of), WA, Series 2017 C, Ref. RB(a)
5.00%   09/01/2027   $ 10   $     10,693
Seattle (City of), WA, Series 2017 C, Ref. RB
4.00%   09/01/2035     150        152,172
Seattle (City of), WA (Green Bonds), Series 2020 A, RB
5.00%   07/01/2027     75         80,077
Seattle (Port of), WA, Series 2016, Ref. RB
5.00%   02/01/2027     60         61,783
Washington (State of), Series 2016 B, Ref. GO Bonds
5.00%   08/01/2027     195        203,631
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2033     40         42,307
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2035     65         68,618
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2036     50         52,669
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2038     115        120,746
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2040     10         10,457
Washington (State of), Series 2017 A, GO Bonds
5.00%   08/01/2042     150        156,306
Washington (State of), Series 2017 C, Ref. GO Bonds
5.00%   08/01/2027     20         21,406
Washington (State of), Series 2017 C, Ref. GO Bonds
5.00%   08/01/2029     255        271,469
Washington (State of), Series 2017 C, Ref. GO Bonds
5.00%   08/01/2034     210        222,051
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2027     40         42,327
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2029     60         63,230
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2030     10         10,522
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2033     25         26,196
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2035     10         10,467
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2040     80         83,090
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2042     160        165,691
Washington (State of), Series 2017 R, Ref. GO Bonds
5.00%   08/01/2027     610        652,877
Washington (State of), Series 2017 R, Ref. GO Bonds
5.00%   08/01/2032     150        158,909
Washington (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2035     30         31,696
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2027     205        216,927
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2027     30         32,109
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2027     30         31,745
Washington (State of), Series R-2017A, Ref. GO Bonds
5.00%   08/01/2027     35         36,549
Washington (State of), Series R-2018D, Ref. GO Bonds
5.00%   08/01/2030     30         31,825
Washington (State of), Series R-2018D, Ref. GO Bonds
5.00%   08/01/2035     40         42,261
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2017 A, RB
5.00%   10/01/2047     135        138,595
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
5.00%   08/15/2031     25         25,728
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
5.00%   08/15/2034     150       153,613
                5,796,776
West Virginia-0.05%                
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
5.00%   09/01/2027     45         47,893
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
5.00%   09/01/2029     30        31,855
                79,748
Wisconsin-1.32%                
Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds
3.25%   03/01/2036     100         98,282
Wisconsin (State of), Series 2017 2, Ref. GO Bonds
5.00%   11/01/2027     20         21,278
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
5.00%   11/01/2028     70         74,229
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
5.00%   11/01/2029     305        323,250
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
5.00%   11/01/2030     40         42,306
Wisconsin (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2027     235        250,014
Wisconsin (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2029     40         42,393
Wisconsin (State of), Series 2017-3, Ref. GO Bonds
5.00%   11/01/2027     30         31,909
Wisconsin (State of), Series 2017-3, Ref. GO Bonds
4.00%   11/01/2034     35         35,725
Wisconsin (State of), Series 2019 A, Ref. RB(a)
5.00%   05/01/2027     215        228,808
Wisconsin (State of), Series 2019 A, Ref. RB(a)
5.00%   05/01/2027     150        159,633
Wisconsin (State of), Series 2019 B, GO Bonds
5.00%   05/01/2038     5          5,245
Wisconsin (State of), Series 2021-1, Ref. GO Bonds
5.00%   05/01/2027     30         31,967
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
5.00%   05/01/2027     40         42,622
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. GO Bonds
5.00%   07/01/2027     75         80,226
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
5.00%   07/01/2027     55        58,832
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
208
Table of Contents
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Wisconsin-(continued)                
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
5.00%   07/01/2029   $ 70   $     74,342
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
5.00%   07/01/2031     75         79,175
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
5.00%   07/01/2027     80         85,574
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB
5.20%   12/01/2037     450       460,404
                2,226,214
TOTAL INVESTMENTS IN SECURITIES(c)-98.42%

(Cost $165,667,228)
  165,432,968
OTHER ASSETS LESS LIABILITIES-1.58%
  2,648,109
NET ASSETS-100.00%
  $168,081,077
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RAC -Revenue Anticipation Certificates
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b) Principal and/or interest payments are secured by the bond insurance company listed.
(c) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
209
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.49%                
Alabama-0.49%                
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2028   $ 100   $    109,993
Auburn University, Series 2018 A, RB
5.00%   06/01/2043     30         31,357
Auburn University, Series 2018 A, RB
5.00%   06/01/2048     45         46,864
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority), Series 2018 B, RB
5.00%   07/01/2043     300        309,814
Jefferson County Board of Education, Series 2018, Revenue Wts.
5.00%   02/01/2046     100       103,155
                601,183
Alaska-0.03%                
North Slope (Borough of), AK, Series 2022 A, GO Bonds
5.00%   06/30/2028     30        32,664
Arizona-1.46%                
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2019, RB
5.00%   11/01/2044     10         10,361
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB
4.00%   01/01/2041     50         49,640
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB
5.00%   01/01/2041     250        257,832
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
5.00%   07/01/2028     50         54,196
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
5.00%   07/01/2028     150        162,588
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
5.00%   07/01/2030     50         53,683
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
5.00%   07/01/2031     55         58,942
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds
5.00%   07/01/2034     460        491,171
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
5.00%   01/01/2028     20         21,090
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2030     100        107,176
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2033     100        106,547
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2034     25         26,585
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2036     175        185,390
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2037     175        184,935
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2038     15        15,842
                1,785,978
Arkansas-0.13%                
Fort Smith (City of), AR, Series 2018, Ref. RB
5.00%   10/01/2034     30         32,023
Little Rock (City of), AR, Series 2022 A, GO Bonds
3.88%   02/01/2043     125       125,005
                157,028
California-16.54%                
Bay Area Toll Authority, Series 2023 F-1, RB
5.00%   04/01/2028     70         76,485
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
5.00%   04/01/2028     15         16,390
Brentwood Union School District (Election of 2016), Series 2018, GO Bonds
4.00%   08/01/2048     190        187,012
Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds
5.00%   08/01/2050     75         78,346
California (State of), Series 2003, GO Bonds, (INS - AMBAC)(a)
5.00%   02/01/2028     5          5,408
California (State of), Series 2016, Ref. GO Bonds
3.25%   09/01/2028     15         15,137
California (State of), Series 2017, Ref. GO Bonds
3.00%   08/01/2028     10         10,041
California (State of), Series 2017, Ref. GO Bonds
5.00%   08/01/2028     105        112,240
California (State of), Series 2017, Ref. GO Bonds
5.00%   11/01/2028     100        107,336
California (State of), Series 2018, GO Bonds
5.00%   10/01/2028     110        120,652
California (State of), Series 2018, GO Bonds
5.00%   10/01/2030     45         48,936
California (State of), Series 2018, Ref. GO Bonds
5.00%   08/01/2028     300        327,920
California (State of), Series 2019, GO Bonds
5.00%   11/01/2031     55         59,552
California (State of), Series 2019, GO Bonds
5.00%   11/01/2032     260        281,026
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2028     270       293,075
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
210
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2028   $ 500   $    542,732
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2028     75         82,262
California (State of), Series 2019, Ref. GO Bonds
5.00%   11/01/2034     235        253,689
California (State of), Series 2019, Ref. GO Bonds
5.00%   11/01/2036     580        624,007
California (State of), Series 2019, Ref. GO Bonds
5.00%   11/01/2037     200        214,813
California (State of), Series 2019, Ref. GO Bonds
5.00%   11/01/2039     60         64,113
California (State of), Series 2020, Ref. GO Bonds
5.00%   11/01/2028     235        258,191
California (State of), Series 2021 B, Ref. GO Bonds
5.00%   10/01/2028     150        164,525
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2028     90         98,548
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2028     145        159,579
California (State of), Series 2022, GO Bonds
5.00%   04/01/2028     215        233,375
California (State of), Series 2022, Ref. GO Bonds
4.00%   09/01/2028     25         26,400
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2028     250        274,671
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2035     530        571,125
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2028     20         21,900
California (State of) (Bid Group A), Series 2018, GO Bonds
5.00%   10/01/2048     250        263,205
California (State of) Department of Water Resources, Series 2018, Ref. RB
5.00%   12/01/2028     35         38,907
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2028     60         66,698
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2028     30         33,349
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB
5.00%   10/01/2048     20         20,818
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
5.00%   11/15/2028     10         10,766
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)
5.00%   01/01/2028     10         10,884
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)
5.00%   01/01/2028     130        141,491
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2018, RB
5.00%   10/01/2031     80         86,317
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
5.00%   10/01/2028     30         32,831
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
5.00%   10/01/2029     20         21,766
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
5.00%   10/01/2035     115        123,253
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB
5.00%   01/01/2028     200        215,410
California (State of) Infrastructure & Economic Development Bank (The Broad) (Sustainability Bonds), Series 2021, Ref. RB
5.00%   06/01/2028     20         21,943
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
5.00%   05/15/2042     250        263,708
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
5.00%   05/15/2047     125        130,974
California (State of) Municipal Finance Authority (Emerson College), Series 2017 B, Ref. RB
5.00%   01/01/2042     150        153,252
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018 A, RB
5.00%   06/01/2048     240        252,167
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB
5.00%   06/01/2043     45         47,520
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2047     25         24,464
California (State of) Public Works Board, Series 2022 A, Ref. RB
5.00%   08/01/2028     200        218,457
California (State of) Public Works Board, Series 2023 B, Ref. RB
5.00%   12/01/2028     170        186,948
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(b)
5.00%   10/01/2027     5          5,394
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
5.00%   10/01/2028     90         96,024
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2028     25         27,446
California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB
5.00%   09/01/2028     5          5,471
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB
4.00%   07/01/2048     150        147,005
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
5.00%   01/01/2048     250       260,274
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
211
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California State University, Series 2018 A, Ref. RB
5.00%   11/01/2034   $ 50   $     54,406
California State University, Series 2018 A, Ref. RB
5.00%   11/01/2043     195        207,585
California State University, Series 2018 A, Ref. RB
5.00%   11/01/2048     150        158,588
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%   06/01/2048     150        157,928
Chaffey Joint Union High School District, Series 2019 D, GO Bonds
4.00%   08/01/2049     75         74,398
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB
5.00%   03/01/2028     20         21,273
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
4.00%   08/01/2049     60         59,705
East Bay Municipal Utility District, Series 2017 B, Ref. RB
5.00%   06/01/2028     20         21,426
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
4.00%   08/01/2047     25         24,829
Hartnell Community College District, Series 2020 B, GO Bonds
3.00%   08/01/2045     75         63,316
Long Beach Community College District, Series 2019 C, GO Bonds
4.00%   08/01/2049     150        147,639
Los Angeles (City of), CA, Series 2018 B, Ref. RB
5.00%   06/01/2028     70         76,932
Los Angeles (City of), CA, Series 2022 C, Ref. RB
5.00%   06/01/2028     65         71,437
Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB
5.00%   05/15/2028     55         60,282
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
5.00%   05/15/2044     20         21,269
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
5.00%   05/15/2049     290        305,070
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB
5.00%   05/15/2028     30         32,881
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB
5.00%   07/01/2048     35         36,494
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
5.00%   07/01/2028     25         27,185
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
5.00%   07/01/2031     15         16,102
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
5.00%   07/01/2032     95        101,570
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
5.00%   07/01/2037     35         37,052
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
5.00%   07/01/2038     170        179,973
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%   07/01/2037     265        282,937
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%   07/01/2043     420        443,803
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2033     30         32,240
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2036     5          5,338
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2037     10         10,669
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2038     10         10,670
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2039     25         26,640
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2048     140        146,815
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
4.00%   07/01/2028     100        105,975
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   07/01/2028     20         21,399
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB
5.00%   07/01/2037     60         64,604
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB
5.00%   07/01/2038     50         53,707
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB
5.00%   07/01/2032     15         16,305
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB
5.00%   07/01/2034     25         27,089
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2028     20         22,011
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2030     15         16,384
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2031     55         59,898
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2039     55         58,944
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2044     725        767,701
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB
5.00%   07/01/2035     15         16,225
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
5.00%   06/01/2028     70         76,932
Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds
5.00%   08/01/2028     10         11,049
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
5.00%   12/01/2043     150        158,920
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
5.00%   07/01/2028     40         44,000
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
5.00%   07/01/2028     135        148,499
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2028     135        148,499
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2028     15         16,500
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
5.00%   07/01/2028     75         82,500
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2028     1,035     1,122,119
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2029     35         37,735
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2030     10        10,740
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
212
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2033   $ 25   $     26,718
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.00%   07/01/2038     10         10,588
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.25%   07/01/2042     225        238,573
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2028     20         22,000
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
3.00%   07/01/2028     150        152,237
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)
5.00%   08/01/2043     100        105,351
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
4.00%   08/01/2043     130        130,777
Oxnard Union High School District, Series 2020 B, GO Bonds
5.00%   08/01/2045     75         78,971
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)(a)
5.00%   09/01/2047     25         26,208
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(a)
5.13%   09/01/2028     45         49,939
Redwood City School District (Election of 2015), Series 2018, GO Bonds
5.25%   08/01/2044     200        213,344
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
5.00%   06/01/2048     150        155,063
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB
5.00%   08/15/2028     130        143,503
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB
5.00%   08/15/2028     25         27,597
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB
5.00%   08/15/2028     25         27,597
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
5.00%   12/01/2028     55         61,116
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.00%   08/01/2043     130        137,541
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.25%   08/01/2047     25         26,562
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   05/01/2028     280        305,500
San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)(a)
5.25%   07/01/2028     40         44,333
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
5.00%   06/15/2030     35         38,093
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
5.00%   06/15/2031     70         75,727
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
4.00%   06/15/2032     135        141,272
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB
5.00%   05/01/2048     100        104,635
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
5.00%   05/01/2028     50         54,698
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
5.00%   11/01/2028     85         91,908
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
4.00%   10/01/2043     200        200,589
San Francisco (County of), CA Transportation Authority, Series 2017, RB
4.00%   02/01/2028     25         25,960
San Lorenzo Unified School District, Series 2021, GO Bonds
4.00%   08/01/2047     80         79,454
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
5.00%   07/15/2043     150        158,732
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds
5.00%   09/01/2045     185        196,390
Santa Clara (County of), CA Financing Authority, Series 2018 A, RB
4.00%   04/01/2043     20         20,054
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
5.00%   08/01/2043     20         21,281
Sierra Joint Community College District (Election of 2018), Series 2019, GO Bonds
4.00%   08/01/2049     20         19,998
Southern California Public Power Authority (No.1), Series 2007 A, RB
5.00%   11/01/2028     100        104,856
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB
5.00%   01/01/2028     75         79,770
University of California, Series 2018 AZ, Ref. RB
4.00%   05/15/2030     45         47,049
University of California, Series 2018 AZ, Ref. RB
4.00%   05/15/2031     25         26,044
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2032     25         27,028
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2033     25         26,948
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2034     185        199,039
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2035     30         32,225
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2036     110        117,870
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2037     65         69,530
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2038     30         32,053
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2043     680        718,782
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2048     125        131,204
University of California, Series 2018 AZ, Ref. RB
5.25%   05/15/2058     65         68,512
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2028     45         49,389
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2031     40         43,367
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2035     5          5,367
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2036     55         58,895
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2037     75         80,173
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2038     125       133,466
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
213
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2039   $ 50   $     53,213
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2043     275        290,389
University of California (Limited), Series 2018 O, Ref. RB
4.00%   05/15/2048     85         85,112
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2048     175        183,500
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
5.00%   01/01/2047     45        45,911
                20,162,416
Colorado-2.03%                
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
5.50%   12/01/2028     110        123,074
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
5.50%   12/01/2043     30         32,200
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2031     165        178,990
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2032     65         70,273
Colorado (State of), Series 2018 M, Ref. COP
5.00%   03/15/2031     80         85,663
Colorado (State of), Series 2018 N, COP
5.00%   03/15/2038     205        216,548
Colorado (State of), Series 2020 A, COP
5.00%   12/15/2028     65         71,342
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB
5.00%   11/15/2048     180        185,818
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB
4.00%   11/15/2048     25         24,101
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2028     25         26,968
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2028     10         10,787
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
5.00%   01/01/2028     10         10,764
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
5.00%   11/01/2028     30         32,923
Colorado Springs (City of), CO, Series 2018 A-4, RB
5.00%   11/15/2048     90         94,013
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
5.00%   08/01/2028     120        131,309
Denver City & County School District No. 1, Series 2018 A, GO Bonds
5.50%   12/01/2028     30         32,754
Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds
4.00%   12/01/2028     30         31,704
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
5.00%   12/15/2028     30         33,055
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
5.00%   12/15/2037     15         16,107
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2030     110        120,362
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2031     55         59,941
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2032     15         16,293
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2033     75         81,355
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2034     10         10,827
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
5.00%   12/15/2031     35         38,144
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
4.00%   12/15/2033     40         41,382
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
5.00%   12/15/2034     100        108,397
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
4.00%   12/15/2036     5          5,122
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
5.00%   12/15/2037     75         80,566
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB
5.00%   12/01/2044     100        104,798
University of Colorado, Series 2017 A-2, Ref. RB(b)
4.00%   06/01/2028     65         68,516
University of Colorado, Series 2017 A-2, Ref. RB(b)
4.00%   06/01/2028     50         52,704
University of Colorado, Series 2017 A-2, Ref. RB(b)
5.00%   06/01/2028     45         49,033
University of Colorado, Series 2017 A-2, Ref. RB
4.00%   06/01/2038     230       232,663
                2,478,496
Connecticut-2.32%                
Connecticut (State of), Series 2018 A, GO Bonds
5.00%   04/15/2037     40         42,406
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2028     60         65,786
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2030     30         32,477
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2032     85         91,650
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2034     15         16,120
Connecticut (State of), Series 2018 B, RB
5.00%   10/01/2038     65         69,031
Connecticut (State of), Series 2018 C, GO Bonds
5.00%   06/15/2032     595        638,662
Connecticut (State of), Series 2018 E, GO Bonds
5.00%   09/15/2033     20         21,516
Connecticut (State of), Series 2018 E, GO Bonds
4.00%   09/15/2036     350        355,330
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2028     20         21,720
Connecticut (State of), Series 2019 B, Ref. GO Bonds
5.00%   02/15/2028     100        108,219
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2028     15        16,204
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
214
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-(continued)                
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2028   $ 230   $    240,550
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2028     10         10,870
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2028     120        131,792
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2028     95         99,358
Connecticut (State of), Series 2022 G, Ref. GO Bonds
5.00%   11/15/2028     130        142,887
Connecticut (State of), Series 2024 A, GO Bonds
5.00%   01/15/2028     45         48,612
Connecticut (State of), Series 2024 C, Ref. GO Bonds
5.00%   03/01/2028     70         75,826
Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds
5.00%   07/15/2028     115        125,541
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
5.00%   01/01/2032     35         37,277
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
5.00%   01/01/2036     60         63,543
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
5.00%   01/01/2038     155        163,344
Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB
5.00%   10/01/2033     25         26,913
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB
5.00%   01/01/2030     65         69,514
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB
5.00%   01/01/2031     5          5,335
University of Connecticut, Series 2018 A, RB
5.00%   11/15/2043     100       104,900
                2,825,383
Delaware-0.13%                
Delaware (State of), Series 2017 A, Ref. GO Bonds
5.00%   01/01/2028     40         43,322
Delaware (State of), Series 2020 A, GO Bonds
5.00%   01/01/2028     10         10,830
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2028     100       109,154
                163,306
District of Columbia-1.34%                
District of Columbia, Series 2017 A, Ref. GO Bonds
5.00%   06/01/2028     300        318,754
District of Columbia, Series 2018 A, GO Bonds
5.00%   06/01/2043     10         10,452
District of Columbia, Series 2018 B, Ref. GO Bonds
5.00%   06/01/2030     50         54,122
District of Columbia, Series 2018 B, Ref. GO Bonds
5.00%   06/01/2031     20         21,541
District of Columbia, Series 2018 B, Ref. GO Bonds
5.00%   06/01/2032     55         59,021
District of Columbia, Series 2020 A, RB
5.00%   03/01/2028     25         27,089
District of Columbia, Series 2020 B, Ref. RB
5.00%   10/01/2028     340        372,923
District of Columbia, Series 2020, RB
5.00%   12/01/2028     75         81,939
District of Columbia, Series 2021 E, Ref. GO Bonds
5.00%   02/01/2028     25         27,041
District of Columbia (KIPP DC), Series 2017 B, Ref. RB
5.00%   07/01/2048     10         10,142
District of Columbia Water & Sewer Authority, Series 2018 B, RB
5.00%   10/01/2043     80         83,502
District of Columbia Water & Sewer Authority, Series 2018 B, RB
5.00%   10/01/2049     200        207,515
District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB
5.00%   10/01/2049     125        129,697
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
5.00%   10/01/2028     135        143,984
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2028     75        81,788
                1,629,510
Florida-2.29%                
Broward (County of), FL School Board, Series 2019 A, Ref. COP
5.00%   07/01/2028     55         59,804
Central Florida Expressway Authority, Series 2018, RB
5.00%   07/01/2048     85         88,222
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
5.00%   07/01/2028     145        157,941
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB
5.00%   04/01/2048     150        154,325
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2028     30         32,484
Florida (State of), Series 2022 C, Ref. GO Bonds
5.00%   06/01/2028     100        109,075
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
5.00%   11/01/2028     30         32,836
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
5.00%   07/01/2028     40         43,631
Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB
5.00%   01/01/2048     200        204,442
Fort Myers (City of), FL, Series 2019 A, Ref. RB
4.00%   10/01/2044     35         34,720
Gainesville (City of), FL, Series 2017 A, RB
5.00%   10/01/2028     85         90,449
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
5.00%   10/01/2043     10         10,493
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP
5.00%   07/01/2028     35         36,991
Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP
5.00%   07/01/2030     75         80,426
JEA Electric System, Series 2017 B, Ref. RB
5.00%   10/01/2028     100        106,588
JEA Water & Sewer System, Series 2017 A, Ref. RB
5.00%   10/01/2028     25         26,702
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2028     15        16,143
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
215
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
5.00%   10/01/2028   $ 40   $     42,564
Miami-Dade (County of), FL, Series 2019, RB
5.00%   10/01/2043     115        119,586
Miami-Dade (County of), FL Transit System, Series 2018, RB
4.00%   07/01/2045     115        114,889
Orlando (City of), FL, Series 2018 B, RB
5.00%   10/01/2048     820        857,879
Palm Beach County School District, Series 2017 B, Ref. COP
5.00%   08/01/2028     30         32,675
Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)(a)
5.00%   08/01/2043     20         21,085
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB
4.00%   05/01/2048     20         19,259
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
5.00%   08/15/2028     35         37,077
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB
5.00%   07/01/2048     150        155,264
Tampa (City of), FL (Green Bonds), Series 2018, RB
5.25%   05/01/2043     100       104,842
                2,790,392
Georgia-2.04%                
Atlanta (City of), GA, Series 2018 C, Ref. RB
5.00%   11/01/2028     30         32,191
Georgia (State of), Series 2016 F, Ref. GO Bonds
5.00%   01/01/2028     10         10,544
Georgia (State of), Series 2017 C, Ref. GO Bonds
5.00%   07/01/2028     790        841,840
Georgia (State of), Series 2018 A, GO Bonds
5.00%   07/01/2028     30         32,815
Georgia (State of), Series 2018 A, GO Bonds
5.00%   07/01/2030     55         59,691
Georgia (State of), Series 2018 A, GO Bonds
5.00%   07/01/2031     25         27,024
Georgia (State of), Series 2018 A, GO Bonds
4.00%   07/01/2034     25         25,916
Georgia (State of), Series 2018 A, GO Bonds
3.25%   07/01/2037     200        194,873
Georgia (State of), Series 2022 A, GO Bonds
5.00%   07/01/2028     50         54,692
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2028     155        169,850
Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds
5.00%   07/01/2028     30         32,815
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
5.00%   07/01/2028     30         32,815
Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)(a)
4.75%   06/01/2028     40         41,189
Georgia (State of) Municipal Electric Authority, Series 2018 HH, Ref. RB
5.00%   01/01/2044     215        222,192
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB
5.00%   01/01/2034     400        424,090
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB
5.00%   01/01/2056     200        204,930
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2028     50         54,463
Henry County School District, Series 2021, GO Bonds
4.00%   08/01/2028     25        26,353
                2,488,283
Hawaii-0.82%                
Hawaii (State of), Series 2017 FK, GO Bonds
5.00%   05/01/2028     25         26,528
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
5.00%   10/01/2028     90         96,209
Hawaii (State of), Series 2018 FT, GO Bonds
5.00%   01/01/2030     180        193,153
Hawaii (State of), Series 2018 FT, GO Bonds
5.00%   01/01/2031     25         26,685
Hawaii (State of), Series 2018 FT, GO Bonds
5.00%   01/01/2032     15         15,986
Hawaii (State of), Series 2018 FT, GO Bonds
5.00%   01/01/2033     10         10,645
Hawaii (State of), Series 2018 FT, GO Bonds
3.25%   01/01/2035     10          9,811
Hawaii (State of), Series 2018 FT, GO Bonds
5.00%   01/01/2035     120        127,377
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2028     60         64,802
Honolulu (City & County of), HI (Green Bonds), Series 2018 A, RB
5.00%   07/01/2037     15         15,857
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
5.00%   09/01/2028     85         93,005
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
5.00%   09/01/2030     135        146,450
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds
5.00%   03/01/2028     160       173,260
                999,768
Idaho-0.01%                
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2018, Ref. RB
5.00%   03/01/2037     15        15,545
Illinois-4.23%                
Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds
5.00%   01/01/2033     55         58,350
Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB
5.00%   01/01/2028     30         32,232
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
5.00%   06/01/2028     20         21,342
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2028     50         54,456
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
4.00%   11/15/2028     145       150,746
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
216
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds
4.00%   12/15/2030   $ 70   $     72,562
Illinois (State of), Series 2016, Ref. GO Bonds
5.00%   02/01/2028     10         10,483
Illinois (State of), Series 2017 D, GO Bonds
5.00%   11/01/2028     830        882,166
Illinois (State of), Series 2018 A, GO Bonds
6.00%   05/01/2028     5          5,535
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2030     20         21,346
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2031     15         15,948
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2032     40         42,378
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2033     20         21,114
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2034     150        157,768
Illinois (State of), Series 2018 A, GO Bonds
4.63%   05/01/2037     90         92,210
Illinois (State of), Series 2018 A, Ref. GO Bonds
5.00%   10/01/2028     55         59,409
Illinois (State of), Series 2018 A, Ref. GO Bonds
5.00%   10/01/2033     15         15,894
Illinois (State of), Series 2018 B, Ref. GO Bonds
5.00%   10/01/2030     55         59,000
Illinois (State of), Series 2018 B, Ref. GO Bonds
5.00%   10/01/2031     170        181,548
Illinois (State of), Series 2018 B, Ref. GO Bonds
5.00%   10/01/2033     120        127,156
Illinois (State of), Series 2020 B, GO Bonds
5.00%   10/01/2028     540        583,285
Illinois (State of), Series 2022 B, Ref. GO Bonds
5.00%   03/01/2028     20         21,386
Illinois (State of), Series 2023 C, GO Bonds
5.00%   05/01/2028     5          5,362
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2028     30         32,267
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
5.00%   01/01/2028     400        419,574
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB(b)
4.25%   01/01/2028     245        257,973
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB(b)
5.00%   01/01/2028     45         48,452
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB
5.00%   07/15/2028     75         80,476
Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB
5.00%   12/01/2028     10         10,938
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB
5.00%   05/15/2032     55         58,078
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
5.00%   10/01/2028     100        109,074
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB
5.00%   07/01/2028     165        174,869
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
5.00%   01/01/2039     250        261,569
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
5.00%   01/01/2042     130        135,287
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
5.00%   01/01/2028     50         53,935
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2028     140        151,019
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2028     15         16,181
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2035     200        209,451
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2036     170        177,700
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2037     100        104,316
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2038     25         26,039
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2040     25         25,877
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2048     15         15,361
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
5.00%   01/01/2028     45         48,155
Southwestern Illinois Development Authority (Hospital Sisters Services, Inc.), Series 2017, RB
5.00%   02/15/2028     15         15,736
University of Illinois, Series 2018 A, Ref. RB, (INS - AGM)(a)
4.00%   04/01/2043     35        34,376
                5,158,379
Indiana-0.74%                
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   06/01/2028     290        316,210
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
5.00%   11/01/2028     5          5,314
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB
5.00%   02/01/2033     175        185,976
Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB
5.00%   01/01/2032     150        159,512
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
5.00%   10/01/2030     195        210,712
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
5.00%   10/01/2032     20        21,509
                899,233
Iowa-0.18%                
Iowa (State of) Finance Authority, Series 2019 A, Ref. RB
5.00%   08/01/2032     165        177,648
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
5.00%   08/01/2028     40        42,714
                220,362
Kansas-0.02%                
Lawrence (City of), KS ( (Lawrence Memorial Hospital), Series 2018 A, Ref. RB
5.00%   07/01/2043     20        20,582
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
217
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Kentucky-0.51%                
Kentucky (Commonwealth of), Series 2018, COP
5.00%   04/15/2038   $ 120   $    126,272
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB
5.00%   05/01/2036     200        211,528
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)(a)
5.00%   05/01/2034     180        191,938
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB
5.00%   07/01/2028     85        90,466
                620,204
Louisiana-0.14%                
Louisiana (State of), Series 2023 A, Ref. GO Bonds
5.00%   02/01/2028     10         10,789
Louisiana (State of) (Garvee), Series 2019 A, RB
5.00%   09/01/2028     50         54,490
Louisiana (State of) (Garvee), Series 2019 A, RB
5.00%   09/01/2030     75         81,037
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB
4.00%   12/01/2043     25         24,976
New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGM)(a)
5.00%   04/01/2048     5         5,122
                176,414
Maine-0.05%                
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB
5.00%   07/01/2048     60        61,357
Maryland-2.64%                
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
5.00%   02/15/2028     50         54,248
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
4.00%   02/15/2032     20         20,605
Maryland (State of), Second Series 2018, GO Bonds
5.00%   08/01/2030     10         10,872
Maryland (State of), Second Series 2018, GO Bonds
5.00%   08/01/2031     195        210,699
Maryland (State of), Second Series 2018, GO Bonds
4.00%   08/01/2032     200        206,641
Maryland (State of), Second Series 2018, GO Bonds
4.00%   08/01/2033     5          5,160
Maryland (State of), Second Series 2020 B, Ref. GO Bonds
5.00%   08/01/2028     340        372,574
Maryland (State of), Series 2017 A, GO Bonds
5.00%   03/15/2028     25         26,463
Maryland (State of), Series 2017 A, GO Bonds
5.00%   08/01/2028     80         85,354
Maryland (State of), Series 2022 D, Ref. GO Bonds
4.00%   08/01/2028     250        264,292
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
5.00%   08/01/2028     510        558,860
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   03/15/2028     60         65,216
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2028     50         54,790
Maryland (State of) Department of Transportation, Series 2017, RB
5.00%   09/01/2028     85         90,796
Maryland (State of) Department of Transportation, Series 2019, RB
5.00%   10/01/2028     70         74,899
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2028     15         16,465
Maryland (State of) Department of Transportation, Series 2021 A, RB
5.00%   10/01/2028     35         38,418
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   05/01/2042     100        103,846
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   05/01/2047     150        154,600
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2028     5          5,458
Montgomery (County of), MD, Series 2018 A, GO Bonds
5.00%   11/01/2028     10         11,016
Montgomery (County of), MD, Series 2019 A, GO Bonds
5.00%   11/01/2028     60         66,096
Montgomery (County of), MD, Series 2020 A, GO Bonds
4.00%   08/01/2028     85         89,859
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
4.00%   11/01/2028     120        127,274
Prince George’s (County of), MD, Series 2018 A, GO Bonds
5.00%   07/15/2028     100        109,476
Prince George’s (County of), MD, Series 2018 A, GO Bonds
5.00%   07/15/2031     100        107,974
Prince George’s (County of), MD, Series 2018 A, GO Bonds
5.00%   07/15/2034     5          5,375
Prince George’s (County of), MD, Series 2019 A, GO Bonds
5.00%   07/15/2028     15         16,421
Prince George’s (County of), MD, Series 2020 A, GO Bonds
5.00%   07/15/2028     65         71,159
Prince George’s (County of), MD, Series 2020 A, GO Bonds
5.00%   07/15/2030     140        152,095
Prince George’s (County of), MD, Series 2020 A, GO Bonds
5.00%   07/15/2031     10         10,797
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds
5.00%   09/15/2028     25        27,467
                3,215,265
Massachusetts-3.66%                
Lincoln (Town of), MA, Series 2019, GO Bonds
4.00%   03/01/2049     150        149,009
Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds
5.25%   08/01/2028     5          5,527
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
5.00%   07/01/2028     55        60,182
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
218
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
5.00%   06/01/2028   $ 70   $     75,560
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%   01/01/2033     15         15,954
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%   01/01/2035     80         84,892
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%   01/01/2036     60         63,549
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%   01/01/2037     35         36,995
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%   01/01/2046     65         67,516
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
5.00%   01/01/2030     5          5,363
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
5.00%   01/01/2031     40         42,744
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
5.00%   01/01/2032     10         10,667
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
5.00%   07/01/2028     75         82,067
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
5.00%   09/01/2037     35         37,337
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
5.00%   09/01/2038     225        239,801
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
5.00%   05/01/2028     55         59,966
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
5.00%   05/01/2028     210        228,960
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2028     200        220,403
Massachusetts (Commonwealth of), Series 2021, RB
5.00%   06/01/2041     745        783,818
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
5.00%   02/01/2028     90         97,593
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
5.00%   11/01/2028     170        187,343
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB
5.00%   06/01/2048     25         26,014
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB
5.25%   07/01/2028     20         22,051
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2045     260        272,321
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2050     220        228,727
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2028     240        257,650
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2030     50         53,388
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2031     240        255,534
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2032     40         42,504
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2033     110        116,516
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2034     20         21,168
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
4.00%   07/01/2036     40         40,322
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB
5.20%   01/01/2028     90         97,985
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
3.05%   08/15/2028     125        125,025
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
4.00%   02/15/2043     200        199,559
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
5.25%   02/15/2048     20         21,058
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB
5.25%   02/15/2048     100        105,257
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB
5.00%   01/01/2028     20        21,641
                4,461,966
Michigan-0.95%                
Great Lakes Water Authority, Series 2018 A, Ref. RB
5.00%   07/01/2028     95        103,189
Great Lakes Water Authority, Series 2018 B, Ref. RB
5.00%   07/01/2028     85         92,457
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2028     125        137,549
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB
5.00%   11/01/2043     500        519,251
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
5.00%   12/01/2048     150        154,673
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB
4.00%   11/15/2032     10        10,246
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
219
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Michigan-(continued)                
University of Michigan, Series 2017 A, Ref. RB
5.00%   04/01/2028   $ 30   $     31,814
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB
5.00%   12/01/2038     100       106,067
                1,155,246
Minnesota-1.54%                
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
5.25%   02/15/2058     240        246,434
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB
4.25%   02/15/2043     300        293,702
Metropolitan Council, Series 2021 C, GO Bonds
5.00%   12/01/2028     150        165,336
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
5.00%   01/01/2028     40         42,081
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
5.00%   11/15/2033     10         10,408
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
5.00%   11/15/2034     150        155,879
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
5.00%   11/15/2035     20         20,723
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2028     25         27,376
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2032     190        205,808
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2034     175        188,751
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2035     200        215,255
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2037     25         26,792
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2028     100        109,502
Minnesota (State of), Series 2020 A, GO Bonds
5.00%   08/01/2028     125        136,878
Minnesota (State of), Series 2021 B, GO Bonds
5.00%   09/01/2028     35        38,394
                1,883,319
Mississippi-0.44%                
Mississippi (State of), Series 2017 A, Ref. GO Bonds
5.00%   10/01/2028     35         37,439
Mississippi (State of), Series 2019 A, RB
5.00%   10/15/2036     85         89,372
Mississippi (State of), Series 2021 C, GO Bonds
5.00%   10/01/2036     10         10,690
Mississippi (State of), Series 2021 C, GO Bonds
4.00%   10/01/2039     150        151,090
Mississippi (State of), Series 2021 C, GO Bonds
4.00%   10/01/2040     5          5,022
Mississippi (State of) Development Bank (Hinds County), Series 2018, RB
5.00%   03/01/2048     155        159,422
West Rankin Utility Authority, Series 2018, RB(b)
5.00%   01/01/2028     80        86,270
                539,305
Missouri-0.30%                
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
4.00%   10/01/2028     85         89,549
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
5.00%   06/01/2028     20         21,510
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
5.00%   06/01/2030     45         48,382
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
5.00%   06/01/2031     125        134,008
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB
4.00%   11/15/2048     20         19,547
Springfield School District No. R-12, Series 2017, Ref. GO Bonds
4.00%   03/01/2030     55        57,253
                370,249
Montana-0.01%                
Forsyth (City of), MT (Countryside Phase 2 South-Facilities), Series 2023, Ref. RB
3.88%   07/01/2028     15        15,341
Nebraska-0.25%                
Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB
3.00%   09/01/2028     250        251,431
Lincoln (City of), NE, Series 2020 A, RB
5.00%   09/01/2028     20         21,820
Omaha (City of), NE Public Power District, Series 2018 A, RB
5.00%   02/01/2028     25        27,041
                300,292
Nevada-1.45%                
Clark (County of), NV, Series 2016 B, Ref. RB
5.00%   07/01/2028     40         43,509
Clark (County of), NV, Series 2017, Ref. GO Bonds
5.00%   06/01/2028     125        132,800
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%   06/01/2034     60         64,160
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%   06/01/2035     20         21,354
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%   06/01/2036     10        10,649
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
220
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Nevada-(continued)                
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%   06/01/2037   $ 100   $    106,313
Clark (County of), NV, Series 2018 B, GO Bonds
5.00%   12/01/2030     10         10,866
Clark (County of), NV, Series 2018 B, GO Bonds
5.00%   12/01/2032     60         64,812
Clark (County of), NV, Series 2018 B, GO Bonds
5.00%   12/01/2033     100        107,869
Clark (County of), NV, Series 2018 B, GO Bonds
5.00%   12/01/2034     125        134,627
Clark (County of), NV, Series 2018 B, GO Bonds
5.00%   12/01/2035     15         16,119
Clark (County of), NV, Series 2018 B, GO Bonds
4.00%   12/01/2039     5          5,057
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
5.00%   07/01/2028     100        108,810
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds
5.00%   05/01/2048     250        260,586
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
5.00%   07/01/2028     20         21,762
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
4.00%   06/15/2037     10         10,111
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
4.00%   06/15/2038     75         75,657
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
5.00%   07/01/2043     370        386,090
Las Vegas Valley Water District, Series 2021 C, GO Bonds
5.00%   06/01/2028     50         54,407
Truckee Meadows Water Authority, Series 2017, Ref. RB
5.00%   07/01/2028     85         90,554
Washoe County School District, Series 2018, GO Bonds, (INS - BAM)(a)
4.13%   10/01/2048     45        44,514
                1,770,626
New Hampshire-0.06%                
New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB
5.00%   06/01/2028     35         38,295
New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), Series 2017, Ref. RB
5.00%   07/01/2041     35        36,391
                74,686
New Jersey-6.32%                
New Jersey (State of), Series 2020 A, GO Bonds
5.00%   06/01/2028     575        625,892
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)
5.00%   07/01/2028     275        289,233
New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB(b)
5.00%   12/15/2028     350        386,246
New Jersey (State of) Economic Development Authority, Series 2018, RB
5.00%   06/15/2043     15         15,593
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB
5.00%   06/15/2035     15         15,980
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB, (INS - BAM)(a)
4.13%   06/15/2039     20         20,234
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
5.00%   07/01/2028     1,025     1,095,249
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
5.00%   07/01/2028     20         21,371
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
5.00%   07/01/2028     100        106,346
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN
5.00%   06/15/2030     10         10,848
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN
5.00%   06/15/2031     125        134,740
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN
5.00%   06/15/2032     35         37,582
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN
5.00%   06/15/2034     265        282,648
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2028     110        119,976
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2030     25         27,030
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
4.00%   12/15/2031     70         71,956
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2032     560        599,971
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2033     500        533,882
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2034     145        154,479
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2036     115        121,680
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
4.25%   12/15/2038     250        254,788
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 AA, RB
5.25%   06/15/2043     200        209,851
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2030     35         37,969
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2031     25         26,948
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2035     240        255,385
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
4.00%   06/15/2036     105        107,125
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2044     225        233,283
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2050     10         10,278
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
5.00%   06/15/2031     30         32,338
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
5.00%   06/15/2032     25         26,844
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
5.00%   06/15/2038     205       215,959
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
221
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2028   $ 30   $     32,439
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(a)
5.25%   01/01/2028     75         81,598
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2028     15         16,161
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2030     20         21,402
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2031     135        144,009
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2032     70         74,462
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2033     235        249,542
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
4.00%   01/01/2034     70         71,699
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2034     80         84,783
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
4.00%   01/01/2035     105        107,076
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2040     85         88,872
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2030     180        192,620
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2031     90         96,006
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2032     25         26,593
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
5.00%   01/01/2033     10         10,619
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
4.00%   01/01/2034     30         30,728
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
4.00%   01/01/2035     25         25,502
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
5.00%   01/01/2036     135        142,533
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
5.00%   01/01/2037     10         10,532
South Jersey Port Corp., Series 2017 A, RB
5.00%   01/01/2049     115       117,543
                7,706,423
New Mexico-0.35%                
New Mexico (State of), Series 2021, GO Bonds
5.00%   03/01/2028     25         27,098
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
5.00%   06/15/2030     90         97,238
New Mexico (State of) Finance Authority, Series 2021 A, RB
5.00%   06/15/2028     120        130,726
New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB
5.00%   07/01/2028     120        130,893
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
5.00%   07/01/2028     25         27,269
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
5.00%   07/01/2028     15        16,362
                429,586
New York-20.95%                
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2033     55         59,180
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2034     50         53,630
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2035     75         80,209
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2037     35         37,269
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2038     15         15,923
Long Island (City of), NY Power Authority, Series 2019 A, RB
5.00%   09/01/2030     205        222,387
Long Island (City of), NY Power Authority, Series 2019 A, RB
5.00%   09/01/2031     750        811,165
Long Island (City of), NY Power Authority, Series 2019 A, RB
4.00%   09/01/2034     5          5,203
Metropolitan Transportation Authority, Series 2012 A, Ref. RB
3.00%   11/15/2028     760        760,059
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
5.00%   11/15/2029     25         26,902
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
4.00%   11/15/2034     85         86,610
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
5.00%   11/15/2034     85         90,579
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
4.00%   11/15/2037     15         15,147
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
5.00%   11/15/2030     180        193,144
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
5.00%   11/15/2032     200        213,704
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
5.00%   11/15/2033     185        197,453
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
5.00%   11/15/2035     70         74,487
Metropolitan Transportation Authority, Series 2017, Ref. RB
5.00%   11/15/2028     5          5,434
Metropolitan Transportation Authority, Series 2018 B, Ref. RB
5.00%   11/15/2028     10         10,868
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
4.00%   11/15/2032     125        127,848
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
4.00%   11/15/2035     420        426,598
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
4.00%   11/15/2038     165        166,139
Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB
5.00%   05/01/2032     60         64,109
Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB
5.00%   05/01/2033     25         26,681
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%   09/01/2035     25         26,727
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%   09/01/2036     50         53,316
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%   09/01/2048     85        88,635
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
222
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB
5.00%   12/01/2028   $ 5   $      5,526
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2028     30         32,889
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2030     175        188,657
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2032     15         16,087
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2033     30         32,137
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2034     200        213,895
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2035     105        112,055
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2036     165        175,678
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2038     5          5,299
New York (City of), NY, Series 2005 1, GO Bonds
5.00%   09/01/2028     175        190,994
New York (City of), NY, Series 2017 1, GO Bonds
5.00%   08/01/2028     55         58,521
New York (City of), NY, Series 2017 C, Ref. GO Bonds
5.00%   08/01/2028     10         10,786
New York (City of), NY, Series 2018 E-1, GO Bonds
5.00%   03/01/2032     15         15,988
New York (City of), NY, Series 2018 E-1, GO Bonds
4.00%   03/01/2036     30         30,681
New York (City of), NY, Series 2018 E-1, GO Bonds
5.00%   03/01/2040     25         26,262
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
5.00%   08/01/2028     175        190,673
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
5.00%   11/01/2028     350        383,234
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2028     95        103,508
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2028     10         10,914
New York (City of), NY, Subseries 2008 J-5, GO Bonds
5.00%   08/01/2028     300        326,867
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2033     500        537,745
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2034     5          5,369
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2036     45         48,120
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2038     80         85,211
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2039     250        265,822
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2040     70         74,234
New York (City of), NY, Subseries 2018 D-1, GO Bonds
4.00%   12/01/2043     10          9,858
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2044     40         42,093
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2033     220        234,319
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2034     300        319,158
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2035     95        100,950
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2040     25         26,289
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2043     100        104,600
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2045     240        250,354
New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2028     30         32,044
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2030     20         21,743
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2034     15         16,162
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2039     70         74,258
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2040     165        174,373
New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB
5.00%   06/15/2038     50         53,251
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
4.00%   06/15/2037     25         25,412
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
5.00%   06/15/2049     275        287,112
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
5.25%   06/15/2049     100        105,387
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%   06/15/2028     210        229,805
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%   06/15/2045     180        188,547
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-2, RB
5.00%   06/15/2030     5          5,497
New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB
5.00%   11/01/2028     15         16,530
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
5.00%   07/15/2028     10         10,608
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
5.00%   05/01/2034     30         31,958
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
5.00%   05/01/2035     565        600,531
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
5.00%   05/01/2036     95        100,768
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
5.00%   05/01/2038     40         42,293
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
5.00%   05/01/2039     30         31,609
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%   07/15/2032     35         37,564
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%   07/15/2036     20         21,287
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%   07/15/2043     165        173,140
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%   07/15/2045     205        214,614
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
5.00%   07/15/2030     10        10,788
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
223
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
5.00%   07/15/2033   $ 65   $     69,654
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
5.00%   07/15/2035     385        411,014
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
4.00%   07/15/2038     110        111,301
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
5.00%   07/15/2034     165        176,464
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
5.25%   07/15/2036     25         26,881
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
5.00%   07/15/2037     55         58,410
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
5.00%   07/15/2043     85         89,193
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
5.00%   07/15/2034     100        106,948
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
5.00%   07/15/2037     400        424,801
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2028     175        192,853
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2028     75         82,651
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2028     175        192,853
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
5.00%   07/15/2028     100        109,321
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB
5.00%   08/01/2028     10         10,962
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2033     90         96,403
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2035     85         90,641
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2036     25         26,603
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2040     55         57,995
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2042     500        524,636
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
5.00%   08/01/2035     145        154,622
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
5.00%   08/01/2036     180        191,545
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
5.25%   08/01/2037     55         59,067
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
4.00%   08/01/2038     195        197,876
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-2A, Ref. RB
5.00%   07/15/2034     25         26,737
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2028     190        207,709
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2030     235        253,518
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2031     100        107,641
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2033     210        225,037
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2035     25         26,689
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2036     110        117,077
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2037     125        132,750
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
5.00%   07/15/2032     60         64,395
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
5.00%   07/15/2034     100        106,948
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
4.00%   07/15/2038     15         15,177
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB
5.00%   07/15/2033     25         26,790
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB
5.25%   07/15/2035     20         21,570
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
5.00%   08/01/2034     95        101,557
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
4.00%   08/01/2039     70         70,688
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
5.00%   01/15/2028     50         53,879
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   03/15/2032     115        122,803
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2033     30         32,366
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   03/15/2034     200        212,804
New York (State of) Dormitory Authority, Series 2018 A, RB
4.00%   07/01/2035     75         76,245
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   03/15/2036     5          5,309
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2036     70         75,070
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2038     80         85,457
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   03/15/2039     120        126,495
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2039     135        143,734
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2040     30         31,874
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   07/01/2048     150        157,811
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2031     80         86,832
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2032     285        308,607
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.25%   03/15/2037     20         21,627
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.25%   03/15/2039     100        107,337
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2040     100        105,581
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
5.00%   03/15/2031     35         37,418
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
5.00%   03/15/2032     15         16,002
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
5.00%   03/15/2033     10        10,647
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
224
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
5.00%   03/15/2034   $ 50   $     53,142
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
5.00%   03/15/2039     5          5,271
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2030     300        324,461
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2033     35         37,615
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2035     230        246,420
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2048     400        418,778
New York (State of) Dormitory Authority, Series 2018-1, Ref. RB
5.00%   01/15/2032     160        171,044
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2028     25         27,147
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
5.00%   10/01/2032     50         53,455
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
5.00%   10/01/2033     10         10,682
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
5.00%   10/01/2034     100        106,593
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
5.00%   10/01/2035     25         26,604
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%   07/01/2028     200        216,079
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB
5.00%   03/15/2035     315        334,307
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB
5.00%   03/15/2036     100        106,173
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB
5.00%   03/15/2030     255        273,341
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB
5.00%   03/15/2033     325        346,425
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2036     200        214,021
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2037     70         74,761
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2039     425        451,158
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2040     240        254,129
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2043     25         26,315
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2044     15         15,768
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
5.00%   03/15/2038     150        158,707
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
5.00%   03/15/2042     155        162,425
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
5.00%   03/15/2044     95         99,258
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
5.00%   03/15/2045     100        104,367
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
5.00%   03/15/2038     250        264,518
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
5.00%   03/15/2042     15         15,719
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB
5.00%   10/01/2038     235        250,347
New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB
5.25%   03/15/2038     50         53,874
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2028     10         10,931
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
5.00%   11/15/2028     15         16,544
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
5.00%   01/01/2028     30         32,411
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
5.00%   01/01/2030     95        102,256
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
5.00%   01/01/2031     20         21,475
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
5.00%   01/01/2033     40         42,772
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
5.00%   01/01/2035     60         63,930
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
3.50%   01/01/2037     30         29,958
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
5.00%   03/15/2028     15         16,214
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2028     20         21,619
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB
5.00%   02/15/2028     60         65,014
New York State Environmental Facilities Corp., Series 2018 B, RB
5.00%   06/15/2043     40         41,954
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
5.00%   06/15/2028     10         10,939
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
5.00%   06/15/2028     50         53,162
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB
5.00%   06/15/2030     40         43,340
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB
5.00%   06/15/2048     150        156,110
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB
5.00%   06/15/2028     5          5,470
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2035     195        208,692
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2037     45         47,903
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2038     110        116,761
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2039     85         89,814
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2040     135        142,275
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2044     105       109,774
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
225
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2045   $ 50   $     52,214
New York State Urban Development Corp., Series 2019, RB
5.00%   03/15/2036     140        149,377
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2028     155        168,036
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
5.00%   11/15/2028     70         76,998
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
5.00%   11/15/2028     230        252,993
Triborough Bridge & Tunnel Authority, Series 2023, RB
5.00%   11/15/2028     90         98,254
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB
5.00%   11/15/2028     190        208,995
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
5.00%   11/15/2043     5          5,223
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
5.00%   11/15/2044     325        339,084
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
5.00%   11/15/2046     10         10,421
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
5.00%   11/15/2033     15         16,139
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
5.00%   11/15/2034     45         48,312
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
5.00%   11/15/2035     160        171,256
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
5.00%   11/15/2036     25         26,684
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
5.00%   11/15/2037     30         31,952
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.00%   05/15/2028     50         54,412
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, Ref. RB
5.00%   11/15/2028     10        11,000
                25,537,907
North Carolina-1.19%                
Charlotte (City of), NC, Series 2018, Ref. RB
5.00%   07/01/2028     215        235,093
Charlotte (City of), NC, Series 2018, Ref. RB
5.00%   07/01/2031     400        434,202
Charlotte (City of), NC, Series 2018, Ref. RB
5.00%   07/01/2032     40         43,312
Charlotte (City of), NC, Series 2018, Ref. RB
5.00%   07/01/2034     20         21,571
Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds
5.00%   07/01/2028     5          5,469
Mecklenburg (County of), NC, Series 2022, GO Bonds
5.00%   09/01/2028     25         27,444
North Carolina (State of), Series 2017 B, Ref. RB
5.00%   05/01/2028     25         26,520
North Carolina (State of), Series 2018 A, GO Bonds
5.00%   06/01/2030     30         32,568
North Carolina (State of), Series 2018 A, GO Bonds
5.00%   06/01/2031     250        270,146
North Carolina (State of), Series 2018 A, GO Bonds
3.00%   06/01/2034     20         19,461
North Carolina (State of), Series 2020 A, GO Bonds
5.00%   06/01/2028     80         87,350
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
5.00%   05/01/2028     200        217,691
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB
4.00%   01/01/2034     15         15,323
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB
4.00%   01/01/2035     15        15,279
                1,451,429
North Dakota-0.16%                
University of North Dakota, Series 2018, COP
5.00%   04/01/2057     195       200,367
Ohio-2.14%                
Allen (County of), OH, Series 2017 A, Ref. RB
5.00%   08/01/2028     50         53,599
Allen (County of), OH, Series 2017 A, Ref. RB
5.00%   08/01/2029     60         64,211
Allen (County of), OH, Series 2017 A, Ref. RB
4.00%   08/01/2038     20         20,182
Allen (County of), OH (Mercy Health), Series 2017 A, Ref. RB
5.00%   08/01/2042     45         46,452
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
5.00%   12/01/2028     25         27,229
American Municipal Power, Inc. (Fremont Energy Center), Series 2017, Ref. RB
4.00%   02/15/2042     150        145,501
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(a)
5.25%   12/01/2028     25         27,626
Cleveland (City of), OH, Series 2018, GO Bonds
5.00%   12/01/2043     125        129,787
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds
5.00%   02/15/2028     15         15,860
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
5.00%   04/01/2028     115        123,321
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2030     25         27,221
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2031     40         43,413
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2032     30         32,508
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2033     10         10,832
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2034     25         27,039
Columbus (City of), OH, Series 2023 A, GO Bonds
5.00%   08/15/2028     60         65,709
Cuyahoga Community College District, Series 2018, GO Bonds
4.00%   12/01/2042     15         15,018
Franklin (County of), OH, Series 2018, RB
5.00%   06/01/2048     150       156,427
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
226
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Miami Valley Career Technology Center, Series 2018, GO Bonds
3.75%   12/01/2047   $ 35   $     33,012
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
4.00%   11/15/2037     10         10,141
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
3.25%   11/15/2040     30         27,206
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
4.00%   11/15/2043     20         19,879
Ohio (State of), Series 2016 A, Ref. GO Bonds
5.00%   09/01/2028     65         71,277
Ohio (State of), Series 2017 B, Ref. GO Bonds
5.00%   09/01/2028     25         27,414
Ohio (State of), Series 2019-1, RB
5.00%   12/15/2028     110        121,014
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
5.00%   01/01/2030     50         53,440
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
5.00%   01/01/2031     50         53,271
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
5.00%   01/01/2033     45         47,697
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
4.00%   01/01/2036     345        348,268
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
5.00%   01/01/2028     30         32,272
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB
5.00%   02/15/2028     15         15,870
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB
4.00%   02/15/2032     55         56,630
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB
4.00%   02/15/2033     25         25,677
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
5.00%   02/15/2028     25         26,986
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
5.00%   02/15/2030     165        177,255
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
5.00%   02/15/2031     45         48,108
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
5.00%   02/15/2033     85         90,516
Ohio (State of) Water Development Authority, Series 2018, RB
5.00%   06/01/2028     165        178,130
Ohio (State of) Water Development Authority, Series 2019 A, RB
5.00%   06/01/2028     95        103,515
University of Cincinnati, Series 2018 A, Ref. RB
5.00%   06/01/2044     5         5,193
                2,604,706
Oklahoma-0.04%                
Oklahoma (State of) Turnpike Authority, Series 2017 D D, Ref. RB
5.00%   01/01/2028     40        43,029
Oregon-0.55%                
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2028     10         10,905
Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2049     120        125,372
Portland (City of), OR, Series 2019 A, Ref. RB
5.00%   03/01/2028     10         10,839
Portland Community College District, Series 2023, GO Bonds
5.00%   06/15/2028     50         54,488
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2032     125        134,034
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2033     25         26,785
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2034     25         26,751
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   06/15/2035     105        107,599
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2037     55         58,511
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2038     5          5,314
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2039     5          5,297
University of Oregon, Series 2018 A, RB
5.00%   04/01/2048     105       109,075
                674,970
Pennsylvania-4.30%                
Allegheny (County of), PA, Series 2018 C-77, GO Bonds
5.00%   11/01/2043     135        142,102
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
5.00%   04/01/2032     30         31,518
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
4.00%   04/01/2037     20         19,876
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
4.00%   04/01/2044     55         51,924
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
5.00%   04/01/2047     150        153,281
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB
5.00%   04/01/2033     150        157,417
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB
4.00%   04/01/2038     150        147,258
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
5.00%   07/15/2028     20        21,641
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
227
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
5.00%   03/01/2028   $ 20   $     21,581
Allegheny (County of), PA Sanitary Authority, Series 2018, RB
5.00%   06/01/2045     100        104,103
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB
3.00%   08/15/2050     180        137,453
Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)(a)
5.50%   08/01/2028     20         21,841
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB
4.00%   07/15/2048     30         26,405
Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGM)(a)
4.00%   12/01/2041     30         30,130
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018 A, Ref. RB
4.00%   09/01/2049     5          4,668
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB
4.00%   11/01/2038     100        100,649
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
5.00%   01/01/2028     250        263,622
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds
4.00%   03/01/2037     95         96,810
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
4.00%   03/01/2033     10         10,314
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
4.00%   03/01/2034     20         20,601
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
3.75%   03/01/2039     415        416,032
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)(a)
4.00%   03/01/2035     75         77,091
Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds
5.00%   03/01/2032     230        245,855
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2028     200        217,398
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds
5.00%   01/15/2028     400        422,325
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2028     25         27,411
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP
5.00%   07/01/2043     60         62,109
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
4.00%   02/15/2043     200        200,043
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB
5.00%   06/01/2028     10         10,535
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB
5.00%   12/01/2048     300        313,141
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%   12/01/2043     210        220,963
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%   12/01/2048     150        156,391
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
5.00%   12/01/2043     365        383,506
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB
5.00%   12/01/2030     35         38,010
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2013 A-2, RB
5.00%   12/01/2033     75         80,708
Philadelphia (City of), PA, Series 2018 A, RB
5.00%   10/01/2043     10         10,518
Philadelphia (City of), PA, Series 2018 A, RB
5.00%   10/01/2048     65         67,728
Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB
5.00%   10/01/2028     150        163,369
State College Area School District, Series 2018, GO Bonds
5.00%   05/15/2044     185        193,223
West Shore School District, Series 2020, GO Bonds
4.00%   11/15/2045     380       376,509
                5,246,059
South Carolina-0.76%                
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
5.00%   12/01/2028     65         71,288
Columbia (City of), SC, Series 2018, RB(b)
5.00%   02/01/2028     20         21,640
Florence (County of), SC, Series 2021, GO Bonds
5.00%   06/01/2028     30         32,689
Florence (County of), SC, Series 2023, RB
5.00%   06/01/2028     15         16,261
Greenville County School District, Series 2023, Ref. RB
5.00%   12/01/2028     10         10,963
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
5.00%   05/01/2035     35         36,552
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
5.00%   05/01/2043     250        256,292
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
5.00%   05/01/2032     110        115,815
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
5.00%   05/01/2033     145        152,199
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
5.00%   05/01/2034     5          5,237
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2028     100        109,520
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
5.00%   04/15/2048     100       102,637
                931,093
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
228
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Tennessee-0.54%                
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB
5.00%   07/01/2035   $ 160   $    167,267
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB
4.00%   07/01/2040     80         77,352
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
4.00%   07/01/2028     35         36,868
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2030     115        124,156
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2031     5          5,377
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2032     75         80,503
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
4.00%   07/01/2033     35         36,009
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
4.00%   07/01/2036     65         66,026
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
5.00%   01/01/2028     55         59,402
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
5.00%   05/15/2028     5         5,443
                658,403
Texas-8.58%                
Alamo Community College District, Series 2022, GO Notes
5.00%   02/15/2028     55         59,483
Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
3.38%   02/15/2040     15         14,351
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
5.00%   02/15/2043     15         15,509
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2033     90         93,115
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2035     100        102,921
Bexar (County of), TX, Series 2019, Ref. GO Bonds
4.00%   06/15/2037     5          5,073
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations
5.00%   02/15/2047     100        103,296
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB
5.00%   10/15/2042     145        152,420
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB
5.00%   08/15/2028     10         10,924
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     25         27,003
Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 A, RB
5.00%   12/01/2048     145        151,525
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2031     35         36,119
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2032     15         15,446
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
5.25%   12/01/2028     20         22,126
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2028     45         49,334
Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     20         21,623
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds
5.00%   08/15/2030     175        187,808
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds
5.00%   02/15/2028     20         21,377
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2034     50         51,260
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2037     5          5,077
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2038     200        202,076
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2028     40         42,432
Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2033     65         66,943
Grand Parkway Transportation Corp., Series 2018 A, RB
5.00%   10/01/2034     275        293,814
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2033     60         64,205
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2038     300        316,456
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2043     205        213,491
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2048     40         41,595
Harris (County of), TX Metropolitan Transit Authority, Series 2018, RB
5.00%   11/01/2030     85         91,886
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
5.00%   08/15/2031     510        544,517
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
5.00%   08/15/2033     15         15,953
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
4.00%   08/15/2038     155        156,607
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
5.00%   08/15/2043     110        114,392
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
5.00%   08/15/2028     500        546,388
Houston (City of), TX, Series 2018 B, Ref. RB
5.00%   07/01/2028     50         54,253
Houston (City of), TX, Series 2018 B, Ref. RB
5.00%   07/01/2030     40         43,154
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   07/01/2033     10        10,613
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
229
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   07/01/2034   $ 5   $      5,300
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   07/01/2035     190        201,041
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   07/01/2038     25         26,268
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   11/15/2043     220        230,432
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     55         57,890
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds
5.00%   08/15/2028     150        159,513
Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     25         24,366
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%   05/15/2043     60         62,165
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%   05/15/2048     180        185,329
Nacogdoches Independent School District, Series 2019, GO Bonds(b)
5.00%   02/15/2028     10         10,777
Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2049     90         93,069
North Texas Municipal Water District, Series 2021 A, Ref. RB
5.00%   09/01/2028     100        108,822
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2038     145        152,759
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2039     25         26,221
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2043     265        274,584
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2048     90         92,904
North Texas Tollway Authority, Series 2018, Ref. RB
5.00%   01/01/2035     55         57,976
North Texas Tollway Authority, Series 2018, Ref. RB
5.00%   01/01/2036     25         26,271
North Texas Tollway Authority, Series 2018, Ref. RB
4.00%   01/01/2037     550        553,836
Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2028     55         59,445
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2035     600        641,127
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
5.25%   07/01/2028     30         32,984
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2028     30         32,712
San Antonio (City of), TX, Series 2015, Ref. RB
3.13%   02/01/2028     75         74,714
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
5.00%   08/01/2028     160        174,205
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
5.00%   05/15/2048     190        196,926
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%   10/15/2028     30         32,328
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%   10/15/2029     150        161,258
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%   10/15/2031     75         80,122
Texas (State of) Water Development Board, Series 2018 A, RB
4.00%   10/15/2034     55         56,364
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%   10/15/2043     450        470,322
Texas (State of) Water Development Board, Series 2018 A, RB
4.00%   04/15/2048     25         24,273
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   04/15/2030     240        259,719
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   10/15/2032     105        112,948
Texas (State of) Water Development Board, Series 2018 B, RB
4.00%   10/15/2034     80         82,240
Texas (State of) Water Development Board, Series 2018 B, RB
4.00%   10/15/2036     1,050     1,070,501
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   10/15/2038     85         90,309
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   04/15/2049     225        235,344
Texas (State of) Water Development Board, Series 2020, RB
5.00%   08/01/2028     75         81,951
Texas State University Board of Regents, Series 2017 A, Ref. RB
5.00%   03/15/2028     35         36,994
Tomball Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2041     100        104,832
Trinity River Authority, Series 2017, Ref. RB
5.00%   08/01/2028     15         15,952
Trinity River Authority, Series 2018, Ref. RB
5.00%   08/01/2036     15        15,945
                10,457,603
Utah-0.29%                
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2028     20         21,831
Salt Lake City (City of), UT, Series 2018 B, RB
5.00%   07/01/2048     20         20,727
University of Utah (The), Series 2018 A, RB
5.00%   08/01/2044     75         78,289
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
4.00%   05/15/2041     100         98,804
Utah (State of) Transit Authority, Series 2016, Ref. RB
3.00%   12/15/2028     130       129,832
                349,483
Virginia-1.25%                
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB(b)
5.50%   01/01/2028     150       164,387
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
230
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-(continued)                
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB
5.00%   07/01/2048   $ 280   $    290,022
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds
5.00%   03/01/2028     15         16,264
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
5.00%   02/01/2028     360        389,389
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
5.00%   02/01/2031     25         26,719
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB
5.00%   02/01/2028     75         81,123
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
5.00%   02/01/2028     105        113,572
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
5.00%   08/01/2028     145        158,608
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2028     70         76,569
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
5.00%   03/15/2028     190       203,108
                1,519,761
Washington-3.11%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2028     135        148,379
Energy Northwest, Series 2018 A, Ref. RB
5.00%   07/01/2032     50         53,894
Energy Northwest, Series 2018 A, Ref. RB
5.00%   07/01/2033     35         37,655
Energy Northwest, Series 2018 A, Ref. RB
5.00%   07/01/2034     125        134,359
Energy Northwest, Series 2018 C, Ref. RB
5.00%   07/01/2030     70         75,736
Energy Northwest, Series 2018 C, Ref. RB
5.00%   07/01/2031     10         10,792
Energy Northwest, Series 2018 C, Ref. RB
5.00%   07/01/2032     55         59,284
Energy Northwest, Series 2018 C, Ref. RB
5.00%   07/01/2033     40         43,034
Energy Northwest, Series 2018 C, Ref. RB
5.00%   07/01/2034     80         85,990
Energy Northwest (No. 1), Series 2017 A, Ref. RB
5.00%   07/01/2028     130        138,567
Energy Northwest (No. 1), Series 2020 A, Ref. RB
5.00%   07/01/2028     40         43,585
Energy Northwest (No. 1), Series 2022 A, Ref. RB
5.00%   07/01/2028     145        157,996
Energy Northwest (No. 3), Series 2017 A, Ref. RB
5.00%   07/01/2028     75         79,837
Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2028     75         79,259
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2036     100        106,738
King (County of), WA, Series 2021 A, GO Bonds
5.00%   01/01/2028     10         10,797
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2031     70         75,977
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2036     15         15,249
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2028     75         79,259
Seattle (Port of), WA, Series 2022 A, Ref. RB
5.00%   08/01/2028     10         10,876
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2028     200        219,855
Washington (State of), Series 2017 R, Ref. GO Bonds
5.00%   08/01/2028     45         47,945
Washington (State of), Series 2017 R, Ref. GO Bonds
5.00%   08/01/2028     170        181,127
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2032     25         26,878
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2034     305        326,748
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2035     45         48,157
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2036     30         32,106
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2037     45         48,105
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2039     150        159,119
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2042     5          5,258
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2030     10         10,751
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2031     85         91,018
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2033     15         16,021
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2035     45         47,955
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2036     55         58,477
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2038     125       132,124
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
231
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2039   $ 95   $    100,053
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2040     50         52,451
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2041     190        198,916
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2042     5          5,226
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2028     70         76,542
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2028     10         10,935
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
5.00%   08/01/2028     30         32,804
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB
5.00%   10/01/2031     130        137,230
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB
5.00%   10/01/2032     20         21,045
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB
5.00%   10/01/2033     140        146,864
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2036     105       111,756
                3,792,729
West Virginia-0.73%                
Morgantown Utility Board, Inc., Series 2018 B, RB
5.00%   12/01/2043     5          5,211
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   06/01/2031     40         42,891
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   06/01/2032     90         96,382
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   06/01/2033     10         10,693
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   06/01/2034     25         26,681
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   12/01/2034     75         79,948
West Virginia (State of), Series 2018 B, GO Bonds
5.00%   12/01/2036     15         15,922
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
5.00%   06/01/2037     155        164,419
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
5.00%   12/01/2039     55         57,834
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
5.00%   12/01/2040     150        157,145
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
5.00%   12/01/2041     35         36,536
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
5.00%   09/01/2028     40         42,514
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB
5.00%   06/01/2052     105        107,478
West Virginia (State of) Parkways Authority, Series 2018, RB
5.00%   06/01/2043     40        41,654
                885,308
Wisconsin-0.43%                
University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB
5.00%   04/01/2043     25         25,804
Wisconsin (State of), Series 2021-1, Ref. GO Bonds
5.00%   05/01/2028     60         65,373
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
5.00%   05/01/2028     55         59,926
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB
5.00%   07/01/2028     235        249,979
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
5.00%   07/01/2028     15         15,977
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB
5.00%   11/15/2028     25         27,322
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB
4.00%   04/01/2039     75        75,244
                519,625
TOTAL INVESTMENTS IN SECURITIES(c)-98.49%

(Cost $120,345,221)
  120,081,259
OTHER ASSETS LESS LIABILITIES-1.51%
  1,844,414
NET ASSETS-100.00%
  $121,925,673
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
232
Table of Contents
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
233
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.23%                
Alabama-0.21%                
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2029   $ 100   $    112,118
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB
3.00%   12/01/2050     100         77,388
University of Alabama (The), Series 2019 A, Ref. RB
4.00%   07/01/2034     45         46,307
University of Alabama (The), Series 2019 A, Ref. RB
4.00%   07/01/2035     25        25,638
                261,451
Alaska-0.03%                
North Slope (Borough of), AK, Series 2022 A, GO Bonds
5.00%   06/30/2029     35        38,818
Arizona-0.96%                
Arizona (State of), Series 2019 A, Ref. COP(a)
5.00%   10/01/2029     125        140,530
Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)(b)
5.00%   06/01/2054     50         51,052
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
5.00%   01/01/2029     30         32,827
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
5.00%   07/01/2029     35         38,569
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
5.00%   07/01/2029     160        172,414
Phoenix Civic Improvement Corp., Series 2019 A, RB
5.00%   07/01/2045     350        366,384
Phoenix Civic Improvement Corp., Series 2019 A, RB
3.00%   07/01/2049     25         19,749
Phoenix Civic Improvement Corp., Series 2019, RB
5.00%   07/01/2044     125        132,650
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
5.00%   01/01/2029     135        145,311
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
5.00%   01/01/2029     75        82,713
                1,182,199
Arkansas-0.13%                
El Dorado Special School District No. 15, Series 2023 A, Ref. GO Bonds
5.00%   02/01/2050     150       156,120
California-17.05%                
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB(a)
5.00%   10/01/2029     70         79,090
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB(a)
5.00%   04/01/2029     30         33,542
California (State of), Series 2015 C, Ref. GO Bonds
3.00%   09/01/2029     65         65,075
California (State of), Series 2015, Ref. GO Bonds
3.00%   03/01/2029     225        225,132
California (State of), Series 2019, GO Bonds
5.00%   11/01/2029     10         11,196
California (State of), Series 2019, GO Bonds
5.00%   04/01/2032     220        240,506
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2029     1,000     1,107,515
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2029     75         83,861
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2031     825        910,728
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2032     30         32,796
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2032     1,050     1,156,613
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2033     150        163,446
California (State of), Series 2019, Ref. GO Bonds
4.00%   10/01/2034     295        308,375
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2035     355        385,544
California (State of), Series 2019, Ref. GO Bonds
4.00%   10/01/2039     300        307,263
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2039     40         43,416
California (State of), Series 2020, GO Bonds
5.00%   03/01/2029     130        143,741
California (State of), Series 2020, GO Bonds
5.00%   11/01/2029     10         11,196
California (State of), Series 2021, GO Bonds
5.00%   10/01/2029     500        559,074
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2029     15         16,772
California (State of), Series 2023 A, Ref. GO Bonds
5.00%   09/01/2029     10         11,166
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2029     250        279,162
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2029     5          5,591
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds
5.00%   11/01/2029     350        391,875
California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB
2.45%   12/01/2045     50         36,947
California (State of) Department of Water Resources, Series 2019 BA, RB
5.00%   12/01/2031     50        55,679
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
234
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Department of Water Resources, Series 2019 BA, RB
5.00%   12/01/2034   $ 165   $    182,480
California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB
5.00%   12/01/2029     75         82,936
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
5.00%   12/01/2029     20         22,457
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
5.00%   12/01/2030     60         67,085
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
5.00%   12/01/2032     10         11,124
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
5.00%   12/01/2033     35         38,857
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2029     90        102,180
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
5.00%   05/01/2029     105        117,857
California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020 A, Ref. RB, (INS - Cal-Mortgage)(b)
4.00%   11/01/2040     45         45,548
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB
5.00%   11/01/2029     385        429,314
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%   08/01/2044     500        534,417
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%   08/01/2049     130        137,754
California (State of) Public Works Board, Series 2019 C, RB
5.00%   11/01/2044     250        267,967
California (State of) Public Works Board, Series 2021 A, Ref. RB
5.00%   02/01/2029     5          5,515
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2029     100        111,861
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2032     15         16,529
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2033     50         54,911
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2034     220        241,174
California State University, Series 2019 A, RB
5.00%   11/01/2039     200        218,082
California State University, Series 2019 A, RB
5.00%   11/01/2040     145        157,254
California State University, Series 2019 A, RB
5.00%   11/01/2049     100        106,457
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
5.00%   06/01/2049     200        212,767
Etiwanda School District (Election of 2016), Series 2020 A, GO Bonds
4.00%   08/01/2049     100         99,820
Glendale Community College District, Series 2020 B, GO Bonds
4.00%   08/01/2050     90         89,101
Long Beach (City of), CA, Series 2019 A, RB
7.15%   05/15/2044     75         80,195
Los Angeles (City of), CA, Series 2022 C, Ref. RB
5.00%   06/01/2029     40         44,923
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
5.00%   05/15/2033     290        324,107
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
5.00%   05/15/2034     50         55,737
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
5.00%   05/15/2036     100        110,861
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
5.00%   05/15/2031     10         11,239
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
5.00%   05/15/2035     150        166,847
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
5.00%   05/15/2037     280        308,969
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
5.00%   05/15/2032     30         33,617
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
5.00%   05/15/2039     110        120,485
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
5.00%   05/15/2040     240        261,921
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.00%   07/01/2030     5          5,505
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.00%   07/01/2036     115        124,634
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.00%   07/01/2039     215        231,459
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.00%   07/01/2045     100        106,175
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.00%   07/01/2049     100        105,507
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.25%   07/01/2049     120        128,048
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
5.00%   07/01/2030     35         38,534
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
5.00%   07/01/2032     305        333,365
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
5.00%   07/01/2033     15         16,372
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
5.00%   07/01/2042     45         48,445
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2032     95        104,791
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2037     15         16,367
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2044     265        284,009
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2029     25         28,115
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
4.00%   07/01/2029     145        155,785
Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB
5.00%   07/01/2029     25        28,115
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
235
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.00%   07/01/2029   $ 15   $     16,884
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%   07/01/2029     10         11,246
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2029     65         73,186
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2029     45         50,581
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%   12/01/2044     145        154,866
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%   12/01/2049     75         79,283
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
2.00%   07/01/2029     45         42,004
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
5.00%   07/01/2029     200        224,923
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
5.00%   07/01/2032     145        160,083
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
4.00%   07/01/2033     45         47,322
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2029     355        399,238
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2029     15         16,869
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
5.00%   07/01/2029     35         39,361
Los Angeles Unified School District, Series 2022 QRR, GO Bonds
5.00%   07/01/2029     140        157,446
Los Angeles Unified School District, Series 2023 A, COP
5.00%   10/01/2029     20         22,333
Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds
5.00%   07/01/2029     125        140,577
Martinez Unified School District (Election of 2016), Series 2021, GO Bonds, (INS - AGM)(b)
4.00%   08/01/2051     25         24,745
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2029     95        106,931
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2030     10         11,011
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2037     60         65,221
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
5.00%   07/01/2039     250        270,548
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2045     160        172,128
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2049     115        123,044
Metropolitan Water District of Southern California, Series 2022 A, Ref. RB
5.00%   10/01/2029     10         11,340
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
4.00%   08/01/2049     150        148,796
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%   08/01/2044     115        123,081
North Orange County Community College District (Election of 2014), Series 2019 B, GO Bonds
4.00%   08/01/2044     30         30,396
Norwalk-La Mirada Unified School District, Series 2019 D, GO Bonds
4.00%   08/01/2048     100         98,879
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2032     30         33,101
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2034     25         27,440
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2035     15         16,438
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2036     75         81,961
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2039     175        189,136
Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds
5.00%   08/01/2029     110        123,550
Pleasant Valley School District, Series 2021 B, GO Bonds
4.00%   08/01/2046     100        100,047
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(b)
5.13%   09/01/2029     75         85,167
River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGM)(b)
5.00%   09/01/2042     250        272,120
Riverside (City of), CA, Series 2019 A, Ref. RB
5.00%   10/01/2036     65         70,572
Riverside (City of), CA, Series 2019 A, Ref. RB
5.00%   10/01/2037     100        108,297
Riverside (City of), CA, Series 2019 A, Ref. RB
5.00%   10/01/2038     15         16,195
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2037     120        131,811
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2038     20         21,859
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2039     120        130,550
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB
5.00%   11/15/2029     5          5,669
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%   12/01/2029     80         90,784
Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB
5.00%   10/01/2029     20         22,648
Salinas Union High School District, Series 2020 B, Ref. GO Bonds
4.00%   08/01/2045     120        119,683
Salinas Union High School District, Series 2020 B, Ref. GO Bonds
4.00%   08/01/2049     40         39,370
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2032     5          5,544
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2033     145        160,530
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2035     15         16,503
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2039     120        130,396
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2044     295        315,347
San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds
5.00%   07/01/2029     130        146,073
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
5.00%   06/15/2029     10         11,264
San Francisco (City & County of), CA, Series 2024-R1, Ref. GO Bonds
5.00%   06/15/2029     125        140,804
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
5.00%   05/01/2037     110       120,084
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
236
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB
5.00%   05/01/2050   $ 150   $    158,512
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB
5.00%   05/01/2049     105        111,054
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
5.00%   05/01/2029     5          5,586
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
5.00%   05/01/2033     45         49,695
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
5.00%   05/01/2038     200        217,760
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
5.00%   05/01/2039     250        271,075
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB
5.00%   10/01/2029     50         56,570
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
5.00%   10/01/2029     50         56,570
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds
4.00%   08/01/2044     250        249,234
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds
4.00%   08/01/2035     70         72,981
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds
4.00%   08/01/2045     100         99,747
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
5.00%   09/01/2029     40         44,603
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
5.00%   09/01/2030     225        250,254
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
5.00%   09/01/2031     20         22,179
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
5.00%   09/01/2033     80         88,530
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
5.00%   09/01/2034     5          5,500
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
5.00%   08/01/2049     10         10,680
University of California, Series 2015 AO, Ref. RB
3.25%   05/15/2029     5          5,009
University of California, Series 2018 AZ, Ref. RB
4.00%   05/15/2029     10         10,491
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2029     15         16,837
University of California, Series 2023 BQ, RB
5.00%   05/15/2029     190        213,266
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2029     20         22,449
University of California (Limited), Series 2018 O, Ref. RB
4.00%   05/15/2029     40        41,934
                20,928,656
Colorado-2.96%                
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds
5.00%   12/01/2029     50         56,030
Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds
5.00%   12/15/2029     55         61,613
Colorado (State of), Series 2018 A, COP
5.00%   12/15/2029     30         32,753
Colorado (State of), Series 2020 A, COP
5.00%   12/15/2029     150        167,251
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2029     30         33,450
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB
5.00%   11/15/2037     45         48,635
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB
4.00%   11/15/2038     30         30,417
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2029     50         54,700
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2031     100        107,750
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2032     20         21,511
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2033     10         10,735
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2034     50         53,494
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2035     55         58,690
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
5.00%   08/01/2036     70         74,441
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2029     10         10,940
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2031     65         70,038
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2032     55         59,156
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2033     30         32,204
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2034     15         16,048
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2035     15         16,006
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2036     260        276,495
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2037     55         58,353
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2038     45        47,554
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
237
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Colorado-(continued)                
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2039   $ 105   $    110,689
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2044     320        332,638
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB
5.00%   12/01/2029     25         27,473
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2031     30         32,654
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2032     175        190,005
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2033     200        217,016
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2034     115        124,616
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2039     55         58,785
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
5.00%   01/01/2029     200        219,190
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
5.00%   11/01/2029     200        223,620
Colorado Springs (City of), CO, Series 2019 A, Ref. RB
5.00%   11/15/2029     125        140,170
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
5.00%   08/01/2029     85         94,926
Denver (City & County of), CO, Series 2023 A, Ref. RB
5.00%   11/15/2029     5          5,563
Jefferson County School District R-1, Series 2018, GO Bonds
5.00%   12/15/2029     110        120,889
Pueblo City Schools, Series 2020, GO Bonds
5.00%   12/15/2039     40         43,227
Weld County School District No. 6 Greeley, Series 2020, GO Bonds
5.00%   12/01/2044     275       292,763
                3,632,488
Connecticut-1.60%                
Connecticut (State of), Series 2015 F, GO Bonds
3.25%   11/15/2029     200        200,535
Connecticut (State of), Series 2018 E, GO Bonds
5.00%   09/15/2029     35         38,092
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2029     165        182,880
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2032     750        821,408
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2035     150        163,398
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2036     45         48,865
Connecticut (State of), Series 2019 A, GO Bonds
5.00%   04/15/2039     125        134,247
Connecticut (State of), Series 2019 B, Ref. GO Bonds
5.00%   02/15/2029     5          5,524
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2029     50         55,142
Connecticut (State of), Series 2020 A, RB
5.00%   05/01/2029     55         61,013
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2029     25         26,518
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2029     20         21,124
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2029     20         21,124
Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB
5.00%   07/01/2029     90        100,690
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB
5.00%   07/01/2029     75        83,909
                1,964,469
Delaware-0.42%                
Delaware (State of), Series 2020 A, GO Bonds
5.00%   01/01/2029     15         16,588
Delaware (State of), Series 2021, Ref. GO Bonds
5.00%   02/01/2029     15         16,617
Delaware (State of), Series 2022, Ref. GO Bonds
5.00%   03/01/2029     90         99,876
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2029     145        161,462
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB
5.00%   10/01/2045     125        130,209
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2029     80        89,039
                513,791
District of Columbia-2.74%                
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2029     35         38,659
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2030     405        445,835
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2031     120        131,669
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2032     20         21,902
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2033     85         92,835
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2034     25         27,193
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2035     95        102,928
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2037     30         32,277
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2038     15         16,089
District of Columbia, Series 2019 A, GO Bonds
4.00%   10/15/2040     150        151,735
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2044     135        142,780
District of Columbia, Series 2019 A, RB
5.00%   03/01/2029     55        60,789
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
238
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
District of Columbia-(continued)                
District of Columbia, Series 2019 A, RB
5.00%   03/01/2031   $ 30   $     33,182
District of Columbia, Series 2019 A, RB
5.00%   03/01/2032     40         44,132
District of Columbia, Series 2019 A, RB
5.00%   03/01/2033     10         11,003
District of Columbia, Series 2019 A, RB
5.00%   03/01/2034     260        285,068
District of Columbia, Series 2019 A, RB
5.00%   03/01/2035     165        180,154
District of Columbia, Series 2019 A, RB
5.00%   03/01/2036     20         21,763
District of Columbia, Series 2019 A, RB
4.00%   03/01/2037     20         20,573
District of Columbia, Series 2019 A, RB
4.00%   03/01/2040     220        221,534
District of Columbia, Series 2019 C, Ref. RB
3.00%   10/01/2029     30         30,300
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2031     100        110,591
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2032     45         49,681
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2033     95        104,580
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2034     145        158,916
District of Columbia, Series 2020 A, RB
5.00%   03/01/2029     155        171,313
District of Columbia, Series 2020, RB
5.00%   12/01/2029     70         77,644
District of Columbia, Series 2020, RB
5.00%   12/01/2032     20         21,839
District of Columbia, Series 2020, RB
5.00%   12/01/2033     10         10,882
District of Columbia, Series 2020, RB
5.00%   12/01/2034     60         65,149
District of Columbia, Series 2021 E, Ref. GO Bonds
5.00%   02/01/2029     30         33,102
District of Columbia, Series 2022 C, Ref. RB
5.00%   12/01/2029     45         50,427
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2029     60         66,093
Metropolitan Washington Airports Authority, Series 2019, Ref. RB
4.00%   10/01/2037     135        135,847
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB
4.00%   10/01/2035     5          5,068
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2029     165       183,224
                3,356,756
Florida-2.92%                
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
3.00%   12/01/2046     5          3,960
Broward (County of), FL, Series 2019 A, RB
5.00%   10/01/2038     175        189,573
Broward (County of), FL, Series 2019 A, RB
5.00%   10/01/2039     50         53,911
Broward (County of), FL, Series 2019 A, RB
5.00%   10/01/2040     115        123,557
Broward (County of), FL, Series 2019 A, RB
4.00%   10/01/2042     70         71,041
Broward (County of), FL School Board, Series 2019 B, Ref. COP
5.00%   07/01/2029     105        116,359
Central Florida Expressway Authority, Series 2019 A, RB
5.00%   07/01/2044     50         52,689
Central Florida Expressway Authority, Series 2019 B, RB
5.00%   07/01/2037     60         64,406
Central Florida Expressway Authority, Series 2019 B, RB
5.00%   07/01/2038     90         96,122
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
5.00%   07/01/2029     320        355,540
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(b)
5.00%   07/01/2029     60         66,033
Florida (State of), Series 2021 B, Ref. GO Bonds
5.00%   06/01/2029     40         44,522
Florida (State of), Series 2024 A, Ref. GO Bonds
5.00%   06/01/2029     125        139,250
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2029     135        150,709
Florida (State of) Department of Transportation, Series 2019 B, RB
3.00%   07/01/2049     15         11,936
Florida (State of) Department of Transportation, Series 2020 A, Ref. RB
5.00%   07/01/2029     140        155,414
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB
5.00%   03/01/2039     100         79,334
Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB
3.00%   10/01/2029     80         79,658
Gainesville (City of), FL, Series 2019 A, RB
5.00%   10/01/2044     105        110,028
Gainesville (City of), FL, Series 2019 A, RB
5.00%   10/01/2047     100        104,554
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB
5.00%   11/01/2050     150        154,071
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2029     40         43,793
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2033     5          5,357
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2034     5          5,343
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2036     115        121,858
Lee Memorial Health System, Series 2019 A-1, Ref. RB
5.00%   04/01/2044     150        155,072
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds
4.00%   05/01/2044     25         24,753
Miami-Dade (County of), FL, Series 2009 A, Ref. RB, (INS - AGC)(b)
6.88%   10/01/2034     15        17,773
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
239
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Miami-Dade (County of), FL, Series 2019 B, RB
4.00%   10/01/2044   $ 195   $    192,388
Miami-Dade (County of), FL, Series 2019 B, RB
5.00%   10/01/2044     5          5,232
Orange (County of), FL Convention Center, Series 2017, Ref. RB
5.00%   10/01/2029     100        110,808
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB
5.00%   10/01/2047     75         78,074
Orange (County of), FL School Board, Series 2017 C, Ref. COP
5.00%   08/01/2029     10         11,046
Palm Beach County School District, Series 2018 C, Ref. COP
5.00%   08/01/2029     150        161,633
Polk County School District, Series 2019, RB
5.00%   10/01/2033     100        109,490
Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)(b)
6.00%   10/01/2029     165        192,150
Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2020, Ref. RB
5.00%   10/15/2049     125       129,999
                3,587,436
Georgia-2.19%                
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
5.75%   11/01/2029     40         46,187
Atlanta (City of), GA, Series 2019 C, RB
5.00%   07/01/2035     70         76,351
Atlanta (City of), GA, Series 2019 C, RB
5.00%   07/01/2036     55         59,794
Atlanta (City of), GA, Series 2019 C, RB
5.00%   07/01/2037     15         16,269
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
5.00%   12/01/2029     45         50,498
Atlanta (City of), GA (Department of Aviation), Series 2019 C, RB
5.00%   07/01/2038     20         21,627
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
5.00%   07/01/2029     155        172,289
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB
3.00%   07/01/2046     50         40,452
Columbia County Public Facilities Authority, Series 2024, RB
5.00%   04/01/2029     15         16,668
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2029     30         33,575
Fayette County Public Facilities Authority, Series 2024, RB
5.00%   07/01/2029     45         50,215
Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB
5.00%   06/15/2044     150        157,622
Georgia (State of), Series 2018 A, GO Bonds
5.00%   07/01/2029     100        109,144
Georgia (State of), Series 2022 A, GO Bonds
5.00%   07/01/2029     15         16,753
Georgia (State of), Series 2022 C, Ref. GO Bonds
4.00%   07/01/2029     15         16,052
Georgia (State of), Series 2023 C, Ref. GO Bonds
4.00%   01/01/2029     20         21,266
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2029     210        234,937
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2029     25         27,921
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
5.00%   07/01/2029     95        106,100
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds
5.00%   07/01/2032     50         55,153
Georgia (State of) Ports Authority, Series 2022, RB
5.00%   07/01/2029     30         33,419
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2029     5          5,558
Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB
5.00%   08/01/2029     60         67,095
Gwinnett County School District, Series 2019, GO Bonds
5.00%   02/01/2038     15         16,239
Gwinnett County School District, Series 2019, GO Bonds
5.00%   02/01/2041     195        208,900
Henry County School District, Series 2021, GO Bonds
4.00%   08/01/2029     145        154,503
Main Street Natural Gas, Inc., Series 2019 A, RB
5.00%   05/15/2043     100        103,474
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB
5.00%   09/01/2029     25         27,879
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB
5.00%   09/01/2037     30         32,697
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB
5.00%   09/01/2029     200        223,031
Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB
5.00%   09/01/2048     250        264,754
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB
4.00%   07/01/2039     225       225,792
                2,692,214
Hawaii-0.99%                
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2029     25         27,571
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2031     150        163,861
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2032     10         10,902
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2033     20         21,781
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2034     60         65,256
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2035     90         97,814
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2038     180        194,671
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2039     20        21,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
240
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Hawaii-(continued)                
Honolulu (City & County of), HI, Series 2019 A, RB
5.00%   07/01/2044   $ 25   $     26,505
Honolulu (City & County of), HI, Series 2019 B, Ref. RB
5.00%   07/01/2036     170        184,831
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds
5.00%   11/01/2029     290        323,803
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds
5.00%   09/01/2029     25         27,212
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
5.00%   03/01/2029     25         27,575
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
5.00%   03/01/2029     15        16,545
                1,209,818
Idaho-0.25%                
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB
5.00%   07/15/2033     75         81,591
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB
5.00%   07/15/2035     95        102,958
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB
5.00%   07/15/2029     115       127,591
                312,140
Illinois-5.04%                
Chicago (City of), IL, Series 2019 A, GO Bonds
5.50%   01/01/2035     100        107,292
Chicago (City of), IL, Series 2021 B, Ref. GO Bonds
4.00%   01/01/2029     267        271,341
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2036     20         21,440
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2037     30         32,077
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2039     10         10,620
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
4.00%   01/01/2044     340        329,455
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2048     365        380,606
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2053     140        144,642
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 A, GO Bonds
5.00%   12/01/2029     10         11,133
Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)(b)
5.00%   01/01/2029     15         16,433
Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB
5.00%   12/01/2045     20         20,926
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
5.00%   06/01/2029     200        216,729
Cook (County of), IL, Series 2022 A, Ref. GO Bonds
5.00%   11/15/2029     25         27,687
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds
4.00%   12/15/2029     20         20,821
Illinois (State of), Series 2016, GO Bonds
3.50%   06/01/2029     5          5,002
Illinois (State of), Series 2018 A, GO Bonds
5.00%   05/01/2029     50         53,587
Illinois (State of), Series 2021 A, GO Bonds
5.00%   12/01/2029     20         21,979
Illinois (State of), Series 2022 B, GO Bonds
5.00%   10/01/2029     30         32,902
Illinois (State of), Series 2022 B, Ref. GO Bonds
5.00%   03/01/2029     15         16,310
Illinois (State of), Series 2023 B, GO Bonds
5.00%   12/01/2029     120        131,914
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2029     90         98,355
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
5.00%   11/01/2031     175        189,999
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
4.00%   11/01/2034     25         25,181
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
4.00%   11/01/2035     50         50,214
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
4.00%   11/01/2036     80         80,112
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
5.00%   07/01/2033     250        271,571
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
5.00%   07/01/2034     95        103,043
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
5.00%   07/01/2036     250        270,293
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB
5.00%   07/01/2037     220        238,931
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB
4.00%   07/01/2038     180        184,022
Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB
5.00%   10/01/2049     105        107,958
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
5.00%   06/15/2050     540        559,640
Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGM)(b)
5.75%   06/01/2029     75         82,931
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
5.00%   01/01/2040     80         85,890
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
5.00%   01/01/2041     60         64,366
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
5.00%   01/01/2044     725        765,841
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
5.00%   01/01/2031     20         21,823
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2029     50         54,819
Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)(b)
5.00%   02/01/2029     145        157,277
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
5.00%   01/01/2029     110       116,991
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
241
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
5.00%   01/01/2029   $ 30   $     32,609
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
5.50%   01/01/2031     20         21,883
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
5.00%   01/01/2043     115        119,490
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
5.25%   01/01/2043     380        399,193
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
5.00%   01/01/2029     75         81,524
Will (County of), IL, Series 2019, GO Bonds
4.00%   11/15/2047     130       125,946
                6,182,798
Indiana-1.11%                
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   06/01/2029     120        133,567
Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB
5.00%   10/01/2048     150        156,363
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
5.00%   10/01/2029     80         89,250
Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB
5.00%   02/01/2029     65         69,639
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2033     105        113,979
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2034     30         32,528
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2037     25         26,914
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2038     50         53,692
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
5.00%   02/01/2039     65         69,565
Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB
5.00%   02/01/2036     330        353,763
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%   02/01/2049     150        156,669
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%   02/01/2054     100       104,301
                1,360,230
Iowa-0.61%                
Iowa (State of), Series 2019 A, Ref. RB
5.00%   06/01/2029     155        172,303
Iowa (State of), Series 2019 A, Ref. RB
5.00%   06/01/2032     20         21,910
Iowa (State of), Series 2019 A, Ref. RB
5.00%   06/01/2033     105        114,910
Iowa (State of), Series 2019 A, Ref. RB
5.00%   06/01/2034     25         27,272
Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB
5.00%   02/15/2048     400       411,377
                747,772
Kansas-0.08%                
University of Kansas Hospital Authority (KS Health System), Series 2019 A, RB
5.00%   09/01/2048     100       103,142
Kentucky-0.31%                
Kentucky (Commonwealth of) Economic Development Finance Authority (Commonspirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2049     10         10,310
Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB
5.00%   11/01/2029     190        210,306
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB
5.00%   10/01/2038     150       157,554
                378,170
Louisiana-0.53%                
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB
4.00%   02/01/2040     15         15,119
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)
4.00%   12/01/2036     125        127,923
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)
4.00%   12/01/2037     40         40,790
Louisiana (State of), Series 2019 A, GO Bonds
5.00%   03/01/2033     60         65,176
Louisiana (State of), Series 2019 A, GO Bonds
5.00%   03/01/2036     190        204,277
Louisiana (State of), Series 2019 A, GO Bonds
5.00%   03/01/2038     5          5,358
Louisiana (State of), Series 2019 A, GO Bonds
5.00%   03/01/2039     10         10,727
Louisiana (State of), Series 2023 A, Ref. GO Bonds
5.00%   02/01/2029     15         16,511
Louisiana (State of) (Garvee), Series 2019 A, RB
5.00%   09/01/2029     100        108,571
Louisiana (State of) (Garvee), Series 2023, RB
5.00%   09/01/2029     50         55,609
Parish of East Baton Rouge Capital Improvements District, Series 2019, RB
4.00%   08/01/2044     5         5,010
                655,071
Maryland-2.23%                
Anne Arundel (County of), MD, Series 2019, GO Bonds
5.00%   10/01/2048     100        105,846
Baltimore (City of), MD (Wastewater), Series 2019 A, RB
4.00%   07/01/2044     120        120,328
Baltimore (City of), MD (Wastewater), Series 2019 A, RB
5.00%   07/01/2049     10        10,492
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
242
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maryland-(continued)                
Baltimore (County of), MD, Series 2019, GO Bonds
4.00%   03/01/2035   $ 90   $     93,256
Baltimore (County of), MD, Series 2019, GO Bonds
4.00%   03/01/2037     10         10,300
Maryland (State of), First Series 2019, GO Bonds
5.00%   03/15/2031     80         88,025
Maryland (State of), First Series 2019, GO Bonds
5.00%   03/15/2032     510        559,891
Maryland (State of), Second Series 2018, GO Bonds
5.00%   08/01/2029     105        114,801
Maryland (State of), Series 2018 A, GO Bonds
5.00%   03/15/2029     35         37,967
Maryland (State of), Series 2022 C, Ref. GO Bonds
4.00%   03/01/2029     10         10,634
Maryland (State of), Series 2022 D, Ref. GO Bonds
4.00%   08/01/2029     100        106,888
Maryland (State of), Series 2022, GO Bonds
5.00%   06/01/2029     10         11,150
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
5.00%   08/01/2029     5          5,594
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
5.00%   08/01/2029     125        139,843
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   03/15/2029     30         33,305
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2029     100        111,875
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds
5.00%   08/01/2031     95        105,163
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2029     95        106,272
Maryland (State of) Department of Transportation, Series 2021 A, RB
5.00%   10/01/2029     55         61,526
Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB
5.00%   12/01/2029     5          5,608
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB
5.00%   10/01/2049     140        146,544
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2029     60         66,837
Montgomery (County of), MD, Series 2018 A, GO Bonds
5.00%   11/01/2029     100        109,847
Montgomery (County of), MD, Series 2019 A, GO Bonds
5.00%   11/01/2029     100        112,325
Montgomery (County of), MD, Series 2020 A, GO Bonds
4.00%   08/01/2029     5          5,342
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
4.00%   11/01/2029     20         21,421
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds
5.00%   08/01/2029     145        162,147
Prince George’s (County of), MD, Series 2017 A, GO Bonds
3.00%   09/15/2029     110        110,050
Prince George’s (County of), MD, Series 2018 A, GO Bonds
5.00%   07/15/2029     80         87,386
Prince George’s (County of), MD, Series 2019 A, GO Bonds
5.00%   07/15/2029     5          5,586
Prince George’s (County of), MD, Series 2019 A, GO Bonds
4.00%   07/15/2031     5          5,250
Prince George’s (County of), MD, Series 2019 A, GO Bonds
4.00%   07/15/2032     20         20,946
Prince George’s (County of), MD, Series 2020 A, GO Bonds
5.00%   07/15/2029     10         10,923
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds
5.00%   09/15/2029     20         22,417
Prince George’s (County of), MD, Series 2022 A, GO Bonds
5.00%   07/01/2029     10        11,164
                2,736,949
Massachusetts-4.40%                
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
5.00%   01/01/2029     40         43,068
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
5.00%   07/01/2029     290        323,745
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
5.00%   09/01/2029     15         16,802
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2031     70         76,608
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2032     45         49,117
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.25%   01/01/2033     5          5,499
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2035     30         32,515
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2036     100        108,000
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2037     75         80,663
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2038     10         10,751
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2039     15         16,048
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.25%   01/01/2044     350        374,147
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%   05/01/2040     20         21,382
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%   05/01/2041     105        112,173
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%   05/01/2043     160        169,830
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%   05/01/2045     25         26,433
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
5.00%   05/01/2029     25         27,815
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds
5.00%   09/01/2029     140        156,819
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds
5.00%   03/01/2029     80         88,707
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2029     25         27,909
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2029     130        146,022
Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds
5.00%   09/01/2029     425       476,059
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
243
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds
5.00%   09/01/2029   $ 10   $     11,201
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
5.00%   02/01/2029     20         22,138
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
5.00%   10/01/2029     395        443,071
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2029     5          5,563
Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds
5.00%   03/01/2029     5          5,544
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB
5.00%   06/01/2049     400        422,188
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
5.00%   07/01/2029     25         27,909
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)(b)
5.50%   07/01/2029     25         28,475
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB
5.00%   07/01/2041     110        117,560
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB
5.00%   07/01/2042     120        127,916
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB
5.00%   07/01/2044     55         55,195
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB(a)
4.00%   06/01/2029     100        106,761
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
5.00%   10/15/2029     45         50,509
Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB
5.00%   07/01/2044     25         26,553
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB
5.00%   02/15/2044     595        630,057
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2031     50         54,720
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2032     175        190,711
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2034     105        113,857
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2035     60         64,955
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB
5.00%   01/01/2033     5          5,448
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB
5.00%   01/01/2035     20         21,745
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018 A, Ref. RB
5.00%   01/01/2029     90         99,489
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)
5.25%   08/01/2029     25         28,306
University of Massachusetts Building Authority, Series 2020 1, RB
5.00%   11/01/2033     5          5,521
University of Massachusetts Building Authority, Series 2020 1, RB
5.00%   11/01/2034     55         60,626
University of Massachusetts Building Authority, Series 2020 1, RB
5.00%   11/01/2050     265       280,059
                5,396,189
Michigan-1.93%                
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(b)
5.25%   05/01/2029     85         94,747
Great Lakes Water Authority, Series 2018 B, Ref. RB
5.00%   07/01/2029     95        105,505
Great Lakes Water Authority, Series 2024 A, Ref. RB
5.00%   07/01/2029     15         16,659
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
5.00%   07/01/2044     285        301,252
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
5.00%   07/01/2048     145        152,587
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2029     115        128,837
Michigan (State of), Series 2023, RB
5.00%   11/15/2029     105        117,634
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB
5.00%   04/15/2036     350        379,619
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2029     15         16,529
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group), Series 2013 MI-4, Ref. RB
5.00%   12/01/2039     5          5,298
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
4.00%   12/01/2035     275        279,882
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
4.00%   12/01/2036     115        116,642
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
4.00%   12/01/2038     220        221,258
Michigan State University Board of Trustees, Series 2019 B, RB
5.00%   02/15/2048     385        403,168
Michigan State University Board of Trustees, Series 2023 A, Ref. RB
5.00%   08/15/2029     25        27,855
                2,367,472
Minnesota-1.15%                
Metropolitan Council, Series 2021 C, GO Bonds
5.00%   12/01/2029     120        134,786
Minnesota (State of), Series 2018 A, GO Bonds
5.00%   08/01/2029     25         27,414
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2031     30         33,023
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2032     85         93,435
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2033     65        71,344
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
244
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Minnesota-(continued)                
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2036   $ 300   $    326,916
Minnesota (State of), Series 2019 A, GO Bonds
5.00%   08/01/2039     35         37,811
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2029     285        319,097
Minnesota (State of), Series 2021 B, GO Bonds
5.00%   09/01/2029     65         72,777
Minnesota (State of), Series 2022 A, Ref. RB
5.00%   03/01/2029     5          5,528
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB
5.00%   11/15/2029     55         61,391
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB
5.00%   05/01/2048     125        129,851
University of Minnesota, Series 2019 A, RB
5.00%   04/01/2044     90        95,210
                1,408,583
Mississippi-0.20%                
Mississippi (State of), Series 2019 B, GO Bonds
5.00%   10/01/2033     175        191,961
Mississippi (State of), Series 2019 B, GO Bonds
4.00%   10/01/2036     25         25,576
Mississippi (State of), Series 2019 B, GO Bonds
4.00%   10/01/2037     30        30,604
                248,141
Missouri-0.42%                
Hazelwood School District, Series 2017 A, Ref. GO Bonds
3.00%   03/01/2029     35         35,082
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
4.00%   03/01/2031     75         78,292
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
4.00%   03/01/2038     15         15,279
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
5.00%   06/01/2029     105        113,230
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB
5.00%   06/01/2029     35         38,365
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
5.00%   05/01/2029     15         16,640
Springfield School District No. R-12, Series 2017, Ref. GO Bonds
4.00%   03/01/2029     50         52,197
Springfield School District No. R-12, Series 2019, GO Bonds
5.00%   03/01/2036     140        151,862
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(b)
5.50%   07/01/2029     10        11,259
                512,206
Nebraska-0.40%                
Omaha (City of), NE Public Power District, Series 2018 A, RB
5.00%   02/01/2029     15         16,223
Omaha (City of), NE Public Power District, Series 2019 A, RB
5.00%   02/01/2031     15         16,420
Omaha (City of), NE Public Power District, Series 2019 A, RB
5.00%   02/01/2032     115        125,592
Omaha (City of), NE Public Power District, Series 2019 A, RB
5.00%   02/01/2033     310       337,929
                496,164
Nevada-1.22%                
Clark (County of), NV, Series 2020 C, Ref. RB
5.00%   07/01/2029     130        143,877
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
5.00%   07/01/2029     40         44,327
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
5.00%   07/01/2031     105        114,834
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
5.00%   07/01/2032     85         92,755
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
5.00%   07/01/2033     35         38,135
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2029     95        105,278
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2031     105        114,833
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2032     60         65,474
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2034     5          5,439
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2035     115        124,841
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2042     10         10,632
Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB
5.00%   07/01/2031     5          5,468
Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB
5.00%   07/01/2032     10         10,912
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
5.00%   07/01/2029     15         16,623
Clark (County of), NV Department of Aviation, Series 2024 B, RN
5.00%   07/01/2029     200        221,637
Humboldt (County of), NV, Series 2016, Ref. RB
3.55%   10/01/2029     245        249,135
Las Vegas Valley Water District, Series 2021 C, GO Bonds
5.00%   06/01/2029     55         61,036
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB
5.00%   02/01/2042     70        73,976
                1,499,212
New Jersey-3.07%                
Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB
5.00%   07/01/2044     25         26,426
New Jersey (State of), Series 2020 A, GO Bonds
5.00%   06/01/2029     395        438,347
New Jersey (State of), Series 2021, GO Bonds
2.00%   06/01/2029     250       230,809
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
245
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)(b)
5.50%   09/01/2029   $ 100   $    112,978
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB
5.00%   06/15/2033     250        271,851
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB
5.00%   06/15/2034     510        553,034
New Jersey (State of) Economic Development Authority, Series 2019, RB
5.00%   06/15/2039     30         31,995
New Jersey (State of) Economic Development Authority, Series 2019, RB
5.00%   06/15/2044     250        261,985
New Jersey (State of) Economic Development Authority, Series 2020, RB
5.00%   11/01/2031     35         38,280
New Jersey (State of) Economic Development Authority, Series 2020, RB
5.00%   11/01/2033     20         21,687
New Jersey (State of) Economic Development Authority, Series 2020, RB
5.00%   11/01/2034     20         21,630
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
5.00%   11/01/2029     40         44,167
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
5.00%   11/01/2032     10         10,883
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
5.00%   11/01/2044     225        235,324
New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB
5.00%   03/01/2029     5          5,567
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, Ref. RB
5.00%   07/01/2029     50         55,242
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
5.00%   12/15/2029     150        163,260
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
5.00%   12/15/2033     100        109,038
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
5.00%   12/15/2039     290        310,091
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2029     20         21,990
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2029     75         82,477
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(b)
5.25%   01/01/2029     120        133,512
New Jersey (State of) Turnpike Authority, Series 2019 A, RB
5.00%   01/01/2048     555       581,912
                3,762,485
New Mexico-0.73%                
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
5.00%   06/15/2029     115        124,690
New Mexico (State of) Finance Authority, Series 2021 A, RB
5.00%   06/15/2029     200        222,116
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2019 A, RB
5.00%   08/01/2044     310        323,234
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
5.00%   07/01/2029     190        211,193
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
5.00%   07/01/2029     15        16,673
                897,906
New York-16.66%                
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB
5.00%   11/01/2038     100        109,525
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB
5.00%   11/01/2039     30         32,765
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
4.00%   11/01/2044     140        139,378
Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGC)(b)
5.25%   09/01/2029     50         55,619
Long Island (City of), NY Power Authority, Series 2018, RB
5.00%   09/01/2029     10         10,893
Metropolitan Transportation Authority, Series 2019 C, RB
5.00%   11/15/2038     80         85,422
Metropolitan Transportation Authority, Series 2019 C, RB
5.00%   11/15/2040     225        238,788
Metropolitan Transportation Authority, Series 2019 C, RB
5.00%   11/15/2042     100        105,651
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - BAM)(b)
5.00%   11/15/2043     10         10,585
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(b)
5.00%   11/15/2044     100        105,614
Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB
5.00%   11/15/2029     40         45,188
Nassau Health Care Corp., Series 2009, Ref. RB
5.00%   08/01/2029     15         16,744
New York & New Jersey (States of) Port Authority, Series 2019 217, RB
4.00%   11/01/2049     150        150,032
New York & New Jersey (States of) Port Authority, Series 2019, RB
4.00%   11/01/2038     5          5,007
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
5.00%   07/15/2029     40         43,284
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
5.00%   11/01/2036     205        223,194
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
4.00%   11/01/2039     20         20,017
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
5.00%   11/01/2044     220        234,312
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
5.00%   09/01/2031     250        275,513
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
5.00%   09/01/2033     75         82,207
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
5.00%   09/01/2035     20         21,807
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
5.00%   09/01/2032     35         38,453
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
5.00%   09/01/2035     40         43,614
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
4.00%   09/01/2037     25         25,550
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
4.00%   09/01/2039     150        150,097
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%   10/01/2031     1,100     1,209,380
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%   10/01/2034     155       169,119
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
246
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%   10/01/2043   $ 30   $     31,894
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2029     30         32,889
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2030     75         81,841
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2031     10         10,876
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2033     95        102,771
New York (City of), NY, Series 2019 E, Ref. GO Bonds
5.00%   08/01/2034     200        216,045
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
5.00%   08/01/2029     30         33,254
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   08/01/2029     5          5,542
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2029     30         33,306
New York (City of), NY, Series 2023 C, Ref. GO Bonds
5.00%   08/01/2029     10         11,085
New York (City of), NY, Subseries 2008 L-6, GO Bonds
5.00%   04/01/2031     195        212,868
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2035     365        396,494
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%   08/01/2038     100        101,401
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2039     235        252,249
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2041     20         21,332
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2043     335        355,512
New York (City of), NY, Subseries 2020 B-1, GO Bonds
5.00%   10/01/2036     30         32,540
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
5.00%   06/15/2049     200        211,942
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB
5.00%   06/15/2029     55         61,529
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
4.00%   06/15/2040     500        501,960
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
5.00%   06/15/2044     105        112,185
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%   06/15/2032     80         88,356
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%   06/15/2040     155        167,403
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
5.00%   06/15/2029     40         44,749
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
5.00%   06/15/2029     380        425,111
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE, Ref. RB
4.00%   06/15/2040     100        100,358
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB
5.00%   06/15/2040     270        289,821
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
5.00%   06/15/2034     285        310,802
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
5.00%   06/15/2035     35         38,070
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
5.00%   06/15/2038     150        161,939
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
4.00%   06/15/2041     20         20,029
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%   06/15/2029     60         67,123
New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB
5.00%   11/01/2029     210        235,233
New York (City of), NY Transitional Finance Authority, Series 2010, RB
5.00%   05/01/2029     15         16,647
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
5.00%   07/15/2029     15         16,220
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
5.00%   11/01/2035     640        694,696
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
4.00%   11/01/2037     105        107,679
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB
5.00%   11/01/2035     15         16,159
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%   11/01/2040     10         10,068
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   08/01/2029     45         50,189
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2029     400        448,062
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2029     150        168,023
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2029     115        128,818
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
5.00%   11/01/2029     5          5,601
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.00%   05/01/2029     10         11,098
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2029     15         16,647
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
5.00%   07/15/2029     95        102,727
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
5.00%   05/01/2035     470        507,061
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
5.00%   05/01/2036     40         43,026
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
5.00%   05/01/2037     285        306,147
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
5.00%   05/01/2039     115        122,775
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
5.00%   05/01/2040     500        532,307
New York (City of), NY Transitional Finance Authority, Subseries 2019 B-1, RB
4.00%   11/01/2040     20         20,150
New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB
4.00%   05/01/2044     325        321,496
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2029     10         10,915
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   07/01/2033     40         43,963
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   07/01/2035     85         93,033
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   07/01/2036     35        38,201
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
247
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority, Series 2019 A, RB
5.00%   07/01/2037   $ 10   $     10,880
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2032     345        375,827
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2033     80         86,951
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2035     325        351,455
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2036     5          5,391
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2037     225        241,873
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2038     115        123,280
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2041     485        513,958
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2042     50         52,828
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2043     100        105,371
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2044     300        315,449
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2045     30         31,492
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2046     35         36,702
New York (State of) Dormitory Authority, Series 2019, RB
4.00%   07/01/2032     125        130,000
New York (State of) Dormitory Authority, Series 2019, RB
5.00%   07/01/2036     45         49,095
New York (State of) Dormitory Authority, Series 2019, RB
5.00%   07/01/2039     350        376,988
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)
5.00%   10/01/2029     25         26,897
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
5.00%   10/01/2031     55         60,852
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
5.00%   10/01/2032     75         82,802
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
5.00%   10/01/2033     10         11,019
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2029     225        249,278
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
5.00%   03/15/2029     15         16,619
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2029     25         27,698
New York (State of) Dormitory Authority, Series 2023, Ref. RB
5.00%   08/01/2029     15         16,789
New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB
5.00%   03/15/2031     375        409,751
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB
5.00%   03/15/2040     330        350,812
New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB
5.00%   03/15/2034     40         43,378
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%   07/01/2046     500        489,369
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB
5.00%   07/01/2035     40         43,856
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2029     25         27,885
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2032     5          5,506
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2034     20         21,938
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2038     15         16,257
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2042     15         16,005
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB
5.00%   07/01/2049     190        198,343
New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB
5.00%   07/01/2035     65         71,266
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB
3.50%   10/01/2029     55         54,778
New York (State of) Thruway Authority, Series 2019 B, RB
5.00%   01/01/2029     20         22,039
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2029     95        104,693
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB
5.00%   02/15/2029     90         99,503
New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB
1.45%   11/15/2029     220        193,355
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
5.00%   06/15/2035     35         38,434
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
5.00%   06/15/2036     5          5,468
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
4.00%   06/15/2037     5          5,173
New York State Environmental Facilities Corp., Series 2019, RB
5.00%   02/15/2049     10         10,558
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB
5.00%   06/15/2044     70         74,254
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2035     80         87,685
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2036     285        311,160
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2038     125        135,766
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2040     330        355,588
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2041     15         16,108
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2029     120        132,677
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   09/15/2029     60         66,980
New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB
5.00%   03/15/2029     25         27,777
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%   03/15/2046     250        246,047
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
5.00%   03/15/2029     40        44,226
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
248
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
5.00%   12/01/2039   $ 25   $     27,020
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
5.00%   12/01/2040     90         96,875
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
5.00%   12/01/2045     95        100,714
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
5.00%   11/15/2029     25         28,034
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB
5.00%   11/15/2049     100        104,558
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB
4.00%   11/15/2041     500        499,711
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.00%   05/15/2029     280        310,589
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
5.00%   11/15/2029     5         5,607
                20,447,212
North Carolina-1.60%                
Charlotte (City of), NC, Series 2018, Ref. RB
5.00%   07/01/2029     75         81,916
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019, RB
4.00%   07/01/2044     230        227,311
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 A, Ref. RB
5.00%   01/15/2033     40         43,213
North Carolina (State of), Series 2019 A, RB
5.00%   05/01/2031     15         16,435
North Carolina (State of), Series 2019 A, RB
4.00%   05/01/2033     35         36,376
North Carolina (State of), Series 2019 B, GO Bonds
4.00%   06/01/2031     25         26,323
North Carolina (State of), Series 2019, RB
5.00%   03/01/2029     10         11,030
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
5.00%   05/01/2029     195        216,411
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
5.00%   05/01/2032     40         43,747
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
4.00%   05/01/2034     170        176,416
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
5.00%   05/01/2029     50         55,490
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
5.00%   05/01/2029     25         27,745
North Carolina (State of) (Garvee), Series 2019, RB
5.00%   03/01/2031     105        114,901
North Carolina (State of) (Garvee), Series 2019, RB
5.00%   03/01/2032     65         70,968
North Carolina (State of) (Garvee), Series 2019, RB
5.00%   03/01/2033     60         65,322
North Carolina (State of) (Garvee), Series 2019, RB
5.00%   03/01/2034     20         21,717
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)
5.00%   01/01/2032     500        540,224
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)
5.00%   01/01/2036     50         53,476
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2029     115        127,258
Wake (County of), NC, Series 2024 B, Ref. GO Bonds
5.00%   09/01/2029     10        11,201
                1,967,480
Ohio-2.82%                
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
5.00%   12/01/2029     215        237,702
American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB
5.00%   02/15/2029     25         27,463
Columbus (City of), OH, Series 2018 A, GO Bonds
5.00%   04/01/2029     50         54,721
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2029     60         66,561
Columbus (City of), OH, Series 2023 A, GO Bonds
5.00%   08/15/2029     65         72,647
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
4.00%   11/15/2036     10         10,238
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2031     20         22,042
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2032     20         22,008
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2035     240        262,734
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2036     200        218,264
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2037     105        114,075
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2038     150        162,285
Ohio (State of), Series 2019 A, GO Bonds
5.00%   06/15/2039     5          5,385
Ohio (State of), Series 2019, RB
4.00%   01/01/2040     130        130,480
Ohio (State of), Series 2019, RB
4.00%   01/01/2041     85         85,129
Ohio (State of), Series 2019-1, RB
5.00%   12/15/2029     130        145,631
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, RB
4.00%   01/01/2042     5          5,003
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
5.00%   02/15/2029     115        123,881
Ohio (State of) Water Development Authority, Series 2019 A, RB
5.00%   06/01/2029     220        242,924
Ohio (State of) Water Development Authority, Series 2019, RB
5.00%   12/01/2029     110        122,431
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB
5.00%   12/01/2037     30         32,681
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB
5.00%   12/01/2039     100        108,281
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2035     440        484,201
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2036     45         49,314
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2037     85        92,726
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
249
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2039   $ 125   $    135,540
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2044     40         42,638
Ohio State University (The), Series 2020 A, Ref. RB
5.00%   12/01/2029     75         84,359
Ross (County of), OH (Adena Health System Obligated Group), Series 2019, Ref. RB
5.00%   12/01/2049     50         51,140
Sycamore Community City School District, Series 2020, GO Bonds
4.00%   12/01/2045     250       248,550
                3,461,034
Oklahoma-0.12%                
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
3.00%   09/01/2029     25         24,713
Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB
5.00%   09/01/2029     80         87,289
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
5.00%   01/01/2029     30        32,865
                144,867
Oregon-1.22%                
Multnomah (County of), OR, Series 2021 A, GO Bonds
5.00%   06/15/2029     190        211,464
Multnomah County School District No. 1, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2029     45         50,083
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds
5.00%   05/01/2032     115        125,984
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds
5.00%   05/01/2033     60         65,662
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2029     60         66,616
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
5.00%   11/15/2035     5          5,512
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
5.00%   11/15/2036     150        164,796
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
5.00%   11/15/2037     15         16,445
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
5.00%   11/15/2038     20         21,830
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
5.00%   11/15/2042     250        268,123
Portland (City of), OR, Series 2019 A, Ref. RB
5.00%   03/01/2033     25         27,404
Portland (City of), OR, Series 2019 A, Ref. RB
5.00%   03/01/2034     100        109,447
Salem Hospital Facility Authority, Series 2019, Ref. RB
5.00%   05/15/2044     250        261,420
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2039     15         16,101
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2040     75        80,232
                1,491,119
Pennsylvania-5.25%                
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
5.00%   07/15/2034     85         91,690
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
4.00%   07/15/2035     35         35,660
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
4.00%   07/15/2036     175        177,294
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
4.00%   07/15/2038     250        251,000
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
5.00%   07/15/2033     70         75,629
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
5.00%   03/01/2029     40         44,013
Armstrong School District, Series 2019 A, Ref. GO Bonds, (INS - BAM)(b)
4.00%   03/15/2041     50         50,378
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2032     45         48,734
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2033     50         54,191
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2034     95        102,785
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2035     75         80,919
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2036     145        156,070
Delaware (State of) River Port Authority, Series 2018 A, RB
5.00%   01/01/2040     65         69,876
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
5.00%   11/01/2051     350        361,921
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB
5.00%   07/01/2044     55         56,951
Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB
3.00%   09/01/2029     50         49,699
Monroeville Finance Authority, Series 2022 B, Ref. RB
5.00%   02/15/2029     5          5,462
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
250
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
5.00%   09/01/2031   $ 55   $     58,994
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
5.00%   09/01/2033     100        106,969
Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation LLC), Series 2023 B, Ref. RB
4.10%   06/01/2029     105        108,657
North Allegheny School District, Series 2019, GO Bonds
4.00%   05/01/2044     200        200,133
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2029     210        232,765
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
5.00%   05/15/2029     210        232,942
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
5.00%   09/01/2029     225        251,022
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
5.00%   09/01/2029     175        195,239
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
5.00%   07/15/2029     290        322,733
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
5.00%   08/15/2032     40         43,494
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
5.00%   08/15/2049     200        208,149
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2034     165        178,208
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2035     140        150,587
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2038     40         42,816
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2039     50         53,549
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2044     360        379,209
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2044     200        210,478
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2049     30         31,626
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB
5.00%   12/01/2029     35         38,101
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2031     35         38,146
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2033     25         27,139
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2034     110        119,388
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2035     500        536,709
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2037     100        106,556
Philadelphia (City of), PA, Series 2019 B, GO Bonds
5.00%   02/01/2039     20         21,224
Philadelphia (City of), PA, Series 2019 B, RB
5.00%   11/01/2044     110        116,646
Philadelphia School District, Series 2019 A, GO Bonds
5.00%   09/01/2032     30         32,409
Philadelphia School District, Series 2019 A, GO Bonds
4.00%   09/01/2035     30         30,811
Philadelphia School District, Series 2019 A, GO Bonds
4.00%   09/01/2036     50         51,165
Philadelphia School District, Series 2019 A, GO Bonds
4.00%   09/01/2039     40         40,514
Philadelphia School District (The), Series 2019 A, GO Bonds
5.00%   09/01/2031     185        199,580
Philadelphia School District (The), Series 2019 A, GO Bonds
4.00%   09/01/2037     30         30,605
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB
5.00%   06/01/2049     130        133,869
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB
5.00%   06/01/2029     10         10,989
Upper Merion Area School District, Series 2021 A, GO Bonds
4.00%   01/15/2046     45         44,707
Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)(b)
5.00%   04/15/2059     145       149,245
                6,447,645
Rhode Island-0.29%                
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB
5.00%   09/01/2029     315       352,058
South Carolina-0.37%                
Columbia (City of), SC, Series 2019 A, RB
4.00%   02/01/2044     15         15,020
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
3.00%   10/01/2029     75         74,520
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2029     200        223,023
Spartanburg County School District No. 7, Series 2019 D, GO Bonds
5.00%   03/01/2048     130       136,856
                449,419
Tennessee-0.21%                
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2044     100        103,949
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
5.00%   07/01/2029     5          5,444
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
251
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Tennessee-(continued)                
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
5.00%   05/15/2029   $ 35   $     38,824
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2019, Ref. RB
5.25%   10/01/2058     100        101,449
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2029     10        11,126
                260,792
Texas-8.16%                
Alamo Community College District, Series 2022, GO Notes
5.00%   02/15/2029     55         60,661
Arlington Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2045     250        249,228
Austin (City of), TX, Series 2019 B, RB
5.00%   11/15/2044     100        105,737
Austin (City of), TX, Series 2019 B, RB
5.00%   11/15/2049     235        246,967
Austin (City of), TX, Series 2022, Ref. RB
5.00%   11/15/2029     30         33,470
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2048     100        105,603
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2029     15         16,678
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2029     20         22,264
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2032     40         43,763
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2033     100        109,343
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2038     45         48,472
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
5.00%   08/15/2039     30         32,181
Board of Regents of the University of Texas System, Series 2019 B, RB
5.00%   08/15/2029     150        166,981
Collin County Community College District, Series 2020 A, GO Bonds
5.00%   08/15/2031     115        126,099
Collin County Community College District, Series 2020 A, GO Bonds
5.00%   08/15/2033     75         81,755
Collin County Community College District, Series 2020 A, GO Bonds
4.00%   08/15/2034     35         36,431
Collin County Community College District, Series 2020 A, GO Bonds
4.00%   08/15/2035     30         31,087
Collin County Community College District, Series 2020 A, GO Bonds
4.00%   08/15/2037     15         15,418
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2029     30         33,035
Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2031     20         21,783
Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2044     500        501,413
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2031     20         21,783
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2032     60         65,122
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2033     25         27,067
Cypress-Fairbanks Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2029     40         44,117
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
5.00%   11/01/2029     50         55,649
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2029     35         38,985
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2032     25         27,605
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2033     45         49,657
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
5.00%   12/01/2034     340        374,351
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2031     45         46,811
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2032     10         10,366
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2033     30         31,064
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds
5.00%   08/15/2029     75         80,781
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2045     20         20,072
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2036     75         80,836
Garland (City of), TX, Series 2019, Ref. RB
5.00%   03/01/2044     150        157,015
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds
4.00%   10/01/2045     250        242,910
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
5.00%   08/15/2029     20        22,244
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
252
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Series 2024 A, RB
5.00%   05/15/2029   $ 15   $     16,394
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
5.00%   12/01/2029     25         27,704
Houston (City of), TX, Series 2018 D, Ref. RB
5.00%   07/01/2029     55         59,610
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
5.00%   03/01/2029     110        120,890
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
5.00%   03/01/2031     15         16,401
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
5.00%   03/01/2032     40         43,567
Houston (City of), TX, Series 2019 B, RB
5.00%   11/15/2049     30         31,629
Houston Community College System, Series 2020, Ref. GO Bonds
5.00%   02/15/2035     15         16,174
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2044     200        199,467
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2035     80         82,417
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2036     95         97,349
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2029     60         66,852
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%   05/15/2029     50         55,136
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%   05/15/2031     500        544,510
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%   05/15/2032     20         21,738
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%   05/15/2036     250        268,149
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB
5.00%   05/15/2034     30         32,462
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB
5.00%   05/15/2035     500        539,060
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2029     15         16,541
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)
5.00%   05/15/2029     10         11,036
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)
5.00%   05/15/2029     10         11,036
Matagorda County Navigation District No. 1 (Central Power And Light Co.), Series 2001, Ref. RB
2.60%   11/01/2029     25         23,647
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   02/01/2029     70         77,778
North Texas Municipal Water District, Series 2021 A, Ref. RB
5.00%   09/01/2029     30         33,276
North Texas Tollway Authority, Series 2019 A, Ref. RB
4.00%   01/01/2036     50         50,947
North Texas Tollway Authority, Series 2019 A, Ref. RB
4.00%   01/01/2037     85         86,301
North Texas Tollway Authority, Series 2019 A, Ref. RB
5.00%   01/01/2038     155        166,849
North Texas Tollway Authority, Series 2020 A, Ref. RB
4.00%   01/01/2035     100        102,126
North Texas Tollway Authority, Series 2020 A, Ref. RB
4.00%   01/01/2037     210        213,215
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2029     165        183,563
Pflugerville Independent School District, Series 2023 A, GO Bonds
5.00%   02/15/2048     200        209,688
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2032     115        120,647
San Antonio (City of), TX, Series 2018 A, RB
5.00%   02/01/2048     35         36,523
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
5.00%   08/01/2031     110        121,032
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
5.00%   08/01/2032     15         16,467
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
3.00%   08/01/2034     5          4,816
San Antonio (City of), TX, Series 2019, Ref. RB
4.00%   02/01/2029     25         26,312
San Antonio (City of), TX Water System, Series 2019 C, Ref. RB
5.00%   05/15/2034     15         16,440
San Antonio Public Facilities Corp., Series 2022, Ref. RB
5.00%   09/15/2029     10         11,024
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%   07/01/2032     145        155,146
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%   07/01/2033     50         53,442
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%   07/01/2034     45         47,974
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%   07/01/2048     300        309,144
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB
3.00%   12/01/2050     125         95,832
Texas (State of) Water Development Board, Series 2019 A, RB
5.00%   04/15/2031     155        171,571
Texas (State of) Water Development Board, Series 2019 A, RB
5.00%   04/15/2032     135        148,879
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%   10/15/2036     125        127,748
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%   10/15/2049     340        328,264
Texas (State of) Water Development Board, Series 2020, RB
5.00%   08/01/2029     100       111,238
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
253
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2029   $ 45   $     50,057
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%   10/15/2029     15         16,744
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
5.00%   12/31/2032     40         43,242
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
5.00%   12/31/2033     90         97,093
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
4.00%   12/31/2038     250        251,349
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB
5.00%   12/31/2035     5          5,363
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB
5.00%   12/31/2036     30         32,078
Travis (County of), TX, Series 2019 A, Ctfs. of Obligation
5.00%   03/01/2039     15         16,010
Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation
5.00%   03/01/2032     100        109,005
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
5.00%   03/01/2034     25         27,108
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
5.00%   03/01/2035     30         32,445
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
5.00%   03/01/2038     175        187,796
Trinity River Authority, Series 2020, Ref. RB
5.00%   08/01/2029     100        111,140
Webb (County of), TX, Series 2020, Ctfs. Of Obligation
4.00%   02/15/2045     15         14,798
Williamson (County of), TX, Series 2020, GO Bonds
4.00%   02/15/2033     55         57,135
Williamson (County of), TX, Series 2020, GO Bonds
4.00%   02/15/2040     150       152,314
                10,016,492
Utah-0.47%                
Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)(b)
5.50%   04/01/2029     100        107,665
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2029     80         89,116
Salt Lake City (City of), UT, Series 2020, RB
4.00%   02/01/2047     250        246,642
University of Utah (The), Series 2022 B, RB
5.00%   08/01/2029     40         44,593
Utah (State of), Series 2020, GO Bonds
5.00%   07/01/2029     75        82,626
                570,642
Vermont-0.09%                
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB
5.00%   11/01/2049     100       105,158
Virginia-1.04%                
Arlington (City of), TX, Series 2016 B, Ref. GO Bonds
2.50%   08/15/2029     25         24,293
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB
2.88%   02/01/2029     30         28,659
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
5.00%   10/01/2029     60         67,302
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
5.00%   05/15/2029     15         16,548
Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB
4.00%   12/01/2033     40         41,852
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds
5.00%   03/01/2029     45         49,817
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
5.00%   02/01/2031     20         21,798
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB
5.00%   02/01/2029     90         99,424
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
5.00%   02/01/2029     355        382,133
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
5.00%   02/01/2029     60         66,283
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
5.00%   02/01/2029     10         11,047
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB
5.00%   02/01/2029     10         11,047
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
5.00%   08/01/2029     40         44,612
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2029     180        200,756
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
4.00%   11/01/2039     20        20,420
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
254
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-(continued)                
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
4.00%   11/01/2036   $ 100   $    102,907
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
4.00%   11/01/2037     50         51,351
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
4.00%   11/01/2038     30         30,718
Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB
5.00%   05/15/2029     10        11,097
                1,282,064
Washington-2.92%                
Central Puget Sound Regional Transit Authority, Series 2021 S-1, Ref. RB
5.00%   11/01/2029     160        178,896
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB
5.00%   07/01/2035     80         87,447
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB
5.00%   07/01/2037     100        108,472
Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB
5.00%   07/01/2036     290        315,164
King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2029     100        106,571
Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2036     75         80,794
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2029     50         55,952
Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2034     15         16,358
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2029     305        329,347
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2029     40         44,632
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2031     50         55,063
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2035     80         87,363
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2036     30         32,677
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2039     210        226,270
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2042     335        357,854
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2044     325        345,583
Washington (State of), Series 2019 C, GO Bonds
5.00%   02/01/2035     165        178,956
Washington (State of), Series 2019 C, GO Bonds
5.00%   02/01/2037     10         10,778
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2033     55         60,289
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2034     100        109,443
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2038     50         54,049
Washington (State of), Series 2021, Ref. GO Bonds
5.00%   06/01/2029     35         38,924
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2029     5          5,570
Washington (State of), Series R-2024A, Ref. GO Bonds
5.00%   02/01/2029     10         11,047
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2029     145        161,791
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
5.00%   08/01/2029     55         61,369
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
5.00%   02/01/2029     30         33,141
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
5.00%   08/01/2029     20         22,316
Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds
5.00%   08/01/2029     225        251,055
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB
5.00%   08/01/2044     150       155,924
                3,583,095
West Virginia-0.52%                
West Virginia (State of) (Bid Group 1), Series 2019, GO Bonds
5.00%   12/01/2036     25         27,020
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   12/01/2040     155        165,239
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   06/01/2041     185        196,525
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   12/01/2041     25         26,555
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   12/01/2043     95        100,368
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   06/01/2044     25         26,408
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB
5.00%   01/01/2043     100       101,677
                643,792
Wisconsin-0.61%                
Fond Du Lac (County of), WI, Series 2019 A, GO Notes
3.00%   03/01/2029     140       139,829
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
255
Table of Contents
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Wisconsin-(continued)                
Wisconsin (State of), Series 2020 1, Ref. GO Bonds
5.00%   05/01/2029   $ 105   $    116,822
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
5.00%   05/01/2029     80         89,007
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
5.00%   05/01/2029     30         33,378
Wisconsin (State of), Series 2024-1, Ref. GO Bonds
5.00%   05/01/2029     5          5,563
Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB
5.00%   07/01/2029     20         22,327
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB
5.00%   11/15/2029     75         83,329
Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB
5.00%   10/01/2044     250       259,834
                750,089
TOTAL INVESTMENTS IN SECURITIES(c)-98.23%

(Cost $120,958,276)
  120,561,804
OTHER ASSETS LESS LIABILITIES-1.77%
  2,169,519
NET ASSETS-100.00%
  $122,731,323
    
Investment Abbreviations:
AGC -Assured Guaranty Corp.
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
    
Notes to Schedule of Investments:
(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b) Principal and/or interest payments are secured by the bond insurance company listed.
(c) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
256
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.65%                
Alabama-1.27%                
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2033   $ 350   $    393,613
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2034     195        218,602
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2035     145        162,235
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
4.00%   11/01/2036     155        158,619
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2037     200        221,883
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2039     250       275,334
                1,430,286
Alaska-0.04%                
Alaska (State of), Series 2024 A, Ref. GO Bonds
5.00%   08/01/2030     40        45,000
Arizona-1.00%                
Arizona (State of) Department of Transportation, Series 2023, RB
5.00%   07/01/2030     40         45,248
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(a)
5.00%   07/01/2030     100        109,823
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
5.00%   07/15/2030     25         28,253
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
5.00%   07/01/2030     20         22,360
Phoenix Civic Improvement Corp., Series 2020 A, RB
5.00%   07/01/2040     50         54,278
Phoenix Civic Improvement Corp., Series 2020 A, RB
5.00%   07/01/2044     165        176,086
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
5.00%   07/01/2044     150        160,078
Salt River Project Agricultural Improvement & Power District, Series 2019, RB
5.00%   01/01/2035     260        287,409
Salt River Project Agricultural Improvement & Power District, Series 2019, RB
5.00%   01/01/2037     205        224,122
Scottsdale Municipal Property Corp., Series 2006, Ref. RB
5.00%   07/01/2030     10        10,950
                1,118,607
California-17.22%                
Antelope Valley Community College District, Series 2020 B, GO Bonds
4.00%   08/01/2045     45         45,332
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2030     205        233,203
California (State of), Series 2019, GO Bonds
5.00%   10/01/2030     200        222,502
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2030     90        101,229
California (State of), Series 2020 B, GO Bonds
5.00%   11/01/2034     335        374,944
California (State of), Series 2020, GO Bonds
5.00%   03/01/2030     25         28,085
California (State of), Series 2020, GO Bonds
5.00%   03/01/2032     20         22,301
California (State of), Series 2020, GO Bonds
5.00%   11/01/2032     10         11,260
California (State of), Series 2020, GO Bonds
5.00%   03/01/2033     5          5,556
California (State of), Series 2020, GO Bonds
5.00%   03/01/2034     200        221,761
California (State of), Series 2020, GO Bonds
5.00%   03/01/2034     250        277,202
California (State of), Series 2020, GO Bonds
4.00%   11/01/2035     100        104,837
California (State of), Series 2020, GO Bonds
5.00%   03/01/2036     150        165,276
California (State of), Series 2020, Ref. GO Bonds
4.00%   11/01/2030     40         43,111
California (State of), Series 2020, Ref. GO Bonds
5.00%   11/01/2030     155        175,820
California (State of), Series 2020, Ref. GO Bonds
5.00%   03/01/2032     50         55,752
California (State of), Series 2020, Ref. GO Bonds
5.00%   11/01/2032     20         22,520
California (State of), Series 2020, Ref. GO Bonds
5.00%   03/01/2033     45         50,005
California (State of), Series 2020, Ref. GO Bonds
5.00%   03/01/2035     650        718,491
California (State of), Series 2020, Ref. GO Bonds
4.00%   03/01/2036     510        531,008
California (State of), Series 2020, Ref. GO Bonds
4.00%   11/01/2036     250        260,756
California (State of), Series 2020, Ref. GO Bonds
4.00%   03/01/2037     60         62,289
California (State of), Series 2020, Ref. GO Bonds
4.00%   11/01/2037     155        161,100
California (State of), Series 2020, Ref. GO Bonds
4.00%   03/01/2038     175        180,811
California (State of), Series 2020, Ref. GO Bonds
4.00%   11/01/2040     30         30,783
California (State of), Series 2021, GO Bonds
5.00%   10/01/2030     280        317,233
California (State of), Series 2021, GO Bonds
5.00%   12/01/2035     80         89,254
California (State of), Series 2021, GO Bonds
5.00%   12/01/2036     80         88,916
California (State of), Series 2021, GO Bonds
5.00%   12/01/2043     60         65,439
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2030     50        56,581
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
257
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2021, Ref. GO Bonds
5.00%   12/01/2030   $ 500   $    567,834
California (State of), Series 2022, GO Bonds
5.00%   04/01/2030     100        112,477
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2030     35         39,607
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2030     10         11,316
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2030     60         67,897
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
5.00%   12/01/2030     30         34,555
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
5.00%   12/01/2032     80         91,587
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
5.00%   12/01/2035     15         17,065
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2033     245        280,047
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2030     55         63,351
California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB
5.00%   12/01/2030     10         11,518
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
5.00%   04/01/2032     30         33,365
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
5.00%   04/01/2033     60         66,457
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
4.00%   04/01/2038     150        151,887
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
4.00%   08/15/2050     400        394,084
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020, RB
5.00%   11/01/2030     215        244,797
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
5.00%   10/01/2030     25         28,718
California (State of) Public Works Board, Series 2022 A, Ref. RB
5.00%   08/01/2030     70         79,036
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2030     15         16,936
California (State of) Public Works Board, Series 2023 B, Ref. RB
5.00%   12/01/2030     40         45,377
California (State of) Public Works Board, Series 2023 C, Ref. RB
5.00%   09/01/2030     65         73,478
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
5.00%   11/01/2030     85         94,599
California (State of) Statewide Communities Development Authority (Odd Fellows Home of California), Series 2023, Ref. RB, (INS - Cal-Mortgage)(a)
4.00%   04/01/2043     50         50,527
Cambrian School District, Series 2022, GO Bonds
4.00%   08/01/2052     25         24,907
Chino Valley Unified School District, Series 2020 B, GO Bonds
5.00%   08/01/2055     445        474,887
Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.00%   08/01/2047     15         16,196
East Bay Municipal Utility District, Series 2024 B, Ref. RB
5.00%   06/01/2030     40         45,697
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB
5.00%   07/01/2036     70         78,898
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB
4.00%   07/01/2038     55         57,042
El Dorado Irrigation District, Series 2020 A, COP
4.00%   03/01/2050     150        149,333
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%   08/01/2052     120        118,362
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%   08/01/2055     50         49,533
Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2046     25         25,014
Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2051     100         98,820
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB
5.50%   11/15/2030     50         55,302
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
5.00%   05/15/2034     200        225,785
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
4.00%   05/15/2036     120        125,959
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB
5.00%   05/15/2044     215        234,233
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB
4.00%   05/15/2048     30         29,839
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB
5.00%   05/15/2030     10         11,273
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2040     435        480,584
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2041     10         10,977
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2050     245        263,497
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
4.00%   07/01/2030     85         92,250
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%   07/01/2039     25         27,802
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%   07/01/2040     80         88,293
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%   07/01/2050     25         26,860
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2033     20         22,680
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2034     120        135,761
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2036     140       157,219
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
258
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2037   $ 60   $     67,223
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2041     120        131,720
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.00%   07/01/2030     60         68,711
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB
5.00%   07/01/2030     30         34,391
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
4.00%   06/01/2035     50         52,744
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
4.00%   06/01/2036     90         94,375
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2036     275        307,741
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
4.00%   06/01/2037     5          5,220
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
5.00%   06/01/2037     405        451,701
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
5.00%   06/01/2033     25         28,185
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
5.00%   06/01/2034     155        174,518
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
5.00%   12/01/2045     150        162,948
Los Angeles Community College District, Series 2023 D, GO Bonds
5.00%   08/01/2030     20         23,019
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
5.00%   07/01/2030     115        128,273
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
5.00%   07/01/2032     235        266,296
Los Angeles Unified School District, Series 2020 C, GO Bonds
5.00%   07/01/2030     40         45,737
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2032     40         42,584
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2033     25         26,522
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2035     10         10,514
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2037     35         36,414
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2044     20         20,196
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2032     190        215,303
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2033     325        367,616
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
5.00%   07/01/2035     365        410,649
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%   07/01/2036     5          5,225
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%   07/01/2038     15         15,509
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%   07/01/2040     75         76,721
Los Angeles Unified School District, Series 2023 A, COP
5.00%   10/01/2030     125        141,472
Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds
5.00%   07/01/2030     85         97,191
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
5.00%   07/01/2038     50         55,936
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
5.00%   07/01/2039     135        150,361
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
5.00%   07/01/2040     200        221,860
Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGM)(a)
5.00%   08/01/2050     5          5,298
Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)(a)
4.00%   12/01/2050     250        246,551
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2030     10         11,123
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
4.00%   08/01/2047     150        150,186
Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)(a)
5.25%   12/01/2030     90        101,508
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2030     75         84,012
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%   08/15/2035     40         45,203
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%   08/15/2036     255        286,833
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%   08/15/2038     25         27,897
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
4.00%   08/15/2045     15         15,119
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%   08/15/2050     120        129,775
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%   12/01/2050     300        324,009
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
5.00%   10/15/2046     20         21,574
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
4.00%   10/15/2050     20         19,856
San Diego (County of), CA Regional Transportation Commission, Series 2020 A, Ref. RB
4.00%   04/01/2048     30         30,023
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
5.00%   05/01/2030     50         57,042
San Diego Community College District, Series 2024, GO Bonds
5.00%   08/01/2030     60         68,735
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds
4.00%   07/01/2050     145        145,131
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
4.00%   07/01/2036     40         42,103
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
4.00%   07/01/2050     20         20,018
San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds
5.00%   07/01/2030     40         45,690
San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds
5.00%   06/15/2030     5          5,730
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
5.00%   05/01/2030     5          5,563
San Francisco (City & County of), CA Public Utilities Commission, Series 2020 A, RB
5.00%   11/01/2045     10        10,841
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
259
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB
5.00%   11/01/2050   $ 280   $    300,940
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
5.00%   10/01/2030     15         17,267
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB
4.00%   11/01/2050     100         99,113
San Francisco (County of), CA Transportation Authority, Series 2017, RB
3.00%   02/01/2030     200        200,014
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
4.00%   06/15/2045     100        100,069
San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds
5.00%   06/15/2039     15         16,543
San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds
5.00%   06/15/2041     170        185,809
San Juan Unified School District (Election of 2016), Series 2022, GO Bonds
4.00%   08/01/2046     25         24,823
San Rafael City High School District, Series 2022 A, GO Bonds
5.25%   08/01/2052     100        108,810
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2030     20         22,785
Santa Rosa (City of), CA, Series 2020 A, RB
5.00%   09/01/2034     100        113,330
Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB
5.00%   07/01/2036     25         28,006
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
4.00%   04/01/2045     200        200,586
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%   10/01/2045     45         46,477
Turlock (City of), CA Irrigation District, Series 2020, Ref. RB
5.00%   01/01/2041     250        272,719
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2032     25         28,157
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2033     25         28,090
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2034     10         11,199
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2035     95        105,876
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2037     10         10,396
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2038     310        343,633
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2039     195        215,120
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2040     10         10,278
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2043     100        108,942
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2047     380        383,458
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2030     75        85,404
                19,331,414
Colorado-2.13%                
Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds
5.00%   12/15/2038     50         55,237
Colorado (State of), Series 2020 A, COP
5.00%   12/15/2030     40         45,229
Colorado (State of), Series 2020 A, COP
5.00%   12/15/2033     25         27,901
Colorado (State of), Series 2020 A, COP
4.00%   12/15/2037     5          5,140
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2030     170        192,328
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%   08/01/2030     45         48,601
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
5.00%   11/01/2030     210        229,297
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
4.00%   01/01/2035     10         10,228
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
4.00%   01/01/2036     70         71,331
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
4.00%   01/01/2037     50         50,757
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
4.00%   01/01/2038     205        206,744
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB
4.00%   01/01/2040     115        115,624
Colorado Springs (City of), CO, Series 2020 C, RB
5.00%   11/15/2050     250        264,331
Denver (City & County of), CO, Series 2020 A, GO Bonds
5.00%   08/01/2033     55         61,786
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
5.00%   08/01/2030     180        204,291
Denver City & County School District No. 1, Series 2021, GO Bonds
5.00%   12/01/2033     250        281,451
Denver City & County School District No. 1, Series 2021, GO Bonds
5.00%   12/01/2034     225        252,647
Denver City & County School District No. 1, Series 2021, GO Bonds
5.00%   12/01/2038     25         27,491
Denver City & County School District No. 1, Series 2021, GO Bonds
5.00%   12/01/2039     20         21,933
E-470 Public Highway Authority, Series 2020 A, Ref. RB
5.00%   09/01/2034     15         16,578
E-470 Public Highway Authority, Series 2020 A, Ref. RB
5.00%   09/01/2036     5          5,471
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2032     85         90,349
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2033     5          5,291
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2034     5          5,253
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2035     60         62,749
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2036     10         10,398
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2037     10         10,365
Weld County School District No. RE-5J, Series 2021, GO Bonds
4.00%   12/01/2045     10         9,960
                2,388,761
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
260
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-2.23%                
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2030   $ 40   $     44,932
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2032     5          5,567
Connecticut (State of), Series 2020 A, GO Bonds
4.00%   01/15/2033     5          5,239
Connecticut (State of), Series 2020 A, GO Bonds
4.00%   01/15/2038     35         35,876
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2040     10         10,812
Connecticut (State of), Series 2020 A, RB
5.00%   05/01/2034     100        111,037
Connecticut (State of), Series 2020 A, RB
5.00%   05/01/2038     245        268,241
Connecticut (State of), Series 2020 A, RB
4.00%   05/01/2039     10         10,195
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2030     60         64,006
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2032     30         31,647
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2033     205        215,294
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2035     10         10,404
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2037     250        257,148
Connecticut (State of), Series 2020 C, GO Bonds
4.00%   06/01/2038     270        276,783
Connecticut (State of), Series 2020, RB
5.00%   05/01/2030     250        282,099
Connecticut (State of), Series 2020, RB
5.00%   05/01/2033     20         22,291
Connecticut (State of), Series 2020, RB
4.00%   05/01/2036     10         10,337
Connecticut (State of), Series 2020, RB
5.00%   05/01/2037     120        131,795
Connecticut (State of), Series 2020, RB
5.00%   05/01/2040     10         10,852
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2030     15         15,962
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2030     90        101,606
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2030     35         39,787
Connecticut (State of), Series 2022 D, Ref. GO Bonds
5.00%   09/15/2030     220        249,619
Connecticut (State of), Series 2022 E, GO Bonds
5.00%   11/15/2030     15         17,061
Connecticut (State of), Series 2022 F, Ref. GO Bonds
5.00%   11/15/2030     110        125,113
Connecticut (State of), Series 2024 A, GO Bonds
5.00%   01/15/2030     5          5,616
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
4.00%   06/01/2030     20         21,335
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB
4.00%   07/01/2038     100        100,982
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB
4.00%   07/01/2039     25        25,013
                2,506,649
Delaware-0.58%                
Delaware (State of), Series 2020 A, GO Bonds
5.00%   01/01/2030     250        281,716
Delaware (State of), Series 2020 A, GO Bonds
4.00%   01/01/2032     100        106,444
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2030     235       265,697
                653,857
District of Columbia-2.16%                
District of Columbia, Series 2019 A, RB
5.00%   03/01/2030     65         72,207
District of Columbia, Series 2019 C, Ref. RB
5.00%   10/01/2030     10         11,104
District of Columbia, Series 2020 A, RB
5.00%   03/01/2032     200        223,008
District of Columbia, Series 2020 A, RB
5.00%   03/01/2034     250        277,268
District of Columbia, Series 2020 A, RB
5.00%   03/01/2035     50         55,309
District of Columbia, Series 2020 A, RB
5.00%   03/01/2036     195        215,014
District of Columbia, Series 2020 A, RB
5.00%   03/01/2037     170        186,819
District of Columbia, Series 2020 A, RB
5.00%   03/01/2039     60         65,265
District of Columbia, Series 2020 B, Ref. RB
5.00%   10/01/2030     50         56,679
District of Columbia, Series 2020 C, RB
5.00%   05/01/2035     220        243,879
District of Columbia, Series 2020 C, RB
5.00%   05/01/2036     35         38,662
District of Columbia, Series 2020 C, RB
4.00%   05/01/2038     25         25,775
District of Columbia, Series 2020, RB
5.00%   12/01/2030     60         66,043
District of Columbia, Series 2023 B, Ref. GO Bonds
5.00%   06/01/2030     5          5,640
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2035     100        111,023
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2037     395       435,662
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
261
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
District of Columbia-(continued)                
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2039   $ 105   $    114,600
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2045     205       218,303
                2,422,260
Florida-2.90%                
Broward (County of), FL School Board, Series 2020 A, COP
5.00%   07/01/2030     40         44,903
Broward (County of), FL School Board, Series 2020 A, COP
5.00%   07/01/2032     10         11,091
Broward (County of), FL School Board, Series 2020 A, COP
5.00%   07/01/2033     100        110,723
Broward (County of), FL School Board, Series 2020 A, COP
5.00%   07/01/2034     95        104,939
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
5.00%   07/01/2030     165        186,267
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2030     25         27,907
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2032     205        227,489
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2034     135        149,352
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2035     100        110,516
Florida (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2030     215        243,644
Florida (State of), Series 2021 B, Ref. GO Bonds
5.00%   06/01/2030     30         33,997
Florida (State of), Series 2022 B, Ref. GO Bonds
5.00%   06/01/2030     50         56,662
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2030     70         79,387
Jacksonville (City of), FL, Series 2015, Ref. RB
3.00%   10/01/2030     50         49,659
JEA Electric System, Series 2020 3-A, Ref. RB
5.00%   10/01/2034     65         71,590
JEA Electric System, Series 2020 3-A, Ref. RB
5.00%   10/01/2035     115        125,219
JEA Water & Sewer System, Series 2024 A, Ref. RB
5.00%   10/01/2030     5          5,650
Miami-Dade (County of), FL, Series 2016, GO Bonds
4.00%   07/01/2036     45         46,755
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
5.00%   10/01/2032     50         55,464
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
4.00%   10/01/2036     305        310,422
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
4.00%   10/01/2037     115        116,658
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
4.00%   10/01/2041     100         99,244
Miami-Dade (County of), FL, Series 2020 C, RB
4.00%   04/01/2036     145        147,894
Miami-Dade (County of), FL, Series 2021, RB
5.00%   10/01/2030     35         39,549
Miami-Dade (County of), FL Transit System, Series 2020 A, RB
5.00%   07/01/2043     20         21,407
North Miami Beach (City of), FL, Series 2020 A, RB
5.00%   08/01/2049     250        264,909
Palm Beach County School District, Series 2020 A, COP
5.00%   08/01/2033     100        111,016
Palm Beach County School District, Series 2020 A, COP
5.00%   08/01/2034     80         89,196
Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGM)(a)
5.00%   08/01/2033     5          5,559
Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGM)(a)
5.00%   08/01/2035     20         22,103
Polk (County of), FL, Series 2020, Ref. RB
4.00%   10/01/2043     60         60,803
Sarasota (County of), FL, Series 2020 A, RB
5.00%   10/01/2045     5          5,350
Tampa (City of), FL, Series 2020 A, RB
5.00%   10/01/2046     200       217,049
                3,252,373
Georgia-1.61%                
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(a)
5.75%   11/01/2030     105        123,687
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
5.00%   07/01/2030     10         11,295
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2030     10         11,366
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB
5.00%   02/15/2032     100        109,549
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB
5.00%   02/15/2033     30         32,759
Georgia (State of), Series 2022 A, GO Bonds
5.00%   07/01/2030     65         73,830
Georgia (State of), Series 2023 C, Ref. GO Bonds
4.00%   01/01/2030     30         32,207
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds
4.00%   08/01/2034     5          5,288
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2030     50         56,865
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2032     25         28,178
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
4.00%   08/01/2035     20         21,095
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2030     10         11,358
Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   08/01/2033     120        135,015
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
5.00%   07/01/2030     105        119,263
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds
5.00%   07/01/2030     55         61,105
Georgia (State of) Ports Authority, Series 2022, RB
5.00%   07/01/2030     60        67,838
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
262
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2030   $ 35   $     39,483
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2032     115        128,767
Henry County School District, Series 2021, GO Bonds
4.00%   08/01/2030     10         10,735
Metropolitan Atlanta Rapid Transit Authority, Series 2024 B, RB
5.00%   07/01/2030     30         33,953
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
5.00%   09/01/2030     35         39,586
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
5.00%   09/01/2032     55         61,811
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
5.00%   09/01/2033     250        280,476
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
4.00%   09/01/2035     285        296,611
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
4.00%   09/01/2038     5          5,142
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
4.00%   09/01/2039     10        10,265
                1,807,527
Guam-0.04%                
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
5.00%   01/01/2050     40        41,358
Hawaii-0.84%                
Hawaii (State of), Series 2019 FW, GO Bonds
5.00%   01/01/2030     15         16,433
Hawaii (State of), Series 2020 C, RB
5.00%   07/01/2050     125        131,943
Hawaii (State of), Series 2020 D, Ref. RB
5.00%   07/01/2030     500        561,856
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
5.00%   03/01/2030     40         44,848
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
5.00%   03/01/2030     165       184,999
                940,079
Illinois-3.85%                
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds
5.00%   01/01/2030     160        172,618
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2030     165        183,664
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
5.00%   01/01/2034     135        147,498
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
4.00%   01/01/2035     135        138,565
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
4.00%   01/01/2036     80         81,678
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
4.00%   01/01/2037     455        463,066
Chicago (City of), IL (O’Hare International Airport), Series 2020 B, Ref. RB
5.00%   01/01/2032     20         21,973
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
5.00%   12/01/2030     30         33,867
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2033     200        221,299
Illinois (State of), Series 2020 B, GO Bonds
5.00%   10/01/2030     220        244,049
Illinois (State of), Series 2020 B, GO Bonds
4.00%   10/01/2032     60         61,153
Illinois (State of), Series 2020 C, GO Bonds
4.00%   10/01/2037     25         24,944
Illinois (State of), Series 2020, GO Bonds
5.50%   05/01/2039     55         60,435
Illinois (State of), Series 2021 A, GO Bonds
5.00%   12/01/2030     205        227,751
Illinois (State of), Series 2022 B, Ref. GO Bonds
5.00%   03/01/2030     50         55,114
Illinois (State of), Series 2023 B, GO Bonds
5.00%   05/01/2030     75         82,827
Illinois (State of), Series 2023 B, GO Bonds
5.00%   12/01/2030     50         55,557
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2030     90         99,578
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB
5.00%   11/01/2030     200        207,072
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
5.00%   07/01/2030     55         61,804
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB
5.00%   08/15/2033     30         33,115
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB
5.00%   08/15/2034     95        104,666
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
5.00%   08/15/2035     105        115,378
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
4.00%   08/15/2036     100        101,199
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
4.00%   08/15/2038     45         45,196
Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)(a)
6.50%   07/01/2030     30         34,380
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
5.00%   01/01/2030     35         38,298
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2030     60         66,881
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2030     175        195,071
Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)(a)
5.00%   12/01/2042     100        105,893
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2030     550       607,327
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
263
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Sales Tax Securitization Corp. (Sustainable Bonds), Series 2023 A, Ref. RB
4.00%   01/01/2042   $ 10   $     10,051
University of Illinois, Series 2023 A, Ref. RB
5.00%   04/01/2030     195       218,684
                4,320,651
Indiana-0.68%                
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
5.00%   10/01/2030     100        113,237
Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB
5.00%   02/01/2030     280        315,802
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 B, RB
3.00%   11/01/2030     220        209,079
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
5.00%   02/01/2030     110       122,590
                760,708
Iowa-0.34%                
Iowa (State of), Series 2019 A, Ref. RB
5.00%   06/01/2030     100        110,724
Iowa (State of) Finance Authority, Series 2020 A, RB
5.00%   08/01/2038     170        187,859
Iowa (State of) Finance Authority, Series 2020 A, RB
5.00%   08/01/2044     75        80,620
                379,203
Kentucky-0.09%                
Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB
5.00%   11/01/2030     45         50,446
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)
5.00%   09/01/2049     50        52,563
                103,009
Louisiana-0.60%                
Louisiana (State of), Series 2019 A, GO Bonds
5.00%   03/01/2030     65         71,079
Louisiana (State of), Series 2020 A, GO Bonds
5.00%   03/01/2036     150        165,076
Louisiana (State of), Series 2020 A, GO Bonds
5.00%   03/01/2037     10         10,981
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC), Series 2021, Ref. RB
2.00%   06/01/2030     220        198,611
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. RB
5.00%   04/01/2045     20         21,168
New Orleans (City of), LA, Series 2021 A, GO Bonds
5.00%   12/01/2046     75         79,969
New Orleans (City of), LA, Series 2021 A, GO Bonds
5.00%   12/01/2050     115       121,841
                668,725
Maine-0.01%                
Maine (State of) Turnpike Authority, Series 2020, RB
5.00%   07/01/2050     15        15,916
Maryland-2.66%                
Baltimore (City of), MD (Water), Series 2020 A, RB
5.00%   07/01/2050     100        105,875
Baltimore (County of), MD, Series 2020, GO Bonds
4.00%   03/01/2036     115        119,619
Maryland (State of), First Series 2019, GO Bonds
5.00%   03/15/2030     105        115,851
Maryland (State of), Series 2020, GO Bonds
5.00%   08/01/2030     130        147,696
Maryland (State of), Series 2020, GO Bonds
5.00%   08/01/2032     105        118,102
Maryland (State of), Series 2020, GO Bonds
5.00%   08/01/2033     125        140,205
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
5.00%   08/01/2030     35         39,764
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   03/15/2030     50         56,504
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds
5.00%   08/01/2030     225        249,769
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   03/15/2032     25         27,946
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   03/15/2033     125        139,390
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   08/01/2034     250        278,582
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
4.00%   03/15/2035     10         10,437
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   08/01/2035     215        238,962
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2030     170        193,117
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2033     15         16,769
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2034     45         50,125
Maryland (State of) Department of Transportation, Series 2021 A, RB
4.00%   10/01/2030     350        371,300
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2030     75         84,754
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
5.00%   07/01/2030     45         50,852
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
5.00%   07/01/2032     15         16,825
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
5.00%   07/01/2034     15        16,695
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
264
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maryland-(continued)                
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
4.00%   07/01/2050   $ 100   $     97,425
Montgomery (County of), MD, Series 2020 A, GO Bonds
4.00%   08/01/2030     35         37,713
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
4.00%   11/01/2030     100        107,956
Prince George’s (County of), MD, Series 2019 A, GO Bonds
5.00%   07/15/2030     130        144,333
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
3.00%   06/01/2030     15        15,001
                2,991,567
Massachusetts-4.11%                
Massachusetts (Commonwealth of), Series 2004 A, Ref. GO Bonds, (INS - AMBAC)(a)
5.50%   08/01/2030     50         57,166
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a)
5.50%   01/01/2030     35         39,729
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
5.00%   09/01/2030     40         45,526
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2030     30         32,934
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds
5.00%   07/01/2032     15         16,799
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds
2.75%   03/01/2050     15         11,444
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2030     500        567,630
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2036     190        209,808
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2040     225        244,690
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2041     70         76,060
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2045     610        652,832
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2048     225        239,407
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
4.00%   11/01/2034     25         26,218
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
4.00%   11/01/2035     195        203,654
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
4.00%   11/01/2037     10         10,292
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
4.00%   11/01/2040     5          5,072
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2032     85         95,661
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2033     35         39,319
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2045     410        441,198
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2050     380        404,318
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
5.00%   10/01/2030     5          5,698
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB
5.00%   06/01/2043     105        113,257
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB
5.00%   06/01/2051     35         37,234
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB
5.25%   07/01/2030     200        222,472
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB
5.25%   07/01/2030     25         28,719
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB
5.00%   07/01/2037     55         60,019
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 2000, RB
5.50%   06/01/2030     20         22,732
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB
5.25%   07/01/2030     150        172,311
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB
5.00%   08/15/2045     250        269,138
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB
5.00%   08/15/2050     115        122,201
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
5.00%   01/01/2030     35         38,484
University of Massachusetts Building Authority, Series 2022-1, RB
5.00%   11/01/2052     100       106,184
                4,618,206
Michigan-1.40%                
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)
5.25%   05/01/2030     205        232,503
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2032     60         67,848
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2033     710        800,548
Michigan (State of), Series 2020 B, RB
4.00%   11/15/2038     50         51,248
Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB
5.00%   10/15/2030     70         79,141
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2030     5          5,591
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB
5.00%   11/15/2047     220        230,854
Walled Lake Consolidated School District, Series 2020, GO Bonds
5.00%   05/01/2050     95        99,880
                1,567,613
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
265
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Minnesota-0.70%                
Minnesota (State of), Series 2020 A, GO Bonds
5.00%   08/01/2035   $ 50   $     56,094
Minnesota (State of), Series 2020 A, GO Bonds
5.00%   08/01/2040     140        153,492
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2030     275        312,830
Minnesota (State of), Series 2022 A, Ref. RB
5.00%   03/01/2030     30         33,734
Minnesota (State of), Series 2023 E, Ref. GO Bonds
5.00%   08/01/2030     200        227,225
Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB
5.00%   03/01/2030     5         5,628
                789,003
Mississippi-0.14%                
Mississippi (State of), Series 2021 A, GO Bonds
4.00%   06/01/2034     30         31,160
Mississippi (State of), Series 2021 A, GO Bonds
4.00%   06/01/2035     30         31,052
Mississippi (State of), Series 2021 A, GO Bonds
4.00%   06/01/2036     50         51,506
Mississippi (State of), Series 2021 A, GO Bonds
4.00%   06/01/2037     45        46,239
                159,957
Missouri-1.05%                
Curators of the University of Missouri (The), Series 2020 B, RB
5.00%   11/01/2030     405        460,388
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
4.00%   03/01/2030     50         52,491
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB
5.00%   05/01/2030     5          5,583
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
5.00%   06/01/2030     80         88,848
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
5.00%   05/01/2030     80         90,226
Springfield (City of), MO, Series 2015, Ref. RB
3.38%   08/01/2030     5          5,000
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a)
5.50%   07/01/2030     185        211,878
St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)(a)
5.00%   10/01/2049     250       259,068
                1,173,482
Montana-0.12%                
Montana (State of) Facility Finance Authority (SCL Health System), Series 2019 A, Ref. RB
4.00%   01/01/2037     135       137,174
Nebraska-0.75%                
Omaha (City of), NE Public Power District, Series 2021 A, RB
5.00%   02/01/2046     650        690,968
Omaha (City of), NE Public Power District, Series 2021 B, Ref. RB
4.00%   02/01/2046     150       149,807
                840,775
Nevada-0.48%                
Clark (County of), NV, Series 2019, Ref. RB
5.00%   07/01/2030     20         22,000
Clark (County of), NV, Series 2020 C, Ref. RB
5.00%   07/01/2030     70         78,660
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
5.00%   07/01/2030     5          5,488
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB
5.00%   07/01/2030     75         82,324
Clark County School District, Series 2020 A, GO Bonds, (INS - AGM)(a)
4.00%   06/15/2040     50         50,367
Henderson (City of), NV, Series 2020 A-1, GO Bonds
4.00%   06/01/2045     55         55,097
Las Vegas Valley Water District, Series 2021 C, GO Bonds
5.00%   06/01/2030     215       242,295
                536,231
New Jersey-2.41%                
Hudson County Improvement Authority (Hudson County Courthouse), Series 2020, RB
4.00%   10/01/2046     250        247,723
New Jersey (State of), Series 2020 A, GO Bonds
4.00%   06/01/2030     205        219,477
New Jersey (State of), Series 2021, GO Bonds
2.00%   06/01/2030     600        541,512
New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), Series 2020 A, RB
5.00%   11/01/2030     20         22,043
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
5.00%   06/15/2030     15         16,725
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2035     165        169,999
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2035     250        275,588
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2036     10         10,225
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2036     70         76,882
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2040     150        150,467
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2045     50         52,926
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2050     405        425,825
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2030     95        105,925
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
5.00%   06/15/2030     170       189,549
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
266
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(a)
5.25%   01/01/2030   $ 5   $      5,672
New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB
5.00%   01/01/2030     105        117,098
South Jersey Transportation Authority, Series 2020 A, RB
5.00%   11/01/2045     75        78,553
                2,706,189
New Mexico-0.29%                
New Mexico (State of), Series 2023, GO Bonds
5.00%   03/01/2030     65         73,055
New Mexico (State of) Finance Authority, Series 2021 A, RB
5.00%   06/15/2030     110        124,097
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
5.00%   07/01/2030     10         11,295
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
5.00%   07/01/2030     105       118,594
                327,041
New York-25.00%                
Battery Park (City of), NY Authority, Series 2023 B, Ref. RB
5.00%   11/01/2030     5          5,745
Brookhaven Local Development Corp. (Long Island Community Hospital), Series 2020, Ref. RB
5.00%   10/01/2050     150        158,231
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB
5.00%   09/01/2034     40         44,836
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB
5.00%   09/01/2037     155        172,018
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
5.00%   09/01/2030     45         51,056
Metropolitan Transportation Authority, Series 2020 A-1, RB
4.00%   11/15/2040     10         10,019
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
5.00%   11/15/2047     75         78,690
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
5.00%   11/15/2049     20         20,896
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
4.75%   11/15/2045     115        117,960
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.00%   11/15/2050     1,525     1,592,449
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.25%   11/15/2055     550        578,400
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
5.00%   11/15/2044     125        132,586
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
5.00%   11/15/2030     15         16,757
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
5.00%   11/15/2032     210        232,614
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
5.00%   11/15/2033     20         22,099
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2030     120        137,672
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
4.00%   12/01/2030     35         37,829
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
5.00%   09/01/2030     130        143,796
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
5.00%   07/15/2032     60         67,615
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
5.00%   07/15/2033     140        157,487
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
5.00%   07/15/2034     55         61,754
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
5.00%   07/15/2035     210        235,191
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
4.00%   07/15/2037     15         15,286
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
4.00%   07/15/2038     10         10,131
New York (City of), NY, Series 2005-1, GO Bonds
5.00%   09/01/2030     15         16,957
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
5.00%   08/01/2030     200        225,818
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
4.00%   08/01/2034     5          5,191
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
5.00%   11/01/2032     250        279,702
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2032     365        406,954
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2033     30         33,372
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2034     10         11,109
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2035     150        166,288
New York (City of), NY, Series 2020 C, GO Bonds
4.00%   08/01/2036     30         30,696
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2038     200        218,736
New York (City of), NY, Series 2020 C, GO Bonds
4.00%   08/01/2041     165        165,413
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2042     20         21,498
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2030     760        858,107
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2032     30         33,448
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2033     500        556,205
New York (City of), NY, Series 2020 D-1, GO Bonds
4.00%   03/01/2036     500       511,718
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
267
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2020 D-1, GO Bonds
5.00%   03/01/2043   $ 100   $    106,785
New York (City of), NY, Series 2021 C, GO Bonds
5.00%   08/01/2030     395        445,990
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   04/01/2030     40         44,947
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   08/01/2030     25         28,227
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
5.00%   08/01/2030     75         84,682
New York (City of), NY, Series 2022 C, Ref. GO Bonds
5.00%   08/01/2030     20         22,582
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2030     110        123,452
New York (City of), NY, Series 2024 D, GO Bonds
5.00%   04/01/2030     25         28,092
New York (City of), NY, Subseries 2008 L-6, GO Bonds
5.00%   04/01/2030     55         60,255
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.00%   10/01/2030     10         11,318
New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds
5.00%   08/01/2030     230        259,690
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, (INS - AGM)(a)
5.00%   03/01/2030     5          5,530
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
4.00%   03/01/2032     210        219,435
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2030     5          5,513
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
4.00%   06/15/2042     50         50,115
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB
5.00%   06/15/2030     115        130,398
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
5.00%   06/15/2030     150        170,084
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
4.00%   06/15/2041     150        150,796
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
5.00%   06/15/2041     70         76,056
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB
5.00%   06/15/2030     75         85,042
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
5.00%   06/15/2048     150        159,378
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
5.00%   06/15/2050     250        265,119
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
5.00%   06/15/2041     5          5,433
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
5.00%   06/15/2050     190        202,372
New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB
5.00%   06/15/2030     235        266,465
New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB
5.00%   06/15/2030     115        130,398
New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB
5.00%   06/15/2032     115        130,719
New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB
5.00%   02/01/2030     330        369,002
New York (City of), NY Transitional Finance Authority, Series 2010, RB
5.00%   05/01/2030     20         22,445
New York (City of), NY Transitional Finance Authority, Series 2020 A, Ref. RB
4.00%   11/01/2038     15         15,363
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2039     15         15,269
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2039     50         50,898
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2040     5          5,058
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%   11/01/2040     10         10,113
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%   11/01/2042     100        100,386
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2033     330        370,467
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2034     215        240,390
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2034     40         44,724
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2037     60         66,230
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2040     25         25,292
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2041     485        527,461
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2043     500        500,371
New York (City of), NY Transitional Finance Authority, Series 2020, RB
3.00%   05/01/2046     100         82,406
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2030     70         79,105
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2032     100        112,663
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2033     60         67,296
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
4.00%   11/01/2035     260        271,390
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2036     35         38,694
New York (City of), NY Transitional Finance Authority, Series 2021 A, Ref. RB
4.00%   11/01/2034     20         21,064
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2030     5          5,650
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2030     100        112,617
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2030     15         16,951
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
5.00%   07/15/2030     65         73,495
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
5.00%   11/01/2030     20         22,601
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2030     60        67,804
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
268
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB
5.00%   05/01/2035   $ 135   $    150,005
New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB
4.00%   05/01/2038     10         10,264
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
5.00%   05/01/2032     50         56,397
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
4.00%   05/01/2035     55         57,516
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
4.00%   05/01/2036     10         10,387
New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB
5.00%   11/01/2034     10         11,168
New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB
5.00%   11/01/2036     65         71,861
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
5.00%   07/15/2030     205        231,790
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
5.00%   12/01/2032     100        111,165
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
4.00%   12/01/2033     10         10,453
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
4.00%   12/01/2034     100        103,985
New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)(a)
5.50%   03/15/2030     30         34,440
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB
5.00%   02/15/2030     85         95,282
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
5.00%   03/15/2030     160        179,581
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
5.00%   03/15/2032     175        196,617
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
5.00%   03/15/2033     15         16,808
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2034     115        120,011
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2035     15         15,583
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2046     20         19,797
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2032     65         72,323
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2033     275        305,224
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2034     780        863,868
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2035     120        132,370
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2036     150        154,534
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2037     370        379,218
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2038     100        102,138
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2039     20         20,324
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2041     370        398,426
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2047     400        393,977
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(a)
5.00%   10/01/2030     125        138,938
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2030     20         22,448
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
5.00%   10/01/2030     85         96,201
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
5.00%   10/01/2033     30         33,662
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
5.00%   10/01/2034     255        285,399
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
5.00%   10/01/2036     25         27,758
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
5.00%   10/01/2042     365        394,278
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2030     20         22,448
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
5.00%   03/15/2030     505        566,802
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2030     5          5,612
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB
4.00%   03/15/2036     40         41,306
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
5.00%   02/15/2048     15         15,897
New York (State of) Thruway Authority, Series 2019 B, RB
5.00%   01/01/2036     25         27,491
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%   01/01/2037     355        363,829
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%   01/01/2045     625        610,970
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%   01/01/2045     35         34,784
New York (State of) Thruway Authority, Series 2020 N, RB
5.00%   01/01/2035     40         44,363
New York (State of) Thruway Authority, Series 2020 N, RB
5.00%   01/01/2036     55         60,795
New York (State of) Thruway Authority, Series 2020 N, RB
5.00%   01/01/2037     5          5,507
New York (State of) Thruway Authority, Series 2020 N, RB
5.00%   01/01/2039     20         21,826
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2030     25         28,005
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
5.00%   03/15/2030     185        207,235
New York Liberty Development Corp., Series 2021-1, Ref. RB
4.00%   02/15/2043     180        178,079
New York State Environmental Facilities Corp., Series 2021, RB
5.00%   06/15/2030     45         51,051
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2030     165        185,464
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2035     5          5,591
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
269
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2036   $ 605   $    675,553
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2037     65         72,170
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2041     180        195,879
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2042     20         21,684
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%   03/15/2037     240        247,926
New York State Urban Development Corp., Series 2020 C, Ref. RB
5.00%   03/15/2047     350        373,462
New York State Urban Development Corp., Series 2020 E, Ref. RB
5.00%   03/15/2033     90        100,312
New York State Urban Development Corp., Series 2020 E, Ref. RB
4.00%   03/15/2035     105        109,365
New York State Urban Development Corp., Series 2020 E, Ref. RB
4.00%   03/15/2036     50         51,791
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2030     30         33,721
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2032     40         45,083
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2033     20         22,482
New York State Urban Development Corp., Series 2020, Ref. RB
4.00%   03/15/2034     315        330,489
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2035     140        156,551
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2036     45         50,248
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2043     90         97,198
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2044     220        236,737
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   03/15/2030     5          5,620
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   09/15/2030     160        181,159
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
5.00%   03/15/2030     90        101,162
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
5.00%   03/15/2030     200        224,805
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%   03/15/2046     500        494,208
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
5.00%   12/01/2033     130        141,932
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
5.00%   12/01/2034     195        211,861
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
5.00%   12/01/2036     50         53,947
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
5.00%   12/01/2035     90         97,421
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
5.00%   12/01/2037     25         26,904
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
5.00%   11/15/2030     185        210,304
Triborough Bridge & Tunnel Authority, Series 2018 D, RB
5.00%   11/15/2033     100        112,342
Triborough Bridge & Tunnel Authority, Series 2023, RB
5.00%   11/15/2030     140        158,026
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
5.00%   11/15/2049     500        531,059
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
4.00%   11/15/2054     100         97,039
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
5.00%   11/15/2054     325        344,263
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB
5.00%   05/15/2030     90        101,207
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB
5.00%   09/01/2037     20         21,648
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
5.00%   09/01/2033     30         32,910
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
5.00%   09/01/2035     20         21,885
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
5.00%   09/01/2038     25        26,912
                28,064,923
North Carolina-1.40%                
Charlotte (City of), NC, Series 2020, Ref. RB
5.00%   07/01/2030     10         11,347
Mecklenburg (County of), NC, Series 2022, GO Bonds
5.00%   09/01/2030     295        335,934
North Carolina (State of), Series 2019 B, GO Bonds
5.00%   06/01/2030     25         27,702
North Carolina (State of), Series 2020 A, GO Bonds
5.00%   06/01/2030     500        566,901
North Carolina (State of), Series 2020 B, RB
5.00%   05/01/2032     35         39,278
North Carolina (State of), Series 2020 B, RB
5.00%   05/01/2033     55         61,545
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB
5.00%   01/01/2043     250        262,893
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)
5.00%   01/01/2049     110        114,942
North Carolina State University at Raleigh, Series 2020 A, Ref. RB
5.00%   10/01/2030     10         11,216
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2030     20         22,533
Western Carolina University, Series 2020 B, RB
4.00%   04/01/2050     125       122,853
                1,577,144
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
270
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-2.03%                
Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB
5.00%   12/01/2030   $ 20   $     22,141
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
5.00%   02/15/2030     10         11,124
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
5.00%   02/15/2033     130        142,093
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
5.00%   02/15/2035     70         75,933
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
4.00%   02/15/2039     200        200,975
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
5.00%   02/15/2032     80         87,681
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
5.00%   02/15/2033     50         54,651
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
4.00%   02/15/2036     15         15,352
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)(a)
5.00%   02/15/2033     45         49,362
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2030     20         22,562
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2032     165        186,227
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2033     40         45,047
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2034     15         16,863
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2035     70         78,505
Columbus (City of), OH, Series 2021 A, GO Bonds
5.00%   04/01/2036     40         44,687
Hamilton (County of), OH (UC Health), Series 2020, RB
5.00%   09/15/2050     105        105,283
Miami University, Series 2020 A, Ref. RB
4.00%   09/01/2045     50         49,575
Ohio (State of), Series 2019-1, RB
5.00%   12/15/2030     175        198,742
Ohio (State of), Series 2021 B, Ref. GO Bonds
5.00%   09/15/2030     140        159,100
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   06/01/2032     20         22,383
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   12/01/2032     5          5,590
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   12/01/2036     50         55,295
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   12/01/2039     250        273,597
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   12/01/2040     200        217,934
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
5.00%   12/01/2050     135       143,026
                2,283,728
Oklahoma-0.05%                
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
4.00%   06/01/2030     25         26,383
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020 B, RB
4.00%   07/01/2045     10          9,963
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
5.00%   01/01/2030     15        16,736
                53,082
Oregon-0.95%                
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
5.00%   08/15/2036     50         53,848
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
5.00%   08/15/2037     15         16,128
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
5.00%   08/15/2050     250        260,522
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2030     15         16,943
Oregon (State of) Department of Transportation, Series 2020 A, RB
5.00%   11/15/2035     20         22,327
Oregon (State of) Department of Transportation, Series 2020 A, RB
5.00%   11/15/2036     25         27,794
Oregon (State of) Department of Transportation, Series 2020 A, RB
5.00%   11/15/2037     80         88,683
Oregon (State of) Department of Transportation, Series 2020 A, RB
5.00%   11/15/2039     90         98,977
Oregon (State of) Department of Transportation, Series 2020 A, RB
5.00%   11/15/2040     140        153,315
Oregon (State of) Facilities Authority, Series 2020, Ref. RB
5.00%   10/01/2040     50         52,085
Portland (City of), OR, Series 2019 A, Ref. RB
5.00%   03/01/2030     50         55,482
Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/15/2034     200       223,160
                1,069,264
Pennsylvania-1.97%                
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
4.00%   11/01/2045     10          9,727
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB
5.00%   02/01/2030     80         89,970
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
5.00%   07/15/2030     50         54,567
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
5.00%   04/01/2035     140        153,487
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
4.00%   04/01/2039     85         84,792
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
5.00%   04/01/2050     105       109,534
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
271
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Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Monroeville Finance Authority, Series 2022 B, Ref. RB
5.00%   02/15/2030   $ 50   $     55,405
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
3.00%   03/15/2030     265        264,961
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2030     120        135,205
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
4.00%   05/01/2032     20         21,134
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
4.00%   05/01/2033     200        209,938
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
4.00%   05/01/2034     55         57,668
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
5.00%   05/15/2030     50         56,367
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
5.00%   09/01/2030     35         39,627
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2030     25         28,339
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGM)(a)
5.00%   05/01/2046     40         42,123
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
5.00%   12/01/2045     230        246,780
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2045     75         72,666
Philadelphia (City of), PA, Series 2020 A, RB
5.00%   11/01/2045     305        326,381
Philadelphia (City of), PA, Series 2020 A, RB
5.00%   11/01/2050     35         37,000
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB
5.00%   07/01/2030     40         44,880
Ridley School District, Series 2022, GO Bonds, (INS - BAM)(a)
4.00%   11/15/2043     75        75,212
                2,215,763
Rhode Island-0.11%                
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
5.00%   05/15/2034     75         82,589
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
5.00%   05/15/2035     25         27,475
Rhode Island Commerce Corp. (Garvee), Series 2020, RB
5.00%   05/15/2032     10        11,095
                121,159
South Carolina-0.77%                
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
5.00%   12/01/2032     90         99,187
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
4.00%   12/01/2037     375        373,272
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
5.00%   12/01/2043     160        168,331
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)(a)
4.00%   12/01/2040     145        146,154
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
5.00%   10/01/2030     70        79,140
                866,084
Tennessee-0.43%                
Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), Series 2020 A, RB
5.00%   09/01/2030     50         52,651
Memphis (City of), TN, Series 2020 B, Ref. RB
5.00%   10/01/2045     15         16,162
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
5.00%   07/01/2049     70         73,705
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
5.00%   07/01/2054     100        104,760
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2020 A, RB
4.00%   07/01/2045     120        119,817
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
5.00%   01/01/2030     40         44,778
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2030     65        73,602
                485,475
Texas-7.77%                
Alamo Community College District, Series 2022, GO Notes
5.00%   02/15/2030     55         61,594
Austin (City of), TX, Series 2020 A, Ref. RB
5.00%   11/15/2050     325        342,351
Austin (City of), TX, Series 2020 C, Ref. RB
5.00%   11/15/2045     5          5,329
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2030     250        281,834
Board of Regents of the University of Texas System, Series 2020 A, Ref. RB
5.00%   08/15/2030     155        175,196
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
5.00%   08/15/2030     5          5,652
Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB
5.00%   01/01/2045     5          5,245
Central Texas Regional Mobility Authority, Series 2020 E, RB
5.00%   01/01/2045     45         47,224
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     10         11,215
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     170        190,381
Crandall Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2046     30        29,276
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
272
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030   $ 25   $     27,369
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     25         28,051
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
5.00%   11/01/2032     10         11,128
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
4.00%   11/01/2034     400        414,717
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
4.00%   11/01/2035     180        185,951
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
5.00%   11/01/2032     15         16,719
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
4.00%   11/01/2034     20         20,736
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
4.00%   11/01/2035     10         10,331
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB
5.00%   11/01/2034     5          5,531
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB
4.00%   11/01/2046     130        126,445
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB
4.00%   11/01/2045     195        190,615
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2030     5          5,635
Dallas (City of), TX, Series 2020 C, Ref. RB
4.00%   10/01/2037     20         20,660
Dallas (City of), TX, Series 2020 C, Ref. RB
5.00%   10/01/2038     95        104,444
Dallas (City of), TX, Series 2020 C, Ref. RB
4.00%   10/01/2039     50         51,039
Dallas (City of), TX, Series 2020 C, Ref. RB
5.00%   10/01/2045     180        192,992
Dallas (City of), TX, Series 2020 C, Ref. RB
4.00%   10/01/2049     10          9,671
Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations
5.00%   02/15/2030     20         22,365
Dallas (City of), TX, Series 2024 B, Ref. GO Bonds
5.00%   02/15/2030     15         16,774
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
5.25%   12/01/2030     285        325,626
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB
5.00%   12/01/2047     250        266,275
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     55         60,479
Dallas College, Series 2022, GO Bonds
5.00%   02/15/2030     50         55,645
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2030     20         22,582
Galveston Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/01/2047     100         98,225
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     15         16,806
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
5.00%   08/15/2030     25         28,257
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds
4.00%   10/01/2036     25         25,953
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds
4.00%   10/01/2037     160        165,637
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
5.00%   08/15/2030     75         84,640
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%   08/15/2040     15         15,150
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%   08/15/2045     220        216,025
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
5.00%   03/01/2030     70         76,795
Houston (City of), TX, Series 2019 A, Ref. RB
5.00%   11/15/2032     140        157,037
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%   11/15/2035     25         25,874
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%   11/15/2036     40         41,136
Houston (City of), TX, Series 2020 C, Ref. RB
5.00%   11/15/2045     125        133,502
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2030     45         45,010
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2030     500        564,268
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2043     25         25,345
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2030     20         22,618
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB
5.00%   05/15/2045     130        137,302
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2039     100        107,436
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2046     50         52,709
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2051     75         78,705
Lubbock (City of), TX, Series 2021, RB
4.00%   04/15/2046     135        130,130
Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2005 A, Ref. RB, (INS - AMBAC)(a)
4.40%   05/01/2030     160        166,918
Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2008, Ref. RB
4.00%   06/01/2030     15         15,006
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2030     10         11,226
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   02/01/2030     35        39,632
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
273
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
North Texas Municipal Water District, Series 2021 A, Ref. RB
4.00%   09/01/2030   $ 10   $     10,667
North Texas Tollway Authority, Series 2021 B, RB
5.00%   01/01/2030     75         83,169
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
5.25%   07/01/2030     250        286,018
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2030     30         33,832
Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2046     25         26,345
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2030     115        128,725
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2030     210        231,098
Royse (City of), TX Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2051     65         63,314
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
5.00%   08/01/2030     90         99,390
San Antonio (City of), TX, Series 2019, Ref. RB
5.00%   02/01/2034     10         10,983
San Antonio (City of), TX, Series 2019, Ref. RB
5.00%   02/01/2035     65         71,187
San Antonio (City of), TX, Series 2019, Ref. RB
5.00%   02/01/2036     140        152,830
San Antonio (City of), TX, Series 2020, RB
5.00%   02/01/2049     95         99,991
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
5.00%   05/15/2045     25         26,549
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
5.00%   05/15/2050     300        316,274
San Antonio Public Facilities Corp., Series 2022, Ref. RB
5.00%   09/15/2030     5          5,576
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2030     20         22,489
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
5.00%   04/01/2030     20         22,495
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB
5.00%   08/15/2039     200        215,175
Texas (State of) Water Development Board, Series 2020, RB
5.00%   08/01/2030     200        225,584
Texas (State of) Water Development Board, Series 2020, RB
4.00%   08/01/2034     40         41,756
Texas (State of) Water Development Board, Series 2020, RB
4.00%   08/01/2035     105        109,093
Texas (State of) Water Development Board, Series 2020, RB
4.00%   08/01/2036     25         25,801
Texas (State of) Water Development Board, Series 2020, RB
4.00%   08/01/2037     10         10,281
Texas (State of) Water Development Board, Series 2020, RB
4.00%   08/01/2038     140        142,866
Texas (State of) Water Development Board, Series 2020, RB
4.00%   10/15/2045     25         24,694
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2030     15         16,919
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%   10/15/2030     55         62,215
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   06/30/2032     50         51,442
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   12/31/2032     15         15,416
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   06/30/2033     25         25,628
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   12/31/2038     5          5,018
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   06/30/2039     15         15,020
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   06/30/2040     10          9,971
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
5.00%   12/31/2030     10         10,873
Trinity River Authority, Series 2019, Ref. RB
5.00%   08/01/2030     45         49,630
Trinity River Authority, Series 2020, Ref. RB
5.00%   08/01/2030     25         28,169
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2030     100        111,184
Williamson (County of), TX, Series 2024, GO Notes
5.00%   02/15/2030     10        11,237
                8,727,323
Utah-0.39%                
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2030     170        192,403
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2030     120        135,841
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB
5.00%   05/15/2043     100       106,351
                434,595
Virginia-1.46%                
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
5.00%   10/01/2030     65         73,120
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
5.00%   10/01/2031     100        112,161
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB
5.00%   05/15/2030     70         78,363
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%   07/01/2040     150        151,316
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
5.00%   07/01/2050     150       160,131
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
274
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-(continued)                
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB
5.00%   02/01/2034   $ 50   $     55,254
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022 A, RB
5.00%   02/01/2030     100        112,248
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
5.00%   02/01/2030     75         82,240
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020 A, RB
5.00%   02/01/2035     150        165,535
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB
5.00%   02/01/2030     70         78,573
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB
5.00%   02/01/2030     200        224,495
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
5.00%   08/01/2030     210        237,969
Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB
5.00%   05/15/2030     95       107,045
                1,638,450
Washington-4.21%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2030     100        113,311
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
5.00%   07/01/2037     125        137,595
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
4.00%   07/01/2039     250        254,569
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
5.00%   07/01/2039     100        109,108
Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB
5.00%   07/01/2033     10         11,152
Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB
5.00%   07/01/2038     25         27,408
King (County of), WA, Series 2021 A, GO Bonds
5.00%   01/01/2030     75         84,156
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
3.00%   12/01/2030     110        106,825
King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2033     35         36,743
King County School District No. 411 Issaquah, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2030     250        283,301
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2034     50         52,354
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2035     15         15,609
Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2030     150        170,443
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2030     25         27,669
Washington (State of), Series 2019 C, GO Bonds
5.00%   02/01/2030     155        170,205
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2037     40         44,048
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2041     75         81,185
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2042     150        161,947
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2043     205        220,690
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2034     50         55,307
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2035     150        165,581
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2036     305        335,660
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2037     150        164,112
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2041     115        123,745
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2043     260        278,339
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2038     80         87,586
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2040     30         32,513
Washington (State of), Series 2021, Ref. GO Bonds
5.00%   06/01/2032     30         33,541
Washington (State of), Series 2021, Ref. GO Bonds
5.00%   06/01/2037     190        208,814
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2030     100        113,178
Washington (State of), Series R-2024A, Ref. GO Bonds
5.00%   02/01/2030     50         56,231
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2030     100        113,319
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2032     95        106,468
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2033     110        123,126
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2030     35         39,362
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
5.00%   02/01/2030     20         22,493
Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds
5.00%   02/01/2030     75        84,347
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
275
Table of Contents
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds
4.00%   07/01/2030   $ 15   $     16,052
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
5.00%   09/01/2045     40         42,155
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
5.00%   09/01/2050     100        104,560
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
5.00%   09/01/2055     40         41,652
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015 B, Ref. RB
5.00%   10/01/2038     250       272,826
                4,729,285
Wisconsin-0.41%                
Wisconsin (State of), Series 2020-1, Ref. GO Bonds
5.00%   05/01/2030     100        112,952
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
5.00%   05/01/2030     230        259,789
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
5.00%   05/01/2030     75        84,714
                457,455
TOTAL INVESTMENTS IN SECURITIES(b)-98.65%

(Cost $110,788,972)
  110,757,351
OTHER ASSETS LESS LIABILITIES-1.35%
  1,513,126
NET ASSETS-100.00%
  $112,270,477
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
276
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.53%                
Alabama-0.28%                
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
5.00%   11/01/2031   $ 105   $   118,718
Board of Trustees of the Alabama Community College System, Series 2021, RB, (INS - AGM)(a)
4.00%   09/01/2046     15        14,529
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.00%   10/01/2031     70       77,826
                211,073
Alaska-0.05%                
Alaska (State of), Series 2024 A, Ref. GO Bonds
5.00%   08/01/2031     35       39,899
Arizona-0.75%                
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
5.00%   07/15/2031     15        17,191
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
5.00%   07/01/2034     115       128,668
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
4.00%   07/01/2035     50        52,108
Mesa (City of), AZ, Series 2021, Ref. RB
4.00%   07/01/2035     65        68,227
Phoenix Civic Improvement Corp., Series 2021 A, RB
5.00%   07/01/2045     120       130,589
Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB
5.00%   01/01/2045     150      160,457
                557,240
Arkansas-0.16%                
University of Arkansas, Series 2021 A, RB
5.00%   12/01/2045     110      117,306
California-20.20%                
Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB
5.00%   12/01/2031     5         5,846
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2031     5         5,773
California (State of), Series 2015 C, Ref. GO Bonds
3.25%   09/01/2031     60        60,037
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2031     95       108,269
California (State of), Series 2020, GO Bonds
5.00%   03/01/2031     15        17,076
California (State of), Series 2020, GO Bonds
5.00%   11/01/2031     145       163,767
California (State of), Series 2020, Ref. GO Bonds
5.00%   03/01/2031     20        22,372
California (State of), Series 2020, Ref. GO Bonds
5.00%   11/01/2031     75        84,707
California (State of), Series 2021, GO Bonds
4.00%   10/01/2033     360       385,306
California (State of), Series 2021, GO Bonds
4.00%   10/01/2034     260       277,018
California (State of), Series 2021, GO Bonds
4.00%   10/01/2035     25        26,492
California (State of), Series 2021, GO Bonds
4.00%   10/01/2036     70        73,379
California (State of), Series 2021, GO Bonds
4.00%   10/01/2039     155       160,295
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2031     100       114,595
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2032     30        34,020
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2037     50        56,190
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2041     475       526,897
California (State of), Series 2021, Ref. GO Bonds
4.00%   10/01/2041     50        51,186
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2041     225       248,263
California (State of), Series 2022, GO Bonds
5.00%   04/01/2031     265       302,013
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2031     105       120,592
California (State of), Series 2023, GO Bonds
5.00%   10/01/2031     310       355,639
California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds
5.00%   10/01/2031     330       378,584
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
5.00%   12/01/2031     20        22,959
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2031     210       243,362
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2032     10        11,555
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
5.00%   12/01/2033     55        63,446
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
4.00%   12/01/2034     10        10,783
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, (INS - BAM)(a)
4.00%   08/15/2048     650       650,210
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
5.00%   08/15/2051     300       323,085
California (State of) Infrastructure & Economic Development Bank (Sustainability Bonds), Series 2021 B, RB
4.00%   05/01/2046     100        98,187
California (State of) Public Works Board, Series 2021 A, Ref. RB
5.00%   02/01/2031     270      306,672
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
277
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Public Works Board, Series 2022 A, Ref. RB
5.00%   08/01/2031   $ 100   $   114,334
California (State of) Public Works Board, Series 2022 A, Ref. RB
5.00%   08/01/2036     5         5,610
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2031     70        80,034
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2033     30        34,049
California (State of) Public Works Board, Series 2022 C, Ref. RB
5.00%   08/01/2035     20        22,543
California (State of) Public Works Board, Series 2023 B, Ref. RB
5.00%   12/01/2031     5         5,742
California (State of) Public Works Board (Green Bonds), Series 2021 C, RB
4.00%   11/01/2039     100       103,361
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%   11/01/2031     5         5,735
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%   11/01/2033     15        17,081
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%   11/01/2035     150       158,605
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%   11/01/2036     10        10,506
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%   11/01/2041     100       101,858
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%   11/01/2046     50        54,678
California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB
5.00%   11/01/2034     60        68,118
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
5.00%   05/01/2034     45        50,764
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
5.00%   05/01/2035     25        28,095
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
4.00%   05/01/2036     20        20,988
California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB
5.00%   09/01/2031     5         5,723
California (State of) Statewide Communities Development Authority (Montage Health), Series 2021 A, Ref. RB
4.00%   06/01/2046     200       196,199
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB
4.00%   03/01/2033     50        53,719
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB
4.00%   03/01/2034     65        69,515
Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB
5.00%   10/01/2051     50        54,648
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB
5.00%   06/01/2031     15        17,404
East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
5.00%   08/01/2031     5         5,785
Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds
3.00%   08/01/2039     30        27,949
Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds
5.00%   08/01/2047     10        10,879
Los Angeles (City of), CA, Series 2022 C, Ref. RB
5.00%   06/01/2031     100       115,621
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
5.00%   05/15/2031     100       113,611
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
5.00%   05/15/2033     125       143,593
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
5.00%   05/15/2035     80        91,356
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
5.00%   05/15/2036     90       102,347
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
5.00%   05/15/2037     25        28,347
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
5.00%   05/15/2041     15        16,653
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
5.00%   05/15/2045     20        21,939
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
5.00%   05/15/2048     85        92,631
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2035     90       102,480
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2037     295       333,307
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2041     5         5,520
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2046     105       114,174
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2048     50        54,148
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, RB
5.00%   07/01/2040     20        22,394
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%   07/01/2045     55        60,317
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%   07/01/2051     125       135,558
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB
5.00%   07/01/2039     60        67,770
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB
5.00%   07/01/2041     85        94,470
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.00%   07/01/2031     115       133,676
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2031     5         5,812
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB
5.00%   06/01/2031     75        86,514
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2031     205       237,852
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2033     110       127,095
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
4.00%   06/01/2038     5         5,323
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   07/01/2038     100       113,580
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
4.00%   06/01/2039     10        10,550
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   07/01/2041     20       22,358
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
278
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   07/01/2046   $ 160   $   175,845
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
5.00%   06/01/2031     10        11,304
Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB
5.00%   12/01/2040     30        33,519
Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB
5.00%   12/01/2041     10        11,128
Los Angeles Community College District, Series 2024, GO Bonds
5.00%   08/01/2031     10        11,701
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
3.00%   07/01/2031     90        89,141
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
5.00%   07/01/2031     10        11,508
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
4.00%   07/01/2032     220       235,679
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
5.00%   07/01/2031     20        23,234
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%   10/01/2046     60        65,984
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%   10/01/2051     150       162,993
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
5.00%   07/01/2031     5         5,843
Mountain House Public Financing Authority (Green Bonds), Series 2023, RB, (INS - BAM)(a)
4.25%   12/01/2052     65        65,465
Northern California Power Agency, Series 2022, Ref. RB
5.00%   07/01/2031     5         5,802
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)
5.00%   05/15/2046     150       163,044
Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP
5.00%   02/01/2031     25        28,857
Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP
5.00%   02/01/2033     20        22,930
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB
5.00%   06/01/2051     150       162,390
Pleasanton Unified School District (Election of 2022), Series 2023, GO Bonds
4.00%   08/01/2052     20        19,760
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
2.50%   05/15/2031     100        94,331
Rialto Public Financing Authority (Police Station), Series 2023 A, RB
5.25%   06/01/2053     200       216,836
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
4.00%   06/01/2037     65        66,596
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
5.00%   12/01/2031     150       175,475
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds
4.13%   08/01/2049     200       201,115
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
5.00%   07/01/2051     250       269,545
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%   07/01/2056     125       121,633
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
5.00%   07/01/2056     160       171,512
San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB
5.00%   04/01/2045     220       240,284
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
5.00%   04/01/2031     35        40,506
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB
4.00%   05/01/2033     20        21,650
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB
4.00%   05/01/2034     20        21,588
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB
5.00%   05/01/2031     20        23,176
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
5.00%   05/01/2031     45        52,145
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
4.00%   05/01/2035     100       107,520
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
4.00%   05/01/2036     55        58,878
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
4.00%   05/01/2037     25        26,691
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
4.00%   05/01/2038     10        10,606
San Diego Unified School District (Election of 2018) (Green Bonds), Series 2021 E-2, GO Bonds
5.00%   07/01/2031     30        34,811
San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds
4.00%   07/01/2033     185       199,346
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
5.00%   06/15/2031     45        52,364
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP
3.00%   04/01/2031     115       114,282
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
5.00%   05/01/2034     10        11,444
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
5.00%   05/01/2035     5         5,707
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB
5.00%   10/01/2031     5         5,827
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
5.00%   11/01/2031     10        11,669
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%   10/01/2044     145       159,901
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%   10/01/2046     55        60,094
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
4.00%   03/01/2046     15        15,021
San Francisco (County of), CA Transportation Authority, Series 2017, RB
3.00%   02/01/2031     15        14,935
Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds
3.00%   08/01/2031     70        69,303
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2031     15        17,360
Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds
5.00%   08/01/2039     150       169,819
Southwestern Community College District, Series 2021 D, GO Bonds
4.00%   08/01/2046     65        65,436
Stockton Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2045     250       248,639
University of California, Series 2020 BE, Ref. RB
5.00%   05/15/2031     15        16,965
University of California, Series 2021 BH, Ref. RB
4.00%   05/15/2046     45       45,522
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
279
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2031   $ 170   $   195,859
University of California (Limited), Series 2021 Q, Ref. RB
5.00%   05/15/2033     35        39,975
University of California (Limited), Series 2021 Q, Ref. RB
5.00%   05/15/2034     50        56,890
University of California (Limited), Series 2021 Q, Ref. RB
5.00%   05/15/2035     15        16,972
University of California (Limited), Series 2021 Q, Ref. RB
4.00%   05/15/2036     85        90,148
University of California (Limited), Series 2021 Q, Ref. RB
4.00%   05/15/2038     110       114,943
University of California (Limited), Series 2021 Q, Ref. RB
5.00%   05/15/2046     365       398,561
University of California (Limited), Series 2021 Q, Ref. RB
4.00%   05/15/2051     100        97,740
Ventura County Community College District, Series 2015, Ref. GO Bonds
3.13%   08/01/2031     180       180,075
West County Facilities Financing Authority (Green Bonds), Series 2021, RB
4.00%   06/01/2051     150      148,756
                14,976,071
Colorado-1.84%                
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2033     10        11,340
Colorado (State of), Series 2021 A, COP
5.00%   12/15/2034     15        16,970
Colorado (State of), Series 2021 A, COP
4.00%   12/15/2035     200       209,932
Colorado (State of), Series 2021 A, COP
4.00%   12/15/2036     5         5,220
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB
5.00%   11/15/2039     35        38,567
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB
5.00%   11/15/2040     195       213,845
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
5.00%   05/15/2031     100       113,429
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB
4.00%   07/15/2034     5         5,130
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB
4.00%   07/15/2036     10        10,193
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
5.00%   11/01/2031     5         5,753
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB
4.00%   11/01/2039     65        67,126
Colorado Springs (City of), CO, Series 2021 B, RB
4.00%   11/15/2046     250       247,585
Denver (City & County of), CO, Series 2022 C, Ref. RB
5.00%   11/15/2031     10        11,477
Denver City & County School District No. 1, Series 2021, GO Bonds
5.00%   12/01/2031     160       181,490
Jefferson County School District R-1, Series 2020, GO Bonds
4.00%   12/15/2031     100       106,828
Northern Colorado Water Conservancy District, Series 2022, COP
5.25%   07/01/2052     80        86,321
Weld County School District No. 6 Greeley, Series 2021, GO Bonds
4.00%   12/01/2045     35       34,908
                1,366,114
Connecticut-2.65%                
Connecticut (State of), Series 2017 A, GO Bonds
3.50%   04/15/2031     30        30,176
Connecticut (State of), Series 2020 A, RB
5.00%   05/01/2031     5         5,615
Connecticut (State of), Series 2021 A, GO Bonds
4.00%   01/15/2031     160       171,054
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2031     150       171,533
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2033     45        50,994
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2034     20        22,579
Connecticut (State of), Series 2021 A, RB
4.00%   05/01/2036     130       135,077
Connecticut (State of), Series 2021 A, RB
4.00%   05/01/2037     105       108,492
Connecticut (State of), Series 2021 A, RB
4.00%   05/01/2038     5         5,143
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2041     425       464,254
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2035     30        33,963
Connecticut (State of), Series 2021 D, RB
4.00%   11/01/2037     55        56,849
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2041     165       181,719
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2031     40        42,763
Connecticut (State of), Series 2022 D, Ref. GO Bonds
5.00%   09/15/2031     30        34,479
Connecticut (State of), Series 2022 E, GO Bonds
5.00%   11/15/2031     45        51,836
Connecticut (State of), Series 2022 G, Ref. GO Bonds
5.00%   11/15/2031     45        51,836
Connecticut (State of), Series 2023 B, Ref. GO Bonds
5.00%   08/01/2031     50        57,371
Connecticut (State of), Series 2024 A, GO Bonds
5.00%   01/15/2031     100       113,889
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
4.00%   06/01/2031     25        26,783
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
4.00%   06/01/2034     40       42,103
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
280
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-(continued)                
Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds
5.00%   07/15/2031   $ 80   $    91,738
Hartford (City of), CT, Series 2023, Ref. RB
5.00%   04/01/2031     10       11,364
                1,961,610
Delaware-0.36%                
Delaware (State of), Series 2020 A, GO Bonds
5.00%   01/01/2031     135       151,438
Delaware (State of), Series 2021, Ref. GO Bonds
5.00%   02/01/2031     25        28,649
Delaware (State of), Series 2022, Ref. GO Bonds
5.00%   03/01/2031     50        57,370
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2031     25       28,177
                265,634
District of Columbia-1.77%                
District of Columbia, Series 2020 A, RB
5.00%   03/01/2031     30        33,510
District of Columbia, Series 2020 B, Ref. RB
5.00%   10/01/2031     60        68,917
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2033     5         5,650
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2034     80        90,022
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2035     65        72,969
District of Columbia, Series 2021 D, GO Bonds
4.00%   02/01/2037     30        31,413
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2041     45        49,201
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2046     175       188,835
District of Columbia, Series 2021 E, Ref. GO Bonds
5.00%   02/01/2034     80        90,022
District of Columbia, Series 2021 E, Ref. GO Bonds
5.00%   02/01/2035     60        67,356
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2031     95       108,075
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2031     90       100,920
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2031     10        11,393
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2033     20        22,660
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
4.00%   07/15/2034     15        15,841
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2041     325      354,058
                1,310,842
Florida-3.28%                
Broward (County of), FL School Board, Series 2020 A, COP
5.00%   07/01/2031     170       189,176
Central Florida Expressway Authority, Series 2021 D, RB
5.00%   07/01/2031     15        17,031
Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGM)(a)
5.00%   07/01/2033     45        50,930
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
4.00%   07/01/2034     90        94,923
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
4.00%   07/01/2035     55        57,593
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
4.00%   07/01/2039     225       230,465
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
5.00%   07/01/2031     25        27,820
Florida (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2031     170       195,189
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2031     30        34,525
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
3.00%   10/01/2031     75        73,331
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB
4.00%   11/15/2034     90        93,394
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB
4.00%   11/15/2035     40        41,334
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB
5.00%   10/01/2047     35        37,746
Jacksonville (City of), FL, Series 2015, Ref. RB
3.00%   10/01/2031     100        98,462
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
5.00%   10/01/2031     30        33,415
Miami-Dade (County of), FL, Series 2021, RB
5.00%   10/01/2032     45        50,825
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2033     115       121,157
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2034     5         5,226
Miami-Dade (County of), FL, Series 2021, RB
3.00%   10/01/2036     5         4,667
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2037     80        83,018
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2042     10         9,965
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2046     300       293,838
North Sumter (County of), FL Utility Dependent District (Sumter Water Conservation Authority), Series 2021, RB, (INS - AGM)(a)
5.00%   10/01/2046     130       137,494
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB
5.00%   10/01/2031     15        16,981
Palm Beach County School District, Series 2021 A, COP
5.00%   08/01/2036     10        11,233
Palm Beach County School District, Series 2021 A, COP
5.00%   08/01/2038     115       128,086
Palm Beach County School District, Series 2021 A, COP
5.00%   08/01/2040     85       93,818
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
281
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Pasco (County of), FL School Board, Series 2021 A, Ref. COP
5.00%   08/01/2031   $ 15   $    16,968
South Florida Water Management District, Series 2016, Ref. COP
3.00%   10/01/2031     185      180,664
                2,429,274
Georgia-1.43%                
Georgia (State of), Series 2021 A, Ref. GO Bonds
4.00%   07/01/2035     10        10,627
Georgia (State of), Series 2021 A, Ref. GO Bonds
4.00%   07/01/2038     15        15,713
Georgia (State of), Series 2021 A, Ref. GO Bonds
4.00%   07/01/2039     10        10,421
Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds
5.00%   07/01/2031     15        17,293
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2033     95       108,584
Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds
5.00%   08/01/2031     130       146,905
Georgia (State of) (Bidding Group 2), Series 2021 A, Ref. GO Bonds
4.00%   07/01/2037     185       194,593
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
5.00%   07/01/2031     100       115,288
Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB
5.00%   01/01/2045     10        10,576
Georgia (State of) Ports Authority, Series 2021, RB
4.00%   07/01/2043     250       251,074
Georgia (State of) Road & Tollway Authority, Series 2021 A, RB
4.00%   07/15/2041     25        25,754
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
5.00%   06/01/2031     45        50,597
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
5.00%   09/01/2031     90      101,299
                1,058,724
Hawaii-0.27%                
Hawaii (State of) State Highway Fund, Series 2021, RB
5.00%   01/01/2035     30        33,594
Hawaii (State of) State Highway Fund, Series 2021, RB
5.00%   01/01/2041     90        98,023
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds
5.00%   03/01/2031     55        61,464
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
5.00%   03/01/2031     5        5,686
                198,767
Idaho-0.02%                
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB
4.00%   07/15/2039     15       15,086
Illinois-6.60%                
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds
5.00%   01/01/2033     150       162,403
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2031     25        28,208
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   11/01/2031     225       256,525
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
5.00%   12/01/2031     80        91,472
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)
5.00%   12/01/2046     220       233,387
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
5.00%   11/15/2031     255       284,825
Illinois (State of), Series 2016, GO Bonds
3.50%   06/01/2031     5         4,886
Illinois (State of), Series 2020 B, GO Bonds
5.00%   10/01/2031     150       165,510
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2031     10        11,134
Illinois (State of), Series 2021 A, GO Bonds
5.00%   12/01/2031     215       240,998
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2034     415       456,995
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2036     70        76,573
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2037     30        32,707
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2046     280       295,809
Illinois (State of), Series 2021 B, GO Bonds
4.00%   12/01/2034     25        25,236
Illinois (State of), Series 2022 A, GO Bonds
5.00%   03/01/2031     20        22,269
Illinois (State of), Series 2022 B, Ref. GO Bonds
5.00%   03/01/2031     60        66,806
Illinois (State of), Series 2023 B, GO Bonds
5.00%   05/01/2031     45        50,171
Illinois (State of), Series 2023 B, GO Bonds
5.00%   12/01/2031     35        39,210
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2031     100       111,638
Illinois (State of) Finance Authority, Series 2020, RB
5.00%   07/01/2034     280       313,632
Illinois (State of) Finance Authority, Series 2020, RB
5.00%   07/01/2036     25        27,840
Illinois (State of) Finance Authority, Series 2020, RB
4.00%   07/01/2037     50        51,618
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
5.00%   08/15/2033     15        16,674
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
5.00%   08/15/2035     180       197,875
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
5.00%   08/15/2036     45        49,236
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%   08/15/2038     40        40,468
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
5.00%   07/01/2035     10        11,171
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
4.00%   07/01/2038     250      257,956
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
282
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
5.00%   10/01/2031   $ 15   $    17,125
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB, (INS - BAM)(a)
4.00%   12/15/2042     20        20,009
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
5.00%   01/01/2031     25        27,794
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
5.00%   01/01/2031     200       222,350
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
5.00%   01/01/2045     540       572,028
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2031     60        66,997
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2023, RB, (INS - BAM)(a)
5.50%   12/01/2040     260       289,768
University of Illinois, Series 2023 A, Ref. RB
5.00%   04/01/2031     45       51,169
                4,890,472
Indiana-1.38%                
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   07/15/2032     40        44,830
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   07/15/2033     40        44,720
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   01/15/2040     130       141,385
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB
5.00%   10/01/2031     30        34,313
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB
5.00%   10/01/2037     20        22,340
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
5.00%   10/01/2033     210       238,719
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
5.00%   10/01/2034     20        22,684
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
4.00%   10/01/2035     35        36,747
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
4.00%   10/01/2036     35        36,501
Indiana (State of) Finance Authority (Green Bonds), Series 2021, Ref. RB
5.00%   02/01/2031     70        80,218
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
5.00%   02/01/2031     30        33,773
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
5.00%   06/01/2031     40        44,926
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
5.00%   06/01/2033     50        55,747
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
5.00%   06/01/2034     100       111,199
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
4.00%   06/01/2036     55        57,073
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
4.00%   06/01/2039     5         5,081
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
4.00%   06/01/2040     15       15,152
                1,025,408
Iowa-0.05%                
Iowa (State of) Finance Authority, Series 2023, Ref. RB
5.00%   08/01/2031     30       34,199
Kansas-0.14%                
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
5.00%   09/01/2047     100      106,374
Louisiana-0.27%                
Louisiana (State of), Series 2021 A, GO Bonds
5.00%   03/01/2039     180      198,881
Maryland-2.88%                
Maryland (State of), Series 2020, GO Bonds
5.00%   08/01/2031     145       163,771
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
5.00%   08/01/2033     90       102,874
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
5.00%   03/15/2031     15        16,846
Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds
5.00%   03/01/2031     375       430,032
Maryland (State of) (Bidding Group 2), Second Series 2021 A A, GO Bonds
4.00%   08/01/2035     15        15,899
Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds
5.00%   08/01/2034     105       119,760
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   03/01/2033     10        11,360
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   03/01/2034     20        22,677
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   03/01/2035     400       451,903
Maryland (State of) Department of Transportation, Series 2016, RB
3.00%   11/01/2031     40        39,303
Maryland (State of) Department of Transportation, Series 2017, RB
3.00%   09/01/2031     120       117,631
Maryland (State of) Department of Transportation, Series 2019, RB
2.13%   10/01/2031     60        53,692
Maryland (State of) Department of Transportation, Series 2020, RB
5.00%   10/01/2031     85        96,039
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB
4.00%   06/01/2046     150       148,909
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2046     160       171,938
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
5.00%   07/01/2031     15       16,886
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
283
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maryland-(continued)                
Prince George’s (County of), MD, Series 2021 A, GO Bonds
5.00%   07/01/2031   $ 50   $    57,610
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
3.00%   06/01/2031     100       99,630
                2,136,760
Massachusetts-3.66%                
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
5.00%   09/01/2031     20        23,029
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
5.00%   05/01/2031     10        11,462
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2031     5         5,617
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2031     35        39,509
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
5.00%   06/01/2041     155       170,204
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
5.00%   06/01/2042     350       383,218
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds
5.00%   09/01/2031     155       178,475
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%   09/01/2048     500       537,980
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%   09/01/2049     200       214,585
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%   09/01/2050     95       101,803
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%   09/01/2051     235       251,535
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
5.00%   02/01/2031     245       279,827
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
5.00%   10/01/2031     65        74,931
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
5.00%   11/01/2031     15        17,312
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2031     30        34,386
Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds
5.00%   03/01/2031     15        17,153
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2022, RB
5.00%   06/01/2050     130       139,730
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
5.00%   07/01/2031     120       137,778
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
4.00%   07/01/2036     50        52,484
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
4.00%   07/01/2037     10        10,456
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
4.00%   07/01/2040     5         5,103
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2021-23B, RB
5.00%   02/01/2041     5         5,520
Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB
5.00%   07/01/2051     15        16,042
University of Massachusetts Building Authority, Series 2021-1, Ref. RB
5.00%   11/01/2031     5        5,701
                2,713,840
Michigan-1.41%                
Michigan (State of), Series 2020 B, RB
5.00%   11/15/2031     155       175,422
Michigan (State of), Series 2021 A, RB
5.00%   11/15/2035     50        56,522
Michigan (State of), Series 2021 A, RB
4.00%   11/15/2036     300       312,450
Michigan (State of), Series 2021, RB
5.00%   11/15/2033     230       261,684
Michigan (State of), Series 2021, RB
4.00%   11/15/2037     60        62,163
Michigan (State of), Series 2023, RB
5.00%   11/15/2031     5         5,749
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2031     10        11,312
Muskegon Public Schools, Series 2021 II, GO Bonds
5.00%   05/01/2051     50        52,996
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB
5.00%   12/01/2046     100      107,990
                1,046,288
Minnesota-1.10%                
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB
5.00%   01/01/2031     20        22,566
Minneapolis (City of), MN (Allina Health System), Series 2021, RB
4.00%   11/15/2036     120       122,391
Minneapolis (City of), MN (Allina Health System), Series 2021, RB
4.00%   11/15/2039     30        29,924
Minnesota (State of), Series 2020 A, GO Bonds
5.00%   08/01/2031     305       343,979
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2031     40        46,113
Minnesota (State of), Series 2021 A, GO Bonds
4.00%   09/01/2033     30        32,079
Minnesota (State of), Series 2021 A, GO Bonds
4.00%   09/01/2036     45        47,916
Minnesota (State of), Series 2021 B, GO Bonds
5.00%   09/01/2031     55        63,406
Minnesota (State of), Series 2023 D, Ref. GO Bonds
5.00%   08/01/2031     5         5,758
Minnesota (State of), Series 2023 E, Ref. GO Bonds
5.00%   08/01/2031     50        57,575
Minnesota (State of) Public Facilities Authority, Series 2023 A, RB
5.00%   03/01/2031     5         5,711
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB
5.00%   11/15/2031     35       40,168
                817,586
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
284
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Missouri-0.60%                
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
5.00%   06/01/2031   $ 120   $   134,857
St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds
5.00%   03/01/2042     150       162,816
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a)
5.50%   07/01/2031     130      151,093
                448,766
Nevada-0.30%                
Clark (County of), NV, Series 2022 A, Ref. GO Bonds
4.00%   06/01/2031     10        10,669
Clark (County of), NV Department of Aviation, Series 2021 A, RB
5.00%   07/01/2033     10        11,303
Clark (County of), NV Department of Aviation, Series 2021, RB
5.00%   07/01/2035     125       140,343
Las Vegas Valley Water District, Series 2021 C, GO Bonds
5.00%   06/01/2031     50       57,143
                219,458
New Jersey-2.10%                
Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB
4.00%   12/15/2031     110       116,992
New Jersey (State of), Series 2020 A, GO Bonds
4.00%   06/01/2031     255       273,993
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)
3.13%   07/01/2031     75        73,940
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
5.00%   06/15/2031     5         5,641
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
5.00%   06/15/2034     90       100,163
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2031     155       174,859
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2033     25        27,920
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
4.00%   06/15/2035     20        20,649
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
4.00%   06/15/2036     25        25,602
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
5.00%   06/15/2031     50        56,406
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
5.00%   06/15/2033     50        56,224
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
5.00%   06/15/2034     30        33,611
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
5.00%   06/15/2035     80        89,238
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2036     220       244,535
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%   06/15/2039     140       141,268
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2031     100      112,821
                1,553,862
New Mexico-0.33%                
New Mexico (State of), Series 2023, GO Bonds
5.00%   03/01/2031     15        17,105
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
5.00%   07/01/2031     200      228,957
                246,062
New York-20.97%                
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB
5.00%   02/15/2031     25        28,762
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
5.00%   09/01/2031     25        28,752
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
4.00%   09/01/2033     35        37,609
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
4.00%   09/01/2039     195       201,914
Metropolitan Transportation Authority, Series 2015 F, Ref.RB
3.25%   11/15/2031     160       155,364
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2031     50        57,937
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
4.00%   11/15/2032     25        27,224
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2032     160       184,650
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2033     65        74,887
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
4.00%   11/15/2034     300       326,472
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2034     50        57,472
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
5.00%   11/15/2035     5         5,726
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
3.00%   12/01/2031     20        19,506
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
5.00%   07/15/2033     35        40,051
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
4.00%   07/15/2035     20        20,932
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
4.00%   07/15/2037     60        61,723
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
4.00%   07/15/2038     75        76,594
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2034     20        21,084
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2040     90        90,745
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
5.00%   07/15/2031     15        16,957
New York & New Jersey (States of) Port Authority, Two Hundred Twenty-Fourth Series 2021, Ref. RB
4.00%   07/15/2039     10        10,150
New York (City of), NY, Series 2008 L-5, GO Bonds
5.00%   04/01/2033     65       73,100
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
285
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2008 L-5, GO Bonds
5.00%   04/01/2034   $ 35   $    39,306
New York (City of), NY, Series 2012-1, GO Bonds
5.00%   04/01/2033     110       123,709
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
5.00%   08/01/2031     210       234,867
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
5.00%   11/01/2031     225       252,493
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2031     265       296,380
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
5.00%   08/01/2031     180       201,315
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2033     70        79,072
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2036     195       217,746
New York (City of), NY, Series 2021 A-1, GO Bonds
4.00%   08/01/2042     250       249,933
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2047     115       123,041
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2036     25        27,811
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2042     165       178,451
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2044     280       300,906
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2050     40        42,448
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   04/01/2031     70        79,732
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   08/01/2031     55        62,921
New York (City of), NY, Series 2021-1, GO Bonds
5.00%   04/01/2034     10        11,230
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
5.00%   08/01/2031     15        17,160
New York (City of), NY, Series 2023 C, Ref. GO Bonds
5.00%   08/01/2031     20        22,880
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2031     5         5,689
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.00%   05/01/2031     35        39,910
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2031     50        55,739
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
3.13%   06/15/2031     100       100,252
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
5.00%   06/15/2031     170       195,521
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
5.00%   06/15/2048     315       337,644
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
5.00%   06/15/2044     235       256,309
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
5.00%   06/15/2051     55        58,812
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
5.00%   06/15/2031     270       310,533
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
4.00%   06/15/2036     10        10,432
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
5.00%   06/15/2035     25        28,625
New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB
5.00%   05/01/2031     40        45,272
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2031     50        56,590
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
5.00%   11/01/2031     140       158,205
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2031     15        17,154
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2033     80        91,145
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2034     75        85,036
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
4.00%   11/01/2035     15        15,752
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
4.00%   11/01/2036     270       281,481
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
4.00%   11/01/2037     75        77,682
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
5.00%   08/01/2034     50        56,527
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
5.00%   08/01/2035     170       190,834
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%   08/01/2036     20        20,845
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%   08/01/2039     200       203,907
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
5.00%   02/01/2035     335       373,788
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
5.00%   02/01/2036     145       161,346
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2043     20        20,020
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2031     215       245,148
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2032     45        51,134
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2033     10        11,305
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
5.00%   11/01/2034     170       191,307
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
4.00%   11/01/2036     15        15,598
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
4.00%   11/01/2037     5         5,168
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
4.00%   11/01/2038     25        25,648
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2031     15        17,099
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2031     100       114,360
New York (City of), NY Transitional Finance Authority, Subseries 2010 F-5, RB
5.00%   02/01/2031     90       101,941
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
5.00%   07/15/2031     10       11,454
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
286
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
4.00%   07/15/2034   $ 245   $   258,120
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
4.00%   07/15/2035     225       235,339
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
4.00%   07/15/2036     40        41,449
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB
5.00%   07/15/2033     40        45,400
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
5.00%   12/01/2031     20        22,311
New York (State of) Bridge Authority, Series 2021 A, RB
4.00%   01/01/2046     250       247,490
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB
5.00%   02/15/2031     215       239,873
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
5.00%   07/01/2031     5         5,798
New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB
5.00%   07/01/2031     40        45,516
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2031     155       176,345
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2033     190       214,451
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2034     50        56,291
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2035     150       167,839
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2036     145       161,267
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2037     185       191,065
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2038     5         5,136
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2040     105       106,055
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2041     130       130,763
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2047     20        19,692
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2049     110       117,489
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2031     5         5,689
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
5.00%   10/01/2036     70        78,950
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
5.00%   10/01/2037     130       146,086
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB
5.00%   03/15/2031     105       118,315
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB
5.00%   03/15/2031     435       494,903
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
4.00%   07/01/2040     5         5,054
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
5.00%   07/01/2051     75        79,946
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
5.00%   11/15/2031     105       121,770
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
5.00%   11/15/2034     35        40,121
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
5.00%   11/15/2035     5         5,715
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
5.00%   03/15/2031     75        85,136
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
5.00%   03/15/2035     5         5,617
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
5.00%   01/01/2034     40        45,618
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
5.00%   01/01/2035     5         5,685
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
4.00%   01/01/2036     60        62,075
New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB
4.00%   03/15/2056     30        28,992
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 A-1, Ref. RB
4.00%   03/15/2041     15        15,045
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB
4.00%   01/01/2042     700       694,910
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2036     40        41,475
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2037     15        15,447
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2045     375       370,365
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
4.00%   01/01/2038     15        15,347
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
4.00%   01/01/2047     15        14,725
New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB
4.00%   03/15/2042     50        50,057
New York State Environmental Facilities Corp., Series 2021, RB
5.00%   06/15/2031     25        28,770
New York State Environmental Facilities Corp., Series 2023, Ref. RB
5.00%   06/15/2031     100       115,079
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB
5.00%   06/15/2031     25        28,770
New York State Urban Development Corp., Series 2020 E, Ref. RB
5.00%   03/15/2031     20        22,418
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2031     90       101,787
New York State Urban Development Corp., Series 2023, Ref. RB
5.00%   03/15/2031     20        22,793
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
5.00%   03/15/2036     20        22,559
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
4.00%   03/15/2037     25        25,859
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
4.00%   03/15/2038     65        66,812
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%   03/15/2044     250       248,865
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
5.00%   12/01/2031     50       55,119
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
287
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
4.00%   05/15/2046   $ 100   $    99,111
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
5.00%   05/15/2051     225       239,765
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
5.00%   05/15/2038     25        27,993
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
5.00%   05/15/2039     10        11,125
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
5.00%   05/15/2040     10        11,071
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
5.00%   05/15/2041     40        44,051
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB
4.00%   05/15/2034     40        42,583
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB
4.00%   05/15/2035     50        52,963
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
4.00%   05/15/2051     85        83,620
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
5.00%   11/15/2031     80        91,645
Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB
5.00%   05/15/2031     5         5,680
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%   11/15/2051     530       564,595
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%   11/15/2056     35        37,179
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB
5.00%   05/15/2051     15        16,048
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.00%   05/15/2031     200      227,645
                15,552,861
North Carolina-0.99%                
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB
5.00%   01/15/2031     5         5,648
Mecklenburg (County of), NC, Series 2022, GO Bonds
5.00%   09/01/2031     100       115,629
North Carolina (State of), Series 2020 A, GO Bonds
5.00%   06/01/2031     20        22,601
North Carolina (State of), Series 2021 A, Ref. RB
5.00%   05/01/2031     30        34,169
North Carolina (State of), Series 2021, RB
5.00%   03/01/2031     5         5,686
North Carolina (State of), Series 2021, RB
4.00%   03/01/2035     10        10,465
North Carolina (State of), Series 2022 A, RB
5.00%   05/01/2031     20        22,911
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
5.00%   05/01/2031     305       343,199
North Carolina (State of) Medical Care Commission, Series 2021 A, RB
4.00%   02/01/2036     5         5,127
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2031     40        45,741
Wake (County of), NC, Series 2021, RB
4.00%   03/01/2033     15        15,987
Wake (County of), NC, Series 2021, RB
4.00%   03/01/2038     100      103,508
                730,671
Ohio-2.71%                
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
5.00%   02/15/2031     20        22,514
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
4.00%   02/15/2036     100       102,734
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
4.00%   02/15/2037     5         5,103
Columbus (City of), OH, Series 2023 A, GO Bonds
5.00%   08/15/2031     75        86,306
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
4.00%   08/01/2041     10         9,872
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
4.00%   08/01/2051     10         9,308
Ohio (State of), Series 2021 A, GO Bonds
4.00%   05/01/2038     35        36,625
Ohio (State of), Series 2021 A, GO Bonds
5.00%   05/01/2040     10        11,054
Ohio (State of), Series 2021 A, GO Bonds
5.00%   06/15/2041     240       264,517
Ohio (State of), Series 2021 B, Ref. GO Bonds
5.00%   09/15/2031     90       103,686
Ohio (State of), Series 2021, RB
5.00%   02/01/2031     5         5,679
Ohio (State of) Turnpike & Infrastructure Commission, Series 2013 A-4, RB
5.70%   02/15/2034     120       140,250
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%   02/15/2046     355       381,491
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%   02/15/2051     70        74,424
Ohio (State of) Water Development Authority, Series 2021 A, RB
5.00%   12/01/2035     80        90,447
Ohio (State of) Water Development Authority, Series 2021 A, RB
5.00%   12/01/2037     25        28,076
Ohio (State of) Water Development Authority, Series 2021 A, RB
5.00%   12/01/2038     55        61,314
Ohio (State of) Water Development Authority, Series 2021, RB
5.00%   06/01/2046     170       184,705
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
5.00%   12/01/2038     15        16,836
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
4.00%   12/01/2039     5         5,212
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
5.00%   12/01/2040     35        38,974
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
4.00%   12/01/2041     15        15,411
Ohio State University (The), Series 2021, RB
5.00%   12/01/2033     25       28,618
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
288
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Ohio State University (The), Series 2021, RB
5.00%   12/01/2034   $ 100   $   113,852
Ohio State University (The), Series 2021, RB
5.00%   12/01/2036     150      169,063
                2,006,071
Oklahoma-0.39%                
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
4.00%   06/01/2031     100       105,869
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
5.00%   01/01/2031     165      186,579
                292,448
Oregon-0.15%                
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2031     100      114,619
Pennsylvania-2.84%                
Allegheny (County of), PA Airport Authority, Series 2021 B, RB, (INS - AGM)(a)
4.00%   01/01/2046     15        14,641
Chester (County of), PA Industrial Development Authority (Sustainability Bonds), Series 2021, RB
4.00%   12/01/2046     150       146,589
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
3.00%   01/01/2031     335       333,754
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
5.00%   05/01/2031     35        39,181
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
5.00%   05/15/2031     30        34,265
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
4.00%   05/15/2033     250       266,675
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2031     5         5,740
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB
5.00%   05/15/2031     225       251,959
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB
5.00%   08/15/2044     50        54,321
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
5.00%   12/01/2046     125       134,559
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
5.00%   12/01/2047     95       101,912
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
5.00%   12/01/2046     95       101,799
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
5.00%   12/01/2046     125       133,979
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
5.00%   12/01/2046     145       156,757
Philadelphia (City of), PA, Series 2021 A, GO Bonds
4.00%   05/01/2037     20        20,621
Philadelphia (City of), PA, Series 2021 C, RB
5.00%   10/01/2046     260       280,826
Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2031     25       28,614
                2,106,192
Rhode Island-0.03%                
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
5.00%   05/15/2031     20       22,233
South Carolina-1.02%                
Piedmont Municipal Power Agency, Series 2021 D, Ref. RB
4.00%   01/01/2033     20        20,566
SCAGO Educational Facilities Corp. for Pickens School District, Series 2015, Ref. RB
3.50%   12/01/2031     20        19,900
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB
5.00%   11/01/2031     105       118,117
South Carolina (State of) Public Service Authority, Series 2021 B, RB
4.00%   12/01/2039     350       348,585
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB
4.00%   10/01/2033     135       143,981
University of South Carolina (Campus Village), Series 2021 A, RB
5.00%   05/01/2046     100      107,442
                758,591
South Dakota-0.03%                
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB
5.00%   07/01/2031     20       22,490
Tennessee-0.58%                
Clarksville (City of), TN, Series 2021 A, RB
5.00%   02/01/2045     105       113,342
Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB
5.00%   07/01/2031     25        27,536
Memphis (City of), TN, Series 2022 A, Ref. GO Bonds
5.00%   10/01/2047     50        53,859
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB
5.00%   05/15/2046     150       161,467
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
4.00%   01/01/2031     30        32,264
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB
5.00%   07/01/2031     30        33,270
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2031     5        5,748
                427,486
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
289
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-6.55%                
Aransas County Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2047   $ 100   $    97,843
Austin (City of), TX, Series 2021, Ref. RB
5.00%   11/15/2046     35        37,530
Austin (City of), TX, Series 2024, Ref. RB
5.00%   11/15/2031     5         5,728
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2031     5         5,703
Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations
4.75%   06/15/2048     20        20,873
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB
5.00%   08/15/2031     100       114,528
Board of Regents of the University of Texas System, Series 2021 A, Ref. RB
5.00%   08/15/2031     110       125,980
Board of Regents of the University of Texas System, Series 2023 A, RB
5.00%   08/15/2031     205       234,781
Central Texas Regional Mobility Authority, Series 2021 B, RB
5.00%   01/01/2046     155       164,201
Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB
4.00%   01/01/2037     140       143,612
Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB
4.00%   01/01/2038     35        35,795
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2031     100       113,768
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
5.00%   11/01/2031     50        55,929
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
5.00%   11/01/2031     60        67,115
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2031     15        17,039
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
5.25%   12/01/2031     5         5,784
Dallas College, Series 2022, GO Bonds
5.00%   02/15/2031     100       112,631
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2031     55        62,766
Forney Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2044     200       200,693
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
5.00%   08/15/2042     90        97,231
Harris (County of), TX, Series 2021 A, GO Bonds
4.00%   10/01/2047     100        96,756
Hitchcock Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     195       190,492
Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   07/01/2031     110       124,970
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)
5.00%   05/15/2033     5         5,614
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)
5.00%   05/15/2036     75        83,301
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB
5.00%   05/15/2046     150       160,353
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2036     5         5,531
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2037     175       192,725
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2038     20        21,932
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2040     15        16,285
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2042     30        32,304
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2047     45        48,056
Montgomery Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     15        14,678
North Texas Municipal Water District, Series 2021 A, Ref. RB
4.00%   09/01/2031     55        58,287
North Texas Tollway Authority, Series 2021 B, RB
4.00%   01/01/2034     320       331,192
North Texas Tollway Authority, Series 2021 B, RB
4.00%   01/01/2035     75        77,213
Northwest Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     150       148,510
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2031     45        51,053
Rockwall Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     150       161,293
Sabine-Neches Navigation District, Series 2022, GO Bonds
5.25%   02/15/2052     265       283,237
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2039     125       136,050
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2040     150       162,561
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2041     30        32,408
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2046     130       138,287
San Antonio Public Facilities Corp., Series 2022, Ref. RB
5.00%   09/15/2031     5         5,640
Tarrant (County of), TX, Series 2022, GO Bonds
4.00%   07/15/2047     100        97,746
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2031     10        11,392
Texas (State of) Water Development Board, Series 2020, RB
5.00%   08/01/2031     30        33,625
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2031     25        28,533
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2033     80        90,541
Texas (State of) Water Development Board, Series 2021, RB
5.00%   08/01/2034     100       112,921
Texas (State of) Water Development Board, Series 2021, RB
4.00%   08/01/2035     35        36,565
Texas (State of) Water Development Board, Series 2021, RB
4.00%   08/01/2036     20        20,770
Trinity River Authority, Series 2020, Ref. RB
3.00%   08/01/2031     80       79,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
290
Table of Contents
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2031   $ 35   $    39,421
Williamson (County of), TX, Series 2024, GO Notes
5.00%   02/15/2031     5        5,685
                4,854,575
Utah-1.48%                
Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   06/01/2031     80        91,801
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2031     50        57,273
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2035     20        22,521
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2037     30        33,489
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2038     10        11,104
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2039     50        55,221
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2041     25        27,356
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2042     5         5,436
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2044     320       345,954
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2045     270       291,276
Salt Lake City (City of), UT, Series 2021 B, RB
5.00%   07/01/2046     65        69,809
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2031     5         5,740
Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)(a)
5.00%   06/15/2031     70       79,079
                1,096,059
Virginia-1.36%                
Fairfax (County of), VA, Series 2024 A, GO Bonds
5.00%   10/01/2031     30        34,689
Norfolk (City of), VA, Series 2021 A, GO Bonds
5.00%   03/01/2033     155       176,433
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB
4.00%   02/01/2033     5         5,258
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB
5.00%   02/01/2031     95       108,083
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 B, Ref. RB
5.00%   02/01/2031     130       147,903
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2031     130       149,429
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2033     180       204,665
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB
4.00%   08/01/2036     50        52,183
Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB
5.00%   05/15/2057     120      128,272
                1,006,915
Washington-4.76%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2031     45        51,651
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2033     190       216,866
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2034     140       159,412
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
4.00%   11/01/2040     150       153,918
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
5.00%   07/01/2041     310       339,607
King (County of), WA, Series 2021 A, GO Bonds
5.00%   01/01/2031     50        56,882
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB
5.00%   12/01/2046     250       268,462
Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)
3.00%   12/01/2031     30        28,492
Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2038     55        57,048
Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2039     25        25,857
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB
5.00%   01/01/2046     150       161,158
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2031     255       284,091
Washington (State of), Series 2021 C, GO Bonds
5.00%   02/01/2038     5         5,538
Washington (State of), Series 2021 C, GO Bonds
5.00%   02/01/2041     5         5,458
Washington (State of), Series 2021 C, GO Bonds
5.00%   02/01/2042     65        70,722
Washington (State of), Series 2021 C, GO Bonds
5.00%   02/01/2045     150       161,790
Washington (State of), Series 2021 R, Ref. GO Bonds
4.00%   08/01/2036     40        41,866
Washington (State of), Series 2021, Ref. GO Bonds
5.00%   06/01/2031     50        55,978
Washington (State of), Series R-2021C, Ref. GO Bonds
4.00%   08/01/2035     15        15,766
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%   08/01/2031     10       11,488
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
291
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Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
5.00%   08/01/2031   $ 15   $    16,847
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
5.00%   08/01/2031     5         5,744
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
5.00%   08/01/2034     55        62,438
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
5.00%   08/01/2036     135       151,640
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2033     20        22,588
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2034     30        33,814
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2035     10        11,214
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2036     10        11,177
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
5.00%   02/01/2037     250       278,442
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
5.00%   02/01/2031     25        28,522
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
5.00%   08/01/2031     55        63,183
Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds
5.00%   02/01/2031     5         5,704
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2040     165       181,795
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2042     10        10,941
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2044     10        10,874
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2041     390       428,211
Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2037     35       36,556
                3,531,740
West Virginia-0.13%                
West Virginia (State of) Parkways Authority, Series 2021, RB
5.00%   06/01/2047     90       95,947
Wisconsin-0.66%                
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
5.00%   05/01/2031     165       185,357
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
5.00%   05/01/2031     80        89,870
Wisconsin (State of), Series 2022-4, Ref. GO Bonds
5.00%   05/01/2031     15        17,163
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
5.00%   05/01/2031     75        85,816
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
5.00%   07/01/2031     100      115,152
                493,358
TOTAL INVESTMENTS IN SECURITIES(b)-98.53%

(Cost $72,545,110)
  73,057,852
OTHER ASSETS LESS LIABILITIES-1.47%
  1,091,687
NET ASSETS-100.00%
  $74,149,539
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
292
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.35%                
Alabama-0.51%                
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.00%   07/01/2035   $ 25   $    28,152
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.00%   07/01/2037     80        89,373
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.00%   07/01/2042     145       157,068
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.00%   10/01/2032     100      112,130
                386,723
Arizona-0.19%                
Arizona (State of) Department of Transportation, Series 2023, RB
5.00%   07/01/2032     50        58,150
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
5.00%   07/15/2032     20        23,226
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
4.00%   07/15/2041     10        10,273
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
5.00%   07/01/2032     20        22,563
Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGM)(a)
5.00%   06/01/2053     25        26,408
Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)(a)
5.00%   07/01/2046     5        5,419
                146,039
Arkansas-0.21%                
University of Arkansas (Fayetteville Campus), Series 2022 A, RB
5.00%   11/01/2047     25        27,098
University of Arkansas (Fayetteville Campus), Series 2022 A, RB
5.25%   11/01/2052     125      136,185
                163,283
California-18.29%                
Alameda (County of), CA Transportation Commission, Series 2022, RB
5.00%   03/01/2045     30        33,386
Alhambra Unified School District (Election of 2016), Series 2022 B, GO Bonds
5.25%   08/01/2047     15        16,872
Brentwood Union School District (Election of 2016), Series 2022, GO Bonds
5.25%   08/01/2052     15        16,494
California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)(a)
5.25%   08/01/2032     250       290,464
California (State of), Series 2016, Ref. GO Bonds
2.50%   09/01/2032     85        79,410
California (State of), Series 2016, Ref. GO Bonds
3.00%   09/01/2032     100        98,491
California (State of), Series 2018, GO Bonds
3.00%   10/01/2032     170       166,783
California (State of), Series 2019, Ref. GO Bonds
5.00%   04/01/2032     185       213,499
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2032     10        11,419
California (State of), Series 2022, GO Bonds
5.00%   09/01/2032     45        52,203
California (State of), Series 2022, GO Bonds
5.00%   09/01/2034     10        11,516
California (State of), Series 2022, GO Bonds
5.00%   09/01/2035     115       131,799
California (State of), Series 2022, GO Bonds
5.00%   09/01/2036     35        39,896
California (State of), Series 2022, GO Bonds
5.25%   09/01/2047     5         5,614
California (State of), Series 2022, GO Bonds
5.00%   09/01/2052     195       213,055
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2032     220       255,766
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2035     100       114,082
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2035     520       595,962
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2036     5         5,700
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2037     10        11,332
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2037     100       114,002
California (State of), Series 2022, Ref. GO Bonds
4.00%   04/01/2042     250       255,378
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2042     250       278,250
California (State of), Series 2022, Ref. GO Bonds
4.00%   09/01/2042     250       255,638
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2042     75        83,885
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2042     360       403,406
California (State of), Series 2023, GO Bonds
5.00%   10/01/2032     15        17,420
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2032     15        17,401
California (State of), Series 2024, GO Bonds
5.00%   09/01/2032     25        29,002
California (State of), Series 2024, Ref. GO Bonds
5.00%   09/01/2032     200       232,012
California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB
5.00%   12/01/2032     210       249,341
California (State of) Educational Facilities Authority (Stanford University), Series 2012 U-2, Ref. RB
5.00%   10/01/2032     5         5,946
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB
4.00%   05/15/2046     500      495,144
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
293
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Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
5.00%   10/01/2035   $ 60   $    70,271
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
4.00%   10/01/2047     80        80,266
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
5.00%   10/01/2036     5         5,829
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB
5.00%   10/01/2047     370       413,962
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB
5.00%   10/01/2052     100       110,951
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
4.00%   07/15/2051     335       329,993
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB
5.00%   12/01/2035     340       389,948
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB
5.00%   12/01/2036     150       171,208
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGM)(a)
5.25%   08/15/2052     205       221,952
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds
5.25%   08/01/2052     100       110,822
East Bay Municipal Utility District, Series 2022 A, RB
5.00%   06/01/2038     15        17,345
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB
5.00%   06/01/2032     5         5,889
Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)
5.25%   11/01/2042     100       112,530
Kern High School District (Election of 2022), Series 2023 A, GO Bonds
5.00%   08/01/2032     10        11,775
Los Angeles (City of), CA, Series 2022 C, Ref. RB
5.00%   06/01/2032     5         5,858
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
4.00%   05/15/2048     45        44,759
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2032     125       147,503
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2034     5         5,853
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2043     125       139,486
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2047     25        27,569
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2036     20        23,033
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2037     40        45,936
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2038     5         5,721
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2039     10        11,394
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2042     10        11,145
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2047     55        60,409
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2052     250       272,122
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2039     20        22,959
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2040     20        22,551
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2040     45        51,153
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2041     45        50,340
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2041     10        11,273
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2042     50        55,656
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2043     30        33,280
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2039     50        57,397
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2041     155       174,731
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2047     35        38,647
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2052     200       218,744
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.00%   07/01/2032     5         5,900
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB
5.00%   06/01/2032     45        52,656
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
5.00%   06/01/2032     65        75,285
Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds
5.00%   08/01/2036     25        29,127
Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds
5.00%   08/01/2037     10        11,618
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
3.00%   07/01/2032     45        44,291
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
5.00%   07/01/2032     65        75,782
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
5.00%   07/01/2033     10        11,633
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
5.00%   07/01/2034     5         5,803
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
5.00%   07/01/2035     20        23,114
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
4.00%   07/01/2040     10        10,316
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
4.00%   07/01/2046     45        45,296
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
5.00%   07/01/2032     15       17,806
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
294
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
5.00%   07/01/2036   $ 10   $    11,671
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
5.00%   08/01/2048     150       165,950
Peralta Community College District, Series 2022 B, GO Bonds
5.25%   08/01/2042     90       102,289
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2034     100       116,787
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2037     100       114,552
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2038     50        56,915
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2039     245       276,695
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2040     20        22,480
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2041     25        27,978
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2042     195       217,349
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2047     140       153,129
Riverside (City of), CA, Series 2022 A, RB
5.00%   10/01/2052     10        10,941
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
5.00%   12/01/2032     150       178,100
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
5.00%   10/01/2032     35        41,622
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%   05/15/2047     20        22,102
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%   05/15/2052     200       219,590
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
5.00%   04/01/2032     5         5,875
San Diego (County of), CA Water Authority, Series 2022 A, RB
5.00%   05/01/2047     75        83,590
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
5.00%   05/01/2032     5         5,774
San Diego Unified School District (Election of 2018) (Green Bonds), Series 2022 F-2, GO Bonds
4.25%   07/01/2052     200       203,181
San Diego Unified School District (Green Bonds), Series 2022 F2, GO Bonds
5.00%   07/01/2042     25        28,185
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
5.00%   06/15/2032     10        11,800
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP
3.00%   04/01/2032     20        19,727
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
5.00%   05/01/2032     100       114,924
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
5.00%   10/01/2032     60        70,869
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
5.00%   10/01/2036     35        40,695
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
5.00%   11/01/2032     250       295,652
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds
5.00%   08/01/2039     190       217,531
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds
5.25%   08/01/2047     90       102,883
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
4.00%   01/15/2050     300       296,527
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB
5.00%   11/01/2047     70        78,427
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.25%   08/01/2048     50        55,445
San Mateo Foster City School District, Series 2023 B, GO Bonds
4.00%   08/01/2048     250       250,801
Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds
5.00%   08/01/2034     40        47,038
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB
5.00%   08/01/2047     60        66,371
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds
5.25%   08/01/2048     20        22,382
Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds
5.00%   08/01/2053     155       168,011
South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), Series 2022, RB
5.00%   06/01/2047     5         5,478
State Center Community College District, Series 2022 C, GO Bonds
5.00%   08/01/2047     10        11,018
University of California, Series 2022 BK, RB
5.00%   05/15/2032     10        11,664
University of California, Series 2022 BK, RB
5.00%   05/15/2052     250       272,396
University of California, Series 2022 S, Ref. RB
5.00%   05/15/2034     145       167,665
University of California, Series 2022 S, Ref. RB
5.00%   05/15/2038     150       171,156
University of California, Series 2023 BM, Ref. RB
5.00%   05/15/2032     125       145,797
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2032     80        93,310
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2032     120       139,965
Ventura Unified School District, Series 2023 A, GO Bonds
5.00%   08/01/2046     10        11,096
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
5.25%   08/01/2048     165      185,016
                13,937,854
Colorado-2.92%                
Brighton (City of), CO (Water System), Series 2022, RB
5.00%   06/01/2052     200       213,795
Colorado (State of), Series 2022, COP
6.00%   12/15/2038     140       168,852
Colorado (State of), Series 2022, COP
6.00%   12/15/2039     70       84,185
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
295
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Colorado-(continued)                
Colorado (State of), Series 2022, COP
6.00%   12/15/2040   $ 100   $   119,548
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
5.50%   11/01/2047     250       278,593
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
5.00%   05/15/2032     75        86,124
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
5.00%   05/15/2047     90        96,747
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022, Ref. RB
5.00%   05/15/2052     260       276,450
Denver (City & County of), CO, Series 2022 B, RB
5.00%   11/15/2047     10        10,891
Denver (City & County of), CO, Series 2022 B, RB
5.25%   11/15/2053     100       110,175
Denver (City & County of), CO, Series 2023, Ref. COP
5.00%   12/01/2032     20        23,181
Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB
5.00%   12/15/2052     250       272,252
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2034     10        11,493
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2038     5         5,604
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2042     100       110,177
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2045     100       109,097
Parker Water & Sanitation District, Series 2012, Ref. GO Bonds
3.00%   08/01/2032     100        98,188
Pueblo (City of), CO, Series 2022, COP
4.50%   07/01/2046     150      151,187
                2,226,539
Connecticut-1.03%                
Connecticut (State of), Series 2016 E, GO Bonds
3.00%   10/15/2032     15        14,619
Connecticut (State of), Series 2021 A, GO Bonds
3.00%   01/15/2032     60        59,009
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2032     175       187,864
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2034     75        79,447
Connecticut (State of), Series 2022 E, GO Bonds
5.00%   11/15/2032     15        17,483
Connecticut (State of), Series 2022 F, GO Bonds
5.00%   11/15/2036     10        11,440
Connecticut (State of), Series 2022 F, GO Bonds
5.00%   11/15/2040     20        22,372
Connecticut (State of), Series 2022 G, Ref. GO Bonds
5.00%   11/15/2032     10        11,655
Connecticut (State of), Series 2023 B, Ref. GO Bonds
5.00%   08/01/2032     45        52,253
Connecticut (State of), Series 2024 A, GO Bonds
5.00%   01/15/2032     55        63,419
Connecticut (State of), Series 2024 C, Ref. GO Bonds
5.00%   03/01/2032     5         5,775
Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds
4.00%   01/15/2035     85        89,646
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
5.00%   11/15/2035     30        34,559
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
5.00%   11/15/2037     45        51,211
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
5.00%   11/15/2039     55        61,855
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
5.00%   11/15/2041     20       22,285
                784,892
Delaware-0.04%                
Delaware (State of), Series 2022, Ref. GO Bonds
5.00%   03/01/2032     10        11,639
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2032     15       17,498
                29,137
District of Columbia-1.45%                
District of Columbia, Series 2022 A, RB
5.00%   07/01/2032     250       289,986
District of Columbia, Series 2022 A, RB
5.00%   07/01/2034     25        28,884
District of Columbia, Series 2022 A, RB
5.00%   07/01/2035     145       166,990
District of Columbia, Series 2022 A, RB
5.00%   07/01/2039     60        67,542
District of Columbia, Series 2022 A, RB
5.00%   07/01/2040     20        22,399
District of Columbia, Series 2022 A, RB
5.00%   07/01/2041     25        27,887
District of Columbia, Series 2022 A, RB
5.00%   07/01/2042     140       155,357
District of Columbia, Series 2022 A, RB
5.00%   07/01/2047     160       174,336
District of Columbia, Series 2022 C, Ref. RB
5.00%   12/01/2036     5         5,746
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB
5.00%   10/01/2047     135       146,862
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2032     20       22,707
                1,108,696
Florida-3.72%                
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)
4.25%   07/01/2047     70        70,631
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB
5.00%   04/01/2042     50       54,099
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
296
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB
5.00%   04/01/2052   $ 85   $    89,760
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB
5.00%   04/01/2047     250       265,583
Broward (County of), FL, Series 2022, RB
5.00%   01/01/2047     150       161,979
Central Florida Expressway Authority, Series 2016 A, Ref. RB
3.00%   07/01/2032     100        98,163
Florida (State of), Series 2023 A, Ref. GO Bonds
5.00%   06/01/2032     45        52,313
Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds
5.00%   07/01/2032     50        58,227
Florida (State of) Department of Transportation, Series 2022, RB
5.00%   07/01/2052     100       107,921
Florida (State of) Municipal Power Agency, Series 2021 A, RB
3.00%   10/01/2032     15        14,229
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.00%   07/01/2053     100       107,421
Jacksonville (City of), FL, Series 2015, Ref. RB
3.25%   10/01/2032     100        99,494
Jacksonville (City of), FL, Series 2023 A, Ref. RB
5.00%   10/01/2032     100       115,116
Miami-Dade (County of), FL, Series 2022 A, RB
5.00%   04/01/2046     100       108,150
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%   07/01/2043     30        32,957
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%   07/01/2048     195       211,270
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%   07/01/2052     15        16,157
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2032     160       182,576
Orange (County of), FL School Board, Series 2021 A, Ref. COP
5.00%   08/01/2032     40        45,895
Palm Beach County School District, Series 2022 B, COP
5.25%   08/01/2036     5         5,790
Palm Beach County School District, Series 2022 B, COP
5.25%   08/01/2038     50        57,285
Pasco (County of), FL School Board, Series 2021 A, Ref. COP
5.00%   08/01/2032     5         5,714
Sarasota (County of), FL, Series 2022, RB
5.25%   10/01/2047     25        27,553
Sarasota (County of), FL, Series 2022, RB
5.25%   10/01/2052     35        38,488
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB
5.00%   07/01/2052     100       105,908
St. Johns (County of), FL, Series 2022, RB
5.00%   06/01/2052     250       268,689
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.00%   10/01/2052     100       109,035
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.25%   10/01/2057     100       109,979
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
5.00%   10/01/2052     200      214,758
                2,835,140
Georgia-2.68%                
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
5.00%   12/01/2034     50        58,174
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
5.00%   12/01/2036     155       178,624
Atlanta (City of), GA, Series 2022 C, RB
5.00%   07/01/2041     20        22,253
Atlanta (City of), GA, Series 2022 C, RB
5.00%   07/01/2042     95       104,940
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2038     30        34,258
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2039     35        39,789
Atlanta (City of), GA Department of Aviation, Series 2022 A, RB
5.00%   07/01/2047     50        54,281
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2032     20        23,305
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2034     40        46,292
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2035     20        23,062
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2036     65        74,561
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2038     105       119,499
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2039     15        16,993
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2040     70        78,881
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2041     10        11,218
Georgia (State of), Series 2022 A, GO Bonds
5.00%   07/01/2034     10        11,629
Georgia (State of), Series 2023 C, Ref. GO Bonds
5.00%   01/01/2032     30        34,812
Georgia (State of) (Bid Group 1), Series 2022 A, GO Bonds
5.00%   07/01/2032     30        35,052
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
5.00%   07/01/2032     140       160,822
Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds
5.00%   07/01/2032     50        58,420
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
5.00%   07/01/2032     65        75,945
Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB
5.00%   01/01/2034     55        61,569
Georgia (State of) Ports Authority, Series 2022, RB
5.00%   07/01/2041     65        72,273
Georgia (State of) Ports Authority, Series 2022, RB
5.00%   07/01/2042     15        16,613
Georgia (State of) Ports Authority, Series 2022, RB
5.00%   07/01/2047     70       76,192
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
297
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Georgia (State of) Ports Authority, Series 2022, RB
5.25%   07/01/2052   $ 300   $   329,969
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB
5.00%   09/01/2032     190      220,708
                2,040,134
Hawaii-0.10%                
Hawaii (State of), Series 2016 FB, GO Bonds
3.00%   04/01/2032     50        48,516
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB
4.13%   07/01/2047     25       24,968
                73,484
Idaho-0.05%                
Idaho (State of) Housing & Finance Association, Series 2022, RB
5.00%   08/15/2047     35       37,993
Illinois-5.91%                
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds
5.00%   01/01/2032     125       135,526
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%   01/01/2048     150       162,902
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2032     205       234,205
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   11/01/2035     80        90,291
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2036     100       112,863
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   11/01/2036     45        50,181
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   11/01/2038     45        49,732
Chicago (City of), IL (O’Hare International Airport), Series 2022, Ref. RB
5.00%   01/01/2041     70        76,630
Cook (County of), IL, Series 2022 A, Ref. RB
5.25%   11/15/2045     150       164,650
Illinois (State of), Series 2021 B, GO Bonds
5.00%   12/01/2032     40        44,629
Illinois (State of), Series 2022 A, GO Bonds
5.00%   03/01/2034     35        38,926
Illinois (State of), Series 2022 A, GO Bonds
5.00%   03/01/2035     60        66,453
Illinois (State of), Series 2022 A, GO Bonds
5.25%   03/01/2038     165       183,303
Illinois (State of), Series 2022 A, GO Bonds
5.50%   03/01/2042     150       167,007
Illinois (State of), Series 2022 A, GO Bonds
5.50%   03/01/2047     75        82,257
Illinois (State of), Series 2022 B, GO Bonds
5.00%   10/01/2034     35        39,088
Illinois (State of), Series 2022 C, GO Bonds
5.00%   10/01/2038     5         5,490
Illinois (State of), Series 2023 B, GO Bonds
5.00%   05/01/2032     225       252,922
Illinois (State of), Series 2023 B, GO Bonds
5.00%   05/01/2036     100       110,436
Illinois (State of), Series 2023 B, GO Bonds
5.00%   05/01/2037     5         5,501
Illinois (State of), Series 2023 B, GO Bonds
5.50%   05/01/2047     200       219,621
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2032     10        11,256
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2034     30        33,445
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2035     5         5,554
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2036     270       298,507
Illinois (State of), Series 2024 B, GO Bonds
5.00%   05/01/2032     10        11,239
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB
5.00%   08/15/2038     10        10,991
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB
5.00%   08/15/2039     35        38,281
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
5.00%   08/15/2047     250       266,070
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
5.00%   08/15/2051     175       184,952
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
5.00%   10/01/2032     30        34,605
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%   08/15/2047     275       290,570
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%   08/15/2052     245       254,889
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
5.00%   01/01/2046     545       586,680
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2032     165      186,178
                4,505,830
Indiana-0.91%                
Greater Clark Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)
6.00%   01/15/2042     5         5,834
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
5.00%   02/01/2034     30        34,437
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
5.00%   02/01/2035     15        17,172
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
5.00%   02/01/2036     15        17,097
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
5.00%   02/01/2032     15        17,079
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
4.00%   02/01/2034     10        10,560
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
5.00%   02/01/2035     120      136,039
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
298
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Indiana-(continued)                
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
4.00%   02/01/2036   $ 85   $    89,208
Indianapolis Local Public Improvement Bond Bank, Series 2022, RB
5.00%   01/01/2053     185       196,838
IPS Multi-School Building Corp., Series 2023, RB, (CEP - Colorado Higher Education Intercept Program)
5.25%   07/15/2041     20        22,225
Merrillville Multi School Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   01/15/2042     135      148,152
                694,641
Iowa-0.11%                
Iowa (State of) Finance Authority, Series 2022, Ref. RB
5.00%   08/01/2047     75       81,552
Kansas-0.03%                
Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGM)(a)
5.25%   09/01/2052     25       26,954
Kentucky-0.41%                
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB
5.00%   07/01/2032     110       124,826
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)
5.00%   05/15/2047     100       105,048
Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)(a)
5.00%   09/01/2041     75       82,283
                312,157
Louisiana-0.22%                
Louisiana (State of), Series 2022 A, GO Bonds
4.00%   04/01/2039     5         5,177
Louisiana (State of), Series 2023, RB
5.00%   09/01/2032     35        40,602
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
5.00%   10/15/2036     35        39,489
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
5.00%   10/15/2048     35        37,944
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB
5.00%   10/15/2052     40       42,872
                166,084
Maryland-1.16%                
Baltimore (County of), MD, Series 2022, GO Bonds
4.00%   03/01/2041     80        81,550
Maryland (State of), First Series 2022 A, GO Bonds
5.00%   06/01/2035     20        23,068
Maryland (State of), First Series 2022 A, GO Bonds
5.00%   06/01/2036     50        57,394
Maryland (State of), First Series 2022 A, GO Bonds
5.00%   06/01/2037     5         5,721
Maryland (State of), Series 2022 A, GO Bonds
5.00%   06/01/2032     75        87,417
Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds
5.00%   03/15/2032     25        29,057
Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds
5.00%   08/01/2032     20        22,962
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   03/01/2032     225       256,775
Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds
5.00%   06/01/2034     40        46,310
Maryland (State of) Department of Transportation, Series 2021 A, RB
3.00%   10/01/2032     180       174,491
Maryland (State of) Stadium Authority, Series 2022 A, RB
4.00%   06/01/2047     10         9,870
Prince George’s (County of), MD, Series 2021 A, GO Bonds
4.00%   07/01/2032     80        85,631
Prince George’s (County of), MD, Series 2022 A, GO Bonds
5.00%   07/01/2036     5        5,736
                885,982
Massachusetts-3.47%                
Boston (City of), MA, Series 2022 A, GO Bonds
5.00%   11/01/2034     20        23,631
Boston (City of), MA, Series 2022 A, GO Bonds
5.00%   11/01/2040     10        11,489
Boston (City of), MA, Series 2023 A, GO Bonds
5.00%   11/01/2032     55        65,446
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
4.00%   02/01/2034     25        26,798
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2034     50        57,943
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2035     25        28,867
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2038     10        11,389
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2040     100       112,763
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.25%   10/01/2047     255       283,351
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2052     225       243,072
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.25%   10/01/2052     330       363,635
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
5.00%   11/01/2047     90        98,385
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
5.00%   11/01/2052     430       464,832
Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds
5.00%   11/01/2032     150       175,221
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB
5.00%   06/01/2052     100      108,371
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
299
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB
5.00%   10/01/2040   $ 35   $    39,372
Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB
5.00%   07/01/2032     215       244,353
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2022, RB
5.00%   11/15/2032     60        70,802
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB
5.00%   10/01/2044     130       144,104
Massachusetts (Commonwealth of) Development Finance Agency (Springfield College), Series 2022, Ref. RB
5.00%   10/01/2038     10        11,327
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB
5.50%   07/01/2032     30        36,084
Quincy (City of), MA, Series 2022 B, GO Bonds
5.00%   07/01/2047     20       21,912
                2,643,147
Michigan-1.26%                
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)
5.25%   05/01/2032     45        51,244
Great Lakes Water Authority, Series 2022 B, RB
5.25%   07/01/2047     150       166,169
Michigan (State of), Series 2018, GO Bonds
3.25%   05/01/2032     30        30,080
Michigan (State of), Series 2021 A, RB
5.00%   11/15/2032     25        28,573
Michigan (State of), Series 2023, RB
5.00%   11/15/2032     35        40,766
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
5.00%   10/15/2047     15        16,167
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
5.25%   10/15/2057     150       162,414
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2036     25        27,935
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2037     10        11,112
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
4.00%   04/15/2038     270       272,498
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
5.00%   04/15/2038     40        44,179
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB
5.00%   12/01/2032     100      112,611
                963,748
Minnesota-0.79%                
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB
5.00%   01/01/2052     10        10,587
Minnesota (State of), Series 2021 A, GO Bonds
5.00%   09/01/2032     80        91,571
Minnesota (State of), Series 2023 E, Ref. GO Bonds
5.00%   08/01/2032     50        58,291
Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)
5.00%   02/01/2035     150       171,226
Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)
5.00%   02/01/2036     20        22,768
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
4.00%   11/15/2039     50        51,932
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
5.00%   11/15/2057     150       161,225
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
5.00%   02/01/2032     5         5,740
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
5.00%   02/01/2035     10        11,358
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
5.00%   02/01/2036     15       16,948
                601,646
Mississippi-0.31%                
University of Mississippi Educational Building Corp., Series 2022, RB
4.50%   10/01/2052     235      237,470
Missouri-0.68%                
Metropolitan St. Louis Sewer District, Series 2022 B, Ref. RB
5.25%   05/01/2052     100       109,505
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
5.00%   06/01/2032     30        34,088
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
3.00%   11/15/2032     70        68,871
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
5.00%   05/01/2032     100       115,899
Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGM)(a)
4.00%   06/01/2037     100       103,198
Springfield School District No. R-12, Series 2023, GO Bonds
5.00%   03/01/2040     5         5,531
St. Louis School District, Series 2023, GO Bonds, (INS - AGM)(a)
5.00%   04/01/2042     75       81,634
                518,726
Montana-0.36%                
Montana State Board of Regents, Series 2022, RB, (INS - AGM)(a)
5.25%   11/15/2052     250      272,818
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
300
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Nebraska-0.55%                
Gretna Public Schools, Series 2022, GO Bonds
4.00%   12/15/2047   $ 65   $    63,903
Omaha (City of), NE Public Power District, Series 2022 A, RB
5.25%   02/01/2052     275       300,238
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB
5.00%   02/01/2032     50       57,470
                421,611
Nevada-0.36%                
Clark (County of), NV, Series 2022, RB
5.00%   07/01/2036     15        16,985
Clark (County of), NV, Series 2022, RB, (INS - AGM)(a)
4.00%   07/01/2040     10        10,190
Las Vegas Valley Water District, Series 2021 C, GO Bonds
3.00%   06/01/2032     20        19,512
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds
4.00%   06/01/2041     20        20,336
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds
4.00%   06/01/2042     205      207,657
                274,680
New Jersey-2.83%                
Bergen County Improvement Authority (The), Series 2022, Ref. RB
5.00%   08/01/2047     80        88,607
New Jersey (State of), Series 2020 A, GO Bonds
4.00%   06/01/2032     500       538,851
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
5.25%   11/01/2042     50        55,340
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
5.00%   11/01/2036     25        28,057
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
5.00%   11/01/2037     20        22,362
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
5.25%   11/01/2040     125       139,717
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2022 A, RB
5.00%   03/01/2032     5         5,838
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
5.00%   06/15/2032     10        11,229
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
5.00%   06/15/2032     415       466,001
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%   06/15/2040     250       250,940
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%   06/15/2041     250       249,362
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%   06/15/2042     25        24,708
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
5.00%   06/15/2032     20        22,780
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
5.00%   06/15/2037     25        27,893
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
5.00%   06/15/2032     10        11,310
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2035     10        11,309
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2038     25        27,924
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.25%   06/15/2039     65        73,587
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2040     30        33,113
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2042     30        32,775
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2048     25        26,719
South Jersey Transportation Authority, Series 2022 A, RB
4.63%   11/01/2047     5        5,118
                2,153,540
New Mexico-0.26%                
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
5.00%   07/01/2032     80        92,673
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
5.00%   07/01/2032     90      104,258
                196,931
New York-20.27%                
Hudson Yards Infrastructure Corp., Series 2021, Ref. RB
5.00%   02/15/2034     30        34,541
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB
4.00%   02/15/2041     50        50,872
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
4.00%   09/01/2032     35        37,684
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
3.00%   11/15/2032     30        28,342
Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB
4.00%   11/15/2039     15        15,255
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
5.00%   11/15/2044     20        21,911
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
5.00%   11/15/2047     200       216,570
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
5.00%   11/15/2049     15        16,160
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
3.00%   12/01/2032     195       187,905
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB
5.25%   08/01/2052     150       165,017
New York (City of), NY, Series 2008 L-5, GO Bonds
5.00%   04/01/2032     20        22,556
New York (City of), NY, Series 2012-1, GO Bonds
5.00%   04/01/2032     15        16,917
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2032     5         5,663
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2034     80        91,633
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2035     10       11,423
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
301
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2036   $ 20   $    22,646
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2037     65        73,411
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2038     50        56,112
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2039     55        61,460
New York (City of), NY, Series 2022 A-1, GO Bonds
5.25%   09/01/2041     300       336,967
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%   09/01/2042     210       230,544
New York (City of), NY, Series 2022 A-1, GO Bonds
4.00%   09/01/2046     25        24,639
New York (City of), NY, Series 2022 C, Ref. GO Bonds
5.00%   08/01/2032     5         5,775
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2032     5         5,775
New York (City of), NY, Series 2023 C, Ref. GO Bonds
5.00%   08/01/2032     250       288,753
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
5.00%   08/01/2032     20        23,100
New York (City of), NY, Series 2023-1, GO Bonds
5.00%   08/01/2032     20        23,100
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2032     15        17,238
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.00%   10/01/2032     5         5,787
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.00%   10/01/2035     5         5,715
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.00%   10/01/2037     10        11,301
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2038     80        91,362
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2039     10        11,376
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2040     40        45,144
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2041     30        33,729
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2042     150       167,858
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2043     25        27,856
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2047     300       329,830
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.00%   05/01/2032     95       109,394
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.00%   05/01/2034     25        28,522
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%   05/01/2038     20        22,756
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%   05/01/2043     70        77,636
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%   05/01/2045     15        16,828
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%   05/01/2046     130       145,477
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB
5.25%   06/15/2052     495       545,423
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
3.50%   06/15/2032     70        70,172
New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB
5.00%   06/15/2032     200       229,221
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
5.00%   06/15/2047     135       147,033
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%   06/15/2034     25        28,963
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%   06/15/2045     120       130,957
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
5.00%   11/01/2032     5         5,728
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.25%   08/01/2042     25        28,070
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2043     150       164,808
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.25%   11/01/2035     5         5,801
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.25%   11/01/2038     5         5,729
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2039     30        33,365
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2040     15        16,634
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2041     55        60,689
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2044     75        81,685
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2047     430       463,154
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2051     5         5,357
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
5.00%   07/15/2034     15        17,224
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2032     10        11,458
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2035     75        84,895
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2037     75        84,245
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2038     10        10,326
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2039     45        45,970
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2041     250       252,080
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2043     15        15,017
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2044     405       441,099
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2047     25        26,928
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
5.00%   11/01/2032     200       230,947
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
5.00%   11/01/2033     20       22,961
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
302
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
4.00%   11/01/2034   $ 140   $   149,065
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
5.00%   11/01/2034     15        17,132
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2037     365       419,809
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2041     55        62,273
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2048     290       319,361
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB
5.00%   11/01/2038     5         5,633
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB
5.25%   11/01/2038     55        63,024
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2032     365       413,373
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
5.00%   03/15/2032     290       334,059
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
5.00%   03/15/2034     20        22,885
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
5.00%   03/15/2036     15        16,944
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%   03/15/2037     95        98,533
New York (State of) Dormitory Authority, Series 2021, RB
5.00%   07/01/2032     10        11,493
New York (State of) Dormitory Authority, Series 2021, Ref. RB
4.00%   03/15/2040     5         5,057
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2032     200       230,386
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2034     10        10,570
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2036     5         5,637
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2037     55        61,940
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2038     30        30,929
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2041     680       749,790
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2046     555       602,040
New York (State of) Dormitory Authority, Series 2022, Ref. RB
5.00%   05/01/2038     15        16,560
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
5.00%   03/15/2032     230       264,944
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2032     15        17,412
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
5.00%   11/15/2032     25        28,837
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
3.50%   01/01/2032     30        30,014
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2032     145       166,604
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2037     30        34,236
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
5.00%   03/15/2039     15        16,916
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%   03/15/2053     135       145,313
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%   03/15/2055     65        69,875
New York (State of) Thruway Authority (Bidding Group 2), Series 2022 A, Ref. RB
5.00%   03/15/2035     10        11,516
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2041     130       144,982
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2042     5         5,543
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2045     35        38,211
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2046     280       304,681
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     465       502,811
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
3.00%   12/15/2032     145       142,830
New York State Environmental Facilities Corp., Series 2023, Ref. RB
5.00%   06/15/2032     20        23,323
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
5.00%   06/15/2051     85        92,534
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   03/15/2032     150       173,120
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   03/15/2036     20        23,021
New York State Urban Development Corp., Series 2022, Ref. RB
5.25%   03/15/2037     115       133,632
New York State Urban Development Corp., Series 2022, Ref. RB
5.25%   03/15/2039     80        91,747
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   03/15/2041     100       111,375
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
5.00%   03/15/2032     150       171,568
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     35        37,896
Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB
5.25%   07/01/2052     25        27,578
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
5.00%   11/15/2041     140       155,995
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
5.00%   11/15/2042     55        60,950
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%   05/15/2040     15        16,687
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%   05/15/2044     95       103,676
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%   05/15/2052     250       272,508
Triborough Bridge & Tunnel Authority, Series 2022, RB
4.50%   05/15/2052     35        35,725
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB
5.00%   11/15/2039     35        39,416
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB
5.00%   11/15/2032     450       518,652
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.00%   05/15/2044     40       44,104
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
303
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.00%   05/15/2047   $ 110   $   119,964
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.25%   05/15/2057     165       180,216
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
4.00%   05/15/2041     250       250,756
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2044     240       262,303
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2047     55        59,566
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
5.00%   05/15/2047     350      379,149
                15,445,158
North Carolina-0.83%                
Charlotte (City of), NC, Series 2022 A, Ref. RB
5.00%   07/01/2032     45        52,543
Charlotte (City of), NC, Series 2022 A, Ref. RB
5.00%   07/01/2045     20        22,095
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB
4.00%   01/15/2043     150       149,678
Mecklenburg (County of), NC, Series 2022, GO Bonds
5.00%   09/01/2034     40        46,465
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
5.00%   05/01/2034     85        97,982
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
5.00%   05/01/2036     15        17,116
Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB
5.00%   09/01/2032     115       134,666
Wake (County of), NC, Series 2021, RB
5.00%   03/01/2032     20        22,773
Wake (County of), NC, Series 2023 A, Ref. GO Bonds
5.00%   05/01/2032     80       93,262
                636,580
Ohio-0.71%                
Columbus (City of), OH, Series 2016 A, GO Bonds
3.00%   08/15/2032     15        14,569
Columbus (City of), OH, Series 2023 A, GO Bonds
5.00%   08/15/2032     10        11,664
Ohio (State of), Series 2021 B, Ref. GO Bonds
5.00%   09/15/2032     165       192,671
Ohio (State of), Series 2021 C, Ref. GO Bonds
5.00%   03/15/2032     35        40,601
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2024, Ref. RB
5.00%   01/01/2032     5         5,702
Ohio (State of) Water Development Authority, Series 2022 A, RB
5.00%   12/01/2041     30        33,684
Ohio State University (The), Series 2021, RB
5.00%   12/01/2032     20        22,985
Worthington City School District, Series 2023, GO Bonds
5.00%   12/01/2048     200      217,400
                539,276
Oklahoma-0.80%                
Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB
5.00%   09/01/2032     100       111,596
Oklahoma (County of), OK Finance Authority, Series 2023, RB
4.00%   09/01/2038     215       218,961
Oklahoma (State of) Turnpike Authority, Series 2023, RB
5.50%   01/01/2053     250      275,818
                606,375
Oregon-0.32%                
Oregon (State of) Department of Transportation, Series 2022 A, RB
5.25%   11/15/2047     110       122,487
Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB
4.00%   07/01/2044     30        29,642
Portland (City of), OR, Series 2023 A, Ref. RB
5.00%   12/01/2032     80       93,106
                245,235
Pennsylvania-3.58%                
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, RB
5.00%   02/01/2032     50        57,833
Allegheny (County of), PA Sanitary Authority, Series 2022, RB
5.00%   06/01/2053     200       211,948
Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGM)(a)
4.25%   12/01/2047     50        49,907
Delaware Valley Regional Finance Authority, Series 2002, RB
5.75%   07/01/2032     145       169,462
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)
5.00%   03/15/2048     50        53,600
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB
3.25%   07/01/2032     30        29,394
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
5.00%   05/01/2047     40        42,159
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
5.00%   05/01/2057     140       146,210
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
4.00%   05/15/2032     75        80,388
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
5.00%   09/01/2032     150       174,009
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
5.00%   09/01/2032     350       406,022
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2032     10        11,613
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2036     110      125,486
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
304
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
5.00%   10/01/2038   $ 5   $     5,644
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2022 A, Ref. RB
5.00%   02/15/2038     20        22,014
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB
5.00%   02/15/2047     10        10,676
Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB
5.00%   12/01/2032     160       184,682
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.00%   12/01/2047     15        16,222
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%   12/01/2047     35        38,438
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%   12/01/2052     15        16,320
Pennsylvania State University (The), Series 2022 A, RB
5.00%   09/01/2047     10        10,937
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB
5.00%   07/01/2032     60        68,913
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System), Series 2022, Ref. RB, (INS - AGM)(a)
5.00%   07/01/2035     145       158,445
Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2032     160       185,486
Ridley School District, Series 2024 A, RB, (INS - AGM)(a)
5.00%   11/15/2050     150       159,056
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
5.25%   06/01/2040     100       112,898
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
5.25%   06/01/2041     150       168,394
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
5.25%   06/01/2052     10       10,883
                2,727,039
Puerto Rico-0.13%                
Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)(Acquired 09/22/2023; Cost $94,641)(a)(b)
5.25%   07/01/2032     100       98,834
Rhode Island-0.02%                
Rhode Island (State of), Series 2022 A, GO Bonds
5.00%   08/01/2040     15       16,753
South Carolina-0.59%                
Charleston (City of), SC, Series 2022, RB
5.00%   01/01/2052     100       109,016
Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds
4.00%   03/01/2032     15        16,219
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB
5.00%   10/01/2035     25        28,152
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB
5.00%   10/01/2037     140       156,403
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
5.00%   12/01/2033     10        11,235
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
4.00%   12/01/2040     5         4,927
South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB
3.38%   10/01/2032     50        50,000
Spartanburg County School District No. 4, Series 2022 A, GO Bonds
5.25%   03/01/2052     70       76,119
                452,071
Tennessee-0.74%                
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB
5.25%   07/01/2047     145       159,753
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
4.00%   01/01/2032     20        21,343
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
5.00%   01/01/2037     80        90,563
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
4.00%   01/01/2039     15        15,426
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
4.00%   01/01/2042     5         5,053
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2047     250      272,256
                564,394
Texas-10.64%                
Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2047     20        21,652
Aubrey Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2052     75        71,945
Austin (City of), TX, Series 2022, Ref. RB
5.00%   11/15/2047     60        64,696
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2032     10        11,542
Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2041     215       222,076
Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations
5.00%   02/15/2048     165       177,592
Board of Regents of the University of Texas System, Series 2022 A, Ref. RB
5.00%   08/15/2032     55        63,810
Board of Regents of the University of Texas System, Series 2023 A, RB
5.00%   08/15/2043     190      210,117
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
305
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2048   $ 100   $    97,535
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     10         9,872
Corpus Christi (City of), TX, Series 2022 B, RB
5.00%   07/15/2047     15        16,106
Corpus Christi (City of), TX, Series 2022 B, RB
5.00%   07/15/2052     105       112,094
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2034     75        85,430
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2035     10        11,352
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2036     25        28,273
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2034     25        28,490
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2035     20        22,628
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2037     5         5,597
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2038     20        22,303
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2039     20        22,255
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2050     15        16,064
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2032     75        85,651
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2040     40        44,509
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     65        70,655
Dallas College, Series 2022, GO Bonds
5.00%   02/15/2032     10        11,384
Deer Park Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2047     100       109,411
Elgin Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2047     90        88,079
Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2048     115       124,772
Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2053     100       107,648
Fort Worth (City of), TX, Series 2023, RB
4.13%   02/15/2046     100        98,467
Fort Worth Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     395       388,779
Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations
4.63%   05/01/2052     100       101,204
Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2055     100       106,764
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
5.00%   08/15/2032     175       202,627
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds
4.25%   10/01/2047     50        50,540
Harris (County of), TX Port Authority of Houston, Series 2021, RB
5.00%   10/01/2051     25        26,694
Houston (City of), TX, Series 2002 A, Ref. RB(c)
5.75%   12/01/2032     35        42,918
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     110       118,657
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2038     90       101,925
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2040     100       111,712
Lake Travis Independent School District, Series 2023, GO Bonds
4.00%   02/15/2048     100        97,824
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.50%   05/15/2047     250       278,304
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.00%   05/15/2032     40        45,754
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.00%   05/15/2034     45        51,107
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.50%   05/15/2048     20        22,188
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     160       156,536
New Braunfels (City of), TX, Series 2022, RB
5.00%   07/01/2053     100       106,645
North Texas Municipal Water District, Series 2021 A, Ref. RB
3.00%   09/01/2032     55        53,790
North Texas Tollway Authority, Series 2021 B, RB
4.00%   01/01/2032     95        99,137
North Texas Tollway Authority, Series 2022 A, Ref. RB
5.25%   01/01/2038     30        33,999
North Texas Tollway Authority, Series 2022 A, Ref. RB
5.00%   01/01/2040     20        22,029
Northwest Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     210       225,296
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2038     20        22,389
Permanent University Fund - University of Texas A&M System, Series 2023, RB
5.00%   07/01/2040     25        27,925
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2032     50       58,150
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
306
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2042   $ 25   $    27,797
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%   07/01/2032     100       115,842
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation
5.00%   08/01/2053     200       212,984
Pflugerville (City of), TX, Series 2023, GO Bonds
5.00%   08/01/2048     75        80,240
Pflugerville Independent School District, Series 2023 A, GO Bonds
5.00%   02/15/2034     100       113,263
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2032     65        74,559
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2034     145       166,369
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2036     15        17,081
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2037     20        22,681
Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     40        38,970
San Antonio (City of), TX Water System, Series 2022 B, RB
5.25%   05/15/2052     100       108,449
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2052     100       107,646
San Antonio Public Facilities Corp., Series 2022, Ref. RB
5.00%   09/15/2032     10        11,405
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(a)
5.00%   10/01/2032     215       215,166
Sanger Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2047     205       200,578
Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations
5.25%   09/01/2057     100       107,821
Smith (County of), TX, Series 2023, GO Bonds
5.00%   08/15/2043     10        10,856
Smith (County of), TX, Series 2023, GO Bonds
5.00%   08/15/2048     100       107,927
Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2046     100       108,780
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2036     20        22,683
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2037     15        16,967
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2038     70        78,790
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2040     50        55,600
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB
5.50%   11/15/2047     10        11,094
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2024 A, RB
5.00%   07/01/2032     90       101,428
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
5.00%   10/01/2039     40        43,956
Texas (State of) Water Development Board, Series 2022, RB
5.00%   10/15/2034     40        45,933
Texas (State of) Water Development Board, Series 2022, RB
5.00%   10/15/2035     40        45,735
Texas (State of) Water Development Board, Series 2022, RB
4.50%   10/15/2037     35        38,104
Texas (State of) Water Development Board, Series 2022, RB
4.65%   10/15/2040     5         5,383
Texas (State of) Water Development Board, Series 2022, RB
4.70%   10/15/2041     170       182,416
Texas (State of) Water Development Board, Series 2022, RB
4.75%   10/15/2042     100       107,214
Texas (State of) Water Development Board, Series 2022, RB
4.80%   10/15/2052     250       263,843
Texas (State of) Water Development Board (Master Trust), Series 2022, RB
5.00%   10/15/2047     40        43,432
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)
5.50%   08/01/2042     105       119,118
Trinity River Authority, Series 2020, Ref. RB
3.00%   08/01/2032     30        29,236
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2032     70        79,489
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2034     40        45,106
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2042     55        59,788
Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2048     150       146,080
West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGM)(a)
5.50%   12/15/2050     40        44,136
White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2052     65       62,530
                8,111,373
Utah-1.38%                
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2032     135       153,645
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2032     100       116,071
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2040     30        33,423
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2042     130       143,055
Intermountain Power Agency, Series 2023 A, RB
5.25%   07/01/2043     15        16,754
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2032     20        23,177
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2034     35        40,265
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2037     140       159,257
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2040     95      106,316
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
307
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Utah-(continued)                
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2042   $ 135   $   149,807
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(a)
5.25%   06/15/2032     95      107,738
                1,049,508
Virginia-2.07%                
Fairfax (County of), VA, Series 2023 A, GO Bonds
4.00%   10/01/2033     150       163,579
Fairfax (County of), VA, Series 2023 A, GO Bonds
4.00%   10/01/2034     15        16,263
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
4.00%   05/15/2042     250       251,613
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
5.00%   06/01/2047     75        81,687
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
5.00%   06/01/2052     150       162,217
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
3.00%   02/01/2032     175       171,482
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
5.00%   02/01/2035     60        68,448
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
5.00%   02/01/2036     20        22,711
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
5.25%   02/01/2041     20        22,410
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
5.00%   02/01/2042     20        21,982
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB
5.00%   02/01/2032     150       172,954
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
5.00%   08/01/2032     15        17,100
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
5.00%   08/01/2032     25        29,126
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
5.00%   08/01/2034     10        11,497
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
5.00%   08/01/2035     70        80,259
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
5.00%   08/01/2036     50        56,992
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
5.00%   08/01/2037     50        56,764
Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB
5.00%   08/01/2052     100       108,404
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
5.00%   05/15/2032     35        40,532
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
4.00%   05/15/2035     5         5,315
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
4.00%   05/15/2036     15       15,849
                1,577,184
Washington-4.12%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2032     50        57,245
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.25%   12/01/2040     45        50,889
Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB
5.00%   09/01/2047     100       107,505
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
5.00%   07/01/2032     15        17,353
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
5.00%   07/01/2036     295       336,231
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2039     5         5,636
King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2032     15        16,289
King (County of), WA, Series 2021 A, GO Bonds
5.00%   01/01/2032     45        51,454
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
3.13%   12/01/2032     35        34,377
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2034     5         5,765
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2040     315       352,665
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2041     15        16,716
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2038     50        56,282
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2040     10        10,318
Seattle (City of), WA, Series 2022, Ref. RB
5.00%   07/01/2047     20       21,738
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
308
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Seattle (City of), WA, Series 2022, Ref. RB
5.00%   07/01/2052   $ 15   $    16,104
Seattle (City of), WA, Series 2023 A, Ref. RB
5.00%   03/01/2032     20        23,042
Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2034     20        23,074
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2037     5         5,674
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2038     5         5,647
Washington (State of), Series 2021 A, Ref. GO Bonds
4.00%   02/01/2035     5         5,299
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%   08/01/2032     100       116,194
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
5.00%   08/01/2032     115       133,623
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
5.00%   08/01/2034     35        40,345
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
5.00%   08/01/2035     5         5,745
Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds
5.00%   02/01/2032     105       121,220
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2038     70        79,131
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2040     5         5,573
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2041     205       227,624
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2042     125       138,247
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2043     300       330,582
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2034     100       114,501
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2035     10        11,419
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2036     85        96,399
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2037     95       107,314
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2038     5         5,631
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2041     40        44,165
Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds
4.00%   07/01/2034     10        10,687
Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds
5.00%   08/01/2032     40        46,478
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2044     40        43,933
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2045     25        27,378
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2046     60        65,318
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2040     5         5,541
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2045     25        27,233
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2046     105      113,794
                3,137,378
Wisconsin-1.34%                
Wisconsin (State of), Series 2022 4, Ref. GO Bonds
5.00%   05/01/2032     35        40,591
Wisconsin (State of), Series 2023 A, GO Bonds
5.00%   05/01/2036     100       114,474
Wisconsin (State of), Series 2023 A, GO Bonds
5.00%   05/01/2037     20        22,798
Wisconsin (State of), Series 2023 A, GO Bonds
5.00%   05/01/2039     15        16,892
Wisconsin (State of), Series 2023 B, GO Bonds
5.00%   05/01/2040     5         5,604
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
5.00%   05/01/2032     105       121,773
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
5.00%   07/01/2032     260       303,581
Wisconsin (State of) Public Finance Authority, Series 2022, Ref. RB
5.25%   03/01/2047     15        15,385
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)
5.50%   07/01/2052     350      380,944
                1,022,042
TOTAL INVESTMENTS IN SECURITIES(d)-98.35%

(Cost $73,896,658)
  74,956,631
OTHER ASSETS LESS LIABILITIES-1.65%
  1,254,898
NET ASSETS-100.00%
  $76,211,529
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
309
Table of Contents
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
RN -Revenue Notes
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(c) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(d) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
310
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.00%                
Alabama-2.74%                
Jefferson (County of), AL, Series 2024, Ref. RB
5.00%   10/01/2039   $ 75   $    82,547
Jefferson (County of), AL, Series 2024, Ref. RB
5.25%   10/01/2045     600       654,192
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%   10/01/2040     5         5,566
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%   10/01/2043     245       268,956
Madison (City of), AL Water & Wastewater Board, Series 2023, RB
5.25%   12/01/2053     300       332,302
Montgomery (City of), AL, Series 2023, RB
5.00%   09/01/2048     15       16,393
                1,359,956
Arizona-1.27%                
Arizona (State of) Department of Transportation, Series 2023, RB
5.00%   07/01/2033     15        17,613
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
3.13%   01/01/2033     85        81,997
Phoenix Civic Improvement Corp., Series 2023, RB
5.00%   07/01/2036     5         5,790
Phoenix Civic Improvement Corp., Series 2023, RB
5.00%   07/01/2043     15        16,735
Phoenix Civic Improvement Corp., Series 2023, RB
5.25%   07/01/2047     40        44,829
Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB
5.00%   01/01/2047     165       180,166
University of Arizona Board of Regents, Series 2023 A, RB
5.50%   07/01/2048     250      283,915
                631,045
California-16.85%                
Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB
5.00%   12/01/2033     55        66,197
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
5.00%   08/01/2049     130       145,630
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
4.00%   08/01/2052     5         4,940
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2054     150       164,759
Benicia Unified School District (Election of 2004), Series 2024 A, GO Bonds
5.00%   08/01/2053     100       110,479
California (State of), Series 2015 C, Ref. GO Bonds
3.38%   09/01/2033     50        49,911
California (State of), Series 2016, Ref. GO Bonds
3.00%   09/01/2033     285       277,563
California (State of), Series 2019, GO Bonds
3.00%   10/01/2033     165       159,765
California (State of), Series 2022, GO Bonds
5.00%   09/01/2033     5         5,776
California (State of), Series 2023, GO Bonds
5.00%   10/01/2035     250       288,723
California (State of), Series 2023, GO Bonds
5.00%   09/01/2037     5         5,768
California (State of), Series 2023, GO Bonds
5.00%   09/01/2038     5         5,753
California (State of), Series 2023, GO Bonds
5.00%   10/01/2039     65        74,053
California (State of), Series 2023, GO Bonds
5.00%   10/01/2045     600       668,503
California (State of), Series 2023, GO Bonds
5.25%   10/01/2045     15        17,049
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2036     5         5,743
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2042     315       354,667
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2043     5         5,625
California (State of), Series 2024, GO Bonds
5.00%   09/01/2033     30        35,168
California (State of) Educational Facilities Authority (University of the Pacific), Series 2023, RB
5.00%   11/01/2053     5         5,407
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%   11/15/2041     375       426,757
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2023 A, RB
5.00%   08/15/2033     20        23,940
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
5.00%   10/01/2033     5         5,892
California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2020 A-1, Ref. RB
5.00%   04/01/2033     40        47,695
California (State of) Public Works Board, Series 2023 C, Ref. RB
5.00%   09/01/2033     15        17,558
California (State of) Public Works Board, Series 2023 C, Ref. RB
5.00%   09/01/2036     5         5,767
California (State of) Public Works Board, Series 2023 D, RB
5.00%   11/01/2038     30        34,505
California (State of) Public Works Board, Series 2023 D, RB
4.50%   11/01/2043     10        10,523
California (State of) Public Works Board, Series 2023 D, RB
5.00%   11/01/2044     15        16,817
California (State of) Public Works Board, Series 2023, Ref. RB
5.00%   09/01/2035     45        52,216
California State University, Series 2016 A, Ref. RB
3.00%   11/01/2033     25        24,639
California State University, Series 2023 A, RB
5.25%   11/01/2048     100      113,988
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
311
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Central Unified School District, Series 2023 B, GO Bonds
4.00%   08/01/2050   $ 5   $     4,966
Downey Unified School District, Series 2023 A, GO Bonds
4.00%   08/01/2052     25        24,700
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds
4.13%   08/01/2049     250       251,732
East Bay Municipal Utility District, Series 2024 A, RB
5.00%   06/01/2042     10        11,485
East Bay Municipal Utility District, Series 2024 A, RB
5.00%   06/01/2054     20        22,221
El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB
4.25%   10/01/2047     100       101,053
Imperial Irrigation District, Series 2016 C, Ref. RB
3.00%   11/01/2033     40        38,832
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
5.25%   09/01/2053     375       419,625
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)(a)
5.00%   09/01/2048     100       110,878
Los Angeles (City of), CA, Series 2023 A, RB
5.00%   02/01/2037     15        17,541
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2033     20        23,483
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB
5.25%   07/01/2053     25        27,937
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2041     120       136,774
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2042     5         5,666
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2043     5         5,643
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%   07/01/2043     55        62,076
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%   07/01/2044     170       191,189
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%   07/01/2033     20        23,881
Los Angeles Unified School District, Series 2023 A, COP
5.00%   10/01/2033     35        41,161
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2037     45        52,345
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2038     20        23,137
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2039     5         5,750
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2040     5         5,698
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2041     35        39,705
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.00%   07/01/2042     10        11,297
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.25%   07/01/2047     180       203,855
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
5.00%   10/01/2035     40        46,505
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
5.00%   10/01/2038     10        11,453
Metropolitan Water District of Southern California, Series 2022 A, Ref. RB
5.00%   10/01/2033     20        23,747
Metropolitan Water District of Southern California, Series 2023 A, RB
5.00%   04/01/2048     140       156,376
Oakland (City of), CA, Series 2023 D, GO Bonds
5.25%   07/15/2048     50        57,007
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
5.25%   08/01/2048     150       168,817
Oxnard School District (Election of 2022), Series 2023 A, GO Bonds, (INS - BAM)(a)
4.13%   08/01/2050     120       120,552
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2048     60        67,181
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2053     35        38,880
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
5.00%   10/01/2036     40        47,502
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
5.00%   10/01/2038     5         5,877
San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB
5.25%   08/01/2048     50        56,955
San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB
4.00%   08/01/2052     5         4,940
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
5.00%   04/01/2037     65        76,270
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
5.00%   04/01/2038     10        11,700
San Diego Community College District, Series 2024, GO Bonds
4.00%   08/01/2043     10        10,380
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
5.00%   07/01/2048     10        11,150
San Diego Unified School District (Green Bonds), Series 2023, GO Bonds
5.00%   07/01/2053     25        27,658
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB
5.00%   05/01/2043     55        61,829
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB
5.25%   05/01/2048     65        73,148
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
5.00%   11/01/2036     105       123,978
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
5.00%   11/01/2038     100       117,016
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
4.00%   11/01/2040     25        26,290
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.00%   11/01/2043     50        56,726
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.25%   11/01/2048     20        22,663
San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB
5.00%   01/15/2033     115       129,226
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
5.00%   04/01/2035     10       11,855
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
312
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Southern California Public Power Authority, Series 2023, RB
5.00%   07/01/2035   $ 150   $   177,218
Southern California Public Power Authority, Series 2023, RB
5.00%   07/01/2039     25        28,945
Southern California Public Power Authority, Series 2023-1A, RB
5.00%   07/01/2048     160       178,405
Southern California Public Power Authority, Series 2023-1A, RB
5.25%   07/01/2053     85        95,771
Southern California Public Power Authority (No.1), Series 2007 A, RB
5.00%   11/01/2033     60        63,830
University of California, Series 2023 BM, Ref. RB
5.00%   05/15/2033     15        17,724
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2036     55        64,035
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2037     35        40,659
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2038     255       295,497
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2041     300       341,895
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2042     30        34,067
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2043     115       129,982
University of California, Series 2023 BQ, RB
5.00%   05/15/2033     10        11,816
Victor Valley Community College District (Election of 2008), Series 2024 E, GO Bonds
5.00%   08/01/2051     200      219,527
                8,359,458
Colorado-0.87%                
Boulder Valley School District No. Re-2 Boulder, Series 2023, GO Bonds
4.13%   12/01/2046     150       151,431
Colorado Springs (City of), CO, Series 2023 A, RB
5.25%   11/15/2053     200       221,449
Denver (City & County of), CO, Series 2023, Ref. COP
5.00%   12/01/2035     15        17,397
University of Colorado, Series 2017 A-2, Ref. RB
3.00%   06/01/2033     40       38,797
                429,074
Connecticut-0.27%                
Connecticut (State of), Series 2021 A, GO Bonds
3.00%   01/15/2033     35        34,387
Connecticut (State of), Series 2022 A, GO Bonds
4.00%   01/15/2033     35        37,314
Connecticut (State of), Series 2024 A, GO Bonds
5.00%   01/15/2033     5         5,824
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.00%   07/01/2034     5         5,800
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.00%   07/01/2035     20        23,122
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.00%   07/01/2037     10        11,425
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.25%   07/01/2042     15       17,007
                134,879
Delaware-0.28%                
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2033     10        11,827
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2035     85        99,866
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2036     15        17,534
Delaware (State of), Series 2023 A, GO Bonds
5.00%   05/01/2038     10       11,593
                140,820
District of Columbia-1.94%                
District of Columbia, Series 2022 C, Ref. RB
5.00%   12/01/2033     55        64,027
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2038     45        51,524
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2045     120       131,798
District of Columbia, Series 2023 A, GO Bonds
5.25%   01/01/2048     25        27,886
District of Columbia, Series 2023 A, RB
5.00%   05/01/2038     10        11,477
District of Columbia, Series 2023 A, RB
5.00%   05/01/2040     20        22,600
District of Columbia, Series 2023 A, RB
5.00%   05/01/2042     15        16,749
District of Columbia, Series 2023 A, RB
5.00%   05/01/2043     260       289,385
Washington Metropolitan Area Transit Authority, Series 2023, RB
5.00%   07/15/2042     20        22,218
Washington Metropolitan Area Transit Authority, Series 2023, RB
5.00%   07/15/2043     5         5,520
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.00%   07/15/2042     30        33,327
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.50%   07/15/2051     205       229,652
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.25%   07/15/2053     20        21,938
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB
5.00%   07/15/2037     30       34,461
                962,562
Florida-3.45%                
Broward (County of), FL School Board, Series 2016 A, Ref. COP
3.25%   07/01/2033     55        54,307
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
5.60%   03/01/2048     170      191,840
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
313
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
5.25%   10/01/2053   $ 40   $    44,823
Florida (State of), Series 2023 A, Ref. GO Bonds
5.00%   06/01/2033     5         5,886
Florida (State of), Series 2024 A, Ref. GO Bonds
5.00%   06/01/2033     10        11,763
Florida (State of) Municipal Power Agency, Series 2021 A, RB
3.00%   10/01/2033     25        23,539
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%   09/01/2048     150       170,682
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%   09/01/2053     70        78,974
Fort Myers (City of), FL, Series 2023, Ref. RB
5.50%   10/01/2049     5         5,654
Hillsborough (County of), FL, Series 2023, GO Bonds
5.00%   07/01/2053     150       164,048
Jacksonville (City of), FL, Series 2023 A, Ref. RB
5.25%   10/01/2048     100       110,597
Lee County School Board (The), Series 2023 A, COP
4.00%   08/01/2046     20        19,494
Manatee (County of), FL, Series 2023, RB
5.25%   10/01/2048     150       168,707
Manatee (County of), FL, Series 2023, RB
5.50%   10/01/2053     150       169,867
Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGM)(a)
5.00%   07/01/2035     15        17,151
Miami (City of) & Dade (County of), FL School Board, Series 2016 C, Ref. COP
3.25%   02/01/2033     100        98,555
Miami (City of), FL, Series 2023 A, RB
5.25%   03/01/2053     5         5,502
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)(a)
5.25%   04/01/2033     20        22,773
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2053     85        90,449
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB
5.00%   10/01/2041     10        11,004
Orlando (City of), FL Utilities Commission, Series 2023 A, RB
5.00%   10/01/2048     100       108,937
Putnam County School District, Series 2023, GO Bonds, (INS - AGM)(a)
4.25%   07/01/2052     100       100,210
Sarasota (County of), FL School Board, Series 2023 A, COP
5.00%   07/01/2036     30       34,337
                1,709,099
Georgia-1.09%                
Atlanta (City of), GA, Series 2023, RB
5.00%   07/01/2044     5         5,523
Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2023 B-1, RB
5.00%   07/01/2053     100       108,038
Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds
5.00%   07/01/2033     25        29,612
Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds
5.00%   07/01/2036     300       351,191
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
2.50%   02/01/2033     50       46,195
                540,559
Hawaii-0.23%                
Hawaii (State of), Series 2016 FB, GO Bonds
3.00%   04/01/2033     25        24,008
Honolulu (City & County of), HI, Series 2015, Ref. RB
3.50%   07/01/2033     75        74,737
Honolulu (City & County of), HI, Series 2023, RB
5.25%   07/01/2053     15       16,696
                115,441
Idaho-0.61%                
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
5.00%   08/15/2041     20        22,448
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
5.25%   08/15/2048     250      278,786
                301,234
Illinois-3.85%                
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2033     145       165,421
Chicago (City of), IL Board of Education, Series 2023, RB
5.25%   04/01/2039     165       181,785
Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)(a)
5.00%   01/01/2035     95       108,888
Illinois (State of), Series 2022 B, GO Bonds
5.00%   10/01/2033     150       168,286
Illinois (State of), Series 2023 C, GO Bonds
5.00%   12/01/2048     500       533,173
Illinois (State of), Series 2023 D, Ref. GO Bonds
5.00%   07/01/2033     60        67,195
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
5.00%   10/01/2033     40        46,622
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
4.00%   02/01/2033     230       230,381
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.00%   01/01/2042     180       201,187
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.25%   01/01/2045     150       167,719
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
5.00%   01/01/2033     25        28,508
Sales Tax Securitization Corp., Series 2023 C, Ref. RB
5.00%   01/01/2035     10       11,305
                1,910,470
Indiana-1.22%                
Indiana (State of) Finance Authority (Citizens Energy Group), Series 2023, Ref. RB
5.00%   10/01/2035     10       11,516
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
314
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Indiana-(continued)                
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
5.00%   02/01/2033   $ 5   $     5,753
Indiana (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB
5.00%   02/01/2035     55        64,026
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2041     25        27,706
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2042     100       110,334
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2053     10        10,728
Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB
5.00%   06/01/2053     100       103,475
Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)(a)
5.25%   03/01/2067     200       214,680
Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB
5.25%   02/01/2048     50       55,695
                603,913
Iowa-0.57%                
Iowa (State of) Finance Authority, Series 2023, RB
5.25%   08/01/2048     100       111,631
Iowa (State of) Finance Authority, Series 2023, Ref. RB
5.00%   08/01/2035     145      169,351
                280,982
Kentucky-0.67%                
Christian County School District Finance Corp., Series 2023, RB, (INS - AGM)(a)
4.50%   10/01/2053     150       154,340
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB
5.00%   10/01/2040     160      175,519
                329,859
Louisiana-1.19%                
Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB
5.50%   07/15/2053     250       278,073
Louisiana (State of), Series 2017 B, GO Bonds
3.00%   10/01/2033     90        85,368
Louisiana (State of), Series 2023 A, Ref. GO Bonds
5.00%   02/01/2033     5         5,811
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
5.00%   07/01/2041     200      221,634
                590,886
Maryland-1.27%                
Maryland (State of) (Bidding Group 2), First Series 2023 A, GO Bonds
5.00%   03/15/2035     45        52,569
Maryland (State of) Department of Transportation, Series 2019, RB
2.50%   10/01/2033     25        22,525
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), Series 2023, Ref. RB
5.25%   07/01/2053     155       163,919
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB
5.00%   03/01/2035     100       114,328
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
3.00%   07/01/2033     25        24,556
Washington (State of) Suburban Sanitary Commission, Series 2023, RB
4.00%   06/01/2047     250      250,574
                628,471
Massachusetts-4.73%                
Boston (City of), MA, Series 2023 A, GO Bonds
5.00%   11/01/2040     95       110,659
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
3.00%   11/01/2033     25        24,460
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.00%   10/01/2033     35        40,665
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
5.00%   11/01/2033     10        11,825
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2035     10        11,682
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2036     5         5,807
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2040     15        17,046
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2043     185       206,642
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2048     700       766,061
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%   05/01/2053     35        37,983
Massachusetts (Commonwealth of), Series 2023 B, GO Bonds
5.00%   10/01/2037     20        23,240
Massachusetts (Commonwealth of), Series 2023 B, RB
5.00%   06/01/2050     20        21,921
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
5.00%   05/01/2036     5         5,807
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
5.00%   05/01/2038     15        17,265
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
5.00%   05/01/2041     20        22,604
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
5.00%   05/01/2043     35        39,094
Massachusetts (Commonwealth of), Series 2023 C, GO Bonds
5.00%   10/01/2048     10        10,982
Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds
5.00%   08/01/2039     10        11,465
Massachusetts (Commonwealth of), Series 2023, RB
5.00%   06/01/2053     200       218,113
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
5.00%   07/01/2041     20        22,533
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
5.00%   07/01/2042     15       16,802
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
315
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
5.25%   07/01/2048   $ 30   $    33,485
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
4.00%   07/01/2053     10         9,694
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Subseries 2023 A-1, RB
5.25%   07/01/2053     325       359,438
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB
5.25%   07/01/2048     215       236,069
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 FF, Ref. RB
5.00%   10/01/2048     10        10,918
Massachusetts (Commonwealth of) Water Resources Authority, Series 2023 B, Ref. RB
5.25%   08/01/2048     50       56,179
                2,348,439
Michigan-1.70%                
Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGM)(a)
5.00%   05/01/2053     100       107,227
Michigan (State of), Series 2018, GO Bonds
3.13%   05/01/2033     125       124,723
Michigan (State of), Series 2023, RB
5.00%   11/15/2037     5         5,793
Michigan (State of), Series 2023, RB
5.00%   11/15/2040     100       114,033
Michigan (State of), Series 2023, RB
5.00%   11/15/2043     50        56,034
Michigan (State of), Series 2023, RB
5.25%   11/15/2049     250       279,913
Michigan (State of), Series 2023, RB
5.50%   11/15/2049     110       125,289
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
3.00%   11/15/2033     15        14,473
Michigan Technological University, Series 2023 C, RB, (INS - AGM)(a)
5.25%   10/01/2053     15       16,553
                844,038
Minnesota-0.64%                
Minnesota (State of), Series 2023, COP
5.00%   11/01/2042     200       224,299
Minnesota (State of) Public Facilities Authority, Series 2023 A, RB
5.00%   03/01/2035     80       93,152
                317,451
Missouri-0.93%                
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 1998 A, Ref. RB
2.90%   09/01/2033     5         4,578
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB
5.00%   05/01/2033     105       121,626
St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGM)(a)
3.25%   12/15/2033     345      336,767
                462,971
Nebraska-0.47%                
Omaha (City of), NE Public Power District, Series 2023 A, RB
5.25%   02/01/2048     65        72,008
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB
3.00%   01/01/2033     170      162,770
                234,778
Nevada-0.51%                
Clark (County of), NV, Series 2021, Ref. GO Bonds
3.00%   11/01/2033     30        29,555
Clark (County of), NV, Series 2023, RB
5.00%   07/01/2039     25        28,220
Clark (County of), NV, Series 2023, RB
5.00%   07/01/2040     10        11,223
Clark County School District, Series 2023 A, GO Bonds
4.00%   06/15/2043     10         9,979
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB
5.00%   07/01/2049     5         5,387
Las Vegas Valley Water District, Series 2021 C, GO Bonds
3.00%   06/01/2033     55        53,062
Nevada (State of), Series 2023 A, GO Bonds
5.00%   05/01/2039     50        57,073
Nevada (State of), Series 2023 A, GO Bonds
5.00%   05/01/2040     40        45,389
Nevada (State of), Series 2023 A, GO Bonds
5.00%   05/01/2043     10       11,194
                251,082
New Jersey-4.02%                
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB
5.00%   08/15/2053     200       219,435
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
4.63%   09/01/2048     5         5,156
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
5.00%   06/15/2037     25        28,214
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
4.25%   06/15/2040     305       314,172
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2033     40        45,808
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2035     135       153,598
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2036     25       28,306
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
316
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2037   $ 90   $   101,569
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2039     15        16,742
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2040     10        11,091
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2033     10        11,483
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2035     40        45,825
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2036     15        17,088
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2037     10        11,351
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2038     25        28,233
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2040     150       167,136
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2041     35        38,773
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2043     115       126,016
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2046     205       221,741
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%   01/01/2042     15        16,629
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%   01/01/2046     350      384,603
                1,992,969
New York-18.35%                
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2044     55        61,984
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2048     25        27,720
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2053     150       164,861
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB
5.00%   09/01/2048     10        10,951
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
3.25%   11/15/2033     50        47,488
Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB
5.00%   07/01/2053     60        65,431
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
3.25%   05/01/2033     65        62,627
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%   07/15/2040     25        28,337
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%   07/15/2048     10        10,979
New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB
5.00%   07/15/2042     200       225,586
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB
5.00%   01/15/2047     50        54,797
New York (City of), NY, Series 2013 E, GO Bonds
3.00%   08/01/2033     90        85,882
New York (City of), NY, Series 2015 F-1, GO Bonds
3.50%   06/01/2033     10        10,008
New York (City of), NY, Series 2018 E-1, GO Bonds
3.25%   03/01/2033     60        60,075
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2040     5         5,592
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
5.00%   08/01/2035     130       150,391
New York (City of), NY, Series 2024 A, GO Bonds
5.00%   08/01/2051     30        32,385
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.00%   04/01/2035     500       576,550
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.00%   04/01/2037     5         5,694
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2043     85        95,223
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2047     255       281,686
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
5.25%   06/15/2047     100       111,464
New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB
5.00%   06/15/2046     500       548,326
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.00%   06/15/2043     10        11,174
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.25%   06/15/2053     250       277,838
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%   06/15/2036     20        23,430
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%   06/15/2039     60        68,896
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%   06/15/2045     250       276,556
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.25%   06/15/2047     80        89,610
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2033     20        23,063
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
5.00%   11/01/2033     30        34,703
New York (City of), NY Transitional Finance Authority, Series 2023 A, RB
5.00%   05/01/2039     10        11,283
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2044     110       121,227
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2046     200       218,793
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2053     40        43,195
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
5.50%   05/01/2053     275       309,879
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2033     30        34,957
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2036     125       142,875
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2038     10        11,333
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2039     5         5,641
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2041     15       16,773
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
317
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2039   $ 80   $    90,027
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2041     5         5,578
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%   02/01/2047     140       154,853
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.00%   05/01/2035     5         5,792
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.00%   05/01/2039     15        17,020
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.50%   05/01/2047     10        11,356
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2048     500       555,826
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2050     135       149,760
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
3.00%   02/01/2033     105       104,489
New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB
5.00%   05/01/2036     25        28,643
New York (City of), NY Transitional Finance Authority, Subseries 2023 F-1, RB
5.00%   02/01/2038     100       113,470
New York (State of), Series 2023 A, GO Bonds
5.00%   03/15/2037     20        23,455
New York (State of), Series 2023 A, GO Bonds
5.00%   03/15/2040     90       103,357
New York (State of) Dormitory Authority, Series 2019, RB
2.00%   07/01/2033     470       402,789
New York (State of) Dormitory Authority, Series 2023 A, RB
5.00%   10/01/2033     15        17,986
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
5.00%   03/15/2033     10        11,657
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
5.00%   03/15/2036     55        62,825
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
5.00%   03/15/2038     30        34,047
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2035     10        11,591
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2036     45        51,913
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2037     60        68,833
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2038     5         5,705
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2040     30        33,651
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2041     5         5,580
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2045     200       218,866
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023, RB
5.00%   07/01/2048     130       140,839
New York (State of) Dormitory Authority (Sustainability Bonds), Series 2023, RB
5.00%   07/01/2053     55        59,166
New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGM)(a)
5.00%   11/15/2038     15        17,413
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)(a)
5.13%   11/15/2058     180       199,644
New York State Environmental Facilities Corp., Series 2023, Ref. RB
5.00%   06/15/2053     10        10,948
New York State Urban Development Corp., Series 2023, Ref. RB
5.00%   03/15/2063     250       269,323
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2045     20        21,996
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2048     85        92,613
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%   03/15/2050     350       381,482
Triborough Bridge & Tunnel Authority, Series 2023 A, RB
5.00%   05/15/2041     10        11,243
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2037     105       121,024
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2038     15        17,179
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.25%   11/15/2039     10        11,617
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.25%   11/15/2040     155       178,881
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2041     40        45,013
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2043     5         5,566
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
4.00%   11/15/2033     10        10,765
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.00%   11/15/2048     50        54,518
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB
3.00%   05/15/2033     40        40,254
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%   05/15/2043     45        50,070
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%   05/15/2048     70        76,413
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 C, Ref. RB
5.25%   11/15/2042     25        28,495
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
4.00%   11/15/2035     25        26,465
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
5.00%   11/15/2035     15        17,364
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
5.00%   11/15/2036     25        28,771
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB
5.25%   05/15/2064     200       218,311
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2023 B-1, RB
5.00%   11/15/2045     5         5,511
Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGM)(a)
5.75%   11/01/2048     200      227,353
                9,102,569
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
318
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
North Carolina-0.62%                
Charlotte (City of), NC, Series 2023 A, RB
5.25%   07/01/2053   $ 250   $   277,084
North Carolina (State of), Series 2013 A, RB
3.00%   05/01/2033     15        14,567
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
5.00%   05/01/2033     15       17,353
                309,004
Ohio-1.82%                
Columbus (City of), OH, Series 2016 A, GO Bonds
3.00%   08/15/2033     85        81,783
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
3.00%   11/15/2033     35        33,527
Ohio (State of), Series 2023 A, Ref. GO Bonds
5.00%   03/15/2036     5         5,797
Ohio (State of), Series 2023 A, Ref. GO Bonds
5.00%   03/15/2037     5         5,773
Ohio (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2033     20        23,655
Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds
5.00%   09/01/2035     20        23,414
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB
5.00%   07/01/2036     30        33,949
Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023), Series 2023, RB
5.00%   10/01/2048     30        32,609
Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023), Series 2023, RB
5.25%   10/01/2053     5         5,502
Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB
5.00%   02/15/2033     5         5,822
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
3.00%   12/01/2033     65        64,067
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
5.00%   12/01/2037     355       409,982
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
5.00%   12/01/2039     15        17,099
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
5.00%   12/01/2041     5         5,640
Ohio State University (The), Series 2023, RB
5.00%   12/01/2034     5         5,865
Ohio State University (The), Series 2023, RB
4.25%   12/01/2056     150      148,611
                903,095
Oklahoma-0.05%                
Grand River Dam Authority, Series 2023, RB
5.00%   06/01/2040     5         5,619
Grand River Dam Authority, Series 2023, RB
5.00%   06/01/2042     15       16,691
                22,310
Oregon-1.25%                
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
5.00%   05/01/2036     15        17,421
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
5.00%   05/01/2038     15        17,179
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
5.00%   05/01/2039     115       131,243
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2037     20        23,042
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2041     65        73,202
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%   05/01/2043     50        55,730
Oregon (State of) Department of Transportation, Series 2023 A, RB
5.00%   11/15/2037     10        11,512
Oregon (State of) Department of Transportation, Series 2023 A, RB
5.00%   11/15/2040     40        45,284
Oregon (State of) Department of Transportation, Series 2023 A, RB
5.00%   11/15/2041     65        73,234
Oregon (State of) Lottery, Series 2023 A, RB
5.00%   04/01/2041     10        11,276
Oregon (State of) Lottery, Series 2023 A, RB
5.00%   04/01/2043     5         5,576
Portland (City of), OR, Series 2023 A, Ref. RB
5.00%   12/01/2034     35        40,645
Portland (City of), OR, Series 2023 A, Ref. RB
5.00%   12/01/2047     100       109,725
Portland Community College District, Series 2023, GO Bonds
5.00%   06/15/2037     5        5,768
                620,837
Pennsylvania-2.39%                
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGM)(a)
3.00%   09/15/2033     330       325,826
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
3.38%   11/15/2033     75        74,507
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB
4.00%   03/15/2033     25        25,164
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
5.00%   12/01/2033     40        46,203
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
5.00%   12/01/2034     10        11,418
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
5.00%   12/01/2039     505       565,841
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
5.00%   12/01/2040     10        11,176
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2035     30        34,862
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2040     15        16,990
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.50%   09/01/2053     20       22,809
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
319
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGM)(a)
5.00%   09/01/2048   $ 25   $    26,981
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(a)
3.13%   08/15/2033     25       24,332
                1,186,109
Rhode Island-0.29%                
Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB
5.00%   09/01/2033     45        52,263
Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB
5.00%   11/01/2047     85       92,533
                144,796
South Carolina-0.52%                
Inman Campobello Water District, Series 2023, RB, (INS - BAM)(a)
4.38%   06/01/2053     250      256,223
Tennessee-0.93%                
Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB
5.00%   07/01/2033     65        72,804
Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), Series 2024 A-1, RB, (INS - BAM)(a)
5.50%   07/01/2059     150       163,062
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
3.00%   01/01/2033     75        72,446
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB
5.00%   07/01/2033     5         5,698
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB
5.25%   05/01/2048     10        10,879
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB
5.25%   05/01/2053     10        10,833
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2037     50        58,018
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2038     40        46,205
Tennessee (State of), Series 2023 A, GO Bonds
5.00%   05/01/2039     20       22,939
                462,884
Texas-14.47%                
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, (CEP - Texas Permanent School Fund)
4.50%   08/15/2053     20        20,661
Austin (City of), TX, Series 2023, Ref. GO Bonds
5.00%   09/01/2033     45        52,558
Austin (City of), TX, Series 2023, Ref. RB
5.00%   11/15/2033     50        58,178
Austin (City of), TX, Series 2023, Ref. RB
5.00%   11/15/2036     5         5,731
Austin (City of), TX, Series 2023, Ref. RB
5.00%   11/15/2037     65        74,248
Austin (City of), TX, Series 2023, Ref. RB
5.00%   11/15/2048     15        16,222
Austin Community College District, Series 2023, GO Bonds
5.00%   08/01/2048     40        43,646
Austin Community College District, Series 2023, GO Bonds
5.25%   08/01/2053     20        22,105
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2042     100       110,944
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2043     50        55,259
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     100       109,016
Bexar (County of), TX, Series 2023, Ctfs. of Obligations
5.00%   06/15/2049     15        16,236
Birdville Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     60        65,364
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
5.00%   08/15/2033     10        11,742
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     25        27,273
Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     100       108,911
Collin (County of), TX, Series 2023, GO Bonds
5.00%   02/15/2041     10        11,065
Community Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     100       108,714
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2048     200       216,184
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2037     50        57,033
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     150       146,752
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
5.00%   11/01/2033     10        11,450
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB
5.00%   11/01/2039     5         5,623
Dallas (City of), TX, Series 2017, Ref. GO Bonds, (INS - AGM)(a)
3.00%   02/15/2033     70        67,205
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2036     5        5,672
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
320
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2039   $ 15   $    16,697
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
5.00%   02/15/2041     10        10,997
Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2043     20        22,214
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2035     5         5,833
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2037     60        69,233
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2038     40        45,805
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2042     150       167,869
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2048     145       158,266
Dickinson Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.13%   02/15/2048     5         4,985
Duncanville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2049     5         5,407
El Paso (City of), TX, Series 2023, RB
5.25%   03/01/2049     25        27,309
Fort Worth (City of), TX, Series 2024, GO Bonds
4.13%   03/01/2044     100        99,321
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2039     10        11,248
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2040     75        83,897
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2041     10        11,134
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     230       248,834
Greenwood Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2049     50        54,291
Harris (County of), TX, Series 2024 A, RB
5.00%   08/15/2033     10        11,734
Harris (County of), TX Port Authority of Houston, Series 2023, RB
5.00%   10/01/2048     10        10,846
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
5.00%   08/15/2033     50        57,766
Houston (City of), TX, Series 2023 A, GO Bonds
5.25%   03/01/2042     105       117,038
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2033     10        10,001
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2048     40        43,425
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2033     55        63,678
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2041     10        11,119
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042     10        11,074
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     500       539,893
Lamar Consolidated Independent School District, Series 2023, GO Bonds
5.00%   02/15/2041     15        16,495
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2036     160       183,950
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2038     25        28,440
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2039     45        50,829
Liberty Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/01/2048     220       212,727
Lower Colorado River Authority, Series 2024, RB
5.00%   05/15/2036     20        22,692
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB
5.25%   05/15/2048     150       165,192
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.25%   05/15/2053     15        16,477
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGM)(a)
5.25%   05/15/2054     10        10,970
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2036     5         5,700
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2038     40        45,039
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2040     30        30,857
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     100       108,391
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     100       108,291
Northwest Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2049     115       124,179
Pasadena Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     40        43,943
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%   07/01/2040     95       107,709
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%   07/01/2041     5         5,641
Pflugerville Independent School District, Series 2023 A, GO Bonds
5.00%   02/15/2033     100       113,511
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     100        97,396
Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   02/15/2048     100      110,508
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
321
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   08/01/2033   $ 50   $    48,431
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     100       107,750
San Antonio (City of), TX, Series 2023 A, RB
5.00%   02/01/2036     55        62,712
San Antonio (City of), TX, Series 2023 A, RB
5.00%   02/01/2038     5         5,649
San Antonio (City of), TX, Series 2023 B, RB
5.00%   02/01/2039     5         5,621
San Antonio (City of), TX, Series 2023 B, RB
5.25%   02/01/2041     20        22,607
San Antonio (City of), TX, Series 2023 B, RB
5.25%   02/01/2044     25        27,845
San Antonio (City of), TX Water System, Series 2023 A, Ref. RB
5.25%   05/15/2048     15        16,498
San Marcos Consolidated Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   08/15/2047     110       122,728
Seguin (City of), TX, Series 2024, Ctfs. of Obligations
5.25%   09/01/2058     100       108,789
Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     150       161,856
Splendora Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.10%   02/15/2048     100        98,587
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
3.00%   11/15/2033     5         4,592
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
5.00%   04/01/2037     130       150,415
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
5.00%   04/01/2039     10        11,395
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
5.00%   04/01/2041     5         5,620
Texas (State of) Water Development Board, Series 2019 A, RB
3.00%   10/15/2033     30        28,928
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%   10/15/2037     90       103,138
Texas (State of) Water Development Board, Series 2023 A, RB
4.65%   10/15/2040     30        32,539
Texas (State of) Water Development Board, Series 2023 A, RB
4.88%   10/15/2048     75        80,413
Texas A&M University, Series 2024 A, RB
5.00%   05/15/2033     200       234,793
Texas State University Board of Regents, Series 2023 A, RB
5.00%   02/15/2035     5         5,766
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     100       108,563
Waller Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     150       146,532
Walnut Creek Special Utility District, Series 2023, RB, (INS - AGM)(a)
4.75%   01/10/2054     150       155,397
Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2053     210       209,706
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2054     150      152,127
                7,175,640
Utah-0.28%                
University of Utah (The) (Green Bonds), Series 2023 B, RB
5.25%   08/01/2048     125      139,942
Virginia-1.10%                
Fairfax (County of), VA, Series 2024 A, GO Bonds
5.00%   10/01/2036     25        29,104
Fairfax (County of), VA, Series 2024 A, GO Bonds
4.00%   10/01/2043     10        10,215
Isle Wight (County of) VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGM)(a)
4.75%   07/01/2053     70        73,813
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
5.00%   02/01/2039     25        28,235
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
5.00%   02/01/2040     190       214,376
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
5.00%   02/01/2041     45        50,239
Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB
5.25%   07/01/2048     100       111,857
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)
5.25%   07/01/2053     25       27,336
                545,175
Washington-3.58%                
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
5.00%   07/01/2033     15        17,326
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
5.00%   07/01/2036     60        69,224
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
5.00%   07/01/2037     100       115,076
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
5.00%   07/01/2038     30        34,350
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
5.00%   07/01/2039     105      119,385
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
322
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2033   $ 10   $    11,561
Seattle (City of), WA, Series 2023 A, Ref. RB
5.00%   03/01/2053     20        21,520
Seattle (City of), WA, Series 2023, RB
5.00%   02/01/2049     10        10,844
Seattle (City of), WA, Series 2023, RB
5.00%   02/01/2053     75        80,654
Seattle (Port of), WA, Series 2022 A, Ref. RB
5.00%   08/01/2033     5         5,690
Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2033     10        11,774
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2036     30        34,612
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2037     80        91,994
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2038     55        62,929
Washington (State of), Series R-2023B, Ref. GO Bonds
5.00%   07/01/2040     30        33,915
Washington (State of), Series R-2024B, Ref. GO Bonds
5.00%   06/01/2037     20        23,127
Washington (State of), Series R-2024B, Ref. GO Bonds
5.00%   06/01/2039     20        22,851
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
5.00%   08/01/2036     5         5,764
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
5.00%   08/01/2037     15        17,238
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
5.00%   08/01/2039     5         5,682
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   02/01/2038     10        11,395
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   02/01/2039     55        62,152
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   02/01/2041     130       145,622
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   02/01/2042     30        33,446
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   06/01/2047     15        16,400
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
5.00%   08/01/2041     20        22,521
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
5.00%   08/01/2043     35        38,940
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2043     170       188,240
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2044     195       215,136
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2045     15        16,506
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2046     5         5,467
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
5.00%   08/01/2035     30        34,961
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
5.00%   08/01/2037     95       109,336
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
5.00%   08/01/2038     20        22,897
Whatcom (County of), WA Bellingham School District No. 501, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2039     50       56,793
                1,775,328
West Virginia-0.35%                
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB
5.00%   06/01/2043     40        43,129
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
4.38%   06/01/2053     135      132,902
                176,031
Wisconsin-0.63%                
Wisconsin (State of), Series 2023 2, Ref. GO Bonds
5.00%   05/01/2037     50        57,769
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
5.00%   05/01/2036     125       144,968
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
5.00%   05/01/2039     95      108,496
                311,233
TOTAL INVESTMENTS IN SECURITIES(b)-98.00%

(Cost $48,368,442)
  48,611,612
OTHER ASSETS LESS LIABILITIES-2.00%
  994,348
NET ASSETS-100.00%
  $49,605,960
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
323
Table of Contents
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
324
Table of Contents
(This Page Intentionally Left Blank)
325
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO) 		  Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP) 		  Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ) 		  Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR)
Assets:              
Unaffiliated investments in securities, at value(a)
$2,848,429,348   $4,017,878,242   $3,674,844,523   $2,125,693,439
Affiliated investments in securities, at value
25,036,641   246,631,436   367,845,595   418,000,894
Cash
-   -   4,680   3,189
Deposits with brokers:              
Cash segregated as collateral
9,973,643   73,632   153,718   -
Receivable for:              
Dividends and interest
23,527,418   38,602,758   33,307,086   21,903,598
Securities lending
4,817   21,608   37,811   33,438
Investments sold
29,319,177   -   10,080,700   -
Fund shares sold
-   18,602,234   5,982,600   155,193
Total assets
2,936,291,044   4,321,809,910   4,092,256,713   2,565,789,751
Liabilities:              
Due to custodian
46,841,661   8,184   -   -
Payable for:              
Investments purchased
-   18,634,946   15,616,109   155,193
Collateral upon return of securities loaned
25,034,990   228,382,478   364,017,900   417,205,444
Collateral upon receipt of securities in-kind
9,973,643   73,632   153,718   -
Fund shares repurchased
9,502,412   -   -   -
Accrued unitary management fees
245,342   340,448   306,412   175,643
Accrued tax expenses
650   650   650   650
Other payables
139,659   -   -   -
Total liabilities
91,738,357   247,440,338   380,094,789   417,536,930
Net Assets
$2,844,552,687   $4,074,369,572   $3,712,161,924   $2,148,252,821
Net assets consist of:              
Shares of beneficial interest
$2,852,707,689   $4,097,446,601   $3,727,782,132   $2,144,571,850
Distributable earnings (loss)
(8,155,002)   (23,077,029)   (15,620,208)   3,680,971
Net Assets
$2,844,552,687   $4,074,369,572   $3,712,161,924   $2,148,252,821
Shares outstanding (unlimited amount authorized, $0.01 par value)
134,700,000   197,850,000   190,800,000   109,650,000
Net asset value
$21.12   $20.59   $19.46   $19.59
Market price
$21.12   $20.60   $19.48   $19.61
Unaffiliated investments in securities, at cost
$2,850,889,019   $4,036,286,679   $3,685,358,059   $2,121,287,456
Affiliated investments in securities, at cost
$25,034,990   $246,619,747   $367,828,575   $417,978,180
(a)Includes securities on loan with an aggregate value of:
$24,167,695   $220,755,218   $351,353,640   $402,804,540
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
326
Table of Contents
Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS) 		  Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT) 		  Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU) 		  Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV) 		  Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW) 		  Invesco
BulletShares
2033 Corporate
Bond ETF
(BSCX) 		  Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY)
                         
$1,869,789,269   $1,160,983,484   $907,026,666   $577,030,479   $557,812,800   $336,138,619   $15,218,225
417,861,151   198,911,030   107,339,706   12,778,748   19,971,708   28,014,180   1,015,064
700   29,242   -   10,700   2,096   1,255   -
                         
164,829   -   299,891   -   -   -   -
                         
21,594,235   13,782,388   8,102,809   5,429,232   6,750,386   4,559,154   212,285
29,834   18,488   13,138   1,913   3,849   14,374   722
-   -   1,588,766   -   -   -   -
9,337,108   5,626,676   15,376,467   7,438,060   3,101,292   82,423   -
2,318,777,126   1,379,351,308   1,039,747,443   602,689,132   587,642,131   368,810,005   16,446,296
                         
-   -   314   -   -   -   -
                         
9,346,158   5,624,272   16,868,402   7,361,561   3,179,754   82,423   -
417,765,036   198,510,690   106,887,057   12,732,377   19,918,628   27,238,943   867,002
164,829   -   299,891   -   -   -   -
-   -   -   -   -   -   -
154,246   95,028   71,140   47,259   45,865   27,450   846
650   650   -   -   -   -   -
-   -   -   -   -   -   -
427,430,919   204,230,640   124,126,804   20,141,197   23,144,247   27,348,816   867,848
$1,891,346,207   $1,175,120,668   $915,620,639   $582,547,935   $564,497,884   $341,461,189   $15,578,448
                         
$1,876,750,404   $1,163,446,609   $901,351,448   $570,304,816   $547,602,080   $333,954,406   $15,376,375
14,595,803   11,674,059   14,269,191   12,243,119   16,895,804   7,506,783   202,073
$1,891,346,207   $1,175,120,668   $915,620,639   $582,547,935   $564,497,884   $341,461,189   $15,578,448
92,700,001   63,000,001   54,600,001   35,400,001   27,300,001   16,050,001   750,001
$20.40   $18.65   $16.77   $16.46   $20.68   $21.27   $20.77
$20.43   $18.68   $16.79   $16.48   $20.71   $21.31   $20.83
$1,853,446,296   $1,148,974,238   $892,164,650   $564,625,098   $540,910,166   $328,759,585   $15,018,494
$417,839,208   $198,901,294   $107,333,859   $12,778,217   $19,970,937   $28,013,454   $1,015,047
$402,938,224   $191,458,275   $101,729,539   $12,329,852   $19,125,649   $26,260,853   $832,640
327
Table of Contents
Statements of Assets and Liabilities—(continued)
August 31, 2024
  Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO) 		  Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP) 		  Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ) 		  Invesco
BulletShares
2027 High Yield
Corporate
Bond ETF
(BSJR)
Assets:              
Unaffiliated investments in securities, at value(a)
$541,485,302   $955,331,258   $621,826,077   $283,303,880
Affiliated investments in securities, at value
2,141,123   146,778,526   151,796,017   72,210,715
Cash
-   1,873,865   -   -
Deposits with brokers:              
Cash segregated as collateral
-   106,915   53,132   -
Receivable for:              
Dividends and interest
2,140,819   18,005,183   10,410,486   4,652,640
Securities lending
802   11,471   36,359   13,524
Investments sold
-   8,965,179   -   1,173,315
Fund shares sold
-   11,624,229   11,709,125   11,759,782
Other assets
-   -   -   -
Total assets
545,768,046   1,142,696,626   795,831,196   373,113,856
Liabilities:              
Due to custodian
10,767   -   2,544   79,992
Payable for:              
Investments purchased
-   21,556,391   11,649,326   14,454,324
Collateral upon return of securities loaned
2,141,041   95,035,751   142,585,668   70,976,927
Collateral upon receipt of securities in-kind
-   106,914   53,132   -
Accrued unitary management fees
203,557   350,742   214,294   89,027
Accrued tax expenses
650   650   650   -
Total liabilities
2,356,015   117,050,448   154,505,614   85,600,270
Net Assets
$543,412,031   $1,025,646,178   $641,325,582   $287,513,586
Net assets consist of:              
Shares of beneficial interest
$580,617,147   $1,033,066,623   $649,306,830   $287,328,922
Distributable earnings (loss)
(37,205,116)   (7,420,445)   (7,981,248)   184,664
Net Assets
$543,412,031   $1,025,646,178   $641,325,582   $287,513,586
Shares outstanding (unlimited amount authorized, $0.01 par value)
23,900,000   44,500,000   27,500,001   12,800,001
Net asset value
$22.74   $23.05   $23.32   $22.46
Market price
$22.72   $23.06   $23.32   $22.48
Unaffiliated investments in securities, at cost
$543,430,093   $951,818,720   $617,451,230   $279,327,498
Affiliated investments in securities, at cost
$2,141,041   $146,774,850   $151,787,339   $72,206,514
(a)Includes securities on loan with an aggregate value of:
$2,052,039   $91,451,253   $136,921,756   $68,268,137
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
328
Table of Contents
Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS) 		  Invesco
BulletShares
2029 High Yield
Corporate
Bond ETF
(BSJT) 		  Invesco
BulletShares
2030 High Yield
Corporate
Bond ETF
(BSJU) 		  Invesco
BulletShares
2031 High Yield
Corporate
Bond ETF
(BSJV) 		  Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW) 		  Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO) 		  Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)
                         
$259,019,070   $100,714,124   $58,957,789   $28,847,057   $5,053,714   $165,799,412   $223,378,304
37,209,463   6,810,076   3,583,308   62,297   82,273   -   -
22,608   1,088   -   -   -   21,574,211   1,745,415
                         
177,383   -   -   -   -   -   -
                         
4,521,339   1,736,132   953,100   448,149   83,543   1,677,040   2,774,833
12,517   3,942   1,181   -   8   -   -
712,833   1,282,403   643,168   431,189   -   245,000   25,000
6,710,460   2,176,645   2,611,588   2,664,842   -   -   -
-   -   -   -   -   -   128
308,385,673   112,724,410   66,750,134   32,453,534   5,219,538   189,295,663   227,923,680
                         
-   -   -   -   -   -   -
                         
8,922,387   3,323,280   3,311,910   3,127,267   -   -   -
35,331,293   6,283,609   3,343,763   -   53,460   -   -
177,383   -   -   -   -   -   -
85,276   32,925   19,559   9,422   1,821   29,223   34,599
-   -   -   -   -   -   -
44,516,339   9,639,814   6,675,232   3,136,689   55,281   29,223   34,599
$263,869,334   $103,084,596   $60,074,902   $29,316,845   $5,164,257   $189,266,440   $227,889,081
                         
$261,356,467   $101,770,784   $57,648,848   $28,637,549   $5,000,025   $189,337,291   $228,709,642
2,512,867   1,313,812   2,426,054   679,296   164,232   (70,851)   (820,561)
$263,869,334   $103,084,596   $60,074,902   $29,316,845   $5,164,257   $189,266,440   $227,889,081
12,100,001   4,800,001   2,300,001   1,100,001   200,001   7,600,001   9,300,001
$21.81   $21.48   $26.12   $26.65   $25.82   $24.90   $24.50
$21.90   $21.61   $26.15   $26.76   $25.85   $24.84   $24.53
$254,726,423   $99,018,529   $56,699,236   $28,125,805   $4,895,993   $165,844,616   $223,852,089
$37,207,056   $6,809,840   $3,583,153   $62,297   $82,277   $-   $-
$34,036,838   $6,035,212   $3,214,037   $-   $50,541   $-   $-
329
Table of Contents
Statements of Assets and Liabilities—(continued)
August 31, 2024
  Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ) 		  Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR) 		  Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS) 		  Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)
Assets:              
Investments in securities, at value
$211,668,801   $165,432,968   $120,081,259   $120,561,804
Cash
1,070,514   816,357   476,852   747,149
Receivable for:              
Dividends and interest
2,479,312   1,856,600   1,386,021   1,440,593
Fund shares sold
2,370,535   -   -   16,984
Total assets
217,589,162   168,105,925   121,944,132   122,766,530
Liabilities:              
Payable for:              
Investments purchased
2,344,435   -   -   16,984
Accrued unitary management fees
31,899   24,848   18,459   18,223
Total liabilities
2,376,334   24,848   18,459   35,207
Net Assets
$215,212,828   $168,081,077   $121,925,673   $122,731,323
Net assets consist of:              
Shares of beneficial interest
$215,775,924   $168,327,586   $122,800,272   $123,707,162
Distributable earnings (loss)
(563,096)   (246,509)   (874,599)   (975,839)
Net Assets
$215,212,828   $168,081,077   $121,925,673   $122,731,323
Shares outstanding (unlimited amount authorized, $0.01 par value)
9,100,001   7,100,001   5,200,001   5,300,001
Net asset value
$23.65   $23.67   $23.45   $23.16
Market price
$23.68   $23.68   $23.40   $23.16
Investments in securities, at cost
$211,718,173   $165,667,228   $120,345,221   $120,958,276
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
330
Table of Contents
Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU) 		  Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV) 		  Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW) 		  Invesco
BulletShares
2033 Municipal
Bond ETF
(BSSX)
             
$110,757,351   $73,057,852   $74,956,631   $48,611,612
298,810   297,499   389,399   445,810
             
1,231,119   805,369   876,644   555,437
-   -   -   -
112,287,280   74,160,720   76,222,674   49,612,859
             
             
-   -   -   -
16,803   11,181   11,145   6,899
16,803   11,181   11,145   6,899
$112,270,477   $74,149,539   $76,211,529   $49,605,960
             
$113,362,753   $74,552,203   $75,090,203   $49,361,573
(1,092,276)   (402,664)   1,121,326   244,387
$112,270,477   $74,149,539   $76,211,529   $49,605,960
5,100,001   3,500,001   3,000,001   1,900,001
$22.01   $21.19   $25.40   $26.11
$21.98   $21.15   $25.42   $26.20
$110,788,972   $72,545,110   $73,896,658   $48,368,442
331
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Statements of Operations
For the year ended August 31, 2024
  Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO) 		  Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP) 		  Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ) 		  Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR)
Investment income:              
Unaffiliated interest income
$117,488,515   $140,798,098   $111,820,840   $69,657,858
Unaffiliated dividend income
-   -   -   -
Affiliated dividend income
5,776,875   723,124   414,173   167,615
Securities lending income, net
232,389   475,283   408,541   618,263
Total investment income
123,497,779   141,996,505   112,643,554   70,443,736
Expenses:              
Unitary management fees
3,556,994   3,554,280   2,731,958   1,602,728
Tax expenses
650   650   650   650
Total expenses
3,557,644   3,554,930   2,732,608   1,603,378
Less: Waivers
(103,424)   (12,939)   (7,497)   (3,028)
Net expenses
3,454,220   3,541,991   2,725,111   1,600,350
Net investment income
120,043,559   138,454,514   109,918,443   68,843,386
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from:              
Unaffiliated investment securities
389,939   (1,332,961)   (3,031,993)   (169,183)
Affiliated investment securities
68,157   81,868   34,288   29,871
In-kind redemptions
(1,053,847)   38,261   496,460   569,890
Net realized gain (loss)
(595,751)   (1,212,832)   (2,501,245)   430,578
Change in net unrealized appreciation (depreciation) of:              
Unaffiliated investment securities
79,650,674   74,087,371   79,019,831   53,759,207
Affiliated investment securities
(1,582)   4,310   16,102   19,409
Change in net unrealized appreciation
79,649,092   74,091,681   79,035,933   53,778,616
Net realized and unrealized gain
79,053,341   72,878,849   76,534,688   54,209,194
Net increase in net assets resulting from operations
$199,096,900   $211,333,363   $186,453,131   $123,052,580
    
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS) 		  Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT) 		  Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU) 		  Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV) 		  Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW) 		  Invesco
BulletShares
2033 Corporate
Bond ETF
(BSCX)(a) 		  Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY)(b)
                         
$61,476,292   $34,678,254   $27,264,843   $18,856,527   $18,559,389   $8,343,789   $88,299
-   -   -   -   -   -   205
157,001   75,108   53,365   33,097   42,603   22,703   626
428,387   227,865   167,446   48,331   64,679   33,385   1,130
62,061,680   34,981,227   27,485,654   18,937,955   18,666,671   8,399,877   90,260
                         
1,328,800   746,441   562,222   371,588   353,126   161,638   1,684
650   650   -   -   -   6,089   -
1,329,450   747,091   562,222   371,588   353,126   167,727   1,684
(2,853)   (1,361)   (971)   (599)   (768)   (411)   (10)
1,326,597   745,730   561,251   370,989   352,358   167,316   1,674
60,735,083   34,235,497   26,924,403   18,566,966   18,314,313   8,232,561   88,586
                         
                         
(397,119)   (202,223)   (179,010)   (31,941)   (16,500)   (352)   236
32,249   (5,993)   2,688   2,440   (317)   (69)   20
1,272,754   -   -   391,538   249,050   -   -
907,884   (208,216)   (176,322)   362,037   232,233   (421)   256
                         
50,475,841   35,000,599   29,916,632   19,445,926   18,502,455   7,379,034   199,731
18,531   8,608   5,186   479   783   726   17
50,494,372   35,009,207   29,921,818   19,446,405   18,503,238   7,379,760   199,748
51,402,256   34,800,991   29,745,496   19,808,442   18,735,471   7,379,339   200,004
$112,137,339   $69,036,488   $56,669,899   $38,375,408   $37,049,784   $15,611,900   $288,590
333
Table of Contents
Statements of Operations—(continued)
For the year ended August 31, 2024
  Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO) 		  Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP) 		  Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ) 		  Invesco
BulletShares
2027 High Yield
Corporate
Bond ETF
(BSJR)
Investment income:              
Unaffiliated interest income
$41,025,823   $64,126,914   $31,622,612   $12,727,418
Unaffiliated dividend income
-   -   -   -
Affiliated dividend income
1,663,379   2,109,766   440,094   74,019
Securities lending income, net
349,514   474,024   393,621   108,241
Foreign withholding tax
(113,321)   -   -   -
Total investment income
42,925,395   66,710,704   32,456,327   12,909,678
Expenses:              
Unitary management fees
2,850,699   3,872,412   1,869,856   730,342
Tax expenses
650   650   650   -
Total expenses
2,851,349   3,873,062   1,870,506   730,342
Less: Waivers
(31,322)   (38,622)   (7,899)   (1,348)
Net expenses
2,820,027   3,834,440   1,862,607   728,994
Net investment income
40,105,368   62,876,264   30,593,720   12,180,684
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from:              
Unaffiliated investment securities
1,860,226   2,672,939   (4,354,313)   (1,452,490)
Affiliated investment securities
12,246   17,789   4,409   1,854
In-kind redemptions
108,509   4,056,533   223,648   -
Net realized gain (loss)
1,980,981   6,747,261   (4,126,256)   (1,450,636)
Change in net unrealized appreciation (depreciation) of:              
Unaffiliated investment securities
5,141,077   10,127,847   13,569,659   7,488,261
Affiliated investment securities
130   3,342   7,240   4,201
Change in net unrealized appreciation
5,141,207   10,131,189   13,576,899   7,492,462
Net realized and unrealized gain
7,122,188   16,878,450   9,450,643   6,041,826
Net increase in net assets resulting from operations
$47,227,556   $79,754,714   $40,044,363   $18,222,510
    
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS) 		  Invesco
BulletShares
2029 High Yield
Corporate
Bond ETF
(BSJT) 		  Invesco
BulletShares
2030 High Yield
Corporate
Bond ETF
(BSJU) 		  Invesco
BulletShares
2031 High Yield
Corporate
Bond ETF
(BSJV)(a) 		  Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW)(b) 		  Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO) 		  Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)
                         
$11,111,296   $3,419,740   $2,723,342   $1,182,635   $76,554   $5,405,893   $5,471,104
-   -   -   -   312   -   -
90,361   17,818   13,387   5,539   498   -   -
81,354   13,464   10,029   1,225   29   -   -
-   -   -   -   -   -   -
11,283,011   3,451,022   2,746,758   1,189,399   77,393   5,405,893   5,471,104
                         
616,416   194,182   151,466   69,741   4,730   369,399   369,331
-   -   -   339   -   -   -
616,416   194,182   151,466   70,080   4,730   369,399   369,331
(1,608)   (316)   (239)   (99)   (8)   -   -
614,808   193,866   151,227   69,981   4,722   369,399   369,331
10,668,203   3,257,156   2,595,531   1,119,418   72,671   5,036,494   5,101,773
                         
                         
(995,056)   (179,747)   239,727   (52,228)   3,278   6   (23,413)
(431)   (287)   (448)   (18)   -   -   -
-   -   -   183,521   -   (39,146)   -
(995,487)   (180,034)   239,279   131,275   3,278   (39,140)   (23,413)
                         
6,802,830   2,947,453   2,242,770   721,252   157,721   1,816,730   2,758,848
2,457   242   155   -   (4)   -   -
6,805,287   2,947,695   2,242,925   721,252   157,717   1,816,730   2,758,848
5,809,800   2,767,661   2,482,204   852,527   160,995   1,777,590   2,735,435
$16,478,003   $6,024,817   $5,077,735   $1,971,945   $233,666   $6,814,084   $7,837,208
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Table of Contents
Statements of Operations—(continued)
For the year ended August 31, 2024
  Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ) 		  Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR) 		  Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS) 		  Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)
Investment income:              
Interest income
$4,775,348   $3,630,027   $2,827,433   $2,471,303
Total investment income
4,775,348   3,630,027   2,827,433   2,471,303
Expenses:              
Unitary management fees
295,323   218,134   169,294   147,647
Net investment income
4,480,025   3,411,893   2,658,139   2,323,656
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from unaffiliated investments
(69,016)   (13,887)   (183,265)   1,555
Change in net unrealized appreciation on unaffiliated investment securities
2,542,836   1,739,724   1,769,124   1,326,796
Net realized and unrealized gain
2,473,820   1,725,837   1,585,859   1,328,351
Net increase in net assets resulting from operations
$6,953,845   $5,137,730   $4,243,998   $3,652,007
    
(b) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU) 		  Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV) 		  Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW) 		  Invesco
BulletShares
2033 Municipal
Bond ETF
(BSSX)(b)
             
$2,439,591   $1,717,783   $1,906,139   $887,085
2,439,591   1,717,783   1,906,139   887,085
             
141,746   94,966   95,624   43,930
2,297,845   1,622,817   1,810,515   843,155
             
(32,437)   (13,109)   57,823   (11,994)
1,650,658   1,690,525   1,431,406   243,170
1,618,221   1,677,416   1,489,229   231,176
$3,916,066   $3,300,233   $3,299,744   $1,074,331
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Table of Contents
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco BulletShares 2024
Corporate Bond ETF (BSCO) 		  Invesco BulletShares 2025
Corporate Bond ETF (BSCP)
  2024   2023   2024   2023
Operations:              
Net investment income
$120,043,559   $105,422,754   $138,454,514   $73,240,881
Net realized gain (loss)
(595,751)   (4,000,249)   (1,212,832)   (1,302,949)
Change in net unrealized appreciation (depreciation)
79,649,092   6,133,424   74,091,681   (17,256,884)
Net increase in net assets resulting from operations
199,096,900   107,555,929   211,333,363   54,681,048
Distributions to Shareholders from:              
Distributable earnings
(118,950,789)   (105,337,424)   (138,306,116)   (73,303,310)
Shareholder Transactions:              
Proceeds from shares sold
224,718,171   1,017,392,174   1,252,215,142   1,382,472,822
Value of shares repurchased
(1,352,943,179)   (426,454,622)   (97,792,299)   (181,329,404)
Net increase (decrease) in net assets resulting from share transactions
(1,128,225,008)   590,937,552   1,154,422,843   1,201,143,418
Net increase (decrease) in net assets
(1,048,078,897)   593,156,057   1,227,450,090   1,182,521,156
Net assets:              
Beginning of year
3,892,631,584   3,299,475,527   2,846,919,482   1,664,398,326
End of year
$2,844,552,687   $3,892,631,584   $4,074,369,572   $2,846,919,482
Changes in Shares Outstanding:              
Shares sold
10,800,000   49,650,000   61,500,000   68,550,000
Shares repurchased
(64,500,000)   (20,700,000)   (4,800,000)   (9,000,000)
Shares outstanding, beginning of year
188,400,000   159,450,000   141,150,000   81,600,000
Shares outstanding, end of year
134,700,000   188,400,000   197,850,000   141,150,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco BulletShares 2026
Corporate Bond ETF (BSCQ) 		  Invesco BulletShares 2027
Corporate Bond ETF (BSCR) 		  Invesco BulletShares 2028
Corporate Bond ETF (BSCS) 		  Invesco BulletShares 2029
Corporate Bond ETF (BSCT)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$109,918,443   $56,225,144   $68,843,386   $27,851,945   $60,735,083   $19,496,485   $34,235,497   $9,920,657
(2,501,245)   (1,251,892)   430,578   (271,098)   907,884   (1,011,906)   (208,216)   (115,395)
79,035,933   (17,780,727)   53,778,616   (11,245,889)   50,494,372   (3,137,424)   35,009,207   (3,191,345)
186,453,131   37,192,525   123,052,580   16,334,958   112,137,339   15,347,155   69,036,488   6,613,917
                             
(109,367,273)   (56,153,843)   (68,666,801)   (28,023,135)   (60,586,927)   (19,483,490)   (34,023,895)   (9,894,400)
                             
1,729,641,303   882,847,921   1,060,131,170   623,350,968   1,158,375,140   454,080,011   745,588,344   277,316,876
(76,973,422)   (59,933,094)   (28,769,929)   (28,683,552)   (39,007,845)   (2,969,517)   -   (7,978,199)
1,652,667,881   822,914,827   1,031,361,241   594,667,416   1,119,367,295   451,110,494   745,588,344   269,338,677
1,729,753,739   803,953,509   1,085,747,020   582,979,239   1,170,917,707   446,974,159   780,600,937   266,058,194
                             
1,982,408,185   1,178,454,676   1,062,505,801   479,526,562   720,428,500   273,454,341   394,519,731   128,461,537
$3,712,161,924   $1,982,408,185   $2,148,252,821   $1,062,505,801   $1,891,346,207   $720,428,500   $1,175,120,668   $394,519,731
                             
90,150,000   46,650,000   55,200,000   32,700,000   58,050,000   23,100,000   40,950,000   15,450,000
(4,050,000)   (3,150,000)   (1,500,000)   (1,500,000)   (1,950,000)   (150,000)   -   (450,000)
104,700,000   61,200,000   55,950,000   24,750,000   36,600,001   13,650,001   22,050,001   7,050,001
190,800,000   104,700,000   109,650,000   55,950,000   92,700,001   36,600,001   63,000,001   22,050,001
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco BulletShares 2030
Corporate Bond ETF (BSCU) 		  Invesco BulletShares 2031
Corporate Bond ETF (BSCV)
  2024   2023   2024   2023
Operations:              
Net investment income
$26,924,403   $6,892,666   $18,566,966   $4,906,520
Net realized gain (loss)
(176,322)   (385,378)   362,037   137,586
Change in net unrealized appreciation (depreciation)
29,921,818   (2,613,034)   19,446,405   (2,929,975)
Net increase in net assets resulting from operations
56,669,899   3,894,254   38,375,408   2,114,131
Distributions to Shareholders from:              
Distributable earnings
(26,770,351)   (6,959,857)   (18,399,736)   (4,917,628)
Shareholder Transactions:              
Proceeds from shares sold
628,325,402   159,096,524   378,097,380   164,738,275
Value of shares repurchased
-   -   (9,508,918)   (7,219,590)
Net increase (decrease) in net assets resulting from share transactions
628,325,402   159,096,524   368,588,462   157,518,685
Net increase (decrease) in net assets
658,224,950   156,030,921   388,564,134   154,715,188
Net assets:              
Beginning of year
257,395,689   101,364,768   193,983,801   39,268,613
End of year
$915,620,639   $257,395,689   $582,547,935   $193,983,801
Changes in Shares Outstanding:              
Shares sold
38,550,000   9,900,000   23,700,000   10,350,000
Shares repurchased
-   -   (600,000)   (450,000)
Shares outstanding, beginning of year
16,050,001   6,150,001   12,300,001   2,400,001
Shares outstanding, end of year
54,600,001   16,050,001   35,400,001   12,300,001
    
(a) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.
(b) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(c) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
340
Table of Contents
Invesco BulletShares 2032
Corporate Bond ETF (BSCW) 		  Invesco BulletShares 2033
Corporate Bond ETF (BSCX) 		  Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY) 		  Invesco
BulletShares
2024 High Yield
Corporate Bond ETF (BSJO)
2024   2023(a)   2024(b)   2024(c)   2024   2023
                     
$18,314,313   $2,190,423   $8,232,561   $88,586   $40,105,368   $33,081,339
232,233   (86,900)   (421)   256   1,980,981   (10,967,121)
18,503,238   (1,599,833)   7,379,760   199,748   5,141,207   19,244,305
37,049,784   503,690   15,611,900   288,590   47,227,556   41,358,523
                     
(18,218,198)   (2,192,792)   (8,111,206)   (86,517)   (40,088,169)   (33,430,307)
                     
408,509,213   147,541,251   333,960,495   15,376,375   115,076,267   272,660,037
(5,860,423)   (2,834,641)   -   -   (231,724,501)   (109,449,136)
402,648,790   144,706,610   333,960,495   15,376,375   (116,648,234)   163,210,901
421,480,376   143,017,508   341,461,189   15,578,448   (109,508,847)   171,139,117
                     
143,017,508   -   -   -   652,920,878   481,781,761
$564,497,884   $143,017,508   $341,461,189   $15,578,448   $543,412,031   $652,920,878
                     
20,400,000   7,350,001   16,050,001   750,001   5,100,000   12,200,000
(300,000)   (150,000)   -   -   (10,200,000)   (4,900,000)
7,200,001   -   -   -   29,000,000   21,700,000
27,300,001   7,200,001   16,050,001   750,001   23,900,000   29,000,000
341
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco
BulletShares
2025 High Yield
Corporate Bond ETF (BSJP) 		  Invesco
BulletShares
2026 High Yield
Corporate Bond ETF (BSJQ)
  2024   2023   2024   2023
Operations:              
Net investment income
$62,876,264   $38,400,101   $30,593,720   $16,035,319
Net realized gain (loss)
6,747,261   (5,396,279)   (4,126,256)   (5,674,439)
Change in net unrealized appreciation
10,131,189   16,149,032   13,576,899   7,517,896
Net increase in net assets resulting from operations
79,754,714   49,152,854   40,044,363   17,878,776
Distributions to Shareholders from:              
Distributable earnings
(63,763,290)   (37,484,424)   (30,511,802)   (16,049,115)
Shareholder Transactions:              
Proceeds from shares sold
483,868,132   764,101,499   334,514,395   127,337,268
Value of shares repurchased
(610,269,740)   (40,099,794)   (6,920,407)   (15,796,746)
Net increase (decrease) in net assets resulting from share transactions
(126,401,608)   724,001,705   327,593,988   111,540,522
Net increase (decrease) in net assets
(110,410,184)   735,670,135   337,126,549   113,370,183
Net assets:              
Beginning of year
1,136,056,362   400,386,227   304,199,033   190,828,850
End of year
$1,025,646,178   $1,136,056,362   $641,325,582   $304,199,033
Changes in Shares Outstanding:              
Shares sold
21,200,000   34,100,000   14,500,000   5,600,000
Shares repurchased
(26,900,000)   (1,800,000)   (300,000)   (700,000)
Shares outstanding, beginning of year
50,200,000   17,900,000   13,300,001   8,400,001
Shares outstanding, end of year
44,500,000   50,200,000   27,500,001   13,300,001
    
(a) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
342
Table of Contents
Invesco
BulletShares
2027 High Yield
Corporate Bond ETF (BSJR) 		  Invesco
BulletShares
2028 High Yield
Corporate Bond ETF (BSJS) 		  Invesco
BulletShares
2029 High Yield
Corporate Bond ETF (BSJT) 		  Invesco
BulletShares
2030 High Yield
Corporate Bond ETF (BSJU)
2024   2023   2024   2023   2024   2023   2024   2023(a)
                             
$12,180,684   $4,988,098   $10,668,203   $2,616,860   $3,257,156   $916,442   $2,595,531   $495,915
(1,450,636)   (1,421,731)   (995,487)   (865,202)   (180,034)   (274,789)   239,279   (68,303)
7,492,462   1,797,667   6,805,287   639,395   2,947,695   220,017   2,242,925   15,783
18,222,510   5,364,034   16,478,003   2,391,053   6,024,817   861,670   5,077,735   443,395
                             
(12,133,142)   (4,974,891)   (10,557,068)   (2,606,497)   (3,197,017)   (911,111)   (2,599,052)   (496,088)
                             
175,115,846   60,538,932   192,910,049   41,934,639   79,927,263   14,176,869   45,251,740   12,397,172
-   -   -   -   -   (1,979,925)   -   -
175,115,846   60,538,932   192,910,049   41,934,639   79,927,263   12,196,944   45,251,740   12,397,172
181,205,214   60,928,075   198,830,984   41,719,195   82,755,063   12,147,503   47,730,423   12,344,479
                             
106,308,372   45,380,297   65,038,350   23,319,155   20,329,533   8,182,030   12,344,479   -
$287,513,586   $106,308,372   $263,869,334   $65,038,350   $103,084,596   $20,329,533   $60,074,902   $12,344,479
                             
7,900,000   2,800,000   9,000,000   2,000,000   3,800,000   700,000   1,800,000   500,001
-   -   -   -   -   (100,000)   -   -
4,900,001   2,100,001   3,100,001   1,100,001   1,000,001   400,001   500,001   -
12,800,001   4,900,001   12,100,001   3,100,001   4,800,001   1,000,001   2,300,001   500,001
343
Table of Contents
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco
BulletShares
2031 High Yield
Corporate Bond ETF (BSJV) 		  Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW)
  2024(b)   2024(c)
Operations:      
Net investment income
$1,119,418   $72,671
Net realized gain (loss)
131,275   3,278
Change in net unrealized appreciation (depreciation)
721,252   157,717
Net increase in net assets resulting from operations
1,971,945   233,666
Distributions to Shareholders from:      
Distributable earnings
(1,109,468)   (69,434)
Shareholder Transactions:      
Proceeds from shares sold
33,652,288   5,000,025
Value of shares repurchased
(5,197,920)   -
Transaction fees
-   -
Net increase (decrease) in net assets resulting from share transactions
28,454,368   5,000,025
Net increase (decrease) in net assets
29,316,845   5,164,257
Net assets:      
Beginning of year
-   -
End of year
$29,316,845   $5,164,257
Changes in Shares Outstanding:      
Shares sold
1,300,001   200,001
Shares repurchased
(200,000)   -
Shares outstanding, beginning of year
-   -
Shares outstanding, end of year
1,100,001   200,001
    
(b) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(c) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
BulletShares
2024 Municipal
Bond ETF (BSMO) 		  Invesco
BulletShares
2025 Municipal
Bond ETF (BSMP) 		  Invesco
BulletShares
2026 Municipal
Bond ETF (BSMQ) 		  Invesco
BulletShares
2027 Municipal
Bond ETF (BSMR)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$5,036,494   $3,319,883   $5,101,773   $2,764,069   $4,480,025   $2,139,596   $3,411,893   $1,779,822
(39,140)   (35,194)   (23,413)   (296,759)   (69,016)   (251,703)   (13,887)   (13,991)
1,816,730   (191,761)   2,758,848   (526,414)   2,542,836   (569,644)   1,739,724   (469,520)
6,814,084   3,092,928   7,837,208   1,940,896   6,953,845   1,318,249   5,137,730   1,296,311
                             
(5,054,124)   (3,395,614)   (5,091,783)   (2,772,968)   (4,459,435)   (2,174,116)   (3,414,318)   (1,774,812)
                             
27,147,894   101,050,182   58,125,610   91,981,102   98,378,888   72,368,765   75,299,131   65,296,405
(34,782,758)   -   -   -   -   -   -   -
55,446   252,625   108,691   229,953   204,700   180,922   158,724   163,241
(7,579,418)   101,302,807   58,234,301   92,211,055   98,583,588   72,549,687   75,457,855   65,459,646
(5,819,458)   101,000,121   60,979,726   91,378,983   101,077,998   71,693,820   77,181,267   64,981,145
                             
195,085,898   94,085,777   166,909,355   75,530,372   114,134,830   42,441,010   90,899,810   25,918,665
$189,266,440   $195,085,898   $227,889,081   $166,909,355   $215,212,828   $114,134,830   $168,081,077   $90,899,810
                             
1,100,000   4,100,000   2,400,000   3,800,000   4,200,000   3,100,000   3,200,000   2,800,000
(1,400,000)   -   -   -   -   -   -   -
7,900,001   3,800,001   6,900,001   3,100,001   4,900,001   1,800,001   3,900,001   1,100,001
7,600,001   7,900,001   9,300,001   6,900,001   9,100,001   4,900,001   7,100,001   3,900,001
345
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco
BulletShares
2028 Municipal
Bond ETF (BSMS) 		  Invesco
BulletShares
2029 Municipal
Bond ETF (BSMT)
  2024   2023   2024   2023
Operations:              
Net investment income
$2,658,139   $1,347,779   $2,323,656   $1,019,668
Net realized gain (loss)
(183,265)   (251,344)   1,555   (251,014)
Change in net unrealized appreciation (depreciation)
1,769,124   (56,364)   1,326,796   (5,521)
Net increase (decrease) in net assets resulting from operations
4,243,998   1,040,071   3,652,007   763,133
Distributions to Shareholders from:              
Distributable earnings
(2,642,256)   (1,345,331)   (2,312,432)   (1,015,265)
Shareholder Transactions:              
Proceeds from shares sold
51,070,544   48,379,989   73,614,757   29,480,296
Transaction fees
115,987   120,950   160,957   73,701
Net increase in net assets resulting from share transactions
51,186,531   48,500,939   73,775,714   29,553,997
Net increase in net assets
52,788,273   48,195,679   75,115,289   29,301,865
Net assets:              
Beginning of year
69,137,400   20,941,721   47,616,034   18,314,169
End of year
$121,925,673   $69,137,400   $122,731,323   $47,616,034
Changes in Shares Outstanding:              
Shares sold
2,200,000   2,100,000   3,200,000   1,300,000
Shares outstanding, beginning of year
3,000,001   900,001   2,100,001   800,001
Shares outstanding, end of year
5,200,001   3,000,001   5,300,001   2,100,001
    
(a) For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.
(b) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
BulletShares
2030 Municipal
Bond ETF (BSMU) 		  Invesco
BulletShares
2031 Municipal
Bond ETF (BSMV) 		  Invesco
BulletShares
2032 Municipal
Bond ETF (BSMW) 		  Invesco
BulletShares
2033 Municipal
Bond ETF (BSSX)
2024   2023   2024   2023   2024   2023(a)   2024(b)
                         
$2,297,845   $982,107   $1,622,817   $468,815   $1,810,515   $139,743   $843,155
(32,437)   (371,718)   (13,109)   (75,360)   57,823   156   (11,994)
1,650,658   (285,726)   1,690,525   (359,114)   1,431,406   (371,433)   243,170
3,916,066   324,663   3,300,233   34,341   3,299,744   (231,534)   1,074,331
                         
(2,280,346)   (982,991)   (1,617,410)   (473,004)   (1,806,985)   (142,431)   (829,944)
                         
58,881,497   28,348,103   43,435,906   16,906,619   54,746,786   20,171,154   49,250,946
114,367   70,870   87,507   42,267   136,867   37,928   110,627
58,995,864   28,418,973   43,523,413   16,948,886   54,883,653   20,209,082   49,361,573
60,631,584   27,760,645   45,206,236   16,510,223   56,376,412   19,835,117   49,605,960
                         
51,638,893   23,878,248   28,943,303   12,433,080   19,835,117   -   -
$112,270,477   $51,638,893   $74,149,539   $28,943,303   $76,211,529   $19,835,117   $49,605,960
                         
2,700,000   1,300,000   2,100,000   800,000   2,200,000   800,001   1,900,001
2,400,001   1,100,001   1,400,001   600,001   800,001   -   -
5,100,001   2,400,001   3,500,001   1,400,001   3,000,001   800,001   1,900,001
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Financial Highlights
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$20.66   $20.69   $22.16   $22.26   $21.44
Net investment income(a)
0.71   0.57   0.41   0.44   0.58
Net realized and unrealized gain (loss) on investments
0.46   (0.03)(b)   (1.45)   (0.09)   0.83
Total from investment operations
1.17   0.54   (1.04)   0.35   1.41
Distributions to shareholders from:                  
Net investment income
(0.71)   (0.57)   (0.39)   (0.45)   (0.59)
Net realized gains
-   -   (0.04)   -   -
Total distributions
(0.71)   (0.57)   (0.43)   (0.45)   (0.59)
Net asset value at end of year
$21.12   $20.66   $20.69   $22.16   $22.26
Market price at end of year(c)
$21.12   $20.67   $20.67   $22.18   $22.28
Net Asset Value Total Return(d)
5.77%   2.67%   (4.76)%   1.59%   6.72%
Market Price Total Return(d)
5.72%   2.81%   (4.93)%   1.59%   6.51%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$2,844,553   $3,892,632   $3,299,476   $1,632,038   $1,085,251
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
3.37%   2.79%   1.93%   2.00%   2.70%
Portfolio turnover rate(e)
1%   3%   11%   7%   6%
    
(a) Based on average shares outstanding.
(b) Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$20.17   $20.40   $22.30   $22.44   $21.41
Net investment income(a)
0.79   0.64   0.41   0.41   0.60
Net realized and unrealized gain (loss) on investments
0.42   (0.25)   (1.88)   (0.13)   1.05
Total from investment operations
1.21   0.39   (1.47)   0.28   1.65
Distributions to shareholders from:                  
Net investment income
(0.79)   (0.62)   (0.39)   (0.42)   (0.62)
Net realized gains
-   -   (0.04)   -   -
Total distributions
(0.79)   (0.62)   (0.43)   (0.42)   (0.62)
Net asset value at end of year
$20.59   $20.17   $20.40   $22.30   $22.44
Market price at end of year(b)
$20.60   $20.18   $20.37   $22.31   $22.45
Net Asset Value Total Return(c)
6.10%   1.99%   (6.63)%   1.25%   7.86%
Market Price Total Return(c)
6.10%   2.19%   (6.81)%   1.25%   7.75%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$4,074,370   $2,846,919   $1,664,398   $1,056,865   $632,834
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
3.90%   3.20%   1.93%   1.85%   2.77%
Portfolio turnover rate(d)
2%   1%   10%   8%   9%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$18.93   $19.26   $21.56   $21.75   $20.57
Net investment income(a)
0.77   0.65   0.43   0.43   0.57
Net realized and unrealized gain (loss) on investments
0.51   (0.34)   (2.31)   (0.18)   1.20
Total from investment operations
1.28   0.31   (1.88)   0.25   1.77
Distributions to shareholders from:                  
Net investment income
(0.75)   (0.64)   (0.42)   (0.44)   (0.58)
Net realized gains
-   -   (0.00)(b)   -   (0.02)
Total distributions
(0.75)   (0.64)   (0.42)   (0.44)   (0.60)
Transaction fees(a)
-   -   -   -   0.01
Net asset value at end of year
$19.46   $18.93   $19.26   $21.56   $21.75
Market price at end of year(c)
$19.48   $18.94   $19.21   $21.58   $21.78
Net Asset Value Total Return(d)
6.92%   1.64%   (8.79)%   1.16%   8.85%
Market Price Total Return(d)
6.97%   1.95%   (9.11)%   1.11%   8.73%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$3,712,162   $1,982,408   $1,178,455   $578,885   $293,682
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
4.02%   3.42%   2.17%   2.01%   2.76%
Portfolio turnover rate(e)
2%   1%   4%   2%   7%
    
(a) Based on average shares outstanding.
(b) Amount represents less than $0.005.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$18.99   $19.37   $22.01   $22.06   $20.99
Net investment income(a)
0.82   0.68   0.46   0.47   0.60
Net realized and unrealized gain (loss) on investments
0.59   (0.39)   (2.64)   (0.05)   1.08
Total from investment operations
1.41   0.29   (2.18)   0.42   1.68
Distributions to shareholders from:                  
Net investment income
(0.81)   (0.66)   (0.45)   (0.47)   (0.61)
Net realized gains
-   (0.01)   (0.01)   -   (0.01)
Total distributions
(0.81)   (0.67)   (0.46)   (0.47)   (0.62)
Transaction fees(a)
-   -   -   -   0.01
Net asset value at end of year
$19.59   $18.99   $19.37   $22.01   $22.06
Market price at end of year(b)
$19.61   $19.00   $19.29   $22.04   $22.07
Net Asset Value Total Return(c)
7.61%   1.53%   (9.99)%   1.94%   8.25%
Market Price Total Return(c)
7.65%   2.01%   (10.48)%   2.04%   7.98%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$2,148,253   $1,062,506   $479,527   $353,298   $231,616
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
4.30%   3.60%   2.26%   2.15%   2.83%
Portfolio turnover rate(d)
0%   1%   4%   2%   7%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
351
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Financial Highlights—(continued)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$19.68   $20.03   $23.17   $23.25   $22.11
Net investment income(a)
0.91   0.76   0.47   0.52   0.64
Net realized and unrealized gain (loss) on investments
0.70   (0.38)   (3.13)   (0.09)(b)   1.12
Total from investment operations
1.61   0.38   (2.66)   0.43   1.76
Distributions to shareholders from:                  
Net investment income
(0.89)   (0.73)   (0.47)   (0.51)   (0.65)
Net realized gains
-   -   (0.01)   -   (0.00)(c)
Total distributions
(0.89)   (0.73)   (0.48)   (0.51)   (0.65)
Transaction fees(a)
-   -   -   -   0.03
Net asset value at end of year
$20.40   $19.68   $20.03   $23.17   $23.25
Market price at end of year(d)
$20.43   $19.69   $19.96   $23.18   $23.25
Net Asset Value Total Return(e)
8.37%   1.97%   (11.62)%   1.90%   8.33%
Market Price Total Return(e)
8.47%   2.38%   (11.96)%   1.95%   8.03%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,891,346   $720,429   $273,454   $225,925   $129,018
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
4.57%   3.86%   2.20%   2.24%   2.89%
Portfolio turnover rate(f)
0%(g)   1%   7%   2%   3%
    
(a) Based on average shares outstanding.
(b) Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c) Amount represents less than $0.005.
(d) The mean between the last bid and ask prices.
(e) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
(g) Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
352
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Financial Highlights—(continued)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
  Years Ended August 31,   For the Period
September 10, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$17.89   $18.22   $21.37   $21.51   $20.00
Net investment income(b)
0.83   0.69   0.43   0.42   0.51
Net realized and unrealized gain (loss) on investments
0.73   (0.38)   (3.15)   (0.14)   1.47
Total from investment operations
1.56   0.31   (2.72)   0.28   1.98
Distributions to shareholders from:                  
Net investment income
(0.80)   (0.64)   (0.43)   (0.42)   (0.51)
Net realized gains
-   -   (0.00)(c)   -   -
Total distributions
(0.80)   (0.64)   (0.43)   (0.42)   (0.51)
Transaction fees(b)
-   -   -   -   0.04
Net asset value at end of period
$18.65   $17.89   $18.22   $21.37   $21.51
Market price at end of period(d)
$18.68   $17.90   $18.14   $21.39   $21.51
Net Asset Value Total Return(e)
8.98%   1.79%   (12.84)%   1.31%   10.29%(f)
Market Price Total Return(e)
9.10%   2.29%   (13.30)%   1.41%   10.28%(f)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$1,175,121   $394,520   $128,462   $112,209   $25,815
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%(g)
Net investment income
4.59%   3.85%   2.19%   1.98%   2.55%(g)
Portfolio turnover rate(h)
0%(i)   1%   6%   0%(i)   1%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) Amount represents less than $0.005.
(d) The mean between the last bid and ask prices.
(e) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(f) The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.
(g) Annualized.
(h) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
(i) Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
353
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
  Years Ended August 31,   For the Period
September 14, 2020(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$16.04   $16.48   $19.77   $20.00
Net investment income(b)
0.78   0.65   0.45   0.36
Net realized and unrealized gain (loss) on investments
0.70   (0.45)   (3.32)   (0.27)
Total from investment operations
1.48   0.20   (2.87)   0.09
Distributions to shareholders from:              
Net investment income
(0.75)   (0.64)   (0.42)   (0.32)
Net asset value at end of period
$16.77   $16.04   $16.48   $19.77
Market price at end of period(c)
$16.79   $16.03   $16.38   $19.79
Net Asset Value Total Return(d)
9.51%   1.27%   (14.67)%   0.45%(e)
Market Price Total Return(d)
9.71%   1.82%   (15.27)%   0.55%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$915,621   $257,396   $101,365   $26,691
Ratio to average net assets of:              
Expenses
0.10%   0.10%   0.10%   0.10%(f)
Net investment income
4.79%   4.06%   2.60%   1.89%(f)
Portfolio turnover rate(g)
0%(h)   0%   3%   3%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
(h) Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
354
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
  Years Ended August 31,   For the Period
September 13, 2021(a)
Through
August 31,
2022
  2024   2023  
Per Share Operating Performance:          
Net asset value at beginning of period
$15.77   $16.36   $20.00
Net investment income(b)
0.80   0.73   0.47
Net realized and unrealized gain (loss) on investments
0.67   (0.62)   (3.68)
Total from investment operations
1.47   0.11   (3.21)
Distributions to shareholders from:          
Net investment income
(0.78)   (0.70)   (0.43)
Net asset value at end of period
$16.46   $15.77   $16.36
Market price at end of period(c)
$16.48   $15.77   $16.30
Net Asset Value Total Return(d)
9.60%   0.73%   (16.17)%(e)
Market Price Total Return(d)
9.73%   1.10%   (16.48)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$582,548   $193,984   $39,269
Ratio to average net assets of:          
Expenses
0.10%   0.10%   0.10%(f)
Net investment income
5.00%   4.63%   2.81%(f)
Portfolio turnover rate(g)
0%   0%   1%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
355
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
  Years Ended August 31,
2024 		  For the Period
September 6, 2022(a)
Through
August 31,
2023
Per Share Operating Performance:      
Net asset value at beginning of period
$19.86   $20.00
Net investment income(b)
1.04   0.99
Net realized and unrealized gain (loss) on investments
0.80   (0.25)
Total from investment operations
1.84   0.74
Distributions to shareholders from:      
Net investment income
(1.02)   (0.88)
Net asset value at end of period
$20.68   $19.86
Market price at end of period(c)
$20.71   $19.86
Net Asset Value Total Return(d)
9.58%   3.74%(e)
Market Price Total Return(d)
9.73%   3.75%(e)
Ratios/Supplemental Data:      
Net assets at end of period (000’s omitted)
$564,498   $143,018
Ratio to average net assets of:      
Expenses
0.10%   0.10%(f)
Net investment income
5.19%   5.08%(f)
Portfolio turnover rate(g)
0%   7%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
356
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
  For the Period
September 18, 2023(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$20.00
Net investment income(b)
1.00
Net realized and unrealized gain on investments
1.18
Total from investment operations
2.18
Distributions to shareholders from:  
Net investment income
(0.91)
Net asset value at end of period
$21.27
Market price at end of period(c)
$21.31
Net Asset Value Total Return(d)
11.15%(e)
Market Price Total Return(d)
11.36%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$341,461
Ratio to average net assets of:  
Expenses
0.10%(f)
Net investment income
5.09%(f)
Portfolio turnover rate(g)
0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 11.44%. The market price total return from Fund Inception to August 31, 2024 was 11.53%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
357
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)
  For the Period
June 10, 2024(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$20.00
Net investment income(b)
0.24
Net realized and unrealized gain on investments
0.76
Total from investment operations
1.00
Distributions to shareholders from:  
Net investment income
(0.23)
Net asset value at end of period
$20.77
Market price at end of period(c)
$20.83
Net Asset Value Total Return(d)
4.99%(e)
Market Price Total Return(d)
5.29%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$15,578
Ratio to average net assets of:  
Expenses
0.10%(f)
Net investment income
5.26%(f)
Portfolio turnover rate(g)
0%(h)
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 3.95%. The market price total return from Fund Inception to August 31, 2024 was 4.15%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
(h) Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
358
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$22.51   $22.20   $25.09   $24.34   $25.20
Net investment income(a)
1.34   1.34   1.00   1.06   1.17
Net realized and unrealized gain (loss) on investments
0.23   0.31   (2.91)   0.75   (0.87)
Total from investment operations
1.57   1.65   (1.91)   1.81   0.30
Distributions to shareholders from:                  
Net investment income
(1.34)   (1.34)   (0.98)   (1.06)   (1.18)
Transaction fees(a)
-   -   -   -   0.02
Net asset value at end of year
$22.74   $22.51   $22.20   $25.09   $24.34
Market price at end of year(b)
$22.72   $22.54   $22.14   $25.10   $24.34
Net Asset Value Total Return(c)
7.17%   7.70%   (7.76)%   7.60%   1.45%
Market Price Total Return(c)
6.93%   8.13%   (8.04)%   7.64%   1.38%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$543,412   $652,921   $481,782   $363,855   $175,241
Ratio to average net assets of:                  
Expenses
0.42%   0.42%   0.42%   0.42%   0.42%
Net investment income
5.91%   6.01%   4.24%   4.26%   4.84%
Portfolio turnover rate(d)
59%   78%   58%   52%   34%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$22.63   $22.37   $24.61   $23.77   $24.48
Net investment income(a)
1.55   1.49   1.10   1.10   1.27
Net realized and unrealized gain (loss) on investments
0.47   0.19   (2.26)   0.85   (0.71)
Total from investment operations
2.02   1.68   (1.16)   1.95   0.56
Distributions to shareholders from:                  
Net investment income
(1.60)   (1.42)   (1.08)   (1.11)   (1.29)
Transaction fees(a)
-   -   -   -   0.02
Net asset value at end of year
$23.05   $22.63   $22.37   $24.61   $23.77
Market price at end of year(b)
$23.06   $22.67   $22.28   $24.63   $23.74
Net Asset Value Total Return(c)
9.28%   7.79%   (4.84)%   8.37%   2.58%
Market Price Total Return(c)
9.12%   8.41%   (5.29)%   8.60%   2.26%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,025,646   $1,136,056   $400,386   $292,895   $130,753
Ratio to average net assets of:                  
Expenses
0.42%   0.42%   0.42%   0.42%   0.42%
Net investment income
6.82%   6.69%   4.66%   4.52%   5.42%
Portfolio turnover rate(d)
83%   33%   42%   57%   26%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
359
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$22.87   $22.72   $25.73   $24.93   $25.70
Net investment income(a)
1.58   1.46   1.18   1.12   1.24
Net realized and unrealized gain (loss) on investments
0.43   0.13   (3.02)   0.80   (0.74)
Total from investment operations
2.01   1.59   (1.84)   1.92   0.50
Distributions to shareholders from:                  
Net investment income
(1.56)   (1.44)   (1.17)   (1.12)   (1.28)
Net realized gains
-   -   -   -   (0.02)
Total distributions
(1.56)   (1.44)   (1.17)   (1.12)   (1.30)
Transaction fees(a)
-   -   -   -   0.03
Net asset value at end of year
$23.32   $22.87   $22.72   $25.73   $24.93
Market price at end of year(b)
$23.32   $22.90   $22.59   $25.74   $24.88
Net Asset Value Total Return(c)
9.13%   7.29%   (7.33)%   7.86%   2.31%
Market Price Total Return(c)
8.97%   8.04%   (7.89)%   8.12%   1.91%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$641,326   $304,199   $190,829   $115,768   $74,780
Ratio to average net assets of:                  
Expenses
0.42%   0.42%   0.42%   0.42%   0.42%
Net investment income
6.87%   6.45%   4.88%   4.41%   5.07%
Portfolio turnover rate(d)
50%   14%   32%   37%   35%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
  Years Ended August 31,   For the Period
September 10, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$21.70   $21.61   $25.59   $24.91   $25.00
Net investment income(b)
1.54   1.40   1.08   1.08   1.15
Net realized and unrealized gain (loss) on investments
0.73   0.04   (3.85)   0.70   (0.27)
Total from investment operations
2.27   1.44   (2.77)   1.78   0.88
Distributions to shareholders from:                  
Net investment income
(1.51)   (1.35)   (1.10)   (1.10)   (1.06)
Net realized gains
-   -   (0.11)   -   -
Total distributions
(1.51)   (1.35)   (1.21)   (1.10)   (1.06)
Transaction fees(b)
-   -   -   -   0.09
Net asset value at end of period
$22.46   $21.70   $21.61   $25.59   $24.91
Market price at end of period(c)
$22.48   $21.74   $21.48   $25.61   $24.84
Net Asset Value Total Return(d)
10.84%   6.95%   (11.14)%   7.29%   4.12%(e)
Market Price Total Return(d)
10.72%   7.78%   (11.75)%   7.68%   3.84%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$287,514   $106,308   $45,380   $43,509   $19,925
Ratio to average net assets of:                  
Expenses, after Waivers
0.42%   0.42%   0.42%   0.42%   0.41%(f)
Expenses, prior to Waivers
0.42%   0.42%   0.42%   0.42%   0.42%(f)
Net investment income
7.00%   6.52%   4.52%   4.25%   4.90%(f)
Portfolio turnover rate(g)
16%   10%   25%   33%   56%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
361
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Financial Highlights—(continued)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
  Years Ended August 31,   For the Period
September 14, 2020(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$20.98   $21.20   $25.58   $25.00
Net investment income(b)
1.55   1.42   1.16   1.03
Net realized and unrealized gain (loss) on investments
0.80   (0.27)   (4.30)   0.51
Total from investment operations
2.35   1.15   (3.14)   1.54
Distributions to shareholders from:              
Net investment income
(1.52)   (1.37)   (1.14)   (0.96)
Net realized gains
-   -   (0.10)   -
Total distributions
(1.52)   (1.37)   (1.24)   (0.96)
Net asset value at end of period
$21.81   $20.98   $21.20   $25.58
Market price at end of period(c)
$21.90   $21.02   $21.13   $25.61
Net Asset Value Total Return(d)
11.63%   5.70%   (12.60)%   6.25%(e)
Market Price Total Return(d)
11.85%   6.23%   (12.99)%   6.37%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$263,869   $65,038   $23,319   $15,347
Ratio to average net assets of:              
Expenses
0.42%   0.42%   0.42%   0.43%(f)
Net investment income
7.27%   6.80%   4.99%   4.21%(f)
Portfolio turnover rate(g)
15%   5%   17%   33%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
362
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Financial Highlights—(continued)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
  Years Ended August 31,
2024 		  Year Ended August 31,
2023 		  For the Period
September 13, 2021(a)
Through
August 31,
2022
Per Share Operating Performance:          
Net asset value at beginning of period
$20.33   $20.46   $25.00
Net investment income(b)
1.47   1.30   1.07
Net realized and unrealized gain (loss) on investments
1.07   (0.16)   (4.59)
Total from investment operations
2.54   1.14   (3.52)
Distributions to shareholders from:          
Net investment income
(1.39)   (1.27)   (1.02)
Net asset value at end of period
$21.48   $20.33   $20.46
Market price at end of period(c)
$21.61   $20.38   $20.41
Net Asset Value Total Return(d)
12.99%   5.82%   (14.35)%(e)
Market Price Total Return(d)
13.36%   6.32%   (14.56)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$103,085   $20,330   $8,182
Ratio to average net assets of:          
Expenses
0.42%   0.42%   0.42%(f)
Net investment income
7.04%   6.45%   5.01%(f)
Portfolio turnover rate(g)
10%   6%   10%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
363
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
  Years Ended August 31,
2024 		  For the Period
September 6, 2022(a)
Through
August 31,
2023
Per Share Operating Performance:      
Net asset value at beginning of period
$24.69   $25.00
Net investment income(b)
1.82   1.75
Net realized and unrealized gain (loss) on investments
1.38   (0.35)
Total from investment operations
3.20   1.40
Distributions to shareholders from:      
Net investment income
(1.77)   (1.71)
Net asset value at end of period
$26.12   $24.69
Market price at end of period(c)
$26.15   $24.73
Net Asset Value Total Return(d)
13.52%   5.91%(e)
Market Price Total Return(d)
13.46%   6.06%(e)
Ratios/Supplemental Data:      
Net assets at end of period (000’s omitted)
$60,075   $12,344
Ratio to average net assets of:      
Expenses
0.42%   0.42%(f)
Net investment income
7.20%   7.25%(f)
Portfolio turnover rate(g)
21%   11%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
  For the Period
September 18, 2023(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
1.66
Net realized and unrealized gain on investments
1.56
Total from investment operations
3.22
Distributions to shareholders from:  
Net investment income
(1.57)
Net asset value at end of period
$26.65
Market price at end of period(c)
$26.76
Net Asset Value Total Return(d)
13.31%(e)
Market Price Total Return(d)
13.75%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$29,317
Ratio to average net assets of:  
Expenses
0.42%(f)
Net investment income
6.74%(f)
Portfolio turnover rate(g)
24%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 13.53%. The market price total return from Fund Inception to August 31, 2024 was 13.85%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)
  For the Period
June 10, 2024(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
0.37
Net realized and unrealized gain on investments
0.80
Total from investment operations
1.17
Distributions to shareholders from:  
Net investment income
(0.35)
Net asset value at end of period
$25.82
Market price at end of period(c)
$25.85
Net Asset Value Total Return(d)
4.69%(e)
Market Price Total Return(d)
4.80%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$5,164
Ratio to average net assets of:  
Expenses
0.42%(f)
Net investment income
6.45%(f)
Portfolio turnover rate(g)
6%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 4.02%. The market price total return from Fund Inception to August 31, 2024 was 4.06%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
366
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$24.69   $24.76   $25.79   $25.52   $25.00
Net investment income(b)
0.61   0.51   0.22   0.17   0.30
Net realized and unrealized gain (loss) on investments
0.20   (0.12)   (1.17)   0.22   0.52
Total from investment operations
0.81   0.39   (0.95)   0.39   0.82
Distributions to shareholders from:                  
Net investment income
(0.61)   (0.50)   (0.15)   (0.18)   (0.30)
Transaction fees(b)
0.01   0.04   0.07   0.06   -
Net asset value at end of period
$24.90   $24.69   $24.76   $25.79   $25.52
Market price at end of period(c)
$24.84   $24.72   $24.83   $25.87   $25.62
Net Asset Value Total Return(d)
3.36%   1.76%   (3.40)%   1.77%   3.30%(e)
Market Price Total Return(d)
2.99%   1.58%   (3.43)%   1.69%   3.71%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$189,266   $195,086   $94,086   $36,106   $12,762
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.45%   2.06%   0.90%   0.67%   1.26%(f)
Portfolio turnover rate(g)
52%   3%   1%   0%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$24.19   $24.36   $26.02   $25.71   $25.00
Net investment income(b)
0.60   0.51   0.24   0.22   0.33
Net realized and unrealized gain (loss) on investments
0.30   (0.23)   (1.73)   0.25   0.71
Total from investment operations
0.90   0.28   (1.49)   0.47   1.04
Distributions to shareholders from:                  
Net investment income
(0.60)   (0.49)   (0.22)   (0.23)   (0.33)
Transaction fees(b)
0.01   0.04   0.05   0.07   -
Net asset value at end of period
$24.50   $24.19   $24.36   $26.02   $25.71
Market price at end of period(c)
$24.53   $24.26   $24.40   $26.08   $25.78
Net Asset Value Total Return(d)
3.80%   1.34%   (5.56)%   2.12%   4.19%(e)
Market Price Total Return(d)
3.63%   1.45%   (5.62)%   2.08%   4.48%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$227,889   $166,909   $75,530   $39,032   $10,282
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.49%   2.10%   0.97%   0.84%   1.39%(f)
Portfolio turnover rate(g)
3%   5%   2%   0%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
368
Table of Contents
Financial Highlights—(continued)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$23.29   $23.58   $25.99   $25.48   $25.00
Net investment income(b)
0.64   0.57   0.33   0.31   0.40
Net realized and unrealized gain (loss) on investments
0.32   (0.35)   (2.48)   0.49   0.48
Total from investment operations
0.96   0.22   (2.15)   0.80   0.88
Distributions to shareholders from:                  
Net investment income
(0.63)   (0.56)   (0.30)   (0.32)   (0.40)
Transaction fees(b)
0.03   0.05   0.04   0.03   -
Net asset value at end of period
$23.65   $23.29   $23.58   $25.99   $25.48
Market price at end of period(c)
$23.68   $23.36   $23.61   $26.07   $25.54
Net Asset Value Total Return(d)
4.30%   1.16%   (8.16)%   3.27%   3.58%(e)
Market Price Total Return(d)
4.11%   1.33%   (8.32)%   3.34%   3.83%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$215,213   $114,135   $42,441   $23,391   $12,740
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.73%   2.42%   1.36%   1.22%   1.70%(f)
Portfolio turnover rate(g)
5%   7%   11%   0%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$23.31   $23.56   $25.91   $25.34   $25.00
Net investment income(b)
0.66   0.61   0.30   0.26   0.37
Net realized and unrealized gain (loss) on investments
0.32   (0.35)   (2.40)   0.57   0.26
Total from investment operations
0.98   0.26   (2.10)   0.83   0.63
Distributions to shareholders from:                  
Net investment income
(0.65)   (0.57)   (0.28)   (0.27)   (0.36)
Return of capital
-   -   -   -   (0.04)
Total distributions
(0.65)   (0.57)   (0.28)   (0.27)   (0.40)
Transaction fees(b)
0.03   0.06   0.03   0.01   0.11
Net asset value at end of period
$23.67   $23.31   $23.56   $25.91   $25.34
Market price at end of period(c)
$23.68   $23.36   $23.58   $25.95   $25.42
Net Asset Value Total Return(d)
4.40%   1.37%   (8.03)%   3.32%   3.02%(e)
Market Price Total Return(d)
4.22%   1.50%   (8.09)%   3.15%   3.34%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$168,081   $90,900   $25,919   $18,140   $15,204
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.82%   2.59%   1.23%   1.03%   1.58%(f)
Portfolio turnover rate(g)
1%   2%   9%   0%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$23.05   $23.27   $26.31   $25.70   $25.00
Net investment income(b)
0.66   0.58   0.34   0.38   0.43
Net realized and unrealized gain (loss) on investments
0.35   (0.31)   (3.03)   0.55   0.69
Total from investment operations
1.01   0.27   (2.69)   0.93   1.12
Distributions to shareholders from:                  
Net investment income
(0.64)   (0.54)   (0.33)   (0.40)   (0.42)
Net realized gains
-   -   (0.03)   -   -
Total distributions
(0.64)   (0.54)   (0.36)   (0.40)   (0.42)
Transaction fees(b)
0.03   0.05   0.01   0.08   -
Net asset value at end of period
$23.45   $23.05   $23.27   $26.31   $25.70
Market price at end of period(c)
$23.40   $23.12   $23.27   $26.36   $25.76
Net Asset Value Total Return(d)
4.59%   1.40%   (10.23)%   3.95%   4.56%(e)
Market Price Total Return(d)
4.05%   1.70%   (10.41)%   3.91%   4.80%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$121,926   $69,137   $20,942   $18,419   $5,141
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.83%   2.50%   1.36%   1.45%   1.80%(f)
Portfolio turnover rate(g)
5%   4%   6%   4%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
  Years Ended August 31,   For the Period
September 23, 2019(a)
Through
August 31,
2020
  2024   2023   2022   2021  
Per Share Operating Performance:                  
Net asset value at beginning of period
$22.67   $22.89   $26.18   $25.67   $25.00
Net investment income(b)
0.65   0.58   0.36   0.36   0.44
Net realized and unrealized gain (loss) on investments
0.43   (0.29)   (3.31)   0.47   0.67
Total from investment operations
1.08   0.29   (2.95)   0.83   1.11
Distributions to shareholders from:                  
Net investment income
(0.63)   (0.55)   (0.36)   (0.39)   (0.44)
Transaction fees(b)
0.04   0.04   0.02   0.07   -
Net asset value at end of period
$23.16   $22.67   $22.89   $26.18   $25.67
Market price at end of period(c)
$23.16   $22.70   $22.91   $26.24   $25.70
Net Asset Value Total Return(d)
5.02%   1.44%   (11.28)%   3.52%   4.52%(e)
Market Price Total Return(d)
4.87%   1.48%   (11.41)%   3.63%   4.64%(e)
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$122,731   $47,616   $18,314   $15,711   $5,133
Ratio to average net assets of:                  
Expenses
0.18%   0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.83%   2.53%   1.48%   1.40%   1.88%(f)
Portfolio turnover rate(g)
0%(h)   6%   13%   0%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
(h) Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
  Years Ended August 31,   For the Period
September 14, 2020(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$21.52   $21.71   $25.61   $25.00
Net investment income(b)
0.63   0.58   0.44   0.37
Net realized and unrealized gain (loss) on investments
0.46   (0.24)   (4.01)   0.59
Total from investment operations
1.09   0.34   (3.57)   0.96
Distributions to shareholders from:              
Net investment income
(0.63)   (0.57)   (0.41)   (0.35)
Transaction fees(b)
0.03   0.04   0.08   -
Net asset value at end of period
$22.01   $21.52   $21.71   $25.61
Market price at end of period(c)
$21.98   $21.56   $21.72   $25.69
Net Asset Value Total Return(d)
5.26%   1.77%   (13.72)%   3.87%(e)
Market Price Total Return(d)
4.91%   1.91%   (13.95)%   4.19%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$112,270   $51,639   $23,878   $7,684
Ratio to average net assets of:              
Expenses
0.18%   0.18%   0.18%   0.18%(f)
Net investment income
2.92%   2.68%   1.89%   1.52%(f)
Portfolio turnover rate(g)
3%   11%   28%   0%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
  Years Ended August 31,
2024 		  Year Ended August 31,
2023 		  For the Period
September 13, 2021(a)
Through
August 31,
2022
Per Share Operating Performance:          
Net asset value at beginning of period
$20.67   $20.72   $25.00
Net investment income(b)
0.64   0.54   0.41
Net realized and unrealized gain (loss) on investments
0.48   (0.10)   (4.37)
Total from investment operations
1.12   0.44   (3.96)
Distributions to shareholders from:          
Net investment income
(0.63)   (0.54)   (0.38)
Transaction fees(b)
0.03   0.05   0.06
Net asset value at end of period
$21.19   $20.67   $20.72
Market price at end of period(c)
$21.15   $20.71   $20.70
Net Asset Value Total Return(d)
5.64%   2.38%   (15.72)%(e)
Market Price Total Return(d)
5.23%   2.67%   (15.80)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$74,150   $28,943   $12,433
Ratio to average net assets of:          
Expenses
0.18%   0.18%   0.18%(f)
Net investment income
3.08%   2.61%   1.93%(f)
Portfolio turnover rate(g)
5%   6%   52%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
  Years Ended August 31,
2024 		  For the Period
February 27, 2023(a)
Through
August 31,
2023
Per Share Operating Performance:      
Net asset value at beginning of period
$24.79   $25.00
Net investment income(b)
0.86   0.41
Net realized and unrealized gain (loss) on investments
0.52   (0.36)
Total from investment operations
1.38   0.05
Distributions to shareholders from:      
Net investment income
(0.83)   (0.37)
Transaction fees(b)
0.06   0.11
Net asset value at end of period
$25.40   $24.79
Market price at end of period(c)
$25.42   $24.82
Net Asset Value Total Return(d)
5.90%   0.62%(e)
Market Price Total Return(d)
5.84%   0.74%(e)
Ratios/Supplemental Data:      
Net assets at end of period (000’s omitted)
$76,212   $19,835
Ratio to average net assets of:      
Expenses
0.18%   0.18%(f)
Net investment income
3.41%   3.26%(f)
Portfolio turnover rate(g)
5%   3%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
  For the Period
September 18, 2023(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
0.85
Net realized and unrealized gain on investments
0.96
Total from investment operations
1.81
Distributions to shareholders from:  
Net investment income
(0.81)
Transaction fees(b)
0.11
Net asset value at end of period
$26.11
Market price at end of period(c)
$26.20
Net Asset Value Total Return(d)
7.80%(e)
Market Price Total Return(d)
8.16%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$49,606
Ratio to average net assets of:  
Expenses
0.18%(f)
Net investment income
3.45%(f)
Portfolio turnover rate(g)
4%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 7.84%. The market price total return from Fund Inception to August 31, 2024 was 8.08%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)   "BulletShares 2024 Corporate Bond ETF"
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)   "BulletShares 2025 Corporate Bond ETF"
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)   "BulletShares 2026 Corporate Bond ETF"
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)   "BulletShares 2027 Corporate Bond ETF"
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)   "BulletShares 2028 Corporate Bond ETF"
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)   "BulletShares 2029 Corporate Bond ETF"
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)   "BulletShares 2030 Corporate Bond ETF"
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)   "BulletShares 2031 Corporate Bond ETF"
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)   "BulletShares 2032 Corporate Bond ETF"
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)   "BulletShares 2033 Corporate Bond ETF"
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)   "BulletShares 2034 Corporate Bond ETF"
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)   "BulletShares 2024 High Yield Corporate Bond ETF"
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)   "BulletShares 2025 High Yield Corporate Bond ETF"
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)   "BulletShares 2026 High Yield Corporate Bond ETF"
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)   "BulletShares 2027 High Yield Corporate Bond ETF"
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)   "BulletShares 2028 High Yield Corporate Bond ETF"
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)   "BulletShares 2029 High Yield Corporate Bond ETF"
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)   "BulletShares 2030 High Yield Corporate Bond ETF"
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)   "BulletShares 2031 High Yield Corporate Bond ETF"
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)   "BulletShares 2032 High Yield Corporate Bond ETF"
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)   "BulletShares 2024 Municipal Bond ETF"
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)   "BulletShares 2025 Municipal Bond ETF"
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)   "BulletShares 2026 Municipal Bond ETF"
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)   "BulletShares 2027 Municipal Bond ETF"
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)   "BulletShares 2028 Municipal Bond ETF"
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)   "BulletShares 2029 Municipal Bond ETF"
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)   "BulletShares 2030 Municipal Bond ETF"
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)   "BulletShares 2031 Municipal Bond ETF"
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)   "BulletShares 2032 Municipal Bond ETF"
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)   "BulletShares 2033 Municipal Bond ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
BulletShares 2024 Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF and BulletShares 2024 Municipal Bond ETF will terminate on or about December 15, 2024. In connection with the termination of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities. The Funds do not seek to distribute any predetermined amount of cash at maturity.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF, BulletShares 2032 Municipal Bond ETF and BulletShares 2033 Municipal Bond ETF (collectively, the "BulletShares Municipal Bond ETFs")) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of
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cash. Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
BulletShares 2024 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2024 Index
BulletShares 2025 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2025 Index
BulletShares 2026 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2026 Index
BulletShares 2027 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2027 Index
BulletShares 2028 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2028 Index
BulletShares 2029 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2029 Index
BulletShares 2030 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2030 Index
BulletShares 2031 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2031 Index
BulletShares 2032 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2032 Index
BulletShares 2033 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2033 Index
BulletShares 2034 Corporate Bond ETF   Nasdaq BulletShares® USD Corporate Bond 2034 Index
BulletShares 2024 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index
BulletShares 2025 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index
BulletShares 2026 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index
BulletShares 2027 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index
BulletShares 2028 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index
BulletShares 2029 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index
BulletShares 2030 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2030 Index
BulletShares 2031 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2031 Index
BulletShares 2032 High Yield Corporate Bond ETF   Nasdaq BulletShares® USD High Yield Corporate Bond 2032 Index
BulletShares 2024 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2024 Index
BulletShares 2025 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2025 Index
BulletShares 2026 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2026 Index
BulletShares 2027 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2027 Index
BulletShares 2028 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2028 Index
BulletShares 2029 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2029 Index
BulletShares 2030 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2030 Index
BulletShares 2031 Municipal Bond ETF   Invesco BulletShares® Municipal Bond 2031 Index
BulletShares 2032 Municipal Bond ETF   Nasdaq BulletShares® Municipal Bond 2032 Index
BulletShares 2033 Municipal Bond ETF   Nasdaq BulletShares® Municipal Bond 2033 Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
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Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market
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liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund (except for the BulletShares Municipal Bond ETFs) may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may
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act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, there were no affiliated securities lending transactions with Invesco.
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. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Funds’ investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each BulletShares Municipal Bond ETF compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would
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not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Municipal Securities Risk.  The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
Non-Diversified Fund Risk. If a Fund is non-diversified and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery. 
Rule 144A Securities Risk. Certain Funds may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933. Rule 144A securities are restricted securities that are not publicly traded. As such Rule 144A securities may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on
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established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to a Fund.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
BulletShares 2024 Corporate Bond ETF 0.10%
BulletShares 2025 Corporate Bond ETF 0.10%
BulletShares 2026 Corporate Bond ETF 0.10%
BulletShares 2027 Corporate Bond ETF 0.10%
BulletShares 2028 Corporate Bond ETF 0.10%
BulletShares 2029 Corporate Bond ETF 0.10%
BulletShares 2030 Corporate Bond ETF 0.10%
BulletShares 2031 Corporate Bond ETF 0.10%
BulletShares 2032 Corporate Bond ETF 0.10%
BulletShares 2033 Corporate Bond ETF 0.10%
BulletShares 2034 Corporate Bond ETF 0.10%
BulletShares 2024 High Yield Corporate Bond ETF 0.42%
BulletShares 2025 High Yield Corporate Bond ETF 0.42%
BulletShares 2026 High Yield Corporate Bond ETF 0.42%
BulletShares 2027 High Yield Corporate Bond ETF 0.42%
BulletShares 2028 High Yield Corporate Bond ETF 0.42%
BulletShares 2029 High Yield Corporate Bond ETF 0.42%
BulletShares 2030 High Yield Corporate Bond ETF 0.42%
BulletShares 2031 High Yield Corporate Bond ETF 0.42%
BulletShares 2032 High Yield Corporate Bond ETF 0.42%
BulletShares 2024 Municipal Bond ETF 0.18%
BulletShares 2025 Municipal Bond ETF 0.18%
BulletShares 2026 Municipal Bond ETF 0.18%
BulletShares 2027 Municipal Bond ETF 0.18%
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  Unitary Management Fees
(as a % of average daily net assets)
BulletShares 2028 Municipal Bond ETF 0.18%
BulletShares 2029 Municipal Bond ETF 0.18%
BulletShares 2030 Municipal Bond ETF 0.18%
BulletShares 2031 Municipal Bond ETF 0.18%
BulletShares 2032 Municipal Bond ETF 0.18%
BulletShares 2033 Municipal Bond ETF 0.18%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
BulletShares 2024 Corporate Bond ETF $103,424
BulletShares 2025 Corporate Bond ETF 12,939
BulletShares 2026 Corporate Bond ETF 7,497
BulletShares 2027 Corporate Bond ETF 3,028
BulletShares 2028 Corporate Bond ETF 2,853
BulletShares 2029 Corporate Bond ETF 1,361
BulletShares 2030 Corporate Bond ETF 971
BulletShares 2031 Corporate Bond ETF 599
BulletShares 2032 Corporate Bond ETF 768
BulletShares 2033 Corporate Bond ETF(a) 411
BulletShares 2034 Corporate Bond ETF(b) 10
BulletShares 2024 High Yield Corporate Bond ETF 31,322
BulletShares 2025 High Yield Corporate Bond ETF 38,622
BulletShares 2026 High Yield Corporate Bond ETF 7,899
BulletShares 2027 High Yield Corporate Bond ETF 1,348
BulletShares 2028 High Yield Corporate Bond ETF 1,608
BulletShares 2029 High Yield Corporate Bond ETF 316
BulletShares 2030 High Yield Corporate Bond ETF 239
BulletShares 2031 High Yield Corporate Bond ETF(a) 99
BulletShares 2032 High Yield Corporate Bond ETF(b) 8
BulletShares 2024 Municipal Bond ETF -
BulletShares 2025 Municipal Bond ETF -
BulletShares 2026 Municipal Bond ETF -
BulletShares 2027 Municipal Bond ETF -
BulletShares 2028 Municipal Bond ETF -
BulletShares 2029 Municipal Bond ETF -
BulletShares 2030 Municipal Bond ETF -
BulletShares 2031 Municipal Bond ETF -
BulletShares 2032 Municipal Bond ETF -
BulletShares 2033 Municipal Bond ETF(a) -
    
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).
“BulletShares®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the
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Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
  Securities Purchases   Securities Sales   Net Realized Gains (Losses)*
BulletShares 2024 Corporate Bond ETF $10,076,610   $3,751,795   $(3,766)
BulletShares 2025 Corporate Bond ETF 3,320,741   -   -
BulletShares 2026 Corporate Bond ETF 3,751,795   13,407,285   (540,369)
BulletShares 2027 Corporate Bond ETF -   3,320,741   9,536
BulletShares 2024 High Yield Corporate Bond ETF 10,401,132   55,855,742   2,103
BulletShares 2025 High Yield Corporate Bond ETF 77,817,823   4,612,248   10,033
BulletShares 2026 High Yield Corporate Bond ETF 8,346,955   22,069,002   269,499
BulletShares 2027 High Yield Corporate Bond ETF 215,325   3,608,598   48,308
BulletShares 2028 High Yield Corporate Bond ETF 1,045,788   4,203,159   126,108
BulletShares 2029 High Yield Corporate Bond ETF 276,920   668,594   13,283
BulletShares 2030 High Yield Corporate Bond ETF 1,431,069   4,310,063   200,710
BulletShares 2031 High Yield Corporate Bond ETF(a) 113,971   990,902   16,241
BulletShares 2024 Municipal Bond ETF 1,962,371   1,545,290   (17,395)
BulletShares 2025 Municipal Bond ETF 430,481   2,298,127   (24,851)
BulletShares 2026 Municipal Bond ETF 841,438   747,864   (16,064)
BulletShares 2027 Municipal Bond ETF 801,323   1,320,870   (14,746)
BulletShares 2028 Municipal Bond ETF 1,102,861   871,519   3,988
BulletShares 2029 Municipal Bond ETF 754,455   130,452   1,555
BulletShares 2030 Municipal Bond ETF 320,273   310,788   3,736
BulletShares 2031 Municipal Bond ETF 503,821   498,983   (1,470)
BulletShares 2032 Municipal Bond ETF 908,332   560,605   7,212
BulletShares 2033 Municipal Bond ETF(a) 723,521   64,378   3,314
    
* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
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The following is a summary of the tiered valuation input levels, as of August 31, 2024, for each Fund (except for BulletShares 2024 Corporate Bond ETF and the BulletShares Municipal Bond ETFs). As of August 31, 2024, all of the securities in BulletShares 2024 Corporate Bond ETF and the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
BulletShares 2025 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $4,017,878,242   $-   $4,017,878,242
Money Market Funds 18,237,269   228,394,167   -   246,631,436
Total Investments $18,237,269   $4,246,272,409   $-   $4,264,509,678
BulletShares 2026 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $3,674,844,523   $-   $3,674,844,523
Money Market Funds 3,810,675   364,034,920   -   367,845,595
Total Investments $3,810,675   $4,038,879,443   $-   $4,042,690,118
BulletShares 2027 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $2,125,693,439   $-   $2,125,693,439
Money Market Funds 772,736   417,228,158   -   418,000,894
Total Investments $772,736   $2,542,921,597   $-   $2,543,694,333
BulletShares 2028 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $1,869,789,269   $-   $1,869,789,269
Money Market Funds 74,172   417,786,979   -   417,861,151
Total Investments $74,172   $2,287,576,248   $-   $2,287,650,420
BulletShares 2029 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $1,160,983,484   $-   $1,160,983,484
Money Market Funds 390,604   198,520,426   -   198,911,030
Total Investments $390,604   $1,359,503,910   $-   $1,359,894,514
BulletShares 2030 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $907,026,666   $-   $907,026,666
Money Market Funds 446,802   106,892,904   -   107,339,706
Total Investments $446,802   $1,013,919,570   $-   $1,014,366,372
BulletShares 2031 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $577,030,479   $-   $577,030,479
Money Market Funds 45,840   12,732,908   -   12,778,748
Total Investments $45,840   $589,763,387   $-   $589,809,227
BulletShares 2032 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $557,812,800   $-   $557,812,800
Money Market Funds 52,309   19,919,399   -   19,971,708
Total Investments $52,309   $577,732,199   $-   $577,784,508
BulletShares 2033 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $336,138,619   $-   $336,138,619
Money Market Funds 774,511   27,239,669   -   28,014,180
Total Investments $774,511   $363,378,288   $-   $364,152,799
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  Level 1   Level 2   Level 3   Total
BulletShares 2034 Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $15,218,225   $-   $15,218,225
Money Market Funds 148,045   867,019   -   1,015,064
Total Investments $148,045   $16,085,244   $-   $16,233,289
BulletShares 2024 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Treasury Securities $-   $417,722,438   $-   $417,722,438
U.S. Dollar Denominated Bonds & Notes -   93,667,280   0   93,667,280
Variable Rate Senior Loan Interests -   30,095,584   -   30,095,584
Money Market Funds -   2,141,123   -   2,141,123
Total Investments $-   $543,626,425   $0   $543,626,425
BulletShares 2025 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $955,331,258   $-   $955,331,258
Money Market Funds 51,739,099   95,039,427   -   146,778,526
Total Investments $51,739,099   $1,050,370,685   $-   $1,102,109,784
BulletShares 2026 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $621,826,077   $-   $621,826,077
Money Market Funds 9,201,671   142,594,346   -   151,796,017
Total Investments $9,201,671   $764,420,423   $-   $773,622,094
BulletShares 2027 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $283,303,880   $-   $283,303,880
Money Market Funds 1,229,587   70,981,128   -   72,210,715
Total Investments $1,229,587   $354,285,008   $-   $355,514,595
BulletShares 2028 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $259,019,070   $-   $259,019,070
Money Market Funds 1,875,763   35,333,700   -   37,209,463
Total Investments $1,875,763   $294,352,770   $-   $296,228,533
BulletShares 2029 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $100,714,124   $-   $100,714,124
Money Market Funds 526,231   6,283,845   -   6,810,076
Total Investments $526,231   $106,997,969   $-   $107,524,200
BulletShares 2030 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $58,957,789   $-   $58,957,789
Money Market Funds 239,390   3,343,918   -   3,583,308
Total Investments $239,390   $62,301,707   $-   $62,541,097
BulletShares 2031 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $28,847,057   $-   $28,847,057
Money Market Funds 62,297   -   -   62,297
Total Investments $62,297   $28,847,057   $-   $28,909,354
BulletShares 2032 High Yield Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $5,053,714   $-   $5,053,714
Money Market Funds 28,817   53,456   -   82,273
Total Investments $28,817   $5,107,170   $-   $5,135,987
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NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income-Tax-
Exempt 		  Ordinary
Income* 		  Ordinary
Income-Tax-
Exempt 		  Long-Term
Capital Gains
BulletShares 2024 Corporate Bond ETF $118,950,789   $-   $105,337,424   $-   $-
BulletShares 2025 Corporate Bond ETF 138,306,116   -   73,303,310   -   -
BulletShares 2026 Corporate Bond ETF 109,367,273   -   56,153,843   -   -
BulletShares 2027 Corporate Bond ETF 68,666,801   -   27,800,751   -   222,384
BulletShares 2028 Corporate Bond ETF 60,586,927   -   19,483,490   -   -
BulletShares 2029 Corporate Bond ETF 34,023,895   -   9,894,400   -   -
BulletShares 2030 Corporate Bond ETF 26,770,351   -   6,959,857   -   -
BulletShares 2031 Corporate Bond ETF 18,399,736   -   4,917,628   -   -
BulletShares 2032 Corporate Bond ETF 18,218,198   -   2,192,792   -   -
BulletShares 2033 Corporate Bond ETF(a) 8,111,206   -   -   -   -
BulletShares 2034 Corporate Bond ETF(b) 86,517   -   -   -   -
BulletShares 2024 High Yield Corporate Bond ETF 40,088,169   -   33,430,307   -   -
BulletShares 2025 High Yield Corporate Bond ETF 63,763,290   -   37,484,424   -   -
BulletShares 2026 High Yield Corporate Bond ETF 30,511,802   -   16,049,115   -   -
BulletShares 2027 High Yield Corporate Bond ETF 12,133,142   -   4,974,891   -   -
BulletShares 2028 High Yield Corporate Bond ETF 10,557,068   -   2,606,497   -   -
BulletShares 2029 High Yield Corporate Bond ETF 3,197,017   -   911,111   -   -
BulletShares 2030 High Yield Corporate Bond ETF 2,599,052   -   496,088   -   -
BulletShares 2031 High Yield Corporate Bond ETF(a) 1,109,468   -   -   -   -
BulletShares 2032 High Yield Corporate Bond ETF(b) 69,434   -   -   -   -
BulletShares 2024 Municipal Bond ETF 12,599   5,041,525   5,158   3,390,456   -
BulletShares 2025 Municipal Bond ETF 4,470   5,087,313   1,292   2,771,676   -
BulletShares 2026 Municipal Bond ETF 15,654   4,443,781   11,231   2,162,885   -
BulletShares 2027 Municipal Bond ETF 2,007   3,412,311   1,299   1,773,513   -
BulletShares 2028 Municipal Bond ETF 1,153   2,641,103   127   1,345,205   -
BulletShares 2029 Municipal Bond ETF 7,929   2,304,503   2,641   1,012,624   -
BulletShares 2030 Municipal Bond ETF 11,855   2,268,491   6,680   976,311   -
BulletShares 2031 Municipal Bond ETF 3,209   1,614,201   688   472,316   -
BulletShares 2032 Municipal Bond ETF 62,158   1,744,827   469   141,962   -
BulletShares 2033 Municipal Bond ETF(a) 9,327   820,617   -   -   -
    
* Includes short-term capital gain distributions, if any.
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
Tax Components of Net Assets at Fiscal Year-end:
  Undistributed
Ordinary
Income 		  Undistributed
Long-Term
Capital Gains 		  Undistributed
Tax-Exempt
Income 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
BulletShares 2024 Corporate Bond ETF $1,319,053   $-   $-   $(2,552,272)   $(6,921,783)   $2,852,707,689   $2,844,552,687
BulletShares 2025 Corporate Bond ETF 296,017   -   -   (18,500,664)   (4,872,382)   4,097,446,601   4,074,369,572
BulletShares 2026 Corporate Bond ETF 675,458   -   -   (11,055,522)   (5,240,144)   3,727,782,132   3,712,161,924
BulletShares 2027 Corporate Bond ETF 266,775   -   -   4,220,484   (806,288)   2,144,571,850   2,148,252,821
BulletShares 2028 Corporate Bond ETF 190,718   -   -   16,257,338   (1,852,253)   1,876,750,404   1,891,346,207
BulletShares 2029 Corporate Bond ETF 243,581   -   -   12,012,937   (582,459)   1,163,446,609   1,175,120,668
BulletShares 2030 Corporate Bond ETF 154,052   -   -   14,867,863   (752,724)   901,351,448   915,620,639
BulletShares 2031 Corporate Bond ETF 167,230   -   -   12,405,912   (330,023)   570,304,816   582,547,935
BulletShares 2032 Corporate Bond ETF 96,115   -   -   16,903,405   (103,716)   547,602,080   564,497,884
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  Undistributed
Ordinary
Income 		  Undistributed
Long-Term
Capital Gains 		  Undistributed
Tax-Exempt
Income 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
BulletShares 2033 Corporate Bond ETF $127,444   $-   $-   $7,379,760   $(421)   $333,954,406   $341,461,189
BulletShares 2034 Corporate Bond ETF 2,325   -   -   199,748   -   15,376,375   15,578,448
BulletShares 2024 High Yield Corporate Bond ETF 47,068   -   -   (2,061,319)   (35,190,865)   580,617,147   543,412,031
BulletShares 2025 High Yield Corporate Bond ETF 137,003   -   -   3,420,230   (10,977,678)   1,033,066,623   1,025,646,178
BulletShares 2026 High Yield Corporate Bond ETF 128,850   -   -   4,375,759   (12,485,857)   649,306,830   641,325,582
BulletShares 2027 High Yield Corporate Bond ETF 60,749   -   -   3,967,529   (3,843,614)   287,328,922   287,513,586
BulletShares 2028 High Yield Corporate Bond ETF 133,600   -   -   4,293,847   (1,914,580)   261,356,467   263,869,334
BulletShares 2029 High Yield Corporate Bond ETF 65,470   -   -   1,695,831   (447,489)   101,770,784   103,084,596
BulletShares 2030 High Yield Corporate Bond ETF 142,688   24,658   -   2,258,708   -   57,648,848   60,074,902
BulletShares 2031 High Yield Corporate Bond ETF 10,290   -   -   721,252   (52,246)   28,637,549   29,316,845
BulletShares 2032 High Yield Corporate Bond ETF 6,515   -   -   157,717   -   5,000,025   5,164,257
BulletShares 2024 Municipal Bond ETF -   -   19,255   (45,204)   (44,902)   189,337,291   189,266,440
BulletShares 2025 Municipal Bond ETF -   -   13,287   (473,785)   (360,063)   228,709,642   227,889,081
BulletShares 2026 Municipal Bond ETF -   -   20,590   (49,372)   (534,314)   215,775,924   215,212,828
BulletShares 2027 Municipal Bond ETF -   -   15,629   (234,260)   (27,878)   168,327,586   168,081,077
BulletShares 2028 Municipal Bond ETF -   -   18,330   (265,755)   (627,174)   122,800,272   121,925,673
BulletShares 2029 Municipal Bond ETF -   -   17,889   (396,472)   (597,256)   123,707,162   122,731,323
BulletShares 2030 Municipal Bond ETF -   -   27,050   (31,621)   (1,087,705)   113,362,753   112,270,477
BulletShares 2031 Municipal Bond ETF -   -   5,407   512,742   (920,813)   74,552,203   74,149,539
BulletShares 2032 Municipal Bond ETF -   1,435   59,918   1,059,973   -   75,090,203   76,211,529
BulletShares 2033 Municipal Bond ETF -   -   13,211   243,170   (11,994)   49,361,573   49,605,960
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
BulletShares 2024 Corporate Bond ETF $3,041,613   $3,880,170   $6,921,783
BulletShares 2025 Corporate Bond ETF 1,823,817   3,048,565   4,872,382
BulletShares 2026 Corporate Bond ETF 1,726,799   3,513,345   5,240,144
BulletShares 2027 Corporate Bond ETF 298,437   507,851   806,288
BulletShares 2028 Corporate Bond ETF 213,733   1,638,520   1,852,253
BulletShares 2029 Corporate Bond ETF 26,107   556,352   582,459
BulletShares 2030 Corporate Bond ETF 283,397   469,327   752,724
BulletShares 2031 Corporate Bond ETF 48,658   281,365   330,023
BulletShares 2032 Corporate Bond ETF 103,716   -   103,716
BulletShares 2033 Corporate Bond ETF 421   -   421
BulletShares 2024 High Yield Corporate Bond ETF 17,647,469   17,543,396   35,190,865
BulletShares 2025 High Yield Corporate Bond ETF 323,671   10,654,007   10,977,678
BulletShares 2026 High Yield Corporate Bond ETF 6,393,275   6,092,582   12,485,857
BulletShares 2027 High Yield Corporate Bond ETF 1,808,895   2,034,719   3,843,614
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  No expiration    
  Short-Term   Long-Term   Total*
BulletShares 2028 High Yield Corporate Bond ETF $788,974   $1,125,606   $1,914,580
BulletShares 2029 High Yield Corporate Bond ETF 99,799   347,690   447,489
BulletShares 2031 High Yield Corporate Bond ETF 52,246   -   52,246
BulletShares 2024 Municipal Bond ETF 29,086   15,816   44,902
BulletShares 2025 Municipal Bond ETF 135,670   224,393   360,063
BulletShares 2026 Municipal Bond ETF 270,839   263,475   534,314
BulletShares 2027 Municipal Bond ETF 13,950   13,928   27,878
BulletShares 2028 Municipal Bond ETF 197,258   429,916   627,174
BulletShares 2029 Municipal Bond ETF 284,416   312,840   597,256
BulletShares 2030 Municipal Bond ETF 511,378   576,327   1,087,705
BulletShares 2031 Municipal Bond ETF 918,043   2,770   920,813
BulletShares 2033 Municipal Bond ETF 11,994   -   11,994
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
BulletShares 2024 Corporate Bond ETF $37,731,399   $2,303,020,438
BulletShares 2025 Corporate Bond ETF 56,297,702   115,753,589
BulletShares 2026 Corporate Bond ETF 57,773,540   76,244,483
BulletShares 2027 Corporate Bond ETF -   8,945,985
BulletShares 2028 Corporate Bond ETF 4,195,941   5,883,689
BulletShares 2029 Corporate Bond ETF 3,539,556   6,039,861
BulletShares 2030 Corporate Bond ETF 2,812,141   5,038,460
BulletShares 2031 Corporate Bond ETF -   3,024,552
BulletShares 2032 Corporate Bond ETF -   435,559
BulletShares 2033 Corporate Bond ETF(a) 2,343,637   -
BulletShares 2034 Corporate Bond ETF(b) 5,908,036   20,906
BulletShares 2024 High Yield Corporate Bond ETF 249,077,820   661,801,435
BulletShares 2025 High Yield Corporate Bond ETF 715,137,266   845,826,300
BulletShares 2026 High Yield Corporate Bond ETF 218,305,655   224,458,850
BulletShares 2027 High Yield Corporate Bond ETF 28,974,926   27,645,517
BulletShares 2028 High Yield Corporate Bond ETF 22,646,051   22,834,348
BulletShares 2029 High Yield Corporate Bond ETF 4,572,465   5,497,844
BulletShares 2030 High Yield Corporate Bond ETF 7,510,669   7,339,663
BulletShares 2031 High Yield Corporate Bond ETF(a) 4,401,893   4,321,923
BulletShares 2032 High Yield Corporate Bond ETF(b) 5,124,302   234,928
BulletShares 2024 Municipal Bond ETF 96,764,401   119,285,870
BulletShares 2025 Municipal Bond ETF 49,666,268   6,949,360
BulletShares 2026 Municipal Bond ETF 92,917,956   7,380,745
BulletShares 2027 Municipal Bond ETF 66,026,314   1,612,866
BulletShares 2028 Municipal Bond ETF 51,809,747   4,396,619
BulletShares 2029 Municipal Bond ETF 64,828,709   130,452
BulletShares 2030 Municipal Bond ETF 48,498,622   2,038,033
BulletShares 2031 Municipal Bond ETF 37,383,142   2,621,030
BulletShares 2032 Municipal Bond ETF 57,125,610   2,741,941
BulletShares 2033 Municipal Bond ETF(a) 49,552,936   1,007,847
    
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
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For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
BulletShares 2024 Corporate Bond ETF $36,523,531   $507,000,927
BulletShares 2025 Corporate Bond ETF 1,025,308,099   91,690,433
BulletShares 2026 Corporate Bond ETF 1,712,162,187   76,067,050
BulletShares 2027 Corporate Bond ETF 1,047,384,944   28,488,514
BulletShares 2028 Corporate Bond ETF 1,140,729,364   38,471,435
BulletShares 2029 Corporate Bond ETF 735,999,638   -
BulletShares 2030 Corporate Bond ETF 616,632,182   -
BulletShares 2031 Corporate Bond ETF 371,360,031   9,486,263
BulletShares 2032 Corporate Bond ETF 400,791,004   5,770,748
BulletShares 2033 Corporate Bond ETF(a) 326,451,674   -
BulletShares 2034 Corporate Bond ETF(b) 9,131,547   -
BulletShares 2024 High Yield Corporate Bond ETF 62,205,747   141,049,333
BulletShares 2025 High Yield Corporate Bond ETF 423,672,612   552,058,321
BulletShares 2026 High Yield Corporate Bond ETF 326,596,261   6,721,760
BulletShares 2027 High Yield Corporate Bond ETF 170,570,513   -
BulletShares 2028 High Yield Corporate Bond ETF 188,457,700   -
BulletShares 2029 High Yield Corporate Bond ETF 78,447,265   -
BulletShares 2030 High Yield Corporate Bond ETF 43,887,396   -
BulletShares 2031 High Yield Corporate Bond ETF(a) 32,806,195   5,074,107
BulletShares 2032 High Yield Corporate Bond ETF(b) -   -
BulletShares 2024 Municipal Bond ETF -   6,851,548
BulletShares 2025 Municipal Bond ETF 14,229,326   -
BulletShares 2026 Municipal Bond ETF 13,927,087   -
BulletShares 2027 Municipal Bond ETF 11,508,035   -
BulletShares 2028 Municipal Bond ETF 4,393,306   -
BulletShares 2029 Municipal Bond ETF 8,781,071   -
BulletShares 2030 Municipal Bond ETF 12,740,364   -
BulletShares 2031 Municipal Bond ETF 8,565,360   -
BulletShares 2032 Municipal Bond ETF -   -
BulletShares 2033 Municipal Bond ETF(a) -   -
    
(a) For the period September 18, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period June 10, 2024 (commencement of investment operations) through August 31, 2024.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
BulletShares 2024 Corporate Bond ETF $349,127   $(2,901,399)   $(2,552,272)   $2,876,018,261
BulletShares 2025 Corporate Bond ETF 3,472,075   (21,972,739)   (18,500,664)   4,283,010,342
BulletShares 2026 Corporate Bond ETF 9,899,488   (20,955,010)   (11,055,522)   4,053,745,640
BulletShares 2027 Corporate Bond ETF 13,273,062   (9,052,578)   4,220,484   2,539,473,849
BulletShares 2028 Corporate Bond ETF 20,779,928   (4,522,590)   16,257,338   2,271,393,082
BulletShares 2029 Corporate Bond ETF 14,472,556   (2,459,619)   12,012,937   1,347,881,577
BulletShares 2030 Corporate Bond ETF 14,983,783   (115,920)   14,867,863   999,498,509
BulletShares 2031 Corporate Bond ETF 12,620,096   (214,184)   12,405,912   577,403,315
BulletShares 2032 Corporate Bond ETF 17,172,890   (269,485)   16,903,405   560,881,103
BulletShares 2033 Corporate Bond ETF 7,443,384   (63,624)   7,379,760   356,773,039
BulletShares 2034 Corporate Bond ETF 204,960   (5,212)   199,748   16,033,541
BulletShares 2024 High Yield Corporate Bond ETF 186,008   (2,247,327)   (2,061,319)   545,687,744
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  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
BulletShares 2025 High Yield Corporate Bond ETF $4,676,409   $(1,256,179)   $3,420,230   $1,098,689,554
BulletShares 2026 High Yield Corporate Bond ETF 7,142,583   (2,766,824)   4,375,759   769,246,335
BulletShares 2027 High Yield Corporate Bond ETF 4,797,900   (830,371)   3,967,529   351,547,066
BulletShares 2028 High Yield Corporate Bond ETF 5,560,948   (1,267,101)   4,293,847   291,934,686
BulletShares 2029 High Yield Corporate Bond ETF 2,391,505   (695,674)   1,695,831   105,828,369
BulletShares 2030 High Yield Corporate Bond ETF 2,364,551   (105,843)   2,258,708   60,282,389
BulletShares 2031 High Yield Corporate Bond ETF 835,201   (113,949)   721,252   28,188,102
BulletShares 2032 High Yield Corporate Bond ETF 158,082   (365)   157,717   4,978,270
BulletShares 2024 Municipal Bond ETF 78,593   (123,797)   (45,204)   165,844,616
BulletShares 2025 Municipal Bond ETF 442,391   (916,176)   (473,785)   223,852,089
BulletShares 2026 Municipal Bond ETF 989,491   (1,038,863)   (49,372)   211,718,173
BulletShares 2027 Municipal Bond ETF 861,424   (1,095,684)   (234,260)   165,667,228
BulletShares 2028 Municipal Bond ETF 984,743   (1,250,498)   (265,755)   120,347,014
BulletShares 2029 Municipal Bond ETF 936,612   (1,333,084)   (396,472)   120,958,276
BulletShares 2030 Municipal Bond ETF 886,361   (917,982)   (31,621)   110,788,972
BulletShares 2031 Municipal Bond ETF 1,122,581   (609,839)   512,742   72,545,110
BulletShares 2032 Municipal Bond ETF 1,356,890   (296,917)   1,059,973   73,896,658
BulletShares 2033 Municipal Bond ETF 521,385   (278,215)   243,170   48,368,442
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, excise taxes, defaulted bonds and rounding, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
BulletShares 2024 Corporate Bond ETF $-   $1,173,475   $(1,173,475)
BulletShares 2025 Corporate Bond ETF -   (16,374)   16,374
BulletShares 2026 Corporate Bond ETF -   (485,337)   485,337
BulletShares 2027 Corporate Bond ETF -   (569,891)   569,891
BulletShares 2028 Corporate Bond ETF 4,822   (1,277,576)   1,272,754
BulletShares 2029 Corporate Bond ETF -   -   -
BulletShares 2030 Corporate Bond ETF -   -   -
BulletShares 2031 Corporate Bond ETF -   (391,538)   391,538
BulletShares 2032 Corporate Bond ETF -   (249,049)   249,049
BulletShares 2033 Corporate Bond ETF 6,089   -   (6,089)
BulletShares 2034 Corporate Bond ETF 256   (256)   -
BulletShares 2024 High Yield Corporate Bond ETF -   119,150   (119,150)
BulletShares 2025 High Yield Corporate Bond ETF -   (4,040,923)   4,040,923
BulletShares 2026 High Yield Corporate Bond ETF -   (223,646)   223,646
BulletShares 2027 High Yield Corporate Bond ETF -   -   -
BulletShares 2028 High Yield Corporate Bond ETF -   4   (4)
BulletShares 2029 High Yield Corporate Bond ETF -   -   -
BulletShares 2030 High Yield Corporate Bond ETF 146,209   (146,209)   -
BulletShares 2031 High Yield Corporate Bond ETF 340   (183,521)   183,181
BulletShares 2032 High Yield Corporate Bond ETF 3,278   (3,278)   -
BulletShares 2024 Municipal Bond ETF -   39,145   (39,145)
BulletShares 2025 Municipal Bond ETF -   -   -
BulletShares 2026 Municipal Bond ETF 4,261   -   (4,261)
BulletShares 2027 Municipal Bond ETF -   -   -
BulletShares 2028 Municipal Bond ETF (1)   -   1
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  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
BulletShares 2029 Municipal Bond ETF $-   $-   $-
BulletShares 2030 Municipal Bond ETF -   -   -
BulletShares 2031 Municipal Bond ETF -   -   -
BulletShares 2032 Municipal Bond ETF 56,388   (56,388)   -
BulletShares 2033 Municipal Bond ETF -   -   -
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 11—Subsequent Event
On September 16, 2024, the classification of BulletShares 2031 Corporate Bond ETF, BulletShares 2029 High Yield Corporate Bond ETF and BulletShares 2031 Municipal Bond ETF changed from “non-diversified” to “diversified” and therefore each of these Funds is now required to meet certain diversification requirements under the 1940 Act. 
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the thirty funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirty of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America. 
Fund Name
Invesco BulletShares 2024 Corporate Bond ETF (1)
Invesco BulletShares 2025 Corporate Bond ETF (1)
Invesco BulletShares 2026 Corporate Bond ETF (1)
Invesco BulletShares 2027 Corporate Bond ETF (1)
Invesco BulletShares 2028 Corporate Bond ETF (1)
Invesco BulletShares 2029 Corporate Bond ETF (1)
Invesco BulletShares 2030 Corporate Bond ETF (1)
Invesco BulletShares 2031 Corporate Bond ETF (1)
Invesco BulletShares 2032 Corporate Bond ETF (2)
Invesco BulletShares 2033 Corporate Bond ETF (3)
Invesco BulletShares 2034 Corporate Bond ETF (4)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (2)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (3)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (4)
Invesco BulletShares 2024 Municipal Bond ETF (1)
Invesco BulletShares 2025 Municipal Bond ETF (1)
Invesco BulletShares 2026 Municipal Bond ETF (1)
Invesco BulletShares 2027 Municipal Bond ETF (1)
Invesco BulletShares 2028 Municipal Bond ETF (1)
Invesco BulletShares 2029 Municipal Bond ETF (1)
Invesco BulletShares 2030 Municipal Bond ETF (1)
Invesco BulletShares 2031 Municipal Bond ETF (1)
Invesco BulletShares 2032 Municipal Bond ETF (5)
Invesco BulletShares 2033 Municipal Bond ETF (3)
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period September 6, 2022 (commencement of investment operations) through August 31, 2023
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Report of Independent Registered Public Accounting Firm —(continued)
(3) Statement of operations and statement of changes in net assets for the period September 18, 2023 (commencement of investment operations) through August 31, 2024
(4) Statement of operations and statement of changes in net assets for the period June 10, 2024 (commencement of investment operations) through August 31, 2024
(5) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period February 27, 2023 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income* 		  Qualified
Interest
Income* 		  Tax-Exempt
Income* 		  Qualified
Short
Term
Gains
Invesco BulletShares 2024 Corporate Bond ETF 0%   0%   0%   2%   100%   80%   0%   $-
Invesco BulletShares 2025 Corporate Bond ETF 0%   0%   0%   0%   100%   82%   0%   -
Invesco BulletShares 2026 Corporate Bond ETF 0%   0%   0%   0%   100%   83%   0%   -
Invesco BulletShares 2027 Corporate Bond ETF 0%   0%   0%   0%   99%   87%   0%   -
Invesco BulletShares 2028 Corporate Bond ETF 0%   0%   0%   0%   99%   82%   0%   -
Invesco BulletShares 2029 Corporate Bond ETF 0%   0%   0%   0%   99%   90%   0%   -
Invesco BulletShares 2030 Corporate Bond ETF 0%   0%   0%   0%   99%   88%   0%   -
Invesco BulletShares 2031 Corporate Bond ETF 0%   0%   0%   0%   100%   93%   0%   -
Invesco BulletShares 2032 Corporate Bond ETF 0%   0%   0%   0%   100%   89%   0%   -
Invesco BulletShares 2033 Corporate Bond ETF 0%   0%   0%   0%   100%   88%   0%   -
Invesco BulletShares 2034 Corporate Bond ETF 0%   0%   0%   0%   98%   88%   0%   256
Invesco BulletShares 2024 High Yield Corporate Bond ETF 0%   0%   0%   18%   100%   89%   0%   -
Invesco BulletShares 2025 High Yield Corporate Bond ETF 0%   0%   0%   0%   99%   85%   0%   -
Invesco BulletShares 2026 High Yield Corporate Bond ETF 0%   0%   0%   0%   99%   80%   0%   -
Invesco BulletShares 2027 High Yield Corporate Bond ETF 0%   0%   0%   0%   99%   82%   0%   -
Invesco BulletShares 2028 High Yield Corporate Bond ETF 0%   0%   0%   0%   99%   87%   0%   -
Invesco BulletShares 2029 High Yield Corporate Bond ETF 0%   0%   0%   0%   100%   87%   0%   -
Invesco BulletShares 2030 High Yield Corporate Bond ETF 0%   0%   0%   0%   95%   88%   0%   145,136
Invesco BulletShares 2031 High Yield Corporate Bond ETF 0%   0%   0%   0%   100%   92%   0%   -
Invesco BulletShares 2032 High Yield Corporate Bond ETF 0%   0%   0%   0%   96%   90%   0%   3,278
Invesco BulletShares 2024 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
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Tax Information—(continued)
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income* 		  Qualified
Interest
Income* 		  Tax-Exempt
Income* 		  Qualified
Short
Term
Gains
Invesco BulletShares 2025 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   $-
Invesco BulletShares 2026 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
Invesco BulletShares 2027 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
Invesco BulletShares 2028 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
Invesco BulletShares 2029 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
Invesco BulletShares 2030 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   99%   -
Invesco BulletShares 2031 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   100%   -
Invesco BulletShares 2032 Municipal Bond ETF 0%   0%   0%   0%   10%   100%   100%   56,388
Invesco BulletShares 2033 Municipal Bond ETF 0%   0%   0%   0%   100%   100%   99%   -
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
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Approval of Investment Advisory Contracts
At a meeting held on March 14, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2032 High Yield Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF (each, a  “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”).  The Trustees noted that the portfolio managers of each Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of each Fund.  The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 meeting describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd.  The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable.  The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses.  The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and a select peer group as shown below:
Fund   Passive
ETF Peer
Group
(Number of Peers) 		  Open-End
Index Fund
Peer Group
(Number of Peers) 		  Open-End
Active Fund
Peer Group
(Number of Peers) 		  Select
Peer Group
(Number of Peers)
Invesco BulletShares 2032 High Yield Corporate Bond ETF   Higher than
median (36) 		  N/A (0)   Lower than
median (111) 		  Higher than
median (7)
Invesco BulletShares 2034 Corporate Bond ETF   Lower than
median (34) 		  Higher than
median (3) 		  Lower than
median (54) 		  Same as
median (9)
Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees
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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.
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Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF   
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
 
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds. 
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF;
• 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;   
• 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF;  
• 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;   
• 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;   
• 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;   
• 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;   
• 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;  
• 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and   
• 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco Bloomberg Pricing Power ETF           X
Invesco BulletShares 2024 Corporate Bond ETF   X       X
Invesco BulletShares 2025 Corporate Bond ETF   X       X
Invesco BulletShares 2026 Corporate Bond ETF   X       X
Invesco BulletShares 2027 Corporate Bond ETF   X       X
Invesco BulletShares 2028 Corporate Bond ETF   X       X
Invesco BulletShares 2029 Corporate Bond ETF   X       X
Invesco BulletShares 2030 Corporate Bond ETF   X       X
Invesco BulletShares 2031 Corporate Bond ETF   X       X
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Approval of Investment Advisory Contracts—(continued)
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco BulletShares 2032 Corporate Bond ETF   X       X
Invesco BulletShares 2024 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2025 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2026 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2027 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2028 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2029 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2030 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2024 Municipal Bond ETF       N/A   X
Invesco BulletShares 2025 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2026 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2027 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2028 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2029 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2030 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2031 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2032 Municipal Bond ETF   X       X
Invesco International Developed Dynamic Multifactor ETF           X
Invesco Investment Grade Defensive ETF   X   X   X
Invesco Racial and Gender Diversity ETF   X   X   X
Invesco RAFITM Strategic US ETF   X       X
Invesco Russell 1000® Dynamic Multifactor ETF   X       X
Invesco Russell 2000® Dynamic Multifactor ETF           X
    
* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser. 
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
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Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser. 
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-BS-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
IIGD Invesco Investment Grade Defensive ETF
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Invesco Investment Grade Defensive ETF (IIGD)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.95%
Aerospace & Defense-0.67%
General Dynamics Corp., 3.75%, 05/15/2028
$ 310,000   $   305,690
Air Freight & Logistics-0.70%
United Parcel Service, Inc., 3.05%, 11/15/2027(b)
  330,000      318,447
Automobile Components-1.28%
BorgWarner, Inc., 2.65%, 07/01/2027
  320,000       304,938
ERAC USA Finance LLC, 4.60%, 05/01/2028(c)
  275,000      276,251
        581,189
Automobiles-0.62%
PACCAR Financial Corp., 4.45%, 08/06/2027
  280,000      282,408
Banks-10.62%
Bank of America Corp., 3.25%, 10/21/2027
  310,000       300,641
Citibank N.A., 5.80%, 09/29/2028
  280,000       293,920
Fifth Third Bancorp, 2.55%, 05/05/2027(b)
  335,000       317,989
Fifth Third Bank N.A., 2.25%, 02/01/2027
  300,000       284,184
JPMorgan Chase & Co., 2.95%, 10/01/2026
  320,000       311,245
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026
  300,000       305,156
KeyBank N.A., 5.85%, 11/15/2027(b)
  285,000       293,371
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028(b)
  300,000       298,135
Morgan Stanley Bank N.A., 5.88%, 10/30/2026
  280,000       288,575
National Securities Clearing Corp., 4.90%, 06/26/2029(c)
  310,000       317,867
PNC Bank N.A., 4.05%, 07/26/2028
  310,000       305,113
Truist Bank, 3.80%, 10/30/2026
  295,000       288,916
Truist Financial Corp., 1.13%, 08/03/2027
  355,000       322,945
U.S. Bancorp, Series X, 3.15%, 04/27/2027(b)
  300,000       292,134
Wells Fargo & Co., 3.00%, 10/23/2026
  330,000       320,564
Wells Fargo Bank N.A., 5.25%, 12/11/2026
  280,000      285,467
        4,826,222
Beverages-0.65%
PepsiCo, Inc., 3.00%, 10/15/2027
  305,000      295,796
Biotechnology-0.64%
Gilead Sciences, Inc., 2.95%, 03/01/2027(b)
  300,000      290,622
Broadline Retail-0.66%
Amazon.com, Inc., 3.15%, 08/22/2027
  307,000      299,588
Capital Markets-8.38%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c)
  290,000       293,204
Bank of New York Mellon Corp. (The), 3.85%, 04/28/2028
  270,000       266,912
BlackRock, Inc., 1.90%, 01/28/2031
  340,000       293,340
Blackstone Secured Lending Fund, 2.75%, 09/16/2026
  300,000       284,798
Cboe Global Markets, Inc., 3.65%, 01/12/2027
  305,000       299,786
Charles Schwab Corp. (The), 2.45%, 03/03/2027
  320,000       304,798
CME Group, Inc., 2.65%, 03/15/2032
  350,000       312,228
FMR LLC, 7.57%, 06/15/2029(c)
  270,000      304,590
  Principal
Amount 		  Value
Capital Markets-(continued)
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027
$ 310,000   $   305,517
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029(c)
  300,000       288,852
Morgan Stanley, 3.63%, 01/20/2027
  280,000       275,727
Northern Trust Corp., 4.00%, 05/10/2027(b)
  305,000       303,828
State Street Corp., 4.99%, 03/18/2027
  270,000      274,366
        3,807,946
Chemicals-0.64%
Ecolab, Inc., 2.70%, 11/01/2026(b)
  300,000      289,974
Commercial Services & Supplies-1.34%
Cintas Corp. No. 2, 3.70%, 04/01/2027(b)
  310,000       305,654
Veralto Corp., 5.50%, 09/18/2026(c)
  300,000      304,047
        609,701
Communications Equipment-0.66%
Cisco Systems, Inc., 4.85%, 02/26/2029(b)
  290,000      298,052
Consumer Finance-0.62%
American Express Co., 2.55%, 03/04/2027
  295,000      282,377
Consumer Staples Distribution & Retail-2.67%
Costco Wholesale Corp., 1.60%, 04/20/2030
  350,000       305,297
Kroger Co. (The), 2.65%, 10/15/2026
  335,000       322,448
Target Corp., 1.95%, 01/15/2027(b)
  300,000       286,526
Walmart, Inc., 1.80%, 09/22/2031(b)
  350,000      300,487
        1,214,758
Containers & Packaging-0.61%
Sealed Air Corp., 1.57%, 10/15/2026(c)
  300,000      279,002
Electric Utilities-7.95%
Duke Energy Corp., 2.65%, 09/01/2026
  330,000       318,412
Duke Energy Florida LLC, 2.50%, 12/01/2029
  340,000       311,437
Duke Energy Progress LLC, 2.00%, 08/15/2031
  340,000       286,888
Entergy Corp., 2.95%, 09/01/2026
  320,000       310,252
Fells Point Funding Trust, 3.05%, 01/31/2027(c)
  310,000       298,058
Florida Power & Light Co., 2.45%, 02/03/2032
  340,000       296,023
MidAmerican Energy Co., 3.65%, 04/15/2029
  317,000       308,361
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028(c)
  290,000       286,193
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028
  304,000       295,183
Public Service Co. of Colorado, 1.88%, 06/15/2031
  370,000       309,618
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027
  300,000       293,937
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031
  290,000      297,646
        3,612,008
Electrical Equipment-0.60%
Emerson Electric Co., 2.00%, 12/21/2028(b)
  297,000      271,313
Energy Equipment & Services-1.96%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027
  310,000      300,793
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Energy Equipment & Services-(continued)
Schlumberger Holdings Corp., 3.90%, 05/17/2028(c)
$ 320,000   $   314,646
Schlumberger Investment S.A., 2.65%, 06/26/2030
  300,000      273,763
        889,202
Entertainment-0.68%
Netflix, Inc., 5.88%, 11/15/2028
  290,000      307,030
Financial Services-2.64%
Equitable Holdings, Inc., 4.35%, 04/20/2028
  290,000       286,476
Mastercard, Inc., 3.35%, 03/26/2030
  325,000       311,275
Nuveen LLC, 4.00%, 11/01/2028(c)
  304,000       298,535
Visa, Inc., 1.90%, 04/15/2027(b)
  320,000      303,365
        1,199,651
Food Products-1.97%
Archer-Daniels-Midland Co., 3.25%, 03/27/2030
  300,000       283,457
Mars, Inc., 4.55%, 04/20/2028(c)
  305,000       306,681
Mondelez International, Inc., 2.63%, 03/17/2027
  320,000      306,303
        896,441
Gas Utilities-1.33%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028
  290,000       296,345
Southern California Gas Co., 2.95%, 04/15/2027(b)
  320,000      308,762
        605,107
Ground Transportation-0.64%
CSX Corp., 4.25%, 03/15/2029
  290,000      289,603
Health Care Equipment & Supplies-1.28%
Abbott Laboratories, 3.75%, 11/30/2026
  299,000       296,428
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028(b)
  285,000      285,394
        581,822
Health Care Providers & Services-3.31%
Ascension Health, Series B, 2.53%, 11/15/2029
  329,000       302,881
Elevance Health, Inc., 3.65%, 12/01/2027
  300,000       293,574
Health Care Service Corp., a Mutual Legacy Reserve Co., 5.20%, 06/15/2029(c)
  300,000       306,255
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029
  346,000       314,357
Sutter Health, Series 20-A, 2.29%, 08/15/2030
  325,000      288,222
        1,505,289
Household Durables-0.70%
DR Horton, Inc., 1.30%, 10/15/2026
  340,000      318,506
Household Products-1.29%
Kimberly-Clark Corp., 3.10%, 03/26/2030
  320,000       302,674
Procter & Gamble Co. (The), 3.00%, 03/25/2030
  300,000      284,680
        587,354
Independent Power and Renewable Electricity Producers-0.67%
NSTAR Electric Co., 3.20%, 05/15/2027
  312,000      302,674
  Principal
Amount 		  Value
Industrial Conglomerates-1.34%
3M Co., 2.38%, 08/26/2029
$ 340,000   $   308,197
Honeywell International, Inc., 2.50%, 11/01/2026
  311,000      300,278
        608,475
Industrial REITs-0.65%
Prologis L.P., 2.25%, 04/15/2030
  330,000      295,186
Insurance-13.74%
Athene Global Funding, 5.58%, 01/09/2029(c)
  280,000       287,716
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032
  340,000       310,057
Brighthouse Financial Global Funding, 5.55%, 04/09/2027(b)(c)
  310,000       314,179
CNO Global Funding, 5.88%, 06/04/2027(b)(c)
  300,000       307,508
Corebridge Global Funding, 4.65%, 08/20/2027(c)
  270,000       271,288
Equitable Financial Life Global Funding, 1.80%, 03/08/2028(c)
  321,000       291,668
F&G Global Funding, 5.88%, 06/10/2027(c)
  300,000       305,409
GA Global Funding Trust, 5.50%, 01/08/2029(c)
  300,000       307,930
Jackson National Life Global Funding, 5.55%, 07/02/2027(b)(c)
  310,000       316,900
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029
  270,000       271,145
MassMutual Global Funding II, 5.10%, 04/09/2027(b)(c)
  280,000       286,221
Metropolitan Life Global Funding I                 
3.45%, 12/18/2026(c)
  305,000      299,039
5.05%, 06/11/2027(b)(c)
  300,000      306,538
New York Life Global Funding, 4.85%, 01/09/2028(c)
  295,000       299,484
New York Life Insurance Co., 5.88%, 05/15/2033(c)
  287,000       305,622
Northwestern Mutual Global Funding                 
4.35%, 09/15/2027(c)
  310,000      310,926
4.90%, 06/12/2028(c)
  285,000      290,477
Pacific Life Global Funding II, 5.50%, 08/28/2026(c)
  280,000       285,333
Pricoa Global Funding I, 1.20%, 09/01/2026(c)
  315,000       295,728
Principal Life Global Funding II, 1.50%, 11/17/2026(c)
  290,000       272,735
RGA Global Funding, 5.45%, 05/24/2029(c)
  300,000      309,623
        6,245,526
Interactive Media & Services-1.35%
Alphabet, Inc., 1.10%, 08/15/2030(b)
  374,000       316,950
Meta Platforms, Inc., 3.85%, 08/15/2032
  310,000      297,090
        614,040
IT Services-1.24%
DXC Technology Co., 1.80%, 09/15/2026
  300,000       281,912
Kyndryl Holdings, Inc., 2.05%, 10/15/2026
  300,000      281,916
        563,828
Machinery-4.58%
Caterpillar Financial Services Corp., 5.00%, 05/14/2027
  300,000       306,278
Caterpillar, Inc., 2.60%, 04/09/2030(b)
  310,000       284,941
Cummins, Inc., 1.50%, 09/01/2030(b)
  345,000      295,243
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Machinery-(continued)
Deere & Co., 3.10%, 04/15/2030
$ 330,000   $   310,293
Illinois Tool Works, Inc., 2.65%, 11/15/2026
  310,000       300,696
John Deere Capital Corp., 4.95%, 07/14/2028
  280,000       287,330
Parker-Hannifin Corp., 4.25%, 09/15/2027
  300,000      298,532
        2,083,313
Media-1.23%
Comcast Corp., 4.15%, 10/15/2028
  270,000       268,114
Cox Communications, Inc., 3.35%, 09/15/2026(b)(c)
  300,000      291,921
        560,035
Multi-Utilities-1.93%
Consumers Energy Co., 4.70%, 01/15/2030
  280,000       284,141
DTE Electric Co., 2.25%, 03/01/2030
  340,000       304,823
WEC Energy Group, Inc., 5.60%, 09/12/2026
  280,000      285,668
        874,632
Oil, Gas & Consumable Fuels-3.92%
Chevron Corp., 2.24%, 05/11/2030
  330,000       296,162
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(c)
  290,000       282,502
Chevron USA, Inc., 1.02%, 08/12/2027
  325,000       297,495
ConocoPhillips Co., 6.95%, 04/15/2029
  270,000       299,892
Exxon Mobil Corp., 3.48%, 03/19/2030
  320,000       308,274
Pioneer Natural Resources Co., 1.90%, 08/15/2030
  340,000      296,324
        1,780,649
Paper & Forest Products-0.67%
Georgia-Pacific LLC, 2.30%, 04/30/2030(c)
  340,000      303,347
Passenger Airlines-0.67%
Southwest Airlines Co., 5.13%, 06/15/2027
  300,000      302,616
Personal Care Products-0.69%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028
  310,000      311,436
Pharmaceuticals-1.96%
Johnson & Johnson, 1.30%, 09/01/2030(b)
  350,000       300,320
Pfizer, Inc., 3.00%, 12/15/2026
  310,000       302,249
Zoetis, Inc., 3.00%, 09/12/2027(b)
  300,000      288,078
        890,647
Professional Services-0.68%
Automatic Data Processing, Inc., 1.70%, 05/15/2028
  335,000      307,994
Residential REITs-0.68%
Mid-America Apartments L.P., 3.60%, 06/01/2027
  315,000      308,134
Semiconductors & Semiconductor Equipment-2.61%
Applied Materials, Inc., 3.30%, 04/01/2027
  305,000      298,207
  Principal
Amount 		  Value
Semiconductors & Semiconductor Equipment-(continued)
Lam Research Corp., 4.00%, 03/15/2029
$ 290,000   $   286,731
NVIDIA Corp., 2.85%, 04/01/2030
  320,000       300,172
QUALCOMM, Inc., 3.25%, 05/20/2027
  310,000      302,437
        1,187,547
Software-1.96%
Adobe, Inc., 2.30%, 02/01/2030(b)
  320,000       290,869
Microsoft Corp., 3.30%, 02/06/2027
  300,000       295,404
Salesforce, Inc., 3.70%, 04/11/2028(b)
  310,000      305,435
        891,708
Specialty Retail-1.97%
Home Depot, Inc. (The), 2.95%, 06/15/2029
  305,000       288,521
Lowe’s Cos., Inc., 3.10%, 05/03/2027
  315,000       304,658
TJX Cos., Inc. (The), 2.25%, 09/15/2026
  315,000      302,737
        895,916
Technology Hardware, Storage & Peripherals-0.66%
Apple, Inc., 1.65%, 02/08/2031(b)
  350,000      301,672
Textiles, Apparel & Luxury Goods-0.64%
NIKE, Inc., 2.85%, 03/27/2030(b)
  310,000      288,860
Total U.S. Dollar Denominated Bonds & Notes

(Cost $45,001,887)
  44,963,333
  Shares    
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $52,426)
  52,426       52,426
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.06%

(Cost $45,054,313)
  45,015,759
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-18.82%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  2,368,135    2,368,135
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  6,181,889    6,184,362
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,552,175)
  8,552,497
TOTAL INVESTMENTS IN SECURITIES-117.88%

(Cost $53,606,488)
  53,568,256
OTHER ASSETS LESS LIABILITIES-(17.88)%
  (8,126,175)
NET ASSETS-100.00%
  $45,442,081
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $10,416,275, which represented 22.92% of the Fund’s Net Assets.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $150,154   $3,673,008   $(3,770,736)   $-   $-   $52,426   $5,758
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,313,996   25,977,750   (26,923,611)   -   -   2,368,135   148,711*
Invesco Private Prime Fund 8,521,578   65,706,399   (68,047,458)   58   3,785   6,184,362   399,698*
Total $11,985,728   $95,357,157   $(98,741,805)   $58   $3,785   $8,604,923   $554,167
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Statement of Assets and Liabilities
August 31, 2024
  Invesco Investment
Grade Defensive
ETF (IIGD)
Assets:  
Unaffiliated investments in securities, at value(a)
$44,963,333
Affiliated investments in securities, at value
8,604,923
Cash
5,325
Receivable for:  
Dividends and interest
470,826
Securities lending
927
Investments sold
4,495,701
Total assets
58,541,035
Liabilities:  
Payable for:  
Investments purchased
4,541,790
Collateral upon return of securities loaned
8,552,175
Accrued unitary management fees
4,989
Total liabilities
13,098,954
Net Assets
$45,442,081
Net assets consist of:  
Shares of beneficial interest
$49,464,356
Distributable earnings (loss)
(4,022,275)
Net Assets
$45,442,081
Shares outstanding (unlimited amount authorized, $0.01 par value)
1,850,001
Net asset value
$24.56
Market price
$24.57
Unaffiliated investments in securities, at cost
$45,001,887
Affiliated investments in securities, at cost
$8,604,601
(a)Includes securities on loan with an aggregate value of:
$7,977,893
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Statement of Operations
For the year ended August 31, 2024
  Invesco Investment
Grade Defensive
ETF (IIGD)
Investment income:  
Unaffiliated interest income
$2,338,130
Affiliated dividend income
5,758
Securities lending income, net
16,192
Total investment income
2,360,080
Expenses:  
Unitary management fees
72,525
Less: Waivers
(108)
Net expenses
72,417
Net investment income
2,287,663
Realized and unrealized gain (loss) from:  
Net realized gain (loss) from:  
Unaffiliated investment securities
(666,799)
Affiliated investment securities
3,785
In-kind redemptions
(371,649)
Net realized gain (loss)
(1,034,663)
Change in net unrealized appreciation of:  
Unaffiliated investment securities
2,796,505
Affiliated investment securities
58
Change in net unrealized appreciation
2,796,563
Net realized and unrealized gain
1,761,900
Net increase in net assets resulting from operations
$4,049,563
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Statement of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco Investment Grade
Defensive ETF (IIGD)
  2024   2023
Operations:      
Net investment income
$2,287,663   $2,582,258
Net realized gain (loss)
(1,034,663)   (3,758,716)
Change in net unrealized appreciation
2,796,563   1,226,149
Net increase in net assets resulting from operations
4,049,563   49,691
Distributions to Shareholders from:      
Distributable earnings
(2,288,363)   (2,622,032)
Shareholder Transactions:      
Proceeds from shares sold
2,377,325   127,540,684
Value of shares repurchased
(32,270,485)   (108,435,431)
Net increase (decrease) in net assets resulting from share transactions
(29,893,160)   19,105,253
Net increase (decrease) in net assets
(28,131,960)   16,532,912
Net assets:      
Beginning of year
73,574,041   57,041,129
End of year
$45,442,081   $73,574,041
Changes in Shares Outstanding:      
Shares sold
100,000   5,300,000
Shares repurchased
(1,350,000)   (4,550,000)
Shares outstanding, beginning of year
3,100,001   2,350,001
Shares outstanding, end of year
1,850,001   3,100,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Financial Highlights
Invesco Investment Grade Defensive ETF (IIGD)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$23.73   $24.27   $26.75   $27.43   $26.30
Net investment income(a)
0.98   0.80   0.31   0.33   0.53
Net realized and unrealized gain (loss) on investments
0.83   (0.58)   (2.30)   (0.27)   1.14
Total from investment operations
1.81   0.22   (1.99)   0.06   1.67
Distributions to shareholders from:                  
Net investment income
(0.98)   (0.76)   (0.32)   (0.33)   (0.53)
Net realized gains
-   -   (0.17)   (0.41)   (0.02)
Total distributions
(0.98)   (0.76)   (0.49)   (0.74)   (0.55)
Transaction fees(a)
-   -   -   -   0.01
Net asset value at end of year
$24.56   $23.73   $24.27   $26.75   $27.43
Market price at end of year(b)
$24.57   $23.73   $24.20   $26.76   $27.41
Net Asset Value Total Return(c)
7.84%   0.95%   (7.55)%   0.21%   6.50%
Market Price Total Return(c)
7.88%   1.24%   (7.82)%   0.32%   6.13%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$45,442   $73,574   $57,041   $97,655   $83,647
Ratio to average net assets of:                  
Expenses
0.13%   0.13%   0.13%   0.13%   0.13%
Net investment income
4.10%   3.32%   1.21%   1.21%   1.98%
Portfolio turnover rate(d)
75%   84%   51%   53%   74%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:
Full Name   Short Name
Invesco Investment Grade Defensive ETF (IIGD)   "Investment Grade Defensive ETF"
The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Underlying Index”).
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a
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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
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  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.
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G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, there were no affiliated securities lending transactions with Invesco.
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. 
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income
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dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Index Risk. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Additionally, the Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.13% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other
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services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees of $108.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of the Fund with Invesco Indexing LLC (the “Licensor”).
The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $44,963,333   $-   $44,963,333
Money Market Funds 52,426   8,552,497   -   8,604,923
Total Investments $52,426   $53,515,830   $-   $53,568,256
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
Ordinary income $2,288,363   $2,622,032
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Tax Components of Net Assets at Fiscal Year-End:
Net unrealized appreciation (depreciation) — investments $(55,068)
Capital loss carryforward (3,967,207)
Shares of beneficial interest 49,464,356
Total net assets $45,442,081
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
  $1,339,542   $2,627,665   $3,967,207
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $41,058,274 and $41,556,014, respectively.
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were $2,378,210 and $31,887,370, respectively.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Aggregate unrealized appreciation of investments $617,738
Aggregate unrealized (depreciation) of investments (672,806)
Net unrealized appreciation of investments $(55,068)
Cost of investments for tax purposes is $53,623,324.
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, undistributed net investment income (loss) was increased by $700, undistributed net realized gain (loss) was increased by $468,818 and Shares of beneficial interest were increased by $(469,518). These reclassifications had no effect on the net assets of the Fund.
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 9—Capital
Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of the Fund on the transaction date. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at
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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.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Investment Grade Defensive ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Investment Grade Defensive ETF (one of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter referred to as the "Fund") as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
Qualified Business Income* 0%
Qualified Dividend Income* 0%
Corporate Dividends Received Deduction* 0%
U.S. Treasury Obligations* 0%
Business Interest Income* 99%
Qualified Interest Income* 99%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF   
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
 
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds. 
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF;
• 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;   
• 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF;  
• 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;   
• 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;   
• 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;   
• 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;   
• 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;  
• 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and   
• 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco Bloomberg Pricing Power ETF           X
Invesco BulletShares 2024 Corporate Bond ETF   X       X
Invesco BulletShares 2025 Corporate Bond ETF   X       X
Invesco BulletShares 2026 Corporate Bond ETF   X       X
Invesco BulletShares 2027 Corporate Bond ETF   X       X
Invesco BulletShares 2028 Corporate Bond ETF   X       X
Invesco BulletShares 2029 Corporate Bond ETF   X       X
Invesco BulletShares 2030 Corporate Bond ETF   X       X
Invesco BulletShares 2031 Corporate Bond ETF   X       X
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Approval of Investment Advisory Contracts—(continued)
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco BulletShares 2032 Corporate Bond ETF   X       X
Invesco BulletShares 2024 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2025 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2026 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2027 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2028 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2029 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2030 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2024 Municipal Bond ETF       N/A   X
Invesco BulletShares 2025 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2026 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2027 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2028 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2029 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2030 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2031 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2032 Municipal Bond ETF   X       X
Invesco International Developed Dynamic Multifactor ETF           X
Invesco Investment Grade Defensive ETF   X   X   X
Invesco Racial and Gender Diversity ETF   X   X   X
Invesco RAFITM Strategic US ETF   X       X
Invesco Russell 1000® Dynamic Multifactor ETF   X       X
Invesco Russell 2000® Dynamic Multifactor ETF           X
    
* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser. 
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
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Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser. 
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-FIF-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
POWA Invesco Bloomberg Pricing Power ETF
IUS Invesco RAFITM Strategic US ETF
Table of Contents
Schedules of Investments  
3
5
11
12
13
14
15
24
25
26
30
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Invesco Bloomberg Pricing Power ETF (POWA)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Consumer Discretionary-10.45%
Best Buy Co., Inc.(b)
  52,141   $  5,234,956
Home Depot, Inc. (The)
  11,123     4,098,826
LKQ Corp.(b)
  83,596     3,476,758
Lowe’s Cos., Inc.(b)
  16,621     4,130,318
Tractor Supply Co.
  12,989     3,475,207
        20,416,065
Consumer Staples-11.81%
Archer-Daniels-Midland Co.(b)
  59,383     3,621,769
Costco Wholesale Corp.
  4,586     4,092,454
Hershey Co. (The)(b)
  17,883     3,452,492
Kroger Co. (The)
  68,176     3,627,645
Sysco Corp.(b)
  50,544     3,940,916
Walmart, Inc.
  56,334     4,350,675
        23,085,951
Financials-2.17%
MSCI, Inc.(b)
  7,297     4,236,565
Health Care-21.80%
Cardinal Health, Inc.
  38,169     4,302,410
Cencora, Inc.(b)
  16,962     4,063,586
GE HealthCare Technologies, Inc.(b)
  45,597     3,867,537
IQVIA Holdings, Inc.(c)
  16,266     4,091,712
McKesson Corp.
  6,596     3,700,884
Mettler-Toledo International, Inc.(c)
  2,451     3,527,185
Neurocrine Biosciences, Inc.(b)(c)
  26,367     3,350,191
STERIS PLC
  15,939     3,842,893
Veeva Systems, Inc., Class A(b)(c)
  17,866     3,866,917
Vertex Pharmaceuticals, Inc.(c)
  8,213     4,072,745
Zoetis, Inc.
  21,365     3,920,264
        42,606,324
Industrials-29.58%
AMETEK, Inc.
  21,109     3,610,694
Cummins, Inc.
  12,800     4,004,480
Dover Corp.
  19,605     3,647,118
Fastenal Co.
  55,142     3,765,096
HEICO Corp.(b)
  17,035     4,370,500
IDEX Corp.
  16,861     3,481,459
Illinois Tool Works, Inc.
  14,777     3,741,241
J.B. Hunt Transport Services, Inc.
  23,269     4,030,191
Johnson Controls International PLC
  50,174     3,655,176
Lockheed Martin Corp.
  7,829     4,447,655
Otis Worldwide Corp.
  37,206     3,523,036
Quanta Services, Inc.
  13,556     3,729,662
Republic Services, Inc.
  19,679     4,097,365
Rollins, Inc.
  79,725     4,000,600
Waste Management, Inc.
  17,498     3,710,276
        57,814,549
  Shares   Value
Information Technology-13.58%
Accenture PLC, Class A (Ireland)
  11,969   $  4,092,800
Amphenol Corp., Class A
  54,638     3,685,333
Autodesk, Inc.(c)
  16,713     4,318,639
Cadence Design Systems, Inc.(c)
  12,544     3,373,458
Lam Research Corp.
  3,805     3,123,943
ServiceNow, Inc.(c)
  4,768     4,076,640
VeriSign, Inc.(c)
  21,001     3,862,084
        26,532,897
Materials-5.88%
AptarGroup, Inc.
  24,707     3,784,865
Avery Dennison Corp.
  16,021     3,554,259
CRH PLC
  45,806     4,157,811
        11,496,935
Real Estate-4.64%
Equinix, Inc.(b)
  4,704     3,924,830
Iron Mountain, Inc.
  45,408     5,142,910
        9,067,740
Total Common Stocks & Other Equity Interests

(Cost $170,745,648)
  195,257,026
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $24,059)
  24,059        24,059
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.92%

(Cost $170,769,707)
  195,281,085
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.76%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  6,377,367     6,377,367
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  16,597,444    16,604,083
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $22,980,567)
  22,981,450
TOTAL INVESTMENTS IN SECURITIES-111.68%

(Cost $193,750,274)
  218,262,535
OTHER ASSETS LESS LIABILITIES-(11.68)%
  (22,834,429)
NET ASSETS-100.00%
  $195,428,106
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Bloomberg Pricing Power ETF (POWA)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $4,056,673   $(4,032,614)   $-   $-   $24,059   $5,203
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   113,705,025   (107,327,658)   -   -   6,377,367   189,226*
Invesco Private Prime Fund -   196,818,764   (180,211,626)   883   (3,938)   16,604,083   495,593*
Total $-   $314,580,462   $(291,571,898)   $883   $(3,938)   $23,005,509   $690,022
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco RAFITM Strategic US ETF (IUS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-11.86%
Alphabet, Inc., Class A
  120,743   $ 19,726,991
AT&T, Inc.
  344,777     6,861,062
Charter Communications, Inc., Class A(b)(c)
  5,051     1,755,425
Comcast Corp., Class A
  152,415     6,031,062
EchoStar Corp., Class A(b)(c)
  14,094        261,303
Electronic Arts, Inc.
  3,612        548,374
Fox Corp., Class A
  19,520        807,542
Frontier Communications Parent, Inc.(b)(c)
  5,828        167,846
IAC, Inc.(b)(c)
  2,752        145,251
Interpublic Group of Cos., Inc. (The)
  9,448        308,099
Liberty Broadband Corp., Class C(b)
  4,014        250,393
Liberty Media Corp.-Liberty Formula One(b)(c)
  2,287        178,500
Live Nation Entertainment, Inc.(b)
  1,980        193,387
Lumen Technologies, Inc.(b)
  324,363     1,702,906
Meta Platforms, Inc., Class A
  22,544    11,752,413
Netflix, Inc.(b)
  2,267     1,589,960
News Corp., Class A
  12,363        350,244
Nexstar Media Group, Inc., Class A(c)
  1,439        245,896
Omnicom Group, Inc.(c)
  3,960        397,703
Paramount Global, Class B
  56,572        592,309
Pinterest, Inc., Class A(b)
  4,300        137,772
Take-Two Interactive Software, Inc.(b)
  1,221        197,448
TEGNA, Inc.
  11,118        154,318
Telephone and Data Systems, Inc.(c)
  9,206        217,446
T-Mobile US, Inc.
  9,738     1,935,135
Verizon Communications, Inc.
  156,613     6,543,291
Walt Disney Co. (The)
  28,902     2,612,163
Warner Bros. Discovery, Inc.(b)
  165,510     1,297,598
        66,961,837
Consumer Discretionary-11.45%
Academy Sports & Outdoors, Inc.(c)
  2,923        162,168
Adient PLC(b)
  7,393        167,230
Advance Auto Parts, Inc.(c)
  2,730        123,696
Airbnb, Inc., Class A(b)
  5,462        640,747
Amazon.com, Inc.(b)
  59,253    10,576,660
Aptiv PLC(b)(c)
  5,898        421,884
Aramark(c)
  7,737        283,406
Asbury Automotive Group, Inc.(b)(c)
  963        236,551
Autoliv, Inc. (Sweden)
  1,953        200,124
AutoNation, Inc.(b)(c)
  1,827        325,169
AutoZone, Inc.(b)
  265        843,092
Best Buy Co., Inc.
  9,008        904,403
Booking Holdings, Inc.
  476     1,860,793
BorgWarner, Inc.
  9,278        316,101
Brunswick Corp.(c)
  2,261        178,732
Burlington Stores, Inc.(b)
  909        243,830
Caesars Entertainment, Inc.(b)(c)
  7,404        278,687
Capri Holdings Ltd.(b)
  5,559        198,567
CarMax, Inc.(b)
  5,480        463,334
Carnival Corp.(b)
  27,215        449,048
Chipotle Mexican Grill, Inc.(b)
  4,879        273,614
Coupang, Inc. (South Korea)(b)
  12,612        279,356
D.R. Horton, Inc.
  6,032     1,138,600
Dana, Inc.
  11,337        127,995
Darden Restaurants, Inc.(c)
  2,254        356,470
Deckers Outdoor Corp.(b)
  183       175,550
  Shares   Value
Consumer Discretionary-(continued)
Dick’s Sporting Goods, Inc.
  1,779   $    421,552
DoorDash, Inc., Class A(b)
  2,307        296,934
eBay, Inc.
  11,579        684,319
Expedia Group, Inc.(b)
  4,649        646,629
Ford Motor Co.
  294,760     3,298,364
Gap, Inc. (The)(c)
  7,895        177,085
Garmin Ltd.
  1,444        264,671
General Motors Co.
  101,779     5,066,559
Genuine Parts Co.
  2,851        408,434
Goodyear Tire & Rubber Co. (The)(b)(c)
  24,194        213,391
Group 1 Automotive, Inc.
  800        301,408
H&R Block, Inc.
  3,026        191,576
Harley-Davidson, Inc.(c)
  5,188        194,239
Hasbro, Inc.
  2,611        177,966
Hilton Worldwide Holdings, Inc.
  2,224        488,479
Home Depot, Inc. (The)
  12,935     4,766,548
Hyatt Hotels Corp., Class A
  1,459        221,651
KB Home
  2,978        249,288
Kohl’s Corp.
  12,709        246,428
Las Vegas Sands Corp.
  6,775        264,157
Lear Corp.
  3,014        351,583
Lennar Corp., Class A
  6,812     1,240,193
Lithia Motors, Inc., Class A(c)
  1,321        397,727
LKQ Corp.
  8,103        337,004
Lowe’s Cos., Inc.
  10,271     2,552,344
lululemon athletica, inc.(b)
  871        225,998
Macy’s, Inc.
  19,970        310,933
Marriott International, Inc., Class A
  3,301        774,712
McDonald’s Corp.
  5,712     1,648,826
MercadoLibre, Inc. (Brazil)(b)
  289        595,820
Meritage Homes Corp.(c)
  908        179,848
MGM Resorts International(b)(c)
  11,566        434,766
Mohawk Industries, Inc.(b)
  2,005        311,056
Murphy USA, Inc.(c)
  635        329,965
Newell Brands, Inc.
  23,690        167,962
NIKE, Inc., Class B
  20,010     1,667,233
Norwegian Cruise Line Holdings Ltd.(b)
  11,987        214,447
NVR, Inc.(b)
  48        440,278
ODP Corp. (The)(b)(c)
  3,812        117,600
O’Reilly Automotive, Inc.(b)
  651        735,610
PENN Entertainment, Inc.(b)(c)
  11,455        213,292
Polaris, Inc.
  2,326        196,896
Pool Corp.
  472        165,965
PulteGroup, Inc.
  4,480        589,792
PVH Corp.
  2,215        218,598
Ralph Lauren Corp.
  1,229        210,479
RH(b)(c)
  647        164,144
Ross Stores, Inc.
  4,267        642,653
Royal Caribbean Cruises Ltd.(b)
  2,608        429,329
Service Corp. International(c)
  2,601        203,580
Signet Jewelers Ltd.(c)
  1,569        131,953
Skechers U.S.A., Inc., Class A(b)
  2,986        204,481
Starbucks Corp.
  12,382     1,170,966
Tapestry, Inc.
  6,408        262,536
Taylor Morrison Home Corp., Class A(b)
  3,779        254,440
Tesla, Inc.(b)
  11,796     2,525,642
Thor Industries, Inc.(c)
  2,190        234,899
TJX Cos., Inc. (The)
  13,680     1,604,254
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
  Shares   Value
Consumer Discretionary-(continued)
Toll Brothers, Inc.
  2,605   $    375,302
Tractor Supply Co.
  1,314        351,561
Ulta Beauty, Inc.(b)
  851        300,267
V.F. Corp.
  16,531        301,030
Vail Resorts, Inc.(c)
  821        149,176
Valvoline, Inc.(b)
  4,135        174,497
Whirlpool Corp.
  3,489        349,912
Williams-Sonoma, Inc.
  1,646        221,107
Yum! Brands, Inc.
  1,104       148,952
        64,635,093
Consumer Staples-8.71%
Albertson’s Cos., Inc., Class A(c)
  36,732        720,682
Altria Group, Inc.
  35,563     1,912,223
Andersons, Inc. (The)(c)
  4,243        216,266
Archer-Daniels-Midland Co.
  30,640     1,868,734
BJ’s Wholesale Club Holdings, Inc.(b)
  3,217        257,231
Brown-Forman Corp., Class B(c)
  3,778        172,239
Bunge Global S.A.
  8,450        856,661
Campbell Soup Co.
  3,945        196,145
Casey’s General Stores, Inc.
  727        263,399
Church & Dwight Co., Inc.
  2,088        212,725
Clorox Co. (The)
  1,443        228,441
Coca-Cola Co. (The)
  39,759     2,881,335
Colgate-Palmolive Co.
  7,679        817,813
Conagra Brands, Inc.
  13,345        416,364
Constellation Brands, Inc., Class A
  2,434        585,888
Costco Wholesale Corp.
  4,602     4,106,733
Darling Ingredients, Inc.(b)(c)
  4,374        182,527
Dollar General Corp.(c)
  5,281        438,165
Dollar Tree, Inc.(b)
  5,281        446,192
Estee Lauder Cos., Inc. (The), Class A
  3,588        328,876
General Mills, Inc.
  12,032        869,793
Hershey Co. (The)
  2,147        414,500
Hormel Foods Corp.
  10,110        329,081
Ingredion, Inc.(c)
  1,523        204,554
J.M. Smucker Co. (The)
  3,309        379,476
Kellanova
  5,837        470,521
Keurig Dr Pepper, Inc.
  20,174        738,570
Kimberly-Clark Corp.
  4,478        647,787
Kraft Heinz Co. (The)
  40,938     1,450,433
Kroger Co. (The)
  36,441     1,939,026
McCormick & Co., Inc.
  3,393        271,542
Molson Coors Beverage Co., Class B
  8,381        452,323
Mondelez International, Inc., Class A
  19,960     1,433,328
Monster Beverage Corp.(b)
  4,852        228,675
PepsiCo, Inc.
  15,032     2,598,732
Performance Food Group Co.(b)(c)
  8,007        597,642
Philip Morris International, Inc.
  16,506     2,035,025
Post Holdings, Inc.(b)
  1,750        202,598
Procter & Gamble Co. (The)
  25,499     4,374,098
Sysco Corp.
  14,061     1,096,336
Target Corp.
  11,788     1,810,873
Tyson Foods, Inc., Class A
  16,538     1,063,559
United Natural Foods, Inc.(b)(c)
  29,325        443,687
US Foods Holding Corp.(b)
  8,624        510,627
Walgreens Boots Alliance, Inc.
  85,377        789,737
Walmart, Inc.
  86,558     6,684,874
        49,146,036
  Shares   Value
Energy-10.06%
Antero Resources Corp.(b)
  8,043   $    217,081
APA Corp.
  14,181        404,017
Baker Hughes Co., Class A
  23,302        819,531
Cheniere Energy, Inc.
  6,629     1,228,089
Chesapeake Energy Corp.(c)
  5,372        400,160
Chevron Corp.
  60,445     8,942,838
Chord Energy Corp.
  1,787        265,244
Civitas Resources, Inc.
  4,157        254,949
CNX Resources Corp.(b)(c)
  7,741        214,193
ConocoPhillips
  35,062     3,989,705
Coterra Energy, Inc.
  27,179        661,265
CVR Energy, Inc.(c)
  7,164        182,109
Delek US Holdings, Inc.(c)
  8,152        166,464
Devon Energy Corp.
  18,181        814,145
Diamondback Energy, Inc.
  5,013        978,086
EOG Resources, Inc.
  14,856     1,913,750
EQT Corp.
  12,342        413,580
Exxon Mobil Corp.
  116,302    13,716,658
Halliburton Co.
  17,804        553,526
Helmerich & Payne, Inc.(c)
  4,126        134,631
Hess Corp.
  3,307        456,564
HF Sinclair Corp.
  12,605        619,410
Kinder Morgan, Inc.
  58,814     1,268,618
Marathon Oil Corp.
  28,458        815,322
Marathon Petroleum Corp.
  23,578     4,176,135
Matador Resources Co.
  3,059        173,507
Murphy Oil Corp.
  5,722        213,316
NOV, Inc.
  8,593        152,698
Occidental Petroleum Corp.
  31,731     1,808,032
ONEOK, Inc.
  9,257        854,977
Ovintiv, Inc.
  11,625        497,899
PBF Energy, Inc., Class A(c)
  11,251        383,209
Peabody Energy Corp.(c)
  9,568        223,987
Permian Resources Corp.
  11,413        162,521
Phillips 66
  20,498     2,876,074
Range Resources Corp.(c)
  5,154        154,002
Schlumberger N.V.
  23,322     1,025,935
SM Energy Co.(c)
  4,033        184,026
Southwestern Energy Co.(b)
  43,432        277,096
Targa Resources Corp.
  4,116        604,640
TechnipFMC PLC (United Kingdom)
  6,828        183,264
Valero Energy Corp.
  19,221     2,820,297
World Kinect Corp.(c)
  19,577       563,622
        56,765,172
Financials-9.12%
Affiliated Managers Group, Inc.(c)
  1,110        192,951
Allstate Corp. (The)
  7,607     1,437,267
American Express Co.
  10,615     2,745,570
American Financial Group, Inc.
  2,150        287,283
Aon PLC, Class A
  2,445        840,395
Arch Capital Group Ltd.(b)
  6,304        712,919
Assurant, Inc.
  1,569        308,073
Berkshire Hathaway, Inc., Class B(b)
  36,530    17,385,358
Blackstone, Inc., Class A
  8,180     1,164,505
Block, Inc., Class A(b)
  6,768        447,229
Bread Financial Holdings, Inc.
  5,004        291,083
Brown & Brown, Inc.
  1,708        179,562
Cboe Global Markets, Inc.
  970        199,238
Chubb Ltd.
  8,782     2,495,669
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Cincinnati Financial Corp.
  3,737   $    512,081
Corpay, Inc.(b)
  936        295,355
Everest Group Ltd.
  1,484        582,084
First American Financial Corp.(c)
  3,459        220,684
Fiserv, Inc.(b)
  9,507     1,659,922
Franklin Resources, Inc.
  8,484        171,716
Hartford Financial Services Group, Inc. (The)
  8,764     1,017,500
Janus Henderson Group PLC
  4,621        173,796
LPL Financial Holdings, Inc.
  1,167        261,805
Markel Group, Inc.(b)
  343        549,033
Marsh & McLennan Cos., Inc.
  4,460     1,014,695
Mastercard, Inc., Class A
  5,062     2,446,667
Moody’s Corp.
  822        400,922
MSCI, Inc.
  386        224,108
Nasdaq, Inc.
  3,573        257,542
NU Holdings Ltd., Class A (Brazil)(b)
  13,392        200,478
Old Republic International Corp.
  10,333        370,645
OneMain Holdings, Inc.
  6,357        314,099
PayPal Holdings, Inc.(b)
  22,672     1,642,133
Progressive Corp. (The)
  6,836     1,724,039
Reinsurance Group of America, Inc.
  2,705        597,156
RenaissanceRe Holdings Ltd. (Bermuda)
  1,291        328,934
StoneX Group, Inc.(b)(c)
  6,539        541,822
T. Rowe Price Group, Inc.
  3,827        405,815
TPG, Inc.(c)
  4,711        237,670
Tradeweb Markets, Inc., Class A
  1,363        161,161
Travelers Cos., Inc. (The)
  6,407     1,461,244
Visa, Inc., Class A
  13,998     3,868,627
W.R. Berkley Corp.
  7,268        433,900
Western Union Co. (The)(c)
  12,254        149,499
Willis Towers Watson PLC
  1,882       549,751
        51,461,985
Health Care-14.94%
Abbott Laboratories
  19,065     2,159,492
AbbVie, Inc.
  21,879     4,295,066
Agilent Technologies, Inc.
  2,345        335,147
Align Technology, Inc.(b)
  712        168,901
Amgen, Inc.
  4,595     1,533,949
Avantor, Inc.(b)
  7,632        197,211
Baxter International, Inc.
  11,335        430,050
Becton, Dickinson and Co.
  3,951        957,762
Biogen, Inc.(b)
  1,843        377,373
Boston Scientific Corp.(b)
  7,436        608,190
Bristol-Myers Squibb Co.
  64,166     3,205,092
Cardinal Health, Inc.
  23,141     2,608,453
Cencora, Inc.
  10,667     2,555,493
Centene Corp.(b)
  31,541     2,486,377
Cigna Group (The)
  11,551     4,179,267
Cooper Cos., Inc. (The)(b)
  1,882        198,984
CVS Health Corp.
  103,674     5,934,300
Danaher Corp.
  5,319     1,432,460
DaVita, Inc.(b)(c)
  1,892        285,541
DexCom, Inc.(b)
  1,337         92,708
Edwards Lifesciences Corp.(b)
  3,720        260,251
Elanco Animal Health, Inc.(b)
  9,428        145,851
Elevance Health, Inc.
  5,653     3,148,099
Eli Lilly and Co.
  1,708     1,639,714
GE HealthCare Technologies, Inc.
  4,359        369,730
Gilead Sciences, Inc.
  25,171     1,988,509
  Shares   Value
Health Care-(continued)
GRAIL, Inc.(b)(c)
  271   $      3,824
HCA Healthcare, Inc.
  3,825     1,513,132
Henry Schein, Inc.(b)
  3,448        243,256
Hologic, Inc.(b)
  3,354        272,479
Humana, Inc.
  5,090     1,804,252
Illumina, Inc.(b)
  1,514        198,940
Intuitive Surgical, Inc.(b)
  1,356        668,006
IQVIA Holdings, Inc.(b)
  1,991        500,836
Jazz Pharmaceuticals PLC(b)
  1,680        194,846
Johnson & Johnson
  34,046     5,646,870
Labcorp Holdings, Inc.
  2,328        535,184
McKesson Corp.
  5,830     3,271,096
Medtronic PLC
  23,174     2,052,753
Merck & Co., Inc.
  23,616     2,797,315
Mettler-Toledo International, Inc.(b)
  137        197,154
Moderna, Inc.(b)(c)
  3,085        238,779
Molina Healthcare, Inc.(b)
  1,354        473,616
Perrigo Co. PLC
  5,149        149,836
Pfizer, Inc.
  141,849     4,115,039
Quest Diagnostics, Inc.
  2,542        399,018
Regeneron Pharmaceuticals, Inc.(b)
  1,122     1,329,222
ResMed, Inc.(c)
  880        215,618
STERIS PLC
  1,022        246,404
Stryker Corp.
  2,238        806,620
Tenet Healthcare Corp.(b)
  2,771        459,543
Thermo Fisher Scientific, Inc.
  3,465     2,131,217
United Therapeutics Corp.(b)
  609        221,402
UnitedHealth Group, Inc.
  15,283     9,020,027
Universal Health Services, Inc., Class B
  1,900        452,143
Vertex Pharmaceuticals, Inc.(b)
  1,411        699,701
Viatris, Inc.
  64,259        776,249
West Pharmaceutical Services, Inc.
  455        142,702
Zimmer Biomet Holdings, Inc.
  3,531        407,689
Zoetis, Inc.
  2,930       537,626
        84,316,364
Industrials-10.34%
3M Co.
  12,079     1,626,920
A.O. Smith Corp.
  1,820        152,370
AECOM
  2,885        288,904
AGCO Corp.
  2,380        216,675
American Airlines Group, Inc.(b)(c)
  10,760        114,271
AMETEK, Inc.
  1,847        315,929
Atkore, Inc.
  1,031         96,223
Automatic Data Processing, Inc.
  3,272        902,777
Avis Budget Group, Inc.(c)
  4,374        358,624
Beacon Roofing Supply, Inc.(b)
  2,400        217,440
Boeing Co. (The)(b)
  4,460        774,880
Boise Cascade Co.
  1,284        174,136
Booz Allen Hamilton Holding Corp.
  1,241        197,046
Broadridge Financial Solutions, Inc.
  952        202,643
Builders FirstSource, Inc.(b)
  3,969        690,606
C.H. Robinson Worldwide, Inc.
  4,472        462,897
CACI International, Inc., Class A(b)
  396        193,296
Carlisle Cos., Inc.
  611        258,942
Carrier Global Corp.
  8,262        601,308
Caterpillar, Inc.
  6,859     2,442,490
Cintas Corp.
  429        345,396
Copart, Inc.(b)
  3,550        188,008
Core & Main, Inc., Class A(b)
  2,792       134,100
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
CSX Corp.
  36,040   $  1,235,091
Cummins, Inc.
  2,571        804,337
Deere & Co.
  5,389     2,078,753
Delta Air Lines, Inc.
  5,022        213,385
Dover Corp.
  1,555        289,277
Eaton Corp. PLC
  2,620        804,157
EMCOR Group, Inc.
  567        222,865
Emerson Electric Co.
  6,904        727,613
Equifax, Inc.
  830        254,918
Expeditors International of Washington, Inc.
  3,841        474,018
Fastenal Co.
  4,655        317,843
FedEx Corp.
  7,410     2,213,886
Fluor Corp.(b)(c)
  4,567        228,670
Fortive Corp.
  4,388        326,467
Fortune Brands Innovations, Inc.
  2,396        190,266
General Dynamics Corp.
  3,823     1,144,453
General Electric Co.
  13,359     2,332,749
GXO Logistics, Inc.(b)(c)
  3,056        152,953
Hertz Global Holdings, Inc.(b)(c)
  64,118        194,919
Honeywell International, Inc.
  8,044     1,672,428
Howmet Aerospace, Inc.
  2,587        250,059
Hubbell, Inc.
  435        173,965
Huntington Ingalls Industries, Inc.
  936        264,673
Illinois Tool Works, Inc.
  3,057        773,971
Ingersoll Rand, Inc.
  3,285        300,413
J.B. Hunt Transport Services, Inc.
  1,548        268,114
Jacobs Solutions, Inc.
  2,574        388,365
Johnson Controls International PLC
  11,657        849,212
Knight-Swift Transportation Holdings, Inc.
  5,123        268,343
L3Harris Technologies, Inc.
  3,459        818,642
Leidos Holdings, Inc.
  1,999        316,861
Lockheed Martin Corp.
  5,048     2,867,769
ManpowerGroup, Inc.
  3,503        258,942
Masco Corp.
  3,067        244,010
Norfolk Southern Corp.
  3,604        923,201
Northrop Grumman Corp.
  2,410     1,260,936
Old Dominion Freight Line, Inc.
  1,469        283,223
Oshkosh Corp.
  1,516        163,592
Otis Worldwide Corp.
  3,077        291,361
Owens Corning
  2,119        357,539
PACCAR, Inc.
  8,998        865,428
Parker-Hannifin Corp.
  1,186        711,837
Paychex, Inc.
  2,558        335,610
Quanta Services, Inc.
  1,382        380,230
Regal Rexnord Corp.
  1,306        219,160
Republic Services, Inc.
  2,074        431,828
Robert Half, Inc.
  2,460        154,168
Rockwell Automation, Inc.
  1,118        304,130
RTX Corp.
  31,983     3,944,783
Ryder System, Inc.
  2,782        404,058
Science Applications International Corp.(c)
  1,255        163,890
Snap-on, Inc.
  896        254,231
Southwest Airlines Co.
  5,615        162,386
SS&C Technologies Holdings, Inc.
  4,049        304,039
Stanley Black & Decker, Inc.
  4,834        494,808
Textron, Inc.
  4,899        446,789
Trane Technologies PLC
  1,680        607,589
TransDigm Group, Inc.
  200        274,642
TriNet Group, Inc.(c)
  1,670        171,726
Uber Technologies, Inc.(b)
  9,144       668,701
  Shares   Value
Industrials-(continued)
UFP Industries, Inc.
  1,551   $    188,710
Union Pacific Corp.
  6,325     1,619,769
United Airlines Holdings, Inc.(b)
  4,872        214,563
United Parcel Service, Inc., Class B
  18,729     2,407,613
United Rentals, Inc.
  969        718,281
Verisk Analytics, Inc.
  1,721        469,523
W.W. Grainger, Inc.
  427        420,561
Wabtec Corp.
  2,165        367,119
Waste Connections, Inc.
  2,093        390,344
Waste Management, Inc.
  4,132        876,149
Watsco, Inc.(c)
  382        181,610
WESCO International, Inc.
  1,544        255,347
WillScot Holdings Corp.(b)
  4,505        173,623
Xylem, Inc.
  1,711        235,314
ZIM Integrated Shipping Services Ltd. (Israel)(c)
  19,240       351,515
        58,328,194
Information Technology-17.70%
Accenture PLC, Class A (Ireland)
  7,758     2,652,848
Adobe, Inc.(b)
  3,137     1,801,924
Advanced Micro Devices, Inc.(b)
  8,309     1,234,385
Akamai Technologies, Inc.(b)
  2,831        288,309
Amdocs Ltd.
  2,797        243,255
Amkor Technology, Inc.
  5,605        184,404
Amphenol Corp., Class A
  7,744        522,333
ANSYS, Inc.(b)
  505        162,317
Apple, Inc.
  121,941    27,924,489
Applied Materials, Inc.
  6,733     1,328,152
AppLovin Corp., Class A(b)
  1,871        173,760
Arista Networks, Inc.(b)
  644        227,577
Arrow Electronics, Inc.(b)(c)
  4,046        546,534
Autodesk, Inc.(b)
  1,444        373,130
Avnet, Inc.
  5,964        329,093
Broadcom, Inc.
  26,026     4,237,553
Cadence Design Systems, Inc.(b)
  937        251,987
CDW Corp.
  1,766        398,480
Cisco Systems, Inc.
  74,913     3,786,103
Cognizant Technology Solutions Corp., Class A
  10,313        802,042
Coherent Corp.(b)
  2,725        212,414
Corning, Inc.
  15,499        648,633
Dell Technologies, Inc., Class C
  9,631     1,112,766
DXC Technology Co.(b)
  22,273        460,383
F5, Inc.(b)
  877        178,163
First Solar, Inc.(b)
  853        193,947
Flex Ltd.(b)
  16,522        536,800
Fortinet, Inc.(b)
  4,288        328,932
Gartner, Inc.(b)
  424        208,591
Gen Digital, Inc.
  8,539        225,942
GoDaddy, Inc., Class A(b)
  1,645        275,389
Hewlett Packard Enterprise Co.
  56,545     1,095,277
HP, Inc.
  28,137     1,017,997
Insight Enterprises, Inc.(b)(c)
  864        187,548
Intel Corp.
  101,858     2,244,950
International Business Machines Corp.
  14,460     2,922,800
Intuit, Inc.
  1,674     1,055,055
Jabil, Inc.
  4,831        527,932
Juniper Networks, Inc.
  6,805        264,578
Keysight Technologies, Inc.(b)
  1,756       270,635
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
KLA Corp.
  899   $    736,668
Kyndryl Holdings, Inc.(b)
  7,147        169,312
Lam Research Corp.
  1,072        880,123
Marvell Technology, Inc.
  5,910        450,578
Microchip Technology, Inc.
  6,249        513,418
Micron Technology, Inc.
  10,160        977,798
Microsoft Corp.
  37,464    15,627,733
Motorola Solutions, Inc.
  966        427,011
NetApp, Inc.
  2,901        350,209
NVIDIA Corp.
  38,709     4,620,693
ON Semiconductor Corp.(b)
  5,124        399,006
Oracle Corp.
  10,804     1,526,497
Palo Alto Networks, Inc.(b)
  996        361,269
Qorvo, Inc.(b)
  2,078        240,819
QUALCOMM, Inc.
  10,824     1,897,447
Roper Technologies, Inc.
  775        429,668
Salesforce, Inc.
  9,164     2,317,576
Seagate Technology Holdings PLC
  2,107        209,752
ServiceNow, Inc.(b)
  607        518,985
Skyworks Solutions, Inc.
  3,325        364,387
Snowflake, Inc., Class A(b)
  1,413        161,407
Synopsys, Inc.(b)
  701        364,226
TD SYNNEX Corp.
  5,711        693,430
TE Connectivity Ltd.
  4,837        742,963
Teledyne Technologies, Inc.(b)
  566        244,965
Teradyne, Inc.
  1,216        166,264
Texas Instruments, Inc.
  7,731     1,657,062
Twilio, Inc., Class A(b)
  3,997        250,852
VeriSign, Inc.(b)
  890        163,671
Western Digital Corp.(b)
  3,450        226,285
Workday, Inc., Class A(b)
  1,254        330,040
Xerox Holdings Corp.(c)
  13,047        147,822
Zoom Video Communications, Inc., Class A(b)
  3,914       270,379
        99,875,722
Materials-3.83%
Air Products and Chemicals, Inc.
  2,676        746,203
Albemarle Corp.
  2,757        248,819
Alcoa Corp.(c)
  4,980        159,858
Alpha Metallurgical Resources, Inc.(c)
  560        133,924
Amcor PLC
  40,414        462,336
Arch Resources, Inc.
  959        130,836
Avery Dennison Corp.
  925        205,211
Ball Corp.
  4,410        281,402
Berry Global Group, Inc.
  5,572        383,688
Celanese Corp.
  2,100        274,260
CF Industries Holdings, Inc.
  6,208        515,823
Cleveland-Cliffs, Inc.(b)(c)
  26,981        352,372
Commercial Metals Co.(c)
  4,178        223,899
Corteva, Inc.
  13,354        765,184
Crown Holdings, Inc.
  2,865        259,025
Dow, Inc.
  24,165     1,294,761
DuPont de Nemours, Inc.
  10,122        852,779
Eastman Chemical Co.
  3,085        315,811
Ecolab, Inc.
  1,823        461,547
Freeport-McMoRan, Inc.
  16,394        725,926
Graphic Packaging Holding Co.(c)
  7,461        223,308
Huntsman Corp.
  8,349        184,095
International Flavors & Fragrances, Inc.
  4,834        502,688
International Paper Co.(c)
  13,556       656,382
  Shares   Value
Materials-(continued)
Linde PLC
  5,014   $  2,397,945
LyondellBasell Industries N.V., Class A
  8,971        885,438
Martin Marietta Materials, Inc.
  511        272,956
Mosaic Co. (The)
  20,930        597,970
Newmont Corp.
  17,938        957,710
Nucor Corp.
  8,106     1,231,382
Olin Corp.
  5,211        227,564
Packaging Corp. of America
  1,664        348,675
PPG Industries, Inc.
  3,529        457,817
Reliance, Inc.(c)
  1,509        432,555
RPM International, Inc.(c)
  1,623        188,674
Sherwin-Williams Co. (The)
  2,076        766,812
Smurfit WestRock PLC
  9,221        437,260
Sonoco Products Co.
  2,772        156,812
Steel Dynamics, Inc.
  5,289        632,088
Ternium S.A., ADR (Mexico)
  12,905        434,511
United States Steel Corp.(c)
  14,441        547,458
Vulcan Materials Co.
  1,199       294,007
        21,627,771
Real Estate-0.65%
CBRE Group, Inc., Class A(b)
  6,120        704,657
CoStar Group, Inc.(b)
  1,858        143,623
Equinix, Inc.
  629        524,813
Host Hotels & Resorts, Inc.
  13,021        230,472
Iron Mountain, Inc.
  3,070        347,708
Jones Lang LaSalle, Inc.(b)
  1,449        369,828
Public Storage
  2,328        800,180
SBA Communications Corp., Class A
  939        212,834
Weyerhaeuser Co.
  11,821       360,422
        3,694,537
Utilities-1.28%
AES Corp. (The)
  17,907        306,747
CenterPoint Energy, Inc.
  18,089        493,830
CMS Energy Corp.
  5,417        367,598
Consolidated Edison, Inc.
  8,383        851,377
Constellation Energy Corp.
  1,027        202,011
DTE Energy Co.
  4,728        591,094
Exelon Corp.
  25,900        986,531
FirstEnergy Corp.
  11,892        522,297
National Fuel Gas Co.(c)
  2,722        162,667
NRG Energy, Inc.
  4,098        348,371
ONE Gas, Inc.
  2,435        167,869
PPL Corp.
  16,107        513,974
UGI Corp.(c)
  10,401        259,089
Vistra Corp.
  6,702        572,552
Xcel Energy, Inc.
  14,679       898,795
        7,244,802
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $520,394,776)
  564,057,513
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.05%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  4,669,544     4,669,544
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  12,519,908   $ 12,524,916
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $17,193,385)
  17,194,460
TOTAL INVESTMENTS IN SECURITIES-102.99%

(Cost $537,588,161)
  581,251,973
OTHER ASSETS LESS LIABILITIES-(2.99)%
  (16,865,465)
NET ASSETS-100.00%
  $564,386,508
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $6,418,980   $(6,418,980)   $-   $-   $-   $4,580
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,195,569   49,599,667   (47,125,692)   -   -   4,669,544   190,895*
Invesco Private Prime Fund 5,653,488   93,080,555   (86,212,432)   1,180   2,125   12,524,916   515,165*
Total $7,849,057   $149,099,202   $(139,757,104)   $1,180   $2,125   $17,194,460   $710,640
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco
Bloomberg
Pricing Power
ETF (POWA) 		  Invesco
RAFITM
Strategic US
ETF (IUS)
Assets:      
Unaffiliated investments in securities, at value(a)
$195,257,026   $564,057,513
Affiliated investments in securities, at value
23,005,509   17,194,460
Cash
765   -
Receivable for:      
Dividends
241,536   971,006
Securities lending
1,173   5,005
Investments sold
829,437   -
Fund shares sold
-   1,240,414
Expenses absorbed
986   -
Foreign tax reclaims
165   1,131
Total assets
219,336,597   583,469,529
Liabilities:      
Due to custodian
-   565,216
Payable for:      
Investments purchased
-   1,237,893
Collateral upon return of securities loaned
22,980,567   17,193,385
Fund shares repurchased
831,739   -
Accrued unitary management fees
65,966   86,527
Accrued trustees’ and officer’s fees
98   -
Accrued expenses
30,121   -
Total liabilities
23,908,491   19,083,021
Net Assets
$195,428,106   $564,386,508
Net assets consist of:      
Shares of beneficial interest
$250,213,631   $533,761,730
Distributable earnings (loss)
(54,785,525)   30,624,778
Net Assets
$195,428,106   $564,386,508
Shares outstanding (unlimited amount authorized, $0.01 par value)
2,350,000   11,375,001
Net asset value
$83.16   $49.62
Market price
$83.16   $49.62
Unaffiliated investments in securities, at cost
$170,745,648   $520,394,776
Affiliated investments in securities, at cost
$23,004,626   $17,193,385
(a)Includes securities on loan with an aggregate value of:
$22,623,051   $16,819,733
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Operations
For the year ended August 31, 2024
  Invesco
Bloomberg
Pricing Power
ETF (POWA) 		  Invesco
RAFITM
Strategic US
ETF (IUS)
Investment income:      
Unaffiliated dividend income
$2,618,928   $7,231,111
Affiliated dividend income
5,203   4,580
Securities lending income, net
13,810   99,298
Foreign withholding tax
-   (7,685)
Total investment income
2,637,941   7,327,304
Expenses:      
Unitary management fees
784,371   721,880
Other expenses
58,465   -
Total expenses
842,836   721,880
Less: Waivers
(97)   (84)
Net expenses
842,739   721,796
Net investment income
1,795,202   6,605,508
Realized and unrealized gain (loss) from:      
Net realized gain (loss) from:      
Unaffiliated investment securities
4,170,143   (5,633,839)
Affiliated investment securities
(3,938)   2,125
In-kind redemptions
15,050,133   37,483,109
Net realized gain
19,216,338   31,851,395
Change in net unrealized appreciation of:      
Unaffiliated investment securities
18,304,492   40,349,890
Affiliated investment securities
883   1,180
Change in net unrealized appreciation
18,305,375   40,351,070
Net realized and unrealized gain
37,521,713   72,202,465
Net increase in net assets resulting from operations
$39,316,915   $78,807,973
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco Bloomberg Pricing
Power ETF (POWA) 		  Invesco RAFITM
Strategic US ETF (IUS)
  2024   2023   2024   2023
Operations:              
Net investment income
$1,795,202   $3,825,428   $6,605,508   $3,567,091
Net realized gain
19,216,338   8,518,338   31,851,395   14,278,630
Change in net unrealized appreciation
18,305,375   1,748,510   40,351,070   6,266,534
Net increase in net assets resulting from operations
39,316,915   14,092,276   78,807,973   24,112,255
Distributions to Shareholders from:              
Distributable earnings
(3,149,107)   (4,063,244)   (5,696,003)   (3,191,512)
Shareholder Transactions:              
Proceeds from shares sold
88,775,619   138,251,132   396,365,299   172,451,669
Value of shares repurchased
(146,832,662)   (196,076,496)   (127,311,154)   (122,753,363)
Net increase (decrease) in net assets resulting from share transactions
(58,057,043)   (57,825,364)   269,054,145   49,698,306
Net increase (decrease) in net assets
(21,889,235)   (47,796,332)   342,166,115   70,619,049
Net assets:              
Beginning of year
217,317,341   265,113,673   222,220,393   151,601,344
End of year
$195,428,106   $217,317,341   $564,386,508   $222,220,393
Changes in Shares Outstanding:              
Shares sold
1,150,000   2,060,000   8,725,000   4,500,000
Shares repurchased
(1,960,000)   (2,940,000)   (2,725,000)   (3,250,000)
Shares outstanding, beginning of year
3,160,000   4,040,000   5,375,001   4,125,001
Shares outstanding, end of year
2,350,000   3,160,000   11,375,001   5,375,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights
Invesco Bloomberg Pricing Power ETF (POWA)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$68.77   $65.62   $69.50   $56.99   $53.27
Net investment income(a)
0.67   1.03   0.92   0.64   0.75
Net realized and unrealized gain (loss) on investments
14.88   3.10   (4.02)   12.66   3.62
Total from investment operations
15.55   4.13   (3.10)   13.30   4.37
Distributions to shareholders from:                  
Net investment income
(1.16)   (0.98)   (0.78)   (0.79)   (0.65)
Net asset value at end of year
$83.16   $68.77   $65.62   $69.50   $56.99
Market price at end of year(b)
$83.16   $68.79   $65.68   $69.47   $57.08
Net Asset Value Total Return(c)
22.90%   6.36%   (4.54)%   23.61%   8.22%
Market Price Total Return(c)
22.85%   6.29%   (4.40)%   23.36%   8.34%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$195,428   $217,317   $265,114   $300,920   $307,735
Ratio to average net assets of:                  
Expenses
0.43%   0.53%   0.54%   0.55%   0.53%
Net investment income
0.92%   1.54%   1.35%   1.05%   1.42%
Portfolio turnover rate(d)
96%   195%   134%   121%   136%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.
Invesco RAFITM Strategic US ETF (IUS)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$41.34   $36.75   $38.50   $28.08   $24.93
Net investment income(a)
0.79   0.69   0.64   0.56   0.54
Net realized and unrealized gain (loss) on investments
8.24   4.55   (1.72)   10.40   3.13
Total from investment operations
9.03   5.24   (1.08)   10.96   3.67
Distributions to shareholders from:                  
Net investment income
(0.75)   (0.65)   (0.67)   (0.54)   (0.52)
Net asset value at end of year
$49.62   $41.34   $36.75   $38.50   $28.08
Market price at end of year(b)
$49.62   $41.34   $36.79   $38.52   $28.14
Net Asset Value Total Return(c)
22.08%   14.46%   (2.84)%   39.47%   15.17%
Market Price Total Return(c)
22.08%   14.34%   (2.78)%   39.25%   15.38%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$564,387   $222,220   $151,601   $180,010   $143,213
Ratio to average net assets of:                  
Expenses
0.19%   0.19%   0.19%   0.19%   0.19%
Net investment income
1.74%   1.81%   1.65%   1.69%   2.09%
Portfolio turnover rate(d)
14%   13%   10%   15%   15%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco Bloomberg Pricing Power ETF (POWA)   "Bloomberg Pricing Power ETF"
Invesco RAFITM Strategic US ETF (IUS)   "RAFITM Strategic US ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Bloomberg Pricing Power ETF’s Shares are listed and traded on NYSE Arca, Inc. RAFITM Strategic US ETF’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
Bloomberg Pricing Power ETF   Bloomberg Pricing Power Index
RAFITM Strategic US ETF   Invesco Strategic US Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.
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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, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
Bloomberg Pricing Power ETF $1,436
RAFITM Strategic US ETF 2,739
 
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. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Portfolio Turnover Risk. Bloomberg Pricing Power ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property
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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 Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
Bloomberg Pricing Power ETF 0.40%
RAFITM Strategic US ETF 0.19%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
Bloomberg Pricing Power ETF $97
RAFITM Strategic US ETF 84
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
Bloomberg Pricing Power ETF   Bloomberg Index Services Limited
RAFITM Strategic US ETF   Invesco Indexing LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Bloomberg Pricing Power ETF $9,986
RAFITM Strategic US ETF 617
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Fund engaged in transactions with affiliates as listed below:
  Securities Purchases   Securities Sales   Net Realized Gains
RAFITM Strategic US ETF $24,195   $-   $-
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Bloomberg Pricing Power ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $195,257,026   $-   $-   $195,257,026
Money Market Funds 24,059   22,981,450   -   23,005,509
Total Investments $195,281,085   $22,981,450   $-   $218,262,535
RAFITM Strategic US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $564,057,513   $-   $-   $564,057,513
Money Market Funds -   17,194,460   -   17,194,460
Total Investments $564,057,513   $17,194,460   $-   $581,251,973
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
Bloomberg Pricing Power ETF $3,149,107   $4,063,244
RAFITM Strategic US ETF 5,696,003   3,191,512
    
* Includes short-term capital gain distributions, if any.
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Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
Bloomberg Pricing Power ETF $997,295   $23,592,649   $(79,375,469)   $250,213,631   $195,428,106
RAFITM Strategic US ETF 1,754,818   43,305,167   (14,435,207)   533,761,730   564,386,508
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
Bloomberg Pricing Power ETF $79,375,469   $-   $79,375,469
RAFITM Strategic US ETF 7,882,840   6,552,367   14,435,207
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
Bloomberg Pricing Power ETF $188,065,244   $189,894,417
RAFITM Strategic US ETF 55,754,013   54,564,086
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
Bloomberg Pricing Power ETF $88,703,670   $146,245,936
RAFITM Strategic US ETF 394,740,731   126,078,315
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation 		  Cost
Bloomberg Pricing Power ETF $26,998,104   $(3,405,455)   $23,592,649   $194,669,886
RAFITM Strategic US ETF 61,021,643   (17,716,476)   43,305,167   537,946,806
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
Bloomberg Pricing Power ETF $-   $(14,817,902)   $14,817,902
RAFITM Strategic US ETF 2,246   (37,352,328)   37,350,082
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
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The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Bloomberg Pricing Power ETF and Invesco RAFITM Strategic US ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg Pricing Power ETF and Invesco RAFITM Strategic US ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco Bloomberg Pricing Power ETF 0%   100%   100%   0%   0%
Invesco RAFITM Strategic US ETF 0%   100%   100%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF   
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
 
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds. 
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF;
• 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;   
• 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF;  
• 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;   
• 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;   
• 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;   
• 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;   
• 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;  
• 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and   
• 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco Bloomberg Pricing Power ETF           X
Invesco BulletShares 2024 Corporate Bond ETF   X       X
Invesco BulletShares 2025 Corporate Bond ETF   X       X
Invesco BulletShares 2026 Corporate Bond ETF   X       X
Invesco BulletShares 2027 Corporate Bond ETF   X       X
Invesco BulletShares 2028 Corporate Bond ETF   X       X
Invesco BulletShares 2029 Corporate Bond ETF   X       X
Invesco BulletShares 2030 Corporate Bond ETF   X       X
Invesco BulletShares 2031 Corporate Bond ETF   X       X
27
Table of Contents
Approval of Investment Advisory Contracts—(continued)
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco BulletShares 2032 Corporate Bond ETF   X       X
Invesco BulletShares 2024 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2025 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2026 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2027 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2028 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2029 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2030 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2024 Municipal Bond ETF       N/A   X
Invesco BulletShares 2025 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2026 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2027 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2028 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2029 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2030 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2031 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2032 Municipal Bond ETF   X       X
Invesco International Developed Dynamic Multifactor ETF           X
Invesco Investment Grade Defensive ETF   X   X   X
Invesco Racial and Gender Diversity ETF   X   X   X
Invesco RAFITM Strategic US ETF   X       X
Invesco Russell 1000® Dynamic Multifactor ETF   X       X
Invesco Russell 2000® Dynamic Multifactor ETF           X
    
* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser. 
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
28
Table of Contents
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser. 
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
29
Table of Contents
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
30
Table of Contents
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-SIEI-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
IMFL Invesco International Developed Dynamic Multifactor ETF
OMFL Invesco Russell 1000® Dynamic Multifactor ETF
OMFS Invesco Russell 2000® Dynamic Multifactor ETF
Table of Contents
Schedules of Investments  
3
8
12
19
20
21
22
24
34
35
36
40
2
Table of Contents
Invesco International Developed Dynamic Multifactor ETF (IMFL)
August 31, 2024
Schedule of Investments
  Shares   Value
Common Stocks & Other Equity Interests-99.83%
Australia-7.45%
Ampol Ltd.
  4,417   $     86,701
ANZ Group Holdings Ltd.
  32,791        676,360
Aristocrat Leisure Ltd.
  38,050     1,412,444
Aurizon Holdings Ltd.
  41,709         95,653
BHP Group Ltd.
  63,727     1,762,845
BlueScope Steel Ltd.
  7,433        104,194
Brambles Ltd.
  69,713        862,284
Cochlear Ltd.
  8,588     1,750,244
Coles Group Ltd.
  12,762        162,703
Commonwealth Bank of Australia
  18,604     1,760,883
Computershare Ltd.
  104,831     2,022,165
CSL Ltd.
  1,009        210,284
Deterra Royalties Ltd.
  31,863         79,558
Fortescue Ltd.
  23,822        295,302
Goodman Group
  242,175     5,488,147
Insurance Australia Group Ltd.
  191,904        983,062
James Hardie Industries PLC, CDI(a)
  13,440        502,277
JB Hi-Fi Ltd.
  7,985        431,096
Macquarie Group Ltd.
  2,962        433,396
Medibank Pvt. Ltd.
  547,257     1,433,272
National Australia Bank Ltd.
  23,313        603,768
QBE Insurance Group Ltd.
  32,140        344,333
REA Group Ltd.
  4,649        690,802
Reece Ltd.
  11,773        218,391
Rio Tinto Ltd.
  15,105     1,143,248
Rio Tinto PLC
  27,080     1,697,638
Seven Group Holdings Ltd.
  5,715        159,293
Steadfast Group Ltd.
  47,100        206,764
Suncorp Group Ltd.
  13,137        157,501
Transurban Group
  12,683        116,603
Washington H Soul Pattinson & Co. Ltd.
  7,358        172,238
Wesfarmers Ltd.
  157,321     7,749,493
Westpac Banking Corp.
  25,213        534,424
Woodside Energy Group Ltd.
  6,313        116,465
Woolworths Group Ltd.
  13,898       336,455
        34,800,286
Austria-0.06%
Mondi PLC
  15,671       303,167
Belgium-0.12%
Lotus Bakeries N.V.(b)
  26        327,510
UCB S.A.
  1,256       227,586
        555,096
Canada-2.92%
Alimentation Couche-Tard, Inc.
  36,087     2,059,857
Brookfield Asset Management Ltd., Class A(b)
  13,696        558,307
Canadian National Railway Co.
  15,965     1,880,974
Canadian Pacific Kansas City Ltd.
  7,300        605,937
CGI, Inc., Class A(a)
  4,635        522,153
Constellation Software, Inc.
  437     1,426,898
Dollarama, Inc.
  7,358        745,218
Intact Financial Corp.
  662        124,580
Loblaw Cos. Ltd.
  3,378        440,825
Metro, Inc.
  2,695        169,289
Thomson Reuters Corp.
  29,823     5,107,583
        13,641,621
  Shares   Value
Denmark-5.36%
Novo Nordisk A/S, Class B
  177,158   $ 24,662,678
Novonesis (Novozymes) B, Class B
  5,001       347,322
        25,010,000
Finland-0.38%
Kone OYJ, Class B
  15,368        830,129
Sampo OYJ
  14,853        664,372
UPM-Kymmene OYJ
  8,918       301,866
        1,796,367
France-8.00%
Air Liquide S.A.
  15,503     2,895,282
Airbus SE
  1,107        170,101
Bouygues S.A.
  2,909        104,359
Capgemini SE
  2,595        538,576
Cie de Saint-Gobain S.A.
  9,074        794,281
Cie Generale des Etablissements Michelin S.C.A.
  13,834        543,760
Danone S.A.
  5,582        388,024
Dassault Systemes SE
  7,038        274,844
ENGIE S.A.
  28,932        510,156
EssilorLuxottica S.A.
  5,887     1,395,796
Hermes International S.C.A.
  3,341     8,021,298
Legrand S.A.
  4,899        548,778
L’Oreal S.A.
  22,719     9,973,568
LVMH Moet Hennessy Louis Vuitton SE
  897        669,506
Orange S.A.
  15,652        178,450
Publicis Groupe S.A.
  8,731        960,830
Safran S.A.
  898        196,762
Schneider Electric SE
  31,088     7,904,281
Thales S.A.
  781        131,402
TotalEnergies SE
  6,506        447,861
Veolia Environnement S.A.
  4,613        152,878
Vinci S.A.
  4,724       565,516
        37,366,309
Germany-8.33%
adidas AG
  535        137,388
Allianz SE
  20,095     6,248,106
BASF SE
  3,323        168,647
Bayerische Motoren Werke AG
  5,701        528,941
Bayerische Motoren Werke AG, Preference Shares
  1,142         98,851
Beiersdorf AG
  9,767     1,413,551
Brenntag SE
  8,871        660,054
Deutsche Post AG
  24,336     1,055,951
Deutsche Telekom AG
  59,236     1,685,763
E.ON SE
  114,651     1,625,682
FUCHS SE, Preference Shares
  2,826        119,055
Hannover Rueck SE
  624        177,028
Heidelberg Materials AG
  4,557        482,523
Henkel AG & Co. KGaA, Preference Shares
  2,398        219,674
Merck KGaA
  1,178        229,296
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R
  615        333,088
Rational AG
  228        230,038
SAP SE
  90,494    19,805,190
Scout24 SE(c)
  8,230       629,487
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
  Shares   Value
Germany-(continued)
Siemens AG
  15,537   $  2,922,270
Siemens Healthineers AG(c)
  2,414       140,497
        38,911,080
Hong Kong-1.39%
AIA Group Ltd.
  20,315        144,411
CK Asset Holdings Ltd.
  35,500        143,586
CK Hutchison Holdings Ltd.
  65,580        361,933
CK Infrastructure Holdings Ltd.
  51,280        380,636
CLP Holdings Ltd.
  174,055     1,559,721
Hong Kong & China Gas Co. Ltd. (The)
  365,146        297,251
Hong Kong Exchanges & Clearing Ltd.
  14,990        461,976
Jardine Matheson Holdings Ltd.
  5,054        182,146
Link REIT
  99,500        470,687
Power Assets Holdings Ltd.
  302,750     2,113,320
Sun Hung Kai Properties Ltd.
  13,315        130,497
WH Group Ltd.
  355,968       259,204
        6,505,368
Ireland-0.06%
Glanbia PLC(b)
  6,104        108,104
Kingspan Group PLC
  2,262       197,050
        305,154
Israel-0.10%
Elbit Systems Ltd.
  1,415        291,347
Nice Ltd.(a)
  1,025       183,045
        474,392
Italy-2.14%
A2A S.p.A.
  81,879        186,883
Coca-Cola HBC AG(a)
  5,380        199,393
Enel S.p.A.
  152,550     1,159,039
Ferrari N.V.
  15,995     7,917,620
Hera S.p.A.
  70,513        271,617
Prysmian S.p.A.
  3,431       240,779
        9,975,331
Japan-20.05%
Ajinomoto Co., Inc.
  6,215        238,902
Amada Co. Ltd.
  18,045        185,897
Amano Corp.
  7,595        228,207
Azbil Corp.
  3,450        113,377
Bandai Namco Holdings, Inc.
  12,525        268,986
Bridgestone Corp.
  24,850        969,731
Canon, Inc.
  45,265     1,559,661
Central Japan Railway Co.
  7,200        167,137
Chubu Electric Power Co., Inc.
  56,973        711,747
Chugai Pharmaceutical Co. Ltd.
  80,075     4,060,807
COMSYS Holdings Corp.
  5,901        129,931
Daifuku Co. Ltd.
  4,930         95,075
Daito Trust Construction Co. Ltd.
  4,849        599,444
Daiwa House Industry Co. Ltd.
  8,380        258,355
Denso Corp.
  81,060     1,247,312
Disco Corp.
  1,970        577,179
East Japan Railway Co.
  10,255        197,310
Ebara Corp.
  7,500        101,550
ENEOS Holdings, Inc.
  244,693     1,326,775
Fast Retailing Co. Ltd.(b)
  985        315,582
Fuji Electric Co. Ltd.
  2,606        155,997
FUJIFILM Holdings Corp.
  14,400        386,196
Fujitsu Ltd.
  23,670       435,263
  Shares   Value
Japan-(continued)
Hitachi Ltd.
  273,855   $  6,718,245
Honda Motor Co. Ltd.
  134,020     1,461,651
Hoya Corp.
  12,920     1,827,461
Hulic Co. Ltd.
  17,267        178,653
Idemitsu Kosan Co. Ltd.
  58,457        425,164
ITOCHU Corp.
  83,330     4,410,157
Iwatani Corp.
  2,112        128,340
Japan Tobacco, Inc.
  46,645     1,346,444
Kamigumi Co. Ltd.
  4,803        108,328
Kandenko Co. Ltd.
  12,643        187,381
Kansai Electric Power Co., Inc. (The)
  25,145        446,412
Kao Corp.
  2,665        119,793
KDDI Corp.
  23,765        801,552
Keisei Electric Railway Co. Ltd.
  2,565         81,052
Keyence Corp.
  1,875        896,389
Kikkoman Corp.
  13,510        152,446
Kinden Corp.
  25,137        538,631
Komatsu Ltd.
  13,705        381,769
Kuraray Co. Ltd.
  9,960        130,652
Kyocera Corp.
  38,065        468,607
Kyudenko Corp.
  2,683        120,602
Kyushu Electric Power Co., Inc.
  25,341        268,630
Mabuchi Motor Co. Ltd.
  8,682        130,494
Marubeni Corp.
  31,160        532,227
Maruichi Steel Tube Ltd.
  5,750        137,940
McDonald’s Holdings Co. (Japan) Ltd.
  6,115        269,202
Medipal Holdings Corp.
  7,384        129,444
Mitsubishi Corp.
  374,245     7,744,241
Mitsubishi Electric Corp.
  65,875     1,104,364
Mitsubishi Estate Co. Ltd.
  6,605        113,429
Mitsubishi Heavy Industries Ltd.
  21,795        290,765
Mitsubishi Logistics Corp.
  4,045        142,070
Mitsubishi UFJ Financial Group, Inc.
  21,500        225,624
Mitsui & Co. Ltd.
  212,910     4,566,587
Mitsui Fudosan Co. Ltd.
  13,410        144,410
Murata Manufacturing Co. Ltd.
  9,960        207,470
NEC Corp.
  1,480        130,766
Nintendo Co. Ltd.
  183,425     9,954,496
Nippon Telegraph & Telephone Corp.
  374,935        400,930
Niterra Co. Ltd.
  3,702        109,378
Nitori Holdings Co. Ltd.
  1,380        205,856
Nitto Denko Corp.
  13,805     1,148,639
NOF Corp.
  7,225        112,589
Nomura Research Institute Ltd.
  6,115        206,206
Obayashi Corp.
  63,571        813,821
OBIC Co. Ltd.
  790        137,269
Oriental Land Co. Ltd.
  23,865        653,642
ORIX Corp.
  9,075        227,116
Osaka Gas Co. Ltd.
  17,945        442,940
Otsuka Corp.
  9,960        237,089
Otsuka Holdings Co. Ltd.
  13,410        787,810
Recruit Holdings Co. Ltd.
  35,700     2,218,179
Sankyo Co. Ltd.
  28,300        407,673
Sanwa Holdings Corp.
  17,887        407,480
SECOM Co. Ltd.
  19,820     1,445,612
Sekisui House Ltd.
  5,820        150,052
Shimizu Corp.
  26,951        180,210
Shin-Etsu Chemical Co. Ltd.
  150,980     6,659,068
Shionogi & Co. Ltd.
  5,520        258,059
Skylark Holdings Co. Ltd.
  13,215       202,620
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
  Shares   Value
Japan-(continued)
SMC Corp.
  690   $    317,503
SoftBank Corp.
  64,100        897,193
Sojitz Corp.
  7,421        177,109
Sony Group Corp.
  3,055        297,936
Subaru Corp.
  36,470        691,428
Sumitomo Corp.
  37,965        898,509
Sumitomo Electric Industries Ltd.
  13,905        230,007
Sumitomo Mitsui Financial Group, Inc.
  2,760        181,024
Suzuken Co. Ltd.
  4,652        164,859
Suzuki Motor Corp.
  13,510        157,132
Tohoku Electric Power Co., Inc.
  33,035        300,504
Tokio Marine Holdings, Inc.
  13,510        510,876
Tokyo Electron Ltd.
  5,820     1,031,456
Tokyo Gas Co. Ltd.
  25,059        627,142
Tokyo Ohka Kogyo Co. Ltd.
  3,461         85,999
TOPPAN Holdings, Inc.
  7,749        233,260
Toyo Suisan Kaisha Ltd.
  5,377        335,497
Toyota Industries Corp.
  3,945        309,954
Toyota Motor Corp.
  336,870     6,384,346
Toyota Tsusho Corp.
  23,470        450,122
USS Co. Ltd.
  11,930        109,710
Yamato Kogyo Co. Ltd.
  3,845        191,583
Yamazaki Baking Co. Ltd.
  5,896        109,271
Zensho Holdings Co. Ltd.
  3,355       175,164
        93,632,131
Jordan-0.04%
Hikma Pharmaceuticals PLC
  6,527       170,104
Netherlands-3.31%
ASML Holding N.V.
  7,483     6,725,745
EXOR N.V.
  13,048     1,452,950
Heineken N.V.
  1,199        108,111
Koninklijke Ahold Delhaize N.V.
  8,693        298,868
Koninklijke KPN N.V.
  42,127        172,206
Koninklijke Philips N.V.(a)
  10,111        304,531
Universal Music Group N.V.
  35,539        929,560
Wolters Kluwer N.V.
  31,923     5,446,981
        15,438,952
New Zealand-0.16%
Fisher & Paykel Healthcare Corp. Ltd.
  14,828        330,266
Infratil Ltd.
  15,877        109,665
Spark New Zealand Ltd.
  135,081       303,404
        743,335
Norway-0.43%
Equinor ASA
  5,520        146,700
Kongsberg Gruppen ASA
  11,066     1,172,188
Mowi ASA
  12,829        223,704
Orkla ASA
  18,697        166,279
SalMar ASA
  5,641       293,442
        2,002,313
Poland-0.03%
ORLEN S.A.
  7,128       118,748
Portugal-0.15%
Galp Energia SGPS S.A.
  13,489        280,105
Jeronimo Martins SGPS S.A.
  22,530       417,470
        697,575
  Shares   Value
Singapore-0.65%
ComfortDelGro Corp. Ltd.
  146,115   $    159,180
DBS Group Holdings Ltd.
  14,300        398,901
Keppel Ltd.
  72,975        345,434
Oversea-Chinese Banking Corp. Ltd.
  38,855        433,726
Singapore Airlines Ltd.(b)
  43,322        208,725
Singapore Exchange Ltd.
  106,305        883,258
Singapore Technologies Engineering Ltd.
  43,490        148,476
Singapore Telecommunications Ltd.
  115,085        276,356
United Overseas Bank Ltd.
  6,805       163,880
        3,017,936
South Korea-7.41%
GS Holdings Corp.
  7,545        255,011
Hana Financial Group, Inc.
  3,728        172,746
Hankook Tire & Technology Co. Ltd.
  5,340        173,489
Hyundai Glovis Co. Ltd.
  2,515        210,862
Hyundai Mobis Co. Ltd.
  3,072        500,176
Hyundai Motor Co.
  4,624        884,405
Hyundai Motor Co., First Pfd.
  1,051        142,798
Hyundai Motor Co., Second Pfd.
  1,985        274,900
KB Financial Group, Inc.
  6,177        397,203
Kia Corp.
  33,823     2,686,395
Korea Aerospace Industries Ltd.
  7,949        323,113
KT&G Corp.
  10,556        855,006
LG Corp.
  2,571        152,430
NAVER Corp.
  837        105,952
POSCO Holdings, Inc.
  407        103,589
S-1 Corp.
  2,920        129,622
Samsung Biologics Co. Ltd.(a)(c)
  523        383,681
Samsung C&T Corp.
  19,451     2,150,625
Samsung Electronics Co. Ltd.
  342,242    19,035,506
Samsung Electronics Co. Ltd., Preference Shares
  59,120     2,655,388
Samsung Fire & Marine Insurance Co. Ltd.
  1,343        348,355
Samsung SDS Co. Ltd.
  5,439        613,585
Shinhan Financial Group Co. Ltd.
  10,416        437,428
Woori Financial Group, Inc.
  14,513        174,045
Yuhan Corp.
  13,599     1,435,385
        34,601,695
Spain-1.67%
Aena SME S.A.(c)
  1,456        294,286
Iberdrola S.A.
  30,756        436,442
Industria de Diseno Textil S.A.
  128,301     6,955,966
Telefonica S.A.(b)
  24,405       110,595
        7,797,289
Sweden-3.52%
Assa Abloy AB, Class B
  3,740        120,920
Atlas Copco AB, Class A
  134,413     2,443,276
Atlas Copco AB, Class B
  67,904     1,082,141
Industrivarden AB, Class A
  17,868        644,178
Industrivarden AB, Class C(b)
  21,648        778,764
Investor AB, Class A
  56,676     1,682,999
Investor AB, Class B
  293,777     8,759,593
Securitas AB, Class B(b)
  12,703        148,852
Trelleborg AB, Class B
  5,407        211,301
Volvo AB, Class B
  20,641       549,446
        16,421,470
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
  Shares   Value
Switzerland-9.91%
ABB Ltd.
  107,831   $  6,180,472
Chocoladefabriken Lindt & Spruengli AG
  4        523,307
Chocoladefabriken Lindt & Spruengli AG, PC
  32        423,172
Cie Financiere Richemont S.A.
  939        148,135
Geberit AG
  1,152        734,554
Givaudan S.A.
  343     1,760,985
Kuehne + Nagel International AG, Class R(a)
  3,326     1,031,376
Logitech International S.A., Class R
  4,347        393,584
Lonza Group AG(a)
  1,386        907,610
Nestle S.A.
  24,319     2,608,893
Novartis AG
  210,035    25,279,951
Partners Group Holding AG
  2,788     4,012,196
Sandoz Group AG
  6,678        293,582
Schindler Holding AG
  1,055        285,370
Schindler Holding AG, PC
  1,988        552,502
SGS S.A.
  1,855        206,915
Sonova Holding AG, Class A
  1,052        366,765
Straumann Holding AG(a)
  949        140,317
Swisscom AG
  214        135,319
VAT Group AG(c)
  240        123,670
Zurich Insurance Group AG
  283       163,906
        46,272,581
United Kingdom-10.56%
3i Group PLC
  253,552    10,593,408
Admiral Group PLC
  51,603     1,978,966
Associated British Foods PLC
  10,267        335,986
AstraZeneca PLC
  14,582     2,543,882
Auto Trader Group PLC(c)
  40,191        449,507
B&M European Value Retail S.A.
  27,474        160,679
BAE Systems PLC
  387,507     6,941,503
Berkeley Group Holdings PLC (The)
  3,375        221,070
British American Tobacco PLC
  6,083        226,726
Compass Group PLC
  59,780     1,884,796
DCC PLC
  8,639        607,997
Diageo PLC
  11,153        362,415
DS Smith PLC
  27,386        168,443
Haleon PLC
  120,402        604,471
Halma PLC
  3,465        118,674
Hargreaves Lansdown PLC
  14,407        210,361
Howden Joinery Group PLC
  19,432        243,127
HSBC Holdings PLC
  30,424        266,578
Imperial Brands PLC
  16,899        484,168
InterContinental Hotels Group PLC
  6,356        633,520
Intertek Group PLC
  3,806        247,601
J Sainsbury PLC
  35,060        134,731
National Grid PLC
  26,607       349,193
  Shares   Value
United Kingdom-(continued)
Next PLC
  4,338   $    579,529
Reckitt Benckiser Group PLC
  12,437        713,637
RELX PLC
  252,569    11,747,318
Rightmove PLC
  43,376        316,731
Sage Group PLC (The)
  35,680        474,083
Shell PLC
  16,032        564,888
SSE PLC
  4,859        120,503
Tesco PLC
  441,295     2,051,361
Unilever PLC
  46,185     2,977,876
        49,313,728
United States-5.63%
Alcon, Inc.
  1,707        165,580
CRH PLC
  24,489     2,170,535
Experian PLC
  55,958     2,709,318
Ferguson Enterprises, Inc.
  33,138     6,750,503
Ferrovial SE
  7,310        305,371
GSK PLC
  204,832     4,460,653
Holcim AG(a)
  13,166     1,268,107
Roche Holding AG
  3,386     1,146,160
Sanofi S.A.
  41,988     4,703,426
Stellantis N.V.
  63,434     1,062,916
Waste Connections, Inc.
  8,425     1,571,042
        26,313,611
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.83%

(Cost $445,156,369)
  466,185,639
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.44%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  570,928        570,928
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  1,488,489     1,489,084
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,059,929)
  2,060,012
TOTAL INVESTMENTS IN SECURITIES-100.27%

(Cost $447,216,298)
  468,245,651
OTHER ASSETS LESS LIABILITIES-(0.27)%
  (1,266,237)
NET ASSETS-100.00%
  $466,979,414
 
Investment Abbreviations:
CDI-CREST Depository Interest
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $2,021,128, which represented less than 1% of the Fund’s Net Assets.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $24,613,954   $(24,613,954)   $-   $-   $-   $9,456
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 5,071,761   56,183,000   (60,683,833)   -   -   570,928   454,352*
Invesco Private Prime Fund 13,041,667   122,163,313   (133,711,158)   171   (4,909)   1,489,084   1,213,186*
Total $18,113,428   $202,960,267   $(219,008,945)   $171   $(4,909)   $2,060,012   $1,676,994
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-10.41%
Alphabet, Inc., Class A
  754,577   $  123,282,790
Alphabet, Inc., Class C
  669,916      110,609,831
AT&T, Inc.(b)
  288,186        5,734,901
Comcast Corp., Class A
  105,218        4,163,476
Electronic Arts, Inc.(b)
  16,954        2,573,956
Liberty Broadband Corp.(c)(d)
  64,295                0
Meta Platforms, Inc., Class A
  484,438      252,542,374
Netflix, Inc.(c)
  26,032       18,257,543
New York Times Co. (The), Class A
  34,149        1,875,805
Spotify Technology S.A. (Sweden)(c)
  7,060        2,420,733
T-Mobile US, Inc.
  78,486       15,596,738
Verizon Communications, Inc.
  359,428       15,016,902
Walt Disney Co. (The)
  27,433       2,479,395
        554,554,444
Consumer Discretionary-10.31%
Amazon.com, Inc.(c)
  1,361,462      243,020,967
AutoZone, Inc.(c)
  2,344        7,457,389
Booking Holdings, Inc.
  15,130       59,146,650
Chipotle Mexican Grill, Inc.(c)
  508,490       28,516,119
D.R. Horton, Inc.
  44,604        8,419,451
Deckers Outdoor Corp.(c)
  2,325        2,230,349
Domino’s Pizza, Inc.
  6,270        2,597,097
eBay, Inc.
  38,850        2,296,035
Garmin Ltd.
  87,491       16,036,225
Gentex Corp.(b)
  83,974        2,630,905
Grand Canyon Education, Inc.(b)(c)
  13,659        1,980,692
H&R Block, Inc.
  57,109        3,615,571
Hilton Worldwide Holdings, Inc.
  46,878       10,296,284
Home Depot, Inc. (The)
  174,180       64,185,330
Lennar Corp., Class A
  33,288        6,060,413
Lowe’s Cos., Inc.
  15,768        3,918,348
Marriott International, Inc., Class A
  19,584        4,596,169
McDonald’s Corp.
  15,300        4,416,498
NIKE, Inc., Class B
  25,489        2,123,743
NVR, Inc.(c)
  662        6,072,169
O’Reilly Automotive, Inc.(c)
  7,949        8,982,132
PulteGroup, Inc.(b)
  36,381        4,789,559
Ross Stores, Inc.
  32,794        4,939,104
Texas Roadhouse, Inc.
  12,447        2,100,431
TJX Cos., Inc. (The)
  319,252       37,438,682
Tractor Supply Co.
  37,050        9,912,728
Williams-Sonoma, Inc.(b)
  9,215       1,237,851
        549,016,891
Consumer Staples-11.04%
Altria Group, Inc.
  311,064       16,725,911
Archer-Daniels-Midland Co.
  44,863        2,736,194
BellRing Brands, Inc.(c)
  59,556        3,330,967
BJ’s Wholesale Club Holdings, Inc.(b)(c)
  19,679        1,573,533
Casey’s General Stores, Inc.(b)
  25,471        9,228,398
Church & Dwight Co., Inc.
  35,667        3,633,754
Coca-Cola Co. (The)
  188,637       13,670,523
Colgate-Palmolive Co.
  289,314       30,811,941
Costco Wholesale Corp.
  300,378      268,051,320
Dollar Tree, Inc.(b)(c)
  17,550        1,482,800
Kimberly-Clark Corp.
  18,298        2,646,989
Kroger Co. (The)
  59,820       3,183,022
  Shares   Value
Consumer Staples-(continued)
Mondelez International, Inc., Class A
  35,073   $    2,518,592
PepsiCo, Inc.
  50,211        8,680,478
Philip Morris International, Inc.
  158,493       19,540,602
Procter & Gamble Co. (The)
  395,299       67,809,590
Walmart, Inc.
  1,717,913     132,674,421
        588,299,035
Energy-1.02%
Chevron Corp.
  52,150        7,715,592
ConocoPhillips(b)
  22,171        2,522,838
Exxon Mobil Corp.
  358,771       42,313,452
Williams Cos., Inc. (The)
  40,265       1,842,929
        54,394,811
Financials-15.38%
Aflac, Inc.(b)
  25,477        2,811,642
American Express Co.
  50,811       13,142,265
Aon PLC, Class A
  5,125        1,761,565
Arch Capital Group Ltd.(c)
  158,198       17,890,612
Berkshire Hathaway, Inc., Class B(c)
  622,680      296,345,866
BlackRock, Inc.
  7,390        6,664,376
Blackstone, Inc., Class A(b)
  27,014        3,845,713
Brown & Brown, Inc.
  60,161        6,324,726
Cboe Global Markets, Inc.
  61,098       12,549,529
Chubb Ltd.
  45,865       13,033,916
Cincinnati Financial Corp.
  15,938        2,183,984
Corpay, Inc.(c)
  5,178        1,633,918
Evercore, Inc., Class A
  7,942        1,951,667
Everest Group Ltd.
  4,644        1,821,563
FactSet Research Systems, Inc.
  7,726        3,266,862
Fidelity National Information Services, Inc.
  31,242        2,575,903
Fiserv, Inc.(c)
  61,819       10,793,597
Houlihan Lokey, Inc.
  34,809        5,451,786
JPMorgan Chase & Co.
  39,120        8,794,176
Kinsale Capital Group, Inc.(b)
  6,179        3,034,445
LPL Financial Holdings, Inc.(b)
  11,578        2,597,408
Markel Group, Inc.(c)
  1,329        2,127,304
Marsh & McLennan Cos., Inc.
  137,699       31,327,899
Mastercard, Inc., Class A
  254,231      122,880,011
Moody’s Corp.
  48,527       23,668,559
MSCI, Inc.(b)
  6,102        3,542,760
PayPal Holdings, Inc.(c)
  33,209        2,405,328
Progressive Corp. (The)
  160,585       40,499,537
S&P Global, Inc.
  13,834        7,100,162
SEI Investments Co.(b)
  23,684        1,601,749
T. Rowe Price Group, Inc.
  12,975        1,375,869
Tradeweb Markets, Inc., Class A
  33,335        3,941,530
Visa, Inc., Class A
  580,208     160,352,085
        819,298,312
Health Care-11.88%
Abbott Laboratories
  41,023        4,646,675
AbbVie, Inc.
  415,194       81,506,734
Agilent Technologies, Inc.
  66,261        9,470,022
Amgen, Inc.
  48,014       16,028,514
Boston Scientific Corp.(c)
  128,374       10,499,710
Cardinal Health, Inc.
  56,116        6,325,396
Cencora, Inc.(b)
  32,233        7,722,060
Centene Corp.(c)
  61,332       4,834,802
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
Cigna Group (The)
  24,566   $    8,888,224
CVS Health Corp.
  37,248        2,132,076
Danaher Corp.
  30,725        8,274,550
Elevance Health, Inc.
  33,831       18,840,146
Eli Lilly and Co.
  155,561      149,341,671
GE HealthCare Technologies, Inc.
  40,590        3,442,844
Humana, Inc.
  12,510        4,434,420
IDEXX Laboratories, Inc.(c)
  4,565        2,197,271
Intuitive Surgical, Inc.(c)
  39,202       19,312,081
Johnson & Johnson
  107,223       17,784,007
McKesson Corp.
  84,191       47,237,886
Medpace Holdings, Inc.(b)(c)
  4,194        1,490,002
Medtronic PLC
  23,267        2,060,991
Merck & Co., Inc.
  382,638       45,323,471
Mettler-Toledo International, Inc.(c)
  1,354        1,948,514
Neurocrine Biosciences, Inc.(c)
  18,507        2,351,499
Regeneron Pharmaceuticals, Inc.(c)
  34,564       40,947,625
Stryker Corp.
  21,331        7,688,119
Thermo Fisher Scientific, Inc.
  10,750        6,612,003
United Therapeutics Corp.(b)(c)
  6,848        2,489,590
UnitedHealth Group, Inc.
  104,891       61,906,668
Vertex Pharmaceuticals, Inc.(c)
  66,471       32,962,304
West Pharmaceutical Services, Inc.
  8,056        2,526,603
Zoetis, Inc.
  9,072       1,664,621
        632,891,099
Industrials-10.89%
3M Co.
  64,502        8,687,774
A.O. Smith Corp.
  31,940        2,674,017
AAON, Inc.
  28,732        2,744,193
Acuity Brands, Inc.(b)
  8,358        2,128,783
Allison Transmission Holdings, Inc.
  29,114        2,700,323
AMETEK, Inc.
  11,066        1,892,839
Armstrong World Industries, Inc.(b)
  12,794        1,621,767
Automatic Data Processing, Inc.
  46,377       12,795,878
Booz Allen Hamilton Holding Corp.
  24,808        3,939,014
Broadridge Financial Solutions, Inc.
  35,717        7,602,721
Carlisle Cos., Inc.
  13,965        5,918,367
Carrier Global Corp.(b)
  134,683        9,802,229
Caterpillar, Inc.(b)
  138,040       49,156,044
Cintas Corp.
  32,198       25,923,254
Comfort Systems USA, Inc.
  9,256        3,272,181
Copart, Inc.(c)
  144,839        7,670,673
Core & Main, Inc., Class A(c)
  105,913        5,087,001
Crane Co.
  25,589        4,052,786
CSX Corp.
  48,081        1,647,736
Cummins, Inc.
  43,897       13,733,176
Curtiss-Wright Corp.
  11,247        3,552,477
Deere & Co.
  6,378        2,460,250
Donaldson Co., Inc.
  22,979        1,671,263
Dover Corp.
  11,001        2,046,516
Eaton Corp. PLC
  127,629       39,173,169
EMCOR Group, Inc.(b)
  24,496        9,628,398
Fastenal Co.
  148,368       10,130,567
FedEx Corp.
  8,902        2,659,650
Ferguson Enterprises, Inc.
  152,104       31,289,314
GE Vernova, Inc.(c)
  24,228        4,869,828
General Dynamics Corp.
  68,097       20,385,518
General Electric Co.
  209,088       36,510,947
Honeywell International, Inc.(b)
  20,245       4,209,138
  Shares   Value
Industrials-(continued)
Howmet Aerospace, Inc.
  35,719   $    3,452,598
Illinois Tool Works, Inc.
  23,260        5,888,967
Ingersoll Rand, Inc.
  93,341        8,536,034
ITT, Inc.
  39,525        5,502,670
Jacobs Solutions, Inc.
  17,302        2,610,526
Johnson Controls International PLC(b)
  37,589        2,738,359
Leidos Holdings, Inc.
  24,952        3,955,141
Lennox International, Inc.(b)
  9,296        5,486,406
Lincoln Electric Holdings, Inc.
  7,998        1,548,493
Lockheed Martin Corp.
  11,318        6,429,756
Masco Corp.
  31,328        2,492,456
Old Dominion Freight Line, Inc.
  45,852        8,840,266
Otis Worldwide Corp.
  37,295        3,531,464
Owens Corning
  17,363        2,929,659
PACCAR, Inc.(b)
  178,430       17,161,397
Paychex, Inc.
  101,834       13,360,621
Pentair PLC(b)
  19,414        1,721,828
Quanta Services, Inc.
  21,193        5,830,830
Republic Services, Inc.
  53,466       11,132,156
Rockwell Automation, Inc.
  8,045        2,188,481
Rollins, Inc.
  128,243        6,435,234
RTX Corp.
  76,521        9,438,100
Simpson Manufacturing Co., Inc.
  14,100        2,581,146
Snap-on, Inc.
  12,167        3,452,265
Trane Technologies PLC
  102,433       37,045,919
Union Pacific Corp.
  24,292        6,220,938
United Rentals, Inc.
  4,153        3,078,453
Verisk Analytics, Inc.
  25,466        6,947,634
W.W. Grainger, Inc.
  19,111       18,822,806
Wabtec Corp.
  29,501        5,002,485
Waste Management, Inc.
  90,496       19,188,772
Watsco, Inc.(b)
  9,928       4,719,970
        579,909,621
Information Technology-26.19%
Accenture PLC, Class A (Ireland)
  50,263       17,187,433
Adobe, Inc.(c)
  69,246       39,775,595
Advanced Micro Devices, Inc.(c)
  17,679        2,626,392
Amphenol Corp., Class A
  249,128       16,803,684
Analog Devices, Inc.
  42,097        9,886,059
Apple, Inc.
  889,926      203,793,054
Applied Materials, Inc.
  193,032       38,077,492
Arista Networks, Inc.(c)
  86,651       30,620,730
Broadcom, Inc.
  1,137,052      185,134,807
Cadence Design Systems, Inc.(c)
  48,944       13,162,510
Cisco Systems, Inc.
  253,194       12,796,425
Cognizant Technology Solutions Corp., Class A
  25,551        1,987,101
Fair Isaac Corp.(c)
  5,073        8,777,660
Fortinet, Inc.(c)
  94,056        7,215,036
Gartner, Inc.(b)(c)
  6,488        3,191,836
GoDaddy, Inc., Class A(c)
  16,136        2,701,328
International Business Machines Corp.(b)
  61,606       12,452,421
Intuit, Inc.
  101,964       64,263,831
Keysight Technologies, Inc.(c)
  25,697        3,960,422
KLA Corp.
  36,523       29,928,042
Lam Research Corp.
  25,725       21,120,482
Microsoft Corp.
  576,536      240,496,227
Monolithic Power Systems, Inc.
  3,405        3,182,585
Motorola Solutions, Inc.
  62,352      27,562,078
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
NetApp, Inc.
  30,210   $    3,646,951
NVIDIA Corp.
  2,033,202      242,703,323
Palo Alto Networks, Inc.(c)
  15,003        5,441,888
QUALCOMM, Inc.
  297,023       52,068,132
Salesforce, Inc.
  168,963       42,730,743
ServiceNow, Inc.(c)
  23,490       20,083,950
Synopsys, Inc.(c)
  45,122       23,444,489
Texas Instruments, Inc.
  38,378       8,225,940
        1,395,048,646
Materials-2.01%
Air Products and Chemicals, Inc.
  6,516        1,816,987
AptarGroup, Inc.
  12,579        1,926,977
Ardagh Group S.A., Class A(c)(d)
  16,236           68,475
CRH PLC
  175,009       15,885,567
DuPont de Nemours, Inc.
  36,174        3,047,659
Eagle Materials, Inc.(b)
  10,474        2,699,673
Ecolab, Inc.
  25,531        6,463,939
International Flavors & Fragrances, Inc.
  29,204        3,036,924
Linde PLC
  71,135       34,020,314
Martin Marietta Materials, Inc.
  9,945        5,312,221
NewMarket Corp.
  3,649        2,093,687
Nucor Corp.
  14,310        2,173,832
Packaging Corp. of America
  14,544        3,047,550
RPM International, Inc.(b)
  17,998        2,092,267
Sherwin-Williams Co. (The)
  45,917       16,960,362
Southern Copper Corp. (Mexico)(b)
  32,333        3,288,913
Vulcan Materials Co.
  13,413       3,289,002
        107,224,349
Real Estate-0.09%
Public Storage
  13,791       4,740,243
Utilities-0.68%
American Electric Power Co., Inc.
  23,083        2,314,763
Duke Energy Corp.
  55,682        6,344,964
NextEra Energy, Inc.
  90,045       7,249,523
  Shares   Value
Utilities-(continued)
NRG Energy, Inc.
  35,717   $    3,036,302
Public Service Enterprise Group, Inc.
  54,716        4,418,317
Sempra(b)
  20,642        1,696,360
Southern Co. (The)
  49,586        4,284,230
Vistra Corp.
  80,955       6,915,986
        36,260,445
Total Common Stocks & Other Equity Interests

(Cost $5,246,211,905)
  5,321,637,896
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $2,893,789)
  2,893,789       2,893,789
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $5,249,105,694)
  5,324,531,685
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.03%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  14,826,081       14,826,081
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  39,979,317      39,995,309
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $54,818,905)
  54,821,390
TOTAL INVESTMENTS IN SECURITIES-100.98%

(Cost $5,303,924,599)
  5,379,353,075
OTHER ASSETS LESS LIABILITIES-(0.98)%
  (52,154,361)
NET ASSETS-100.00%
  $5,327,198,714
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Security valued using significant unobservable inputs (Level 3). See Note 4.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $11,736,606   $25,575,623   $(34,521,402)   $734,350   $(3,525,177)   $-   $363,419
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   116,778,706   (113,884,917)   -   -   2,893,789   118,689
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $125,506,582   $1,257,462,818   $(1,368,143,319)   $-   $-   $14,826,081   $6,007,381*
Invesco Private Prime Fund 322,731,213   2,678,575,205   (2,961,331,708)   11,295   9,304   39,995,309   16,192,114*
Total $459,974,401   $4,078,392,352   $(4,477,881,346)   $745,645   $(3,515,873)   $57,715,179   $22,681,603
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-0.70%
Advantage Solutions, Inc.(b)(c)
  31,217   $    120,810
Grindr, Inc. (Singapore), (Acquired 07/05/2024; Cost $76,458)(b)(c)(d)
  6,384         76,800
John Wiley & Sons, Inc., Class A
  6,594        318,556
Lions Gate Entertainment Corp., Class B(b)(c)
  7,932         54,890
Madison Square Garden Entertainment Corp.(b)
  6,038        254,924
PubMatic, Inc., Class A(b)
  2,612         40,747
QuinStreet, Inc.(b)(c)
  12,706        242,812
Scholastic Corp.
  2,965         94,524
Spok Holdings, Inc.
  6,337         94,231
TEGNA, Inc.
  9,780        135,746
Telephone and Data Systems, Inc.
  4,621        109,148
Thryv Holdings, Inc.(b)(c)
  2,904         52,911
Yelp, Inc.(b)
  8,882        310,248
Ziff Davis, Inc.(b)
  1,068        52,193
        1,958,540
Consumer Discretionary-7.51%
Abercrombie & Fitch Co., Class A(b)(c)
  13,046     1,925,198
Academy Sports & Outdoors, Inc.(c)
  10,943        607,118
Accel Entertainment, Inc.(b)(c)
  8,027         93,595
Acushnet Holdings Corp.(c)
  11,189        749,551
Adtalem Global Education, Inc.(b)
  11,442        866,274
American Eagle Outfitters, Inc.
  51,129     1,052,235
Arhaus, Inc.(c)
  3,301         40,635
Boot Barn Holdings, Inc.(b)
  3,140        421,294
Brinker International, Inc.(b)
  1,513        108,210
Buckle, Inc. (The)(c)
  5,577        233,676
Cavco Industries, Inc.(b)(c)
  929        383,974
Cheesecake Factory, Inc. (The)(c)
  5,399        212,235
Despegar.com Corp. (Argentina)(b)(c)
  10,832        133,125
Dorman Products, Inc.(b)
  4,239        480,787
Dream Finders Homes, Inc., Class A(b)(c)
  2,308         77,203
Ethan Allen Interiors, Inc.
  3,308        104,136
First Watch Restaurant Group, Inc.(b)(c)
  7,108        117,353
Foot Locker, Inc.
  9,918        308,846
Frontdoor, Inc.(b)
  10,407        500,369
Gentherm, Inc.(b)(c)
  1,090         55,089
Goodyear Tire & Rubber Co. (The)(b)(c)
  7,593         66,970
Graham Holdings Co., Class B
  660        524,825
Green Brick Partners, Inc.(b)
  1,463        115,255
Group 1 Automotive, Inc.
  318        119,810
Hanesbrands, Inc.(b)(c)
  19,751        125,419
Helen of Troy Ltd.(b)(c)
  1,975        105,425
Hilton Grand Vacations, Inc.(b)(c)
  1,395         53,819
Installed Building Products, Inc.
  2,871        638,252
KB Home
  7,625        638,289
Kontoor Brands, Inc.
  15,994     1,197,151
Laureate Education, Inc., Class A
  51,155        788,810
La-Z-Boy, Inc.
  13,963        566,479
Lincoln Educational Services Corp.(b)
  5,003         62,287
M/I Homes, Inc.(b)
  840        133,871
Meritage Homes Corp.
  1,783        353,159
Modine Manufacturing Co.(b)(c)
  1,164        141,484
OneSpaWorld Holdings Ltd. (Bahamas)(c)
  10,123        160,652
Oxford Industries, Inc.(c)
  2,807       244,153
  Shares   Value
Consumer Discretionary-(continued)
Perdoceo Education Corp.
  21,855   $    490,426
Rush Street Interactive, Inc.(b)
  15,022        140,756
Shake Shack, Inc., Class A(b)
  3,158        313,937
Shoe Carnival, Inc.(c)
  2,704        109,350
Signet Jewelers Ltd.(c)
  4,368        367,349
Sonos, Inc.(b)
  3,538         43,270
Standard Motor Products, Inc.
  1,980         63,974
Steven Madden Ltd.
  8,916        402,112
Strategic Education, Inc.
  7,736        746,524
Stride, Inc.(b)(c)
  8,016        660,037
Sturm, Ruger & Co., Inc.
  2,068         87,104
Superior Group of Cos., Inc.(c)
  2,982         43,179
Sweetgreen, Inc., Class A(b)(c)
  3,342        105,641
Taylor Morrison Home Corp., Class A(b)
  2,992        201,451
Tri Pointe Homes, Inc.(b)
  2,302        102,301
Universal Technical Institute, Inc.(b)(c)
  11,161        194,759
Urban Outfitters, Inc.(b)
  15,598        566,519
Victoria’s Secret & Co.(b)
  4,729        110,942
Vista Outdoor, Inc.(b)
  7,601        304,344
Visteon Corp.(b)
  575         58,207
Warby Parker, Inc., Class A(b)(c)
  17,868        266,591
Winmark Corp.(c)
  886        319,492
Wolverine World Wide, Inc.(c)
  4,363         59,817
Worthington Enterprises, Inc.(c)
  12,430        569,294
Zumiez, Inc.(b)
  3,039        84,302
        20,918,691
Consumer Staples-5.48%
Andersons, Inc. (The)
  8,600        438,342
Cal-Maine Foods, Inc.
  29,128     2,098,381
Central Garden & Pet Co.(b)(c)
  2,084         82,255
Central Garden & Pet Co., Class A(b)
  10,042        343,436
Edgewell Personal Care Co.
  1,932         77,705
Energizer Holdings, Inc.
  2,487         80,579
Fresh Del Monte Produce, Inc.
  3,342         97,720
Inter Parfums, Inc.
  1,421        183,082
J&J Snack Foods Corp.(c)
  1,980        336,976
John B. Sanfilippo & Son, Inc.
  857         81,304
Lancaster Colony Corp.
  5,907     1,008,679
Natural Grocers by Vitamin Cottage, Inc.
  2,761         73,498
Nature’s Sunshine Products, Inc.(b)(c)
  3,568         49,238
Oil-Dri Corp.of America
  3,102        211,525
PriceSmart, Inc.
  7,331        656,711
Primo Water Corp.
  46,339     1,024,092
Simply Good Foods Co. (The)(b)
  7,572        239,200
Sprouts Farmers Market, Inc.(b)
  61,255     6,373,583
Turning Point Brands, Inc.
  1,887         74,801
Universal Corp.
  1,746         94,808
Utz Brands, Inc.(c)
  5,842         98,671
Vector Group Ltd.
  12,481        186,965
Village Super Market, Inc., Class A(c)
  4,717        151,652
Vital Farms, Inc.(b)
  18,845        592,675
WD-40 Co.(c)
  1,871        491,774
Weis Markets, Inc.(c)
  1,794       121,239
        15,268,891
Energy-2.97%
Archrock, Inc.
  17,130        346,540
Ardmore Shipping Corp. (Ireland)
  10,638       200,845
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Energy-(continued)
Atlas Energy Solutions, Inc.(c)
  5,668   $    119,538
ChampionX Corp.
  4,288        133,485
CONSOL Energy, Inc.
  2,495        255,189
DHT Holdings, Inc.(c)
  55,317        599,083
Dorian LPG Ltd.
  18,129        706,850
Expro Group Holdings N.V.(b)
  4,229         83,988
Golar LNG Ltd. (Cameroon)
  3,298        109,790
Helmerich & Payne, Inc.(c)
  8,295        270,666
International Seaways, Inc.
  20,249     1,049,506
Liberty Energy, Inc., Class A
  5,990        123,334
Magnolia Oil & Gas Corp., Class A(c)
  5,275        135,093
Murphy Oil Corp.
  4,958        184,834
Noble Corp. PLC(c)
  40,870     1,559,190
Scorpio Tankers, Inc. (Monaco)
  9,452        676,196
Seadrill Ltd. (Norway)(b)
  3,198        137,898
Select Water Solutions, Inc., Class A(c)
  6,081         70,114
SFL Corp. Ltd. (Norway)
  27,799        329,696
Sitio Royalties Corp., Class A(c)
  2,907         64,623
Teekay Corp. (Bermuda)(b)(c)
  15,672        130,234
Teekay Tankers Ltd., Class A (Canada)
  6,994        397,819
Tidewater, Inc.(b)
  2,485        220,420
VAALCO Energy, Inc.
  15,284         99,499
Valaris Ltd.(b)(c)
  4,551       277,884
        8,282,314
Financials-26.11%
1st Source Corp.
  3,286        201,908
Amalgamated Financial Corp.
  4,729        156,010
Amerant Bancorp, Inc.(c)
  3,732         82,328
Ameris Bancorp
  15,732        969,563
AMERISAFE, Inc.
  2,237        112,118
Apollo Commercial Real Estate Finance, Inc.(c)
  14,041        148,694
Arbor Realty Trust, Inc.(c)
  12,637        171,863
Arrow Financial Corp.(c)
  2,962         90,311
Artisan Partners Asset Management, Inc., Class A
  19,199        798,486
AssetMark Financial Holdings, Inc.(b)(c)
  4,736        166,470
Associated Banc-Corp
  32,985        754,697
Atlantic Union Bankshares Corp.(c)
  14,144        561,234
AvidXchange Holdings, Inc.(b)(c)
  7,946         64,124
Axos Financial, Inc.(b)
  12,781        887,385
Baldwin Insurance Group, Inc. (The), Class A(b)(c)
  3,489        163,599
BancFirst Corp.
  1,238        131,723
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)
  8,361        262,117
Bancorp, Inc. (The)(b)
  1,875         98,250
Bank First Corp.(c)
  840         78,994
Bank of Hawaii Corp.
  7,468        495,651
Bank of N.T. Butterfield & Son Ltd. (The) (Bermuda)
  10,674        408,280
BankUnited, Inc.
  11,943        458,969
Banner Corp.(c)
  3,203        190,803
Berkshire Hills Bancorp, Inc.
  3,199         88,100
BGC Group, Inc., Class A
  70,751        699,020
Blackstone Mortgage Trust, Inc., Class A(c)
  15,987        295,120
Bread Financial Holdings, Inc.
  1,988        115,642
Brookline Bancorp, Inc.
  9,794        100,193
Business First Bancshares, Inc.
  2,862        69,890
  Shares   Value
Financials-(continued)
Byline Bancorp, Inc.
  5,378   $    149,239
Cadence Bank
  51,253     1,654,447
Cathay General Bancorp
  10,030        441,220
Central Pacific Financial Corp.
  5,730        157,632
Chicago Atlantic Real Estate Finance, Inc.(c)
  4,602         73,172
City Holding Co.(c)
  2,199        261,109
CNO Financial Group, Inc.
  21,012        733,739
Cohen & Steers, Inc.(c)
  8,175        730,518
Community Financial System, Inc.
  3,308        202,317
Community Trust Bancorp, Inc.
  3,107        156,903
Compass Diversified Holdings
  5,111        113,209
ConnectOne Bancorp, Inc.
  5,372        134,300
CrossFirst Bankshares, Inc.(b)
  6,294        109,516
Customers Bancorp, Inc.(b)
  3,952        204,793
CVB Financial Corp.
  24,309        447,772
Dime Community Bancshares, Inc.
  4,543        118,163
Donnelley Financial Solutions, Inc.(b)
  5,332        355,431
Dynex Capital, Inc.(c)
  7,466         94,072
Eastern Bankshares, Inc.
  18,844        319,783
Employers Holdings, Inc.
  5,281        253,224
Enact Holdings, Inc.
  12,917        459,199
Enova International, Inc.(b)
  1,856        159,115
Enstar Group Ltd.(b)
  2,674        871,724
Enterprise Financial Services Corp.(c)
  2,849        150,741
Equity Bancshares, Inc., Class A(c)
  2,526        103,035
Essent Group Ltd.
  28,837     1,853,931
EVERTEC, Inc.
  1,755         60,109
F&G Annuities & Life, Inc.(c)
  4,450        203,320
FB Financial Corp.
  7,468        360,107
Federal Agricultural Mortgage Corp., Class C(c)
  1,905        376,180
First Bancorp
  45,015        962,421
First Bancorp/Southern Pines NC
  2,483        105,478
First Busey Corp.(c)
  9,400        254,270
First Commonwealth Financial Corp.
  10,452        179,983
First Community Bankshares, Inc.(c)
  3,310        146,037
First Financial Bancorp
  11,689        309,408
First Financial Bankshares, Inc.(c)
  13,529        494,755
First Financial Corp.
  2,014         90,026
First Interstate BancSystem, Inc., Class A
  11,224        348,505
First Merchants Corp.
  12,640        492,960
First Mid Bancshares, Inc.(c)
  6,042        243,372
FirstCash Holdings, Inc.
  14,948     1,795,105
Franklin BSP Realty Trust, Inc.
  8,324        113,373
Fulton Financial Corp.
  45,356        877,639
GCM Grosvenor, Inc., Class A
  15,321        166,846
Genworth Financial, Inc., Class A(b)
  52,802        368,558
German American Bancorp, Inc.(c)
  5,330        213,786
Glacier Bancorp, Inc.(c)
  15,261        721,845
Goosehead Insurance, Inc., Class A(b)(c)
  2,244        189,259
Greenlight Capital Re Ltd., Class A(b)(c)
  9,530        133,134
HA Sustainable Infrastructure Capital, Inc.(c)
  22,840        739,559
Hamilton Lane, Inc., Class A
  20,408     3,119,159
Hancock Whitney Corp.
  9,945        534,345
HarborOne Bancorp, Inc.
  7,075         93,390
HCI Group, Inc.(c)
  2,741        262,670
Heartland Financial USA, Inc.
  10,160        566,522
Heritage Financial Corp.
  4,034         92,137
Hilltop Holdings, Inc.
  4,013        131,827
Home BancShares, Inc.
  21,193       590,013
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
HomeTrust Bancshares, Inc.(c)
  3,296   $    120,172
Hope Bancorp, Inc.
  26,754        342,184
Horace Mann Educators Corp.
  8,299        295,527
Horizon Bancorp, Inc.
  4,888         78,306
Independent Bank Corp.
  5,318        336,683
Independent Bank Corp.
  5,660        191,761
Independent Bank Group, Inc.
  3,760        218,907
International Bancshares Corp.
  13,883        877,128
International Money Express, Inc.(b)(c)
  3,439         62,418
Investors Title Co.(c)
  358         80,654
Jackson Financial, Inc., Class A
  19,060     1,714,828
Ladder Capital Corp.(c)
  12,667        156,564
Lakeland Financial Corp.(c)
  4,148        282,686
Live Oak Bancshares, Inc.
  5,035        216,455
Mercantile Bank Corp.
  3,898        179,230
Merchants Bancorp
  5,662        259,603
Mercury General Corp.
  10,141        671,638
MetroCity Bankshares, Inc.
  5,455        167,196
Midland States Bancorp, Inc.(c)
  3,209         73,069
Moelis & Co., Class A
  7,658        511,478
Mr. Cooper Group, Inc.(b)
  22,402     2,101,532
National Bank Holdings Corp., Class A
  6,486        284,152
NBT Bancorp, Inc.
  6,729        329,452
NCR Atleos Corp.(b)
  5,910        169,085
Nelnet, Inc., Class A
  1,560        180,305
New York Community Bancorp, Inc.
  6,786         73,560
Nicolet Bankshares, Inc.
  1,776        174,581
NMI Holdings, Inc., Class A(b)
  22,855        938,655
Northeast Bank
  1,241         88,123
Northrim BanCorp, Inc.
  1,276         88,006
Northwest Bancshares, Inc.
  13,773        190,756
OceanFirst Financial Corp.
  3,915         69,961
OFG Bancorp
  12,287        565,079
Old National Bancorp
  77,140     1,531,229
Old Second Bancorp, Inc.
  5,327         90,719
Orange County Bancorp, Inc.
  1,840        105,708
Origin Bancorp, Inc.(c)
  3,424        114,601
Orrstown Financial Services, Inc.(c)
  2,895        103,641
Pacific Premier Bancorp, Inc.
  11,586        297,760
Pagseguro Digital Ltd., Class A (Brazil)(b)(c)
  7,068         78,243
Palomar Holdings, Inc.(b)
  5,764        571,904
Park National Corp.(c)
  4,177        734,275
Pathward Financial, Inc.
  2,607        179,414
Patria Investments Ltd., Class A (Cayman Islands)
  5,975         68,832
Payoneer Global, Inc.(b)
  46,568        346,000
PennyMac Financial Services, Inc.
  4,159        449,172
PennyMac Mortgage Investment Trust(c)
  5,502         78,183
Peoples Bancorp, Inc.(c)
  5,334        170,688
Perella Weinberg Partners
  11,260        220,133
Piper Sandler Cos.
  6,474     1,765,460
PJT Partners, Inc., Class A
  8,180     1,010,230
Preferred Bank(c)
  4,203        348,219
Premier Financial Corp.
  5,334        133,670
Provident Financial Services, Inc.
  6,756        128,837
QCR Holdings, Inc.(c)
  4,166        321,324
Radian Group, Inc.
  45,323     1,638,426
RBB Bancorp(c)
  5,011        115,053
Redwood Trust, Inc.(c)
  8,791         66,548
Renasant Corp.
  5,506       192,710
  Shares   Value
Financials-(continued)
Republic Bancorp, Inc., Class A
  1,782   $    113,870
S&T Bancorp, Inc.(c)
  6,293        270,410
Safety Insurance Group, Inc.
  2,380        210,749
Sandy Spring Bancorp, Inc.(c)
  3,198        100,097
Seacoast Banking Corp. of Florida
  8,132        222,491
Selective Insurance Group, Inc.
  8,438        767,689
ServisFirst Bancshares, Inc.(c)
  10,582        857,777
Simmons First National Corp., Class A
  9,907        212,208
SiriusPoint Ltd. (Sweden)(b)
  24,530        367,705
Skyward Specialty Insurance Group, Inc.(b)
  14,839        606,470
Southside Bancshares, Inc.
  2,399         82,118
SouthState Corp.
  10,862     1,054,592
Stellar Bancorp, Inc.
  2,773         75,620
StepStone Group, Inc., Class A
  16,599        907,965
Stewart Information Services Corp.
  7,284        538,360
Stock Yards Bancorp, Inc.(c)
  2,487        150,712
StoneX Group, Inc.(b)
  4,294        355,801
Texas Capital Bancshares, Inc.(b)
  4,166        280,038
Towne Bank
  11,024        381,982
TriCo Bancshares
  3,199        145,426
Triumph Financial, Inc.(b)(c)
  2,963        248,833
Trustmark Corp.
  15,980        532,294
UMB Financial Corp.
  11,890     1,231,685
United Bankshares, Inc.
  17,553        682,285
United Community Banks, Inc.
  9,780        297,997
Univest Financial Corp.
  4,756        135,356
Valley National Bancorp
  36,210        314,303
Veritex Holdings, Inc.
  4,213        106,125
Victory Capital Holdings, Inc., Class A
  23,229     1,267,606
Virtus Investment Partners, Inc.
  922        195,150
WaFd, Inc.
  7,179        263,254
Walker & Dunlop, Inc.(c)
  6,897        738,393
Washington Trust Bancorp, Inc.
  2,077         68,126
WesBanco, Inc.
  7,604        244,925
Westamerica Bancorporation
  6,792        351,758
WisdomTree, Inc.(c)
  41,564        421,459
WSFS Financial Corp.
  9,213       504,320
        72,722,606
Health Care-9.13%
Addus HomeCare Corp.(b)
  4,323        575,002
ADMA Biologics, Inc.(b)
  12,438        215,302
Agios Pharmaceuticals, Inc.(b)
  7,662        351,762
Alkermes PLC(b)(c)
  8,644        245,922
Amneal Pharmaceuticals, Inc.(b)(c)
  10,513         91,043
ANI Pharmaceuticals, Inc.(b)
  3,914        249,517
Anika Therapeutics, Inc.(b)
  2,382         61,217
Arcellx, Inc.(b)(c)
  1,145         78,707
Artivion, Inc.(b)
  4,677        126,934
Astrana Health, Inc.(b)(c)
  13,623        651,043
Axonics, Inc.(b)
  2,833        195,944
Catalyst Pharmaceuticals, Inc.(b)
  26,523        537,091
Collegium Pharmaceutical, Inc.(b)(c)
  12,539        482,250
Corcept Therapeutics, Inc.(b)(c)
  60,211     2,125,448
CorVel Corp.(b)
  5,535     1,775,241
Dyne Therapeutics, Inc.(b)(c)
  2,985        137,579
Ensign Group, Inc. (The)
  23,106     3,497,324
Glaukos Corp.(b)
  2,490        333,386
Haemonetics Corp.(b)(c)
  4,005        302,698
Halozyme Therapeutics, Inc.(b)(c)
  38,536     2,460,524
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
Harmony Biosciences Holdings, Inc.(b)(c)
  3,024   $    108,804
HealthEquity, Inc.(b)
  12,200        970,632
HealthStream, Inc.
  4,616        134,049
Hims & Hers Health, Inc.(b)
  22,485        331,204
Inari Medical, Inc.(b)(c)
  1,427         61,689
Innoviva, Inc.(b)(c)
  7,101        137,617
Integer Holdings Corp.(b)
  7,496        975,005
Integra LifeSciences Holdings Corp.(b)(c)
  2,572         52,314
Ironwood Pharmaceuticals, Inc.(b)
  34,625        175,203
Krystal Biotech, Inc.(b)(c)
  1,897        370,143
Lantheus Holdings, Inc.(b)
  4,627        492,637
LeMaitre Vascular, Inc.
  6,759        610,270
Ligand Pharmaceuticals, Inc.(b)(c)
  769         81,360
LivaNova PLC(b)
  5,579        281,126
MannKind Corp.(b)(c)
  17,740        111,052
Merit Medical Systems, Inc.(b)(c)
  6,205        599,899
National HealthCare Corp.
  11,399     1,563,145
Option Care Health, Inc.(b)(c)
  14,044        449,689
Prestige Consumer Healthcare, Inc.(b)(c)
  6,040        450,826
PTC Therapeutics, Inc.(b)
  3,833        135,382
RadNet, Inc.(b)
  6,708        444,673
Select Medical Holdings Corp.
  5,529        199,431
SIGA Technologies, Inc.(c)
  24,073        217,379
Simulations Plus, Inc.(c)
  1,874         67,933
Supernus Pharmaceuticals, Inc.(b)(c)
  2,494         87,689
SurModics, Inc.(b)(c)
  1,629         64,557
Talkspace, Inc.(b)(c)
  23,625         47,250
TransMedics Group, Inc.(b)(c)
  1,066        179,152
Twist Bioscience Corp.(b)(c)
  2,765        119,559
U.S. Physical Therapy, Inc.
  562         48,107
UFP Technologies, Inc.(b)
  2,754        939,747
Vericel Corp.(b)
  8,180       422,497
        25,423,954
Industrials-22.75%
AAR Corp.(b)
  1,187         78,081
ABM Industries, Inc.
  9,123        521,380
AeroVironment, Inc.(b)(c)
  5,105     1,040,195
Alamo Group, Inc.
  1,134        210,244
Albany International Corp., Class A
  1,235        116,288
Alight, Inc., Class A(b)(c)
  19,718        147,096
American Woodmark Corp.(b)
  3,628        325,105
Apogee Enterprises, Inc.
  9,021        602,422
Applied Industrial Technologies, Inc.
  14,012     2,874,142
ArcBest Corp.
  956        101,623
Arcosa, Inc.
  3,914        358,092
Argan, Inc.
  7,838        621,632
Aris Water Solutions, Inc., Class A
  4,310         72,494
Astec Industries, Inc.
  1,849         62,552
Atkore, Inc.
  980         91,463
Atmus Filtration Technologies, Inc.
  65,058     2,332,329
AZZ, Inc.
  17,281     1,437,261
Barnes Group, Inc.
  3,889        155,716
Barrett Business Services, Inc.(c)
  7,392        269,882
Beacon Roofing Supply, Inc.(b)
  7,364        667,178
Blue Bird Corp.(b)(c)
  6,227        318,698
Boise Cascade Co.
  2,036        276,122
BrightView Holdings, Inc.(b)(c)
  6,271        100,148
Brink’s Co. (The)(c)
  9,168     1,017,006
Cadre Holdings, Inc.(c)
  8,138       295,003
  Shares   Value
Industrials-(continued)
CBIZ, Inc.(b)
  17,733   $  1,305,149
CECO Environmental Corp.(b)(c)
  6,425        186,004
Cimpress PLC (Ireland)(b)(c)
  3,195        315,922
Construction Partners, Inc., Class A(b)
  12,325        813,204
CoreCivic, Inc.(b)
  18,217        251,030
Costamare, Inc. (Monaco)(c)
  7,681        108,993
CRA International, Inc.
  4,028        679,121
CSW Industrials, Inc.
  8,861     2,991,739
Deluxe Corp.
  5,077        104,535
Distribution Solutions Group, Inc.(b)(c)
  2,019         75,147
DNOW, Inc.(b)
  19,194        249,906
DXP Enterprises, Inc.(b)
  1,674         92,070
Dycom Industries, Inc.(b)
  1,347        237,018
Enerpac Tool Group Corp.
  12,711        524,202
EnerSys
  3,169        321,115
Ennis, Inc.
  3,906         93,393
Enpro, Inc.
  2,824        454,184
ESCO Technologies, Inc.
  4,134        495,708
ExlService Holdings, Inc.(b)
  34,507     1,260,886
Exponent, Inc.
  6,958        753,343
Federal Signal Corp.
  31,090     2,937,694
First Advantage Corp.(b)(c)
  11,069        211,971
Fluor Corp.(b)
  6,702        335,569
Franklin Electric Co., Inc.
  6,170        640,816
FTAI Aviation Ltd.
  18,133     2,317,579
FTAI Infrastructure, Inc.
  7,453         74,083
GATX Corp.
  2,602        367,142
Genco Shipping & Trading Ltd.
  4,277         75,232
Gencor Industries, Inc.(b)(c)
  3,906         78,784
GEO Group, Inc. (The)(b)
  47,625        660,559
Gibraltar Industries, Inc.(b)
  7,715        537,504
Global Industrial Co.
  3,384        113,364
GMS, Inc.(b)
  9,645        837,090
Golden Ocean Group Ltd. (Norway)
  13,027        160,232
Gorman-Rupp Co. (The)
  5,752        224,213
Graham Corp.(b)(c)
  5,080        161,747
Granite Construction, Inc.(c)
  1,093         82,150
Greenbrier Cos., Inc. (The)
  6,296        305,041
Griffon Corp.
  12,715        841,606
H&E Equipment Services, Inc.
  2,121        102,126
Heidrick & Struggles International, Inc.
  5,335        205,931
Herc Holdings, Inc.
  717        104,947
Hillman Solutions Corp.(b)(c)
  15,581        155,031
Huron Consulting Group, Inc.(b)
  2,495        275,548
Hyster-Yale, Inc.
  2,910        183,214
ICF International, Inc.
  4,229        700,999
IES Holdings, Inc.(b)
  4,301        802,266
Insperity, Inc.
  4,201        394,852
Insteel Industries, Inc.
  1,773         60,991
Interface, Inc.
  7,541        142,374
Janus International Group, Inc.(b)(c)
  30,867        339,228
Kadant, Inc.(c)
  3,421     1,098,586
Karat Packaging, Inc.
  2,289         58,003
Kelly Services, Inc., Class A
  10,897        230,036
Kennametal, Inc.(c)
  3,890        100,634
Kforce, Inc.
  3,104        203,591
Korn Ferry
  17,595     1,285,315
Kratos Defense & Security Solutions, Inc.(b)
  9,780        224,353
LB Foster Co., Class A(b)(c)
  5,528        111,002
Legalzoom.com, Inc.(b)
  8,371        56,421
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Leonardo DRS, Inc.(b)(c)
  9,210   $    262,853
Limbach Holdings, Inc.(b)(c)
  1,777        114,848
Lindsay Corp.
  485         60,164
Liquidity Services, Inc.(b)
  3,586         78,067
LSI Industries, Inc.
  6,957        110,686
MasterBrand, Inc.(b)
  15,965        256,079
Matrix Service Co.(b)
  5,895         58,714
Matson, Inc.
  3,847        532,040
Maximus, Inc.
  5,666        522,745
McGrath RentCorp
  1,988        215,002
Miller Industries, Inc.
  4,030        244,661
MillerKnoll, Inc.
  13,862        408,236
Moog, Inc., Class A
  4,172        823,553
MRC Global, Inc.(b)
  5,590         73,564
Mueller Industries, Inc.
  19,441     1,413,555
Mueller Water Products, Inc., Class A
  24,488        525,757
MYR Group, Inc.(b)
  4,920        495,936
National Presto Industries, Inc.
  1,207         94,496
OPENLANE, Inc.(b)
  12,495        216,538
Park Aerospace Corp.
  4,660         62,957
Powell Industries, Inc.(c)
  1,225        205,114
Primoris Services Corp.
  24,812     1,400,389
Resideo Technologies, Inc.(b)
  3,538         71,326
REV Group, Inc.
  18,674        594,580
Rush Enterprises, Inc., Class A
  5,729        301,918
SkyWest, Inc.(b)
  994         77,075
SPX Technologies, Inc.(b)
  9,855     1,607,745
Standex International Corp.
  2,583        461,453
Steelcase, Inc., Class A
  19,537        276,253
Sterling Infrastructure, Inc.(b)
  8,181        977,875
Tecnoglass, Inc.(c)
  1,494         92,583
Tennant Co.
  9,596        937,241
Terex Corp.
  6,568        372,865
Thermon Group Holdings, Inc.(b)(c)
  6,971        219,099
TriNet Group, Inc.(c)
  6,789        698,113
Trinity Industries, Inc.
  15,929        525,816
Tutor Perini Corp.(b)
  4,290        102,831
UFP Industries, Inc.
  4,219        513,326
UniFirst Corp.
  1,480        280,741
V2X, Inc.(b)(c)
  2,752        155,901
Verra Mobility Corp., Class A(b)
  22,799        629,480
Virco Mfg. Corp.(c)
  5,063         78,628
Watts Water Technologies, Inc., Class A
  5,401     1,062,377
Werner Enterprises, Inc.(c)
  2,493         92,141
WNS (Holdings) Ltd. (India)(b)(c)
  6,756        399,955
Zurn Elkay Water Solutions Corp.
  45,249     1,467,425
        63,375,346
Information Technology-11.63%
A10 Networks, Inc.
  14,193        195,438
ACI Worldwide, Inc.(b)
  18,413        927,279
Adeia, Inc.
  7,292         91,879
Advanced Energy Industries, Inc.
  1,114        118,184
Agilysys, Inc.(b)
  1,880        212,628
Alarm.com Holdings, Inc.(b)
  4,609        274,420
Alkami Technology, Inc.(b)(c)
  12,941        431,453
Altair Engineering, Inc., Class A(b)(c)
  6,364        575,051
ASGN, Inc.(b)
  12,346     1,187,191
AvePoint, Inc.(b)
  40,958        473,065
Badger Meter, Inc.
  11,053     2,287,308
  Shares   Value
Information Technology-(continued)
Bel Fuse, Inc., Class B(c)
  804   $     54,535
Belden, Inc.
  4,947        530,714
Benchmark Electronics, Inc.
  8,555        363,673
Blackbaud, Inc.(b)
  3,057        255,565
BlackLine, Inc.(b)(c)
  1,909         94,591
Box, Inc., Class A(b)(c)
  12,495        407,337
Braze, Inc., Class A(b)
  1,761         78,858
Calix, Inc.(b)
  2,763        102,894
Clearwater Analytics Holdings, Inc., Class A(b)
  12,277        304,224
Commvault Systems, Inc.(b)
  24,048     3,737,059
Couchbase, Inc.(b)(c)
  3,095         60,724
CTS Corp.(c)
  6,341        312,294
Daily Journal Corp.(b)(c)
  333        165,538
Daktronics, Inc.(b)(c)
  18,994        274,463
E2open Parent Holdings, Inc.(b)(c)
  18,899         84,668
Envestnet, Inc.(b)
  4,982        312,621
ePlus, Inc.(b)
  7,965        764,321
Fabrinet (Thailand)(b)(c)
  19,274     4,696,110
FormFactor, Inc.(b)
  16,850        821,775
Freshworks, Inc., Class A(b)(c)
  6,074         70,944
Hackett Group, Inc. (The)
  2,612         69,218
Immersion Corp.(c)
  6,250         58,750
Impinj, Inc.(b)
  405         68,081
Insight Enterprises, Inc.(b)(c)
  445         96,596
InterDigital, Inc.(c)
  6,007        832,330
Itron, Inc.(b)
  6,458        660,137
Jamf Holding Corp.(b)(c)
  3,759         69,542
LiveRamp Holdings, Inc.(b)
  3,916        101,503
MeridianLink, Inc.(b)(c)
  3,347         76,412
Mirion Technologies, Inc.(b)(c)
  18,337        198,773
Napco Security Technologies, Inc.
  9,243        428,690
NCR Voyix Corp.(b)
  8,542        115,232
Novanta, Inc.(b)
  3,633        665,856
NVE Corp.(c)
  1,618        135,508
OSI Systems, Inc.(b)
  1,193        178,795
Photronics, Inc.(b)(c)
  9,526        246,342
Plexus Corp.(b)
  4,952        634,401
Power Integrations, Inc.
  887         59,518
Q2 Holdings, Inc.(b)
  11,492        852,821
Qualys, Inc.(b)
  11,161     1,397,022
Rambus, Inc.(b)
  18,125        810,550
ReposiTrak, Inc.(c)
  4,281         83,265
Sanmina Corp.(b)
  8,888        616,649
Sapiens International Corp. N.V. (Israel)
  11,014        400,799
ScanSource, Inc.(b)
  2,368        120,626
SEMrush Holdings, Inc., Class A(b)(c)
  7,633        104,877
Semtech Corp.(b)
  19,181        840,511
SolarWinds Corp.
  4,616         59,039
Sprinklr, Inc., Class A(b)(c)
  15,030        134,819
SPS Commerce, Inc.(b)
  2,938        586,836
Squarespace, Inc., Class A(b)
  2,623        119,294
Synaptics, Inc.(b)
  1,336        108,777
Tenable Holdings, Inc.(b)
  4,267        176,142
TTM Technologies, Inc.(b)
  6,939        134,964
Varonis Systems, Inc.(b)(c)
  4,938        279,491
Veeco Instruments, Inc.(b)(c)
  3,565        126,522
Verint Systems, Inc.(b)
  2,102         66,318
Vertex, Inc., Class A(b)(c)
  5,655       218,792
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
Vishay Intertechnology, Inc.
  3,665   $     73,850
Xerox Holdings Corp.(c)
  11,737       132,980
        32,407,432
Materials-4.37%
Arch Resources, Inc.
  1,569        214,059
Ardagh Metal Packaging S.A.
  19,966         71,478
Avient Corp.
  2,877        141,347
Balchem Corp.
  4,969        879,662
Cabot Corp.
  9,486        997,073
Carpenter Technology Corp.
  9,854     1,426,564
Clearwater Paper Corp.(b)
  1,782         59,287
Commercial Metals Co.
  15,808        847,151
Constellium SE(b)
  16,002        268,354
H.B. Fuller Co.
  3,978        340,755
Hawkins, Inc.
  5,264        666,791
Ingevity Corp.(b)
  1,779         70,324
Innospec, Inc.
  7,701        887,617
Kaiser Aluminum Corp.
  1,120         83,496
Knife River Corp.(b)
  20,943     1,651,774
Koppers Holdings, Inc.
  1,800         71,244
Materion Corp.
  755         87,610
Metallus, Inc.(b)(c)
  2,643         42,975
Minerals Technologies, Inc.
  7,544        581,642
Orion S.A. (Germany)
  3,003         56,006
Pactiv Evergreen, Inc.
  6,807         80,323
Quaker Chemical Corp.(c)
  955        161,653
Sensient Technologies Corp.
  3,260        253,758
Summit Materials, Inc., Class A(b)
  6,668        270,054
SunCoke Energy, Inc.
  12,433        111,400
Sylvamo Corp.
  5,313        420,205
TriMas Corp.(c)
  2,347         59,872
Tronox Holdings PLC, Class A(c)
  3,258         45,384
United States Lime & Minerals, Inc.
  7,390        603,985
Universal Stainless & Alloy Products, Inc.(b)(c)
  4,061        171,049
Warrior Met Coal, Inc.
  7,321        448,851
Worthington Steel, Inc.
  2,513        88,960
        12,160,703
Real Estate-7.81%
Acadia Realty Trust(c)
  24,582        553,341
Alexander & Baldwin, Inc.
  5,867        116,108
Alexander’s, Inc.
  1,232        282,325
American Assets Trust, Inc.
  14,776        402,646
Apple Hospitality REIT, Inc.
  14,740        212,846
Armada Hoffler Properties, Inc.
  7,617         93,765
Brandywine Realty Trust
  14,953         78,204
Broadstone Net Lease, Inc.(c)
  39,750        727,425
CareTrust REIT, Inc.
  26,166        781,840
Centerspace(c)
  4,160        311,168
COPT Defense Properties
  13,243        394,509
CTO Realty Growth, Inc.(c)
  4,797         91,239
Cushman & Wakefield PLC(b)
  44,422        577,486
DigitalBridge Group, Inc.(c)
  12,439        155,363
Douglas Emmett, Inc.(c)
  29,154        466,464
Easterly Government Properties, Inc.(c)
  7,648        100,342
Elme Communities
  8,785        155,143
Empire State Realty Trust, Inc., Class A(c)
  47,294        510,302
Equity Commonwealth(b)(c)
  14,205        287,935
Essential Properties Realty Trust, Inc.(c)
  22,403        714,880
Farmland Partners, Inc.(c)
  6,796        69,591
  Shares   Value
Real Estate-(continued)
Forestar Group, Inc.(b)
  12,481   $    386,162
Four Corners Property Trust, Inc.
  13,032        369,457
FRP Holdings, Inc.(b)(c)
  1,981         58,677
Getty Realty Corp.(c)
  3,691        117,300
Gladstone Commercial Corp.
  8,101        123,864
Global Medical REIT, Inc.
  7,907         73,614
Independence Realty Trust, Inc.(c)
  20,360        423,081
Innovative Industrial Properties, Inc.(c)
  12,841     1,595,879
JBG SMITH Properties, (Acquired 07/05/2024; Cost $169,782)(d)
  11,013        191,626
Kite Realty Group Trust
  20,049        522,878
LTC Properties, Inc.
  11,734        430,990
LXP Industrial Trust
  24,204        250,753
Macerich Co. (The)
  7,376        117,795
Marcus & Millichap, Inc.
  2,122         84,180
National Health Investors, Inc.(c)
  17,136     1,395,384
NETSTREIT Corp.
  10,129        169,053
Newmark Group, Inc., Class A
  15,384        212,761
One Liberty Properties, Inc.(c)
  6,095        163,041
Pebblebrook Hotel Trust
  7,339         97,609
Phillips Edison & Co., Inc.
  17,163        634,344
Piedmont Office Realty Trust, Inc., Class A
  13,382        130,608
Plymouth Industrial REIT, Inc.(c)
  3,888         93,079
PotlatchDeltic Corp.(c)
  4,969        215,953
Retail Opportunity Investments Corp.
  10,147        155,148
RLJ Lodging Trust
  7,128         67,716
RMR Group, Inc. (The), Class A
  4,812        122,658
Ryman Hospitality Properties, Inc.
  1,394        144,920
Sabra Health Care REIT, Inc.
  32,348        551,210
Safehold, Inc.(c)
  2,959         74,153
Saul Centers, Inc.(c)
  2,069         84,457
SITE Centers Corp.
  9,317        562,281
SL Green Realty Corp.
  8,892        592,563
St. Joe Co. (The)
  10,691        634,725
Sunstone Hotel Investors, Inc.
  42,412        442,357
Tanger, Inc.
  19,551        595,132
Terreno Realty Corp.(c)
  20,015     1,381,836
UMH Properties, Inc.(c)
  8,879        172,785
Uniti Group, Inc.(c)
  17,663         77,011
Urban Edge Properties
  37,340        789,741
Whitestone REIT
  18,095        242,835
Xenia Hotels & Resorts, Inc.
  9,470       134,852
        21,767,390
Utilities-1.47%
ALLETE, Inc.
  7,931        504,015
American States Water Co.
  1,759        143,218
Avista Corp.
  4,908        189,645
Black Hills Corp.
  3,372        199,353
California Water Service Group
  3,194        176,724
Consolidated Water Co. Ltd.
  5,164        143,353
MGE Energy, Inc.
  1,789        155,115
New Jersey Resources Corp.
  1,921         88,961
Northwest Natural Holding Co.
  2,524        101,515
NorthWestern Energy Group, Inc.
  2,805        152,564
ONE Gas, Inc.
  1,688        116,371
Ormat Technologies, Inc.(c)
  1,073         79,971
Otter Tail Corp.(c)
  4,661        394,088
Portland General Electric Co.
  4,623        222,412
Southwest Gas Holdings, Inc.
  12,977       943,687
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
  Shares   Value
Utilities-(continued)
Spire, Inc.
  4,838   $    319,163
TXNM Energy, Inc.
  1,866         76,469
Unitil Corp.
  1,205        72,661
        4,079,285
Total Common Stocks & Other Equity Interests

(Cost $248,074,956)
  278,365,152
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $79,018)
  79,018        79,018
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $248,153,974)
  278,444,170
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.63%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  11,087,000   $ 11,087,000
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  29,659,538    29,671,402
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $40,755,655)
  40,758,402
TOTAL INVESTMENTS IN SECURITIES-114.59%

(Cost $288,909,629)
  319,202,572
OTHER ASSETS LESS LIABILITIES-(14.59)%
  (40,637,705)
NET ASSETS-100.00%
  $278,564,867
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Restricted security. The aggregate value of these securities at August 31, 2024 was $268,426, which represented less than 1% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Mortgage Capital, Inc. $-   $729,116   $(685,467)   $-   $(43,649)   $-   $30,363
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   9,241,940   (9,162,922)   -   -   79,018   7,236
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 19,866,984   148,246,521   (157,026,505)   -   -   11,087,000   1,111,289*
Invesco Private Prime Fund 51,230,661   287,798,978   (309,372,895)   2,762   11,896   29,671,402   3,004,672*
Total $71,097,645   $446,016,555   $(476,247,789)   $2,762   $(31,753)   $40,837,420   $4,153,560
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco International
Developed Dynamic
Multifactor
ETF (IMFL) 		  Invesco Russell
1000® Dynamic
Multifactor
ETF (OMFL) 		  Invesco Russell
2000® Dynamic
Multifactor
ETF (OMFS)
Assets:          
Unaffiliated investments in securities, at value(a)
$466,185,639   $5,321,637,896   $278,365,152
Affiliated investments in securities, at value
2,060,012   57,715,179   40,837,420
Cash
-   72,104   2,642
Due from broker
-   31,244   -
Foreign currencies, at value
37,053   -   -
Receivable for:          
Dividends
674,917   3,919,265   204,089
Securities lending
216   2,555   4,407
Investments sold
6,528,385   6,732,259   -
Fund shares sold
1,114   -   -
Foreign tax reclaims
469,130   -   -
Total assets
475,956,466   5,390,110,502   319,413,710
Liabilities:          
Due to custodian
227,224   -   -
Payable for:          
Investments purchased
164   -   -
Collateral upon return of securities loaned
2,059,929   54,818,905   40,755,655
Fund shares repurchased
6,558,783   6,790,949   -
Accrued unitary management fees
130,952   1,301,934   93,188
Total liabilities
8,977,052   62,911,788   40,848,843
Net Assets
$466,979,414   $5,327,198,714   $278,564,867
Net assets consist of:          
Shares of beneficial interest
$454,944,769   $6,192,978,324   $392,934,642
Distributable earnings (loss)
12,034,645   (865,779,610)   (114,369,775)
Net Assets
$466,979,414   $5,327,198,714   $278,564,867
Shares outstanding (unlimited amount authorized, $0.01 par value)
17,800,001   101,980,001   7,110,001
Net asset value
$26.23   $52.24   $39.18
Market price
$26.17   $52.22   $39.18
Unaffiliated investments in securities, at cost
$445,156,369   $5,246,211,905   $248,074,956
Affiliated investments in securities, at cost
$2,059,929   $57,712,694   $40,834,673
Foreign currencies, at cost
$36,905   $-   $-
(a)Includes securities on loan with an aggregate value of:
$1,874,919   $54,242,242   $39,992,040
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Statements of Operations
For the year ended August 31, 2024
  Invesco International
Developed Dynamic
Multifactor
ETF (IMFL) 		  Invesco Russell
1000® Dynamic
Multifactor
ETF (OMFL) 		  Invesco Russell
2000® Dynamic
Multifactor
ETF (OMFS)
Investment income:          
Unaffiliated dividend income
$14,071,207   $96,663,375   $6,336,035
Affiliated dividend income
9,456   482,108   37,599
Securities lending income, net
114,766   1,701,097   268,842
Foreign withholding tax
(1,405,335)   (97,637)   (3,215)
Total investment income
12,790,094   98,748,943   6,639,261
Expenses:          
Unitary management fees
1,195,036   16,246,269   1,361,804
Less: Waivers
(183)   (2,248)   (136)
Net expenses
1,194,853   16,244,021   1,361,668
Net investment income
11,595,241   82,504,922   5,277,593
Realized and unrealized gain (loss) from:          
Net realized gain (loss) from:          
Unaffiliated investment securities
15,547,216   (505,943,617)   (57,107,424)
Affiliated investment securities
(4,909)   (3,509,001)   (31,748)
Unaffiliated in-kind redemptions
4,025,243   828,611,307   54,584,659
Affiliated in-kind redemptions
-   (6,872)   (5)
Foreign currencies
(90,824)   -   -
Net realized gain (loss)
19,476,726   319,151,817   (2,554,518)
Change in net unrealized appreciation (depreciation) of:          
Unaffiliated investment securities
14,702,495   (2,610,326)   23,044,497
Affiliated investment securities
171   745,645   2,762
Foreign currencies
41,232   -   -
Change in net unrealized appreciation (depreciation)
14,743,898   (1,864,681)   23,047,259
Net realized and unrealized gain
34,220,624   317,287,136   20,492,741
Net increase in net assets resulting from operations
$45,815,865   $399,792,058   $25,770,334
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco International
Developed Dynamic
Multifactor ETF (IMFL) 		  Invesco Russell 1000® Dynamic
Multifactor ETF (OMFL) 		  Invesco Russell 2000® Dynamic
Multifactor ETF (OMFS)
  2024   2023   2024   2023   2024   2023
Operations:                      
Net investment income
$11,595,241   $4,214,410   $82,504,922   $49,313,623   $5,277,593   $4,161,558
Net realized gain (loss)
19,476,726   11,750,777   319,151,817   265,807,292   (2,554,518)   (3,664,718)
Change in net unrealized appreciation (depreciation)
14,743,898   10,254,693   (1,864,681)   94,706,788   23,047,259   7,259,409
Net increase in net assets resulting from operations
45,815,865   26,219,880   399,792,058   409,827,703   25,770,334   7,756,249
Distributions to Shareholders from:                      
Distributable earnings
(14,142,570)   (3,933,666)   (88,481,799)   (44,995,732)   (5,511,079)   (3,921,465)
Shareholder Transactions:                      
Proceeds from shares sold
232,561,877   138,374,719   7,865,762,943   5,540,925,351   351,082,414   524,445,565
Value of shares repurchased
(34,408,118)   (27,225,811)   (7,624,284,266)   (3,088,626,586)   (445,403,652)   (320,206,649)
Net increase (decrease) in net assets resulting from share transactions
198,153,759   111,148,908   241,478,677   2,452,298,765   (94,321,238)   204,238,916
Net increase (decrease) in net assets
229,827,054   133,435,122   552,788,936   2,817,130,736   (74,061,983)   208,073,700
Net assets:                      
Beginning of year
237,152,360   103,717,238   4,774,409,778   1,957,279,042   352,626,850   144,553,150
End of year
$466,979,414   $237,152,360   $5,327,198,714   $4,774,409,778   $278,564,867   $352,626,850
Changes in Shares Outstanding:                      
Shares sold
9,300,000   5,950,000   155,830,000   117,840,000   9,670,000   14,520,000
Shares repurchased
(1,350,000)   (1,300,000)   (151,360,000)   (66,720,000)   (12,300,000)   (8,950,000)
Shares outstanding, beginning of year
9,850,001   5,200,001   97,510,001   46,390,001   9,740,001   4,170,001
Shares outstanding, end of year
17,800,001   9,850,001   101,980,001   97,510,001   7,110,001   9,740,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Table of Contents
Financial Highlights
Invesco International Developed Dynamic Multifactor ETF (IMFL)
  Years Ended August 31,   For the Period
February 22, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$24.08   $19.95   $27.05   $25.00
Net investment income(b)
0.82   0.67   0.71   0.53
Net realized and unrealized gain (loss) on investments
2.39   4.11   (6.62)   1.81
Total from investment operations
3.21   4.78   (5.91)   2.34
Distributions to shareholders from:              
Net investment income
(1.06)   (0.65)   (0.95)   (0.29)
Net realized gains
-   -   (0.24)   -
Total distributions
(1.06)   (0.65)   (1.19)   (0.29)
Net asset value at end of period
$26.23   $24.08   $19.95   $27.05
Market price at end of period(c)
$26.17   $24.09   $19.75   $27.16
Net Asset Value Total Return(d)
13.69%   24.43%   (22.54)%   9.37%(e)
Market Price Total Return(d)
13.36%   25.74%   (23.63)%   9.81%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$466,979   $237,152   $103,717   $135,253
Ratio to average net assets of:              
Expenses
0.34%   0.34%   0.34%   0.34%(f)
Net investment income
3.30%   3.02%   2.98%   3.76%(f)
Portfolio turnover rate(g)
156%   341%   337%   73%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Financial Highlights—(continued)
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$48.96   $42.19   $48.24   $32.22   $29.77
Net investment income(a)
0.74   0.76   0.67   0.52   0.55
Net realized and unrealized gain (loss) on investments
3.34   6.76   (6.18)   16.10   2.44
Total from investment operations
4.08   7.52   (5.51)   16.62   2.99
Distributions to shareholders from:                  
Net investment income
(0.80)   (0.75)   (0.54)   (0.60)   (0.54)
Net asset value at end of period
$52.24   $48.96   $42.19   $48.24   $32.22
Market price at end of period(b)
$52.22   $48.96   $42.24   $48.24   $32.26
Net Asset Value Total Return(c)
8.39%   18.05%   (11.48)%   52.12%   10.23%
Market Price Total Return(c)
8.35%   17.91%   (11.37)%   51.93%   10.29%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$5,327,199   $4,774,410   $1,957,279   $1,704,452   $990,733
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
1.47%   1.65%   1.45%   1.24%   1.76%
Portfolio turnover rate(d)
267%   350%   336%   126%   321%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$36.20   $34.67   $40.51   $24.92   $25.61
Net investment income(a)
0.55   0.59   0.51   0.31   0.31
Net realized and unrealized gain (loss) on investments
3.00   1.56   (5.94)   15.59   (0.64)
Total from investment operations
3.55   2.15   (5.43)   15.90   (0.33)
Distributions to shareholders from:                  
Net investment income
(0.57)   (0.62)   (0.41)   (0.31)   (0.36)
Net asset value at end of period
$39.18   $36.20   $34.67   $40.51   $24.92
Market price at end of period(b)
$39.18   $36.28   $34.68   $40.50   $24.94
Net Asset Value Total Return(c)
9.99%   6.31%   (13.45)%   64.12%   (1.13)%
Market Price Total Return(c)
9.74%   6.51%   (13.41)%   63.95%   (1.20)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$278,565   $352,627   $144,553   $130,035   $43,602
Ratio to average net assets of:                  
Expenses
0.39%   0.39%   0.39%   0.39%   0.39%
Net investment income
1.51%   1.67%   1.32%   0.86%   1.27%
Portfolio turnover rate(d)
271%   336%   265%   127%   282%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Table of Contents
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco International Developed Dynamic Multifactor ETF (IMFL)   "International Developed Dynamic Multifactor ETF"
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)   "Russell 1000® Dynamic Multifactor ETF"
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)   "Russell 2000® Dynamic Multifactor ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
International Developed Dynamic Multifactor ETF   FTSE Developed ex US Invesco Dynamic Multifactor Index
Russell 1000® Dynamic Multifactor ETF   Russell 1000® Invesco Dynamic Multifactor Index
Russell 2000® Dynamic Multifactor ETF   Russell 2000® Invesco Dynamic Multifactor Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.
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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 - 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.
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To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:
  Amount
Russell 1000® Dynamic Multifactor ETF $93,956
Russell 2000® Dynamic Multifactor ETF 15,811
 
J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on
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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 of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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
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taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
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Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
International Developed Dynamic Multifactor ETF 0.34%
Russell 1000® Dynamic Multifactor ETF 0.29%
Russell 2000® Dynamic Multifactor ETF 0.39%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
International Developed Dynamic Multifactor ETF $183
Russell 1000® Dynamic Multifactor ETF 2,248
Russell 2000® Dynamic Multifactor ETF 136
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
International Developed Dynamic Multifactor ETF   FTSE International Ltd.
Russell 1000® Dynamic Multifactor ETF   Frank Russell Company
Russell 2000® Dynamic Multifactor ETF   Frank Russell Company
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
International Developed Dynamic Multifactor ETF $3,700
Russell 1000® Dynamic Multifactor ETF 1,692,197
Russell 2000® Dynamic Multifactor ETF 461,581
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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities held by certain Funds may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
International Developed Dynamic Multifactor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $466,185,639   $-   $-   $466,185,639
Money Market Funds -   2,060,012   -   2,060,012
Total Investments $466,185,639   $2,060,012   $-   $468,245,651
Russell 1000® Dynamic Multifactor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $5,321,569,421   $-   $68,475   $5,321,637,896
Money Market Funds 2,893,789   54,821,390   -   57,715,179
Total Investments $5,324,463,210   $54,821,390   $68,475   $5,379,353,075
Russell 2000® Dynamic Multifactor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $278,365,152   $-   $-   $278,365,152
Money Market Funds 79,018   40,758,402   -   40,837,420
Total Investments $278,444,170   $40,758,402   $-   $319,202,572
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
International Developed Dynamic Multifactor ETF $14,142,570   $3,933,666
Russell 1000® Dynamic Multifactor ETF 88,481,799   44,995,732
Russell 2000® Dynamic Multifactor ETF 5,511,079   3,921,465
    
* Includes short-term capital gain distributions, if any.
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Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation-
Investments 		  Net
Unrealized
Appreciation-
Foreign
Currencies 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
International Developed Dynamic Multifactor ETF $4,441,904   $18,879,198   $47,016   $(11,333,473)   $454,944,769   $466,979,414
Russell 1000® Dynamic Multifactor ETF 5,637,559   74,795,890   -   (946,213,059)   6,192,978,324   5,327,198,714
Russell 2000® Dynamic Multifactor ETF 1,082,019   29,590,964   -   (145,042,758)   392,934,642   278,564,867
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
International Developed Dynamic Multifactor ETF $9,976,987   $1,356,486   $11,333,473
Russell 1000® Dynamic Multifactor ETF 946,213,059   -   946,213,059
Russell 2000® Dynamic Multifactor ETF 143,677,784   1,364,974   145,042,758
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
International Developed Dynamic Multifactor ETF $574,411,336   $548,213,567
Russell 1000® Dynamic Multifactor ETF 14,894,604,932   15,118,678,789
Russell 2000® Dynamic Multifactor ETF 945,761,409   947,097,164
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
International Developed Dynamic Multifactor ETF $199,826,209   $30,550,978
Russell 1000® Dynamic Multifactor ETF 7,748,273,962   7,284,925,779
Russell 2000® Dynamic Multifactor ETF 349,873,627   442,337,027
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation 		  Cost
International Developed Dynamic Multifactor ETF $30,446,262   $(11,567,064)   $18,879,198   $449,366,453
Russell 1000® Dynamic Multifactor ETF 259,871,800   (185,075,910)   74,795,890   5,304,557,185
Russell 2000® Dynamic Multifactor ETF 34,392,036   (4,801,072)   29,590,964   289,611,608
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NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
International Developed Dynamic Multifactor ETF $2,315,095   $(6,083,784)   $3,768,689
Russell 1000® Dynamic Multifactor ETF 178,511   (813,751,565)   813,573,054
Russell 2000® Dynamic Multifactor ETF 55,886   (50,787,504)   50,731,618
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000® Dynamic Multifactor ETF and Invesco Russell 2000® Dynamic Multifactor ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000® Dynamic Multifactor ETF and Invesco Russell 2000® Dynamic Multifactor ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco International Developed Dynamic Multifactor ETF 0%   53%   0%   0%   0%
Invesco Russell 1000® Dynamic Multifactor ETF 6%   90%   98%   0%   0%
Invesco Russell 2000® Dynamic Multifactor ETF 9%   80%   83%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
  Foreign Taxes
Per Share 		  Foreign Source
Income Per Share
Invesco International Developed Dynamic Multifactor ETF $0.0579   $0.7896
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Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF   
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
 
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds. 
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF;
• 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;   
• 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF;  
• 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;   
• 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;   
• 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;   
• 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;   
• 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF;  
• 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and   
• 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco Bloomberg Pricing Power ETF           X
Invesco BulletShares 2024 Corporate Bond ETF   X       X
Invesco BulletShares 2025 Corporate Bond ETF   X       X
Invesco BulletShares 2026 Corporate Bond ETF   X       X
Invesco BulletShares 2027 Corporate Bond ETF   X       X
Invesco BulletShares 2028 Corporate Bond ETF   X       X
Invesco BulletShares 2029 Corporate Bond ETF   X       X
Invesco BulletShares 2030 Corporate Bond ETF   X       X
Invesco BulletShares 2031 Corporate Bond ETF   X       X
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Approval of Investment Advisory Contracts—(continued)
Invesco Fund   Equal
to/Lower
than ETF
Peer Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median* 		  Lower than
Open-End
Active Fund
Peer Median
Invesco BulletShares 2032 Corporate Bond ETF   X       X
Invesco BulletShares 2024 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2025 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2026 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2027 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2028 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2029 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2030 High Yield Corporate Bond ETF       N/A   X
Invesco BulletShares 2024 Municipal Bond ETF       N/A   X
Invesco BulletShares 2025 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2026 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2027 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2028 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2029 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2030 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2031 Municipal Bond ETF   X   N/A   X
Invesco BulletShares 2032 Municipal Bond ETF   X       X
Invesco International Developed Dynamic Multifactor ETF           X
Invesco Investment Grade Defensive ETF   X   X   X
Invesco Racial and Gender Diversity ETF   X   X   X
Invesco RAFITM Strategic US ETF   X       X
Invesco Russell 1000® Dynamic Multifactor ETF   X       X
Invesco Russell 2000® Dynamic Multifactor ETF           X
    
* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser. 
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose.  Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
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Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser. 
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-SIEII-NCSR invesco.com/ETFs


 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

 
 

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

 

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

 
 

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

 
 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 
 

 

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

 
 

 

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 
 

 

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

 
 

 

Item 19. Exhibits.

19(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.

19(a)(2) Not applicable.

19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

19(a)(4) Not applicable.

19(a)(5) Not applicable.

19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act 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:Principal Executive Officer 

  

Date: November 6, 2024  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

  

  

By:    /s/ Brian Hartigan                                          .. 

Name:Brian Hartigan 

Title:Principal Executive Officer 

Date: November 6, 2024 

  

  

  

By:       /s/ Kelli Gallegos                                             ____                                         

  

Name:Kelli Gallegos 

Title:Principal Financial Officer 

  

Date:November 6, 2024