N-CSR

N-CSR 1 d607718dncsr.htm N-CSR N-CSR

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)

Daniel E. Draper

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2018

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

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

Item 1. Reports to Stockholders.

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

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


DEF		Invesco Defensive Equity ETF
GMFL		Invesco Multi-Factor Large Cap ETF
OVLC		Invesco U.S. Large Cap Optimized Volatility ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Schedules of Investments

Invesco Defensive Equity ETF			13

Invesco Multi-Factor Large Cap ETF			15

Invesco U.S. Large Cap Optimized Volatility ETF			16

Statements of Assets and Liabilities			18

Statements of Operations			19

Statements of Changes in Net Assets			20

Financial Highlights			21

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			32

Change in Independent Registered Public Accounting Firm			33

Fees and Expenses			34

Tax Information			35

Proxy Results			36

Trustees and Officers			37

Board Considerations Regarding Continuation of Investment Advisory Agreements			43


		2

The Market Environment

Domestic Equity

The fiscal period proved to be another strong, albeit increasingly volatile, time for US equities. As the fiscal period unfolded in the later months of 2017, several major US stock market indexes repeatedly reached new highs amid improving economic data, strong corporate profits and the prospect of tax reform legislation. Stock market volatility remained exceedingly low—a hallmark of 2017.

At the outset of 2018, US equity markets continued to steadily move higher in January as investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock market to pull back and volatility to increase. In addition, in April 2018, the yield on the 10-year US Treasury bond climbed above 3%—a psychologically important level—for the first time since December 2013.¹

Despite a disappointing first quarter, US equity markets generally recovered in the second quarter of 2018. Strong US retail sales and low unemployment continued to buoy US equity markets. In the final months of the fiscal period, US equities moved higher, despite several potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. Ultimately, the fiscal period ended the same way it began with several US equity indexes reaching new record highs.

Given signs of a strong economy, the US Federal Reserve raised interest rates three times during the fiscal period: in December 2017 and in March and June 2018.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

¹	Source: US Treasury

²	Source: US Federal Reserve

International Equity

Global equity markets delivered positive returns for the fiscal period ended August 31, 2018. That positive performance was despite significant turbulence in late January and early February 2018, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve tightening and then, later in the year, by fears of brewing trade wars. Geopolitical risks and tighter monetary policies overseas were additional headwinds to global equity markets. In spite of these risks, global equities generally rose during the fiscal period.

In Europe, economic growth remained positive amid improving employment, industrial production and consumption trends in many countries. However, European equity markets retrenched in August amid concerns regarding Italy’s budget concerns and contagion fears regarding the Turkish lira. The political environment in Germany improved, with Chancellor Angela Merkel finally securing a coalition government in order to continue her leadership. French President Emmanuel Macron continued his efforts at labor reform, boosting business confidence and business spending. The European Central Bank remained supportive of European equities, maintaining a dovish tone throughout the fiscal period.

Weakness in emerging equity markets during August was broad based. Investors worried about threats to global trade as the US prepared to impose tariffs on an additional $200 billion worth of Chinese imports. While the prospect of a deepening trade dispute pushed Chinese equity markets into negative territory, Latin America was the worst-performing region, with losses in Brazil accentuated by political uncertainties and currency weakness. Economic growth in emerging markets remained relatively strong over the fiscal period. However, volatility increased toward the end of the fiscal period with several markets registering losses.

At the close of the fiscal period, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.


		3


DEF		Manager’s Analysis
DEF		Invesco Defensive Equity ETF (DEF)

Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim Defensive Equity ETF (the “Predecessor Fund”) was reorganized into Invesco Defensive Equity ETF (formerly known as PowerShares Defensive Equity Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the Invesco Defensive Equity Index (the “Defensive Equity Index” or the “Index”). The Index is designed to provide exposure to equity securities of large capitalization U.S. issuers that Invesco Indexing, LLC (“Invesco Indexing” or the “Index Provider”) has selected for inclusion in the Index based on a rules-based screening criteria. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The companies eligible for the Index are derived from its starting universe, the S&P 500^®, which is a leading benchmark index for U.S. large capitalization stocks. Invesco Indexing selects securities for inclusion in the Index based on its proprietary rules-based methodology and a security’s risk characteristics. The starting universe is screened to eliminate stocks with less favorable risk profiles by measuring certain risk characteristics, such as a stock’s beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and down market volatility (a measurement that represents a security’s volatility during adverse market conditions). The rules-based methodology calculates the likelihood that a company will achieve the performance required to support the company’s stock price by calculating what a company’s stock price implies in terms of current revenue growth expectations and comparing those expectations to the management’s past ability to deliver that revenue growth. Using Invesco Indexing’s rules-based methodology, the Index is designed to mitigate market risk and improve risk adjusted returns relative to the Index’s starting universe. Under normal circumstances, the Fund will invest at least 80% of its total assets in securities that comprise the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned 16.39%. On a net asset value (“NAV”) basis, the Fund returned 16.25%. During the same time period, the Index returned 16.98%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 19.66%. The Benchmark Index is

an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the information technology sector during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the consumer discretionary sector as well as fees and operating expenses that the Fund incurred.

For the fiscal year ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included AbbVie, Inc., a health care company (no longer held at fiscal year-end), and Intuit, Inc., an information technology company (portfolio average weight of 1.04%). No positions detracted from the Fund’s return during this period.


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Health Care			21.1
Industrials			13.8
Information Technology			13.4
Consumer Discretionary			12.2
Financials			11.8
Consumer Staples			11.5
Utilities			5.3
Real Estate			5.0
Materials			4.9
Energy			1.0
Other Assets Less Liabilities			0.0


		4

Invesco Defensive Equity ETF (DEF) (continued)


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
HCA Healthcare, Inc.			1.2
McCormick & Co., Inc.			1.2
Eli Lilly & Co.			1.2
IQVIA Holdings, Inc.			1.2
PerkinElmer, Inc.			1.2
Costco Wholesale Corp.			1.1
VeriSign, Inc.			1.1
Kimberly-Clark Corp.			1.1
DTE Energy Co.			1.1
Sherwin-Williams Co. (The)			1.1
Total			11.5

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Invesco Defensive Equity Index		16.98	%		14.96	%		51.92	%		12.10	%		77.04	%		10.44	%		169.84	%		8.92	%		172.06	%
S&P 500^® Index		19.66			16.11			56.55			14.52			97.01			10.86			180.44			8.53			160.72
Fund
NAV Return		16.25			14.23			49.04			11.42			71.74			9.73			153.18			8.21			151.93
Market Price Return		16.39			14.22			49.01			11.46			72.00			9.72			152.90			8.22			152.14


		5

Invesco Defensive Equity ETF (DEF) (continued)

Predecessor Fund Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through April 6, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.61% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

The Blended-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through August 31, 2018.


		6


GMFL		Manager’s Analysis
GMFL		Invesco Multi-Factor Large Cap ETF (GMFL)

Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim Multi-Factor Large Cap ETF (the “Predecessor Fund”) was reorganized into Invesco Multi-Factor Large Cap ETF (formerly known as PowerShares Multi-Factor Large Cap Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco Multi-Factor Large Cap ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before fees and expenses, the daily performance of the Invesco Multi-Factor Large Cap Index (the “Index”). Invesco Indexing, LLC (“Invesco Indexing” or the “Index Provider”), an affiliate of Invesco Capital Management LLC, the Fund’s investment adviser, compiles and maintains the Index, which is composed of approximately 50 equity securities selected from the universe of equity securities that comprise the S&P 500^® Index, pursuant to a rules-based methodology. The Index component securities are selected using a Multi-Factor Composite Score, a rules-based methodology, to seek to identify those securities that will enhance returns, reduce risk and improve diversification. The Multi-Factor Composite Score seeks to identify component securities with attractive exposures to several factors or investment characteristics. Generally, these factors include both fundamental factors (i.e., value, growth and quality) and non-fundamental factors (i.e., momentum, short interest, volatility and liquidity). The Multi-Factor Composite Score uses multiple diversifying factors to seek to provide more consistent performance as compared to individual factor strategies that inherently experience cycles of underperformance when a particular factor is out of favor. The selected securities will be rebalanced quarterly to have the same target weighting as every other security in the Index. The equal weighting provides broader exposure to the majority of securities in the Index than typically may be found in a market capitalization weighted index. The Index also seeks to have a similar sector exposure as the S&P 500^® Index. Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 13.04%. On a net asset value (“NAV”) basis, the Fund returned 12.66%. During the same time period, the Index returned 13.01%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 14.57%. The Benchmark Index is

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the health care sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the financials sector.

For the fiscal period ended August 31, 2018, the consumer staples sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and financials sectors, respectively. The materials sector was the most significant detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Centene Corp., a health care company (portfolio average weight of 2.04%), and Robert Half International, Inc., an industrials company (portfolio average weight of 2.12%). Positions that detracted most significantly from the Fund’s return during this period included Unum Group, a consumer discretionary company (no longer held at fiscal period-end), and News Corp., Class A, a consumer discretionary company (portfolio average weight of 1.48%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			26.3
Health Care			14.4
Financials			13.7
Consumer Discretionary			11.6
Industrials			10.1
Energy			6.1
Consumer Staples			6.0
Utilities			4.0
Real Estate			3.7
Telecommunication Services			2.0
Materials			2.0
Money Market Fund Plus Other Assets Less Liabilities			0.1


		7

Invesco Multi-Factor Large Cap ETF (GMFL) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
FLIR Systems, Inc.			2.3
Robert Half International, Inc.			2.3
CA, Inc.			2.3
Broadridge Financial Solutions, Inc.			2.2
Synopsys, Inc.			2.2
Tractor Supply Co.			2.2
Centene Corp.			2.1
Medtronic PLC			2.1
KLA-Tencor Corp.			2.1
Huntington Ingalls Industries, Inc.			2.1
Total			21.9

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Multi-Factor Large Cap Index		18.99	%		16.06	%		19.46	%
S&P 500^® Index		19.66			18.00			21.86
Fund
NAV Return		18.55			14.73			17.84
Market Price Return		18.43			15.45			18.72


		8

Invesco Multi-Factor Large Cap ETF (GMFL) (continued)

Predecessor Fund Inception: June 20, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.


		9


OVLC		Manager’s Analysis
OVLC		Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)

Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim U.S. Large Cap Optimized Volatility ETF (the “Predecessor Fund”) was reorganized into Invesco U.S. Large Cap Optimized Volatility ETF (formerly known as PowerShares U.S. Large Cap Optimized Volatility Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco U.S. Large Cap Optimized Volatility ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the Invesco U.S. Large Cap Optimized Volatility Index (the “Index”). The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers and respond to changes in market conditions by attempting to obtain higher returns when the “reward to risk” (as measured by the Index methodology described below) is high, while minimizing volatility during other market conditions. Index constituents must be constituents of the S&P 500^® Index, the leading benchmark index for U.S. large capitalization stocks. Invesco Indexing, LLC (“Invesco Indexing” or the “Index Provider”), an affiliate of Invesco Capital Management LLC, the Fund’s investment adviser, selects securities from the constituents of the S&P 500^® Index for inclusion in the Index using a proprietary rules-based methodology that calculates the reward to risk of each security in the investable universe. The reward to risk of a security is calculated based on the following factors: (i) volatility; (ii) correlation; (iii) change in volatility; and (iv) change in correlation. The Index also utilizes the security’s historical returns, and the relationship of each of the above four factors to those returns, in calculating the reward to risk for each security. The Index thus attempts to reflect lower volatility relative to the broader U.S. equity market in typical market conditions, but attempts to reflect higher volatility in certain situations where, per the above methodology, the reward to risk is estimated to be higher. Under normal circumstances, the Fund will invest at least 80% of its total assets in securities that comprise the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned 17.91%. On a net asset value (“NAV”) basis, the Fund returned 16.38%. During the same time period, the Index returned 16.79%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 19.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on

the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of stocks of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the information technology sector during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the information technology sector as well as fees and operating expenses that the Fund incurred.

For the fiscal year ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and financial sectors, respectively. The utilities sector was the single detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included Apple, Inc., an information technology company (portfolio average weight of 2.93%), and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 1.37%). Positions that detracted most significantly from the Fund’s return during this period included PG&E Corp., a utilities company (portfolio average weight of 0.73%), and Twitter, Inc., an information technology company (portfolio average weight of 0.18%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			19.1
Consumer Staples			16.3
Financials			13.4
Utilities			10.7
Consumer Discretionary			10.3
Health Care			8.7
Real Estate			7.4
Energy			6.1
Telecommunication Services			3.7
Materials			2.3
Industrials			1.8
Other Assets Less Liabilities			0.2


		10

Invesco U.S. Large Cap Optimized Volatility ETF (OVLC) (continued)


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Apple, Inc.			3.4
Berkshire Hathaway, Inc., Class B			2.6
Alphabet, Inc., Class A			2.5
Alphabet, Inc., Class C			2.5
Microsoft Corp.			2.4
Exxon Mobil Corp.			2.3
Amazon.com, Inc.			2.1
Wells Fargo & Co.			2.0
Verizon Communications, Inc.			2.0
Procter & Gamble Co. (The)			1.9
Total			23.7

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco U.S. Large Cap Optimized Volatility Index		16.79	%		13.96	%		35.19	%
S&P 500^® Index		19.66			17.81			45.95
Fund
NAV Return		16.38			13.54			34.02
Market Price Return		17.91			13.52			33.97


		11

Invesco U.S. Large Cap Optimized Volatility ETF (OVLC) (continued)

Predecessor Fund Inception: May 10, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.


		12

Schedule of Investments^(a)

Invesco Defensive Equity ETF (DEF)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—12.2%
	29,791	Carnival Corp.	$	1,831,848
	152,936	Ford Motor Co.		1,449,833
	29,579	Garmin Ltd.		2,015,513
	21,619	Hilton Worldwide Holdings, Inc.		1,678,067
	9,457	Home Depot, Inc. (The)		1,898,682
	56,052	LKQ Corp.^(b)		1,934,915
	12,931	Marriott International, Inc., Class A		1,635,383
	11,273	McDonald’s Corp.		1,828,819
	8,896	Mohawk Industries, Inc.^(b)		1,704,385
	116,601	News Corp., Class A		1,523,975
	13,672	Tiffany & Co.		1,676,871
	21,874	VF Corp.		2,015,252
	18,058	Walt Disney Co. (The)		2,022,857

				23,216,400

		Consumer Staples—11.5%
	29,258	Colgate-Palmolive Co.		1,943,024
	8,160	Constellation Brands, Inc., Class A		1,698,912
	9,309	Costco Wholesale Corp.		2,170,207
	20,321	Hershey Co. (The)		2,042,667
	18,258	Kimberly-Clark Corp.		2,109,529
	31,605	Kraft Heinz Co. (The)		1,841,623
	18,173	McCormick & Co., Inc.		2,269,444
	46,357	Mondelez International, Inc., Class A		1,980,371
	18,247	PepsiCo, Inc.		2,043,847
	27,971	Sysco Corp.		2,092,790
	26,844	Tyson Foods, Inc., Class A		1,686,072

				21,878,486

		Energy—1.0%
	15,694	Phillips 66		1,859,896

		Financials—11.8%
	18,248	Cboe Global Markets, Inc.		1,839,398
	13,937	Chubb Ltd.		1,884,840
	10,549	CME Group, Inc.		1,843,227
	24,094	Intercontinental Exchange, Inc.		1,836,686
	22,441	Marsh & McLennan Cos., Inc.		1,899,182
	10,266	Moody’s Corp.		1,827,553
	11,066	MSCI, Inc., Class A		1,994,757
	95,696	People’s United Financial, Inc.		1,771,333
	29,249	Progressive Corp. (The)		1,975,185
	14,218	Travelers Cos., Inc. (The)		1,871,089
	35,361	US Bancorp		1,913,384
	11,816	Willis Towers Watson PLC		1,740,142

				22,396,776

		Health Care—21.1%
	28,811	Abbott Laboratories		1,925,727
	10,281	Aetna, Inc.		2,058,976
	9,975	Amgen, Inc.		1,993,105
	24,318	Baxter International, Inc.		1,808,530
	10,521	Cigna Corp.		1,981,525
	21,404	Eli Lilly & Co.		2,261,333
	17,574	HCA Healthcare, Inc.		2,356,849
	17,740	IQVIA Holdings, Inc.^(b)		2,254,577
	14,910	Johnson & Johnson		2,008,228
	9,917	Laboratory Corp. of America Holdings^(b)		1,714,352
	20,986	Medtronic PLC		2,023,260


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	29,712	Merck & Co., Inc.	$	2,037,946
	23,499	PerkinElmer, Inc.		2,172,013
	50,573	Pfizer, Inc.		2,099,791
	17,164	ResMed, Inc.		1,912,241
	8,433	Thermo Fisher Scientific, Inc.		2,016,330
	7,364	UnitedHealth Group, Inc.		1,976,939
	15,859	Universal Health Services, Inc., Class B		2,064,207
	14,905	Varian Medical Systems, Inc.^(b)		1,669,658
	21,418	Zoetis, Inc.		1,940,471

				40,276,058

		Industrials—13.8%
	23,228	Allegion PLC		2,025,946
	22,803	Eaton Corp. PLC		1,895,841
	24,421	Fortive Corp.		2,050,876
	31,605	Fortune Brands Home & Security, Inc.		1,674,433
	11,928	Harris Corp.		1,938,419
	12,122	Honeywell International, Inc.		1,928,125
	9,108	L3 Technologies, Inc.		1,946,562
	5,721	Lockheed Martin Corp.		1,833,066
	5,461	Northrop Grumman Corp.		1,630,054
	8,599	Raytheon Co.		1,714,984
	13,244	Rockwell Collins, Inc.		1,800,522
	6,452	Roper Technologies, Inc.		1,925,083
	14,434	United Technologies Corp.		1,900,958
	21,964	Waste Management, Inc.		1,996,528

				26,261,397

		Information Technology—13.4%
	20,242	Amphenol Corp., Class A		1,914,488
	10,673	ANSYS, Inc.^(b)		1,984,965
	23,427	Cognizant Technology Solutions Corp., Class A		1,837,380
	24,070	Fiserv, Inc.^(b)		1,927,285
	15,519	Global Payments, Inc.		1,933,357
	12,650	International Business Machines Corp.		1,852,972
	8,737	Intuit, Inc.		1,917,509
	16,117	Motorola Solutions, Inc.		2,068,778
	38,339	Oracle Corp.		1,862,509
	26,893	Paychex, Inc.		1,969,912
	20,022	Synopsys, Inc.^(b)		2,045,047
	20,677	Total System Services, Inc.		2,008,564
	13,420	VeriSign, Inc.^(b)		2,128,546

				25,451,312

		Materials—4.9%
	10,915	Air Products & Chemicals, Inc.		1,815,055
	17,187	Avery Dennison Corp.		1,807,729
	50,101	Ball Corp.		2,098,230
	16,646	Eastman Chemical Co.		1,615,162
	4,628	Sherwin-Williams Co. (The)		2,108,424

				9,444,600

		Real Estate—5.0%
	13,236	American Tower Corp. REIT		1,973,752
	38,092	CBRE Group, Inc., Class A^(b)		1,859,270
	17,884	Crown Castle International Corp. REIT		2,039,313

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


		13

Invesco Defensive Equity ETF (DEF) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	11,077	Simon Property Group, Inc. REIT	$	2,027,423
	47,736	Weyerhaeuser Co. REIT		1,656,917

				9,556,675

		Utilities—5.3%
	47,025	Alliant Energy Corp.		2,014,551
	72,986	CenterPoint Energy, Inc.		2,028,281
	18,976	DTE Energy Co.		2,108,993
	24,085	Entergy Corp.		2,013,265
	35,881	Public Service Enterprise Group, Inc.		1,878,370

				10,043,460

		Total Investments in Securities (Cost $174,600,161)—100.0%		190,385,060
		Other assets less liabilities—0.0%		85,637

		Net Assets—100.0%	$	190,470,697

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.

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


		14

Schedule of Investments^(a)

Invesco Multi-Factor Large Cap ETF (GMFL)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—11.6%
	599	BorgWarner, Inc.	$	26,218
	277	Dollar General Corp.		29,841
	438	Garmin Ltd.		29,846
	1,757	News Corp., Class A		22,964
	939	PulteGroup, Inc.		26,245
	356	Tractor Supply Co.		31,428

				166,542

		Consumer Staples—6.0%
	405	Molson Coors Brewing Co., Class B		27,030
	398	Sysco Corp.		29,778
	438	Walgreens Boots Alliance, Inc.		30,029

				86,837

		Energy—6.1%
	386	ConocoPhillips		28,344
	402	HollyFrontier Corp.		29,957
	245	Phillips 66		29,035

				87,336

		Financials—13.7%
	297	Allstate Corp. (The)		29,869
	277	American Express Co.		29,357
	387	Discover Financial Services		30,232
	520	Hartford Financial Services Group, Inc. (The)		26,192
	555	Loews Corp.		27,922
	300	Raymond James Financial, Inc.		27,912
	295	State Street Corp.		25,639

				197,123

		Health Care—14.4%
	147	Aetna, Inc.		29,440
	212	Centene Corp.^(b)		31,054
	160	Cigna Corp.		30,134
	89	Humana, Inc.		29,660
	317	Medtronic PLC		30,562
	356	Perrigo Co. PLC		27,237
	108	UnitedHealth Group, Inc.		28,994

				207,081

		Industrials—10.1%
	451	A.O. Smith Corp.		26,194
	124	Huntington Ingalls Industries, Inc.		30,314
	637	Pentair PLC (United Kingdom)		27,697
	418	Robert Half International, Inc.		32,679
	414	Textron, Inc.		28,579

				145,463

		Information Technology—26.3%
	167	Accenture PLC, Class A		28,235
	592	Applied Materials, Inc.		25,468
	236	Broadridge Financial Solutions, Inc.		31,893
	746	CA, Inc.		32,675
	339	Cognizant Technology Solutions Corp., Class A		26,588
	326	DXC Technology Co.		29,695
	524	FLIR Systems, Inc.		32,876
	1,161	HP, Inc.		28,619
	261	KLA-Tencor Corp.		30,331
	157	Lam Research Corp.		27,175


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	497	Micron Technology, Inc.^(b)	$	26,102
	311	Synopsys, Inc.^(b)		31,765
	296	TE Connectivity Ltd.		27,137

				378,559

		Materials—2.0%
	251	LyondellBasell Industries NV, Class A		28,308

		Real Estate—3.7%
	562	CBRE Group, Inc., Class A^(b)		27,431
	749	Weyerhaeuser Co. REIT		25,998

				53,429

		Telecommunication Services—2.0%
	539	Verizon Communications, Inc.		29,305

		Utilities—4.0%
	2,157	AES Corp. (The)		29,033
	783	FirstEnergy Corp.		29,269

				58,302

		Total Common Stocks & Other Equity Interests (Cost $1,366,399)		1,438,285



		Money Market Fund—0.1%
	753	Federated U.S. Treasury Cash Reserves Fund—Institutional Class, 1.83%^(c) (Cost $753)		753

		Total Investments in Securities (Cost $1,367,152)—100.0%		1,439,038
		Other assets less liabilities—(0.0)%		(297	)

		Net Assets—100.0%	$	1,438,741

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)	The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		15

Schedule of Investments^(a)

Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Consumer Discretionary—10.3%
	17	Amazon.com, Inc.^(b)	$	34,216
	17	AutoZone, Inc.^(b)		13,037
	264	Carnival Corp.		16,233
	82	Darden Restaurants, Inc.		9,515
	223	DISH Network Corp., Class A^(b)		7,883
	156	Dollar Tree, Inc.^(b)		12,560
	326	H&R Block, Inc.		8,822
	380	Hanesbrands, Inc.		6,665
	168	Harley-Davidson, Inc.		7,160
	212	L Brands, Inc.		5,603
	231	LKQ Corp.^(b)		7,974
	436	Mattel, Inc.^(b)		6,728
	115	Michael Kors Holdings Ltd.^(b)		8,351
	190	Tapestry, Inc.		9,631
	359	Under Armour, Inc., Class C^(b)		6,810
	335	Under Armour, Inc., Class A^(b)		6,851

				168,039

		Consumer Staples—16.3%
	392	Altria Group, Inc.		22,940
	208	Campbell Soup Co.		8,206
	85	Clorox Co. (The)		12,323
	601	Coca-Cola Co. (The)		26,787
	296	Colgate-Palmolive Co.		19,657
	259	Conagra Brands, Inc.		9,518
	532	Coty, Inc., Class A		6,576
	380	General Mills, Inc.		17,484
	92	Hershey Co. (The)		9,248
	75	JM Smucker Co. (The)		7,753
	172	Kimberly-Clark Corp.		19,873
	122	Molson Coors Brewing Co., Class B		8,142
	237	PepsiCo, Inc.		26,546
	365	Procter & Gamble Co. (The)		30,277
	195	Tyson Foods, Inc., Class A		12,248
	280	Walmart, Inc.		26,841

				264,419

		Energy—6.1%
	252	Apache Corp.		11,045
	331	Cabot Oil & Gas Corp.		7,888
	1	Chevron Corp.		118
	165	EQT Corp.		8,418
	469	Exxon Mobil Corp.		37,600
	1,050	Kinder Morgan, Inc.		18,585
	252	National Oilwell Varco, Inc.		11,862
	64	Schlumberger Ltd.		4,042

				99,558

		Financials—13.4%
	90	Bank of America Corp.		2,784
	207	Berkshire Hathaway, Inc., Class B^(b)		43,205
	75	Cboe Global Markets, Inc.		7,560
	149	Chubb Ltd.		20,151
	246	Intercontinental Exchange, Inc.		18,753
	350	Jefferies Financial Group, Inc.		8,127
	80	JPMorgan Chase & Co.		9,166
	173	Loews Corp.		8,704
	95	M&T Bank Corp.		16,829
	412	People’s United Financial, Inc.		7,626


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	138	PNC Financial Services Group, Inc. (The)	$	19,809
	404	US Bancorp		21,860
	569	Wells Fargo & Co.		33,275

				217,849

		Health Care—8.7%
	103	Aetna, Inc.		20,628
	64	Biogen, Inc.^(b)		22,623
	207	Cerner Corp.^(b)		13,478
	104	Cigna Corp.		19,587
	33	Cooper Cos., Inc. (The)		8,441
	241	Eli Lilly & Co.		25,462
	191	Hologic, Inc.^(b)		7,594
	50	Johnson & Johnson		6,734
	103	Perrigo Co. PLC		7,881
	3	UnitedHealth Group, Inc.		805
	67	Universal Health Services, Inc., Class B		8,721

				141,954

		Industrials—1.8%
	71	Kansas City Southern		8,233
	246	Nielsen Holdings PLC		6,396
	217	Quanta Services, Inc.^(b)		7,506
	121	Stericycle, Inc.^(b)		7,465

				29,600

		Information Technology—19.1%
	33	Alphabet, Inc., Class A^(b)		40,649
	33	Alphabet, Inc., Class C^(b)		40,200
	189	Amphenol Corp., Class A		17,876
	240	Apple, Inc.		54,631
	207	CA, Inc.		9,067
	78	Facebook, Inc., Class A^(b)		13,707
	166	Fidelity National Information Services, Inc.		17,956
	141	FLIR Systems, Inc.		8,846
	25	Intel Corp.		1,211
	162	International Business Machines Corp.		23,730
	350	Microsoft Corp.		39,316
	106	Motorola Solutions, Inc.		13,606
	380	Twitter, Inc.^(b)		13,368
	3	Visa, Inc., Class A		441
	373	Western Union Co. (The)		7,057
	284	Xerox Corp.		7,912

				309,573

		Materials—2.3%
	173	CF Industries Holdings, Inc.		8,987
	155	LyondellBasell Industries NV, Class A		17,481
	351	Newmont Mining Corp.		10,892

				37,360

		Real Estate—7.4%
	91	AvalonBay Communities, Inc. REIT		16,679
	180	Crown Castle International Corp. REIT		20,525
	135	Digital Realty Trust, Inc. REIT		16,778
	44	Equinix, Inc. REIT		19,190
	65	Federal Realty Investment Trust REIT		8,490
	324	HCP, Inc. REIT		8,758

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


		16

Invesco U.S. Large Cap Optimized Volatility ETF (OVLC) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	234	Ventas, Inc. REIT	$	14,009
	244	Welltower, Inc. REIT		16,277

				120,706

		Telecommunication Services—3.7%
	869	AT&T, Inc.		27,756
	593	Verizon Communications, Inc.		32,241

				59,997

		Utilities—10.7%
	298	CenterPoint Energy, Inc.		8,281
	204	Consolidated Edison, Inc.		16,102
	276	Dominion Energy, Inc.		19,533
	119	DTE Energy Co.		13,226
	254	Duke Energy Corp.		20,635
	214	Edison International		14,066
	208	Eversource Energy		12,986
	340	PG&E Corp.		15,701
	460	PPL Corp.		13,680
	207	SCANA Corp.		7,936
	414	Southern Co. (The)		18,125
	207	WEC Energy Group, Inc.		13,989

				174,260

		Total Investments in Securities (Cost $1,550,170)—99.8%		1,623,315
		Other assets less liabilities—0.2%		2,593

		Net Assets—100.0%	$	1,625,908

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.

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


		17

Statements of Assets and Liabilities

August 31, 2018


	Invesco Defensive Equity ETF (DEF)			Invesco Multi-Factor Large Cap ETF (GMFL)			Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)
Assets:
Unaffiliated investments in securities, at value	$	190,385,060		$	1,439,038		$	1,623,315
Receivables:
Dividends		333,430			2,567			3,237
Foreign tax reclaims		4,204			—			—

Total Assets		190,722,694			1,441,605			1,626,552


Liabilities:
Due to custodian		93,253			2,522			278
Payables:
Accrued advisory fees		74,803			342			366
Accrued trustees’ and officer’s fees		4,278			—			—
Accrued expenses		79,663			—			—

Total Liabilities		251,997			2,864			644

Net Assets	$	190,470,697		$	1,438,741		$	1,625,908


Net Assets Consist of:
Shares of beneficial interest	$	207,302,709		$	1,422,574		$	1,612,799
Undistributed net investment income		1,449,785			4,198			21,729
Undistributed net realized gain (loss)		(34,066,696	)		(59,917	)		(81,765	)
Net unrealized appreciation		15,784,899			71,886			73,145

Net Assets	$	190,470,697		$	1,438,741		$	1,625,908

Shares outstanding (unlimited amount authorized, $0.01 par value)		3,850,000			50,000			50,000
Net asset value	$	49.47		$	28.77		$	32.52

Market price	$	49.53		$	28.80		$	32.51

Unaffiliated investments in securities, at cost	$	174,600,161		$	1,367,152		$	1,550,170

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


		18

Statements of Operations

For the year ended August 31, 2018^(a)


	Invesco Defensive Equity ETF (DEF)			Invesco Multi-Factor Large Cap ETF (GMFL)						Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)
	Year Ended August 31, 2018			Ten Months Ended August 31, 2018^(b)			Period Ended October 31, 2017^(c)			Year Ended August 31, 2018
Investment Income:
Unaffiliated dividend income, net of foreign taxes withheld*	$	3,336,676		$	19,912		$	25,701		$	35,412
Unaffiliated interest income		—			—			28			—
Affiliated dividend income		538			—			—			1
Securities lending income		892			14			3			225

Total Income		3,338,106			19,926			25,732			35,638


Expenses:
Advisory fees		907,663			2,930			1,917			4,518
Accounting & administration fees		46,299			—			—			—
Professional fees		44,740			—			—			—
Custodian & transfer agent fees		28,258			—			—			—
Printing		22,341			—			—			—
Trustees’ and officer’s fees		13,355			33			46			—
Listing fee and expenses		5,110			—			—			—
Intraday valuation fees		3,019			—			—			—
Insurance		1,197			—			—			—
Other		1,171			—			—			—

Total Expenses		1,073,153			2,963			1,963			4,518

Less: Waivers		(2,489	)		—			—			—

Net Expenses		1,070,664			2,963			1,963			4,518

Net Investment Income		2,267,442			16,963			23,769			31,120


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		2,569,219			(36,278	)		(45,423	)		(65,430	)
In-kind redemptions		18,444,377			148,823			58,523			157,240

Net realized gain		21,013,596			112,545			13,100			91,810

Net change in unrealized appreciation Investment securities		4,252,070			48,762			23,124			85,416

Net realized and unrealized gain		25,265,666			161,307			36,224			177,226

Net increase in net assets resulting from operations	$	27,533,108		$	178,270		$	59,993		$	208,346

* Foreign taxes withheld		744			—			—			—

^(a)	Effective August 31, 2018, Invesco Multi-Factor Large Cap ETF changed its fiscal year end to August 31.

^(b)	For the period November 1, 2017 through August 31, 2018.

^(c)	For the period June 20, 2017 (commencement of investment operations) through October 31, 2017.

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


		19

Statements of Changes in Net Assets

For the years ended August 31, 2018 and 2017^(a)


	Invesco Defensive Equity ETF (DEF)						Invesco Multi-Factor Large Cap ETF (GMFL)						Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)
	Year Ended August 31, 2018			Year Ended August 31, 2017			Ten Months Ended August 31, 2018^(b)			Period Ended October 31, 2017^(c)			Year Ended August 31, 2018			Year Ended August 31, 2017
Operations:
Net investment income	$	2,267,442		$	2,842,533		$	16,963		$	23,769		$	31,120		$	51,209
Net realized gain		21,013,596			19,884,507			112,545			13,100			91,810			267,602
Net change in unrealized appreciation (depreciation)		4,252,070			(1,670,450	)		48,762			23,124			85,416			(84,063	)

Net increase in net assets resulting from operations		27,533,108			21,056,590			178,270			59,993			208,346			234,748


Distributions to Shareholders from:
Net investment income		(3,071,115	)		(3,644,250	)		(14,564	)		(21,970	)		(38,995	)		(38,865	)


Shareholder Transactions:
Proceeds from shares sold		107,059,017			152,073,274			1,385,422			7,516,347			4,438,232			5,452,109
Value of shares repurchased		(116,221,724	)		(162,354,612	)		(1,400,748	)		(6,264,009	)		(4,415,406	)		(6,834,627	)

Net increase (decrease) in net assets resulting from shares transactions		(9,162,707	)		(10,281,338	)		(15,326	)		1,252,338			22,826			(1,382,518	)

Increase in Net Assets		15,299,286			7,131,002			148,380			1,290,361			192,177			(1,186,635	)


Net Assets:
Beginning of year		175,171,411			168,040,409			1,290,361			—			1,433,731			2,620,366

End of year	$	190,470,697		$	175,171,411		$	1,438,741		$	1,290,361		$	1,625,908		$	1,433,731

Undistributed net investment income at end of year	$	1,449,785		$	2,279,878		$	4,198		$	1,799		$	21,729		$	29,188


Changes in Shares Outstanding:
Shares sold		2,300,000			3,800,000			50,000			300,000			150,000			200,000
Shares repurchased		(2,500,000	)		(4,050,000	)		(50,000	)		(250,000	)		(150,000	)		(250,000	)
Shares outstanding, beginning of year		4,050,000			4,300,000			50,000			—			50,000			100,000

Shares outstanding, end of year		3,850,000			4,050,000			50,000			50,000			50,000			50,000

^(a)	Effective August 31, 2018, Invesco Multi-Factor Large Cap ETF changed its fiscal year end to August 31.

^(b)	For the period November 1, 2017 through August 31, 2018.

^(c)	For the period June 20, 2017 (commencement of investment operations) through October 31, 2017.

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


		20

Financial Highlights

Invesco Defensive Equity Portfolio (DEF)


	Year Ended August 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of year	$	43.25		$	39.08		$	35.61		$	38.95		$	32.42
Net investment income^(a)		0.58			0.67			1.14			1.17			1.23
Net realized and unrealized gain (loss) on investments		6.40			4.35			3.48			(3.55	)		6.09
Total from investment operations		6.98			5.02			4.62			(2.38	)		7.32
Distributions to shareholders from:
Net investment income		(0.76	)		(0.85	)		(1.15	)		(0.96	)		(0.79	)
Net asset value at end of year	$	49.47		$	43.25		$	39.08		$	35.61		$	38.95
Market price at end of year	$	49.53	^(b)	$	43.25		$	39.00		$	35.66		$	38.97
Net Asset Value, Total Return^(c)		16.25	%		13.08	%		13.37	%		(6.24	)%		22.90	%
Market Price Total Return^(c)		16.39	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	190,471		$	175,171		$	168,040		$	197,662		$	200,607
Ratio to average net assets of:
Expenses, after Waivers		0.59	%		0.61	%		0.65	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.59	%		0.63	%		0.74	%		0.72	%		0.74	%
Net investment income		1.25	%		1.67	%		3.12	%		3.07	%		3.47	%
Portfolio turnover rate^(d)		136	%		194	%		92	%		96	%		87	%

^(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 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 Multi-Factor Large Cap Portfolio (GMFL)


	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)
Per Share Operating Performance:
Net asset value at beginning of period	$	25.81		$	25.11
Net investment income^(b)		0.34			0.29
Net realized and unrealized gain on investments		2.91			0.85
Total from investment operations		3.25			1.14
Distributions to shareholders from:
Net investment income		(0.29	)		(0.44	)
Net asset value at end of period	$	28.77		$	25.81
Market price at end of period^(c)	$	28.80
Net Asset Value, Total Return^(d)		12.66	%		4.58	%
Market Price Total Return^(d)		13.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,439		$	1,290
Ratio to average net assets of:
Expenses		0.25	%^(e)		0.25	%^(e)
Net investment income		1.47	%^(e)		3.08	%^(e)
Portfolio turnover rate^(f)		136	%		94	%

^(a)	The Fund commenced operations on June 20, 2017.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		21

Financial Highlights (continued)

Invesco U.S. Large Cap Optimized Volatility Portfolio (OVLC)


	Year Ended August 31, 2018			Year Ended August 31, 2017			Period Ended August 31, 2016^(a)
Per Share Operating Performance:
Net asset value at beginning of period or year	$	28.67		$	26.20		$	25.14
Net investment income^(b)		0.61			0.54			0.18
Net realized and unrealized gain on investments		4.02			2.19			0.88
Total from investment operations		4.63			2.73			1.06
Distributions to shareholders from:
Net investment income		(0.78	)		(0.26	)		—
Net asset value at end of period or year	$	32.52		$	28.67		$	26.20
Market price at end of period or year	$	32.51	^(c)	$	28.29		$	26.14
Net Asset Value, Total Return^(d)		16.38	%		10.50	%		4.22	%
Market Price Total Return^(d)		17.91	%
Ratios/Supplemental Data:
Net assets at end of period or year (000’s omitted)	$	1,626		$	1,434		$	2,620
Ratio to average net assets of:
Expenses		0.30	%		0.30	%		0.30	%^(e)
Net investment income		2.04	%		2.02	%		2.25	%^(e)
Portfolio turnover rate^(f)		114	%		104	%		21	%

^(a)	The Fund commenced operations on May 10, 2016.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		22

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2018

Note 1—Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), formerly PowerShares Exchange-Traded Self-Indexed Fund Trust, was organized as a Delaware statutory trust on October 30, 2015 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	Predecessor Fund (as defined below)	Short Name
Invesco Defensive Equity ETF	Guggenheim Defensive Equity ETF	“Defensive Equity ETF”
Invesco Multi-Factor Large Cap ETF	Guggenheim Multi-Factor Large Cap ETF	“Multi-Factor Large Cap ETF”
Invesco U.S. Large Cap Optimized Volatility ETF	Guggenheim U.S. Large Cap Optimized Volatility ETF	“U.S. Large Cap Optimized Volatility ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.

Each Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the corresponding fund of the Trust listed below (each “Predecessor Fund”) after the close of business on April 6, 2018 (each “Reorganization”).


Fund		Predecessor Fund’s Trust
Defensive Equity ETF		Claymore Exchange-Traded Fund Trust
Multi-Factor Large Cap ETF		Rydex ETF Trust
U.S. Large Cap Optimized Volatility ETF		Claymore Exchange-Traded Fund Trust 2

Each Fund adopted the performance and financial information of its corresponding Predecessor Fund. Information presented prior to the close of business on April 6, 2018 is that of the Predecessor Fund.

Effective August 31, 2018, Multi-Factor Large Cap ETF’s fiscal year-end changed from October 31 to August 31.

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. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each of the Funds is to seek investment results that correspond generally to the performance, before the Fund’s fees and expenses, of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index
Defensive Equity ETF		Invesco Defensive Equity Index
Multi-Factor Large Cap ETF		Invesco Multi-Factor Large Cap Index
U.S. Large Cap Optimized Volatility ETF		Invesco U.S. Large Cap Optimized Volatility 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:


		23

closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts (“ADRs”) and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, 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.

Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.


		24

valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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 Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting.

Equity Risk. Each Fund is subject to the risk that the value of the equity securities and equity-based derivatives, if any, in each Fund’s portfolio will decline due to volatility in the equity market caused by general market and economic conditions, perceptions regarding particular industries represented in the equity market, or factors relating to specific companies to which each Fund has investment exposure.

Correlation and Tracking Error Risk. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its Underlying Index, and there can be no guarantee that a Fund will achieve a high degree of correlation with its Underlying Index either on a single trading day or for a longer time period. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and the components of the Underlying Index, rounding of share prices, changes to the composition of the Underlying Index, regulatory policies, a high portfolio turnover rate, and the use of leverage all contribute to tracking error and correlation risk. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective and cause a Fund’s performance to be less than you expect.

Non-Diversification Risk. Each Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer’s securities could cause greater fluctuations in the value of the Shares than would occur in a diversified fund.

Industry Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that the each Underlying Index concentrates in the securities of issuers in a particular industry or sector, the each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which the 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 sector may be out of favor and underperform other industries or the market as a whole.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of smaller issuers can be more volatile than that of larger issuers.

Passive Investment Risk. Each Fund is not actively managed and the Adviser does not attempt to take defensive positions in declining markets. Therefore, each Fund may be subject to greater losses in a declining market than a fund that is actively managed.

Portfolio Turnover Risk. Each Fund may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Underlying Index. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs and may result in higher taxes when Shares are held in a taxable account.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, each 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.

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 each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in


		25

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. Repurchase Agreements

The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of each Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

E. Investment Transactions and Investment Income

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce the 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.

F. Dividends and Distributions to Shareholders

Each Fund declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. 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.

G. Federal Income Taxes

Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize 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.


		26

The Funds file tax returns in the U.S. Federal jurisdiction and 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.

H. Expenses

Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund (except Defensive Equity ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses (as set forth in the investment advisory agreement).

Defensive Equity ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, acquired fund fees and expenses, if any, and extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

I. Accounting Estimates

The preparation of the financial statement 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.

Note 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, Defensive Equity ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets.

Effective on the Reorganization, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Defensive Equity ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expense, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least April 6, 2020, and neither the Adviser nor Defensive Equity ETF can discontinue the agreement prior to its expiration.

Prior to the Reorganization, GFIA limited expenses for the Defensive Equity ETF to the same expense cap.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Advisor, as compensation for its services, an annual unitary management fee equal to a percentage of its average daily net assets as follows:


Fund	% of Average Daily Net Assets
Multi-Factor Large Cap ETF		0.25	%
U.S. Large Cap Optimized Volatility ETF		0.30	%

Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds listed in the table above, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses (as set forth in the investment advisory agreement).

Prior to the Reorganization, the Predecessor Funds were managed by Guggenheim Funds Investment Advisors LLC (“GFIA”) and each Predecessor Fund paid GFIA an investment advisory fee calculated at the same annualized rate as disclosed above for each respective


		27

Fund. Under this agreement, GFIA was not required to pay the expenses of the Independent Trustees for the Guggenheim Multi-Factor Large Cap ETF.

Effective as of the Reorganization, the Adviser has agreed to waive a portion of Multi-Factor Large Cap ETF’s and U.S. Large Cap Optimized Volatility ETF’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, if applicable, taxes and litigation expenses and extraordinary expenses) from exceeding such Fund’s unitary management fee through at least April 6, 2020.

Additionally, through at least August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the period September 1, 2017 to April 6, 2018, GFIA waived fees and/or paid Fund expenses for the Guggenheim Defensive Equity ETF and for the period after the close of business on April 6, 2018 to August 31, 2018, the Adviser waived fees in the following amounts:


Fund	Period after the close of business April 6, 2018 to August 31, 2018		Period September 1, 2017 to April 6, 2018
Defensive Equity ETF	$	56	$	2,433

For the fiscal year ended August 31, 2018, Multi-Factor Large Cap ETF and U.S. Large Cap Optimized Volatility ETF did not waive fees and/or have any expenses paid by the Adviser.

The fees waived and/or expenses borne by the Adviser for Defensive Equity ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. Amounts waived by GFIA prior to the Reorganization are not subject to recapture.

For the fiscal year ended August 31, 2018, there were no amounts available for potential recapture by the Adviser under the Expense Agreement.

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. Prior to the Reorganization, the Board of Trustees for each Predecessor Fund adopted a distribution and service plan pursuant to rule 12b-1 under the 1940 Act. No 12b-1 fees were paid by the Predecessor Funds under this plan.

The Adviser has entered into licensing agreements on behalf of each Fund with the Invesco Indexing LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. Prior to the Reorganization, each Underlying Index name trademark had been licensed to GFIA for use by the corresponding Predecessor Fund. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund. Prior to the Reorganization, GFIA engaged external service providers to perform these services for each Predecessor Fund.

Note 4—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

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.


		28

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2018, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedule 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. Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the fiscal year or period ended August 31, 2018, there were no transfers between valuation levels.

Note 5—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholder Paid during the fiscal years or periods ended August 31, 2018 and 2017:


	2018			2017
	Ordinary Income			Ordinary Income
Defensive Equity ETF	$	3,071,115		$	3,644,250
Multi-Factor Large Cap ETF		14,564	*		21,970	**
U.S. Large Cap Optimized Volatility ETF		38,995			38,865

*	For the period November 1, 2017 to August 31, 2018.

**	For the period June 20, 2017 to October 31, 2017.

Tax Components of Net Assets at fiscal year or period-end:


	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)— Investments		Net Unrealized Appreciation (Depreciation)— Foreign Currencies		Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral		Shares of Beneficial Interest		Total Net Assets
Defensive Equity ETF	$	1,449,785	$	15,713,167	$	—	$	(33,994,964	)	$	—	$	207,302,709	$	190,470,697
Multi-Factor Large Cap ETF		4,198		71,798		—		(59,829	)		—		1,422,574		1,438,741
U.S. Large Cap Optimized Volatility ETF		21,729		44,745		—		(53,365	)		—		1,612,799		1,625,908

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of August 31, 2018:


			Not subject to expiration
	2019		Short-Term		Long-Term		Total*		Expired
Defensive Equity ETF	$	872,620	$	30,405,819	$	2,716,525	$	33,122,344	$	4,593,977
Multi-Factor Large Cap ETF		—		59,829		—		59,829		—
U.S. Large Cap Optimized Volatility ETF		—		53,365		—		53,365		—

Capital loss carryforwards as of the date listed above 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—Securities Lending

During the fiscal year or period ended August 31, 2018, each Fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day,


		29

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 the Fund. Upon termination, the borrower will return to each 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. 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Note 7—Investment Transactions

For the fiscal year or period ended August 31, 2018, the cost of securities purchased and proceeds from sales of securities, (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any), were as follows:


	Purchases		Sales
Defensive Equity ETF	$	247,159,220	$	246,025,413
Multi-Factor Large Cap ETF*		1,853,899		1,846,428
U.S. Large Cap Optimized Volatility ETF		1,743,398		1,718,003

*	For the period November 1, 2017 to August 31, 2018.

For the fiscal year or period ended August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Defensive Equity ETF	$	106,025,957	$	116,085,265
Multi-Factor Large Cap ETF*		1,382,683		1,399,448
U.S. Large Cap Optimized Volatility ETF		4,404,849		4,408,422

*	For the period November 1, 2017 to August 31, 2018.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

At August 31, 2018, the aggregate cost of investment, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)		Cost
Defensive Equity ETF	$	20,814,773	$	(5,101,606	)	$	15,713,167	$	174,671,893
Multi-Factor Large Cap ETF		102,656		(30,858	)		71,798		1,367,240
U.S. Large Cap Optimized Volatility ETF		88,819		(44,074	)		44,745		1,578,570

Note 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net asset of each Fund. For the fiscal year or period ended August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Defensive Equity ETF	$	(26,420	)	$	(13,601,352	)	$	13,627,772
Multi-Factor Large Cap ETF*		—			(134,693	)		134,693
U.S. Large Cap Optimized Volatility ETF		416			(85,591	)		85,175

*	For the period November 1, 2017 to August 31, 2018.


		30

Note 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by each Fund to pay remuneration to the Independent Trustees, any Unaffiliated Trustee, and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund (except Defensive Equity ETF). The Trustee who is an “interested person” of the Trust does not receive any Trustees’ Fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 unit size aggregations of 50,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

Note 11—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 Independent Trustee and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.


		31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Defensive Equity ETF, Invesco Multi-Factor Large Cap ETF and Invesco U.S. Large Cap Optimized Volatility ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Defensive Equity ETF, Invesco Multi-Factor Large Cap ETF and Invesco U.S. Large Cap Optimized Volatility ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 31, 2018 (or for Invesco Multi-Factor Large Cap ETF, for the period November 1, 2017 through August 31, 2018) (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, 2018, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year ended August 31, 2018 (or for Invesco Multi-Factor Large Cap ETF, for the period November 1, 2017 through August 31, 2018) in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Defensive Equity ETF (Predecessor Fund Guggenheim Defensive Equity ETF) and Invesco U.S. Large Cap Optimized Volatility ETF (Predecessor Fund Guggenheim U.S. Large Cap Optimized Volatility ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 30, 2017 expressed an unqualified opinion on those financial statements and financial highlights. The financial statements and financial highlights of Invesco Multi-Factor Large Cap ETF (Predecessor Fund Guggenheim Multi-Factor Large Cap ETF) as of and for the period June 20, 2017 (commencement of investment operations) through October 31, 2017 (not presented herein, other than the statement of operations, statement of changes in net assets and the financial highlights) were audited by other auditors whose report date December 21, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

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, 2018 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.

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018

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.


		32

Change in Independent Registered Public Accounting Firm

The Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm of the Funds for the Funds’ current fiscal year. PwC serves as the independent registered public accounting firm for other Invesco ETFs.

Prior to April 6, 2018, each of the Predecessor Funds was a separate series of an unaffiliated investment company that was audited by a different independent registered public accounting firm (the “Prior Auditor”). The Board of Trustees selected a new independent auditor for the Funds’ current fiscal year.

Effective April 9, 2018, the Prior Auditor resigned as the independent registered public accounting firm of the Predecessor Funds. The Prior Auditor’s report on the financial statements of the Predecessor Funds for the past two years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Funds’ two most recent fiscal years and through April 9, 2018, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.


		33

Fees and Expenses

As a shareholder of Invesco Defensive Equity ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco Multi-Factor Large Cap ETF and Invesco U.S. Large Cap Optimized Volatility ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder of the Invesco Multi-Factor Large Cap ETF and Invesco U.S. Large Cap Optimized Volatility ETF, may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2018.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Defensive Equity ETF (DEF)
Actual	$	1,000.00	$	1,058.00		0.58	%	$	3.01
Hypothetical (5% return before expenses)		1,000.00		1,022.28		0.58			2.96
Invesco Multi-Factor Large Cap ETF (GMFL)
Actual		1,000.00		1,072.20		0.25			1.31
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco U.S. Large Cap Optimized Volatility ETF (OVLC)
Actual		1,000.00		1,092.40		0.29			1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		34

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 or period ended August 31, 2018:


	Qualified Dividend Income*			Dividends-Received Deduction*
Invesco Defensive Equity ETF		90.21	%		86.30	%
Invesco Multi-Factor Large Cap ETF		0	%		0	%
Invesco U.S. Large Cap Optimized Volatility ETF		97.60	%		95.16	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


		35

Proxy Results

A Special Meeting (“Meeting”) of Shareholders of Guggenheim U.S. Large Cap Optimized Volatility ETF was held on Friday, February 16, 2018. The Meeting was held for the following purpose:

(1)	Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim U.S. Large Cap Optimized Volatility ETF into the PowerShares U.S. Large Cap Optimized Volatility Portfolio (now known as the Invesco U.S. Large Cap Optimized Volatility ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim U.S. Large Cap Optimized Volatility ETF

46,347

100

N/A

A Special Meeting (“Meeting”) of Shareholders of Guggenheim Defensive Equity ETF was held on Friday, March 16, 2018. The Meeting was held for the following purpose:

(1)	Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim Defensive Equity ETF into the PowerShares Defensive Equity Portfolio (now known as the Invesco Defensive Equity ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim Defensive Equity ETF

1,747,048

75,524

299,760

N/A


		36

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee and Trustee since 2016	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		37

Trustees and Officers (Continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman and Trustee since 2016	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		38

Trustees and Officers (Continued)

The Unaffiliated Trustee, his term of office and length of time served, his principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Unaffiliated Trustee and the other directorships, if any, held by the Unaffiliated Trustee are shown below.

Name, Address and Year of
Birth of Unaffiliated Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Unaffiliated
Trustee

Other
Directorships
Held by
Unaffiliated
Trustee During
the Past 5 Years

Philip M. Nussbaum***—1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2016

Chairman, Performance Trust Capital Partners (2004-Present).

221

None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		39

Trustees and Officers (Continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of
Birth of Interested Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Kevin M. Carome—1956

Invesco Ltd.

Two Peachtree Pointe,

1555 Peachtree St., N.E.,

Suite 1800

Atlanta, GA 30309

Trustee

Since 2015

Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.

221

None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		40

Trustees and Officers (Continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2016	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, 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 (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		41

Trustees and Officers (Continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2015	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of 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 (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		42

Board Considerations Regarding Continuation of Investment Advisory Agreements

Board Considerations Regarding Approval of Investment Advisory Agreement for

PowerShares BulletShares 2018 Corporate Bond Portfolio

PowerShares BulletShares 2018 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2019 Corporate Bond Portfolio

PowerShares BulletShares 2019 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2020 Corporate Bond Portfolio

PowerShares BulletShares 2020 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2021 Corporate Bond Portfolio

PowerShares BulletShares 2021 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2022 Corporate Bond Portfolio

PowerShares BulletShares 2022 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2023 Corporate Bond Portfolio

PowerShares BulletShares 2023 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2024 Corporate Bond Portfolio

PowerShares BulletShares 2024 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2025 Corporate Bond Portfolio

PowerShares BulletShares 2025 High Yield Corporate Bond Portfolio

PowerShares BulletShares 2026 Corporate Bond Portfolio

PowerShares BulletShares 2027 Corporate Bond Portfolio

PowerShares U.S. Large Cap Optimized Volatility Portfolio

PowerShares Multi-Factor Large Cap Portfolio

At a meeting held on December 19, 2017, the Board of Trustees of the PowerShares Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the funds listed above (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.

The Trustees noted that each Fund was created in connection with the purchase by Invesco Ltd. of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Guggenheim ETF, including the unitary advisory fee, that would be reorganized into the Fund in connection with the Transaction.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, information describing the Adviser’s current organization and staffing, including operational support that would be provided by the Adviser’s parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees also reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees also considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.

The Trustees also considered information provided by the Adviser regarding the resources that would be added in connection with the Transaction to maintain and enhance the services provided to the Funds and all other PowerShares ETFs.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.

Effective

June 4, 2018, the Trust and the PowerShares Funds became Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.


		43

Board Considerations Regarding Continuation of Investment Advisory Agreements (continued)

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds peers. The Trustees also considered fee and expense data on Adviser-identified selected peers for certain Funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses

of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group, as applicable, as shown below:


Fund	ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)¹	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)²
PowerShares BulletShares 2018 Corporate Bond Portfolio	Higher than median (10)	Higher than median (2)	Lower than median (90)	Higher than median (1)
PowerShares BulletShares 2018 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2019 Corporate Bond Portfolio	Higher than median (7)	Higher than median (1)	Lower than median (44)	Higher than median (1)
PowerShares BulletShares 2019 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2020 Corporate Bond Portfolio	Higher than median (7)	Higher than median (1)	Lower than median (44)	Higher than median (1)
PowerShares BulletShares 2020 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2021 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	Higher than median (1)
PowerShares BulletShares 2021 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2022 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	Higher than median (1)
PowerShares BulletShares 2022 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2023 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	Higher than median (1)
PowerShares BulletShares 2023 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2024 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	Higher than median (1)
PowerShares BulletShares 2024 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2025 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	Higher than median (1)
PowerShares BulletShares 2025 High Yield Corporate Bond Portfolio	Higher than median (16)	N/A	Lower than median (161)	Lower than median (2)
PowerShares BulletShares 2026 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	N/A
PowerShares BulletShares 2027 Corporate Bond Portfolio	Higher than median (23)	Higher than median (3)	Lower than median (61)	N/A
PowerShares U.S. Large Cap Optimized Volatility Portfolio	Higher than median (28)	Lower than median (23)	Lower than median (199)	Higher than median (3)
PowerShares Multi-Factor Large Cap Portfolio	Higher than median (28)	Lower than median (23)	Lower than median (199)	Lower than median (3)

¹	The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

²	The information provided by the Adviser did not include select peer groups for certain Funds. Those Funds have been designated with an “N/A” for not available.


		44

Board Considerations Regarding Continuation of Investment Advisory Agreements (continued)

The Trustees 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. The Trustees considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing each Fund because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2017 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the flat advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		45

Board Considerations Regarding Continuation of Investment Advisory Agreements (continued)

Board Considerations Regarding Approval of Investment Advisory Agreement for

PowerShares Defensive Equity Portfolio

At a meeting held on December 19, 2017, the Board of Trustees of the PowerShares Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for Power Shares Defensive Equity Portfolio (the “Fund”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed advisory fee and net expense ratio for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with the Fund.

The Trustees noted that the Fund was created in connection with the purchase by Invesco Ltd. of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that the Fund was structured substantially similar to a corresponding Guggenheim ETF, including the advisory fee and net expense ratio, that would be reorganized into the Fund (a “Reorganization”) in connection with the Transaction.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support that would be provided by the Adviser’s parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees also reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for the Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed advisory fee and net expense ratio, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable passive ETFs and open-end (non-ETF) actively managed fund peers. The Trustees noted that the fee data provided by the Adviser included only eight open-end (non-ETF) actively managed fund peers. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the proposed annual advisory fee to be charged to the Fund is 0.50% of the average daily net assets for the Fund.

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or reimburse Fund expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund from exceeding 0.60% of its average daily net assets, excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, through the later of two years from the closing date of the Reorganization or December 31, 2020.

The Trustees noted that the Fund’s proposed contractual advisory fee was below the median net advisory fees of its passive ETF (12 peers) and open-end (non-ETF) actively managed (8 peers) peer groups but above the median of the Fund’s select (3 peers) peer

Effective

June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.


		46

Board Considerations Regarding Continuation of Investment Advisory Agreements (continued)

group. The Trustees also noted that the net expense ratio for the Fund was below the median net expense ratios of the Fund’s passive ETF and open-end (non-ETF) actively managed peer groups but above the median of the Fund’s select peer group.

The Trustees considered the Fund’s proposed contractual advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the contractual advisory fee to be charged to the Fund and expense ratio of the Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services expected to be provided by the Adviser.

In conjunction with their review of the contractual advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2017 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees also noted that the Excess Expense Agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for the Fund and would be paid a licensing fee.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for the Fund. No single factor was determinative in the Board’s analysis.


		47

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-AR-2

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


IHYD		Invesco Corporate Income Defensive ETF
IHYV		Invesco Corporate Income Value ETF
IEMD		Invesco Emerging Markets Debt Defensive ETF
IEMV		Invesco Emerging Markets Debt Value ETF
IIGD		Invesco Investment Grade Defensive ETF
IIGV		Invesco Investment Grade Value ETF
IMFC		Invesco Multi-Factor Core Fixed Income ETF
IMFP		Invesco Multi-Factor Core Plus Fixed Income ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Schedules of Investments

Invesco Corporate Income Defensive ETF (IHYD)			28

Invesco Corporate Income Value ETF (IHYV)			33

Invesco Emerging Markets Debt Defensive ETF (IEMD)			39

Invesco Emerging Markets Debt Value ETF (IEMV)			42

Invesco Investment Grade Defensive ETF (IIGD)			46

Invesco Investment Grade Value ETF (IIGV)			49

Invesco Multi-Factor Core Fixed Income ETF (IMFC)			52

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)			57

Statements of Assets and Liabilities			68

Statements of Operations			70

Statements of Changes in Net Assets			72

Financial Highlights			74

Notes to Financial Statements			82

Report of Independent Registered Public Accounting Firm			92

Fees and Expenses			93

Tax Information			95

Trustees and Officers			96

Board Considerations Regarding Approval of Investment Advisory Agreement			102


		2

The Market Environment

Fixed Income

Throughout the fiscal period, US economic data remained positive; economic growth in the second quarter of 2018 was particularly strong. The US economy continued to add jobs, pushing the unemployment rate to 3.9% at the close of the fiscal period, while inflation remained subdued.¹ Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.00% to 1.25% at the start of the fiscal period to a range of 1.75% to 2.00% at the close of the fiscal period. This was accomplished with three 0.25% rate hikes in December 2017, and in March and June 2018.² Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension, sub-optimal inflation, and the lingering unknown of Brexit—the decision by UK voters to leave the European Union. These headwinds could limit future Fed rate hikes in the near-term. The Bank of Japan and the European Central Bank maintained their negative interest rates in a continued attempt to stimulate growth and inflation by encouraging investors to spend rather than save. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.

The 10-year US Treasury yield continued to move upward at the start of the fiscal period and spiked in early 2018 due to the continued strength in the global economy, the rising risks of inflation and the high probability of additional Fed rate hikes throughout the fiscal period. Due to these factors, the 10-year US Treasury note declined steadily throughout the first quarter of 2018, resulting in higher government yields and a brief move above 3.00% before normalizing near the end of the fiscal period.³ The 10-year US Treasury yield ended the fiscal period at 2.86%, 74 basis points higher than at the beginning of the fiscal period.³ (A basis point is one one-hundredth of a percentage point.)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, fell 1.05% for the fiscal period. Poor performance was largely attributable to the broad increase in US Treasury yields, a widening of credit spreads and reduced overseas bond purchase demand during the fiscal period. All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted negative returns for the fiscal period.

¹	Bureau of Labor Statistics

²	US Federal Reserve

³	US Treasury Department


		3


IHYD		Manager’s Analysis
IHYD		Invesco Corporate Income Defensive ETF (IHYD)

As an index fund, the Invesco Corporate Income Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco High Yield Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. corporate bonds having the highest “quality scores” within an eligible universe of U.S. high yield bonds (commonly known as “junk bonds”) and bonds with the lowest credit rating considered investment grade, all as determined by the Index Provider using its methodology described below.

In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar-denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- and lower than or equal to BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc. (“S&P”), Fitch Ratings Inc. (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”) credit rating agencies; (ii) have at least $400 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A (“Rule 144A securities”) under the Securities Act of 1933, as amended (“Securities Act”), bonds registered with the Securities and Exchange Commission (“SEC”), publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 1.04%. On a net asset value (“NAV”) basis, the Fund returned 0.88%. During the same time period, the Index returned 0.89%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a positive impact as a result of the Fund’s sampling methodology, partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the iBoxx USD Liquid High Yield Index (the “Benchmark Index”) returned 1.10%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful

measure for investors as a broad representation of High Yield fixed-coupon, step-up, sinking funds, medium term notes, callable and puttable bonds.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bonds selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas industry and most underweight in the media industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the media industry as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the oil & gas industry contributed most significantly to the Fund’s return, followed by the telecommunication services and utilities industries, respectively. In addition to the media industry, healthcare and wireless telecommunications were other detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Marble II Pte. Ltd., 5.30% coupon, due 06/20/2022, a software company (portfolio average weight of 0.63%), and Avon International Operations, Inc., 7.875% coupon, due 08/15/2022, a cosmetics/personal care company (portfolio average weight of 0.66%). Positions that detracted most significantly from the Fund’s return during this period included QEP Resources, Inc., 5.25% coupon, due 05/01/2023, an oil & gas company (portfolio average weight of 0.63%) and ZF North America Capital, Inc., 4.75% coupon, due 04/29/2025, an auto parts & equipment company (portfolio average weight of 0.57%).


		4

Invesco Corporate Income Defensive ETF (IHYD) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Pipelines			12.2
Oil & Gas			7.2
REITs			6.4
Media			5.1
Retail			5.1
Electric			5.1
Diversified Financial Services			4.5
Healthcare-Services			4.5
Chemicals			3.8
Commercial Services			3.8
Telecommunications			3.3
Software			2.9
Computers			2.5
Lodging			2.0
Home Builders			2.0
Packaging & Containers			1.9
Insurance			1.9
Cosmetics/Personal Care			1.9
Entertainment			1.3
Banks			1.3
Leisure Time			1.3
Internet			1.3
Food			1.3
Miscellaneous Manufacturing			1.3
Airlines			1.3
Electronics			1.3
Office/Business Equipment			1.2
Transportation			0.7
Healthcare-Products			0.7
Aerospace/Defense			0.7
Housewares			0.7
Private Equity			0.6
Electrical Components & Equipment			0.6
Apparel			0.6
Iron/Steel			0.6
Building Materials			0.6
Auto Parts & Equipment			0.6
Environmental Control			0.6
Gas			0.6
Semiconductors			0.6
Pharmaceuticals			0.6
Mining			0.6
Oil & Gas Services			0.6
Money Market Fund Plus Other Assets Less Liabilities			2.3


Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
BBB			43.5
BB			47.9
B			5.8
Not Rated			1.8

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Nuance Communications, Inc., 5.375%, 08/15/2020			1.0
Qwest Corp., 6.750%, 12/01/2021			0.7
Newfield Exploration Co., 5.625%, 07/01/2024			0.7
Sabine Pass Liquefaction LLC, 5.625%, 03/01/2025			0.7
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/2022			0.7
ADT Corp. (The), 6.250%, 10/15/2021			0.7
MGM Resorts International, 6.625%, 12/15/2021			0.7
MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 03/01/2024			0.7
Choice Hotels International, Inc., 5.750%, 07/01/2022			0.7
KB Home, 7.000%, 12/15/2021			0.7
Total			7.3

*	Excluding money market fund holdings.


		5

Invesco Corporate Income Defensive ETF (IHYD) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco High Yield Defensive Index		0.89	%
iBoxx USD Liquid High Yield Index		1.10
Fund
NAV Return		0.88
Market Price Return		1.04

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		6


IHYV		Manager’s Analysis
IHYV		Invesco Corporate Income Value ETF (IHYV)

As an index fund, the Invesco Corporate Income Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco High Yield Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, U.S. high yield bonds (commonly known as “junk bonds”) and bonds with the lowest credit rating considered investment grade. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of U.S. bonds) as determined by the Index Provider using its methodology described below.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.91%. On a net asset value (“NAV”) basis, the Fund returned 0.75%. During the same time period, the Index returned 0.79%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of High Yield fixed-coupon, step-up, sinking funds, medium term notes, callable and puttable bonds.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas industry and most underweight in the media industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the technology industry as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the retail industry contributed most significantly to the Fund’s return, followed by the electronic and energy equipment industries, respectively. In addition to the technology industry, media and oil & gas industries were among other detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Hertz Corp., 5.50% coupon, due 10/24/2024, a commercial services company (portfolio average weight of 0.47%), and Match Group, Inc., 5.00% coupon, due 12/15/2027, an internet company (portfolio average weight of 0.46%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf, Inc., 8.50% coupon, due 04/15/2024, a technology company (no longer held at fiscal period-end), and Ultra Resources, Inc., 6.875% coupon, due 04/15/2022, an oil & gas company (portfolio average weight of 0.36%).


		7

Invesco Corporate Income Value ETF (IHYV) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Oil & Gas			11.3
Pipelines			7.6
Commercial Services			6.2
REITs			5.2
Retail			4.9
Media			4.2
Healthcare-Services			3.8
Chemicals			3.4
Electric			3.2
Computers			2.9
Food			2.8
Software			2.5
Real Estate			2.4
Telecommunications			2.3
Diversified Financial Services			1.9
Engineering & Construction			1.9
Internet			1.8
Home Builders			1.8
Auto Parts & Equipment			1.8
Insurance			1.8
Coal			1.5
Iron/Steel			1.5
Electronics			1.4
Lodging			1.4
Gas			1.4
Oil & Gas Services			1.4
Cosmetics/Personal Care			1.4
Machinery-Construction & Mining			1.0
Entertainment			1.0
Healthcare-Products			0.9
Mining			0.9
Building Materials			0.9
Packaging & Containers			0.9
Banks			0.9
Miscellaneous Manufacturing			0.9
Office/Business Equipment			0.9
Auto Manufacturers			0.5
Private Equity			0.5
Leisure Time			0.5
Aerospace/Defense			0.5
Machinery-Diversified			0.5
Household Products/Wares			0.5
Toys/Games/Hobbies			0.5
Pharmaceuticals			0.5
Home Furnishings			0.5
Semiconductors			0.5
Housewares			0.5


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018 (continued)
Agriculture			0.5
Advertising			0.4
Money Market Fund Plus Other Assets Less Liabilities			1.6

Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
BBB			21.8
BB			42.1
B			31.0
CCC			1.7
Not Rated			3.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CVR Partners LP/CVR Nitrogen Finance Corp., 9.250%, 06/15/2023			0.5
RegionalCare Hospital Partners Holdings, Inc., 8.250%, 05/01/2023			0.5
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625%, 05/01/2024			0.5
BCD Acquisition, Inc., 9.625%, 09/15/2023			0.5
Dell International LLC/EMC Corp., 6.020%, 06/15/2026			0.5
MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 03/01/2024			0.5
R.R. Donnelley & Sons Co., 7.875%, 03/15/2021			0.5
Choice Hotels International, Inc., 5.750%, 07/01/2022			0.5
PBF Holding Co. LLC/PBF Finance Corp., 7.250%, 06/15/2025			0.5
NRG Energy, Inc., 6.625%, 01/15/2027			0.5
Total			5.0

*	Excluding money market fund holdings.


		8

Invesco Corporate Income Value ETF (IHYV) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco High Yield Value Index		0.79	%
iBoxx USD Liquid High Yield Index		1.10
Fund
NAV Return		0.75
Market Price Return		0.91

Fund Inception: July 25, 2018

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		9


IEMD		Manager’s Analysis
IEMD		Invesco Emerging Markets Debt Defensive ETF (IEMD)

As an index fund, the Invesco Emerging Markets Debt Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Emerging Markets Debt Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to emerging markets debt securities having the highest “quality scores” (within the eligible universe of emerging market debt securities) as determined by the Index Provider using its methodology described below.

In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar-denominated bonds issued by sovereign governments, and agencies thereof, of countries that the Index Provider considers to be “emerging market countries.” To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc. (“S&P”), Fitch Ratings Inc. (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”) credit rating agencies; (ii) have at least $500 million outstanding, with only the largest five bonds from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A (“Rule 144A securities”) or Regulation S (“Reg S securities”) under the Securities Act of 1933, as amended (“Securities Act”), and bonds registered with the Securities and Exchange Commission (“SEC”) are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned (0.06)%. On a net asset value (“NAV”) basis, the Fund returned (0.06)%. During the same time period, the Index returned (0.06)%. During the fiscal period, the Fund’s performance, on a NAV basis, matched the return of the Index primarily due to a positive impact of the Fund’s sampling methodology offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (1.76)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 670 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is

a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in the country of China and most underweight in the country of Argentina during the fiscal period ended August 31, 2018. The majority of the Fund’s overperformance relative to the Benchmark Index during that period can be attributed to the over allocation to the country of China and the under allocation to the country of Argentina.

For the fiscal period ended August 31, 2018, the country of Argentina contributed most significantly to the Fund’s return, followed by the country of Turkey and the country of Ecuador, respectively. The country of Russia detracted most significantly from the Fund’s return, followed by the country of Peru and the country of Philippines, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Asian Development Bank, 2.00% coupon, due 02/16/2022, a financials company (portfolio average weight of 1.27%) and Asian Development Bank, 2.25% coupon, due 01/20/2021, a financials company (portfolio average weight of 1.29%). Positions that detracted most significantly from the Fund’s return during this period included Hazine Mustesarligi Varlik Kiralama, 4.251% coupon, due 06/08/2021, a REIT company (portfolio average weight of 1.50%) and Federative Republic of Brazil, 4.875% coupon, due 01/22/2021, a sovereign bond (no longer held at fiscal period-end).


		10

Invesco Emerging Markets Debt Defensive ETF (IEMD) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Sovereign			40.6
Oil & Gas			18.3
Banks			16.2
Multi-National			6.4
Investment Companies			6.0
Electric			4.8
Mining			3.4
Chemicals			0.8
Diversified Financial Services			0.8
Holding Companies-Diversified			0.7
Other Assets Less Liabilities			2.0

Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
AAA			5.6
AA			8.7
A			26.6
BBB			37.0
BB			4.0
Not Rated			16.1

Top Ten Fund Holdings (% of the Fund’s Net Assets ) as of August 31, 2018
Security
Hungary Government International Bond, 6.375%, 03/29/2021			2.7
Petroleos Mexicanos, 5.500%, 01/21/2021			2.6
Indonesia Government International Bond, 4.875%, 05/05/2021			2.6
Indonesia Government International Bond, 4.875%, 05/05/2021			2.6
Brazilian Government International Bond, 4.875%, 01/22/2021			2.6
Colombia Government International Bond, 4.375%, 07/12/2021			2.5
Russian Foreign Bond—Eurobond, 4.500%, 04/04/2022			2.4
Russian Foreign Bond—Eurobond, 4.500%, 04/04/2022			2.4
Philippine Government International Bond, 4.000%, 01/15/2021			2.4
Wakala Global Sukuk Bhd, 4.646%, 07/06/2021			1.9
Total			24.7


		11

Invesco Emerging Markets Debt Defensive ETF (IEMD) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Emerging Markets Debt Defensive Index		(0.06	)%
JP Morgan Emerging Market Bond Global Index		(1.76	)
Fund
NAV Return		(0.06	)
Market Price Return		(0.06	)

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		12


IEMV		Manager’s Analysis
IEMV		Invesco Emerging Markets Debt Value ETF (IEMV)

As an index fund, the Invesco Emerging Markets Debt Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Emerging Markets Debt Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, emerging markets debt securities. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of emerging market debt securities) as determined by the Index Provider using its methodology described below.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned (1.75)%. On a net asset value (“NAV”) basis, the Fund returned (1.68)%. During the same time period, the Index returned (1.90)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a positive impact as a result of the Fund’s sampling methodology, partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (1.76)%. The Benchmark Index is an unmanaged index weighted by market

capitalization based on the average performance of approximately 670 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in the country of Indonesia and most underweight in the country of India during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to over allocation to the country of Turkey and under allocation to the country of Malaysia.

For the fiscal period ended August 31, 2018, the country of Argentina contributed most significantly to the Fund’s return, followed by the country of Ecuador and the country of Venezuela, respectively. The country of Turkey detracted most significantly from the Fund’s return, followed by the country of Brazil and the country of Russia, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Republic of Poland, 3.25% coupon, due 04/06/2026, a sovereign bond (portfolio average weight of 1.59%) and PT Saka Energi Indonesia, 4.45% coupon, due 05/05/24, an energy company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return during this period included Republic of Turkey, 6.00% coupon, due 03/25/2027, a sovereign bond (portfolio average weight of 1.44%) and Republic of Turkey, 7.375% coupon, due 02/05/2025, a sovereign bond (portfolio average weight of 1.30%).


		13

Invesco Emerging Markets Debt Value ETF (IEMV) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Sovereign			34.1
Oil & Gas			18.7
Banks			15.1
Electric			8.6
Multi-National			5.4
Investment Companies			3.9
Transportation			3.2
Mining			2.1
Gas			1.6
Chemicals			1.4
Telecommunications			0.6
Leisure Time			0.6
Food			0.6
Oil & Gas Services			0.6
Diversified Financial Services			0.5
Engineering & Construction			0.5
Real Estate			0.5
Holding Companies-Diversified			0.5
Money Market Fund Plus Other Assets Less Liabilities			1.5

Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
AAA			4.9
AA			4.8
A			14.1
BBB			38.8
BB			10.7
B			1.6
CCC			1.6
Not Rated			22.4


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Russian Foreign Bond—Eurobond, 12.750%, 06/24/2028			2.1
Abu Dhabi Government International Bond, 3.125%, 10/11/2027			1.8
Asian Development Bank, GMTN, 2.750%, 03/17/2023			1.8
Brazilian Government International Bond, 4.250%, 01/07/2025			1.8
Mexico Government International Bond, 4.150%, 03/28/2027			1.8
Colombia Government International Bond, 3.875%, 04/25/2027			1.7
Brazilian Government International Bond, 4.625%, 01/13/2028			1.6
Chile Government International Bond, 3.240%, 02/06/2028			1.6
Eskom Holdings SOC Ltd., 5.750%, 01/26/2021			1.6
Republic of Poland Government International Bond, 3.250%, 04/06/2026			1.6
Total			17.4

*	Excluding money market fund holdings.


		14

Invesco Emerging Markets Debt Value ETF (IEMV) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Emerging Markets Debt Value Index		(1.90	)%
JP Morgan Emerging Market Bond Global Index		(1.76	)
Fund
NAV Return		(1.68	)
Market Price Return		(1.75	)

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		15


IIGD		Manager’s Analysis
IIGD		Invesco Investment Grade Defensive ETF (IIGD)

As an index fund, the Invesco Investment Grade Defensive ETF (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.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. investment grade bonds having the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below.

In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc. (“S&P”), Fitch Ratings Inc. (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”) credit rating agencies; (ii) have at least $600 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A (“Rule 144A securities”) under the Securities Act of 1933, as amended (“Securities Act”), bonds registered with the Securities and Exchange Commission (“SEC”), publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.83%. On a net asset value (“NAV”) basis, the Fund returned 0.71%. During the same time period, the Index returned 0.70%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a positive impact as the result of the Fund’s sampling methodology, partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 0.57%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the capital goods industry and most underweight in the banking industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the capital goods and insurance industries.

For the fiscal period ended August 31, 2018, the banking industry contributed most significantly to the Fund’s return, followed by the consumer non-cyclical sector and capital goods industry, respectively. No sectors or industries detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Ventas Realty, L.P., a real estate company (no longer held at fiscal period-end), and Burlington North Santa Fe LLC, a transportation company (portfolio average weight of 1.66%). Positions that detracted most significantly from the Fund’s return during this period included PSEG Power, LLC, a utilities company (no longer held at fiscal period-end), and Southern California Edison, Co., an electric company (portfolio average weight of 0.50%).


		16

Invesco Investment Grade Defensive ETF (IIGD) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			14.2
Insurance			8.6
Diversified Financial Services			6.3
Electric			4.7
Food			3.5
Commercial Services			3.2
Transportation			3.2
Miscellaneous Manufacturing			3.2
Oil & Gas Services			3.2
Oil & Gas			3.2
Software			3.2
Aerospace/Defense			3.1
Computers			3.1
Retail			3.1
Pharmaceuticals			3.0
Healthcare-Services			1.7
REITs			1.7
Media			1.6
Iron/Steel			1.6
Leisure Time			1.6
Household Products/Wares			1.6
Gas			1.6
Semiconductors			1.6
Auto Manufacturers			1.6
Telecommunications			1.6
Machinery-Diversified			1.6
Agriculture			1.6
Trucking & Leasing			1.5
Cosmetics/Personal Care			1.5
Metal Fabricate/Hardware			1.5
Beverages			1.5
Machinery-Construction & Mining			1.5
Electronics			1.5
Internet			1.5
Money Market Fund Plus Other Assets Less Liabilities			1.3


Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
AAA			1.5
AA			28.8
A			52.3
BBB			16.1
Not Rated			2.4

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Metropolitan Life Global Funding I, MTN, 2.500%, 12/03/2020			2.4
Kroger Co. (The), 3.300%, 01/15/2021			1.9
Coventry Health Care, Inc., 5.450%, 06/15/2021			1.7
General Electric Co., GMTN, 4.650%, 10/17/2021			1.7
ERP Operating LP, 4.625%, 12/15/2021			1.6
Ecolab, Inc., 4.350%, 12/08/2021			1.6
NBCUniversal Media LLC, 4.375%, 04/01/2021			1.6
Burlington Northern Santa Fe LLC, 3.850%, 09/01/2023			1.6
Nucor Corp., 4.125%, 09/15/2022			1.6
Carnival Corp., 3.950%, 10/15/2020			1.6
Total			17.3

*	Excluding money market fund holdings.


		17

Invesco Investment Grade Defensive ETF (IIGD) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Investment Grade Defensive Index		0.70	%
iBoxx USD Liquid Investment Grade Index		0.57
Fund
NAV Return		0.71
Market Price Return		0.83

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		18


IIGV		Manager’s Analysis
IIGV		Invesco Investment Grade Value ETF (IIGV)

As an index fund, the Invesco Investment Grade Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, U.S. investment grade bonds. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.78%. On a net asset value (“NAV”) basis, the Fund returned 0.82%. During the same time period, the Index returned 0.87%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the banking industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the insurance industry as well as overweight basic industry.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical sector and insurance industry, respectively. No sectors or industries detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Pacific Gas & Electric, Co., an electric company (portfolio average weight of 1.19%), and PPG Industries, Inc., a chemicals company (portfolio average weight of 1.60%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Co., an auto manufacturers company (portfolio average weight of 1.55%), and Brighthouse Financial, Inc., an insurance company (portfolio average weight of 1.44%).


		19

Invesco Investment Grade Value ETF (IIGV) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Insurance			7.6
Banks			6.4
Auto Manufacturers			6.4
Miscellaneous Manufacturing			6.1
Electric			6.1
Oil & Gas Services			4.7
Chemicals			4.7
Commercial Services			4.7
Semiconductors			4.6
Diversified Financial Services			4.6
Retail			4.6
Healthcare-Services			4.5
Pharmaceuticals			4.5
Pipelines			3.3
Healthcare-Products			3.2
Biotechnology			3.2
REITs			3.1
Media			3.1
Real Estate			1.6
Food			1.6
Software			1.6
Investment Companies			1.5
Aerospace/Defense			1.5
Oil & Gas			1.5
Forest Products & Paper			1.5
Internet			1.4
Money Market Fund Plus Other Assets Less Liabilities			2.4

Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2018
AAA			1.6
AA			6.1
A			38.5
BBB			49.9
Not Rated			3.1


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Ford Motor Credit Co. LLC, 5.875%, 08/02/2021			3.3
Goldman Sachs Group, Inc. (The), 5.750%, 01/24/2022			1.7
Magellan Midstream Partners LP, 5.000%, 03/01/2026			1.7
CBRE Services, Inc., 4.875%, 03/01/2026			1.7
Five Corners Funding Trust, 4.419%, 11/15/2023			1.6
General Motors Co., 4.875%, 10/02/2023			1.6
Edwards Lifesciences Corp., 4.300%, 06/15/2028			1.6
Biogen, Inc., 4.050%, 09/15/2025			1.6
Enbridge Energy Partners LP, 4.200%, 09/15/2021			1.6
Schlumberger Holdings Corp., 4.000%, 12/21/2025			1.6
Total			18.0

*	Excluding money market fund holdings.


		20

Invesco Investment Grade Value ETF (IIGV) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Investment Grade Value Index		0.87	%
iBoxx USD Liquid Investment Grade Index		0.57
Fund
NAV Return		0.82
Market Price Return		0.78

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		21


IMFC		Manager’s Analysis
IMFC		Invesco Multi-Factor Core Fixed Income ETF (IMFC)

As an index fund, the Invesco Multi-Factor Core Fixed Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Core Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco U.S. Fixed Rate 30-Year MBS Index (40% weight); (ii) Invesco Investment Grade Defensive Index (25% weight); (iii) Invesco U.S. Treasury 1-3 Years Index (20% weight); (iv) Invesco U.S. Treasury 10-30 Years Index (10% weight); and (v) Invesco Investment Grade Value Index (5% weight). The Index will typically include between 400-1,000 securities. The securities in the Index are weighted in accordance with the methodology of each Sub-Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.74%. On a net asset value (“NAV”) basis, the Fund returned 0.62%. During the same time period, the Index returned 0.61%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a positive impact as a result of the Fund’s sampling methodology, partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned 0.62%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the investment grade, US dollar-denominated, fixed-rate taxable bond market.

Relative to the Benchmark Index, the Fund was most overweight in securitized products and most underweight in U.S. Treasuries during the fiscal period ended August 31, 2018. The performance

of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.

For the fiscal period ended August 31, 2018, securitized products contributed most significantly to the Fund’s return, followed by the industrial and financial institutions sectors, respectively. U.S. Treasuries, government-related securities and bond issuers within the utilities sector detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included a Freddie Mac Gold 30yr Giant, 3.50% coupon, due 04/01/2047, a mortgage-backed securities pass-through (portfolio average weight of 1.22%), and a Freddie Mac Gold 30yr Giant, 3.50% coupon, due 09/01/2047, a mortgage-backed securities pass-through (portfolio average weight of 1.11%). Positions that detracted most significantly from the Fund’s return during this period included Metropolitan Life Global Funding I, 2.50% coupon, due 12/03/2020, a life insurance company (portfolio average weight of 0.69%), and Freddie Mac Gold 30yr Giant, 5.00% coupon, due 08/08/2044, a mortgage-backed securities pass-through (portfolio average weight of 0.35%).


		22

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Collateralized Mortgage Obligations			39.9
Sovereign			29.9
Banks			4.0
Insurance			2.9
Diversified Financial Services			1.9
Electric			1.5
Retail			1.4
Oil & Gas			1.2
Computers			1.2
Pharmaceuticals			0.9
Transportation			0.8
Commercial Services			0.8
Oil & Gas Services			0.8
Food			0.8
Media			0.8
Healthcare-Products			0.8
Semiconductors			0.8
Software			0.8
Electronics			0.6
Aerospace/Defense			0.5
Pipelines			0.5
Healthcare-Services			0.4
REITs			0.4
Iron/Steel			0.4
Leisure Time			0.4
Gas			0.4
Auto Manufacturers			0.4
Machinery-Diversified			0.4
Agriculture			0.4
Hand/Machine Tools			0.4
Trucking & Leasing			0.4
Cosmetics/Personal Care			0.4
Metal Fabricate/Hardware			0.4
Beverages			0.4
Machinery-Construction & Mining			0.4
Miscellaneous Manufacturing			0.4
Forest Products & Paper			0.4
Internet			0.3
Money Market Fund Plus Other Assets Less Liabilities			0.5


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Federal Home Loan Mortgage Corp. (FHLMC), 4.500%, 06/01/2048			1.4
Federal National Mortgage Association (FNMA), 4.500%, 07/01/2048			1.2
Federal Home Loan Mortgage Corp. (FHLMC), 3.500%, 04/01/2047			1.2
Federal National Mortgage Association (FNMA), 4.000%, 07/01/2048			1.2
Federal National Mortgage Association (FNMA), 4.500%, 02/01/2048			1.2
Federal National Mortgage Association (FNMA), 4.000%, 01/01/2048			1.2
Federal National Mortgage Association (FNMA), 3.500%, 10/01/2046			1.2
Federal National Mortgage Association (FNMA), 4.000%, 11/01/2047			1.2
Federal National Mortgage Association (FNMA), 3.500%, 11/01/2046			1.1
Federal National Mortgage Association (FNMA), 3.500%, 11/01/2047			1.1
Total			12.0

*	Excluding money market fund holdings.


		23

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Multi-Factor Core Index		0.61	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.62
Fund
NAV Return		0.62
Market Price Return		0.74

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.12% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		24


IMFP		Manager’s Analysis
IMFP		Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)

As an index fund, the Invesco Multi-Factor Core Plus Fixed Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Core Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco High Yield Defensive Index (30% weight); (ii) Invesco Investment Grade Defensive Index (20% weight); (iii) Invesco U.S. Fixed Rate 30-Year MBS Index (20% weight); (iv) Invesco Investment Grade Value Index (10% weight); (v) Invesco U.S. Treasury 10-30 Years Index (10% weight); (vi) Invesco Emerging Markets Debt Defensive Index (5% weight); and (vii) Invesco Emerging Markets Debt Value Index (5% weight). The Index will typically include between 500-1,000 securities. The securities in the Index are weighted in accordance with the methodology of each Sub-Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (July 25, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.53%. On a net asset value (“NAV”) basis, the Fund returned 0.53%. During the same time period, the Index returned 0.63%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred in addition to a negative impact as a result of the Fund’s sampling methodology, as well as trading costs associated with portfolio rebalances during the period.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in U.S. Treasuries during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in government-related securities as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the industrials sector contributed most significantly to the Fund’s return. Government-related securities and U.S. Treasuries detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Marble II PTE, Ltd., 5.30% coupon, due 06/20/2022, a software company (portfolio average weight of 0.39%), and US Treasury Bond, 4.75% coupon, due 02/15/2041 (portfolio average weight of 0.52%). Positions that detracted most significantly from the Fund’s return during this period included Turkiye Halk Bankasi AS, 5.00% coupon, due 07/13/2021, a bank company (portfolio average weight of 0.24%), and Turkiye Vakiflar Bankasi T.A.O, 6.00% coupon, due 11/01/2022, a bank company (portfolio average weight of 0.24%).


		25

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Collateralized Mortgage Obligations			20.0
Sovereign			13.5
Banks			5.7
Oil & Gas			5.5
Pipelines			4.1
Electric			4.0
Diversified Financial Services			3.3
Insurance			3.0
REITs			2.6
Retail			2.5
Media			2.4
Healthcare-Services			1.8
Chemicals			1.7
Pharmaceuticals			1.6
Software			1.6
Commercial Services			1.5
Computers			1.5
Miscellaneous Manufacturing			1.4
Food			1.3
Telecommunications			1.2
Oil & Gas Services			1.1
Semiconductors			1.1
Transportation			1.0
Aerospace/Defense			1.0
Internet			0.9
Packaging & Containers			0.8
Cosmetics/Personal Care			0.8
Healthcare-Products			0.7
Electronics			0.7
Lodging			0.6
Home Builders			0.6
Leisure Time			0.6
Investment Companies			0.6
Agriculture			0.5
Multi-National			0.5
Forest Products & Paper			0.4
Iron/Steel			0.4
Auto Manufacturers			0.4
Gas			0.4
Machinery-Construction & Mining			0.4
Airlines			0.4
Machinery-Diversified			0.4
Office/Business Equipment			0.4
Entertainment			0.3
Auto Parts & Equipment			0.3
Trucking & Leasing			0.3


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018 (continued)
Real Estate			0.2
Housewares			0.2
Private Equity			0.2
Biotechnology			0.2
Electrical Components & Equipment			0.2
Apparel			0.2
Holding Companies-Diversified			0.2
Building Materials			0.2
Environmental Control			0.2
Textiles			0.2
Household Products/Wares			0.2
Hand/Machine Tools			0.2
Metal Fabricate/Hardware			0.2
Beverages			0.2
Mining			0.2
Advertising			0.2
Money Market Fund Plus Other Assets Less Liabilities			1.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Federal National Mortgage Association (FNMA), 4.500%, 02/01/2048			1.2
Federal Home Loan Mortgage Corp. (FHLMC), 4.500%, 06/01/2048			0.8
Federal National Mortgage Association (FNMA), 4.000%, 07/01/2048			0.8
Federal National Mortgage Association (FNMA), 4.000%, 06/01/2048			0.8
Federal National Mortgage Association (FNMA), 3.500%, 02/01/2048			0.8
Federal National Mortgage Association (FNMA), 3.500%, 11/01/2047			0.7
Federal Home Loan Mortgage Corp. (FHLMC), 4.000%, 10/01/2047			0.7
Federal National Mortgage Association (FNMA), 3.000%, 04/01/2047			0.7
Federal National Mortgage Association (FNMA), 3.000%, 10/01/2046			0.7
Federal National Mortgage Association (FNMA), 3.000%, 02/01/2047			0.7
Total			7.9

*	Excluding money market fund holdings.


		26

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Invesco Multi-Factor Core Plus Index		0.63	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.62
Fund
NAV Return		0.53
Market Price Return		0.53

Fund Inception: July 25, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.16% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		27

Schedule of Investments

Invesco Corporate Income Defensive ETF (IHYD)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.7%
		Aerospace/Defense—0.7%
$	80,000	Arconic, Inc.		5.400	%		04/15/2021	$	82,433

		Airlines—1.3%
	80,000	Delta Air Lines, Inc.		3.625			03/15/2022		79,375
	80,000	United Continental Holdings, Inc.		4.250			10/01/2022		78,700

									158,075

		Apparel—0.6%
	80,000	William Carter Co. (The)		5.250			08/15/2021		81,250

		Auto Parts & Equipment—0.6%
	80,000	ZF North America Capital, Inc. (Germany)^(a)		4.750			04/29/2025		80,827

		Banks—1.3%
	80,000	CIT Group, Inc.		5.000			08/15/2022		81,800
	80,000	First Horizon National Corp.		3.500			12/15/2020		80,241

									162,041

		Building Materials—0.6%
	80,000	Owens Corning		4.200			12/15/2022		80,943

		Chemicals—3.8%
	80,000	Ashland LLC		4.750			08/15/2022		81,016
	65,000	Blue Cube Spinco LLC		9.750			10/15/2023		74,019
	80,000	Celanese US Holdings LLC		4.625			11/15/2022		82,278
	80,000	Huntsman International LLC		5.125			11/15/2022		82,800
	80,000	Mosaic Co. (The)		4.250			11/15/2023		81,229
	80,000	WR Grace & Co.^(a)		5.125			10/01/2021		82,400

									483,742

		Commercial Services—3.8%
	80,000	ADT Corp. (The)		6.250			10/15/2021		84,800
	80,000	Chicago Parking Meters LLC^(a)		5.489			12/30/2020		79,483
	80,000	Hertz Corp. (The)^(a)		7.625			06/01/2022		79,600
	80,000	Nielsen Co. Luxembourg Sarl (The)^(a)		5.500			10/01/2021		80,300
	80,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		80,000
	80,000	Nielsen Finance LLC/Nielsen Finance Co.^(a)		5.000			04/15/2022		77,884

									482,067

		Computers—2.5%
	80,000	Dell, Inc.		4.625			04/01/2021		81,600
	80,000	EMC Corp.		3.375			06/01/2023		75,598
	80,000	Leidos Holdings, Inc.		4.450			12/01/2020		81,624
	80,000	Seagate HDD Cayman		4.750			01/01/2025		76,785

									315,607

		Cosmetics/Personal Care—1.9%
	80,000	Avon International Operations, Inc. (United Kingdom)^(a)		7.875			08/15/2022		81,700
	80,000	Edgewell Personal Care Co.		4.700			05/19/2021		81,000
	80,000	First Quality Finance Co., Inc.^(a)		4.625			05/15/2021		79,400

									242,100

		Diversified Financial Services—4.5%
	80,000	Aircastle Ltd.		5.500			02/15/2022		84,011
	80,000	BGC Partners, Inc.^(a)		5.375			07/24/2023		80,332
	80,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)		7.500			04/15/2021		82,800
	80,000	Jefferies Financial Group, Inc.		5.500			10/18/2023		83,264
	80,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)		5.250			03/15/2022		80,500
	80,000	Navient Corp.		6.500			06/15/2022		82,824
	80,000	Synchrony Financial		4.250			08/15/2024		77,712

									571,443

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


		28

Invesco Corporate Income Defensive ETF (IHYD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric—5.1%
$	80,000	AES Corp. (The)		4.875	%		05/15/2023	$	81,400
	70,000	DPL, Inc.		7.250			10/15/2021		76,037
	80,000	Duquesne Light Holdings, Inc.^(a)		6.400			09/15/2020		84,193
	80,000	Exelon Corp.		3.497			06/01/2022		79,124
	80,000	FirstEnergy Transmission LLC^(a)		4.350			01/15/2025		81,585
	80,000	IPALCO Enterprises, Inc.		3.450			07/15/2020		79,828
	74,349	Midland Cogeneration Venture LP^(a)		6.000			03/15/2025		73,904
	80,000	Vistra Energy Corp.		7.375			11/01/2022		83,500

									639,571

		Electrical Components & Equipment—0.6%
	80,000	WESCO Distribution, Inc.		5.375			12/15/2021		81,300

		Electronics—1.3%
	80,000	Arrow Electronics, Inc.		3.250			09/08/2024		75,640
	80,000	Jabil, Inc.		4.700			09/15/2022		82,144

									157,784

		Entertainment—1.3%
	80,000	GLP Capital LP/GLP Financing II, Inc.		4.875			11/01/2020		82,200
	80,000	GLP Capital LP/GLP Financing II, Inc.		4.375			04/15/2021		81,400

									163,600

		Environmental Control—0.6%
	80,000	Clean Harbors, Inc.		5.125			06/01/2021		80,400

		Food—1.3%
	80,000	C&S Group Enterprises LLC^(a)		5.375			07/15/2022		79,400
	80,000	Darling Ingredients, Inc.		5.375			01/15/2022		81,100

									160,500

		Gas—0.6%
	80,000	Southern Star Central Corp.^(a)		5.125			07/15/2022		80,200

		Healthcare-Products—0.7%
	80,000	Kinetic Concepts, Inc./KCI USA, Inc.^(a)		7.875			02/15/2021		82,800

		Healthcare-Services—4.5%
	80,000	Centene Corp.		5.625			02/15/2021		81,800
	80,000	HCA Healthcare, Inc.		6.250			02/15/2021		83,800
	80,000	LifePoint Health, Inc.		5.500			12/01/2021		81,600
	80,000	Magellan Health, Inc.		4.400			09/22/2024		78,403
	80,000	MEDNAX, Inc.^(a)		5.250			12/01/2023		80,000
	80,000	Tenet Healthcare Corp.		6.000			10/01/2020		83,400
	80,000	Universal Health Services, Inc.^(a)		4.750			08/01/2022		80,800

									569,803

		Home Builders—2.0%
	80,000	KB Home		7.000			12/15/2021		84,600
	80,000	PulteGroup, Inc.		4.250			03/01/2021		80,624
	80,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.^(a)		5.250			04/15/2021		80,200

									245,424

		Housewares—0.7%
	80,000	Tupperware Brands Corp.		4.750			06/01/2021		81,997

		Insurance—1.9%
	80,000	Brown & Brown, Inc.		4.200			09/15/2024		80,174
	80,000	Kemper Corp.		4.350			02/15/2025		79,211
	80,000	MGIC Investment Corp.		5.750			08/15/2023		84,072

									243,457

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


		29

Invesco Corporate Income Defensive ETF (IHYD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Internet—1.3%
$	80,000	Symantec Corp.^(a)		5.000	%		04/15/2025	$	79,542
	80,000	VeriSign, Inc.		4.625			05/01/2023		81,536

									161,078

		Iron/Steel—0.6%
	80,000	Steel Dynamics, Inc.		5.125			10/01/2021		81,220

		Leisure Time—1.3%
	80,000	NCL Corp. Ltd.^(a)		4.750			12/15/2021		80,700
	80,000	Sabre GLBL, Inc.^(a)		5.375			04/15/2023		81,000

									161,700

		Lodging—2.0%
	80,000	Choice Hotels International, Inc.		5.750			07/01/2022		84,600
	80,000	MGM Resorts International		6.625			12/15/2021		84,800
	80,000	Wyndham Destinations, Inc.		4.250			03/01/2022		77,395

									246,795

		Media—5.1%
	80,000	Cable One, Inc.^(a)		5.750			06/15/2022		81,600
	80,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.464			07/23/2022		81,700
	80,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.908			07/23/2025		81,813
	80,000	DISH DBS Corp.		6.750			06/01/2021		81,400
	80,000	Sinclair Television Group, Inc.		5.375			04/01/2021		80,500
	80,000	TEGNA, Inc.		6.375			10/15/2023		83,200
	80,000	Time Warner Cable LLC		4.000			09/01/2021		80,690
	65,000	Time Warner Entertainment Co. LP		8.375			03/15/2023		75,694

									646,597

		Mining—0.6%
	80,000	Freeport-McMoRan, Inc.		3.550			03/01/2022		77,400

		Miscellaneous Manufacturing—1.3%
	80,000	Amsted Industries, Inc.^(a)		5.000			03/15/2022		80,500
	80,000	Trinity Industries, Inc.		4.550			10/01/2024		77,684

									158,184

		Office/Business Equipment—1.2%
	80,000	Pitney Bowes, Inc.		3.625			10/01/2021		76,250
	80,000	Xerox Corp.		3.625			03/15/2023		75,716

									151,966

		Oil & Gas—7.2%
	80,000	Andeavor		4.750			12/15/2023		83,526
	80,000	Antero Resources Corp.		5.375			11/01/2021		81,600
	80,000	Antero Resources Corp.		5.125			12/01/2022		81,200
	80,000	Cimarex Energy Co.		4.375			06/01/2024		81,173
	80,000	Continental Resources, Inc.		4.500			04/15/2023		81,929
	80,000	Energen Corp.		4.625			09/01/2021		81,200
	80,000	Murphy Oil Corp.		4.450			12/01/2022		80,050
	80,000	Murphy Oil USA, Inc.		6.000			08/15/2023		82,500
	80,000	Newfield Exploration Co.		5.625			07/01/2024		85,700
	80,000	QEP Resources, Inc.		5.250			05/01/2023		78,400
	80,000	WPX Energy, Inc.		6.000			01/15/2022		83,000

									900,278

		Oil & Gas Services—0.6%
	80,000	Oceaneering International, Inc.		4.650			11/15/2024		76,218

		Packaging & Containers—1.9%
	80,000	Graphic Packaging International LLC		4.750			04/15/2021		81,249
	77,529	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu		5.750			10/15/2020		77,722

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


		30

Invesco Corporate Income Defensive ETF (IHYD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Packaging & Containers (continued)
$	80,000	Sealed Air Corp.^(a)		6.500	%		12/01/2020	$	84,600

									243,571

		Pharmaceuticals—0.6%
	80,000	Perrigo Finance Unlimited Co.		3.900			12/15/2024		78,338

		Pipelines—12.2%
	80,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.250			01/15/2025		82,000
	80,000	Boardwalk Pipelines LP		4.950			12/15/2024		81,823
	80,000	Buckeye Partners LP		4.875			02/01/2021		81,566
	80,000	DCP Midstream Operating LP^(a)		4.750			09/30/2021		81,400
	70,000	Energy Transfer Equity LP		7.500			10/15/2020		75,512
	80,000	Energy Transfer Partners LP		4.150			10/01/2020		81,103
	80,000	Energy Transfer Partners LP/Regency Energy Finance Corp.		5.875			03/01/2022		84,967
	80,000	Energy Transfer Partners LP/Regency Energy Finance Corp.		4.500			11/01/2023		81,577
	85,000	EnLink Midstream Partners LP		4.150			06/01/2025		80,153
	80,000	Equities Midstream Partners LP, Series 5Y		4.750			07/15/2023		81,251
	80,000	Kinder Morgan Energy Partners LP		3.950			09/01/2022		80,947
	80,000	Kinder Morgan Energy Partners LP		4.300			05/01/2024		81,117
	80,000	Kinder Morgan, Inc.		4.300			06/01/2025		80,895
	80,000	NGPL PipeCo. LLC^(a)		4.375			08/15/2022		80,900
	80,000	Plains All American Pipeline LP/PAA Finance Corp.		3.600			11/01/2024		77,065
	80,000	Plains All American Pipeline LP/PAA Finance Corp.		4.650			10/15/2025		81,080
	71,515	Ruby Pipeline LLC^(a)		6.000			04/01/2022		74,696
	80,000	Sabine Pass Liquefaction LLC		5.625			03/01/2025		85,434
	80,000	Western Gas Partners LP		4.000			07/01/2022		79,720

									1,533,206

		Private Equity—0.6%
	80,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		5.875			02/01/2022		81,663

		REITs—6.4%
	80,000	Brixmor Operating Partnership LP		3.850			02/01/2025		77,880
	80,000	Crown Castle International Corp.		5.250			01/15/2023		84,253
	80,000	CyrusOne LP/CyrusOne Finance Corp.		5.000			03/15/2024		81,200
	80,000	iStar, Inc.		4.625			09/15/2020		79,800
	80,000	MPT Operating Partnership LP/MPT Finance Corp.		6.375			03/01/2024		84,744
	80,000	Omega Healthcare Investors, Inc.		4.375			08/01/2023		80,104
	80,000	Sabra Health Care LP/Sabra Capital Corp.		5.500			02/01/2021		81,600
	80,000	Select Income REIT		4.500			02/01/2025		77,836
	80,000	Starwood Property Trust, Inc.		5.000			12/15/2021		80,800
	80,000	Washington Prime Group LP		5.950			08/15/2024		77,687

									805,904

		Retail—5.1%
	80,000	Autonation, Inc.		4.500			10/01/2025		80,270
	80,000	GameStop Corp.^(a)		6.750			03/15/2021		80,800
	80,000	Gap, Inc. (The)		5.950			04/12/2021		83,735
	80,000	Group 1 Automotive, Inc.		5.000			06/01/2022		79,600
	80,000	L Brands, Inc.		5.625			02/15/2022		81,300
	80,000	Michaels Stores, Inc.^(a)		5.875			12/15/2020		80,400
	80,000	QVC, Inc.		4.375			03/15/2023		79,204
	80,000	Signet UK Finance PLC		4.700			06/15/2024		75,241

									640,550

		Semiconductors—0.6%
	80,000	Microchip Technology, Inc.^(a)		3.922			06/01/2021		79,999

		Software—2.9%
	80,000	Infor US, Inc.^(a)		5.750			08/15/2020		81,300
	80,000	IQVIA, Inc.^(a)		4.875			05/15/2023		80,600

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


		31

Invesco Corporate Income Defensive ETF (IHYD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Software (continued)
$	80,000	Marble II Pte Ltd. (Singapore)^(a)		5.300	%		06/20/2022	$	78,421
	120,000	Nuance Communications, Inc.^(a)		5.375			08/15/2020		120,075

									360,396

		Telecommunications—3.3%
	80,000	Anixter, Inc.		5.125			10/01/2021		82,600
	80,000	CenturyLink, Inc., Series T		5.800			03/15/2022		82,176
	80,000	Level 3 Financing, Inc.		5.375			08/15/2022		81,000
	80,000	Motorola Solutions, Inc.		3.750			05/15/2022		79,948
	80,000	Qwest Corp.		6.750			12/01/2021		85,904

									411,628

		Transportation—0.7%
	80,000	XPO Logistics, Inc.^(a)		6.500			06/15/2022		82,938

		Total Corporate Bonds (Cost $12,259,441)							12,306,993

Number of Shares
		Money Market Fund—1.2%
	145,941	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $145,941)							145,941

		Total Investments in Securities (Cost $12,405,382)—98.9%							12,452,934
		Other assets less liabilities—1.1%							134,902

		Net Assets—100.0%						$	12,587,836

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $3,017,779, which represented 23.97% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		32

Schedule of Investments

Invesco Corporate Income Value ETF (IHYV)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.4%
		Advertising—0.4%
$	60,000	MDC Partners, Inc.^(a)		6.500	%		05/01/2024	$	54,075

		Aerospace/Defense—0.5%
	60,000	Spirit AeroSystems, Inc.		4.600			06/15/2028		60,436

		Agriculture—0.5%
	60,000	Vector Group Ltd.^(a)		6.125			02/01/2025		57,750

		Auto Manufacturers—0.5%
	60,000	BCD Acquisition, Inc.^(a)		9.625			09/15/2023		63,750

		Auto Parts & Equipment—1.8%
	60,000	Adient Global Holdings Ltd.^(a)		4.875			08/15/2026		54,300
	60,000	Dana Financing Luxembourg Sarl^(a)		5.750			04/15/2025		60,150
	60,000	Dana, Inc.		5.500			12/15/2024		59,775
	60,000	Tenneco, Inc.		5.000			07/15/2026		53,400

									227,625

		Banks—0.9%
	60,000	Freedom Mortgage Corp.^(a)		8.125			11/15/2024		58,275
	60,000	Freedom Mortgage Corp.^(a)		8.250			04/15/2025		58,275

									116,550

		Building Materials—0.9%
	60,000	Standard Industries, Inc.^(a)		6.000			10/15/2025		61,661
	60,000	Standard Industries, Inc.^(a)		4.750			01/15/2028		56,118

									117,779

		Chemicals—3.4%
	60,000	CF Industries, Inc.^(a)		4.500			12/01/2026		60,035
	60,000	CVR Partners LP/CVR Nitrogen Finance Corp.^(a)		9.250			06/15/2023		64,200
	60,000	Olin Corp.		5.125			09/15/2027		59,550
	60,000	PolyOne Corp.		5.250			03/15/2023		62,043
	60,000	Rayonier AM Products, Inc.^(a)		5.500			06/01/2024		57,470
	60,000	TPC Group, Inc.^(a)		8.750			12/15/2020		60,300
	60,000	Versum Materials, Inc.^(a)		5.500			09/30/2024		61,500

									425,098

		Coal—1.5%
	55,000	Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.^(a)		7.500			05/01/2025		58,712
	60,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.^(a)		7.500			06/15/2025		62,700
	60,000	Warrior Met Coal, Inc.^(a)		8.000			11/01/2024		61,950

									183,362

		Commercial Services—6.2%
	60,000	Ahern Rentals, Inc.^(a)		7.375			05/15/2023		59,328
	60,000	APX Group, Inc.		7.875			12/01/2022		61,425
	60,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.		5.500			04/01/2023		59,925
	60,000	Brink’s Co. (The)^(a)		4.625			10/15/2027		56,250
	60,000	Chicago Parking Meters LLC^(a)		5.489			12/30/2020		59,612
	60,000	Hertz Corp. (The)		5.875			10/15/2020		59,982
	60,000	Hertz Corp. (The)^(a)		7.625			06/01/2022		59,700
	70,000	Hertz Corp. (The)^(a)		5.500			10/15/2024		58,975
	60,000	LSC Communications, Inc.^(a)		8.750			10/15/2023		59,475
	60,000	Nielsen Finance LLC/Nielsen Finance Co.^(a)		5.000			04/15/2022		58,413
	60,000	R.R. Donnelley & Sons Co.		7.875			03/15/2021		63,525
	60,000	ServiceMaster Co. LLC (The)^(a)		5.125			11/15/2024		59,100
	60,000	Sotheby’s^(a)		4.875			12/15/2025		57,588

									773,298

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


		33

Invesco Corporate Income Value ETF (IHYV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Computers—2.9%
$	60,000	Dell International LLC/EMC Corp.^(a)		6.020	%		06/15/2026	$	63,704
	55,000	Exela Intermediate LLC/Exela Finance, Inc.^(a)		10.000			07/15/2023		57,887
	60,000	GCI LLC		6.875			04/15/2025		62,325
	60,000	NCR Corp.		6.375			12/15/2023		60,375
	60,000	Seagate HDD Cayman		4.750			06/01/2023		59,907
	60,000	Seagate HDD Cayman		4.750			01/01/2025		57,589

									361,787

		Cosmetics/Personal Care—1.4%
	60,000	Avon International Operations, Inc. (United Kingdom)^(a)		7.875			08/15/2022		61,275
	70,000	Avon Products, Inc. (United Kingdom)		7.000			03/15/2023		60,375
	60,000	Coty, Inc.^(a)		6.500			04/15/2026		56,588

									178,238

		Diversified Financial Services—1.9%
	60,000	Aircastle Ltd.		5.500			02/15/2022		63,008
	60,000	BGC Partners, Inc.^(a)		5.375			07/24/2023		60,249
	60,000	Navient Corp.		6.500			06/15/2022		62,118
	60,000	Quicken Loans, Inc.^(a)		5.750			05/01/2025		59,700

									245,075

		Electric—3.2%
	57,451	Midland Cogeneration Venture LP^(a)		6.000			03/15/2025		57,108
	60,000	NRG Energy, Inc.		6.625			01/15/2027		63,075
	60,000	NRG Yield Operating LLC		5.375			08/15/2024		60,600
	47,700	NSG Holdings LLC/NSG Holdings, Inc.^(a)		7.750			12/15/2025		52,649
	60,000	Stoneway Capital Corp. (Argentina)^(a)		10.000			03/01/2027		54,218
	60,000	Terraform Global Operating LLC^(a)		6.125			03/01/2026		58,200
	60,000	Trinidad Generation Unlimited (Trinidad & Tobago)^(a)		5.250			11/04/2027		59,370

									405,220

		Electronics—1.4%
	60,000	Keysight Technologies, Inc.		4.600			04/06/2027		61,345
	60,000	Tech Data Corp.		4.950			02/15/2027		59,526
	60,000	Trimble, Inc.		4.900			06/15/2028		61,339

									182,210

		Engineering & Construction—1.9%
	60,000	AECOM		5.125			03/15/2027		59,100
	60,000	MasTec, Inc.		4.875			03/15/2023		59,250
	60,000	Topbuild Corp.^(a)		5.625			05/01/2026		59,550
	60,000	Tutor Perini Corp.^(a)		6.875			05/01/2025		61,200

									239,100

		Entertainment—1.0%
	60,000	GLP Capital LP/GLP Financing II, Inc.		5.375			04/15/2026		62,457
	60,000	Scientific Games International, Inc.^(a)		5.000			10/15/2025		57,150

									119,607

		Food—2.8%
	60,000	Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC		6.625			06/15/2024		58,200
	60,000	Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC		5.750			03/15/2025		54,600
	60,000	C&S Group Enterprises LLC^(a)		5.375			07/15/2022		59,550
	60,000	Dean Foods Co.^(a)		6.500			03/15/2023		57,300
	60,000	Ingles Markets, Inc.		5.750			06/15/2023		60,600
	70,000	Simmons Foods, Inc.^(a)		5.750			11/01/2024		56,000

									346,250

		Gas—1.4%
	60,000	AmeriGas Partners LP/AmeriGas Finance Corp.		5.500			05/20/2025		59,100
	60,000	NGL Energy Partners LP/NGL Energy Finance Corp.		7.500			11/01/2023		61,575

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


		34

Invesco Corporate Income Value ETF (IHYV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Gas (continued)
$	60,000	Southern Star Central Corp.^(a)		5.125	%		07/15/2022	$	60,150

									180,825

		Healthcare-Products—0.9%
	60,000	Kinetic Concepts, Inc./KCI USA, Inc.^(a)		7.875			02/15/2021		62,100
	60,000	Teleflex, Inc.		4.625			11/15/2027		57,375

									119,475

		Healthcare-Services—3.8%
	60,000	CHS/Community Health Systems, Inc.		5.125			08/01/2021		58,200
	60,000	CHS/Community Health Systems, Inc.		6.250			03/31/2023		57,300
	60,000	DaVita, Inc.		5.125			07/15/2024		58,147
	60,000	HCA, Inc.		5.375			02/01/2025		60,836
	60,000	Magellan Health, Inc.		4.400			09/22/2024		58,802
	60,000	MEDNAX, Inc.^(a)		5.250			12/01/2023		60,000
	60,000	RegionalCare Hospital Partners Holdings, Inc.^(a)		8.250			05/01/2023		64,050
	55,000	Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.^(a)		7.500			10/01/2024		58,444

									475,779

		Home Builders—1.8%
	60,000	Century Communities, Inc.		5.875			07/15/2025		56,400
	60,000	Meritage Homes Corp.		5.125			06/06/2027		55,800
	60,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		5.875			06/15/2024		60,072
	60,000	William Lyon Homes, Inc.		5.875			01/31/2025		57,075

									229,347

		Home Furnishings—0.5%
	60,000	Tempur Sealy International, Inc.		5.500			06/15/2026		58,650

		Household Products/Wares—0.5%
	60,000	ACCO Brands Corp.^(a)		5.250			12/15/2024		59,850

		Housewares—0.5%
	60,000	Newell Brands, Inc.		4.200			04/01/2026		57,986

		Insurance—1.8%
	60,000	American Equity Investment Life Holding Co.		5.000			06/15/2027		59,168
	60,000	Fidelity & Guaranty Life Holdings, Inc.^(a)		5.500			05/01/2025		59,700
	60,000	Genworth Holdings, Inc.		4.900			08/15/2023		54,150
	60,000	Genworth Holdings, Inc.		4.800			02/15/2024		53,700

									226,718

		Internet—1.8%
	60,000	Expedia Group, Inc.		3.800			02/15/2028		56,420
	60,000	Match Group, Inc.^(a)		5.000			12/15/2027		59,250
	60,000	NetFlix, Inc.^(a)		4.875			04/15/2028		56,925
	60,000	Symantec Corp.^(a)		5.000			04/15/2025		59,657

									232,252

		Iron/Steel—1.5%
	60,000	Big River Steel LLC/BRS Finance Corp.^(a)		7.250			09/01/2025		63,002
	60,000	Cleveland-Cliffs, Inc.		5.750			03/01/2025		59,148
	60,000	U.S. Steel Corp.		6.875			08/15/2025		61,200

									183,350

		Leisure Time—0.5%
	60,000	Carlson Travel, Inc.^(a)		6.750			12/15/2023		60,450

		Lodging—1.4%
	60,000	Choice Hotels International, Inc.		5.750			07/01/2022		63,450
	60,000	Wyndham Destinations, Inc.		4.250			03/01/2022		58,046

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


		35

Invesco Corporate Income Value ETF (IHYV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Lodging (continued)
$	60,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(a)		5.500	%		03/01/2025	$	59,514

									181,010

		Machinery-Construction & Mining—1.0%
	60,000	Terex Corp.^(a)		5.625			02/01/2025		59,625
	60,000	Vertiv Group Corp.^(a)		9.250			10/15/2024		61,950

									121,575

		Machinery-Diversified—0.5%
	55,000	Cloud Crane LLC^(a)		10.125			08/01/2024		59,950

		Media—4.2%
	60,000	Altice US Finance I Corp.^(a)		5.500			05/15/2026		59,100
	60,000	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)		5.125			05/01/2027		57,375
	60,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.908			07/23/2025		61,360
	60,000	DISH DBS Corp.		6.750			06/01/2021		61,050
	60,000	DISH DBS Corp.		7.750			07/01/2026		54,375
	60,000	EW Scripps Co. (The)^(a)		5.125			05/15/2025		57,450
	60,000	Lee Enterprises, Inc.^(a)		9.500			03/15/2022		62,657
	60,000	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance^(a)		7.875			05/15/2024		53,025
	60,000	Meredith Corp.^(a)		6.875			02/01/2026		60,900

									527,292

		Mining—0.9%
	55,000	Alcoa Nederland Holding BV^(a)		6.750			09/30/2024		58,575
	60,000	Hecla Mining Co.		6.875			05/01/2021		60,693

									119,268

		Miscellaneous Manufacturing—0.9%
	60,000	FXI Holdings, Inc.^(a)		7.875			11/01/2024		57,975
	60,000	Trinity Industries, Inc.		4.550			10/01/2024		58,263

									116,238

		Office/Business Equipment—0.9%
	60,000	Pitney Bowes, Inc.		3.625			10/01/2021		57,188
	60,000	Xerox Corp.		3.625			03/15/2023		56,787

									113,975

		Oil & Gas—11.3%
	60,000	Berry Petroleum Co. LLC^(a)		7.000			02/15/2026		62,232
	60,000	Covey Park Energy LLC/Covey Park Finance Corp.^(a)		7.500			05/15/2025		61,425
	60,000	CVR Refining LLC/Coffeyville Finance, Inc.		6.500			11/01/2022		61,500
	60,000	Diamond Offshore Drilling, Inc.		7.875			08/15/2025		61,350
	60,000	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)		8.000			11/29/2024		60,450
	60,000	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)		7.750			05/15/2026		61,500
	60,000	Gulfport Energy Corp.		6.000			10/15/2024		59,550
	60,000	Gulfport Energy Corp.		6.375			05/15/2025		59,700
	60,000	Hess Corp.		4.300			04/01/2027		58,382
	55,000	HollyFrontier Corp.		5.875			04/01/2026		59,320
	60,000	Indigo Natural Resources LLC^(a)		6.875			02/15/2026		58,200
	60,000	Jones Energy Holdings LLC/Jones Energy Finance Corp.^(a)		9.250			03/15/2023		61,050
	60,000	Nabors Industries, Inc.^(a)		5.750			02/01/2025		57,875
	60,000	PBF Holding Co. LLC/PBF Finance Corp.		7.000			11/15/2023		63,000
	60,000	PBF Holding Co. LLC/PBF Finance Corp.		7.250			06/15/2025		63,450
	60,000	PDC Energy, Inc.		5.750			05/15/2026		58,425
	60,000	QEP Resources, Inc.		5.250			05/01/2023		58,800
	60,000	Range Resources Corp.		4.875			05/15/2025		57,750
	60,000	Resolute Energy Corp.		8.500			05/01/2020		60,038
	60,000	Rowan Cos., Inc.		4.875			06/01/2022		56,100
	60,000	Sanchez Energy Corp.^(a)		7.250			02/15/2023		58,650

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


		36

Invesco Corporate Income Value ETF (IHYV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas (continued)
$	60,000	Southwestern Energy Co.		6.200	%		01/23/2025	$	60,300
	75,000	Ultra Resources, Inc.^(a)		6.875			04/15/2022		36,938
	60,000	Unit Corp.		6.625			05/15/2021		60,225

									1,416,210

		Oil & Gas Services—1.4%
	60,000	McDermott Technology Americas, Inc./McDermott Technology US, Inc.^(a)		10.625			05/01/2024		63,993
	60,000	Oceaneering International, Inc.		4.650			11/15/2024		57,163
	60,000	PHI, Inc.		5.250			03/15/2019		57,300

									178,456

		Packaging & Containers—0.9%
	60,000	Owens-Brockway Glass Container, Inc.^(a)		5.875			08/15/2023		61,725
	60,000	Plastipak Holdings, Inc.^(a)		6.250			10/15/2025		55,575

									117,300

		Pharmaceuticals—0.5%
	60,000	Perrigo Finance Unlimited Co.		4.375			03/15/2026		58,894

		Pipelines—7.6%
	60,000	American Midstream Partners LP/American Midstream Finance Corp.^(a)		9.250			12/15/2021		59,550
	60,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.250			01/15/2025		61,500
	60,000	Boardwalk Pipelines LP		4.950			12/15/2024		61,368
	60,000	Enable Midstream Partners LP		3.900			05/15/2024		58,108
	60,000	Enable Midstream Partners LP		4.400			03/15/2027		57,674
	60,000	Enable Midstream Partners LP		4.950			05/15/2028		59,732
	60,000	Equities Midstream Partners LP		4.000			08/01/2024		57,634
	60,000	Equities Midstream Partners LP		4.125			12/01/2026		56,471
	60,000	Equities Midstream Partners LP, Series 5Y		4.750			07/15/2023		60,938
	60,000	Genesis Energy LP/Genesis Energy Finance Corp.		6.750			08/01/2022		61,500
	60,000	NGPL PipeCo. LLC^(a)		4.375			08/15/2022		60,675
	60,000	Nustar Logistics LP		5.625			04/28/2027		60,000
	60,000	Plains All American Pipeline LP/PAA Finance Corp.		4.650			10/15/2025		60,810
	60,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.		5.750			04/15/2025		58,200
	60,000	Sunoco Logistics Partners Operations LP		4.000			10/01/2027		57,518
	60,000	Valero Energy Partners LP		4.500			03/15/2028		60,231

									951,909

		Private Equity—0.5%
	60,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.750			02/01/2024		62,175

		Real Estate—2.4%
	60,000	Five Point Operating Co. LP/Five Point Capital Corp.^(a)		7.875			11/15/2025		60,900
	60,000	Greystar Real Estate Partners LLC^(a)		5.750			12/01/2025		58,800
	60,000	Howard Hughes Corp. (The)^(a)		5.375			03/15/2025		59,400
	60,000	Kennedy-Wilson, Inc.		5.875			04/01/2024		59,775
	60,000	WeWork Cos., Inc.^(a)		7.875			05/01/2025		58,434

									297,309

		REITs—5.2%
	70,000	CBL & Associates LP		5.250			12/01/2023		59,332
	70,000	CBL & Associates LP		5.950			12/15/2026		57,050
	60,000	ESH Hospitality, Inc.^(a)		5.250			05/01/2025		58,275
	60,000	Iron Mountain, Inc.^(a)		4.875			09/15/2027		55,896
	60,000	MPT Operating Partnership LP/MPT Finance Corp.		6.375			03/01/2024		63,558
	60,000	Sabra Health Care LP		5.125			08/15/2026		58,316
	60,000	Sabra Health Care LP/Sabra Capital Corp.		5.500			02/01/2021		61,200
	60,000	Select Income REIT		4.500			02/01/2025		58,377
	60,000	Senior Housing Properties Trust		4.750			02/15/2028		58,979
	60,000	VEREIT Operating Partnership LP		4.875			06/01/2026		61,073

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


		37

Invesco Corporate Income Value ETF (IHYV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		REITs (continued)
$	60,000	Washington Prime Group LP		5.950	%		08/15/2024	$	58,265

									650,321

		Retail—4.9%
	60,000	Asbury Automotive Group, Inc.		6.000			12/15/2024		60,450
	60,000	DriveTime Automotive Group, Inc./Bridgecrest Acceptance Corp.^(a)		8.000			06/01/2021		61,275
	60,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.500			05/01/2021		55,200
	60,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.750			01/15/2022		53,700
	70,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.750			06/15/2023		60,550
	60,000	GameStop Corp.^(a)		6.750			03/15/2021		60,600
	60,000	JC Penney Corp., Inc.^(a)		5.875			07/01/2023		54,150
	60,000	JC Penney Corp., Inc.^(a)		8.625			03/15/2025		44,700
	60,000	Sally Holdings LLC/Sally Capital, Inc.		5.625			12/01/2025		55,350
	60,000	Signet UK Finance PLC		4.700			06/15/2024		56,431
	60,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.		5.500			06/01/2024		59,100

									621,506

		Semiconductors—0.5%
	60,000	Entegris, Inc.^(a)		4.625			02/10/2026		58,125

		Software—2.5%
	60,000	CDK Global, Inc.		4.875			06/01/2027		59,250
	60,000	Citrix Systems, Inc.		4.500			12/01/2027		58,480
	60,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.^(a)		6.000			07/15/2025		62,025
	60,000	Marble II Pte Ltd. (Singapore)^(a)		5.300			06/20/2022		58,816
	20,000	Nuance Communications, Inc.^(a)		5.375			08/15/2020		20,012
	60,000	Rackspace Hosting, Inc.^(a)		8.625			11/15/2024		59,212

									317,795

		Telecommunications—2.3%
	60,000	CommScope Technologies LLC^(a)		6.000			06/15/2025		62,400
	70,000	Frontier Communications Corp.		11.000			09/15/2025		53,900
	60,000	Plantronics, Inc.^(a)		5.500			05/31/2023		59,700
	60,000	Qualitytech LP/QTS Finance Corp.^(a)		4.750			11/15/2025		57,600
	60,000	Windstream Services LLC/Windstream Finance Corp.^(a)		8.625			10/31/2025		56,250

									289,850

		Toys/Games/Hobbies—0.5%
	60,000	Mattel, Inc.^(a)		6.750			12/31/2025		58,916

		Total Corporate Bonds (Cost $12,339,812)							12,359,966

Number of Shares
		Money Market Fund—1.2%
	145,797	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $145,797)							145,797

		Total Investments in Securities (Cost $12,485,609)—99.6%							12,505,763
		Other assets less liabilities—0.4%							53,513

		Net Assets—100.0%						$	12,559,276

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $5,908,358, which represented 47.04% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		38

Schedule of Investments

Invesco Emerging Markets Debt Defensive ETF (IEMD)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—57.4%
		Chile—6.2%
$	300,000	Banco del Estado de Chile^(a)		4.125	%		10/07/2020	$	304,056
	300,000	Banco del Estado de Chile		4.125			10/07/2020		304,056
	150,000	Banco del Estado de Chile, MTN^(a)		3.875			02/08/2022		150,523
	150,000	Banco del Estado de Chile, MTN		3.875			02/08/2022		150,523
	330,000	Corp. Nacional del Cobre de Chile		3.000			07/17/2022		321,502
	330,000	Corp. Nacional del Cobre de Chile^(a)		3.000			07/17/2022		321,502

									1,552,162

		China—8.6%
	200,000	Bank of China Ltd./Luxembourg, EMTN		2.250			07/12/2021		192,279
	200,000	CNOOC Finance 2011 Ltd.^(a)		4.250			01/26/2021		203,364
	200,000	CNOOC Finance 2012 Ltd.^(a)		3.875			05/02/2022		201,206
	200,000	Minmetals Bounteous Finance BVI Ltd.		3.500			07/30/2020		198,441
	170,000	Sinochem Overseas Capital Co. Ltd.^(a)		4.500			11/12/2020		172,640
	200,000	Sinopec Group Overseas Development 2012 Ltd.^(a)		3.900			05/17/2022		201,339
	200,000	Sinopec Group Overseas Development 2016 Ltd.^(a)		2.750			05/03/2021		196,036
	200,000	Sinopec Group Overseas Development 2016 Ltd.^(a)		2.000			09/29/2021		190,937
	200,000	Sinopec Group Overseas Development 2017 Ltd.^(a)		3.000			04/12/2022		195,278
	200,000	Sinopec Group Overseas Development 2017 Ltd.^(a)		2.500			09/13/2022		191,080
	200,000	State Grid Overseas Investment 2016 Ltd., MTN^(a)		2.750			05/04/2022		194,490

									2,137,090

		Hong Kong—0.8%
	200,000	China Cinda Finance 2017 I Ltd., EMTN		3.650			03/09/2022		197,510

		Hungary—2.5%
	400,000	MFB Magyar Fejlesztesi Bank Zrt^(a)		6.250			10/21/2020		420,869
	200,000	MFB Magyar Fejlesztesi Bank Zrt		6.250			10/21/2020		210,435

									631,304

		India—2.1%
	200,000	Bank of India/London, EMTN		6.250			02/16/2021		208,592
	310,000	Indian Oil Corp. Ltd.		5.625			08/02/2021		323,296

									531,888

		Indonesia—1.7%
	400,000	Pertamina Persero PT		5.250			05/23/2021		413,692

		Malaysia—4.7%
	400,000	Petronas Capital Ltd., MTN^(a)		3.125			03/18/2022		394,054
	400,000	Petronas Capital Ltd., MTN		3.125			03/18/2022		394,053
	330,000	Petronas Capital Ltd.		7.875			05/22/2022		377,670

									1,165,777

		Mexico—9.1%
	400,000	Comision Federal de Electricidad^(a)		4.875			05/26/2021		409,500
	400,000	Comision Federal de Electricidad		4.875			05/26/2021		409,500
	400,000	Nacional Financiera SNC^(a)		3.375			11/05/2020		398,500
	400,000	Nacional Financiera SNC		3.375			11/05/2020		398,500
	640,000	Petroleos Mexicanos		5.500			01/21/2021		659,200

									2,275,200

		Russia—4.5%
	430,000	Sberbank of Russia Via SB Capital SA		5.717			06/16/2021		436,127
	330,000	VTB Bank OJSC Via VTB Capital SA		6.551			10/13/2020		335,762
	330,000	VTB Bank OJSC Via VTB Capital SA^(a)		6.551			10/13/2020		335,762

									1,107,651

		Supranational—6.4%
	370,000	Asian Development Bank, GMTN		2.250			01/20/2021		365,456
	150,000	Asian Development Bank, GMTN		1.625			03/16/2021		145,695

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


		39

Invesco Emerging Markets Debt Defensive ETF (IEMD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Supranational (continued)
$	370,000	Asian Development Bank, GMTN		2.000	%		02/16/2022	$	359,475
	380,000	Asian Development Bank, GMTN		1.750			09/13/2022		363,966
	160,000	Asian Development Bank, GMTN		2.750			03/17/2023		159,108
	200,000	Black Sea Trade & Development Bank, MTN^(a)		4.875			05/06/2021		203,659

									1,597,359

		Switzerland—0.8%
	200,000	Syngenta Finance NV^(a)		3.933			04/23/2021		200,650

		Thailand—2.5%
	400,000	PTTEP Canada International Finance Ltd., MTN		5.692			04/05/2021		418,347
	200,000	PTTEP Canada International Finance Ltd., MTN^(a)		5.692			04/05/2021		209,174

									627,521

		United Arab Emirates—7.5%
	160,000	Dubai Electricity & Water Authority^(a)		7.375			10/21/2020		173,122
	250,000	IPIC GMTN Ltd., MTN^(a)		5.000			11/15/2020		259,088
	200,000	IPIC GMTN Ltd., MTN		5.500			03/01/2022		212,556
	200,000	IPIC GMTN Ltd., MTN^(a)		5.500			03/01/2022		212,556
	200,000	MDC-GMTN BV, MTN		5.500			04/20/2021		210,278
	200,000	MDC-GMTN BV, MTN^(a)		5.500			04/20/2021		210,278
	200,000	MDC-GMTN BV, MTN^(a)		3.250			04/28/2022		197,746
	200,000	MDC-GMTN BV, MTN		3.250			04/28/2022		197,746
	200,000	Union National Bank PJSC, MTN		2.750			10/05/2021		193,536

									1,866,906

		Total Corporate Bonds (Cost $14,346,469)							14,304,710

		Sovereign Debt Obligations—40.6%
		Brazil—2.6%
	630,000	Brazilian Government International Bond		4.875			01/22/2021		636,615

		Chile—3.9%
	320,000	Chile Government International Bond		3.875			08/05/2020		325,728
	300,000	Chile Government International Bond		3.250			09/14/2021		300,255
	350,000	Chile Government International Bond		2.250			10/30/2022		334,897

									960,880

		China—1.6%
	200,000	Export-Import Bank of China (The)		2.000			04/26/2021		192,720
	200,000	Export-Import Bank of China (The)		2.625			03/14/2022		194,235

									386,955

		Colombia—2.5%
	610,000	Colombia Government International Bond		4.375			07/12/2021		625,707

		Hungary—2.7%
	620,000	Hungary Government International Bond		6.375			03/29/2021		664,879

		India—0.8%
	200,000	Export-Import Bank of India, EMTN		2.750			08/12/2020		195,857

		Indonesia—5.1%
	620,000	Indonesia Government International Bond		4.875			05/05/2021		641,818
	620,000	Indonesia Government International Bond^(a)		4.875			05/05/2021		641,817

									1,283,635

		Malaysia—4.5%
	200,000	Export-Import Bank of Malaysia Bhd, EMTN		2.480			10/20/2021		192,712
	450,000	Wakala Global Sukuk Bhd		4.646			07/06/2021		466,875

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


		40

Invesco Emerging Markets Debt Defensive ETF (IEMD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Malaysia (continued)
$	450,000	Wakala Global Sukuk Bhd^(a)		4.646	%		07/06/2021	$	466,875

									1,126,462

		Philippines—2.4%
	590,000	Philippine Government International Bond		4.000			01/15/2021		600,152

		Poland—5.0%
	390,000	Republic of Poland Government International Bond		5.125			04/21/2021		409,286
	430,000	Republic of Poland Government International Bond		5.000			03/23/2022		453,940
	390,000	Republic of Poland Government International Bond		3.000			03/17/2023		383,918

									1,247,144

		Russia—4.9%
	600,000	Russian Foreign Bond—Eurobond^(a)		4.500			04/04/2022		607,046
	600,000	Russian Foreign Bond—Eurobond		4.500			04/04/2022		607,046

									1,214,092

		South Africa—0.6%
	150,000	Republic of South Africa Government International Bond		5.875			05/30/2022		155,914

		Turkey—1.4%
	200,000	Hazine Mustesarligi Varlik Kiralama AS^(a)		4.251			06/08/2021		180,981
	200,000	Hazine Mustesarligi Varlik Kiralama AS		4.251			06/08/2021		180,980

									361,961

		United Arab Emirates—2.6%
	220,000	Abu Dhabi Government International Bond^(a)		2.125			05/03/2021		213,724
	220,000	Abu Dhabi Government International Bond		2.125			05/03/2021		213,723
	240,000	Abu Dhabi Government International Bond^(a)		2.500			10/11/2022		231,864

									659,311

		Total Sovereign Debt Obligations (Cost $10,178,038)							10,119,564

		Total Investments in Securities (Cost $24,524,507)—98.0%							24,424,274
		Other assets less liabilities—2.0%							493,792

		Net Assets—100.0%						$	24,918,066

Investment Abbreviations:

EMTN—Euro Medium-Term Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $8,489,716, which represented 34.07% of the Fund’s Net Assets.

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


		41

Schedule of Investments

Invesco Emerging Markets Debt Value ETF (IEMV)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—64.4%
		Australia—0.5%
$	200,000	SGSP Australia Assets Pty Ltd., EMTN		3.250	%		07/29/2026	$	188,274

		Brazil—4.1%
	400,000	Banco do Brasil SA/Cayman^(a)		5.875			01/26/2022		395,000
	400,000	Banco do Brasil SA/Cayman^(a)		5.875			01/19/2023		393,000
	400,000	Banco do Brasil SA/Cayman, MTN		4.875			04/19/2023		380,572
	340,000	Banco do Brasil SA/Cayman, MTN^(a)		4.875			04/19/2023		323,486

									1,492,058

		Chile—2.5%
	150,000	Banco del Estado de Chile, MTN		3.875			02/08/2022		150,523
	400,000	Corp. Nacional del Cobre de Chile		4.500			09/16/2025		407,816
	400,000	Corp. Nacional del Cobre de Chile^(a)		3.625			08/01/2027		381,800

									940,139

		China—8.6%
	200,000	Bank of China Ltd./Hong Kong, EMTN		3.875			06/30/2025		199,534
	200,000	CDBI Treasure I Ltd., EMTN		2.250			08/02/2021		190,880
	200,000	CNAC HK Finbridge Co. Ltd.		4.125			07/19/2027		190,760
	200,000	CNOOC Curtis Funding No 1 Pty Ltd.^(a)		4.500			10/03/2023		205,854
	200,000	CNOOC Finance 2013 Ltd.		3.000			05/09/2023		193,206
	200,000	CNOOC Finance 2015 USA LLC		3.500			05/05/2025		193,832
	200,000	CNOOC Finance 2015 USA LLC		4.375			05/02/2028		203,933
	220,000	CNOOC Nexen Finance 2014 ULC		4.250			04/30/2024		223,414
	200,000	COSL Singapore Capital Ltd., EMTN		4.500			07/30/2025		200,329
	200,000	CRCC Yuxiang Ltd.		3.500			05/16/2023		195,511
	200,000	CSCEC Finance Cayman II Ltd.		3.500			07/05/2027		187,125
	200,000	Huarong Finance II Co. Ltd., EMTN		3.625			11/22/2021		195,902
	200,000	Huarong Finance II Co. Ltd., EMTN		4.625			06/03/2026		194,949
	170,000	Sinochem Overseas Capital Co. Ltd.^(a)		4.500			11/12/2020		172,640
	200,000	Sinopec Group Overseas Development 2013 Ltd.		4.375			10/17/2023		204,791
	30,000	State Grid Overseas Investment 2016 Ltd., MTN^(a)		3.500			05/04/2027		28,769
	200,000	Three Gorges Finance I Cayman Islands Ltd.^(a)		3.150			06/02/2026		188,440

									3,169,869

		Colombia—1.0%
	370,000	Ecopetrol SA		5.375			06/26/2026		382,950

		Hong Kong—1.7%
	200,000	China Cinda Finance 2017 I Ltd., EMTN		4.100			03/09/2024		196,806
	200,000	King Power Capital Ltd.		5.625			11/03/2024		210,994
	200,000	Prosperous Ray Ltd.		4.625			11/12/2023		206,458

									614,258

		India—6.0%
	200,000	Bank of India/London, EMTN		6.250			02/16/2021		208,592
	200,000	Bharat Petroleum Corp. Ltd., EMTN		4.000			05/08/2025		192,596
	400,000	BPRL International Singapore Pte Ltd., EMTN		4.375			01/18/2027		382,758
	200,000	Hindustan Petroleum Corp Ltd.		4.000			07/12/2027		184,113
	400,000	NTPC Ltd., EMTN		4.250			02/26/2026		389,831
	200,000	Oil India International Pte Ltd.		4.000			04/21/2027		184,502
	270,000	Oil India Ltd.		5.375			04/17/2024		280,087
	400,000	ONGC Videsh Vankorneft Pte Ltd.		3.750			07/27/2026		376,134

									2,198,613

		Indonesia—5.9%
	200,000	Pelabuhan Indonesia II PT		4.250			05/05/2025		195,700
	200,000	Pelabuhan Indonesia II PT^(a)		4.250			05/05/2025		195,700
	200,000	Pelabuhan Indonesia III Persero PT^(a)		4.875			10/01/2024		201,000
	200,000	Pelabuhan Indonesia III Persero PT		4.875			10/01/2024		201,000

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


		42

Invesco Emerging Markets Debt Value ETF (IEMV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Indonesia (continued)
$	200,000	Perusahaan Gas Negara Persero Tbk		5.125	%		05/16/2024	$	203,420
	200,000	Perusahaan Gas Negara Persero Tbk^(a)		5.125			05/16/2024		203,420
	200,000	Perusahaan Listrik Negara PT, MTN^(a)		4.125			05/15/2027		189,182
	200,000	Perusahaan Listrik Negara PT, MTN		4.125			05/15/2027		189,183
	200,000	Perusahaan Listrik Negara PT, MTN		5.450			05/21/2028		207,617
	200,000	Saka Energi Indonesia PT^(a)		4.450			05/05/2024		190,065
	200,000	Saka Energi Indonesia PT		4.450			05/05/2024		190,065

									2,166,352

		Malaysia—1.4%
	300,000	Petroliam Nasional BHD		7.625			10/15/2026		377,565
	100,000	Petroliam Nasional BHD^(a)		7.625			10/15/2026		125,855

									503,420

		Mexico—6.0%
	400,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands^(a)		4.375			10/14/2025		395,004
	440,000	Petroleos Mexicanos, MTN		6.875			08/04/2026		456,500
	530,000	Petroleos Mexicanos		6.500			03/13/2027		537,897
	430,000	Petroleos Mexicanos^(a)		5.350			02/12/2028		402,265
	430,000	Petroleos Mexicanos		5.350			02/12/2028		402,265

									2,193,931

		Russia—6.7%
	200,000	Gazprom Neft OAO Via GPN Capital SA		4.375			09/19/2022		194,758
	200,000	Gazprom Neft OAO Via GPN Capital SA^(a)		6.000			11/27/2023		206,598
	200,000	Gazprom Neft OAO Via GPN Capital SA		6.000			11/27/2023		206,598
	400,000	Gazprom OAO Via Gaz Capital SA		4.950			02/06/2028		380,323
	200,000	SCF Capital Designated Activity Co.		5.375			06/16/2023		196,421
	200,000	SCF Capital Designated Activity Co.^(a)		5.375			06/16/2023		196,421
	400,000	Vnesheconombank Via VEB Finance PLC		6.025			07/05/2022		390,560
	230,000	Vnesheconombank Via VEB Finance PLC^(a)		6.025			07/05/2022		224,572
	200,000	Vnesheconombank Via VEB Finance PLC^(a)		5.942			11/21/2023		193,257
	100,000	Vnesheconombank Via VEB Finance PLC^(a)		6.800			11/22/2025		99,279
	200,000	VTB Bank OJSC Via VTB Capital SA^(a)		6.950			10/17/2022		195,544

									2,484,331

		South Africa—1.6%
	600,000	Eskom Holdings SOC Ltd.		5.750			01/26/2021		575,286

		Supranational—5.4%
	590,000	Asian Development Bank, GMTN		2.000			02/16/2022		573,217
	590,000	Asian Development Bank, GMTN		1.750			09/13/2022		565,105
	660,000	Asian Development Bank, GMTN		2.750			03/17/2023		656,321
	200,000	Black Sea Trade & Development Bank, MTN^(a)		4.875			05/06/2021		203,659

									1,998,302

		Switzerland—0.9%
	130,000	Syngenta Finance NV		3.125			03/28/2022		126,421
	200,000	Syngenta Finance NV^(a)		4.892			04/24/2025		199,689

									326,110

		Turkey—4.1%
	200,000	Turkiye Halk Bankasi AS^(a)		4.750			02/11/2021		132,064
	200,000	Turkiye Halk Bankasi AS		4.750			02/11/2021		132,064
	200,000	Turkiye Halk Bankasi AS^(a)		5.000			07/13/2021		131,911
	200,000	Turkiye Halk Bankasi AS		5.000			07/13/2021		131,911
	200,000	Turkiye Vakiflar Bankasi TAO, MTN		5.500			10/27/2021		155,178
	400,000	Turkiye Vakiflar Bankasi TAO^(a)		6.000			11/01/2022		257,776
	400,000	Turkiye Vakiflar Bankasi TAO, MTN^(a)		5.750			01/30/2023		289,498

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


		43

Invesco Emerging Markets Debt Value ETF (IEMV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Turkey (continued)
$	400,000	Turkiye Vakiflar Bankasi TAO, MTN		5.750	%		01/30/2023	$	289,498

									1,519,900

		United Arab Emirates—8.0%
	200,000	Abu Dhabi National Energy Co. PJSC, MTN^(a)		4.375			06/22/2026		198,500
	400,000	Abu Dhabi National Energy Co. PJSC, MTN		4.375			06/22/2026		397,000
	200,000	ADCB Finance Cayman Ltd., EMTN		4.500			03/06/2023		203,073
	370,000	Dubai Electricity & Water Authority		7.375			10/21/2020		400,344
	370,000	Dubai Electricity & Water Authority^(a)		7.375			10/21/2020		400,344
	280,000	Emirates NBD PJSC		3.250			11/14/2022		271,279
	230,000	Emirates Telecommunications Group Co. PJSC, GMTN		3.500			06/18/2024		227,289
	280,000	MDC-GMTN BV, MTN		3.250			04/28/2022		276,844
	200,000	MDC-GMTN BV, MTN^(a)		3.250			04/28/2022		197,746
	400,000	MDC-GMTN BV, GMTN		3.000			04/19/2024		383,639

									2,956,058

		Total Corporate Bonds (Cost $24,248,403)							23,709,851


		Sovereign Debt Obligations—34.1%
		Brazil—4.5%
	700,000	Brazilian Government International Bond		4.250			01/07/2025		655,375
	400,000	Brazilian Government International Bond		6.000			04/07/2026		402,000
	660,000	Brazilian Government International Bond		4.625			01/13/2028		586,252

									1,643,627

		Chile—2.6%
	400,000	Chile Government International Bond		3.125			01/21/2026		386,890
	600,000	Chile Government International Bond		3.240			02/06/2028		577,500

									964,390

		Colombia—2.9%
	370,000	Colombia Government International Bond		8.125			05/21/2024		447,237
	630,000	Colombia Government International Bond		3.875			04/25/2027		614,093

									1,061,330

		Hungary—1.5%
	520,000	Hungary Government International Bond		5.750			11/22/2023		565,965

		India—0.5%
	200,000	Indian Railway Finance Corp. Ltd.		3.835			12/13/2027		187,231

		Indonesia—4.7%
	430,000	Indonesia Government International Bond		4.875			05/05/2021		445,132
	230,000	Indonesia Government International Bond^(a)		4.875			05/05/2021		238,094
	400,000	Indonesia Government International Bond, MTN		3.750			04/25/2022		399,257
	400,000	Indonesia Government International Bond, MTN^(a)		5.875			01/15/2024		432,144
	200,000	Indonesia Government International Bond, MTN^(a)		4.750			01/08/2026		205,314

									1,719,941

		Mexico—3.6%
	240,000	Mexico Government International Bond, MTN		4.125			01/21/2026		238,440
	660,000	Mexico Government International Bond		4.150			03/28/2027		652,328
	440,000	Mexico Government International Bond		3.750			01/11/2028		419,210

									1,309,978

		Poland—2.9%
	490,000	Republic of Poland Government International Bond		4.000			01/22/2024		500,952
	590,000	Republic of Poland Government International Bond		3.250			04/06/2026		575,162

									1,076,114

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


		44

Invesco Emerging Markets Debt Value ETF (IEMV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value

		Sovereign Debt Obligations (continued)
		Russia—3.2%
$	400,000	Russian Foreign Bond—Eurobond^(a)		4.750	%		05/27/2026	$	397,959
	490,000	Russian Foreign Bond—Eurobond^(a)		12.750			06/24/2028		790,443

									1,188,402

		South Africa—1.0%
	400,000	Republic of South Africa Government International Bond		4.850			09/27/2027		374,021

		Turkey—4.3%
	560,000	Turkey Government International Bond		7.375			02/05/2025		512,960
	660,000	Turkey Government International Bond		4.875			10/09/2026		516,871
	670,000	Turkey Government International Bond		6.000			03/25/2027		554,725

									1,584,556

		United Arab Emirates—1.8%
	700,000	Abu Dhabi Government International Bond^(a)		3.125			10/11/2027		662,420

		Vietnam—0.6%
	200,000	Vietnam Government International Bond^(a)		4.800			11/19/2024		204,543

		Total Sovereign Debt Obligations (Cost $12,816,107)							12,542,518

Number of Shares
		Money Market Fund—0.3%
	92,604	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $92,604)							92,604

		Total Investments in Securities (Cost $37,157,114)—98.8%							36,344,973
		Other assets less liabilities—1.2%							432,023

		Net Assets—100.0%						$	36,776,996

Investment Abbreviations:

EMTN—Euro Medium-Term Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $10,049,255, which represented 27.32% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		45

Schedule of Investments

Invesco Investment Grade Defensive ETF (IIGD)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.7%
		Aerospace/Defense—3.1%
$	100,000	Raytheon Co.		2.500	%		12/15/2022	$	97,662
	100,000	United Technologies Corp.		3.100			06/01/2022		98,838

									196,500

		Agriculture—1.6%
	100,000	Altria Group, Inc.		2.850			08/09/2022		98,232

		Auto Manufacturers—1.6%
	100,000	Harley-Davidson Financial Services, Inc., MTN^(a)		2.850			01/15/2021		98,522

		Banks—14.2%
	100,000	Bank of New York Mellon Corp. (The)		3.550			09/23/2021		101,046
	100,000	BB&T Corp., MTN		2.050			05/10/2021		97,099
	100,000	Huntington Bancshares, Inc.		3.150			03/14/2021		99,623
	100,000	Morgan Stanley, GMTN		2.750			05/19/2022		97,588
	100,000	PNC Financial Services Group, Inc. (The)		3.300			03/08/2022		100,021
	100,000	Regions Financial Corp.		3.200			02/08/2021		99,687
	100,000	SunTrust Banks, Inc.		2.900			03/03/2021		99,170
	100,000	U.S. Bancorp, MTN		2.950			07/15/2022		98,412
	100,000	Wells Fargo & Co.		3.069			01/24/2023		97,929

									890,575

		Beverages—1.5%
	100,000	Coca-Cola Co. (The)		2.875			10/27/2025		96,769

		Commercial Services—3.2%
	100,000	Automatic Data Processing, Inc.		3.375			09/15/2025		99,923
	100,000	Ecolab, Inc.		4.350			12/08/2021		103,537

									203,460

		Computers—3.1%
	100,000	Apple, Inc.		2.400			05/03/2023		96,847
	100,000	IBM Credit LLC		2.650			02/05/2021		99,163

									196,010

		Cosmetics/Personal Care—1.5%
	100,000	Procter & Gamble Co. (The)		2.150			08/11/2022		96,977

		Diversified Financial Services—6.3%
	100,000	American Express Co.		2.500			08/01/2022		96,408
	100,000	BlackRock, Inc.		3.500			03/18/2024		101,239
	100,000	Charles Schwab Corp. (The)		2.650			01/25/2023		97,429
	100,000	CME Group, Inc.		3.000			09/15/2022		99,188

									394,264

		Electric—4.7%
	100,000	Eversource Energy, Series K		2.750			03/15/2022		98,070
	100,000	Florida Power & Light Co.		3.125			12/01/2025		98,332
	100,000	Southern California Edison Co., Series C		3.500			10/01/2023		100,362

									296,764

		Electronics—1.5%
	100,000	Honeywell International, Inc.		1.850			11/01/2021		96,267

		Food—3.5%
	120,000	Kroger Co. (The)		3.300			01/15/2021		120,181
	100,000	Wm Wrigley Jr Co.^(a)		3.375			10/21/2020		100,402

									220,583

		Gas—1.6%
	100,000	Dominion Energy Gas Holdings LLC		2.800			11/15/2020		98,936

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


		46

Invesco Investment Grade Defensive ETF (IIGD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Healthcare-Services—1.7%
$	100,000	Coventry Health Care, Inc.		5.450	%		06/15/2021	$	105,008

		Household Products/Wares—1.6%
	100,000	Clorox Co. (The)		3.050			09/15/2022		99,274

		Insurance—8.6%
	100,000	Athene Global Funding, MTN^(a)		4.000			01/25/2022		100,869
	100,000	Berkshire Hathaway, Inc.		3.125			03/15/2026		97,408
	100,000	Jackson National Life Global Funding^(a)		3.050			04/29/2026		95,074
	150,000	Metropolitan Life Global Funding I, MTN^(a)		2.500			12/03/2020		147,926
	100,000	New York Life Global Funding^(a)		1.950			09/28/2020		97,907

									539,184

		Internet—1.5%
	100,000	Alphabet, Inc.		1.998			08/15/2026		91,102

		Iron/Steel—1.6%
	100,000	Nucor Corp.		4.125			09/15/2022		102,655

		Leisure Time—1.6%
	100,000	Carnival Corp.		3.950			10/15/2020		101,583

		Machinery-Construction & Mining—1.5%
	100,000	Caterpillar Financial Services Corp.		1.700			08/09/2021		96,444

		Machinery-Diversified—1.6%
	100,000	Deere & Co.		2.600			06/08/2022		98,252

		Media—1.6%
	100,000	NBCUniversal Media LLC		4.375			04/01/2021		103,068

		Metal Fabricate/Hardware—1.5%
	100,000	Precision Castparts Corp.		2.500			01/15/2023		96,838

		Miscellaneous Manufacturing—3.2%
	100,000	General Electric Co., GMTN		4.650			10/17/2021		104,165
	100,000	General Electric Co.		2.700			10/09/2022		97,578

									201,743

		Oil & Gas—3.2%
	100,000	Chevron Corp.		3.191			06/24/2023		100,092
	100,000	Exxon Mobil Corp.		2.222			03/01/2021		98,487

									198,579

		Oil & Gas Services—3.2%
	100,000	Schlumberger Investment SA^(a)		3.300			09/14/2021		100,080
	100,000	Schlumberger Investment SA		3.650			12/01/2023		101,481

									201,561

		Pharmaceuticals—3.0%
	100,000	Johnson & Johnson		2.450			03/01/2026		94,715
	100,000	Merck & Co., Inc.		2.750			02/10/2025		96,936

									191,651

		REITs—1.7%
	100,000	ERP Operating LP		4.625			12/15/2021		103,740

		Retail—3.1%
	100,000	Costco Wholesale Corp.		2.150			05/18/2021		98,189
	100,000	Home Depot, Inc. (The)		2.000			04/01/2021		97,605

									195,794

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


		47

Invesco Investment Grade Defensive ETF (IIGD) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors—1.6%
$	100,000	Lam Research Corp.		2.800	%		06/15/2021	$	98,667

		Software—3.2%
	100,000	Electronic Arts, Inc.		3.700			03/01/2021		101,330
	100,000	Oracle Corp.		1.900			09/15/2021		96,841

									198,171

		Telecommunications—1.6%
	100,000	Cisco Systems, Inc.		2.200			02/28/2021		98,394

		Transportation—3.2%
	100,000	Burlington Northern Santa Fe LLC		3.850			09/01/2023		102,817
	100,000	United Parcel Service, Inc.		3.125			01/15/2021		100,602

									203,419

		Trucking & Leasing—1.5%
	100,000	Aviation Capital Group LLC^(a)		2.875			01/20/2022		97,243

		Total Corporate Bonds (Cost $6,176,323)							6,206,229

Number of Shares
		Money Market Fund—2.4%
	152,250	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $152,250)							152,250

		Total Investments in Securities (Cost $6,328,573)—101.1%							6,358,479
		Other assets less liabilities—(1.1)%							(67,589	)

		Net Assets—100.0%						$	6,290,890

Investment Abbreviations:

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $838,023, which represented 13.32% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		48

Schedule of Investments

Invesco Investment Grade Value ETF (IIGV)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.6%
		Aerospace/Defense—1.5%
$	100,000	Rockwell Collins, Inc.		3.500	%		03/15/2027	$	96,033

		Auto Manufacturers—6.4%
	100,000	Ford Motor Co.		4.346			12/08/2026		94,153
	200,000	Ford Motor Credit Co. LLC		5.875			08/02/2021		209,004
	100,000	General Motors Co.		4.875			10/02/2023		102,500

									405,657

		Banks—6.4%
	100,000	Capital One Financial Corp.		4.200			10/29/2025		98,613
	100,000	Citizens Financial Group, Inc.		4.300			12/03/2025		99,824
	100,000	Goldman Sachs Group, Inc. (The)		5.750			01/24/2022		106,997
	100,000	PNC Financial Services Group, Inc. (The)		3.900			04/29/2024		100,435

									405,869

		Biotechnology—3.2%
	100,000	Biogen, Inc.		4.050			09/15/2025		101,309
	100,000	Celgene Corp.		3.875			08/15/2025		98,766

									200,075

		Chemicals—4.7%
	100,000	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP^(a)		3.400			12/01/2026		98,317
	100,000	PPG Industries, Inc.		3.750			03/15/2028		100,155
	100,000	Sherwin-Williams Co. (The)		3.450			06/01/2027		95,506

									293,978

		Commercial Services—4.7%
	100,000	ERAC USA Finance LLC^(a)		2.700			11/01/2023		95,372
	100,000	ERAC USA Finance LLC^(a)		3.800			11/01/2025		98,944
	100,000	Verisk Analytics, Inc.		4.000			06/15/2025		99,404

									293,720

		Diversified Financial Services—4.6%
	100,000	Air Lease Corp.		3.000			09/15/2023		95,506
	100,000	American Express Credit Corp., MTN		3.300			05/03/2027		97,776
	100,000	TD Ameritrade Holding Corp.		3.300			04/01/2027		96,789

									290,071

		Electric—6.1%
	100,000	Duke Energy Carolinas LLC		2.950			12/01/2026		96,016
	100,000	Duke Energy Florida LLC		3.200			01/15/2027		97,218
	100,000	NSTAR Electric Co.		3.200			05/15/2027		97,057
	100,000	Pacific Gas & Electric Co.		3.300			12/01/2027		92,035

									382,326

		Food—1.6%
	100,000	General Mills, Inc.		4.200			04/17/2028		100,015

		Forest Products & Paper—1.5%
	100,000	International Paper Co.		3.000			02/15/2027		92,786

		Healthcare-Products—3.2%
	100,000	Boston Scientific Corp.		4.000			03/01/2028		99,794
	100,000	Edwards Lifesciences Corp.		4.300			06/15/2028		101,630

									201,424

		Healthcare-Services—4.5%
	100,000	Aetna, Inc.		2.800			06/15/2023		96,541
	100,000	Anthem, Inc.		3.650			12/01/2027		95,505
	100,000	Cigna Corp.		3.250			04/15/2025		95,198

									287,244

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


		49

Invesco Investment Grade Value ETF (IIGV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Insurance—7.6%
$	100,000	Aflac, Inc.		3.625	%		11/15/2024	$	100,243
	100,000	Brighthouse Financial, Inc.		3.700			06/22/2027		89,515
	100,000	Five Corners Funding Trust^(a)		4.419			11/15/2023		103,336
	100,000	Jackson National Life Global Funding^(a)		3.050			04/29/2026		95,074
	100,000	Principal Life Global Funding II^(a)		3.000			04/18/2026		94,192

									482,360

		Internet—1.4%
	100,000	Alphabet, Inc.		1.998			08/15/2026		91,102

		Investment Companies—1.5%
	100,000	Ares Capital Corp.		3.500			02/10/2023		96,310

		Media—3.1%
	100,000	CBS Corp.		4.000			01/15/2026		98,014
	100,000	Comcast Corp.		3.150			03/01/2026		95,419

									193,433

		Miscellaneous Manufacturing—6.1%
	100,000	3M Co.		2.875			10/15/2027		95,619
	100,000	General Electric Co.		2.700			10/09/2022		97,578
	100,000	Illinois Tool Works, Inc.		2.650			11/15/2026		93,677
	100,000	Parker-Hannifin Corp.		3.250			03/01/2027		97,403

									384,277

		Oil & Gas—1.5%
	100,000	Valero Energy Corp.		3.400			09/15/2026		95,517

		Oil & Gas Services—4.7%
	100,000	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.		3.337			12/15/2027		94,776
	100,000	Halliburton Co.		3.800			11/15/2025		100,027
	100,000	Schlumberger Holdings Corp.^(a)		4.000			12/21/2025		100,760

									295,563

		Pharmaceuticals—4.5%
	100,000	AmerisourceBergen Corp.		3.450			12/15/2027		94,081
	100,000	Cardinal Health, Inc.		3.410			06/15/2027		92,347
	100,000	CVS Health Corp.		4.300			03/25/2028		99,420

									285,848

		Pipelines—3.3%
	100,000	Enbridge Energy Partners LP		4.200			09/15/2021		101,129
	100,000	Magellan Midstream Partners LP		5.000			03/01/2026		106,521

									207,650

		Real Estate—1.6%
	100,000	CBRE Services, Inc.		4.875			03/01/2026		104,085

		REITs—3.1%
	100,000	LifeStorage LP		3.500			07/01/2026		94,109
	100,000	Welltower, Inc.		4.000			06/01/2025		99,374

									193,483

		Retail—4.6%
	100,000	AutoZone, Inc.		3.750			06/01/2027		97,259
	100,000	Lowe’s Cos., Inc.		3.100			05/03/2027		96,166
	100,000	O’Reilly Automotive, Inc.		3.600			09/01/2027		95,780

									289,205

		Semiconductors—4.6%
	100,000	Analog Devices, Inc.		3.500			12/05/2026		96,709
	100,000	Applied Materials, Inc.		3.300			04/01/2027		97,899

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


		50

Invesco Investment Grade Value ETF (IIGV) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors (continued)
$	100,000	Xilinx, Inc.		2.950	%		06/01/2024	$	96,128

									290,736

		Software—1.6%
	100,000	Microsoft Corp.		3.300			02/06/2027		99,244

		Total Corporate Bonds (Cost $6,116,421)							6,158,011

Number of Shares
		Money Market Fund—1.6%
	99,521	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $99,521)							99,521

		Total Investments in Securities (Cost $6,215,942)—99.2%							6,257,532
		Other assets less liabilities—0.8%							49,659

		Net Assets—100.0%						$	6,307,191

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $685,995, which represented 10.88% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		51

Schedule of Investments

Invesco Multi-Factor Core Fixed Income ETF (IMFC)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		U.S. Government Sponsored Agency Mortgage-Backed Securities—39.9%
		Collateralized Mortgage Obligations—39.9%
$	96,139	Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		08/01/2044	$	102,449
	203,292	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			05/01/2046		197,118
	217,931	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			11/01/2046		211,241
	223,241	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			01/01/2047		216,262
	307,177	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			04/01/2047		305,927
	279,863	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			09/01/2047		278,659
	283,491	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			10/01/2047		282,260
	275,672	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			10/01/2047		281,155
	237,801	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			11/01/2047		236,759
	240,041	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			12/01/2047		232,519
	196,358	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			03/01/2048		190,455
	194,367	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			03/01/2048		194,118
	242,439	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			03/01/2048		241,640
	245,169	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			05/01/2048		249,986
	344,179	Federal Home Loan Mortgage Corp. (FHLMC)		4.500			06/01/2048		357,946
	195,950	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			06/01/2048		200,699
	247,880	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			07/01/2048		252,750
	100,000	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			09/01/2048		101,965
	287,666	Federal National Mortgage Association (FNMA)		3.000			10/01/2046		278,907
	291,242	Federal National Mortgage Association (FNMA)		3.500			10/01/2046		290,469
	286,738	Federal National Mortgage Association (FNMA)		3.500			11/01/2046		285,887
	179,105	Federal National Mortgage Association (FNMA)		3.000			01/01/2047		173,532
	226,233	Federal National Mortgage Association (FNMA)		3.000			02/01/2047		219,193
	288,181	Federal National Mortgage Association (FNMA)		3.000			04/01/2047		279,259
	261,441	Federal National Mortgage Association (FNMA)		4.000			07/01/2047		266,449
	268,741	Federal National Mortgage Association (FNMA)		4.000			08/01/2047		273,882
	182,013	Federal National Mortgage Association (FNMA)		3.500			09/01/2047		181,599
	186,665	Federal National Mortgage Association (FNMA)		3.500			11/01/2047		186,489
	283,831	Federal National Mortgage Association (FNMA)		3.500			11/01/2047		282,485
	287,171	Federal National Mortgage Association (FNMA)		3.500			11/01/2047		285,807
	284,635	Federal National Mortgage Association (FNMA)		4.000			11/01/2047		290,239
	190,567	Federal National Mortgage Association (FNMA)		3.500			12/01/2047		189,662
	285,112	Federal National Mortgage Association (FNMA)		4.000			01/01/2048		290,557
	192,064	Federal National Mortgage Association (FNMA)		3.500			01/01/2048		191,153
	286,163	Federal National Mortgage Association (FNMA)		4.500			02/01/2048		297,401
	196,207	Federal National Mortgage Association (FNMA)		3.500			02/01/2048		195,990
	196,183	Federal National Mortgage Association (FNMA)		3.500			02/01/2048		195,979
	194,278	Federal National Mortgage Association (FNMA)		3.500			03/01/2048		193,356
	195,692	Federal National Mortgage Association (FNMA)		3.500			04/01/2048		194,765
	246,107	Federal National Mortgage Association (FNMA)		4.000			06/01/2048		250,807
	297,003	Federal National Mortgage Association (FNMA)		4.000			07/01/2048		302,675
	295,919	Federal National Mortgage Association (FNMA)		4.500			07/01/2048		307,502

		Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $10,003,911)							10,037,952

		U.S. Treasury Securities—29.9%
		U.S. Treasury Bonds—10.4%
	100,000	U.S. Treasury Bond		8.750			08/15/2020		111,553
	100,000	U.S. Treasury Bond		5.375			02/15/2031		125,994
	125,000	U.S. Treasury Bond		5.000			05/15/2037		162,578
	200,000	U.S. Treasury Bond		4.250			11/15/2040		241,250
	200,000	U.S. Treasury Bond		4.750			02/15/2041		257,863
	200,000	U.S. Treasury Bond		4.375			05/15/2041		245,816
	200,000	U.S. Treasury Bond		3.750			08/15/2041		225,289
	150,000	U.S. Treasury Bond		3.125			11/15/2041		153,401
	100,000	U.S. Treasury Bond		2.500			02/15/2045		90,734
	150,000	U.S. Treasury Bond		3.000			05/15/2045		149,856

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


		52

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		U.S. Treasury Securities (continued)
		U.S. Treasury Bonds (continued)
$	200,000	U.S. Treasury Bond		2.875	%		08/15/2045	$	195,070
	200,000	U.S. Treasury Bond		3.000			11/15/2045		199,785
	150,000	U.S. Treasury Bond		2.500			02/15/2046		135,709
	150,000	U.S. Treasury Bond		2.500			05/15/2046		135,639
	50,000	U.S. Treasury Bond		2.875			11/15/2046		48,739
	125,000	U.S. Treasury Bond		3.000			05/15/2047		124,800

									2,604,076

		U.S. Treasury Notes—19.5%
	100,000	U.S. Treasury Note		1.250			08/31/2019		98,803
	200,000	U.S. Treasury Note		1.750			09/30/2019		198,434
	200,000	U.S. Treasury Note		1.250			10/31/2019		197,164
	200,000	U.S. Treasury Note		1.500			10/31/2019		197,672
	150,000	U.S. Treasury Note		1.000			11/15/2019		147,322
	150,000	U.S. Treasury Note		3.375			11/15/2019		151,477
	100,000	U.S. Treasury Note		1.500			11/30/2019		98,754
	100,000	U.S. Treasury Note		1.625			12/31/2019		98,799
	100,000	U.S. Treasury Note		3.625			02/15/2020		101,475
	100,000	U.S. Treasury Note		1.375			03/31/2020		98,139
	100,000	U.S. Treasury Note		2.250			03/31/2020		99,481
	100,000	U.S. Treasury Note		1.375			04/30/2020		98,027
	100,000	U.S. Treasury Note		2.375			04/30/2020		99,633
	100,000	U.S. Treasury Note		1.500			05/15/2020		98,172
	100,000	U.S. Treasury Note		3.500			05/15/2020		101,463
	100,000	U.S. Treasury Note		1.375			05/31/2020		97,908
	100,000	U.S. Treasury Note		1.500			05/31/2020		98,117
	100,000	U.S. Treasury Note		2.500			05/31/2020		99,805
	100,000	U.S. Treasury Note		1.500			06/15/2020		98,078
	100,000	U.S. Treasury Note		1.625			06/30/2020		98,236
	100,000	U.S. Treasury Note		1.625			07/31/2020		98,150
	100,000	U.S. Treasury Note		1.500			08/15/2020		97,875
	200,000	U.S. Treasury Note		2.625			08/15/2020		200,000
	100,000	U.S. Treasury Note		1.375			08/31/2020		97,580
	100,000	U.S. Treasury Note		1.375			09/30/2020		97,471
	200,000	U.S. Treasury Note		1.375			10/31/2020		194,703
	200,000	U.S. Treasury Note		2.625			11/15/2020		199,848
	100,000	U.S. Treasury Note		1.625			11/30/2020		97,779
	100,000	U.S. Treasury Note		1.750			12/31/2020		97,971
	100,000	U.S. Treasury Note		1.375			01/31/2021		97,010
	200,000	U.S. Treasury Note		3.625			02/15/2021		204,484
	150,000	U.S. Treasury Note		1.125			02/28/2021		144,457
	100,000	U.S. Treasury Note		1.250			03/31/2021		96,494
	100,000	U.S. Treasury Note		1.375			04/30/2021		96,686
	100,000	U.S. Treasury Note		2.250			04/30/2021		98,914
	100,000	U.S. Treasury Note		2.625			05/15/2021		99,848
	175,000	U.S. Treasury Note		3.125			05/15/2021		177,013
	100,000	U.S. Treasury Note		1.375			05/31/2021		96,564
	250,000	U.S. Treasury Note		1.125			06/30/2021		239,473

									4,909,279

		Total U.S. Treasury Securities (Cost $7,471,316)							7,513,355

		Corporate Bonds and Notes—29.7%
		Aerospace/Defense—0.5%
	125,000	United Technologies Corp.		3.100	%		06/01/2022		123,548

		Agriculture—0.4%
	100,000	Altria Group, Inc.		2.850			08/09/2022		98,232

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


		53

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Auto Manufacturers—0.4%
$	100,000	Harley-Davidson Financial Services, Inc., MTN^(a)		2.850	%		01/15/2021	$	98,522

		Banks—4.0%
	100,000	Bank of America Corp., GMTN		3.300			01/11/2023		99,332
	100,000	Goldman Sachs Group, Inc. (The)		5.750			01/24/2022		106,997
	100,000	Huntington Bancshares, Inc.		3.150			03/14/2021		99,624
	100,000	JPMorgan Chase & Co.		4.500			01/24/2022		103,731
	100,000	KeyCorp, MTN		5.100			03/24/2021		104,571
	100,000	Morgan Stanley, MTN		2.625			11/17/2021		97,664
	100,000	PNC Financial Services Group, Inc. (The)		3.300			03/08/2022		100,021
	100,000	Regions Financial Corp.		3.200			02/08/2021		99,687
	100,000	U.S. Bancorp, MTN		2.950			07/15/2022		98,412
	100,000	Wells Fargo & Co.		3.069			01/24/2023		97,929

									1,007,968

		Beverages—0.4%
	100,000	Coca-Cola Co. (The)		2.875			10/27/2025		96,769

		Commercial Services—0.8%
	100,000	Automatic Data Processing, Inc.		3.375			09/15/2025		99,923
	100,000	Ecolab, Inc.		4.350			12/08/2021		103,537

									203,460

		Computers—1.2%
	100,000	Apple, Inc.		2.400			05/03/2023		96,848
	100,000	IBM Credit LLC		2.650			02/05/2021		99,163
	100,000	International Business Machines Corp.		3.625			02/12/2024		101,242

									297,253

		Cosmetics/Personal Care—0.4%
	100,000	Procter & Gamble Co. (The)		2.150			08/11/2022		96,977

		Diversified Financial Services—1.9%
	100,000	BlackRock, Inc.		3.500			03/18/2024		101,239
	100,000	Charles Schwab Corp. (The)		2.650			01/25/2023		97,429
	100,000	CME Group, Inc.		3.000			09/15/2022		99,188
	200,000	GE Capital International Funding Co. Unlimited Co.		2.342			11/15/2020		195,981

									493,837

		Electric—1.5%
	100,000	Duke Energy Florida LLC		3.200			01/15/2027		97,218
	100,000	Eversource Energy, Series K		2.750			03/15/2022		98,069
	100,000	Florida Power & Light Co.		3.125			12/01/2025		98,332
	100,000	WEC Energy Group, Inc.		3.375			06/15/2021		100,461

									394,080

		Electronics—0.6%
	150,000	Honeywell International, Inc.		1.850			11/01/2021		144,400

		Food—0.8%
	100,000	Kroger Co. (The)		3.300			01/15/2021		100,151
	100,000	Wm Wrigley Jr Co.^(a)		3.375			10/21/2020		100,402

									200,553

		Forest Products & Paper—0.4%
	100,000	International Paper Co.		3.000			02/15/2027		92,786

		Gas—0.4%
	100,000	Dominion Energy Gas Holdings LLC		2.800			11/15/2020		98,936

		Hand/Machine Tools—0.4%
	100,000	Stanley Black & Decker, Inc.		2.900			11/01/2022		98,210

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


		54

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Healthcare-Products—0.8%
$	100,000	Boston Scientific Corp.		4.000	%		03/01/2028	$	99,794
	100,000	Covidien International Finance SA		2.950			06/15/2023		98,229

									198,023

		Healthcare-Services—0.4%
	100,000	Coventry Health Care, Inc.		5.450			06/15/2021		105,008

		Insurance—2.9%
	100,000	Athene Global Funding, MTN^(a)		4.000			01/25/2022		100,869
	150,000	Berkshire Hathaway, Inc.		3.125			03/15/2026		146,112
	100,000	Five Corners Funding Trust^(a)		4.419			11/15/2023		103,336
	100,000	Jackson National Life Global Funding^(a)		3.050			04/29/2026		95,074
	175,000	Metropolitan Life Global Funding I, MTN^(a)		2.500			12/03/2020		172,580
	100,000	Nationwide Financial Services, Inc.^(a)		5.375			03/25/2021		104,070

									722,041

		Internet—0.3%
	100,000	Alphabet, Inc.		1.998			08/15/2026		91,102

		Iron/Steel—0.4%
	100,000	Nucor Corp.		4.125			09/15/2022		102,655

		Leisure Time—0.4%
	100,000	Carnival Corp.		3.950			10/15/2020		101,583

		Machinery-Construction & Mining—0.4%
	100,000	Caterpillar Financial Services Corp.		1.700			08/09/2021		96,444

		Machinery-Diversified—0.4%
	100,000	John Deere Capital Corp., GMTN		2.800			03/06/2023		98,269

		Media—0.8%
	100,000	21st Century Fox America, Inc.		4.500			02/15/2021		102,997
	100,000	Walt Disney Co. (The), GMTN		2.350			12/01/2022		96,514

									199,511

		Metal Fabricate/Hardware—0.4%
	100,000	Precision Castparts Corp.		2.500			01/15/2023		96,838

		Miscellaneous Manufacturing—0.4%
	100,000	Illinois Tool Works, Inc.		2.650			11/15/2026		93,677

		Oil & Gas—1.2%
	100,000	Chevron Corp.		3.191			06/24/2023		100,092
	100,000	Exxon Mobil Corp.		2.222			03/01/2021		98,487
	100,000	Occidental Petroleum Corp., Series 1		4.100			02/01/2021		102,277

									300,856

		Oil & Gas Services—0.8%
	100,000	Schlumberger Investment SA^(a)		3.300			09/14/2021		100,080
	100,000	Schlumberger Investment SA		3.650			12/01/2023		101,481

									201,561

		Pharmaceuticals—0.9%
	100,000	Johnson & Johnson		2.450			03/01/2026		94,715
	150,000	Merck & Co., Inc.		2.750			02/10/2025		145,404

									240,119

		Pipelines—0.5%
	100,000	Transcontinental Gas Pipe Line Co. LLC		7.850			02/01/2026		123,199

		REITs—0.4%
	100,000	ERP Operating LP		4.625			12/15/2021		103,740

		Retail—1.4%
	100,000	Costco Wholesale Corp.		2.150			05/18/2021		98,189
	175,000	Home Depot, Inc. (The)		2.000			04/01/2021		170,809

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


		55

Invesco Multi-Factor Core Fixed Income ETF (IMFC) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Retail (continued)
$	100,000	TJX Cos., Inc. (The)		2.250	%		09/15/2026	$	91,413

									360,411

		Semiconductors—0.8%
	100,000	Lam Research Corp.		2.800			06/15/2021		98,667
	100,000	QUALCOMM, Inc.		3.000			05/20/2022		98,853

									197,520

		Software—0.8%
	100,000	Microsoft Corp.		3.300			02/06/2027		99,243
	100,000	Oracle Corp.		1.900			09/15/2021		96,841

									196,084

		Transportation—0.8%
	100,000	Union Pacific Corp.		4.163			07/15/2022		103,358
	100,000	United Parcel Service, Inc.		3.125			01/15/2021		100,602

									203,960

		Trucking & Leasing—0.4%
	100,000	Aviation Capital Group LLC^(a)		2.875			01/20/2022		97,243

		Total Corporate Bonds and Notes (Cost $7,437,318)							7,475,375

Number of Shares
		Money Market Fund—1.0%
	255,537	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $255,537)							255,537

		Total Investments in Securities (Cost $25,168,082)—100.5%							25,282,219
		Other assets less liabilities—(0.5)%							(128,116	)

		Net Assets—100.0%						$	25,154,103

Investment Abbreviations:

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $972,176, which represented 3.86% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		56

Schedule of Investments

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes—65.5%
		Advertising—0.2%
$	100,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.600	%		04/15/2026	$	96,701

		Aerospace/Defense—1.0%
	100,000	Arconic, Inc.		5.400			04/15/2021		103,041
	100,000	General Dynamics Corp.		3.000			05/11/2021		99,856
	100,000	Raytheon Co.		2.500			12/15/2022		97,662
	100,000	Rockwell Collins, Inc.		3.500			03/15/2027		96,033
	100,000	United Technologies Corp.		3.100			06/01/2022		98,838

									495,430

		Agriculture—0.5%
	150,000	Altria Group, Inc.		2.850			08/09/2022		147,348
	100,000	Cargill, Inc.^(a)		4.307			05/14/2021		102,702

									250,050

		Airlines—0.4%
	100,000	Delta Air Lines, Inc.		3.625			03/15/2022		99,219
	100,000	United Continental Holdings, Inc.		4.250			10/01/2022		98,375

									197,594

		Apparel—0.2%
	100,000	William Carter Co. (The)		5.250			08/15/2021		101,562

		Auto Manufacturers—0.4%
	100,000	General Motors Co.		4.875			10/02/2023		102,500
100,000		Harley-Davidson Financial Services, Inc., MTN^(a)	2.850			01/15/2021		98,522

									201,022

		Auto Parts & Equipment—0.3%
	150,000	ZF North America Capital, Inc. (Germany)^(a)		4.750			04/29/2025		151,551

		Banks—5.7%
	150,000	Banco del Estado de Chile, MTN (Chile)^(a)		3.875			02/08/2022		150,523
	200,000	Banco do Brasil SA/Cayman (Brazil)^(a)		5.875			01/26/2022		197,500
	100,000	Bank of America Corp., GMTN		3.300			01/11/2023		99,332
	100,000	Bank of New York Mellon Corp. (The)		3.550			09/23/2021		101,046
	100,000	BB&T Corp., MTN		2.050			05/10/2021		97,099
	100,000	Capital One Financial Corp.		4.200			10/29/2025		98,613
	100,000	CIT Group, Inc.		5.000			08/15/2022		102,250
	100,000	First Horizon National Corp.		3.500			12/15/2020		100,302
	150,000	Goldman Sachs Group, Inc. (The)		5.750			01/24/2022		160,496
	100,000	Huntington Bancshares, Inc.		3.150			03/14/2021		99,624
	100,000	JPMorgan Chase & Co.		4.500			01/24/2022		103,731
	100,000	KeyCorp, MTN		5.100			03/24/2021		104,571
	200,000	MFB Magyar Fejlesztesi Bank Zrt (Hungary)^(a)		6.250			10/21/2020		210,435
	150,000	Morgan Stanley, GMTN		2.750			05/19/2022		146,381
	100,000	Morgan Stanley, MTN		2.625			11/17/2021		97,664
	100,000	PNC Financial Services Group, Inc. (The)		3.300			03/08/2022		100,021
	100,000	Regions Financial Corp.		3.200			02/08/2021		99,687
	100,000	SunTrust Banks, Inc.		2.900			03/03/2021		99,170
	200,000	Turkiye Halk Bankasi AS (Turkey)^(a)		5.000			07/13/2021		131,911
	200,000	Turkiye Vakiflar Bankasi TAO (Turkey)^(a)		6.000			11/01/2022		128,888
	100,000	U.S. Bancorp, MTN		2.950			07/15/2022		98,413
	100,000	Vnesheconombank Via VEB Finance PLC (Russia)^(a)		6.800			11/22/2025		99,279
	100,000	VTB Bank OJSC Via VTB Capital SA (Russia)^(a)		6.551			10/13/2020		101,746
	150,000	Wells Fargo & Co.		3.069			01/24/2023		146,893

									2,875,575

		Beverages—0.2%
	100,000	Coca-Cola Co. (The)		2.875			10/27/2025		96,769

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


		57

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Biotechnology—0.2%
$	100,000	Amgen, Inc.		3.875	%		11/15/2021	$	101,926

		Building Materials—0.2%
	100,000	Owens Corning		4.200			12/15/2022		101,178

		Chemicals—1.7%
	150,000	Ashland LLC		4.750			08/15/2022		151,905
	100,000	Blue Cube Spinco LLC		9.750			10/15/2023		113,875
	100,000	Celanese US Holdings LLC		4.625			11/15/2022		102,848
	100,000	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP^(a)		3.400			12/01/2026		98,317
	100,000	Huntsman International LLC		5.125			11/15/2022		103,500
	100,000	Mosaic Co. (The)		4.250			11/15/2023		101,536
	100,000	PPG Industries, Inc.		3.750			03/15/2028		100,155
	100,000	WR Grace & Co.^(a)		5.125			10/01/2021		103,000

									875,136

		Commercial Services—1.5%
	100,000	ADT Corp. (The)		6.250			10/15/2021		106,000
	150,000	Automatic Data Processing, Inc.		3.375			09/15/2025		149,885
	100,000	Chicago Parking Meters LLC^(a)		5.489			12/30/2020		99,354
	100,000	Ecolab, Inc.		4.350			12/08/2021		103,536
	100,000	Hertz Corp. (The)^(a)		7.625			06/01/2022		99,500
	100,000	Nielsen Co. Luxembourg Sarl (The)^(a)		5.500			10/01/2021		100,375
	100,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		100,000

									758,650

		Computers—1.5%
	100,000	Apple, Inc.		2.400			05/03/2023		96,848
	100,000	Dell, Inc.		4.625			04/01/2021		102,000
	100,000	EMC Corp.		3.375			06/01/2023		94,498
	100,000	IBM Credit LLC		2.650			02/05/2021		99,163
	150,000	International Business Machines Corp.		3.625			02/12/2024		151,863
	100,000	Leidos Holdings, Inc.		4.450			12/01/2020		102,030
	100,000	Seagate HDD Cayman		4.750			01/01/2025		95,981

									742,383

		Cosmetics/Personal Care—0.8%
	100,000	Avon International Operations, Inc. (United Kingdom)^(a)		7.875			08/15/2022		102,125
	100,000	Edgewell Personal Care Co.		4.700			05/19/2021		101,250
	100,000	First Quality Finance Co., Inc.^(a)		4.625			05/15/2021		99,250
	100,000	Procter & Gamble Co. (The)		2.150			08/11/2022		96,977

									399,602

		Diversified Financial Services—3.3%
	100,000	Air Lease Corp.		3.000			09/15/2023		95,506
	100,000	Aircastle Ltd.		5.500			02/15/2022		105,014
	100,000	American Express Co.		2.500			08/01/2022		96,408
	100,000	Ameriprise Financial, Inc.		4.000			10/15/2023		102,465
	100,000	BGC Partners, Inc.^(a)		5.375			07/24/2023		100,415
	100,000	BlackRock, Inc.		3.500			03/18/2024		101,239
	100,000	Charles Schwab Corp. (The)		2.650			01/25/2023		97,429
	100,000	CME Group, Inc.		3.000			09/15/2022		99,188
	200,000	GE Capital International Funding Co. Unlimited Co.		2.342			11/15/2020		195,981
	200,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)		7.500			04/15/2021		207,000
	100,000	Jefferies Financial Group, Inc.		5.500			10/18/2023		104,081
	100,000	Navient Corp.		6.500			06/15/2022		103,530
	100,000	Synchrony Financial		4.250			08/15/2024		97,140
	150,000	TD Ameritrade Holding Corp.		3.300			04/01/2027		145,183

									1,650,579

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


		58

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Electric—4.0%
$	200,000	Abu Dhabi National Energy Co. PJSC, MTN (United Arab Emirates)^(a)		4.375	%		06/22/2026	$	198,500
	100,000	AES Corp. (The)		4.875			05/15/2023		101,750
	100,000	DPL, Inc.		7.250			10/15/2021		108,625
	100,000	Dubai Electricity & Water Authority (United Arab Emirates)^(a)		7.375			10/21/2020		108,201
	150,000	Duke Energy Carolinas LLC		2.950			12/01/2026		144,024
	100,000	Duquesne Light Holdings, Inc.^(a)		6.400			09/15/2020		105,241
	100,000	Entergy Arkansas, Inc.		3.500			04/01/2026		99,433
	150,000	Eversource Energy, Series K		2.750			03/15/2022		147,104
	100,000	Exelon Corp.		3.497			06/01/2022		98,905
	100,000	FirstEnergy Transmission LLC^(a)		4.350			01/15/2025		101,981
	100,000	Florida Power & Light Co.		3.125			12/01/2025		98,332
	100,000	IPALCO Enterprises, Inc.		3.450			07/15/2020		99,785
	101,385	Midland Cogeneration Venture LP^(a)		6.000			03/15/2025		100,778
	100,000	Nextera Energy Capital Holdings, Inc., Series H		3.342			09/01/2020		100,461
	100,000	Pacific Gas & Electric Co.		3.300			12/01/2027		92,035
	100,000	Southern California Edison Co., Series C		3.500			10/01/2023		100,362
	100,000	Vistra Energy Corp.		7.375			11/01/2022		104,375
	100,000	WEC Energy Group, Inc.		3.375			06/15/2021		100,461

									2,010,353

		Electrical Components & Equipment—0.2%
	100,000	WESCO Distribution, Inc.		5.375			12/15/2021		101,625

		Electronics—0.7%
	150,000	Arrow Electronics, Inc.		3.250			09/08/2024		141,825
	100,000	Honeywell International, Inc.		1.850			11/01/2021		96,267
	100,000	Jabil, Inc.		4.700			09/15/2022		102,680

									340,772

		Entertainment—0.3%
	150,000	GLP Capital LP/GLP Financing II, Inc.		4.375			04/15/2021		152,625

		Environmental Control—0.2%
	100,000	Clean Harbors, Inc.		5.125			06/01/2021		100,500

		Food—1.3%
	100,000	C&S Group Enterprises LLC^(a)		5.375			07/15/2022		99,250
	100,000	Conagra Brands, Inc.		3.200			01/25/2023		97,342
	100,000	Darling Ingredients, Inc.		5.375			01/15/2022		101,375
	100,000	Kroger Co. (The)		3.300			01/15/2021		100,151
	150,000	Sysco Corp.		3.300			07/15/2026		144,337
	100,000	Wm Wrigley Jr Co.^(a)		3.375			10/21/2020		100,402

									642,857

		Forest Products & Paper—0.4%
	100,000	Georgia-Pacific LLC^(a)		5.400			11/01/2020		104,557
	125,000	International Paper Co.		3.000			02/15/2027		115,982

									220,539

		Gas—0.4%
	100,000	Dominion Energy Gas Holdings LLC		2.800			11/15/2020		98,936
	100,000	Southern Star Central Corp.^(a)		5.125			07/15/2022		100,250

									199,186

		Hand/Machine Tools—0.2%
	100,000	Stanley Black & Decker, Inc.		2.900			11/01/2022		98,210

		Healthcare-Products—0.7%
	100,000	Baxter International, Inc.		2.600			08/15/2026		91,954
	150,000	Covidien International Finance SA		2.950			06/15/2023		147,344

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


		59

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Healthcare-Products (continued)
$	100,000	Kinetic Concepts, Inc./KCI USA, Inc.^(a)		7.875	%		02/15/2021	$	103,500

									342,798

		Healthcare-Services—1.8%
	100,000	Anthem, Inc.		3.650			12/01/2027		95,505
	100,000	Centene Corp.		5.625			02/15/2021		102,250
	100,000	Coventry Health Care, Inc.		5.450			06/15/2021		105,008
	100,000	HCA Healthcare, Inc.		6.250			02/15/2021		104,750
	100,000	LifePoint Health, Inc.		5.500			12/01/2021		102,000
	150,000	Magellan Health, Inc.		4.400			09/22/2024		147,005
	100,000	MEDNAX, Inc.^(a)		5.250			12/01/2023		100,000
	150,000	Tenet Healthcare Corp.		6.000			10/01/2020		156,375

									912,893

		Holding Companies-Diversified—0.2%
	100,000	Sinochem Overseas Capital Co. Ltd. (China)^(a)		4.500			11/12/2020		101,553

		Home Builders—0.6%
	100,000	KB Home		7.000			12/15/2021		105,750
	100,000	PulteGroup, Inc.		4.250			03/01/2021		100,780
	100,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.^(a)		5.250			04/15/2021		100,250

									306,780

		Household Products/Wares—0.2%
	100,000	Clorox Co. (The)		3.050			09/15/2022		99,274

		Housewares—0.2%
	100,000	Tupperware Brands Corp.		4.750			06/01/2021		102,496

		Insurance—3.0%
	150,000	Athene Holding Ltd.		4.125			01/12/2028		141,115
	100,000	Berkshire Hathaway Finance Corp.		4.250			01/15/2021		103,107
	100,000	Berkshire Hathaway, Inc.		3.125			03/15/2026		97,408
	100,000	Brown & Brown, Inc.		4.200			09/15/2024		100,217
	100,000	Five Corners Funding Trust^(a)		4.419			11/15/2023		103,336
	100,000	Jackson National Life Global Funding^(a)		3.050			04/29/2026		95,073
	100,000	Kemper Corp.		4.350			02/15/2025		99,014
	200,000	MassMutual Global Funding II, MTN^(a)		1.950			09/22/2020		195,381
	100,000	MGIC Investment Corp.		5.750			08/15/2023		105,090
	100,000	Nationwide Financial Services, Inc.^(a)		5.375			03/25/2021		104,070
	100,000	New York Life Global Funding^(a)		1.950			09/28/2020		97,907
	100,000	New York Life Global Funding^(a)		2.900			01/17/2024		97,116
	100,000	Nuveen Finance LLC^(a)		4.125			11/01/2024		99,796
	100,000	Principal Life Global Funding II^(a)		3.000			04/18/2026		94,192

									1,532,822

		Internet—0.9%
	150,000	Alphabet, Inc.		1.998			08/15/2026		136,653
	100,000	Booking Holdings, Inc.		3.600			06/01/2026		97,963
	100,000	Symantec Corp.^(a)		5.000			04/15/2025		99,428
	100,000	VeriSign, Inc.		4.625			05/01/2023		101,920

									435,964

		Investment Companies—0.6%
	100,000	Ares Capital Corp.		3.500			02/10/2023		96,310
	200,000	MDC-GMTN BV, MTN (United Arab Emirates)^(a)		3.250			04/28/2022		197,746

									294,056

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


		60

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Iron/Steel—0.4%
$	100,000	Nucor Corp.		4.125	%		09/15/2022	$	102,655
	100,000	Steel Dynamics, Inc.		5.125			10/01/2021		101,525

									204,180

		Leisure Time—0.6%
	100,000	Carnival Corp.		3.950			10/15/2020		101,583
	100,000	NCL Corp. Ltd.^(a)		4.750			12/15/2021		100,875
	100,000	Sabre GLBL, Inc.^(a)		5.375			04/15/2023		101,250

									303,708

		Lodging—0.6%
	100,000	Choice Hotels International, Inc.		5.750			07/01/2022		105,750
	100,000	MGM Resorts International		6.625			12/15/2021		106,000
	100,000	Wyndham Destinations, Inc.		4.250			03/01/2022		96,744

									308,494

		Machinery-Construction & Mining—0.4%
	100,000	Caterpillar Financial Services Corp.		1.700			08/09/2021		96,443
	100,000	Caterpillar, Inc.		3.900			05/27/2021		102,607

									199,050

		Machinery-Diversified—0.4%
	100,000	Deere & Co.		2.600			06/08/2022		98,252
	100,000	John Deere Capital Corp., GMTN		2.800			03/06/2023		98,269

									196,521

		Media—2.4%
	100,000	21st Century Fox America, Inc.		4.500			02/15/2021		102,997
	100,000	Cable One, Inc.^(a)		5.750			06/15/2022		102,000
	100,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.464			07/23/2022		102,125
	100,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.908			07/23/2025		102,266
	100,000	DISH DBS Corp.		6.750			06/01/2021		101,750
	100,000	NBCUniversal Media LLC		4.375			04/01/2021		103,068
	100,000	Sinclair Television Group, Inc.		5.375			04/01/2021		100,625
	200,000	TEGNA, Inc.		6.375			10/15/2023		208,000
	100,000	Time Warner Cable LLC		4.000			09/01/2021		100,863
	100,000	Time Warner Entertainment Co. LP		8.375			03/15/2023		116,452
	100,000	Walt Disney Co. (The), GMTN		2.350			12/01/2022		96,514

									1,236,660

		Metal Fabricate/Hardware—0.2%
	100,000	Precision Castparts Corp.		2.500			01/15/2023		96,838

		Mining—0.2%
	100,000	Freeport-McMoRan, Inc.		3.550			03/01/2022		96,750

		Miscellaneous Manufacturing—1.4%
	100,000	3M Co.		2.875			10/15/2027		95,619
	100,000	Amsted Industries, Inc.^(a)		5.000			03/15/2022		100,625
	150,000	General Electric Co.		2.700			10/09/2022		146,367
	150,000	General Electric Co., GMTN		4.650			10/17/2021		156,248
	100,000	Illinois Tool Works, Inc.		2.650			11/15/2026		93,677
	100,000	Trinity Industries, Inc.		4.550			10/01/2024		97,104

									689,640

		Multi-National—0.5%
	150,000	Asian Development Bank, GMTN (Supranational)		2.000			02/16/2022		145,733
	100,000	Asian Development Bank, GMTN (Supranational)		1.750			09/13/2022		95,780

									241,513

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


		61

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Office/Business Equipment—0.4%
$	100,000	Pitney Bowes, Inc.		3.625	%		10/01/2021	$	95,313
	100,000	Xerox Corp.		3.625			03/15/2023		94,645

									189,958

		Oil & Gas—5.5%
	100,000	Andeavor		4.750			12/15/2023		104,408
	100,000	Antero Resources Corp.		5.375			11/01/2021		102,000
	100,000	Antero Resources Corp.		5.125			12/01/2022		101,500
	200,000	BPRL International Singapore Pte Ltd., EMTN (India)		4.375			01/18/2027		191,379
	100,000	Chevron Corp.		3.191			06/24/2023		100,092
	100,000	Cimarex Energy Co.		4.375			06/01/2024		101,466
	200,000	CNOOC Curtis Funding No 1 Pty Ltd. (China)^(a)		4.500			10/03/2023		205,854
	200,000	CNOOC Finance 2011 Ltd. (China)^(a)		4.250			01/26/2021		203,364
	100,000	Continental Resources, Inc.		4.500			04/15/2023		102,412
	100,000	Energen Corp.		4.625			09/01/2021		101,500
	100,000	Exxon Mobil Corp.		2.222			03/01/2021		98,486
	100,000	Murphy Oil USA, Inc.		6.000			08/15/2023		103,125
	100,000	Newfield Exploration Co.		5.625			07/01/2024		107,125
	100,000	Occidental Petroleum Corp., Series 1		4.100			02/01/2021		102,277
	150,000	Petroleos Mexicanos (Mexico)^(a)		5.350			02/12/2028		140,325
	200,000	Petronas Capital Ltd., MTN (Malaysia)^(a)		3.125			03/18/2022		197,027
	100,000	Phillips 66		4.300			04/01/2022		103,042
	200,000	PTTEP Canada International Finance Ltd., MTN (Thailand)^(a)		5.692			04/05/2021		209,174
	100,000	QEP Resources, Inc.		5.250			05/01/2023		98,000
	200,000	Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^(a)		4.000			08/15/2026		189,764
	100,000	WPX Energy, Inc.		6.000			01/15/2022		103,750

									2,766,070

		Oil & Gas Services—1.1%
	100,000	Halliburton Co.		3.800			11/15/2025		100,027
	100,000	Oceaneering International, Inc.		4.650			11/15/2024		95,272
	100,000	Schlumberger Investment SA^(a)		3.300			09/14/2021		100,080
	100,000	Schlumberger Investment SA		3.650			12/01/2023		101,481
	150,000	Schlumberger Oilfield UK PLC^(a)		4.200			01/15/2021		152,920

									549,780

		Packaging & Containers—0.8%
	100,000	Graphic Packaging International LLC		4.750			04/15/2021		101,561
	96,911	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu		5.750			10/15/2020		97,153
	100,000	Sealed Air Corp.^(a)		6.500			12/01/2020		105,750
	100,000	WestRock Co.^(a)		3.750			03/15/2025		98,697

									403,161

		Pharmaceuticals—1.6%
	100,000	Cardinal Health, Inc.		3.410			06/15/2027		92,347
	100,000	CVS Health Corp.		4.300			03/25/2028		99,420
	100,000	Eli Lilly & Co.		2.750			06/01/2025		96,173
	150,000	Express Scripts Holding Co.		4.500			02/25/2026		151,792
	100,000	Johnson & Johnson		2.450			03/01/2026		94,715
	100,000	Merck & Co., Inc.		2.750			02/10/2025		96,936
	200,000	Perrigo Finance Unlimited Co.		3.900			12/15/2024		195,845

									827,228

		Pipelines—4.1%
	100,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.250			01/15/2025		102,500
	100,000	Boardwalk Pipelines LP		4.950			12/15/2024		102,279
	100,000	Buckeye Partners LP		4.875			02/01/2021		101,958
	100,000	DCP Midstream Operating LP^(a)		4.750			09/30/2021		101,750

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


		62

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Pipelines (continued)
$	100,000	Energy Transfer Equity LP		7.500	%		10/15/2020	$	107,875
	100,000	Energy Transfer Partners LP		4.150			10/01/2020		101,378
	100,000	Energy Transfer Partners LP/Regency Energy Finance Corp.		5.875			03/01/2022		106,208
	100,000	Energy Transfer Partners LP/Regency Energy Finance Corp.		4.500			11/01/2023		101,971
	100,000	EnLink Midstream Partners LP		4.150			06/01/2025		94,297
	100,000	Equities Midstream Partners LP, Series 5Y		4.750			07/15/2023		101,564
	100,000	Kinder Morgan Energy Partners LP		3.950			09/01/2022		101,183
	100,000	Kinder Morgan Energy Partners LP		4.300			05/01/2024		101,397
	100,000	Kinder Morgan, Inc.		4.300			06/01/2025		101,118
	100,000	NGPL PipeCo. LLC^(a)		4.375			08/15/2022		101,125
	100,000	Plains All American Pipeline LP/PAA Finance Corp.		3.600			11/01/2024		96,332
	100,000	Plains All American Pipeline LP/PAA Finance Corp.		4.650			10/15/2025		101,350
	89,394	Ruby Pipeline LLC^(a)		6.000			04/01/2022		93,370
	100,000	Sabine Pass Liquefaction LLC		5.625			03/01/2025		106,793
	100,000	Transcontinental Gas Pipe Line Co. LLC		7.850			02/01/2026		123,200
	100,000	Western Gas Partners LP		4.000			07/01/2022		99,650

									2,047,298

		Private Equity—0.2%
	100,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		5.875			02/01/2022		102,079

		Real Estate—0.2%
	100,000	CBRE Services, Inc.		4.875			03/01/2026		104,085

		REITs—2.6%
	100,000	Brixmor Operating Partnership LP		3.850			02/01/2025		97,349
	100,000	Crown Castle International Corp.		5.250			01/15/2023		105,316
	100,000	CyrusOne LP/CyrusOne Finance Corp.		5.000			03/15/2024		101,500
	100,000	Digital Realty Trust LP		3.700			08/15/2027		96,270
	100,000	ERP Operating LP		4.625			12/15/2021		103,740
	100,000	iStar, Inc.		4.625			09/15/2020		99,750
	100,000	MPT Operating Partnership LP/MPT Finance Corp.		6.375			03/01/2024		105,930
	100,000	Omega Healthcare Investors, Inc.		4.375			08/01/2023		100,130
	100,000	Sabra Health Care LP/Sabra Capital Corp.		5.500			02/01/2021		102,000
	100,000	Select Income REIT		4.500			02/01/2025		97,295
	100,000	Simon Property Group LP		4.375			03/01/2021		102,741
	100,000	Starwood Property Trust, Inc.		5.000			12/15/2021		101,000
	100,000	Washington Prime Group LP		5.950			08/15/2024		97,109

									1,310,130

		Retail—2.5%
	100,000	Autonation, Inc.		4.500			10/01/2025		100,338
	100,000	Best Buy Co., Inc.		5.500			03/15/2021		105,210
	100,000	Costco Wholesale Corp.		2.150			05/18/2021		98,189
	100,000	GameStop Corp.^(a)		6.750			03/15/2021		101,000
	100,000	Gap, Inc. (The)		5.950			04/12/2021		104,668
	100,000	Home Depot, Inc. (The)		2.000			04/01/2021		97,605
	100,000	L Brands, Inc.		5.625			02/15/2022		101,625
	100,000	Lowe’s Cos., Inc.		3.100			05/03/2027		96,166
	100,000	Michaels Stores, Inc.^(a)		5.875			12/15/2020		100,500
	100,000	QVC, Inc.		4.375			03/15/2023		99,005
	150,000	Signet UK Finance PLC		4.700			06/15/2024		141,078
	100,000	TJX Cos., Inc. (The)		2.250			09/15/2026		91,413

									1,236,797

		Semiconductors—1.1%
	100,000	Applied Materials, Inc.		3.300			04/01/2027		97,899
	100,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.875			01/15/2027		93,724
	100,000	Lam Research Corp.		2.800			06/15/2021		98,667

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


		63

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Semiconductors (continued)
$	100,000	Microchip Technology, Inc.^(a)		3.922	%		06/01/2021	$	99,999
	150,000	QUALCOMM, Inc.		3.000			05/20/2022		148,279

									538,568

		Software—1.6%
	100,000	Electronic Arts, Inc.		3.700			03/01/2021		101,330
	100,000	Infor US, Inc.^(a)		5.750			08/15/2020		101,625
	100,000	IQVIA, Inc.^(a)		4.875			05/15/2023		100,750
	200,000	Marble II Pte Ltd. (Singapore)^(a)		5.300			06/20/2022		196,052
	100,000	Microsoft Corp.		3.300			02/06/2027		99,244
	100,000	Nuance Communications, Inc.^(a)		5.375			08/15/2020		100,062
	100,000	Oracle Corp.		1.900			09/15/2021		96,841

									795,904

		Telecommunications—1.2%
	100,000	Anixter, Inc.		5.125			10/01/2021		103,250
	100,000	CenturyLink, Inc., Series T		5.800			03/15/2022		102,720
	100,000	Cisco Systems, Inc.		2.200			02/28/2021		98,394
	100,000	Level 3 Financing, Inc.		5.375			08/15/2022		101,250
	100,000	Motorola Solutions, Inc.		3.750			05/15/2022		99,935
	100,000	Qwest Corp.		6.750			12/01/2021		107,379

									612,928

		Textiles—0.2%
	100,000	Cintas Corp. No. 2		3.700			04/01/2027		99,289

		Transportation—1.0%
	100,000	Burlington Northern Santa Fe LLC		3.850			09/01/2023		102,817
	100,000	CH Robinson Worldwide, Inc.		4.200			04/15/2028		99,380
	100,000	Union Pacific Corp.		4.163			07/15/2022		103,359
	100,000	United Parcel Service, Inc.		3.125			01/15/2021		100,602
	100,000	XPO Logistics, Inc.^(a)		6.500			06/15/2022		103,672

									509,830

		Trucking & Leasing—0.3%
	150,000	Aviation Capital Group LLC^(a)		2.875			01/20/2022		145,865

		Total Corporate Bonds and Notes (Cost $32,849,776)							32,903,335


		U.S. Government Sponsored Agency Mortgage-Backed Securities—20.0%
		Collateralized Mortgage Obligations—20.0%
	144,208	Federal Home Loan Mortgage Corp. (FHLMC)		5.000			08/01/2044		153,674
	203,292	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			05/01/2046		197,118
	261,517	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			11/01/2046		253,490
	267,890	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			01/01/2047		259,514
	263,294	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			04/01/2047		262,223
	279,863	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			09/01/2047		278,659
	283,491	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			10/01/2047		282,260
	367,562	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			10/01/2047		374,873
	285,361	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			11/01/2047		284,111
	196,358	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			03/01/2048		190,455
	291,550	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			03/01/2048		291,176
	290,927	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			03/01/2048		289,968
	244,938	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			06/01/2048		250,873
	393,348	Federal Home Loan Mortgage Corp. (FHLMC)		4.500			06/01/2048		409,081
	297,456	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			07/01/2048		303,300
	100,000	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			09/01/2048		101,965
	383,555	Federal National Mortgage Association (FNMA)		3.000			10/01/2046		371,877

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


		64

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value

		U.S. Government Sponsored Agency Mortgage-Backed Securities (continued)
		Collateralized Mortgage Obligations (continued)
$	358,210	Federal National Mortgage Association (FNMA)		3.000	%		01/01/2047	$	347,064
	361,972	Federal National Mortgage Association (FNMA)		3.000			02/01/2047		350,709
	384,241	Federal National Mortgage Association (FNMA)		3.000			04/01/2047		372,346
	174,294	Federal National Mortgage Association (FNMA)		4.000			07/01/2047		177,633
	223,951	Federal National Mortgage Association (FNMA)		4.000			08/01/2047		228,235
	378,442	Federal National Mortgage Association (FNMA)		3.500			11/01/2047		376,646
	287,171	Federal National Mortgage Association (FNMA)		3.500			11/01/2047		285,807
	189,757	Federal National Mortgage Association (FNMA)		4.000			11/01/2047		193,493
	285,850	Federal National Mortgage Association (FNMA)		3.500			12/01/2047		284,494
	288,096	Federal National Mortgage Association (FNMA)		3.500			01/01/2048		286,729
	190,075	Federal National Mortgage Association (FNMA)		4.000			01/01/2048		193,704
	294,274	Federal National Mortgage Association (FNMA)		3.500			02/01/2048		293,969
	392,414	Federal National Mortgage Association (FNMA)		3.500			02/01/2048		391,980
	572,326	Federal National Mortgage Association (FNMA)		4.500			02/01/2048		594,802
	291,417	Federal National Mortgage Association (FNMA)		3.500			03/01/2048		290,034
	393,772	Federal National Mortgage Association (FNMA)		4.000			06/01/2048		401,291
	396,005	Federal National Mortgage Association (FNMA)		4.000			07/01/2048		403,567

		Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $9,992,957)							10,027,120

		U.S. Treasury Securities—10.0%
		U.S. Treasury Bonds—10.0%
	100,000	U.S. Treasury Bond		5.500	%		08/15/2028		122,764
	100,000	U.S. Treasury Bond		6.250			05/15/2030		133,389
	100,000	U.S. Treasury Bond		4.500			02/15/2036		121,920
	100,000	U.S. Treasury Bond		5.000			05/15/2037		130,062
	100,000	U.S. Treasury Bond		4.500			05/15/2038		123,461
	100,000	U.S. Treasury Bond		4.625			02/15/2040		126,309
	200,000	U.S. Treasury Bond		4.375			05/15/2040		244,902
	200,000	U.S. Treasury Bond		3.875			08/15/2040		229,066
	200,000	U.S. Treasury Bond		4.250			11/15/2040		241,250
	200,000	U.S. Treasury Bond		4.750			02/15/2041		257,863
	200,000	U.S. Treasury Bond		4.375			05/15/2041		245,816
	200,000	U.S. Treasury Bond		3.750			08/15/2041		225,289
	200,000	U.S. Treasury Bond		3.125			11/15/2041		204,535
	200,000	U.S. Treasury Bond		3.125			02/15/2042		204,543
	200,000	U.S. Treasury Bond		3.000			05/15/2042		200,250
	100,000	U.S. Treasury Bond		2.750			08/15/2042		95,748
	200,000	U.S. Treasury Bond		3.625			02/15/2044		222,039
	200,000	U.S. Treasury Bond		3.375			05/15/2044		213,250
	200,000	U.S. Treasury Bond		2.500			02/15/2045		181,469
	200,000	U.S. Treasury Bond		3.000			05/15/2045		199,809
	200,000	U.S. Treasury Bond		2.875			08/15/2045		195,070
	200,000	U.S. Treasury Bond		3.000			11/15/2045		199,785
	150,000	U.S. Treasury Bond		2.500			02/15/2046		135,709
	200,000	U.S. Treasury Bond		2.500			05/15/2046		180,852
	100,000	U.S. Treasury Bond		2.250			08/15/2046		85,687
	150,000	U.S. Treasury Bond		3.000			02/15/2047		149,851
	200,000	U.S. Treasury Bond		2.750			08/15/2047		189,961
	150,000	U.S. Treasury Bond		3.125			05/15/2048		153,516

		Total U.S. Treasury Securities (Cost $4,935,245)							5,014,165

		Sovereign Debt Obligations—3.5%
		Brazil—0.3%
	200,000	Brazilian Government International Bond		4.625			01/13/2028		177,652

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


		65

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Chile—0.4%
$	200,000	Chile Government International Bond		3.125	%		01/21/2026	$	193,445

		Colombia—0.4%
	200,000	Colombia Government International Bond		4.375			07/12/2021		205,150

		Indonesia—0.4%
	200,000	Indonesia Government International Bond^(a)		4.875			05/05/2021		207,038

		Mexico—0.4%
	200,000	Mexico Government International Bond, GMTN		4.125			01/21/2026		198,700

		Poland—0.4%
	100,000	Republic of Poland Government International Bond		5.000			03/23/2022		105,567
	100,000	Republic of Poland Government International Bond		3.000			03/17/2023		98,440

									204,007

		Russia—0.4%
	200,000	Russian Foreign Bond—Eurobond^(a)		4.500			04/04/2022		202,349

		South Africa—0.2%
	100,000	Republic of South Africa Government International Bond		5.875			05/30/2022		103,943

		Turkey—0.2%
	100,000	Turkey Government International Bond		7.375			02/05/2025		91,600

		United Arab Emirates—0.4%
	200,000	Abu Dhabi Government International Bond^(a)		2.125			05/03/2021		194,294

		Total Sovereign Debt Obligations (Cost $1,801,808)							1,778,178

Number of Shares
		Money Market Fund—0.5%
	267,896	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $267,896)							267,896

		Total Investments in Securities (Cost $49,847,682)—99.5%							49,990,694
		Other assets less liabilities—0.5%							259,116

		Net Assets—100.0%						$	50,249,810

Investment Abbreviations:

EMTN—Euro Medium-Term Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $8,948,057, which represented 17.81% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		66

(This Page Intentionally Left Blank)


		67

Statements of Assets and Liabilities

August 31, 2018


	Invesco Corporate Income Defensive ETF (IHYD)		Invesco Corporate Income Value ETF (IHYV)			Invesco Emerging Markets Debt Defensive ETF (IEMD)			Invesco Emerging Markets Debt Value ETF (IEMV)
Assets:
Unaffiliated investments in securities, at value	$	12,306,993	$	12,359,966		$	24,424,274		$	36,252,369
Affiliated investments in securities, at value		145,941		145,797			—			92,604
Cash		—		58,246			618,112			1,044,983
Receivables:
Investments sold		411,122		699,773			197,705			—
Dividends and interest		174,185		212,921			302,031			438,800
Foreign tax reclaims		133		243			—			2,338

Total Assets		13,038,374		13,476,946			25,542,122			37,831,094


Liabilities:
Payables:
Investments purchased		448,105		915,230			617,915			1,044,983
Accrued unitary management fees		2,433		2,440			6,141			9,115

Total Liabilities		450,538		917,670			624,056			1,054,098

Net Assets	$	12,587,836	$	12,559,276		$	24,918,066		$	36,776,996


Net Assets Consist of:
Shares of beneficial interest	$	12,514,097	$	12,520,168		$	25,018,757		$	37,527,850
Undistributed net investment income.		23,539		33,748			35,237			75,821
Undistributed net realized gain (loss)		2,648		(14,794	)		(35,695	)		(14,534	)
Net unrealized appreciation (depreciation)		47,552		20,154			(100,233	)		(812,141	)

Net Assets	$	12,587,836	$	12,559,276		$	24,918,066		$	36,776,996

Shares outstanding (unlimited amount authorized, $0.01 par value)		500,001		500,001			1,000,001			1,500,001
Net asset value	$	25.18	$	25.12		$	24.92		$	24.52

Market price	$	25.18	$	25.13		$	24.94		$	24.53

Unaffiliated investments in securities, at cost	$	12,259,441	$	12,339,812		$	24,524,507		$	37,064,510

Affiliated investments in securities, at cost	$	145,941	$	145,797		$	—		$	92,604

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


		68


Invesco Investment Grade Defensive ETF (IIGD)		Invesco Investment Grade Value ETF (IIGV)		Invesco Multi-Factor Core Fixed Income ETF (IMFC)		Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)

$	6,206,229	$	6,158,011	$	25,026,682	$	49,722,798
	152,250		99,521		255,537		267,896
	—		—		125,260		214,567

	98,506		292,118		654,416		1,212,585
	55,922		66,234		130,855		475,555
	—		—		—		335

	6,512,907		6,615,884		26,192,750		51,893,736



	221,353		307,905		1,036,149		1,637,490
	664		788		2,498		6,436

	222,017		308,693		1,038,647		1,643,926

$	6,290,890	$	6,307,191	$	25,154,103	$	50,249,810



$	6,250,025	$	6,250,025	$	25,000,284	$	50,020,273
	8,941		10,600		36,514		83,937
	2,018		4,976		3,168		2,588
	29,906		41,590		114,137		143,012

$	6,290,890	$	6,307,191	$	25,154,103	$	50,249,810

	250,001		250,001		1,000,001		2,000,001
$	25.16	$	25.23	$	25.15	$	25.12

$	25.17	$	25.23	$	25.15	$	25.12

$	6,176,323	$	6,116,421	$	24,912,545	$	49,579,786

$	152,250	$	99,521	$	255,537	$	267,896


		69

Statements of Operations

For the period ended August 31, 2018^(a)


	Invesco Corporate Income Defensive ETF (IHYD)			Invesco Corporate Income Value ETF (IHYV)			Invesco Emerging Markets Debt Defensive ETF (IEMD)			Invesco Emerging Markets Debt Value ETF (IEMV)
Investment Income:
Unaffiliated interest income	$	55,341		$	79,863		$	90,121		$	184,398
Affiliated dividend income		1,052			988			1,149			1,285
Foreign withholding tax		—			(155	)		(2,913	)		(7,760	)

Total Income		56,393			80,696			88,357			177,923


Expenses:
Unitary management fees		3,008			3,003			7,531			11,209

Less: Waivers		(24	)		(10	)		(1	)		(7	)

Net Expenses		2,984			2,993			7,530			11,202

Net Investment Income		53,409			77,703			80,827			166,721


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		2,648			(14,794	)		(35,695	)		(14,534	)

Net change in unrealized appreciation (depreciation) on investment securities		47,552			20,154			(100,233	)		(812,141	)

Net realized and unrealized gain (loss)		50,200			5,360			(135,928	)		(826,675	)

Net increase (decrease) in net assets resulting from operations	$	103,609		$	83,063		$	(55,101	)	$	(659,954	)

^(a)	For the period July 23, 2018 (commencement of investment operations) through August 31, 2018.

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


		70


Invesco Investment Grade Defensive ETF (IIGD)			Invesco Investment Grade Value ETF (IIGV)			Invesco Multi-Factor Core Fixed Income ETF (IMFC)			Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)

$	20,745		$	24,842		$	80,421		$	191,879
	741			599			3,717			4,633
	—			—			—			(577	)

	21,486			25,441			84,138			195,935



	849			852			3,136			8,357

	(34	)		(19	)		(173	)		(593	)

	815			833			2,963			7,764

	20,671			24,608			81,175			188,171




	2,018			4,976			3,057			2,474

	29,906			41,590			114,137			143,012

	31,924			46,566			117,194			145,486

$	52,595		$	71,174		$	198,369		$	333,657


		71

Statements of Changes in Net Assets

For the period ended August 31, 2018^(a)


	Invesco Corporate Income Defensive ETF (IHYD)			Invesco Corporate Income Value ETF (IHYV)			Invesco Emerging Markets Debt Defensive ETF (IEMD)			Invesco Emerging Markets Debt Value ETF (IEMV)
	2018			2018			2018			2018
Operations:
Net investment income	$	53,409		$	77,703		$	80,827		$	166,721
Net realized gain (loss)		2,648			(14,794	)		(35,695	)		(14,534	)
Net change in unrealized appreciation (depreciation)		47,552			20,154			(100,233	)		(812,141	)

Net increase (decrease) in net assets resulting from operations		103,609			83,063			(55,101	)		(659,954	)


Distributions to Shareholders from:
Net investment income		(29,870	)		(43,955	)		(45,590	)		(90,900	)


Shareholder Transactions:
Proceeds from shares sold		12,500,025			12,500,025			25,000,025			37,500,025
Transaction fees		14,072			20,143			18,732			27,825

Net increase in net assets resulting from shares transactions		12,514,097			12,520,168			25,018,757			37,527,850

Increase in Net Assets		12,587,836			12,559,276			24,918,066			36,776,996


Net Assets:
Beginning of period		—			—			—			—

End of period	$	12,587,836		$	12,559,276		$	24,918,066		$	36,776,996

Undistributed net investment income at end of period	$	23,539		$	33,748		$	35,237		$	75,821


Changes in Shares Outstanding:
Shares sold		500,001			500,001			1,000,001			1,500,001
Shares outstanding, beginning of period		—			—			—			—

Shares outstanding, end of period		500,001			500,001			1,000,001			1,500,001

^(a)	For the period July 23, 2018 (commencement of investment operations) through August 31, 2018.

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


		72


Invesco Investment Grade Defensive ETF (IIGD)			Invesco Investment Grade Value ETF (IIGV)			Invesco Multi-Factor Core Fixed Income ETF (IMFC)			Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)
2018			2018			2018			2018

$	20,671		$	24,608		$	81,175		$	188,171
	2,018			4,976			3,057			2,474
	29,906			41,590			114,137			143,012

	52,595			71,174			198,369			333,657



	(11,730	)		(14,008	)		(44,550	)		(104,120	)



	6,250,025			6,250,025			25,000,025			50,000,025
	—			—			259			20,248

	6,250,025			6,250,025			25,000,284			50,020,273

	6,290,890			6,307,191			25,154,103			50,249,810



	—			—			—			—

$	6,290,890		$	6,307,191		$	25,154,103		$	50,249,810

$	8,941		$	10,600		$	36,514		$	83,937



	250,001			250,001			1,000,001			2,000,001
	—			—			—			—

	250,001			250,001			1,000,001			2,000,001


		73

Financial Highlights

Invesco Corporate Income Defensive ETF (IHYD)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.11
Net realized and unrealized gain		0.10
Total from investment operations		0.21
Distributions to shareholders from:
Net investment income		(0.06	)
Transaction fees^(b)		0.03
Net asset value at end of period	$	25.18
Market price at end of period^(c)	$	25.18
Net Asset Value, Total Return^(d)		0.96	%^(e)
Market Price Total Return^(d)		0.96	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	12,588
Ratio to average net assets of:
Expenses		0.23	%^(f)
Net investment income		4.08	%^(f)
Portfolio turnover rate^(g)		8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.84%. The market price total return from Fund Inception to August 31, 2018 was 1.04%.

^(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.


		74

Financial Highlights (continued)

Invesco Corporate Income Value ETF (IHYV)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.16
Net realized and unrealized gain		0.01
Total from investment operations		0.17
Distributions to shareholders from:
Net investment income		(0.09	)
Transaction fees^(b)		0.04
Net asset value at end of period	$	25.12
Market price at end of period^(c)	$	25.13
Net Asset Value, Total Return^(d)		0.83	%^(e)
Market Price Total Return^(d)		0.87	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	12,559
Ratio to average net assets of:
Expenses		0.23	%^(f)
Net investment income		5.95	%^(f)
Portfolio turnover rate^(g)		14	%

^(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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.71%. The market price total return from Fund Inception to August 31, 2018 was 0.91%.

^(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.


		75

Financial Highlights (continued)

Invesco Emerging Markets Debt Defensive ETF (IEMD)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.08
Net realized and unrealized gain (loss)		(0.13	)
Total from investment operations		(0.05	)
Distributions to shareholders from:
Net investment income		(0.05	)
Transaction fees^(b)		0.02
Net asset value at end of period	$	24.92
Market price at end of period^(c)	$	24.94
Net Asset Value, Total Return^(d)		(0.14	)%^(e)
Market Price Total Return^(d)		(0.06	)%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	24,918
Ratio to average net assets of:
Expenses		0.29	%^(f)
Net investment income		3.11	%^(f)
Portfolio turnover rate^(g)		47	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was (0.10)%. The market price total return from Fund Inception to August 31, 2018 was (0.06)%.

^(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.


		76

Financial Highlights (continued)

Invesco Emerging Markets Debt Value ETF (IEMV)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.11
Net realized and unrealized gain (loss)		(0.55	)
Total from investment operations		(0.44	)
Distributions to shareholders from:
Net investment income		(0.06	)
Transaction fees^(b)		0.02
Net asset value at end of period	$	24.52
Market price at end of period^(c)	$	24.53
Net Asset Value, Total Return^(d)		(1.68	)%^(e)
Market Price Total Return^(d)		(1.64	)%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	36,777
Ratio to average net assets of:
Expenses		0.29	%^(f)
Net investment income		4.31	%^(f)
Portfolio turnover rate^(g)		42	%

^(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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was (1.72)%. The market price total return from Fund Inception to August 31, 2018 was (1.75)%.

^(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.


		77

Financial Highlights (continued)

Invesco Investment Grade Defensive ETF (IIGD)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.08
Net realized and unrealized gain		0.13
Total from investment operations		0.21
Distributions to shareholders from:
Net investment income		(0.05	)
Net asset value at end of period	$	25.16
Market price at end of period^(c)	$	25.17
Net Asset Value, Total Return^(d)		0.83	%^(e)
Market Price Total Return^(d)		0.87	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	6,291
Ratio to average net assets of:
Expenses, after Waivers		0.12	%^(f)
Expenses, prior to Waivers		0.13	%^(f)
Net investment income		3.16	%^(f)
Portfolio turnover rate^(g)		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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%.

^(f)	Annualized.

^(g)	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.


		78

Financial Highlights (continued)

Invesco Investment Grade Value ETF (IIGV)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.10
Net realized and unrealized gain		0.19
Total from investment operations		0.29
Distributions to shareholders from:
Net investment income		(0.06	)
Net asset value at end of period	$	25.23
Market price at end of period^(c)	$	25.23
Net Asset Value, Total Return^(d)		1.14	%^(e)
Market Price Total Return^(d)		1.14	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	6,307
Ratio to average net assets of:
Expenses		0.13	%^(f)
Net investment income		3.76	%^(f)
Portfolio turnover rate^(g)		16	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%.

^(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.


		79

Financial Highlights (continued)

Invesco Multi-Factor Core Fixed Income ETF (IMFC)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.08
Net realized and unrealized gain		0.11
Total from investment operations		0.19
Distributions to shareholders from:
Net investment income		(0.04	)
Transaction fees^(b)		0.00	^(c)
Net asset value at end of period	$	25.15
Market price at end of period^(d)	$	25.15
Net Asset Value, Total Return^(e)		0.78	%^(f)
Market Price Total Return^(e)		0.78	%^(f)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	25,154
Ratio to average net assets of:
Expenses, after Waivers		0.11	%^(g)
Expenses, prior to Waivers		0.12	%^(g)
Net investment income		3.11	%^(g)
Portfolio turnover rate^(h)		5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.58%. The market price total return from Fund Inception to August 31, 2018 was 0.74%.

^(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.

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


		80

Financial Highlights (continued)

Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)


	For the Period July 23, 2018^(a) Through August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income^(b)		0.09
Net realized and unrealized gain		0.07
Total from investment operations		0.16
Distributions to shareholders from:
Net investment income		(0.05	)
Transaction fees^(b)		0.01
Net asset value at end of period	$	25.12
Market price at end of period^(c)	$	25.12
Net Asset Value, Total Return^(d)		0.69	%^(e)
Market Price Total Return^(d)		0.69	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	50,250
Ratio to average net assets of:
Expenses, after Waivers		0.15	%^(f)
Expenses, prior to Waivers		0.16	%^(f)
Net investment income		3.60	%^(f)
Portfolio turnover rate^(g)		9	%

^(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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.49%. The market price total return from Fund Inception to August 31, 2018 was 0.53%.

^(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.


		81

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco Corporate Income Defensive ETF (IHYD)*		“Corporate Income Defensive ETF”
Invesco Corporate Income Value ETF (IHYV)*		“Corporate Income Value ETF”
Invesco Emerging Markets Debt Defensive ETF (IEMD)*		“Emerging Markets Debt Defensive ETF”
Invesco Emerging Markets Debt Value ETF (IEMV)*		“Emerging Markets Debt Value ETF”
Invesco Investment Grade Defensive ETF (IIGD)*		“Investment Grade Defensive ETF”
Invesco Investment Grade Value ETF (IIGV)*		“Investment Grade Value ETF”
Invesco Multi-Factor Core Fixed Income ETF (IMFC)*		“Multi-Factor Core Fixed Income ETF”
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)*		“Multi-Factor Core Plus Fixed Income ETF”

*	Commenced operations on July 23, 2018.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective Index listed below (each, an “Underlying Index”):


Fund		Underlying Index
Corporate Income Defensive ETF		Invesco High Yield Defensive Index
Corporate Income Value ETF		Invesco High Yield Value Index
Emerging Markets Debt Defensive ETF		Invesco Emerging Markets Debt Defensive Index
Emerging Markets Debt Value ETF		Invesco Emerging Markets Debt Value Index
Investment Grade Defensive ETF		Invesco Investment Grade Defensive Index
Investment Grade Value ETF		Invesco Investment Grade Value Index
Multi-Factor Core Fixed Income ETF		Invesco Multi-Factor Core Index
Multi-Factor Core Plus Fixed Income ETF		Invesco Multi-Factor Core Plus 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.

A. Security Valuation

Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices


		82

from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, 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.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.


		83

creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for each Fund because it invests in non-U.S. securities, which may have lower trading volumes.

Changing Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Funds’ transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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 exercised 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.

Industry Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. 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 sector may be out of favor and underperform other industries or the market as a whole.

Non-Diversified Fund Risk. Each fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. To the extent that a Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Sampling Risk. Each Fund’s use of a representative sampling approach will 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 that a Fund holds could result in a greater decline in NAV than would be the case if a Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.

Cash Transaction Risk. Most ETFs generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, each Fund currently intends to effect creations and redemptions principally for


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cash, rather than principally in-kind, due to the nature of each Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, each 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 the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of the return between the Fund and conventional ETFs.

Foreign Investment Risk. For Emerging Markets Debt Defensive ETF, Emerging Markets Debt Value ETF and Multi-Factor Core Plus Fixed Income ETF, investments in the securities of non-U.S issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Valuation Risk. For Emerging Markets Debt Defensive ETF, Emerging Markets Debt Value ETF and Multi-Factor Core Plus Fixed Income ETF, financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

Global Bonds Risk. Emerging Markets Debt Defensive ETF, Emerging Markets Debt Value ETF and Multi-Factor Core Plus Fixed Income ETF invest in global bonds. Global bonds are subject to the same risks as other debt issues, notably credit risk, market risk, interest rate risk and liquidity risk. Generally, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities and, therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. In addition, a Fund may not receive shareholder communications or be permitted to vote the securities that it holds, as the issuers may be under no legal obligation to distribute them.

C. 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 accounting principles generally accepted in the United States of America (“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.

D. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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. Realized gains, dividends and interest received by a Fund


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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.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

E. Country Determination

For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

F. Expenses

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee and that 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.

G. 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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.

H. Accounting Estimates

The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. 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 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. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss


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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 each 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.

The Funds 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 each Fund invests.

Note 3. Investment Advisory Agreement and Other Agreements

As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following rates:


	% of Average Daily Net Assets
Corporate Income Defensive ETF		0.23	%
Corporate Income Value ETF		0.23	%
Emerging Markets Debt Defensive ETF		0.29	%
Emerging Markets Debt Value ETF		0.29	%
Investment Grade Defensive ETF		0.13	%
Investment Grade Value ETF		0.13	%
Multi-Factor Core Fixed Income ETF		0.12	%
Multi-Factor Core Plus Fixed Income ETF		0.16	%

Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.

For the period July 23, 2018 to August 31, 2018, the Adviser waived fees for each Fund in the following amounts:


Corporate Income Defensive ETF	$	24
Corporate Income Value ETF		10
Emerging Markets Debt Defensive ETF		1
Emerging Markets Debt Value ETF		7
Investment Grade Defensive ETF		34
Investment Grade Value ETF		19
Multi-Factor Core Fixed Income ETF		173
Multi-Factor Core Plus Fixed Income ETF		593

The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.


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Note 4. Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the period July 23, 2018 to August 31, 2018, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gain (Loss)
Corporate Income Defensive ETF	$	40,200	$	—	$	—
Corporate Income Value ETF		—		40,200		200
Investment Grade Defensive ETF		99,040		—		—
Investment Grade Value ETF		—		99,040		282

Note 5. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —

Level 3 —

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of August 31, 2018, all of the securities in each Fund 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period July 23, 2018 to August 31, 2018, there were no transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
Corporate Income Defensive ETF
Investments in Securities
Corporate Bonds	$	—	$	12,306,993	$	—	$	12,306,993
Money Market Fund		145,941		—		—		145,941

Total Investments	$	145,941	$	12,306,993	$	—	$	12,452,934

Corporate Income Value ETF
Investments in Securities
Corporate Bonds	$	—	$	12,359,966	$	—	$	12,359,966
Money Market Fund		145,797		—		—		145,797

Total Investments	$	145,797	$	12,359,966	$	—	$	12,505,763

Emerging Markets Debt Value ETF
Investments in Securities
Corporate Bonds	$	—	$	23,709,851	$	—	$	23,709,851
Sovereign Debt Obligations		—		12,542,518		—		12,542,518
Money Market Fund		92,604		—		—		92,604

Total Investments	$	92,604	$	36,252,369	$	—	$	36,344,973


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	Level 1		Level 2		Level 3		Total
Investment Grade Defensive ETF
Investments in Securities
Corporate Bonds	$	—	$	6,206,229	$	—	$	6,206,229
Money Market Fund		152,250		—		—		152,250

Total Investments	$	152,250	$	6,206,229	$	—	$	6,358,479

Investment Grade Value ETF
Investments in Securities
Corporate Bonds	$	—	$	6,158,011	$	—	$	6,158,011
Money Market Fund		99,521		—		—		99,521

Total Investments	$	99,521	$	6,158,011	$	—	$	6,257,532

Multi-Factor Core Fixed Income ETF
Investments in Securities
U.S. Government Sponsored Agency Mortgage-Backed Securities	$	—	$	10,037,952	$	—	$	10,037,952
U.S. Treasury Securities		—		7,513,355		—		7,513,355
Corporate Bonds and Notes		—		7,475,375		—		7,475,375
Money Market Fund		255,537		—		—		255,537

Total Investments	$	255,537	$	25,026,682	$	—	$	25,282,219

Multi-Factor Core Plus Fixed Income ETF
Investments in Securities
Corporate Bonds and Notes	$	—	$	32,903,335	$	—	$	32,903,335
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		10,027,120		—		10,027,120
U.S. Treasury Securities		—		5,014,165		—		5,014,165
Sovereign Debt Obligations		—		1,778,178		—		1,778,178
Money Market Fund		267,896		—		—		267,896

Total Investments	$	267,896	$	49,722,798	$	—	$	49,990,694

Note 6. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period July 23, 2018 to August 31, 2018:


	2018
	Ordinary Income
Corporate Income Defensive ETF	$	29,870
Corporate Income Value ETF		43,955
Emerging Markets Debt Defensive ETF		45,590
Emerging Markets Debt Value ETF		90,900
Investment Grade Defensive ETF		11,730
Investment Grade Value ETF		14,008
Multi-Factor Core Fixed Income ETF		44,550
Multi-Factor Core Plus Fixed Income ETF		104,120

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Corporate Income Defensive ETF	$	26,187	$	47,552		$	—		$	12,514,097	$	12,587,836
Corporate Income Value ETF		33,748		19,689			(14,329	)		12,520,168		12,559,276
Emerging Markets Debt Defensive ETF		35,237		(100,233	)		(35,695	)		25,018,757		24,918,066
Emerging Markets Debt Value ETF		75,821		(812,141	)		(14,534	)		37,527,850		36,776,996
Investment Grade Defensive ETF		10,959		29,906			—			6,250,025		6,290,890
Investment Grade Value ETF		15,576		41,590			—			6,250,025		6,307,191
Multi-Factor Core Fixed Income ETF		39,682		114,137			—			25,000,284		25,154,103
Multi-Factor Core Plus Fixed Income ETF		86,525		143,012			—			50,020,273		50,249,810


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The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


	Post-effective/ no expiration
	Short-Term		Long-Term		Total*
Corporate Income Defensive ETF	$	—	$	—	$	—
Corporate Income Value ETF		14,329		—		14,329
Emerging Markets Debt Defensive ETF		35,695		—		35,695
Emerging Markets Debt Value ETF		14,534		—		14,534
Investment Grade Defensive ETF		—		—		—
Investment Grade Value ETF		—		—		—
Multi-Factor Core Fixed Income ETF		—		—		—
Multi-Factor Core Plus Fixed Income ETF		—		—		—

Note 7. Investment Transactions

For the period July 23, 2018 to August 31, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
Corporate Income Defensive ETF	$	13,238,961	$	973,588
Corporate Income Value ETF		14,074,054		1,777,669
Emerging Markets Debt Defensive ETF		36,246,736		11,673,753
Emerging Markets Debt Value ETF		52,504,634		15,428,985
Investment Grade Defensive ETF		6,766,642		594,262
Investment Grade Value ETF		7,072,909		963,129
Multi-Factor Core Fixed Income ETF		18,366,020		929,084
Multi-Factor Core Plus Fixed Income ETF		49,177,717		4,526,280

For the period July 23, 2018 to August 31, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the Multi-Factor Core Fixed Income ETF amounted to $7,876,483 and $405,832, respectively and for the Multi-Factor Core Plus Fixed Income ETF amounted to $4,936,737 and $0, respectively.

At August 31, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Corporate Income Defensive ETF	$	63,670	$	(16,118	)	$	47,552		$	12,405,382
Corporate Income Value ETF		90,698		(71,009	)		19,689			12,486,074
Emerging Markets Debt Defensive ETF		11,908		(112,141	)		(100,233	)		24,524,507
Emerging Markets Debt Value ETF		53,190		(865,331	)		(812,141	)		37,157,114
Investment Grade Defensive ETF		30,384		(478	)		29,906			6,328,573
Investment Grade Value ETF		49,102		(7,512	)		41,590			6,215,942
Multi-Factor Core Fixed Income ETF		114,991		(854	)		114,137			25,168,082
Multi-Factor Core Plus Fixed Income ETF		288,495		(145,483	)		143,012			49,847,682


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Note 8. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income and undistributed net realized gain (loss). These reclassifications had no effect on the net assets of each Fund. For the period July 23, 2018 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)		Shares of Beneficial Interest
Corporate Income Defensive ETF	$	—		$	—	$	—
Corporate Income Value ETF		—			—		—
Emerging Markets Debt Defensive ETF		—			—		—
Emerging Markets Debt Value ETF		—			—		—
Investment Grade Defensive ETF		—			—		—
Investment Grade Value ETF		—			—		—
Multi-Factor Core Fixed Income ETF		(111	)		111		—
Multi-Factor Core Plus Fixed Income ETF		(114	)		114		—

Note 9. Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

Note 10. Capital

Shares are created and redeemed by each Fund only in Creation Units of 100,000 Shares (50,000 Shares for Investment Grade Defensive ETF and Investment Grade Value ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”).

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. Indemnifications


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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 Corporate Income Defensive ETF, Invesco Corporate Income Value ETF, Invesco Emerging Markets Debt Defensive ETF, Invesco Emerging Markets Debt Value ETF, Invesco Investment Grade Defensive ETF, Invesco Investment Grade Value ETF, Invesco Multi-Factor Core Fixed Income ETF and Invesco Multi-Factor Core Plus Fixed Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Corporate Income Defensive ETF, Invesco Corporate Income Value ETF, Invesco Emerging Markets Debt Defensive ETF, Invesco Emerging Markets Debt Value ETF, Invesco Investment Grade Defensive ETF, Invesco Investment Grade Value ETF, Invesco Multi-Factor Core Fixed Income ETF and Invesco Multi-Factor Core Plus Fixed Income ETF (eight of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period July 23, 2018 (commencement of investment operations) through August 31, 2018 (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, 2018, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period July 23, 2018 (commencement of investment operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


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Fees and Expenses

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2018.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018⁽¹⁾		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽²⁾
Invesco Corporate Income Defensive ETF (IHYD)
Actual	$	1,000.00	$	1,009.60		0.23	%	$	0.25
Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.23			1.17
Invesco Corporate Income Value ETF (IHYV)
Actual		1,000.00		1,008.30		0.23			0.25
Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.23			1.17
Invesco Emerging Markets Debt Defensive ETF (IEMD)
Actual		1,000.00		998.60		0.29			0.32
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco Emerging Markets Debt Value ETF (IEMV)
Actual		1,000.00		983.20		0.29			0.32
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco Investment Grade Defensive ETF (IIGD)
Actual		1,000.00		1,008.30		0.12			0.13
Hypothetical (5% return before expenses)		1,000.00		1,024.60		0.12			0.61
Invesco Investment Grade Value ETF (IIGV)
Actual		1,000.00		1,011.40		0.13			0.14
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66


		93

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018⁽¹⁾		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽²⁾
Invesco Multi-Factor Core Fixed Income ETF (IMFC)
Actual	$	1,000.00	$	1,007.80		0.11	%	$	0.12
Hypothetical (5% return before expenses)		1,000.00		1,024.65		0.11			0.56
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)
Actual		1,000.00		1,006.90		0.15			0.16
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15			0.77

⁽¹⁾

The actual ending account value is based on the actual total return of the Fund for the period July 23, 2018 (commencement of investment operations) through August 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽²⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period July 23, 2018 (commencement of investment operations) to August 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 40/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.


		94

Tax Information

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 period ended August 31, 2018:


	Qualified Dividend Income*			Dividends-Received Deduction*			Qualified Interest Income*
Invesco Corporate Income Defensive ETF		0	%		0	%		98	%
Invesco Corporate Income Value ETF		0	%		0	%		97	%
Invesco Emerging Markets Debt Defensive ETF		0	%		0	%		0	%
Invesco Emerging Markets Debt Value ETF		0	%		0	%		0	%
Invesco Investment Grade Defensive ETF		0	%		0	%		100	%
Invesco Investment Grade Value ETF		0	%		0	%		100	%
Invesco Multi-Factor Core Fixed Income ETF		0	%		0	%		100	%
Invesco Multi-Factor Core Plus Fixed Income ETF		0	%		0	%		88	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		95

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee and Trustee since 2016	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		96

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman and Trustee since 2016	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		97

Trustees and Officers (continued)

Name, Address and Year of
Birth of Unaffiliated Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Unaffiliated
Trustee

Other
Directorships
Held by
Unaffiliated
Trustee During
the Past 5 Years

Philip M. Nussbaum***—1961

c/o Invesco Capital Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

Trustee

Since 2016

Chairman, Performance Trust Capital Partners (2004-Present).

221

None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open-and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		98

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2015	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		99

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2016	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, 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 (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		100

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2015	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of 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 (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		101

Board Considerations Regarding Approval of Investment Advisory Agreement

Board Considerations Regarding Approval of Investment Advisory Agreement for

Invesco Emerging Markets Debt Defensive ETF

Invesco Emerging Markets Debt Value ETF

Invesco High Yield Defensive ETF

Invesco High Yield Value ETF

Invesco Investment Grade Defensive ETF

Invesco Investment Grade Value ETF

Invesco Multi-Factor Core Fixed Income ETF

Invesco Multi-Factor Core Plus Fixed Income ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2021 USD Emerging Markets Debt ETF

Invesco BulletShares 2022 USD Emerging Markets Debt ETF

Invesco BulletShares 2023 USD Emerging Markets Debt ETF

Invesco BulletShares 2024 USD Emerging Markets Debt ETF

Invesco Strategic Developed ex-US ETF

Invesco Strategic Developed ex-US Small Company ETF

Invesco Strategic Emerging Markets ETF

Invesco Strategic US ETF

Invesco Strategic US Small Company ETF

At a meeting held on June 14, 2018, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for the funds listed above (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds. The Trustees noted that the proposed unitary advisory fees for Invesco BulletShares 2028 Corporate Bond ETF, Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF were compared to information on the median net expense ratios of peer funds in two Lipper classifications, Corporate Debt Funds A-Rated and Corporate Debt Funds BBB-Rated, that the proposed advisory fee for Invesco Strategic Developed ex-US ETF was compared to information on the median net expense ratios of peer funds in two Lipper classifications, International Multi-Cap Core Funds and International Large-Cap Core Funds and that the proposed advisory fee for Invesco Strategic US ETF was compared to information on the median net expense ratios of peer funds in two Lipper classifications, Multi-Cap Core Funds and Large-Cap Core Funds. The Trustees further noted that the fee data provided by the Adviser included only two passive peer ETFs and only one open-end index peer for certain Funds. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the fee data provided by the Adviser for certain Funds included only two or three Adviser-identified selected peers.


		102

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)

The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer group(s) and select peer group as shown below:


Fund	ETF Peer Group (Number of Peers)¹	Open-End Index Fund Peer Group (Number of Peers)²	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco Emerging Markets Debt Defensive ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco Emerging Markets Debt Value ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco High Yield Defensive ETF	Lower than median (18)	N/A	Lower than median (158)	Lower than median (2)
Invesco High Yield Value ETF	Lower than median (18)	N/A	Lower than median (158)	Lower than median (2)
Invesco Investment Grade Defensive ETF (Corporate Debt Funds A-Rated Lipper Classification)	Higher than median (2)	Lower than median (1)	Lower than median (16)
Invesco Investment Grade Defensive ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Lower than median (3)
Invesco Investment Grade Value ETF (Corporate Debt Funds A-Rated Lipper Classification)	Higher than median (2)	Lower than median (1)	Lower than median (16)
Invesco Investment Grade Value ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Lower than median (3)
Invesco Multi-Factor Core Fixed Income ETF	Higher than median (8)	Lower than median (15)	Lower than median (121)	Lower than median (5)
Invesco Multi-Factor Core Plus Fixed Income ETF	N/A	Lower than median (1)	Lower than median (61)	Lower than median (5)
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt Funds A-Rated Lipper Classification)	Lower than median (2)	Lower than median (1)	Lower than median (16)
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Same as the median (9)
Invesco BulletShares 2026 High Yield Corporate Bond ETF	Higher than median (18)	N/A	Lower than median (158)	Higher than median (2)
Invesco BulletShares 2021 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2022 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2023 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco Strategic Developed ex-US ETF (International Multi-Cap Core Funds Lipper Classification)	Lower than median (29)	Lower than median (34)	Lower than median (65)
Invesco Strategic Developed ex-US ETF (International Large-Cap Core Funds Lipper Classification)	Lower than median (4)	Lower than median (6)	Lower than median (23)	Lower than median (7)
Invesco Strategic Developed ex-US Small Company ETF	Lower than median (4)	Lower than median (1)	Lower than median (21)	Lower than median (3)
Invesco Strategic Emerging Markets ETF	Lower than median (58)	Higher than median (10)	Lower than median (211)	Lower than median (9)
Invesco Strategic US ETF (Multi-Cap Core Funds Lipper Classification)	Lower than median (34)	Higher than median (22)	Lower than median (194)


		103

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)


Fund	ETF Peer Group (Number of Peers)¹	Open-End Index Fund Peer Group (Number of Peers)²	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco Strategic US ETF (Large-Cap Core Funds Lipper Classification)	Lower than median (33)	Lower than median (26)	Lower than median (190)	Lower than median (11)
Invesco Strategic US Small Company ETF	Lower than median (29)	Same as median (30)	Lower than median (258)	Lower than median (10)

¹	The information provided by the Adviser indicated that certain Funds did not have any comparable passive ETF fund peers. Those Funds have been designated with an “N/A” for not available.

²	The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the proposed unitary advisory fee for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with the Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by the Adviser.


		104

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

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P-SIFT-AR-3

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


BSCI		Invesco BulletShares 2018 Corporate Bond ETF
BSCJ		Invesco BulletShares 2019 Corporate Bond ETF
BSCK		Invesco BulletShares 2020 Corporate Bond ETF
BSCL		Invesco BulletShares 2021 Corporate Bond ETF
BSCM		Invesco BulletShares 2022 Corporate Bond ETF
BSCN		Invesco BulletShares 2023 Corporate Bond ETF
BSCO		Invesco BulletShares 2024 Corporate Bond ETF
BSCP		Invesco BulletShares 2025 Corporate Bond ETF
BSCQ		Invesco BulletShares 2026 Corporate Bond ETF
BSCR		Invesco BulletShares 2027 Corporate Bond ETF
BSCS		Invesco BulletShares 2028 Corporate Bond ETF
BSJI		Invesco BulletShares 2018 High Yield Corporate Bond ETF
BSJJ		Invesco BulletShares 2019 High Yield Corporate Bond ETF
BSJK		Invesco BulletShares 2020 High Yield Corporate Bond ETF
BSJL		Invesco BulletShares 2021 High Yield Corporate Bond ETF
BSJM		Invesco BulletShares 2022 High Yield Corporate Bond ETF
BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF
BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Schedules of Investments

Invesco BulletShares 2018 Corporate Bond ETF (BSCI)			63

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)			66

Invesco BulletShares 2020 Corporate Bond ETF (BSCK)			75

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)			83

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)			92

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)			101

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)			108

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)			114

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)			120

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)			126

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)			130

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)			133

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)			135

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)			140

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)			146

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)			152

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)			158

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)			164

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)			169

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)			173

Statements of Assets and Liabilities			175

Statements of Operations			179

Statements of Changes in Net Assets			187

Financial Highlights			199

Notes to Financial Statements			214

Report of Independent Registered Public Accounting Firm			230

Fees and Expenses			232

Tax Information			234

Trustees and Officers			235

Board Considerations Regarding Approval of Investment Advisory Agreement			241


		2

The Market Environment

Fixed Income

¹	Bureau of Labor Statistics

²	US Federal Reserve

³	US Treasury Department


		3


BSCI		Manager’s Analysis
BSCI		Invesco BulletShares 2018 Corporate Bond ETF (BSCI)

As an index fund, the Invesco BulletShares 2018 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2018 Index (the “2018 Index” or the “Index”). The 2018 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2018. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2018 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2018 and will terminate on or about December 31, 2018. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2018 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.59%. On a net asset value (“NAV”) basis, the Fund returned 0.59%. During the same time period, the Index returned 0.60%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 0.74%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the consumer non-cyclical sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications sector as well as underweight the consumer non-cyclical sector as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the banking sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and consumer cyclical sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included US Treasury Bill maturing December 20, 2018, a U.S. treasury security (portfolio average weight of 13.47%), and Citigroup, Inc., 2.50% coupon, due 09/26/2018, a banks company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return during this period included Amgen, Inc., 6.15% coupon, due 06/01/2018, a biotechnology company (no longer held at fiscal period-end), and Fifth Third Bank Corp., 4.50% coupon, due 06/01/2018, a banking company (no longer held at fiscal period-end).


		4

Invesco BulletShares 2018 Corporate Bond ETF (BSCI) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
U.S. Treasury Securities			37.5
Banks			23.7
Auto Manufacturers			5.6
Oil & Gas			4.2
Pharmaceuticals			3.6
Electric			2.9
Diversified Financial Services			2.5
Software			2.4
Retail			2.3
Computers			2.0
Machinery-Diversified			1.6
Telecommunications			1.2
Machinery-Construction & Mining			1.2
Beverages			1.1
Healthcare-Products			0.9
Cosmetics/Personal Care			0.8
Aerospace/Defense			0.8
Biotechnology			0.8
Hand/Machine Tools			0.8
Semiconductors			0.8
Pipelines			0.7
Investment Companies			0.7
Media			0.6
Agriculture			0.5
Money Market Fund Plus Other Assets Less Liabilities			0.8


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
U.S. Treasury Bill, 2.037%, 12/20/2018			7.8
U.S. Treasury Bill, 2.047%, 12/20/2018			6.8
U.S. Treasury Bill, 2.051%, 12/20/2018			5.4
U.S. Treasury Bill, 2.045%, 12/20/2018			4.4
U.S. Treasury Bill, 2.010%, 12/20/2018			4.3
U.S. Treasury Bill, 2.040%, 12/20/2018			4.0
U.S. Treasury Bill, 2.042%, 12/20/2018			3.5
Royal Bank of Canada, 2.000%, 10/01/2018			1.7
Toronto-Dominion Bank (The), GMTN, 2.625%, 09/10/2018			1.6
International Business Machines Corp., 7.625%, 10/15/2018			1.5
Total			41.0

*	Excluding money market fund holdings.


		5

Invesco BulletShares 2018 Corporate Bond ETF (BSCI) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2018 Index		1.81	%		1.98	%		6.07	%		2.47	%		12.99	%		2.90	%		20.14	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.51			24.85
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.07			14.06
Fund
NAV Return		1.58			1.76			5.36			2.27			11.89			2.62			18.04
Market Price Return		1.48			1.64			5.00			2.18			11.40			2.60			17.96

Guggenheim BulletShares 2018 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

The Fund has elected to use the Bloomberg Barclays U.S. Corporate Index to represent its broad-based index rather than the Bloomberg Barclays U.S. Aggregate Bond Index because the Bloomberg Barclays U.S. Corporate Index more closely reflects the performance of the types of securities in which the Fund invests.


		6


BSCJ		Manager’s Analysis
BSCJ		Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)

As an index fund, the Invesco BulletShares 2019 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2019 Index (the “2019 Index” or the “Index”). The 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2019 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2019 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.70%. On a net asset value (“NAV”) basis, the Fund returned 0.70%. During the same time period, the Index returned 0.68%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications sector as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the banking sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and energy sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Shire Acquisition Investments Ireland DAC, 1.90% coupon, due 09/23/2019, a pharmaceuticals company (portfolio average weight of 0.90%), and Bank of America Corp., Series L, 2.60% coupon, due 01/15/2019, a banks company (portfolio average weight of 0.95%). Positions that detracted most significantly from the Fund’s return during this period included Discovery Communications, 2.75% coupon, due 11/15/2019, a media company (portfolio average weight of 0.01%) (no longer held at fiscal period-end), and Micron Technology, Inc., 5.50% coupon, due 02/01/2025, a semiconductors company.


		7

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			36.8
Oil & Gas			6.9
Pharmaceuticals			5.6
Telecommunications			5.6
Auto Manufacturers			5.4
Diversified Financial Services			4.5
Electric			2.7
Software			2.5
Media			2.3
Computers			2.3
Pipelines			2.1
Insurance			1.6
Healthcare-Products			1.6
Beverages			1.4
Chemicals			1.3
Healthcare-Services			1.3
Food			1.3
REITs			1.3
Retail			1.2
Biotechnology			1.1
Machinery-Construction & Mining			1.0
Cosmetics/Personal Care			1.0
Machinery-Diversified			1.0
Agriculture			0.9
Miscellaneous Manufacturing			0.9
Aerospace/Defense			0.8
Transportation			0.8
Semiconductors			0.6
Internet			0.6
Electronics			0.6
Home Builders			0.3
Office/Business Equipment			0.2
Environmental Control			0.2
Lodging			0.2
Mining			0.2
Advertising			0.1
Electrical Components & Equipment			0.1
Commercial Services			0.1
Money Market Fund Plus Other Assets Less Liabilities			1.6


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Bank of America Corp., Series L, GMTN, 2.600%, 01/15/2019			0.9
Shire Acquisitions Investments Ireland Dac, 1.900%, 09/23/2019			0.9
Morgan Stanley, GMTN, 5.625%, 09/23/2019			0.9
JPMorgan Chase & Co., 6.300%, 04/23/2019			0.9
Goldman Sachs Group, Inc. (The), GMTN, 7.500%, 02/15/2019			0.8
Morgan Stanley, GMTN, 7.300%, 05/13/2019			0.8
Novartis Securities Investment Ltd., 5.125%, 02/10/2019			0.8
Credit Suisse AG, GMTN, 2.300%, 05/28/2019			0.7
Bank of America Corp., 7.625%, 06/01/2019			0.7
Goldman Sachs Group, Inc. (The), 2.625%, 01/31/2019			0.7
Total			8.1

*	Excluding money market fund holdings.


		8

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2019 Index		1.21	%		2.21	%		6.78	%		2.93	%		15.53	%		3.21	%		22.50	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.51			24.85
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.07			14.06
Fund
NAV Return		1.09			2.05			6.28			2.75			14.54			2.89			20.09
Market Price Return		1.04			1.99			6.10			2.70			14.27			2.91			20.27

Guggenheim BulletShares 2019 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		9


BSCK		Manager’s Analysis
BSCK		Invesco BulletShares 2020 Corporate Bond ETF (BSCK)

As an index fund, the Invesco BulletShares 2020 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2020 Index (the “2020 Index” or the “Index”). The 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2020 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2020 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.63%. On a net asset value (“NAV”) basis, the Fund returned 0.63%. During the same time period, the Index returned 0.62%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications sector, the REITs sector and energy sector as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the banking sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and technology sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included GE Capital International Funding Co. Unlimited Co., 2.342% coupon, due 11/15/2020, a diversified financial services company (portfolio average weight of 1.66%), and Allergan Funding SCS, Inc., 3.00% coupon, due 03/12/2020, a pharmaceuticals company (portfolio average weight of 0.94%). Positions that detracted most significantly from the Fund’s return during this period included Aflac, Inc., 2.40% coupon, due 03/16/2020, an insurance company (portfolio average weight of 0.14%), and Anheuser-Busch InBev Worldwide, Inc., 5.00 % coupon, due 04/15/2020, a food & beverage company (no longer held at fiscal period-end).


		10

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			32.6
Diversified Financial Services			5.8
Oil & Gas			5.2
Pharmaceuticals			5.0
Auto Manufacturers			3.9
Media			3.1
Healthcare-Products			3.0
Computers			2.8
Telecommunications			2.8
Software			2.7
Pipelines			2.7
Biotechnology			2.5
Insurance			2.3
Retail			2.2
Beverages			2.2
Electric			2.1
Healthcare-Services			1.8
Aerospace/Defense			1.8
Chemicals			1.7
Semiconductors			1.6
REITs			1.4
Food			1.4
Agriculture			1.3
Miscellaneous Manufacturing			1.2
Machinery-Diversified			0.9
Commercial Services			0.7
Internet			0.6
Cosmetics/Personal Care			0.5
Environmental Control			0.4
Machinery-Construction & Mining			0.4
Airlines			0.4
Entertainment			0.3
Advertising			0.2
Iron/Steel			0.2
Auto Parts & Equipment			0.2
Leisure Time			0.2
Gas			0.2
Investment Companies			0.1
Home Builders			0.1
Electronics			0.1
Transportation			0.1
Metal Fabricate/Hardware			0.1
Money Market Fund Plus Other Assets Less Liabilities			1.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020			1.6
AbbVie, Inc., 2.500%, 05/14/2020			1.0
JPMorgan Chase & Co., 2.250%, 01/23/2020			1.0
Allergan Funding SCS, 3.000%, 03/12/2020			0.9
HCA, Inc., 6.500%, 02/15/2020			0.8
Hewlett Packard Enterprise Co., 3.600%, 10/15/2020			0.8
JPMorgan Chase & Co., 4.250%, 10/15/2020			0.8
Visa, Inc., 2.200%, 12/14/2020			0.8
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 03/15/2020			0.8
Bank of America Corp., MTN, 5.625%, 07/01/2020			0.7
Total			9.2

*	Excluding money market fund holdings.


		11

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2020 Index		0.22	%		2.37	%		7.28	%		3.40	%		18.21	%		3.54	%		25.02	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.51			24.85
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.07			14.06
Fund
NAV Return		0.06			2.22			6.81			3.21			17.14			3.29			23.12
Market Price Return		0.11			2.18			6.68			3.18			16.97			3.33			23.40

Guggenheim BulletShares 2020 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		12


BSCL		Manager’s Analysis
BSCL		Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

As an index fund, the Invesco BulletShares 2021 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2021 Index (the “2021 Index” or the “Index”). The 2021 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2021. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2021 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2021 and will terminate on or about December 31, 2021. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2021 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.81%. On a net asset value (“NAV”) basis, the Fund returned 0.67%. During the same time period, the Index returned 0.63%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications sector as well as fees and operating expenses the Fund incurred.

For the fiscal period ended August 31, 2018, the consumer cyclical sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and technology sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Deutsche Bank NY, 4.25% coupon, due 10/14/2021, a banks company (no longer held at fiscal period-end), and Deutsche Bank AG, 4.25% coupon, due 10/14/2021, a banks company (portfolio average weight of 0.01%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Credit Co. LLC, 5.875% coupon, due 08/02/2021, an automobiles manufacturers company (portfolio average weight of 0.54%), and Ford Motor Credit Co. LLC, 3.336% coupon, due 03/18/2021, an automobiles manufacturers company (portfolio average weight of 0.44%).


		13

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			34.4
Telecommunications			5.3
Oil & Gas			5.0
Pharmaceuticals			4.9
Auto Manufacturers			4.0
Beverages			3.4
Retail			3.2
Computers			3.1
Software			2.8
Diversified Financial Services			2.7
Media			2.5
Pipelines			2.5
Electric			2.3
REITs			2.2
Healthcare-Products			1.8
Semiconductors			1.7
Insurance			1.7
Biotechnology			1.5
Aerospace/Defense			1.2
Chemicals			1.2
Miscellaneous Manufacturing			1.2
Healthcare-Services			1.1
Food			1.0
Machinery-Diversified			0.9
Agriculture			0.9
Electronics			0.9
Cosmetics/Personal Care			0.7
Commercial Services			0.7
Internet			0.7
Transportation			0.6
Machinery-Construction & Mining			0.5
Office/Business Equipment			0.4
Housewares			0.4
Gas			0.3
Iron/Steel			0.3
Mining			0.2
Advertising			0.2
Oil & Gas Services			0.2
Engineering & Construction			0.1
Environmental Control			0.1
Forest Products & Paper			0.1
Apparel			0.1
Electrical Components & Equipment			0.1
Building Materials			0.1
Money Market Fund Plus Other Assets Less Liabilities			0.8


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/2021			1.9
Oracle Corp., 1.900%, 09/15/2021			1.0
Goldman Sachs Group, Inc. (The), 5.250%, 07/27/2021			1.0
Deutsche Bank AG, 4.250%, 10/14/2021			0.9
HSBC Holdings PLC, 3.400%, 03/08/2021			0.9
BNP Paribas SA, BKNT, GMTN, 5.000%, 01/15/2021			0.8
Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021			0.8
Morgan Stanley, MTN, 2.625%, 11/17/2021			0.8
Apple, Inc., 2.850%, 05/06/2021			0.8
JPMorgan Chase & Co., 4.350%, 08/15/2021			0.8
Total			9.7

*	Excluding money market fund holdings.


		14

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2021 Index		(0.31	)%		2.78	%		8.57	%		3.75	%		20.23	%		3.44	%		18.91	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.49			19.19
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.29			12.29
Fund
NAV Return		(0.39	)		2.77			8.53			3.69			19.87			3.42			18.79
Market Price Return		(0.39	)		2.82			8.72			3.81			20.54			3.47			19.10

Guggenheim BulletShares 2021 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		15


BSCM		Manager’s Analysis
BSCM		Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

As an index fund, the Invesco BulletShares 2022 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2022 Index (the “2022 Index” or the “Index”). The 2022 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2022. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2022 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2022 and will terminate on or about December 31, 2022. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2022 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.77%. On a net asset value (“NAV”) basis, the Fund returned 0.78%. During the same time period, the Index returned 0.76%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the consumer non-cyclical sector.

For the fiscal period ended August 31, 2018, the banking sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical sector. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Barclays Bank PLC (United Kingdom), 7.625% coupon, due 11/21/2022, a banks company (portfolio average weight of 1.04%), and Allergan Funding SCS, 3.45% coupon, due 03/15/2022, a pharmaceuticals company (portfolio average weight of 0.85%). Positions that detracted most significantly from the Fund’s return during this period included Wyndham Destinations Inc., 4.25% coupon, due 03/01/2022, a travel and lodging company (no longer held as fiscal period-end), and Ford Motor Credit Co. LLC, 4.25% coupon, due 09/20/2022, an automobiles manufacturers company (portfolio average weight of 0.28%).


		16

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			25.4
Pharmaceuticals			6.6
Oil & Gas			5.2
Diversified Financial Services			4.6
Telecommunications			4.1
Pipelines			3.5
Media			3.3
Software			3.1
Beverages			3.0
Computers			2.8
Auto Manufacturers			2.5
REITs			2.5
Healthcare-Products			2.4
Retail			2.3
Healthcare-Services			2.2
Biotechnology			2.1
Electric			2.1
Aerospace/Defense			1.9
Miscellaneous Manufacturing			1.8
Insurance			1.7
Semiconductors			1.6
Chemicals			1.6
Food			1.5
Agriculture			1.3
Transportation			1.3
Machinery-Diversified			1.0
Internet			0.9
Machinery-Construction & Mining			0.8
Commercial Services			0.7
Cosmetics/Personal Care			0.6
Electronics			0.6
Iron/Steel			0.5
Advertising			0.5
Oil & Gas Services			0.4
Environmental Control			0.4
Airlines			0.3
Mining			0.2
Hand/Machine Tools			0.2
Forest Products & Paper			0.2
Lodging			0.2
Textiles			0.2
Household Products/Wares			0.2
Savings & Loans			0.2
Investment Companies			0.2
Building Materials			0.2
Home Builders			0.1
Money Market Fund Plus Other Assets Less Liabilities			1.0


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Goldman Sachs Group, Inc. (The), 5.750%, 01/24/2022			1.4
Barclays Bank PLC, 7.625%, 11/21/2022			1.0
JPMorgan Chase & Co., 4.500%, 01/24/2022			1.0
Goldman Sachs Group, Inc. (The), 3.000%, 04/26/2022			0.9
Morgan Stanley, GMTN, 2.750%, 05/19/2022			0.9
AbbVie, Inc., 2.900%, 11/06/2022			0.9
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.464%, 07/23/2022			0.9
Cooperatieve Rabobank UA, MTN, 3.875%, 02/08/2022			0.8
General Electric Co., 2.700%, 10/09/2022			0.8
Anheuser-Busch InBev Worldwide, Inc., 2.500%, 07/15/2022			0.8
Total			9.4

*	Excluding money market fund holdings.


		17

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2022 Index		(0.75	)%		3.29	%		10.20	%		4.11	%		22.30	%		3.67	%		20.29	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.49			19.19
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.29			12.29
Fund
NAV Return		(0.85	)		3.15			9.75			3.94			21.32			3.49			19.19
Market Price Return		(0.90	)		3.18			9.83			3.94			21.33			3.53			19.44

Guggenheim BulletShares 2022 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		18


BSCN		Manager’s Analysis
BSCN		Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

As an index fund, the Invesco BulletShares 2023 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2023 Index (the “2023 Index” or the “Index”). The 2023 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2023. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2023 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2023 and will terminate on or about December 31, 2023. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2023 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.88%. On a net asset value (“NAV”) basis, the Fund returned 0.84%. During the same time period, the Index returned 0.85%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the real electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the energy sector and consumer non-cyclical sector.

For the fiscal period ended August 31, 2018, the banking and consumer non-cyclical sectors contributed most significantly to the Fund’s return. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Verizon Communications, Inc., 5.15% coupon, due 09/15/2023, a telecommunications company (portfolio average weight of 2.55%), and Shire Acquisitions Investments Ireland DAC, 2.875% coupon, due 09/23/2023, a pharmaceuticals company (portfolio average weight of 0.61%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Credit Co. LLC, 3.096% coupon, due 05/04/2023, an automobiles manufacturers company (portfolio average weight of 0.37%), and Ford Motor Credit Co. LLC, 4.375% coupon, due 08/06/2023, an automobiles manufacturers company (portfolio average weight of 0.45%).


		19

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			21.2
Oil & Gas			7.2
Pharmaceuticals			5.6
Beverages			5.5
Telecommunications			5.3
Pipelines			4.8
REITs			4.5
Computers			3.9
Software			3.3
Retail			3.0
Electric			3.0
Auto Manufacturers			2.6
Healthcare-Services			2.5
Media			2.3
Insurance			2.2
Healthcare-Products			2.0
Diversified Financial Services			1.5
Chemicals			1.4
Food			1.4
Semiconductors			1.4
Oil & Gas Services			1.1
Machinery-Diversified			1.1
Transportation			1.0
Biotechnology			1.0
Aerospace/Defense			0.9
Agriculture			0.9
Miscellaneous Manufacturing			0.9
Internet			0.8
Housewares			0.7
Commercial Services			0.7
Cosmetics/Personal Care			0.6
Investment Companies			0.5
Environmental Control			0.5
Metal Fabricate/Hardware			0.4
Iron/Steel			0.4
Mining			0.4
Real Estate			0.4
Packaging & Containers			0.3
Electronics			0.3
Entertainment			0.3
Advertising			0.2
Apparel			0.2
Textiles			0.2
Machinery-Construction & Mining			0.2
Gas			0.2
Electrical Components & Equipment			0.1
Money Market Fund Plus Other Assets Less Liabilities			1.1


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/2023			2.5
Verizon Communications, Inc., 5.150%, 09/15/2023			2.4
Apple, Inc., 2.400%, 05/03/2023			2.2
Bank of America Corp., GMTN, 3.300%, 01/11/2023			1.8
Wells Fargo & Co., 3.069%, 01/24/2023			1.5
JPMorgan Chase & Co., 3.200%, 01/25/2023			1.2
Royal Bank of Scotland Group PLC, 3.875%, 09/12/2023			1.2
AT&T, Inc., 3.600%, 02/17/2023			1.1
Shire Acquisitions Investments Ireland Dac, 2.875%, 09/23/2023			1.1
Oracle Corp., 2.400%, 09/15/2023			1.0
Total			16.0

*	Excluding money market fund holdings.


		20

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2023 Index		(0.91	)%		3.75	%		11.69	%		3.41	%		14.18	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			2.97			12.25
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.01			8.17
Fund
NAV Return		(1.05	)		3.68			11.45			3.31			13.72
Market Price Return		(1.15	)		3.44			10.69			3.32			13.79

Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		21


BSCO		Manager’s Analysis
BSCO		Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

As an index fund, the Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2024 Index (the “2024 Index” or the “Index”). The 2024 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2024. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2024 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2024 and will terminate on or about December 31, 2024. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2024 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.01%. On a net asset value (“NAV”) basis, the Fund returned 1.06%. During the same time period, the Index returned 1.00%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight the banking sector and energy sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Deutsche Bank AG London, 3.70% coupon, due 05/30/2024, a banks company (no longer held at fiscal period-end), and HCA, Inc., 5.00% coupon, due 03/15/2024, a healthcare-services company (portfolio average weight of 0.95%). Positions that detracted most significantly from the Fund’s return during this period included Bayer US Finance II LLC (Germany), 3.375% coupon, due 07/15/2024, a pharmaceuticals company (portfolio average weight of 0.18%), and Johnson Controls, Inc., 3.625% coupon, due 07/02/2024, an auto parts manufacturing company (no longer held at fiscal period-end).


		22

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			24.8
Oil & Gas			8.0
Pipelines			5.9
Telecommunications			4.9
Pharmaceuticals			4.5
Computers			3.8
Retail			3.8
Insurance			3.5
Semiconductors			3.3
Diversified Financial Services			3.3
REITs			3.1
Media			2.5
Healthcare-Products			2.5
Software			2.0
Biotechnology			1.9
Healthcare-Services			1.8
Food			1.7
Auto Manufacturers			1.5
Internet			1.5
Miscellaneous Manufacturing			1.4
Electric			1.3
Aerospace/Defense			1.3
Chemicals			1.3
Beverages			1.2
Transportation			1.2
Agriculture			0.9
Advertising			0.9
Auto Parts & Equipment			0.7
Forest Products & Paper			0.6
Electronics			0.5
Machinery-Construction & Mining			0.5
Cosmetics/Personal Care			0.4
Gas			0.3
Engineering & Construction			0.3
Household Products/Wares			0.3
Commercial Services			0.2
Oil & Gas Services			0.2
Housewares			0.2
Office/Business Equipment			0.2
Machinery-Diversified			0.2
Money Market Fund Plus Other Assets Less Liabilities			1.6


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
JPMorgan Chase & Co., 3.875%, 09/10/2024			1.4
Morgan Stanley, Series F, GMTN, 3.875%, 04/29/2024			1.4
Goldman Sachs Group, Inc. (The), GMTN, 4.000%, 03/03/2024			1.3
Morgan Stanley, GMTN, 3.700%, 10/23/2024			1.3
Credit Suisse AG, MTN, 3.625%, 09/09/2024			1.3
Bank of America Corp., MTN, 4.200%, 08/26/2024			1.3
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625%, 01/15/2024			1.2
Apple, Inc., 3.450%, 05/06/2024			1.2
Bank of America Corp., MTN, 4.125%, 01/22/2024			1.2
Verizon Communications, Inc., 3.500%, 11/01/2024			1.1
Total			12.7

*	Excluding money market fund holdings.


		23

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2024 Index		(1.10	)%		3.87	%		12.08	%		3.59	%		14.96	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			2.97			12.25
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.01			8.17
Fund
NAV Return		(1.13	)		3.73			11.60			3.35			13.91
Market Price Return		(1.32	)		3.68			11.45			3.39			14.10

Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		24


BSCP		Manager’s Analysis
BSCP		Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

As an index fund, the Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2025 Index (the “2025 Index” or the “Index”). The 2025 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2025. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2025 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2025 and will terminate on or about December 31, 2025. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2025 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.50%. On a net asset value (“NAV”) basis, the Fund returned 1.19%. During the same time period, the Index returned 1.18%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the consumer non-cyclical sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the consumer non-cyclical and energy sectors.

For the fiscal period ended August 31, 2018, the banking sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical sector, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Allergan Funding SCS, 3.80% coupon, due 03/15/2025, a pharmaceuticals company (portfolio average weight of 1.72%), and Baxalta, Inc., 4.00% coupon, due 06/23/2025, a biotechnology company (portfolio average weight of 0.68%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Credit Co. LLC, 4.134% coupon, due 08/04/2025, an automobiles manufacturers company (portfolio average weight of 0.64%), and Synchrony Financial, 4.50% coupon, due 07/23/2025, a diversified financial services company (portfolio average weight of 0.48%).


		25

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			23.3
Pharmaceuticals			8.6
Pipelines			6.1
Oil & Gas			5.6
Software			4.6
Media			4.5
Healthcare-Products			4.0
Telecommunications			3.7
Diversified Financial Services			3.5
Biotechnology			3.5
Computers			2.9
REITs			2.9
Semiconductors			2.5
Healthcare-Services			2.3
Retail			2.1
Electric			2.1
Insurance			1.8
Food			1.8
Beverages			1.5
Agriculture			1.4
Auto Manufacturers			1.3
Transportation			1.2
Commercial Services			0.9
Oil & Gas Services			0.9
Internet			0.8
Chemicals			0.7
Auto Parts & Equipment			0.5
Environmental Control			0.5
Water			0.5
Aerospace/Defense			0.4
Metal Fabricate/Hardware			0.4
Mining			0.4
Building Materials			0.4
Real Estate			0.3
Cosmetics/Personal Care			0.3
Electrical Components & Equipment			0.2
Iron/Steel			0.1
Private Equity			0.1
Miscellaneous Manufacturing			0.1
Money Market Fund Plus Other Assets Less Liabilities			1.3


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 07/23/2025			2.0
AT&T, Inc., 3.400%, 05/15/2025			2.0
Allergan Funding SCS, 3.800%, 03/15/2025			1.9
AbbVie, Inc., 3.600%, 05/14/2025			1.8
Medtronic, Inc., 3.500%, 03/15/2025			1.7
Visa, Inc., 3.150%, 12/14/2025			1.5
Microsoft Corp., 3.125%, 11/03/2025			1.3
Shell International Finance BV, 3.250%, 05/11/2025			1.2
CVS Health Corp., 3.875%, 07/20/2025			1.2
Bank of America Corp., MTN, 3.875%, 08/01/2025			1.2
Total			15.8

*	Excluding money market fund holdings.


		26

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2025 Index		(1.37	)%		3.20	%		9.55	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.22			9.63
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.51			4.45
Fund
NAV Return		(1.47	)		2.83			8.43
Market Price Return		(1.47	)		2.95			8.79

Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		27


BSCQ		Manager’s Analysis
BSCQ		Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

As an index fund, the Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2026 Index (the “2026 Index” or the “Index”). The 2026 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2026. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2026 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2026 and will terminate on or about December 31, 2026. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2026 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.34%. On a net asset value (“NAV”) basis, the Fund returned 1.13%. During the same time period, the Index returned 1.09%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the banking sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the consumer non-cyclical sector and banking sectors.

For the fiscal period ended August 31, 2018, consumer non-cyclical sector and banking sector contributed significantly to the Fund’s return. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included HCA, Inc., 5.25% coupon, due 06/15/2026, a healthcare services company (portfolio average weight of 0.87%), and Cooperatieve Rabobank UA (Netherlands), 3.75% coupon, due 07/21/2026, a banks company (portfolio average weight of 0.98%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Credit Co. LLC, GMTN, 4.389% coupon, due 01/08/2026, an auto manufacturers company (portfolio average weight of 0.74%), and Synchrony Financial, 3.70% coupon, due 08/04/2026, a diversified financial services company (portfolio average weight of 0.39%).


		28

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			28.3
Pharmaceuticals			5.8
Beverages			5.4
Oil & Gas			5.2
Pipelines			5.1
REITs			4.6
Electric			3.8
Insurance			3.3
Retail			3.0
Media			2.8
Software			2.8
Telecommunications			2.7
Computers			2.4
Food			2.4
Auto Manufacturers			2.0
Healthcare-Products			1.7
Diversified Financial Services			1.6
Aerospace/Defense			1.6
Biotechnology			1.5
Healthcare-Services			1.2
Commercial Services			1.1
Electronics			1.1
Internet			1.0
Building Materials			1.0
Semiconductors			1.0
Transportation			0.9
Agriculture			0.9
Cosmetics/Personal Care			0.7
Housewares			0.6
Miscellaneous Manufacturing			0.5
Apparel			0.5
Forest Products & Paper			0.4
Chemicals			0.4
Machinery-Diversified			0.4
Advertising			0.3
Lodging			0.3
Gas			0.3
Real Estate			0.2
Money Market Fund Plus Other Assets Less Liabilities			1.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Anheuser-Busch InBev Finance, Inc., 3.650%, 02/01/2026			3.5
HSBC Holdings PLC, 4.300%, 03/08/2026			1.5
Apple, Inc., 3.250%, 02/23/2026			1.3
Gilead Sciences, Inc., 3.650%, 03/01/2026			1.3
Wells Fargo & Co., 3.000%, 04/22/2026			1.2
Wells Fargo & Co., 3.000%, 10/23/2026			1.2
Microsoft Corp., 2.400%, 08/08/2026			1.2
Johnson & Johnson, 2.450%, 03/01/2026			1.2
Morgan Stanley, MTN, 4.350%, 09/08/2026			1.1
Wells Fargo & Co., MTN, 4.100%, 06/03/2026			1.1
Total			14.6

*	Excluding money market fund holdings.


		29

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2026 Index		(1.84	)%		0.17	%		0.33	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		1.20			2.36
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		0.02			0.04
Fund
NAV Return		(1.95	)		0.16			0.32
Market Price Return		(1.80	)		0.24			0.46

Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes returns are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		30


BSCR		Manager’s Analysis
BSCR		Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

As an index fund, the Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD Corporate Bond 2027 Index (the “2027 Index” or the “Index”). The 2027 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2027. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the 2027 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2027 and will terminate on or about December 31, 2027. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the 2027 Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.37%. On a net asset value (“NAV”) basis, the Fund returned 1.16%. During the same time period, the Index returned 1.07%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approached employed by the portfolio management team.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the electric sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the banking sector as well as the consumer non-cyclical sector.

For the fiscal period ended August 31, 2018, the banking, consumer non-cyclical, and communications sectors were the primary contributors to the Fund’s return. There were no sectors that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included HCA, Inc., 4.50% coupon, due 12/15/2027, a healthcare services company (portfolio average weight of 0.84%), and Wells Fargo & Co., GMTN, 4.30% coupon, due 07/22/2027, a banks company (portfolio average weight of 1.73%). Positions that detracted most significantly from the Fund’s return during this period included Cimarex Energy Co., 3.90% coupon, due 05/15/2027, an oil & gas company (portfolio average weight of 0.83%), and CBS Corp., 2.90% coupon, due 01/15/2027, a media company (portfolio average weight of 0.12%).


		31

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			21.9
Semiconductors			6.2
Oil & Gas			6.0
Diversified Financial Services			5.2
REITs			5.2
Telecommunications			4.6
Computers			4.5
Electric			4.5
Pharmaceuticals			4.4
Pipelines			3.8
Retail			3.8
Media			3.6
Food			2.9
Healthcare-Services			2.7
Healthcare-Products			2.6
Software			2.3
Aerospace/Defense			2.3
Auto Manufacturers			1.9
Transportation			1.5
Insurance			1.4
Chemicals			1.1
Forest Products & Paper			1.1
Electronics			0.8
Textiles			0.8
Gas			0.8
Cosmetics/Personal Care			0.7
Internet			0.7
Biotechnology			0.7
Beverages			0.4
Auto Parts & Equipment			0.4
Money Market Fund Plus Other Assets Less Liabilities			1.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 01/15/2027			3.6
Citigroup, Inc., 4.450%, 09/29/2027			2.3
Microsoft Corp., 3.300%, 02/06/2027			2.3
Telefonica Emisiones Sau, 4.103%, 03/08/2027			1.9
Verizon Communications, Inc., 4.125%, 03/16/2027			1.6
Wells Fargo & Co., GMTN, 4.300%, 07/22/2027			1.6
Apple, Inc., 3.350%, 02/09/2027			1.5
American Express Credit Corp., MTN, 3.300%, 05/03/2027			1.5
Goldman Sachs Group, Inc. (The), 3.850%, 01/26/2027			1.5
Morgan Stanley, GMTN, 3.950%, 04/23/2027			1.5
Total			19.3

*	Excluding money market fund holdings.


		32

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2027 Index		(1.22	)%
Bloomberg Barclays U.S. Corporate Index		(0.61	)
Bloomberg Barclays U.S. Aggregate Bond Index		(0.50	)
Fund
NAV Return		(1.64	)
Market Price Return		(1.49	)

Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

Notes

Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		33


BSCS		Manager’s Analysis
BSCS		Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

As an index fund, the Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2028 Index (the “Index”). The Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated investment-grade corporate bonds with effective maturities in the year 2028. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2028 and will terminate on or about December 31, 2028. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (August 9, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.30%. On a net asset value (“NAV”) basis, the Fund returned 0.35%. During the same time period, the Index returned 0.40%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 0.39%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the consumer non-cyclical sector and most underweight in the banking sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the consumer cyclical sector as well as underweight in the information technology sector.

For the fiscal period ended August 31, 2018, the consumer non-cyclical sector contributed most significantly to the Fund’s return, followed by the banking and communications sectors, respectively. The natural gas sector detracted slightly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Mizuho Financial Group, Inc. (Japan), 4.018% coupon, due 03/05/2028, a banks company (portfolio average weight of 3.41%), and Citigroup, Inc., 4.125% coupon, due 07/25/2028, a banks company (portfolio average weight of 3.24%). Positions that detracted most significantly from the Fund’s return during this period included Ford Motor Co., 6.625% coupon, due 10/01/2028, an automobile manufacturers company (portfolio average weight of 1.87%), and Vodafone Group PLC (United Kingdom) 4.375% coupon, due 05/30/2028, a telecommunications company (portfolio average weight of 3.35%).


		34

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			16.3
Pharmaceuticals			9.4
Pipelines			8.3
Media			7.9
Transportation			5.0
Aerospace/Defense			4.9
Retail			4.9
Beverages			3.3
Telecommunications			3.3
Oil & Gas			3.3
Food			3.3
Electric			3.2
Diversified Financial Services			3.2
REITs			3.2
Auto Manufacturers			1.8
Environmental Control			1.7
Cosmetics/Personal Care			1.7
Chemicals			1.7
Software			1.7
Healthcare-Products			1.7
Insurance			1.7
Healthcare-Services			1.6
Biotechnology			1.6
Internet			1.6
Semiconductors			1.5
Money Market Fund Plus Other Assets Less Liabilities			2.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CVS Health Corp., 4.300%, 03/25/2028			4.1
Union Pacific Corp., 3.950%, 09/10/2028			3.4
Mizuho Financial Group, Inc., 4.018%, 03/05/2028			3.3
Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028			3.3
Vodafone Group PLC, 4.375%, 05/30/2028			3.3
Lloyds Banking Group PLC, 4.375%, 03/22/2028			3.3
Citigroup, Inc., 4.125%, 07/25/2028			3.2
Barclays PLC, 4.836%, 05/09/2028			3.2
Pharmacia LLC, 6.600%, 12/01/2028			2.0
Ford Motor Co., 6.625%, 10/01/2028			1.8
Total			30.9

*	Excluding money market fund holdings.

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2028 Index		0.40	%
Bloomberg Barclays U.S. Corporate Index		0.39
Fund
NAV Return		0.35
Market Price Return		0.30


		35

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

Fund Inception: August 9, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		36


BSJI		Manager’s Analysis
BSJI		Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)

As an index fund, the Invesco BulletShares 2018 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2018 Index (the “High Yield 2018 Index” or the “Index”). The High Yield 2018 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2018. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2018 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2018 and will terminate on or about December 31, 2018. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 0.67%. On a net asset value (“NAV”) basis, the Fund returned 0.75%. During the same time period, the Index returned 0.84%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred and trading costs associated with portfolio rebalances during the period, partially offset by beneficial impacts from the portfolio sampling employed by the Fund.

approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in cash holdings and underweight in the consumer non-cyclical sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s cash holdings as well as the Fund’s portfolio having a significantly shorter duration compared to the Benchmark Index.

For the fiscal period ended August 31, 2018, the Fund’s cash component contributed most significantly to the Fund’s return, followed by the communications sector. There were no sectors which detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included US Treasury Bills maturing December 20, 2018, a US Government issued security (portfolio average weight of 50.81%), and APX Group, Inc., 7.875% coupon, due 12/01/2022, a commercial services company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return during this period included Jaguar Land Rover Automotive PLC (United Kingdom), 5.625% coupon, due 02/01/2023, an auto manufacturers company (portfolio average weight of 1.06%), and Seven Generations Energy, Inc., 9.50% coupon, due 10/15/2018, a power generation company (no longer held at fiscal period-end).


		37

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
U.S. Treasury Securities			71.8
Telecommunications			7.3
Media			5.5
Diversified Financial Services			3.6
Auto Manufacturers			3.4
Commercial Services			2.9
REITs			1.2
Iron/Steel			0.8
Packaging & Containers			0.7
Home Builders			0.5
Advertising			0.4
Environmental Control			0.0
Money Market Funds Plus Other Assets Less Liabilities			1.9


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
U.S. Treasury Bill, 2.067%, 12/20/2018			59.5
U.S. Treasury Bill, 2.010%, 12/20/2018			7.3
Sprint Communications, Inc., 9.000%, 11/15/2018			3.3
U.S. Treasury Bill, 2.057%, 12/20/2018			3.2
APX Group, Inc., 7.875%, 12/01/2022			2.9
Jaguar Land Rover Automotive PLC, 4.125%, 12/15/2018			2.3
CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 01/15/2024			2.2
Frontier Communications Corp., 8.125%, 10/01/2018			1.9
U.S. Treasury Bill, 2.047%, 12/20/2018			1.8
TEGNA, Inc., 6.375%, 10/15/2023			1.4
Total			85.8

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2018 Index		2.79	%		4.81	%		15.13	%		4.11	%		22.28	%		5.39	%		39.54	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			5.63			31.50			6.33			47.67
Fund
NAV Return		2.60			4.09			12.78			3.51			18.83			4.59			32.94
Market Price Return		2.80			3.99			12.45			3.39			18.17			4.55			32.67


		38

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI) (continued)

Guggenheim BulletShares 2018 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: April 25, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		39


BSJJ		Manager’s Analysis
BSJJ		Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)

As an index fund, the Invesco BulletShares 2019 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2019 Index (the “High Yield 2019 Index” or the “Index”). The High Yield 2019 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2019. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2019 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2019 and will terminate on or about December 31, 2019. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.33%. On a net asset value (“NAV”) basis, the Fund returned 1.16%. During the same time period, the Index returned 1.33%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred and trading costs associated with portfolio rebalances during the period, partially offset by beneficial impacts from the portfolio sampling employed by the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the energy sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumer non-cyclical and communications sectors.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the consumer cyclical and capital goods sectors, respectively. There were no sectors which detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% coupon, due 05/15/2023, a commercial services company (portfolio average weight of 3.92%), and Sirius XM Radio, Inc., 6.00% coupon, due 07/15/2023, a media company (portfolio average weight of 2.05%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf, Inc., 8.50% coupon, due 04/15/2024, a hardware company (no longer held at fiscal period-end), and Dana, Inc., 5.50% coupon, due 12/15/2024, an auto parts & equipment company (portfolio average weight of 0.34%).


		40

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Telecommunications			10.2
Media			9.0
Diversified Financial Services			7.0
Commercial Services			6.8
Electric			5.0
Healthcare-Services			4.6
Computers			4.4
Oil & Gas			4.0
Software			3.8
REITs			3.5
Home Builders			3.4
Chemicals			3.1
Entertainment			3.0
Mining			2.2
Retail			2.2
Lodging			2.0
Pipelines			1.9
Auto Manufacturers			1.6
Metal Fabricate/Hardware			1.6
Semiconductors			1.5
Airlines			1.5
Food			1.5
Pharmaceuticals			1.4
Iron/Steel			1.1
Healthcare-Products			1.1
Engineering & Construction			1.0
Machinery-Diversified			0.9
Building Materials			0.7
Internet			0.6
Oil & Gas Services			0.6
Miscellaneous Manufacturing			0.6
Real Estate			0.5
Banks			0.5
Gas			0.4
Holding Companies-Diversified			0.4
Auto Parts & Equipment			0.4
Packaging & Containers			0.4
Household Products/Wares			0.3
Insurance			0.1
Coal			0.0
Advertising			0.0
Investment Companies			0.0
Money Market Funds Plus Other Assets Less Liabilities			5.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/2023			3.9
CSC Holdings LLC, 10.125%, 01/15/2023			3.6
Solera LLC/Solera Finance, Inc., 10.500%, 03/01/2024			3.0
Scientific Games International, Inc., 10.000%, 12/01/2022			2.8
Sprint Capital Corp., 6.900%, 05/01/2019			2.3
Vistra Energy Corp., 7.375%, 11/01/2022			2.1
Sirius XM Radio, Inc., 6.000%, 07/15/2024			2.0
Dell International LLC/EMC Corp., 7.125%, 06/15/2024			2.0
T-Mobile USA, Inc., 6.375%, 03/01/2025			1.9
Centene Corp., 5.625%, 02/15/2021			1.9
Total			25.5

*	Excluding money market fund holdings.


		41

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2019 Index		3.47	%		5.35	%		16.94	%		3.26	%		17.15	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			5.42			29.77
Fund
NAV Return		2.95			4.91			15.46			3.92			20.89
Market Price Return		2.62			5.03			15.87			3.92			20.90

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 24, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		42


BSJK		Manager’s Analysis
BSJK		Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)

As an index fund, the Invesco BulletShares 2020 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”). The High Yield 2020 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2020. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2020 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2020 and will terminate on or about December 31, 2020. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 1.81%. On a net asset value (“NAV”) basis, the Fund returned 1.60%. During the same time period, the Index returned 1.83%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 2.25%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected

for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the basic industry sector and most underweight in the energy sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumer non-cyclical sector.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the basic industry and consumer cyclical sectors, respectively. The industrial sector was the only detracting sector during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included CSC Holdings LLC, 10.875% coupon, due 10/15/2025, a media company (portfolio average weight of 2.10%), and APX Group, Inc., 8.75% coupon, due 12/01/2020, a commercial services company (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return during this period included Chobani LLC/Chobani Finance Corp., Inc., 7.50% coupon, due 04/15/2025, a food company (portfolio average weight of 0.31%), and Bombardier, Inc. (Canada), 7.50% coupon, due 03/15/2025, an aerospace/defense company (portfolio average weight of 0.91%).


		43

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Media			10.6
Telecommunications			8.8
Chemicals			8.0
Diversified Financial Services			8.0
Oil & Gas			7.8
Packaging & Containers			5.4
Commercial Services			4.1
Pipelines			3.5
Aerospace/Defense			3.3
Computers			3.2
Healthcare-Services			3.1
Mining			2.6
Pharmaceuticals			2.4
Software			2.2
Auto Manufacturers			2.1
Healthcare-Products			2.0
Venture Capital			2.0
Retail			1.7
Home Builders			1.7
Lodging			1.6
Entertainment			1.6
Machinery-Construction & Mining			1.3
Iron/Steel			1.2
Food			1.1
Insurance			1.1
Airlines			1.0
Transportation			0.9
Electric			0.7
Banks			0.5
Cosmetics/Personal Care			0.4
Building Materials			0.4
REITs			0.4
Oil & Gas Services			0.4
Housewares			0.3
Auto Parts & Equipment			0.3
Energy-Alternate Sources			0.3
Electrical Components & Equipment			0.3
Machinery-Diversified			0.3
Advertising			0.2
Forest Products & Paper			0.1
Food Service			0.0
Agriculture			0.0
Apparel			0.0
Household Products/Wares			0.0
Internet			0.0
Miscellaneous Manufacturing			0.0
Money Market Funds Plus Other Assets Less Liabilities			3.1


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.750%, 10/15/2020			3.7
Intelsat Jackson Holdings SA, 7.250%, 10/15/2020			2.5
Bausch Health Cos., Inc., 7.000%, 03/15/2024			2.4
EMC Corp., 2.650%, 06/01/2020			2.3
Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 03/15/2020			2.3
Citgo Holding, Inc., 10.750%, 02/15/2020			2.2
CSC Holdings LLC, 10.875%, 10/15/2025			2.2
Tenet Healthcare Corp., 6.000%, 10/01/2020			2.1
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/2020			2.0
Sprint Communications, Inc., 7.000%, 08/15/2020			1.9
Total			23.6

*	Excluding money market fund holdings.


		44

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2020 Index		3.79	%		5.75	%		18.25	%		4.04	%		21.56	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			5.42			29.77
Fund
NAV Return		3.05			5.10			16.08			4.25			22.77
Market Price Return		2.80			5.13			16.19			4.25			22.81

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 24, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		45


BSJL		Manager’s Analysis
BSJL		Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)

As an index fund, the Invesco BulletShares 2021 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2021 Index (the “High Yield 2021 Index” or the “Index”). The High Yield 2021 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2021. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2021 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2021 and will terminate on or about December 31, 2021. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 2.18%. On a net asset value (“NAV”) basis, the Fund returned 1.85%. During the same time period, the Index returned 1.89%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the basic industry sector and most underweight in the capital goods sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s shorter duration in addition to being underweight in the energy sector.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and information technology sectors, respectively. The industrial sector was the only detracting sector during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Dish DBS Corp., 6.75% coupon, due 06/01/2021, a media company (portfolio average weight of 2.07%), and T-Mobile USA, Inc., 6.50% coupon, due 01/15/2026, a telecommunications company (portfolio average weight of 2.12%). Positions that detracted most significantly from the Fund’s return during this period included Harland Clarke Holdings Corp., 9.25% coupon, due 03/01/2021, a computers company (portfolio average weight of 0.77%), and Weatherford Bermuda, 7.75% coupon, due 06/15/2021, an oil & gas services company.


		46

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Telecommunications			11.1
Oil & Gas			7.8
Media			6.3
Healthcare-Services			6.1
Diversified Financial Services			5.8
Software			4.3
Electric			3.9
Retail			3.8
Commercial Services			3.7
Lodging			3.2
REITs			3.1
Chemicals			3.0
Food			2.9
Home Builders			2.9
Mining			2.8
Pharmaceuticals			2.5
Oil & Gas Services			2.5
Aerospace/Defense			1.8
Pipelines			1.7
Insurance			1.6
Healthcare-Products			1.4
Computers			1.4
Environmental Control			1.3
Cosmetics/Personal Care			1.1
Iron/Steel			1.0
Agriculture			0.9
Semiconductors			0.8
Machinery-Diversified			0.7
Entertainment			0.7
Coal			0.6
Real Estate			0.5
Internet			0.5
Electrical Components & Equipment			0.5
Airlines			0.5
Packaging & Containers			0.5
Household Products/Wares			0.4
Energy-Alternate Sources			0.4
Gas			0.4
Apparel			0.4
Building Materials			0.4
Advertising			0.4
Metal Fabricate/Hardware			0.3
Auto Parts & Equipment			0.2
Housewares			0.2
Forest Products & Paper			0.2
Money Market Funds Plus Other Assets Less Liabilities			3.5


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Sprint Corp., 7.250%, 09/15/2021			2.3
T-Mobile USA, Inc., 6.500%, 01/15/2026			2.1
DISH DBS Corp., 6.750%, 06/01/2021			2.1
Blackstone Cqp Holdco LP, 6.500%, 03/20/2021			1.9
BMC Software Finance, Inc., 8.125%, 07/15/2021			1.7
Bausch Health Cos., Inc., 7.500%, 07/15/2021			1.6
Whiting Petroleum Corp., 5.750%, 03/15/2021			1.6
Bombardier, Inc., 8.750%, 12/01/2021			1.4
Momentive Performance Materials, Inc., 3.880%, 10/24/2021			1.3
CenturyLink, Inc., Series S, 6.450%, 06/15/2021			1.2
Total			17.2

*	Excluding money market fund holdings.


		47

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2021 Index		4.51	%		6.51	%		20.83	%		3.92	%		16.43	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			4.78			20.27
Fund
NAV Return		3.78			6.03			19.20			4.74			20.10
Market Price Return		3.58			6.14			19.57			4.65			19.67

Guggenheim BulletShares 2021 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		48


BSJM		Manager’s Analysis
BSJM		Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

As an index fund, the Invesco BulletShares 2022 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2022 Index (the “High Yield 2022 Index” or the “Index”). The High Yield 2022 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2022. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2022 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2022 and will terminate on or about December 31, 2022. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 2.00%. On a net asset value (“NAV”) basis, the Fund returned 1.67%. During the same time period, the Index returned 1.89%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the communications sector and most underweight in the information technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the consumer cyclical and energy sectors as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and energy sectors, respectively. The industrial sector was the only detracting sector during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included FTS International, Inc., 6.25% coupon, due 05/01/2022, an oil & gas services company (portfolio average weight of 0.34%), and Altice France SA, 6.00% coupon, due 05/15/2022, a cable & satellite company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return during this period included American Tire Distributors, Inc., 10.25% coupon, due 03/01/2022, a distribution/wholesale company (no longer held at fiscal period-end) and Ultra Resources, Inc., 6.875% coupon, due 04/15/2022, an exploration & production company (no longer held at fiscal period-end).


		49

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Oil & Gas			12.1
Media			10.8
Telecommunications			8.5
Healthcare-Services			7.5
Commercial Services			5.3
Diversified Financial Services			4.8
Aerospace/Defense			3.1
Retail			3.1
Home Builders			2.7
Packaging & Containers			2.7
Mining			2.6
Entertainment			2.2
REITs			2.1
Pipelines			2.1
Healthcare-Products			2.0
Chemicals			2.0
Oil & Gas Services			1.8
Internet			1.8
Lodging			1.8
Electric			1.7
Private Equity			1.7
Pharmaceuticals			1.5
Software			1.3
Miscellaneous Manufacturing			1.3
Transportation			1.2
Building Materials			1.1
Computers			1.0
Food			0.9
Banks			0.8
Cosmetics/Personal Care			0.8
Trucking & Leasing			0.5
Advertising			0.5
Environmental Control			0.5
Leisure Time			0.4
Auto Parts & Equipment			0.4
Semiconductors			0.3
Beverages			0.3
Distribution/Wholesale			0.3
Engineering & Construction			0.3
Coal			0.3
Forest Products & Paper			0.3
Insurance			0.2
Metal Fabricate/Hardware			0.2
Money Market Funds Plus Other Assets Less Liabilities			3.2


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Tenet Healthcare Corp., 8.125%, 04/01/2022			2.2
Altice Luxembourg SA, 7.750%, 05/15/2022			2.0
Sprint Communications, Inc., 6.000%, 11/15/2022			1.8
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022			1.7
Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/2022			1.7
Freeport-McMoRan, Inc., 3.550%, 03/01/2022			1.7
HCA, Inc., 7.500%, 02/15/2022			1.6
Frontier Communications Corp., 10.500%, 09/15/2022			1.5
California Resources Corp., 8.000%, 12/15/2022			1.4
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 04/01/2022			1.3
Total			16.9

*	Excluding money market fund holdings.


		50

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2022 Index		3.49	%		7.05	%		22.68	%		4.82	%		20.47	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			4.78			20.27
Fund
NAV Return		2.71			6.16			19.63			4.71			19.96
Market Price Return		2.58			6.22			19.85			4.67			19.79

Guggenheim BulletShares 2022 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		51


BSJN		Manager’s Analysis
BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

As an index fund, the Invesco BulletShares 2023 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index (the “High Yield 2023 Index” or the “Index”). The High Yield 2023 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2023. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2023 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2023 and will terminate on or about December 31, 2023. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 2.65%. On a net asset value (“NAV”) basis, the Fund returned 2.21%. During the same time period, the Index returned 2.27%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the consumer non-cyclical sector and most underweight in the energy sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the consumer cyclical sector as well as fees and operating expenses that the Fund incurred.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the consumer non-cyclical and energy sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Petsmart, Inc., 7.125% coupon, due 03/15/2023, a retail consumer discretionary company (no longer held at fiscal period-end), and Sprint Corp., 7.878% coupon, due 09/15/2023, a telecommunications company (portfolio average weight of 4.08%). Positions that detracted most significantly from the Fund’s return during this period included Rite Aid Corp., 6.125% coupon, due 04/01/2023, a retail company (portfolio average weight of 1.72%), and Weatherford International, Inc., 8.25% coupon, due 06/15/2023, an oil & gas services company.


		52

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Media			10.4
Telecommunications			7.5
Healthcare-Services			7.0
Oil & Gas			6.7
Software			5.9
Packaging & Containers			5.9
Retail			4.9
Pharmaceuticals			4.4
Mining			3.4
Commercial Services			3.3
Pipelines			2.7
Electric			2.6
Diversified Financial Services			2.3
REITs			1.9
Lodging			1.8
Leisure Time			1.8
Auto Manufacturers			1.6
Computers			1.6
Chemicals			1.6
Home Builders			1.4
Building Materials			1.4
Internet			1.3
Transportation			1.2
Entertainment			1.2
Healthcare-Products			1.2
Gas			1.1
Aerospace/Defense			1.1
Iron/Steel			1.0
Auto Parts & Equipment			0.9
Household Products/Wares			0.9
Oil & Gas Services			0.9
Food			0.8
Distribution/Wholesale			0.7
Insurance			0.6
Real Estate			0.6
Biotechnology			0.5
Home Furnishings			0.5
Banks			0.5
Cosmetics/Personal Care			0.5
Forest Products & Paper			0.5
Advertising			0.4
Housewares			0.3
Electrical Components & Equipment			0.3
Semiconductors			0.3
Office/Business Equipment			0.2
Money Market Funds Plus Other Assets Less Liabilities			2.4


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Sprint Corp., 7.875%, 09/15/2023			4.1
Altice Financing SA, 6.625%, 02/15/2023			3.9
First Data Corp., 7.000%, 12/01/2023			2.7
Bausch Health Cos., Inc., 5.875%, 05/15/2023			2.4
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.125%, 07/15/2023			2.4
CHS/Community Health Systems, Inc., 6.250%, 03/31/2023			1.8
Tenet Healthcare Corp., 6.750%, 06/15/2023			1.7
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/2023			1.6
Rite Aid Corp., 6.125%, 04/01/2023			1.5
Freeport-McMoRan, Inc., 3.875%, 03/15/2023			1.5
Total			23.6

*	Excluding money market fund holdings.


		53

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index		3.91	%		7.79	%		24.29	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.71			24.00
Fund
NAV Return		3.58			6.92			21.41
Market Price Return		3.52			7.00			21.68

Guggenheim BulletShares 2023 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		54


BSJO		Manager’s Analysis
BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

As an index fund, the Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index (the “High Yield 2024 Index” or the “Index”). The High Yield 2024 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2024. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2024 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2024 and will terminate on or about December 31, 2024. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 2.34%. On a net asset value (“NAV”) basis, the Fund returned 2.26%. During the same time period, the Index returned 2.20%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the optimization approach employed by the portfolio management team.

comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index occurred due to the Fund’s communications and energy sector weightings.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the energy and consumer non-cyclical sectors, respectively. The information technology sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Sprint Corp., 7.125% coupon, due 16/15/2024, a telecommunications company (portfolio average weight of 2.96%), and Dish DBS Corp., 5.875% coupon, due 11/15/2024, a media company (portfolio average weight of 1.66%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf, Inc., 8.50% coupon, due 04/15/2024, a hardware company (no longer held at fiscal period-end), and Rackspace Hosting, Inc. 8.625% coupon, due 11/15/2024, a software company (portfolio average weight of 1.46%).


		55

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Media			13.3
Healthcare-Services			8.4
Software			8.2
Oil & Gas			7.2
Telecommunications			6.4
Pipelines			4.1
Packaging & Containers			4.0
REITs			3.5
Food			3.5
Retail			3.4
Chemicals			2.9
Commercial Services			2.6
Building Materials			2.4
Diversified Financial Services			2.3
Entertainment			2.0
Electric			1.8
Mining			1.8
Aerospace/Defense			1.4
Lodging			1.4
Real Estate			1.4
Metal Fabricate/Hardware			1.2
Engineering & Construction			1.1
Food Service			1.1
Home Builders			1.0
Distribution/Wholesale			1.0
Environmental Control			1.0
Apparel			0.8
Semiconductors			0.7
Machinery-Construction & Mining			0.7
Auto Parts & Equipment			0.7
Office/Business Equipment			0.6
Holding Companies-Diversified			0.6
Private Equity			0.5
Internet			0.5
Storage / Warehousing			0.5
Household Products/Wares			0.5
Machinery-Diversified			0.5
Gas			0.5
Electrical Components & Equipment			0.5
Airlines			0.5
Advertising			0.4
Insurance			0.4
Pharmaceuticals			0.4
Money Market Funds Plus Other Assets Less Liabilities			2.3


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 04/01/2024			3.0
Sprint Corp., 7.125%, 06/15/2024			3.0
First Data Corp., 5.750%, 01/15/2024			2.4
Tenet Healthcare Corp., 4.625%, 07/15/2024			2.1
MPH Acquisition Holdings LLC, 7.125%, 06/01/2024			2.0
First Data Corp., 5.000%, 01/15/2024			1.7
Dish DBS Corp., 5.875%, 11/15/2024			1.6
Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/2024			1.6
Energy Transfer Equity LP, 5.875%, 01/15/2024			1.5
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 7.250%, 05/15/2024			1.5
Total			20.4

*	Excluding money market fund holdings.


		56

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index		2.17	%		5.85	%		11.79	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			6.39			12.91
Fund
NAV Return		1.93			4.67			9.36
Market Price Return		1.81			4.79			9.61

Guggenheim BulletShares 2024 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		57


BSJP		Manager’s Analysis
BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

As an index fund, the Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index (the “High Yield 2025 Index” or the “Index”). The High Yield 2025 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (which also may be known as “junk bonds”) with effective maturities in the year 2025. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the High Yield 2025 Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2025 and will terminate on or about December 31, 2025. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. There are no minimum credit rating requirements for securities that the Fund may purchase; however, the Fund will not purchase securities that are in default. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned 2.76%. On a net asset value (“NAV”) basis, the Fund returned 3.02%. During the same time period, the Index returned 2.63%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.

Relative to the Benchmark Index, the Fund was most overweight in the consumer non-cyclical sector and most underweight in the communications sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the consumer non-cyclical and consumer cyclical sectors.

For the fiscal period ended August 31, 2018, the consumer non-cyclical sector contributed most significantly to the Fund’s return, followed by the communications sector. No sectors detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Endo Dac/Endo Finance LLC/End Finco, Inc., 6.00% coupon, due 02/01/2025, a pharmaceuticals company (portfolio average weight of 2.28%), and Petsmart, Inc., 5.875% coupon, due 06/01/2025, a retail company (portfolio average weight of 0.96%). Positions that detracted most significantly from the Fund’s return during this period included Ultra Resources, Inc., 7.125% coupon, due 04/15/2025, an oil & gas company (no longer held at fiscal period-end), and Garda World Security Corp. (Canada), 8.75% coupon, due 05/15/2025, a commercial services company (portfolio average weight of 0.66%).


		58

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Oil & Gas			11.5
Telecommunications			9.0
Healthcare-Services			7.0
Media			6.5
Diversified Financial Services			5.8
Commercial Services			5.3
Packaging & Containers			4.3
Pharmaceuticals			4.3
Entertainment			3.7
Pipelines			3.1
Food			2.8
Lodging			2.4
Electric			2.4
Chemicals			2.3
Retail			2.1
Mining			2.1
REITs			1.9
Engineering & Construction			1.9
Software			1.8
Agriculture			1.5
Internet			1.5
Coal			1.4
Aerospace/Defense			1.2
Auto Parts & Equipment			1.2
Insurance			1.2
Iron/Steel			1.2
Distribution/Wholesale			1.2
Beverages			1.2
Healthcare-Products			1.0
Household Products/Wares			0.9
Semiconductors			0.7
Miscellaneous Manufacturing			0.6
Office/Business Equipment			0.6
Machinery-Construction & Mining			0.6
Real Estate			0.6
Home Builders			0.6
Gas			0.6
Money Market Funds Plus Other Assets Less Liabilities			2.0


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Bausch Health Cos., Inc., 6.125%, 04/15/2025			2.7
Sprint Corp., 7.625%, 02/15/2025			2.5
HCA, Inc., 5.375%, 02/01/2025			2.5
Frontier Communications Corp., 11.000%, 09/15/2025			2.1
Southwestern Energy Co., 6.200%, 01/23/2025			2.0
Altice Luxembourg SA, 7.625%, 02/15/2025			2.0
International Game Technology PLC, 6.500%, 02/15/2025			1.9
Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/2025			1.9
Intelsat Jackson Holdings SA, 9.750%, 07/15/2025			1.9
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.000%, 02/15/2025			1.8
Total			21.3

*	Excluding money market fund holdings.


		59

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

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index		2.03	%
Bloomberg Barclays U.S. Corporate High Yield Index		2.62
Fund
NAV Return		1.67
Market Price Return		1.71

Guggenheim BulletShares 2025 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		60


BSJQ		Manager’s Analysis
BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

As an index fund, the Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index (the “Index”). The Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with effective maturities in the year 2026. The effective maturity of an eligible corporate bond is determined by its actual maturity or, in the case of callable securities, the effective maturity of the security is determined in accordance with the Index’s rules-based methodology. The actual maturity of a callable security may change because an issuer of a callable security may “call” or repay the amount owed under the security before its stated maturity.

The Fund has a designated year of maturity of 2026 and will terminate on or about December 31, 2026. In connection with such termination, the Fund will make a cash distribution to then current shareholders of its net assets after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. The Fund will invest at least 80% of its total assets in component securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal period from the Fund’s inception (August 9, 2018) through August 31, 2018, on a market price basis, the Fund returned 0.56%. On a net asset value (“NAV”) basis, the Fund returned 0.56%. During the same time period, the Index returned 0.48%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team.

During this same time period, the Bloomberg Barclays US Corporate High Yield Index (the “Benchmark Index”) returned 0.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of fixed-rate investment-grade taxable debt.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a

proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the communications sector and most underweight in the information technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the communications and energy sectors.

For the fiscal period ended August 31, 2018, the communications sector contributed most significantly to the Fund’s return, followed by the energy and consumer cyclical sectors, respectively. There were no sectors which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, Virgin Media Secured Finance PLC (United Kingdom), 5.25% coupon, due 01/15/2026, a media company (portfolio average weight of 3.87%), and Gray Television, Inc., 5.875% coupon, due 07/15/2026, a media company (portfolio average weight of 3.97%). Positions that detracted most significantly from the Fund’s return during this period included Dish DBS Corp., 7.75% coupon, due 07/01/2026, a media company (portfolio average weight of 4.59%), and Goodyear Tire & Rubber Co. (The), 5.00% coupon, due 05/31/2026, an auto parts & equipment company (portfolio average weight of 3.81%).


		61

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


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Media			31.1
Oil & Gas			8.2
Auto Parts & Equipment			5.5
Healthcare-Services			4.1
Aerospace/Defense			4.0
Software			3.9
Metal Fabricate/Hardware			3.9
Telecommunications			3.9
Apparel			3.9
Food			3.8
Electric			3.8
Machinery-Diversified			2.0
Iron/Steel			2.0
Gas			2.0
Home Builders			2.0
Healthcare-Products			2.0
Food Service			2.0
Retail			2.0
Entertainment			1.9
Home Furnishings			1.9
REITs			1.9
Lodging			1.9
Money Market Fund Plus Other Assets Less Liabilities			2.3


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
DISH DBS Corp., 7.750%, 07/01/2026			4.5
HCA, Inc., 5.875%, 02/15/2026			4.1
Ep Energy LLC / Everest Acquisition Finance, Inc., 7.750%, 05/15/2026			4.1
Transdigm, Inc., 6.375%, 06/15/2026			4.0
CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 02/15/2026			4.0
Gray Television, Inc., 5.875%, 07/15/2026			4.0
Sirius XM Radio, Inc., 5.375%, 07/15/2026			4.0
Iqvia, Inc., 5.000%, 10/15/2026			4.0
Altice France SA, 7.375%, 05/01/2026			3.9
Altice US Finance I Corp., 5.500%, 05/15/2026			3.9
Total			40.5

*	Excluding money market fund holdings.

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index		0.48	%
Bloomberg Barclays U.S. Corporate High Yield Index		0.33
Fund
NAV Return		0.56
Market Price Return		0.56

Fund Inception: August 9, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		62

Schedule of Investments

Invesco BulletShares 2018 Corporate Bond ETF (BSCI)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—61.7%
		Aerospace/Defense—0.8%
$	6,015,000	Lockheed Martin Corp.		1.850	%		11/23/2018	$	6,006,416

		Agriculture—0.5%
	3,704,000	Altria Group, Inc.		9.700			11/10/2018		3,751,075

		Auto Manufacturers—5.6%
	6,694,000	American Honda Finance Corp.		2.125			10/10/2018		6,692,637
	9,050,000	Ford Motor Credit Co. LLC		2.875			10/01/2018		9,052,896
	6,000,000	Ford Motor Credit Co. LLC		2.551			10/05/2018		5,998,626
	8,316,000	General Motors Co.		3.500			10/02/2018		8,322,229
	10,799,000	Toyota Motor Credit Corp., GMTN		2.000			10/24/2018		10,794,793

									40,861,181

		Banks—23.7%
	6,391,000	Bank of America Corp.		6.875			11/15/2018		6,446,647
	8,030,000	Bank of America NA, BKNT		2.050			12/07/2018		8,024,260
	10,707,000	Bank of Nova Scotia (The) (Canada)		2.050			10/30/2018		10,700,897
	9,508,000	BNP Paribas SA, MTN (France)		2.400			12/12/2018		9,506,700
	4,500,000	Branch Banking & Trust Co., BKNT, MTN		2.300			10/15/2018		4,499,486
	11,044,000	Citigroup, Inc.		2.500			09/26/2018		11,045,488
	10,597,000	Citigroup, Inc.		2.050			12/07/2018		10,587,318
	5,100,000	Citizens Bank NA, BKNT, MTN		2.300			12/03/2018		5,098,407
	5,780,000	Discover Bank		2.600			11/13/2018		5,780,496
	3,600,000	HSBC USA, Inc.		2.625			09/24/2018		3,600,605
	6,265,000	Huntington National Bank (The), BKNT		2.200			11/06/2018		6,263,098
	2,250,000	JPMorgan Chase Bank NA, BKNT		1.450			09/21/2018		2,249,317
	4,547,000	KeyCorp, MTN		2.300			12/13/2018		4,546,386
	2,231,000	Lloyds Bank PLC (United Kingdom)		2.300			11/27/2018		2,229,580
	3,192,000	Morgan Stanley, GMTN		2.200			12/07/2018		3,190,102
	6,025,000	MUFG Union Bank NA, BKNT		2.625			09/26/2018		6,026,499
	6,300,000	National Bank of Canada, BKNT (Canada)		2.100			12/14/2018		6,295,808
	4,710,000	PNC Bank NA, BKNT		1.800			11/05/2018		4,705,536
	4,935,000	PNC Bank NA, BKNT		1.700			12/07/2018		4,926,862
	12,447,000	Royal Bank of Canada (Canada)		2.000			10/01/2018		12,443,153
	8,890,000	Royal Bank of Canada, GMTN (Canada)		2.000			12/10/2018		8,881,589
	3,305,000	Sumitomo Mitsui Banking Corp. (Japan)		1.762			10/19/2018		3,302,830
	6,384,000	SunTrust Banks, Inc.		2.350			11/01/2018		6,383,942
	5,635,000	Toronto-Dominion Bank (The), GMTN (Canada)		1.450			09/06/2018		5,634,855
	11,868,000	Toronto-Dominion Bank (The), GMTN (Canada)		2.625			09/10/2018		11,868,454
	5,255,000	U.S. Bancorp, MTN		1.950			11/15/2018		5,251,792
	3,600,000	Wells Fargo Bank NA, MTN		1.800			11/28/2018		3,595,022

									173,085,129

		Beverages—1.1%
	7,117,000	Coca-Cola Co. (The)		1.650			11/01/2018		7,106,704
	798,000	Coca-Cola Femsa SAB de CV (Mexico)		2.375			11/26/2018		796,577

									7,903,281

		Biotechnology—0.8%
	5,986,000	Gilead Sciences, Inc.		1.850			09/04/2018		5,986,000

		Computers—2.0%
	11,050,000	International Business Machines Corp.		7.625			10/15/2018		11,114,881
	3,590,000	Seagate HDD Cayman		3.750			11/15/2018		3,599,085

									14,713,966

		Cosmetics/Personal Care—0.8%
	6,053,000	Procter & Gamble Co. (The)		1.600			11/15/2018		6,044,905

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


		63

Invesco BulletShares 2018 Corporate Bond ETF (BSCI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services—2.5%
$	3,128,000	Air Lease Corp.		2.625	%		09/04/2018	$	3,128,000
	4,820,000	American Express Credit Corp., MTN		1.875			11/05/2018		4,816,043
	2,509,000	Associates Corp. of North America		6.950			11/01/2018		2,525,714
	3,500,000	Capital One Bank USA NA, BKNT		2.150			11/21/2018		3,498,400
	4,173,000	National Rural Utilities Cooperative Finance Corp.		10.375			11/01/2018		4,224,401

									18,192,558

		Electric—2.9%
	3,474,000	Consolidated Edison Co. of New York, Inc.		7.125			12/01/2018		3,510,418
	2,698,000	Duke Energy Carolinas LLC, Series C		7.000			11/15/2018		2,721,210
	4,842,000	Georgia Power Co.		1.950			12/01/2018		4,835,276
	2,049,000	NextEra Energy Capital Holdings, Inc.		1.649			09/01/2018		2,049,000
	4,316,000	Oncor Electric Delivery Co. LLC		6.800			09/01/2018		4,316,000
	4,056,000	Southern Co. (The)		2.450			09/01/2018		4,056,000

									21,487,904

		Hand/Machine Tools—0.8%
	5,885,000	Stanley Black & Decker, Inc.		2.451			11/17/2018		5,883,487

		Healthcare-Products—0.9%
	905,000	Abbott Laboratories		2.000			09/15/2018		904,827
	3,050,000	Danaher Corp.		1.650			09/15/2018		3,049,209
	2,795,000	Edwards Lifesciences Corp.		2.875			10/15/2018		2,796,252

									6,750,288

		Investment Companies—0.7%
	4,976,000	Ares Capital Corp.		4.875			11/30/2018		4,998,628

		Machinery-Construction & Mining—1.2%
	1,629,000	Caterpillar Financial Services Corp., MTN		7.050			10/01/2018		1,634,308
	6,939,000	Caterpillar Financial Services Corp., GMTN		1.800			11/13/2018		6,932,487

									8,566,795

		Machinery-Diversified—1.6%
	2,696,000	John Deere Capital Corp., MTN		5.750			09/10/2018		2,697,217
	4,810,000	John Deere Capital Corp., MTN		1.950			12/13/2018		4,803,991
	4,015,000	Roper Technologies, Inc.		2.050			10/01/2018		4,013,331

									11,514,539

		Media—0.6%
	4,508,000	Walt Disney Co. (The), GMTN		1.500			09/17/2018		4,506,889

		Oil & Gas—4.2%
	5,741,000	BP Capital Markets PLC (United Kingdom)		2.241			09/26/2018		5,740,586
	8,726,000	Chevron Corp.		1.790			11/16/2018		8,716,451
	8,132,000	Shell International Finance BV (Netherlands)		1.625			11/10/2018		8,118,884
	8,219,000	Shell International Finance BV (Netherlands)		2.000			11/15/2018		8,215,279

									30,791,200

		Pharmaceuticals—3.6%
	6,751,000	AbbVie, Inc.		2.000			11/06/2018		6,745,845
	6,902,000	AstraZeneca PLC (United Kingdom)		1.750			11/16/2018		6,892,342
	8,137,000	CVS Health Corp.		2.250			12/05/2018		8,131,168
	3,712,000	Johnson & Johnson		1.650			12/05/2018		3,707,063
	648,000	Pharmacia LLC		6.500			12/01/2018		654,224

									26,130,642

		Pipelines—0.7%
	2,265,000	MPLX LP		5.500			02/15/2023		2,320,367
	3,089,000	Spectra Energy Partners LP		2.950			09/25/2018		3,089,939

									5,410,306

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


		64

Invesco BulletShares 2018 Corporate Bond ETF (BSCI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail—2.3%
$	7,469,000	Home Depot, Inc. (The)		2.250	%		09/10/2018	$	7,469,240
	5,022,000	McDonald’s Corp., MTN		2.100			12/07/2018		5,018,027
	3,965,000	Walmart, Inc.		1.950			12/15/2018		3,959,100

									16,446,367

		Semiconductors—0.8%
	2,688,000	Altera Corp.		2.500			11/15/2018		2,688,743
	2,995,000	Maxim Integrated Products, Inc.		2.500			11/15/2018		2,994,433

									5,683,176

		Software—2.4%
	11,096,000	Microsoft Corp.		1.300			11/03/2018		11,076,484
	6,127,000	Microsoft Corp.		1.625			12/06/2018		6,116,173

									17,192,657

		Telecommunications—1.2%
	9,103,000	AT&T, Inc.		2.375			11/27/2018		9,098,435

		Total Corporate Bonds (Cost $451,207,058)							451,005,824

		Short—Term Investments—37.5%
		U.S. Treasury Securities—37.5%
		U.S. Treasury Bills—37.5%^(a)
	31,625,900	2.010%, 12/20/2018							31,430,382
	140,100	2.020%, 12/20/2018							139,234
	57,000,000	2.037%, 12/20/2018							56,647,613
	29,000,000	2.040%, 12/20/2018							28,820,716
	26,000,000	2.042%, 12/20/2018							25,839,262
	32,000,000	2.045%, 12/20/2018							31,802,169
	50,000,000	2.047%, 12/20/2018							49,690,889
	40,000,000	2.051%, 12/20/2018							39,752,711
	10,000,000	2.059%, 12/20/2018							9,938,178

		Total U.S. Treasury Securities (Cost $274,043,740)							274,061,154

Number of Shares
		Money Market Fund—0.2%
	1,224,033	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $1,224,033)							1,224,033

		Total Investments in Securities (Cost $726,474,831)—99.4%							726,291,011
		Other assets less liabilities—0.6%							4,035,570

		Net Assets—100.0%						$	730,326,581

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

Notes to Schedule of Investments:

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

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		65

Schedule of Investments

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.4%
		Advertising—0.1%
$	1,526,000	Omnicom Group, Inc./Omnicom Capital, Inc.		6.250	%		07/15/2019	$	1,570,218

		Aerospace/Defense—0.8%
	1,445,000	Boeing Capital Corp.		4.700			10/27/2019		1,477,658
	1,960,000	Boeing Co. (The)		6.000			03/15/2019		1,995,865
	2,817,000	Lockheed Martin Corp.		4.250			11/15/2019		2,863,723
	1,388,000	Northrop Grumman Corp.		5.050			08/01/2019		1,415,888
	1,827,000	United Technologies Corp.		1.500			11/01/2019		1,798,956

									9,552,090

		Agriculture—0.9%
	3,497,000	Altria Group, Inc.		9.250			08/06/2019		3,700,178
	2,182,000	Philip Morris International, Inc.		1.875			01/15/2019		2,176,327
	1,905,000	Philip Morris International, Inc.		1.625			02/21/2019		1,897,885
	1,154,000	Philip Morris International, Inc.		1.375			02/25/2019		1,147,650
	2,074,000	Reynolds American, Inc. (United Kingdom)		8.125			06/23/2019		2,159,713

									11,081,753

		Auto Manufacturers—5.4%
	2,515,000	American Honda Finance Corp., MTN		1.700			02/22/2019		2,505,413
	3,401,000	American Honda Finance Corp., MTN		1.200			07/12/2019		3,364,291
	3,139,000	American Honda Finance Corp., MTN		2.250			08/15/2019		3,127,400
	3,650,000	Ford Motor Credit Co. LLC, GMTN		2.943			01/08/2019		3,649,325
	3,850,000	Ford Motor Credit Co. LLC		2.375			03/12/2019		3,835,976
	2,500,000	Ford Motor Credit Co. LLC		2.262			03/28/2019		2,487,920
	3,700,000	Ford Motor Credit Co. LLC		2.021			05/03/2019		3,674,142
	2,500,000	Ford Motor Credit Co. LLC		1.897			08/12/2019		2,469,191
	3,650,000	Ford Motor Credit Co. LLC		2.597			11/04/2019		3,616,059
	4,568,000	General Motors Financial Co., Inc.		3.100			01/15/2019		4,573,344
	4,812,000	General Motors Financial Co., Inc.		2.400			05/09/2019		4,798,130
	2,371,000	General Motors Financial Co., Inc.		3.500			07/10/2019		2,384,141
	2,194,000	General Motors Financial Co., Inc.		2.350			10/04/2019		2,181,405
	1,581,000	PACCAR Financial Corp., MTN		1.300			05/10/2019		1,570,430
	2,291,000	Toyota Motor Credit Corp., MTN		1.700			01/09/2019		2,285,218
	3,236,000	Toyota Motor Credit Corp., MTN		2.100			01/17/2019		3,231,314
	3,541,000	Toyota Motor Credit Corp., GMTN		1.700			02/19/2019		3,527,706
	3,251,000	Toyota Motor Credit Corp., MTN		1.400			05/20/2019		3,224,717
	3,688,000	Toyota Motor Credit Corp., MTN		2.125			07/18/2019		3,674,175
	3,151,000	Toyota Motor Credit Corp., MTN		1.550			10/18/2019		3,111,622

									63,291,919

		Banks—36.8%
	1,900,000	Bank of America Corp.		5.490			03/15/2019		1,925,696
	8,040,000	Bank of America Corp.		7.625			06/01/2019		8,322,809
	10,812,000	Bank of America Corp., Series L, GMTN		2.600			01/15/2019		10,813,815
	7,250,000	Bank of America Corp., Series L, GMTN		2.650			04/01/2019		7,253,518
	3,688,000	Bank of Montreal, MTN (Canada)		2.375			01/25/2019		3,685,644
	5,390,000	Bank of Montreal, MTN (Canada)		1.500			07/18/2019		5,336,113
	2,974,000	Bank of Montreal, MTN (Canada)		2.100			12/12/2019		2,949,675
	3,244,000	Bank of New York Mellon Corp. (The), MTN		2.100			01/15/2019		3,240,657
	1,730,000	Bank of New York Mellon Corp. (The), MTN		2.200			03/04/2019		1,727,753
	1,117,000	Bank of New York Mellon Corp. (The)		5.450			05/15/2019		1,139,000
	4,346,000	Bank of New York Mellon Corp. (The), MTN		2.300			09/11/2019		4,330,438
	2,416,000	Bank of New York Mellon Corp. (The), Series G		2.200			05/15/2019		2,410,326
	5,202,000	Bank of Nova Scotia (The) (Canada)		1.650			06/14/2019		5,162,915
	4,208,000	Bank of Nova Scotia (The) (Canada)		2.125			09/11/2019		4,180,444
	2,739,000	Bank of Nova Scotia (The), BKNT (Canada)		1.950			01/15/2019		2,733,350
	2,983,000	Bank of Nova Scotia (The), BKNT (Canada)		2.050			06/05/2019		2,971,799
	2,203,000	Barclays Bank PLC, BKNT (United Kingdom)		6.750			05/22/2019		2,264,072
	6,250,000	Barclays PLC (United Kingdom)		2.750			11/08/2019		6,223,819

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


		66

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	2,541,000	BB&T Corp., MTN		2.250	%		02/01/2019	$	2,538,275
	1,728,000	BB&T Corp., MTN		6.850			04/30/2019		1,776,123
	1,726,000	BB&T Corp.		5.250			11/01/2019		1,771,527
	2,281,000	BNP Paribas SA, MTN (France)		2.450			03/17/2019		2,280,494
	4,450,000	BPCE SA, MTN (France)		2.500			07/15/2019		4,431,848
	4,700,000	Branch Banking & Trust Co., BKNT		1.450			05/10/2019		4,664,591
	3,374,000	Canadian Imperial Bank of Commerce (Canada)		1.600			09/06/2019		3,338,532
	2,284,000	Capital One Financial Corp.		2.450			04/24/2019		2,281,201
	3,400,000	Capital One NA		2.400			09/05/2019		3,383,513
	3,655,000	Capital One NA, BKNT		1.850			09/13/2019		3,620,788
	4,840,000	Citibank NA, BKNT		2.000			03/20/2019		4,824,812
	4,991,000	Citigroup, Inc.		2.550			04/08/2019		4,987,234
	3,762,000	Citigroup, Inc.		8.500			05/22/2019		3,916,211
	2,866,000	Citigroup, Inc.		2.050			06/07/2019		2,851,483
	4,642,000	Citigroup, Inc.		2.500			07/29/2019		4,633,022
	2,150,000	Citizens Bank NA, MTN		2.450			12/04/2019		2,130,945
	2,300,000	Citizens Bank NA, BKNT, MTN		2.500			03/14/2019		2,298,758
	4,750,000	Cooperatieve Rabobank UA (Netherlands)		2.250			01/14/2019		4,745,786
	3,200,000	Cooperatieve Rabobank UA, BKNT (Netherlands)		1.375			08/09/2019		3,159,365
	8,500,000	Credit Suisse AG, GMTN (Switzerland)		2.300			05/28/2019		8,479,889
	6,450,000	Credit Suisse AG, GMTN (Switzerland)		5.300			08/13/2019		6,601,325
	6,257,000	Deutsche Bank AG (Germany)		2.500			02/13/2019		6,233,707
	5,500,000	Deutsche Bank AG, GMTN (Germany)		2.850			05/10/2019		5,484,946
	1,690,000	Fifth Third Bancorp		2.300			03/01/2019		1,687,782
	2,100,000	Fifth Third Bank, BKNT		2.300			03/15/2019		2,097,714
	2,000,000	Fifth Third Bank, BKNT		2.375			04/25/2019		1,998,219
	2,000,000	Fifth Third Bank, BKNT		1.625			09/27/2019		1,976,446
	8,202,000	Goldman Sachs Group, Inc. (The)		2.625			01/31/2019		8,201,871
	9,700,000	Goldman Sachs Group, Inc. (The), GMTN		7.500			02/15/2019		9,906,745
	2,300,000	Goldman Sachs Group, Inc. (The)		2.000			04/25/2019		2,289,677
	1,671,000	Goldman Sachs Group, Inc. (The)		1.950			07/23/2019		1,660,154
	7,903,000	Goldman Sachs Group, Inc. (The)		2.550			10/23/2019		7,876,313
	7,300,000	Goldman Sachs Group, Inc. (The)		2.300			12/13/2019		7,247,304
	2,308,000	HSBC USA, Inc.		2.250			06/23/2019		2,300,869
	2,525,000	HSBC USA, Inc.		2.375			11/13/2019		2,509,569
	1,902,000	Huntington National Bank (The)		2.200			04/01/2019		1,897,418
	4,997,000	JPMorgan Chase & Co.		2.350			01/28/2019		4,995,550
	3,093,000	JPMorgan Chase & Co.		1.850			03/22/2019		3,082,442
	9,697,000	JPMorgan Chase & Co.		6.300			04/23/2019		9,922,082
	5,794,000	JPMorgan Chase & Co.		2.200			10/22/2019		5,759,912
	2,800,000	JPMorgan Chase Bank NA, BKNT		1.650			09/23/2019		2,769,630
	2,490,000	KeyBank NA, BKNT		2.350			03/08/2019		2,487,476
	2,148,000	KeyBank NA, BKNT		1.600			08/22/2019		2,124,803
	2,150,000	KeyBank NA, BKNT		2.500			12/15/2019		2,139,034
	2,500,000	Manufacturers & Traders Trust Co., BKNT		2.300			01/30/2019		2,497,790
	2,243,000	Manufacturers & Traders Trust Co., BKNT		2.250			07/25/2019		2,233,238
	6,447,000	Morgan Stanley, GMTN		2.500			01/24/2019		6,446,451
	5,507,000	Morgan Stanley, GMTN		2.450			02/01/2019		5,505,083
	9,264,000	Morgan Stanley, GMTN		7.300			05/13/2019		9,548,978
	7,959,000	Morgan Stanley, GMTN		2.375			07/23/2019		7,931,910
	10,100,000	Morgan Stanley, GMTN		5.625			09/23/2019		10,385,713
	1,902,000	MUFG Union Bank NA, BKNT		2.250			05/06/2019		1,897,781
	1,996,000	National City Corp.		6.875			05/15/2019		2,051,353
	3,350,000	PNC Bank NA, BKNT		2.200			01/28/2019		3,346,611
	3,300,000	PNC Bank NA, BKNT		1.950			03/04/2019		3,291,417
	3,400,000	PNC Bank NA, BKNT		2.250			07/02/2019		3,391,066
	2,700,000	PNC Bank NA, BKNT		1.450			07/29/2019		2,671,983
	1,930,000	PNC Financial Services Group, Inc. (The)		6.700			06/10/2019		1,988,536

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


		67

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	2,826,000	Royal Bank of Canada, GMTN (Canada)		2.150	%		03/15/2019	$	2,821,314
	3,867,000	Royal Bank of Canada, GMTN (Canada)		1.625			04/15/2019		3,844,822
	5,181,000	Royal Bank of Canada, GMTN (Canada)		1.500			07/29/2019		5,126,954
	5,502,000	Royal Bank of Canada (Canada)		2.200			09/23/2019		5,463,825
	2,725,000	Royal Bank of Scotland Group PLC, GMTN (United Kingdom)		6.400			10/21/2019		2,816,697
	5,522,000	Santander UK PLC (United Kingdom)		2.500			03/14/2019		5,520,616
	3,493,000	Santander UK PLC (United Kingdom)		2.350			09/10/2019		3,475,668
	2,954,000	Skandinaviska Enskilda Banken AB (Sweden)		1.500			09/13/2019		2,911,428
	2,500,000	Sumitomo Mitsui Banking Corp. (Japan)		2.450			01/10/2019		2,499,049
	2,500,000	Sumitomo Mitsui Banking Corp. (Japan)		1.966			01/11/2019		2,494,774
	1,900,000	Sumitomo Mitsui Banking Corp. (Japan)		2.050			01/18/2019		1,896,230
	2,500,000	Sumitomo Mitsui Banking Corp., GMTN (Japan)		2.250			07/11/2019		2,489,273
	2,257,000	SunTrust Banks, Inc.		2.500			05/01/2019		2,256,440
	4,800,000	Svenska Handelsbanken AB (Sweden)		2.500			01/25/2019		4,800,650
	2,600,000	Svenska Handelsbanken AB, GMTN (Sweden)		2.250			06/17/2019		2,590,495
	2,700,000	Svenska Handelsbanken AB, BKNT, MTN (Sweden)		1.500			09/06/2019		2,663,915
	5,230,000	Toronto-Dominion Bank (The), MTN (Canada)		1.950			01/22/2019		5,220,075
	3,205,000	Toronto-Dominion Bank (The), GMTN (Canada)		1.450			08/13/2019		3,168,225
	4,330,000	Toronto-Dominion Bank (The), MTN (Canada)		2.250			11/05/2019		4,309,911
	4,165,000	Toronto-Dominion Bank (The), BKNT, GMTN (Canada)		2.125			07/02/2019		4,147,761
	3,400,000	U.S. Bank NA, BKNT		1.400			04/26/2019		3,376,509
	4,725,000	U.S. Bank NA, BKNT		2.125			10/28/2019		4,697,426
	7,650,000	UBS AG, GMTN (Switzerland)		2.375			08/14/2019		7,626,797
	4,127,000	US Bancorp, MTN		2.200			04/25/2019		4,121,329
	4,916,000	Wells Fargo & Co.		2.150			01/15/2019		4,910,385
	5,108,000	Wells Fargo & Co.		2.125			04/22/2019		5,093,731
	7,700,000	Wells Fargo Bank NA		1.750			05/24/2019		7,655,906
	7,500,000	Wells Fargo Bank NA, BKNT, MTN		2.150			12/06/2019		7,438,650

									430,663,993

		Beverages—1.4%
	3,024,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)		6.875			11/15/2019		3,161,479
	2,986,000	Coca-Cola Co. (The)		1.375			05/30/2019		2,961,064
	1,926,000	Molson Coors Brewing Co.		1.450			07/15/2019		1,902,255
	2,234,000	PepsiCo, Inc.		2.250			01/07/2019		2,232,789
	1,924,000	PepsiCo, Inc.		1.500			02/22/2019		1,916,064
	2,235,000	PepsiCo, Inc.		1.550			05/02/2019		2,220,825
	2,381,000	PepsiCo, Inc.		1.350			10/04/2019		2,347,928

									16,742,404

		Biotechnology—1.1%
	2,686,000	Amgen, Inc.		5.700			02/01/2019		2,719,351
	1,908,000	Amgen, Inc.		1.900			05/10/2019		1,898,532
	4,328,000	Amgen, Inc.		2.200			05/22/2019		4,315,681
	1,501,000	Celgene Corp.		2.250			05/15/2019		1,497,050
	2,176,000	Gilead Sciences, Inc.		2.050			04/01/2019		2,169,350

									12,599,964

		Chemicals—1.3%
	6,970,000	Dow Chemical Co. (The)		8.550			05/15/2019		7,237,214
	1,244,000	EI du Pont de Nemours & Co.		5.750			03/15/2019		1,262,859
	4,800,000	LyondellBasell Industries NV		5.000			04/15/2019		4,837,378
	2,086,000	Praxair, Inc.		4.500			08/15/2019		2,121,837

									15,459,288

		Commercial Services—0.1%
	850,000	Princeton University		4.950			03/01/2019		858,601

		Computers—2.3%
	1,392,000	Apple, Inc.		1.550			02/08/2019		1,387,095
	2,804,000	Apple, Inc.		1.700			02/22/2019		2,795,521

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


		68

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Computers (continued)
$	5,792,000	Apple, Inc.		2.100	%		05/06/2019	$	5,785,867
	3,927,000	Apple, Inc.		1.100			08/02/2019		3,876,687
	2,200,000	International Business Machines Corp.		1.950			02/12/2019		2,195,216
	2,400,000	International Business Machines Corp.		1.875			05/15/2019		2,388,474
	6,000,000	International Business Machines Corp.		1.800			05/17/2019		5,970,596
	2,054,000	International Business Machines Corp.		8.375			11/01/2019		2,187,705

									26,587,161

		Cosmetics/Personal Care—1.0%
	1,707,000	Colgate-Palmolive Co., MTN		1.750			03/15/2019		1,699,625
	2,177,000	Procter & Gamble Co. (The)		1.900			11/01/2019		2,159,113
	2,200,000	Unilever Capital Corp. (United Kingdom)		4.800			02/15/2019		2,222,307
	5,200,000	Unilever Capital Corp. (United Kingdom)		2.200			03/06/2019		5,194,210

									11,275,255

		Diversified Financial Services—4.5%
	3,180,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		3.750			05/15/2019		3,198,591
	2,043,000	Air Lease Corp.		3.375			01/15/2019		2,046,905
	2,218,000	Aircastle Ltd.		6.250			12/01/2019		2,295,630
	1,863,000	American Express Co.		8.125			05/20/2019		1,933,284
	3,833,000	American Express Credit Corp.		2.125			03/18/2019		3,825,526
	5,070,000	American Express Credit Corp., MTN		1.875			05/03/2019		5,047,123
	4,547,000	American Express Credit Corp., GMTN		2.250			08/15/2019		4,528,013
	2,183,000	American Express Credit Corp., MTN		1.700			10/30/2019		2,157,095
	2,794,000	BlackRock, Inc., Series 2		5.000			12/10/2019		2,876,355
	2,600,000	Capital One Bank USA NA, BKNT		2.300			06/05/2019		2,591,877
	2,812,000	International Lease Finance Corp.		5.875			04/01/2019		2,857,931
	4,702,000	International Lease Finance Corp.		6.250			05/15/2019		4,806,986
	2,226,000	Jefferies Group LLC		8.500			07/15/2019		2,330,385
	1,247,000	Mastercard, Inc.		2.000			04/01/2019		1,243,641
	3,024,000	Nomura Holdings, Inc., GMTN (Japan)		2.750			03/19/2019		3,024,639
	2,814,000	Synchrony Financial		2.600			01/15/2019		2,811,582
	3,067,000	Synchrony Financial		3.000			08/15/2019		3,062,584
	1,574,000	TD Ameritrade Holding Corp.		5.600			12/01/2019		1,623,953

									52,262,100

		Electric—2.7%
	1,723,000	Arizona Public Service Co.		8.750			03/01/2019		1,772,643
	1,692,000	Consumers Energy Co.		6.700			09/15/2019		1,759,189
	1,474,000	Dominion Energy, Inc.		5.200			08/15/2019		1,506,657
	2,058,000	Dominion Energy, Inc.		2.500			12/01/2019		2,044,279
	1,498,000	Dominion Energy, Inc., Series B		1.600			08/15/2019		1,480,993
	1,606,000	Duke Energy Corp.		5.050			09/15/2019		1,637,746
	1,765,000	Duke Energy Progress LLC		5.300			01/15/2019		1,781,471
	1,892,000	Emera US Finance LP (Canada)		2.150			06/15/2019		1,878,622
	1,627,000	Entergy Texas, Inc.		7.125			02/01/2019		1,656,450
	1,762,000	Exelon Generation Co. LLC		5.200			10/01/2019		1,801,929
	1,787,000	Georgia Power Co.		4.250			12/01/2019		1,815,588
	1,505,000	MidAmerican Energy Co.		2.400			03/15/2019		1,503,577
	1,387,000	Nevada Power Co.		7.125			03/15/2019		1,418,516
	1,403,000	NextEra Energy Capital Holdings, Inc.		2.300			04/01/2019		1,400,022
	1,571,000	Sempra Energy		9.800			02/15/2019		1,619,375
	1,503,000	Sempra Energy		1.625			10/07/2019		1,479,721
	3,686,000	Southern Co. (The)		1.850			07/01/2019		3,660,535
	1,828,000	Southern Power Co., Series D		1.950			12/15/2019		1,805,081

									32,022,394

		Electrical Components & Equipment—0.1%
	1,453,000	Emerson Electric Co.		4.875			10/15/2019		1,485,343

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


		69

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electronics—0.6%
$	1,957,000	Amphenol Corp.		2.550	%		01/30/2019	$	1,956,385
	3,781,000	Honeywell International, Inc.		1.400			10/30/2019		3,726,457
	1,046,000	Keysight Technologies, Inc.		3.300			10/30/2019		1,042,949

									6,725,791

		Environmental Control—0.2%
	2,275,000	Republic Services, Inc.		5.500			09/15/2019		2,334,288

		Food—1.3%
	3,704,000	General Mills, Inc.		5.650			02/15/2019		3,750,620
	1,716,000	General Mills, Inc.		2.200			10/21/2019		1,704,058
	1,563,000	Kellogg Co.		4.150			11/15/2019		1,585,942
	1,343,000	Kroger Co. (The)		2.300			01/15/2019		1,341,311
	1,578,000	Kroger Co. (The), GMTN		1.500			09/30/2019		1,554,949
	1,732,000	SYSCO Corp.		1.900			04/01/2019		1,724,733
	3,513,000	Tyson Foods, Inc.		2.650			08/15/2019		3,506,006

									15,167,619

		Healthcare-Products—1.6%
	6,051,000	Abbott Laboratories		2.350			11/22/2019		6,012,333
	2,235,000	Becton, Dickinson and Co.		2.133			06/06/2019		2,223,186
	3,779,000	Becton, Dickinson and Co.		2.675			12/15/2019		3,761,059
	2,792,000	Medtronic Global Holdings SCA		1.700			03/28/2019		2,779,348
	2,300,000	Stryker Corp.		2.000			03/08/2019		2,293,311
	1,146,000	Zimmer Biomet Holdings, Inc.		4.625			11/30/2019		1,165,338

									18,234,575

		Healthcare-Services—1.3%
	3,077,000	Anthem, Inc.		2.250			08/15/2019		3,060,738
	4,588,000	HCA, Inc.		3.750			03/15/2019		4,606,352
	1,704,000	HCA, Inc.		4.250			10/15/2019		1,727,277
	1,392,000	UnitedHealth Group, Inc.		1.700			02/15/2019		1,386,622
	1,597,000	UnitedHealth Group, Inc.		1.625			03/15/2019		1,589,282
	2,982,000	UnitedHealth Group, Inc.		2.300			12/15/2019		2,964,717

									15,334,988

		Home Builders—0.3%
	3,508,000	DR Horton, Inc.		3.750			03/01/2019		3,515,047

		Insurance—1.6%
	3,421,000	American International Group, Inc.		2.300			07/16/2019		3,408,621
	3,455,000	Berkshire Hathaway Finance Corp.		1.700			03/15/2019		3,442,883
	3,352,000	Berkshire Hathaway Finance Corp.		1.300			08/15/2019		3,312,331
	2,743,000	Berkshire Hathaway, Inc.		2.100			08/14/2019		2,731,912
	1,603,000	Chubb INA Holdings, Inc.		5.900			06/15/2019		1,641,858
	2,423,000	Prudential Financial, Inc., Series D, MTN		7.375			06/15/2019		2,510,639
	1,453,000	Travelers Cos., Inc. (The)		5.900			06/02/2019		1,489,178

									18,537,422

		Internet—0.6%
	3,008,000	Amazon.com, Inc.		2.600			12/05/2019		3,005,793
	3,754,000	eBay, Inc.		2.200			08/01/2019		3,734,764

									6,740,557

		Lodging—0.2%
	2,047,000	Marriott International, Inc.		3.000			03/01/2019		2,047,774

		Machinery-Construction & Mining—1.0%
	3,144,000	Caterpillar Financial Services Corp., MTN		7.150			02/15/2019		3,208,650
	2,318,000	Caterpillar Financial Services Corp., MTN		1.900			03/22/2019		2,310,786
	2,401,000	Caterpillar Financial Services Corp., MTN		1.350			05/18/2019		2,380,142

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


		70

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Machinery-Construction & Mining (continued)
$	2,474,000	Caterpillar Financial Services Corp., MTN		2.100	%		06/09/2019	$	2,465,380
	1,459,000	Caterpillar Financial Services Corp., GMTN		2.250			12/01/2019		1,451,662

									11,816,620

		Machinery-Diversified—1.0%
	2,288,000	Deere & Co.		4.375			10/16/2019		2,329,226
	2,365,000	John Deere Capital Corp., MTN		1.950			01/08/2019		2,361,649
	1,504,000	John Deere Capital Corp., GMTN		2.250			04/17/2019		1,500,251
	1,721,000	John Deere Capital Corp., MTN		2.300			09/16/2019		1,714,233
	1,571,000	John Deere Capital Corp., MTN		1.250			10/09/2019		1,544,887
	1,606,000	Roper Technologies, Inc.		6.250			09/01/2019		1,657,127

									11,107,373

		Media—2.3%
	1,602,000	21st Century Fox America, Inc.		6.900			03/01/2019		1,633,916
	1,861,000	CBS Corp.		2.300			08/15/2019		1,851,711
	1,763,000	Comcast Corp.		5.700			07/01/2019		1,805,318
	1,082,000	Discovery Communications LLC		5.625			08/15/2019		1,108,904
	1,673,000	Thomson Reuters Corp. (Canada)		4.700			10/15/2019		1,701,269
	3,521,000	Time Warner Cable LLC		8.750			02/14/2019		3,611,304
	6,509,000	Time Warner Cable LLC		8.250			04/01/2019		6,704,060
	1,961,000	Viacom, Inc.		5.625			09/15/2019		2,011,449
	1,253,000	Walt Disney Co. (The), GMTN		5.500			03/15/2019		1,271,393
	2,400,000	Walt Disney Co. (The), GMTN		1.850			05/30/2019		2,385,972
	1,154,000	Walt Disney Co. (The), GMTN		0.875			07/12/2019		1,137,769
	1,504,000	Warner Media LLC		2.100			06/01/2019		1,497,094

									26,720,159

		Mining—0.2%
	1,816,000	Newmont Mining Corp.		5.125			10/01/2019		1,852,546

		Miscellaneous Manufacturing—0.9%
	2,291,000	3M Co., MTN		1.625			06/15/2019		2,274,592
	4,275,000	General Electric Co., GMTN		6.000			08/07/2019		4,402,330
	1,919,000	Illinois Tool Works, Inc.		1.950			03/01/2019		1,914,149
	2,260,000	Illinois Tool Works, Inc.		6.250			04/01/2019		2,305,833

									10,896,904

		Office/Business Equipment—0.2%
	720,000	Xerox Corp.		2.750			03/15/2019		719,415
	1,887,000	Xerox Corp.		5.625			12/15/2019		1,939,180

									2,658,595

		Oil & Gas—6.9%
	1,667,000	Anadarko Petroleum Corp.		8.700			03/15/2019		1,717,235
	3,270,000	Antero Resources Corp.		5.125			12/01/2022		3,319,050
	944,000	Antero Resources Corp.		5.625			06/01/2023		976,143
	3,187,000	BP Capital Markets PLC (United Kingdom)		4.750			03/10/2019		3,222,140
	2,277,000	BP Capital Markets PLC (United Kingdom)		1.676			05/03/2019		2,264,668
	3,212,000	BP Capital Markets PLC (United Kingdom)		2.237			05/10/2019		3,203,321
	4,550,000	Cenovus Energy, Inc. (Canada)		5.700			10/15/2019		4,660,908
	1,492,000	Chevron Corp.		1.686			02/28/2019		1,485,635
	4,606,000	Chevron Corp.		4.950			03/03/2019		4,663,936
	4,401,000	Chevron Corp.		1.561			05/16/2019		4,365,626
	2,642,000	Chevron Corp.		2.193			11/15/2019		2,626,936
	6,776,000	Continental Resources, Inc.		5.000			09/15/2022		6,867,405
	1,698,000	Encana Corp. (Canada)		6.500			05/15/2019		1,737,903
	2,706,000	EOG Resources, Inc.		5.625			06/01/2019		2,762,780
	2,033,000	Equities Corp.		8.125			06/01/2019		2,109,047
	4,981,000	Exxon Mobil Corp.		1.708			03/01/2019		4,964,475
	5,712,000	Exxon Mobil Corp.		1.819			03/15/2019		5,691,375

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


		71

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas (continued)
$	2,489,000	Husky Energy, Inc. (Canada)		7.250	%		12/15/2019	$	2,617,212
	1,665,000	Murphy Oil Corp.		6.875			08/15/2024		1,763,447
	5,860,000	Shell International Finance BV (Netherlands)		1.375			05/10/2019		5,818,691
	3,106,000	Shell International Finance BV (Netherlands)		1.375			09/12/2019		3,066,117
	5,873,000	Shell International Finance BV (Netherlands)		4.300			09/22/2019		5,975,991
	2,177,000	Total Capital International SA (France)		2.125			01/10/2019		2,176,040
	2,728,000	Total Capital International SA (France)		2.100			06/19/2019		2,718,138

									80,774,219

		Pharmaceuticals—5.6%
	1,589,000	Allergan Funding SCS		2.450			06/15/2019		1,584,251
	2,966,000	AstraZeneca PLC (United Kingdom)		1.950			09/18/2019		2,942,615
	1,615,000	Bayer US Finance II LLC (Germany)^(a)		2.125			07/15/2019		1,605,359
	2,256,000	Bristol-Myers Squibb Co.		1.600			02/27/2019		2,245,661
	1,376,000	Bristol-Myers Squibb Co.		1.750			03/01/2019		1,370,457
	2,792,000	Cardinal Health, Inc.		1.948			06/14/2019		2,775,331
	2,674,000	CVS Health Corp.		2.250			08/12/2019		2,660,641
	1,698,000	Eli Lilly & Co.		1.950			03/15/2019		1,693,645
	3,057,000	Express Scripts Holding Co.		2.250			06/15/2019		3,045,543
	1,823,000	Johnson & Johnson		1.125			03/01/2019		1,812,366
	2,918,000	Johnson & Johnson		1.875			12/05/2019		2,894,598
	3,068,000	McKesson Corp.		2.284			03/15/2019		3,064,521
	2,444,000	Mead Johnson Nutrition Co. (United Kingdom)		4.900			11/01/2019		2,496,784
	4,487,000	Merck Sharp & Dohme Corp.		5.000			06/30/2019		4,574,837
	1,456,000	Mylan NV		2.500			06/07/2019		1,449,501
	8,965,000	Novartis Securities Investment Ltd. (Switzerland)		5.125			02/10/2019		9,059,330
	4,984,000	Pfizer, Inc.		2.100			05/15/2019		4,978,789
	2,296,000	Pfizer, Inc.		1.450			06/03/2019		2,277,595
	2,872,000	Pfizer, Inc.		1.700			12/15/2019		2,841,682
	10,854,000	Shire Acquisitions Investments Ireland DAC		1.900			09/23/2019		10,730,754

									66,104,260

		Pipelines—2.1%
	2,227,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.500			10/15/2019		2,276,773
	1,230,000	Enbridge Energy Partners LP		9.875			03/01/2019		1,269,257
	2,173,000	Enterprise Products Operating LLC		2.550			10/15/2019		2,164,598
	1,867,000	Enterprise Products Operating LLC, Series N		6.500			01/31/2019		1,895,242
	2,628,000	Kinder Morgan Energy Partners LP		2.650			02/01/2019		2,625,912
	1,941,000	Kinder Morgan Energy Partners LP		9.000			02/01/2019		1,988,338
	4,309,000	Kinder Morgan, Inc.		3.050			12/01/2019		4,310,144
	1,732,000	Magellan Midstream Partners LP		6.550			07/15/2019		1,785,649
	1,845,000	ONEOK Partners LP		8.625			03/01/2019		1,896,024
	1,698,000	Plains All American Pipeline LP/PAA Finance Corp.		2.600			12/15/2019		1,685,138
	2,134,000	TransCanada PipeLines Ltd. (Canada)		7.125			01/15/2019		2,167,745

									24,064,820

		REITs—1.3%
	3,038,000	American Tower Corp.		3.400			02/15/2019		3,044,364
	1,985,000	Boston Properties LP		5.875			10/15/2019		2,035,966
	1,566,000	MPT Operating Partnership LP/MPT Finance Corp.		6.375			03/01/2024		1,658,864
	1,566,000	Sabra Health Care LP/Sabra Capital Corp.		5.500			02/01/2021		1,597,320
	2,898,000	Simon Property Group LP		2.200			02/01/2019		2,895,095
	1,813,000	Welltower, Inc.		4.125			04/01/2019		1,820,684
	1,676,000	Weyerhaeuser Co.		7.375			10/01/2019		1,752,247

									14,804,540

		Retail—1.2%
	4,105,000	Costco Wholesale Corp.		1.700			12/15/2019		4,055,575
	3,184,000	Home Depot, Inc. (The)		2.000			06/15/2019		3,173,574

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


		72

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail (continued)
$	3,408,000	Target Corp.		2.300	%		06/26/2019	$	3,400,730
	3,925,000	Walgreens Boots Alliance, Inc.		2.700			11/18/2019		3,913,232

									14,543,111

		Semiconductors—0.6%
	2,000,000	Micron Technology, Inc.		5.500			02/01/2025		2,079,800
	2,739,000	Texas Instruments, Inc.		1.650			08/03/2019		2,715,933
	2,633,000	Xilinx, Inc.		2.125			03/15/2019		2,626,209

									7,421,942

		Software—2.5%
	2,278,000	CA, Inc.		5.375			12/01/2019		2,337,295
	3,014,000	Microsoft Corp.		4.200			06/01/2019		3,054,284
	8,233,000	Microsoft Corp.		1.100			08/08/2019		8,129,194
	4,229,000	Oracle Corp.		2.375			01/15/2019		4,230,467
	5,702,000	Oracle Corp.		5.000			07/08/2019		5,816,903
	5,945,000	Oracle Corp.		2.250			10/08/2019		5,921,623

									29,489,766

		Telecommunications—5.6%
	1,910,000	America Movil SAB de CV (Mexico)		5.000			10/16/2019		1,949,662
	7,513,000	AT&T, Inc.		5.800			02/15/2019		7,614,069
	7,126,000	AT&T, Inc.		2.300			03/11/2019		7,113,321
	2,701,000	AT&T, Inc.		5.875			10/01/2019		2,781,612
	2,600,000	British Telecommunications PLC (United Kingdom)		2.350			02/14/2019		2,595,577
	6,534,000	Cisco Systems, Inc.		4.950			02/15/2019		6,605,280
	3,672,000	Cisco Systems, Inc.		1.600			02/28/2019		3,656,959
	5,389,000	Cisco Systems, Inc.		2.125			03/01/2019		5,382,559
	4,936,000	Cisco Systems, Inc.		1.400			09/20/2019		4,871,300
	2,100,000	Deutsche Telekom International Finance BV (Germany)		6.000			07/08/2019		2,155,660
	6,008,000	Hughes Satellite Systems Corp.		6.500			06/15/2019		6,174,121
	2,264,000	Orange SA (France)		2.750			02/06/2019		2,265,584
	3,617,000	Orange SA (France)		5.375			07/08/2019		3,695,106
	3,433,000	Orange SA (France)		1.625			11/03/2019		3,384,377
	2,220,000	Telecom Italia Capital SA (Italy)		7.175			06/18/2019		2,286,600
	2,765,000	Telefonica Emisiones SAU (Spain)		5.877			07/15/2019		2,834,429

									65,366,216

		Transportation—0.8%
	2,117,000	Burlington Northern Santa Fe LLC		4.700			10/01/2019		2,158,630
	2,820,000	FedEx Corp.		8.000			01/15/2019		2,873,438
	1,573,000	Norfolk Southern Corp.		5.900			06/15/2019		1,609,779
	2,715,000	United Parcel Service, Inc.		5.125			04/01/2019		2,753,918

									9,395,765

		Total Corporate Bonds (Cost $1,155,870,043)							1,151,107,380

Number of Shares
		Money Market Fund—0.2%
	2,794,548	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $2,794,548)							2,794,548

		Total Investments in Securities (Cost $1,158,664,591)—98.6%							1,153,901,928
		Other assets less liabilities—1.4%							16,470,383

		Net Assets—100.0%						$	1,170,372,311

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


		73

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) (continued)

August 31, 2018

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		74

Schedule of Investments

Invesco BulletShares 2020 Corporate Bond ETF (BSCK)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.8%
		Advertising—0.2%
$	2,892,000	Omnicom Group, Inc./Omnicom Capital, Inc.		4.450	%		08/15/2020	$	2,967,610

		Aerospace/Defense—1.8%
	3,345,000	Arconic, Inc.		6.150			08/15/2020		3,491,344
	2,255,000	Boeing Co. (The)		4.875			02/15/2020		2,327,175
	4,107,000	Lockheed Martin Corp.		2.500			11/23/2020		4,061,366
	1,703,000	Raytheon Co.		4.400			02/15/2020		1,739,845
	3,120,000	Raytheon Co.		3.125			10/15/2020		3,131,641
	4,246,000	United Technologies Corp.		4.500			04/15/2020		4,344,877
	3,590,000	United Technologies Corp.		1.900			05/04/2020		3,516,095

									22,612,343

		Agriculture—1.3%
	3,123,000	Altria Group, Inc.		2.625			01/14/2020		3,110,725
	1,475,000	Bunge Ltd. Finance Corp.		3.500			11/24/2020		1,475,089
	3,025,000	Philip Morris International, Inc.		2.000			02/21/2020		2,986,065
	3,319,000	Philip Morris International, Inc.		4.500			03/26/2020		3,398,970
	2,179,000	Reynolds American, Inc. (United Kingdom)		6.875			05/01/2020		2,301,408
	2,686,000	Reynolds American, Inc. (United Kingdom)		3.250			06/12/2020		2,683,948

									15,956,205

		Airlines—0.4%
	3,115,000	Delta Air Lines, Inc.		2.875			03/13/2020		3,092,850
	1,376,000	Southwest Airlines Co.		2.650			11/05/2020		1,361,447

									4,454,297

		Auto Manufacturers—3.9%
	2,268,000	American Honda Finance Corp., MTN		2.000			02/14/2020		2,241,256
	3,334,000	American Honda Finance Corp., MTN		2.450			09/24/2020		3,297,689
	1,805,000	American Honda Finance Corp., Series G, GMTN		3.000			06/16/2020		1,807,303
	4,000,000	Ford Motor Credit Co. LLC		2.681			01/09/2020		3,955,288
	4,100,000	Ford Motor Credit Co. LLC		8.125			01/15/2020		4,344,947
	1,950,000	Ford Motor Credit Co. LLC		2.459			03/27/2020		1,916,464
	1,800,000	Ford Motor Credit Co. LLC		2.425			06/12/2020		1,760,955
	4,200,000	Ford Motor Credit Co. LLC		3.157			08/04/2020		4,150,414
	3,331,000	General Motors Financial Co., Inc.		3.150			01/15/2020		3,333,635
	3,619,000	General Motors Financial Co., Inc.		2.650			04/13/2020		3,585,726
	5,044,000	General Motors Financial Co., Inc.		3.200			07/13/2020		5,030,221
	3,580,000	General Motors Financial Co., Inc.		3.700			11/24/2020		3,600,292
	3,808,000	Toyota Motor Credit Corp., MTN		2.150			03/12/2020		3,770,454
	3,626,000	Toyota Motor Credit Corp.		1.950			04/17/2020		3,571,202
	2,482,000	Toyota Motor Credit Corp., MTN		4.500			06/17/2020		2,549,445

									48,915,291

		Auto Parts & Equipment—0.2%
	2,185,000	Lear Corp.		5.250			01/15/2025		2,269,933

		Banks—32.6%
	3,550,000	Banco Bilbao Vizcaya Argentaria SA (Spain)		3.000			10/20/2020		3,515,623
	8,850,000	Bank of America Corp., MTN		5.625			07/01/2020		9,245,580
	6,632,000	Bank of America Corp., MTN		2.625			10/19/2020		6,565,235
	3,006,000	Bank of America Corp., GMTN		2.151			11/09/2020		2,945,889
	6,864,000	Bank of America Corp., Series L, MTN		2.250			04/21/2020		6,781,339
	3,125,000	Bank of Montreal, MTN (Canada)		2.100			06/15/2020		3,078,273
	3,500,000	Bank of Montreal, MTN (Canada)		3.100			07/13/2020		3,504,998
	1,710,000	Bank of New York Mellon Corp. (The), MTN		4.600			01/15/2020		1,750,393
	3,293,000	Bank of New York Mellon Corp. (The), MTN		2.600			08/17/2020		3,269,459
	2,321,000	Bank of New York Mellon Corp. (The), MTN		2.450			11/27/2020		2,291,682
	4,280,000	Bank of New York Mellon Corp. (The), Series G, MTN		2.150			02/24/2020		4,236,173
	3,456,000	Bank of Nova Scotia (The) (Canada)		2.350			10/21/2020		3,403,055

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


		75

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	3,985,000	Bank of Nova Scotia (The), BKNT (Canada)		2.150	%		07/14/2020	$	3,923,394
	3,470,000	Barclays Bank PLC (United Kingdom)		5.140			10/14/2020		3,563,076
	2,185,000	Barclays Bank PLC, BKNT (United Kingdom)		5.125			01/08/2020		2,236,415
	3,300,000	Barclays PLC (United Kingdom)		2.875			06/08/2020		3,270,013
	3,950,000	BB&T Corp., MTN		2.450			01/15/2020		3,928,216
	3,302,000	BB&T Corp., MTN		2.625			06/29/2020		3,281,736
	3,000,000	Branch Banking & Trust Co.		2.100			01/15/2020		2,966,459
	4,116,000	Capital One Financial Corp.		2.500			05/12/2020		4,075,502
	5,100,000	Capital One NA		2.350			01/31/2020		5,051,151
	6,700,000	Citibank NA, BKNT		2.100			06/12/2020		6,583,644
	4,850,000	Citigroup, Inc.		2.450			01/10/2020		4,814,797
	6,779,000	Citigroup, Inc.		2.400			02/18/2020		6,719,237
	2,866,000	Citigroup, Inc.		5.375			08/09/2020		2,987,954
	8,930,000	Citigroup, Inc.		2.650			10/26/2020		8,831,089
	2,327,000	Citizens Bank NA		2.250			03/02/2020		2,294,346
	1,901,000	Citizens Bank NA, BKNT		2.200			05/26/2020		1,867,117
	4,201,000	Credit Suisse AG, GMTN (Switzerland)		5.400			01/14/2020		4,320,963
	4,404,000	Credit Suisse AG, MTN (Switzerland)		4.375			08/05/2020		4,503,632
	5,096,000	Deutsche Bank AG (Germany)		2.700			07/13/2020		4,991,187
	1,750,000	Discover Bank		7.000			04/15/2020		1,840,611
	4,300,000	Discover Bank, BKNT		3.100			06/04/2020		4,284,095
	3,473,000	Fifth Third Bancorp		2.875			07/27/2020		3,460,333
	1,295,000	First Horizon National Corp.		3.500			12/15/2020		1,298,910
	3,249,000	Goldman Sachs Bank USA, BKNT		3.200			06/05/2020		3,262,368
	8,992,000	Goldman Sachs Group, Inc. (The), GMTN		5.375			03/15/2020		9,294,782
	5,813,000	Goldman Sachs Group, Inc. (The)		2.600			04/23/2020		5,770,546
	6,758,000	Goldman Sachs Group, Inc. (The)		2.750			09/15/2020		6,699,976
	5,864,000	Goldman Sachs Group, Inc. (The)		2.600			12/27/2020		5,788,068
	6,728,000	Goldman Sachs Group, Inc. (The), Series D, MTN		6.000			06/15/2020		7,049,901
	4,100,000	HSBC Bank USA NA, BKNT		4.875			08/24/2020		4,222,234
	6,851,000	HSBC USA, Inc.		2.350			03/05/2020		6,784,090
	5,300,000	HSBC USA, Inc.		2.750			08/07/2020		5,267,141
	1,950,000	HSBC USA, Inc.		5.000			09/27/2020		2,011,698
	1,882,000	Huntington National Bank (The)		2.875			08/20/2020		1,870,067
	2,185,000	Huntington National Bank (The), BKNT		2.375			03/10/2020		2,161,850
	12,097,000	JPMorgan Chase & Co.		2.250			01/23/2020		11,977,817
	5,193,000	JPMorgan Chase & Co.		4.950			03/25/2020		5,338,742
	7,374,000	JPMorgan Chase & Co.		2.750			06/23/2020		7,337,822
	8,267,000	JPMorgan Chase & Co.		4.400			07/22/2020		8,469,585
	9,699,000	JPMorgan Chase & Co.		4.250			10/15/2020		9,916,403
	8,077,000	JPMorgan Chase & Co.		2.550			10/29/2020		7,983,631
	2,794,000	KeyCorp, MTN		2.900			09/15/2020		2,778,759
	3,200,000	Lloyds Bank PLC (United Kingdom)		2.700			08/17/2020		3,169,017
	2,515,000	Manufacturers & Traders Trust Co., BKNT		2.050			08/17/2020		2,462,693
	8,250,000	Morgan Stanley, GMTN		5.500			01/26/2020		8,527,095
	8,222,000	Morgan Stanley		2.650			01/27/2020		8,179,640
	7,845,000	Morgan Stanley		2.800			06/16/2020		7,803,792
	6,150,000	Morgan Stanley, GMTN		5.500			07/24/2020		6,407,281
	3,329,000	MUFG Americas Holdings Corp.		2.250			02/10/2020		3,294,062
	3,500,000	National Bank of Canada (Canada)		2.150			06/12/2020		3,442,228
	1,570,000	Northern Trust Corp.		3.450			11/04/2020		1,586,337
	2,500,000	PNC Bank NA, MTN		2.600			07/21/2020		2,480,283
	3,220,000	PNC Bank NA, BKNT		2.000			05/19/2020		3,165,142
	4,730,000	PNC Bank NA, BKNT		2.450			11/05/2020		4,663,827
	3,090,000	PNC Financial Services Group, Inc. (The)		5.125			02/08/2020		3,182,513
	2,590,000	PNC Financial Services Group, Inc. (The)		4.375			08/11/2020		2,655,056
	7,072,000	Royal Bank of Canada (Canada)		1.875			02/05/2020		6,970,799
	4,389,000	Royal Bank of Canada, GMTN (Canada)		2.125			03/02/2020		4,342,305

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


		76

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	2,515,000	Royal Bank of Canada, GMTN (Canada)		2.150	%		03/06/2020	$	2,486,607
	4,584,000	Royal Bank of Canada, GMTN (Canada)		2.350			10/30/2020		4,513,778
	3,573,000	Santander Holdings USA, Inc.		2.650			04/17/2020		3,534,349
	3,270,000	Santander UK Group Holdings PLC (United Kingdom)		2.875			10/16/2020		3,232,009
	2,999,000	Santander UK PLC (United Kingdom)		2.375			03/16/2020		2,964,423
	2,050,000	Skandinaviska Enskilda Banken AB (Sweden)		2.300			03/11/2020		2,025,071
	4,225,000	State Street Corp.		2.550			08/18/2020		4,199,985
	5,500,000	Sumitomo Mitsui Banking Corp. (Japan)		2.450			01/16/2020		5,451,106
	2,100,000	Sumitomo Mitsui Banking Corp., GMTN (Japan)		2.450			10/20/2020		2,064,383
	2,954,000	SunTrust Bank, BKNT		2.250			01/31/2020		2,924,911
	4,000,000	Svenska Handelsbanken AB, GMTN (Sweden)		2.400			10/01/2020		3,933,307
	7,520,000	Toronto-Dominion Bank (The), GMTN (Canada)		2.500			12/14/2020		7,418,233
	2,200,000	U.S. Bank NA		3.050			07/24/2020		2,206,171
	3,800,000	U.S. Bank NA, BKNT		2.000			01/24/2020		3,753,769
	3,900,000	UBS AG, GMTN (Switzerland)		4.875			08/04/2020		4,023,356
	9,158,000	Wells Fargo & Co., GMTN		2.600			07/22/2020		9,077,014
	7,055,000	Wells Fargo & Co., MTN		2.550			12/07/2020		6,970,695
	6,668,000	Wells Fargo & Co., Series N, MTN		2.150			01/30/2020		6,598,123

									405,376,416

		Beverages—2.2%
	4,905,000	Coca-Cola Co. (The)		1.875			10/27/2020		4,800,941
	4,131,000	Coca-Cola Co. (The)		2.450			11/01/2020		4,098,023
	3,219,000	Coca-Cola Co. (The)		3.150			11/15/2020		3,242,090
	2,075,000	Diageo Capital PLC (United Kingdom)		4.828			07/15/2020		2,142,731
	3,528,000	PepsiCo, Inc.		4.500			01/15/2020		3,614,853
	2,195,000	PepsiCo, Inc.		1.850			04/30/2020		2,162,423
	4,106,000	PepsiCo, Inc.		2.150			10/14/2020		4,049,429
	2,986,000	PepsiCo, Inc.		3.125			11/01/2020		3,002,794

									27,113,284

		Biotechnology—2.5%
	2,293,000	Amgen, Inc.		2.125			05/01/2020		2,259,574
	2,503,000	Amgen, Inc.		2.200			05/11/2020		2,472,950
	2,850,000	Amgen, Inc.		3.450			10/01/2020		2,869,891
	3,322,000	Baxalta, Inc.		2.875			06/23/2020		3,316,998
	5,157,000	Biogen, Inc.		2.900			09/15/2020		5,142,148
	4,942,000	Celgene Corp.		2.875			08/15/2020		4,920,364
	1,618,000	Celgene Corp.		3.950			10/15/2020		1,648,817
	1,415,000	Gilead Sciences, Inc.		2.350			02/01/2020		1,405,249
	6,817,000	Gilead Sciences, Inc.		2.550			09/01/2020		6,758,484

									30,794,475

		Chemicals—1.7%
	5,128,000	Dow Chemical Co. (The)		4.250			11/15/2020		5,240,819
	2,298,000	Eastman Chemical Co.		2.700			01/15/2020		2,288,218
	2,936,000	EI du Pont de Nemours & Co.		4.625			01/15/2020		3,003,503
	3,980,000	EI du Pont de Nemours & Co.		2.200			05/01/2020		3,934,159
	1,247,000	Nutrien Ltd. (Canada)		4.875			03/30/2020		1,273,815
	1,284,000	PPG Industries, Inc.		3.600			11/15/2020		1,293,732
	4,465,000	Sherwin-Williams Co. (The)		2.250			05/15/2020		4,406,224

									21,440,470

		Commercial Services—0.7%
	2,977,000	Automatic Data Processing, Inc.		2.250			09/15/2020		2,946,762
	2,076,000	Block Financial LLC		4.125			10/01/2020		2,096,679
	1,584,000	Moody’s Corp.		5.500			09/01/2020		1,654,684
	1,642,000	S&P Global, Inc.		3.300			08/14/2020		1,647,035

									8,345,160

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


		77

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Computers—2.8%
$	3,900,000	Apple, Inc.		1.550	%		02/07/2020	$	3,837,220
	3,134,000	Apple, Inc.		1.900			02/07/2020		3,101,451
	4,274,000	Apple, Inc.		2.000			05/06/2020		4,220,374
	3,297,000	Apple, Inc.		1.800			05/11/2020		3,246,183
	1,698,000	DXC Technology Co.		2.875			03/27/2020		1,683,893
	10,243,000	Hewlett Packard Enterprise Co.		3.600			10/15/2020		10,327,414
	1,980,000	HP, Inc.		3.750			12/01/2020		2,001,613
	2,800,000	International Business Machines Corp.		1.900			01/27/2020		2,770,398
	4,100,000	International Business Machines Corp.		1.625			05/15/2020		4,021,198

									35,209,744

		Cosmetics/Personal Care—0.5%
	2,250,000	Estee Lauder Cos., Inc. (The)		1.800			02/07/2020		2,219,251
	2,600,000	Unilever Capital Corp. (United Kingdom)		1.800			05/05/2020		2,556,004
	1,802,000	Unilever Capital Corp. (United Kingdom)		2.100			07/30/2020		1,773,327

									6,548,582

		Diversified Financial Services—5.8%
	1,801,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		4.250			07/01/2020		1,824,749
	3,150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		4.625			10/30/2020		3,222,729
	1,245,000	Air Lease Corp.		2.125			01/15/2020		1,228,526
	6,870,000	American Express Credit Corp., MTN		2.200			03/03/2020		6,787,908
	5,431,000	American Express Credit Corp., MTN		2.375			05/26/2020		5,369,513
	5,082,000	American Express Credit Corp., Series F, MTN		2.600			09/14/2020		5,043,182
	2,332,000	Ameriprise Financial, Inc.		5.300			03/15/2020		2,410,861
	2,303,000	Charles Schwab Corp. (The)		4.450			07/22/2020		2,365,813
	20,000,000	GE Capital International Funding Co. Unlimited Co.		2.342			11/15/2020		19,598,078
	3,398,000	International Lease Finance Corp.		8.250			12/15/2020		3,733,071
	1,892,000	Lazard Group LLC		4.250			11/14/2020		1,927,656
	1,909,000	Nasdaq, Inc.		5.550			01/15/2020		1,972,526
	4,239,000	Nomura Holdings, Inc. (Japan)		6.700			03/04/2020		4,446,892
	2,269,000	Synchrony Financial		2.700			02/03/2020		2,248,388
	9,763,000	Visa, Inc.		2.200			12/14/2020		9,628,812

									71,808,704

		Electric—2.1%
	1,708,000	Commonwealth Edison Co.		4.000			08/01/2020		1,735,689
	3,338,000	Dominion Energy, Inc.		2.579			07/01/2020		3,293,983
	1,709,000	Duke Energy Indiana LLC		3.750			07/15/2020		1,733,554
	2,727,000	Exelon Corp.		2.850			06/15/2020		2,710,195
	1,443,000	Exelon Corp.		5.150			12/01/2020		1,487,018
	3,366,000	Exelon Generation Co. LLC		2.950			01/15/2020		3,355,031
	1,613,000	Exelon Generation Co. LLC		4.000			10/01/2020		1,634,229
	1,633,000	Georgia Power Co., Series C		2.000			09/08/2020		1,595,275
	2,408,000	Pacific Gas & Electric Co.		3.500			10/01/2020		2,409,290
	1,761,000	Sempra Energy		2.400			03/15/2020		1,738,914
	2,136,000	Southern Co. (The)		2.750			06/15/2020		2,117,295
	1,840,000	Xcel Energy, Inc.		4.700			05/15/2020		1,877,165

									25,687,638

		Electronics—0.1%
	1,685,000	Agilent Technologies, Inc.		5.000			07/15/2020		1,741,109

		Entertainment—0.3%
	3,746,000	GLP Capital LP/GLP Financing II, Inc.		4.875			11/01/2020		3,849,015

		Environmental Control—0.4%
	3,051,000	Republic Services, Inc.		5.000			03/01/2020		3,142,640
	1,857,000	Waste Management, Inc.		4.750			06/30/2020		1,917,182

									5,059,822

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


		78

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Food—1.4%
$	2,656,000	Kellogg Co.		4.000	%		12/15/2020	$	2,710,191
	3,009,000	Kraft Heinz Foods Co.		5.375			02/10/2020		3,105,809
	4,908,000	Kraft Heinz Foods Co.		2.800			07/02/2020		4,869,163
	2,570,000	Kroger Co. (The)		6.150			01/15/2020		2,679,149
	1,438,000	Mondelez International, Inc.		5.375			02/10/2020		1,483,204
	2,585,000	Sysco Corp.		2.600			10/01/2020		2,561,778

									17,409,294

		Gas—0.2%
	2,078,000	Dominion Energy Gas Holdings LLC		2.800			11/15/2020		2,055,897

		Healthcare-Products—3.0%
	2,310,000	Abbott Laboratories		2.000			03/15/2020		2,277,824
	1,830,000	Abbott Laboratories		4.125			05/27/2020		1,864,093
	1,045,000	Abbott Laboratories		2.800			09/15/2020		1,039,684
	3,173,000	Becton, Dickinson and Co.		2.404			06/05/2020		3,122,335
	2,191,000	Becton, Dickinson and Co.		3.250			11/12/2020		2,189,201
	2,659,000	Boston Scientific Corp.		6.000			01/15/2020		2,763,107
	2,056,000	Boston Scientific Corp.		2.850			05/15/2020		2,043,866
	2,265,000	Covidien International Finance SA		4.200			06/15/2020		2,310,531
	1,782,000	Danaher Corp.		2.400			09/15/2020		1,761,418
	2,350,000	Life Technologies Corp.		6.000			03/01/2020		2,442,569
	8,349,000	Medtronic, Inc.		2.500			03/15/2020		8,297,163
	1,695,000	Stryker Corp.		4.375			01/15/2020		1,725,783
	4,928,000	Zimmer Biomet Holdings, Inc.		2.700			04/01/2020		4,889,566

									36,727,140

		Healthcare-Services—1.8%
	2,247,000	Anthem, Inc.		4.350			08/15/2020		2,297,635
	9,989,000	HCA, Inc.		6.500			02/15/2020		10,393,555
	1,424,000	Laboratory Corp. of America Holdings		2.625			02/01/2020		1,415,217
	1,955,000	Laboratory Corp. of America Holdings		4.625			11/15/2020		2,003,112
	1,495,000	Quest Diagnostics, Inc.		4.750			01/30/2020		1,529,454
	5,201,000	UnitedHealth Group, Inc.		2.700			07/15/2020		5,188,049

									22,827,022

		Home Builders—0.1%
	1,805,000	DR Horton, Inc.		4.000			02/15/2020		1,820,128

		Insurance—2.3%
	2,020,000	AEGON Funding Co. LLC (Netherlands)		5.750			12/15/2020		2,120,466
	1,659,000	Aflac, Inc.		2.400			03/16/2020		1,646,488
	1,862,000	American International Group, Inc.		3.375			08/15/2020		1,867,695
	2,146,000	American International Group, Inc.		6.400			12/15/2020		2,296,005
	1,727,000	Aon Corp.		5.000			09/30/2020		1,785,252
	2,150,000	Berkshire Hathaway Finance Corp.		2.900			10/15/2020		2,155,847
	4,635,000	Chubb INA Holdings, Inc.		2.300			11/03/2020		4,564,699
	1,726,000	CNA Financial Corp.		5.875			08/15/2020		1,810,277
	1,604,000	Hartford Financial Services Group, Inc. (The)		5.500			03/30/2020		1,661,335
	1,707,000	Manulife Financial Corp. (Canada)		4.900			09/17/2020		1,760,952
	1,569,000	Marsh & McLennan Cos., Inc.		2.350			03/06/2020		1,549,407
	1,962,000	Prudential Financial, Inc., MTN		5.375			06/21/2020		2,040,745
	1,627,000	Prudential Financial, Inc., MTN		4.500			11/15/2020		1,675,122
	1,679,000	Travelers Cos., Inc. (The)		3.900			11/01/2020		1,707,879

									28,642,169

		Internet—0.6%
	1,681,000	eBay, Inc.		2.150			06/05/2020		1,657,320
	1,538,000	eBay, Inc.		3.250			10/15/2020		1,544,962
	2,255,000	Expedia Group, Inc.		5.950			08/15/2020		2,364,865
	2,440,000	Symantec Corp.		4.200			09/15/2020		2,461,938

									8,029,085

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


		79

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Investment Companies—0.1%
$	1,888,000	Ares Capital Corp.		3.875	%		01/15/2020	$	1,894,224

		Iron/Steel—0.2%
	2,517,000	ArcelorMittal (Luxembourg)		5.250			08/05/2020		2,594,239

		Leisure Time—0.2%
	2,195,000	Carnival Corp.		3.950			10/15/2020		2,229,738

		Machinery-Construction & Mining—0.4%
	3,230,000	Caterpillar Financial Services Corp., MTN		2.100			01/10/2020		3,201,010
	1,826,000	Caterpillar Financial Services Corp., MTN		2.000			03/05/2020		1,803,863

									5,004,873

		Machinery-Diversified—0.9%
	2,843,000	CNH Industrial Capital LLC		4.375			11/06/2020		2,885,645
	1,386,000	John Deere Capital Corp.		1.700			01/15/2020		1,365,762
	1,531,000	John Deere Capital Corp., MTN		2.050			03/10/2020		1,512,630
	1,637,000	John Deere Capital Corp., MTN		1.950			06/22/2020		1,611,493
	1,569,000	John Deere Capital Corp., MTN		2.375			07/14/2020		1,553,290
	1,994,000	Roper Technologies, Inc.		3.000			12/15/2020		1,985,120

									10,913,940

		Media—3.1%
	5,896,000	Charter Communications Operating LLC/Charter Communications Operating Capital		3.579			07/23/2020		5,916,146
	4,020,000	Comcast Corp.		5.150			03/01/2020		4,146,268
	3,081,000	Discovery Communications LLC		5.050			06/01/2020		3,174,607
	1,505,000	Discovery Communications LLC^(a)		2.800			06/15/2020		1,489,271
	6,948,000	NBCUniversal Media LLC		5.150			04/30/2020		7,195,696
	5,191,000	Time Warner Cable LLC		5.000			02/01/2020		5,301,846
	1,696,000	Walt Disney Co. (The), GMTN		1.950			03/04/2020		1,674,634
	2,247,000	Walt Disney Co. (The), MTN		1.800			06/05/2020		2,202,536
	2,452,000	Walt Disney Co. (The), GMTN		2.150			09/17/2020		2,418,669
	4,497,000	Warner Media LLC		4.875			03/15/2020		4,609,893

									38,129,566

		Metal Fabricate/Hardware—0.1%
	1,542,000	Precision Castparts Corp.		2.250			06/15/2020		1,525,302

		Miscellaneous Manufacturing—1.2%
	1,567,000	3M Co., GMTN		2.000			08/07/2020		1,542,019
	3,850,000	General Electric Co., GMTN		5.500			01/08/2020		3,974,517
	3,008,000	General Electric Co., GMTN		2.200			01/09/2020		2,978,795
	1,948,000	General Electric Co., MTN		5.550			05/04/2020		2,026,039
	4,193,000	General Electric Co., MTN		4.375			09/16/2020		4,296,617

									14,817,987

		Oil & Gas—5.2%
	4,075,000	BP Capital Markets PLC (United Kingdom)		2.521			01/15/2020		4,056,003
	5,788,000	BP Capital Markets PLC (United Kingdom)		2.315			02/13/2020		5,740,246
	5,438,000	BP Capital Markets PLC (United Kingdom)		4.500			10/01/2020		5,594,200
	6,109,000	Chevron Corp.		1.961			03/03/2020		6,037,650
	1,805,000	Chevron Corp.		1.991			03/03/2020		1,787,077
	3,125,000	Chevron Corp.		2.427			06/24/2020		3,107,123
	4,244,000	Chevron Corp.		2.419			11/17/2020		4,205,410
	1,408,000	EOG Resources, Inc.		2.450			04/01/2020		1,395,172
	1,594,000	EOG Resources, Inc.		4.400			06/01/2020		1,627,453
	4,974,000	Exxon Mobil Corp.		1.912			03/06/2020		4,919,611
	1,897,000	Marathon Oil Corp.		2.700			06/01/2020		1,875,265
	1,856,000	Marathon Petroleum Corp.		3.400			12/15/2020		1,860,471
	4,166,000	Shell International Finance BV (Netherlands)		4.375			03/25/2020		4,266,445
	6,709,000	Shell International Finance BV (Netherlands)		2.125			05/11/2020		6,633,982
	3,942,000	Shell International Finance BV (Netherlands)		2.250			11/10/2020		3,890,110

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


		80

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas (continued)
$	4,129,000	Total Capital SA (France)		4.450	%		06/24/2020	$	4,245,755
	2,859,000	Valero Energy Corp.		6.125			02/01/2020		2,979,620

									64,221,593

		Pharmaceuticals—5.0%
	12,237,000	AbbVie, Inc.		2.500			05/14/2020		12,117,988
	11,624,000	Allergan Funding SCS		3.000			03/12/2020		11,597,286
	2,597,000	Allergan, Inc.		3.375			09/15/2020		2,603,792
	5,186,000	AstraZeneca PLC (United Kingdom)		2.375			11/16/2020		5,106,876
	1,422,000	Cardinal Health, Inc.		4.625			12/15/2020		1,460,359
	9,180,000	CVS Health Corp.		2.800			07/20/2020		9,121,798
	1,830,000	Johnson & Johnson		2.950			09/01/2020		1,845,753
	2,686,000	Mead Johnson Nutrition Co. (United Kingdom)		3.000			11/15/2020		2,680,206
	1,336,000	Medco Health Solutions, Inc.		4.125			09/15/2020		1,354,764
	4,139,000	Merck & Co., Inc.		1.850			02/10/2020		4,091,036
	1,485,000	Mylan NV		3.750			12/15/2020		1,493,205
	3,211,000	Novartis Capital Corp. (Switzerland)		1.800			02/14/2020		3,165,387
	3,409,000	Novartis Capital Corp. (Switzerland)		4.400			04/24/2020		3,492,779
	1,715,000	Zoetis, Inc.		3.450			11/13/2020		1,725,005

									61,856,234

		Pipelines—2.7%
	2,589,000	Columbia Pipeline Group, Inc.		3.300			06/01/2020		2,582,351
	1,438,000	Enbridge Energy Partners LP		5.200			03/15/2020		1,477,117
	1,414,000	Enbridge Energy Partners LP		4.375			10/15/2020		1,435,019
	3,129,000	Energy Transfer Partners LP		4.150			10/01/2020		3,172,125
	3,687,000	Enterprise Products Operating LLC		5.250			01/31/2020		3,797,050
	3,381,000	Enterprise Products Operating LLC		5.200			09/01/2020		3,515,058
	2,077,000	Kinder Morgan Energy Partners LP		6.850			02/15/2020		2,180,148
	1,676,000	Kinder Morgan Energy Partners LP		6.500			04/01/2020		1,761,370
	1,927,000	Kinder Morgan Energy Partners LP		5.300			09/15/2020		1,999,833
	1,711,000	Plains All American Pipeline LP/PAA Finance Corp.		5.750			01/15/2020		1,763,499
	2,989,000	TransCanada PipeLines Ltd. (Canada)		3.800			10/01/2020		3,029,856
	5,022,000	Williams Cos., Inc. (The)		5.250			03/15/2020		5,169,993
	1,618,000	Williams Cos., Inc. (The)		4.125			11/15/2020		1,639,647

									33,523,066

		REITs—1.4%
	2,460,000	American Tower Corp.		2.800			06/01/2020		2,441,072
	2,158,000	American Tower Corp.		5.050			09/01/2020		2,226,845
	2,229,000	Boston Properties LP		5.625			11/15/2020		2,330,643
	1,391,000	Digital Realty Trust LP		5.875			02/01/2020		1,431,702
	2,018,000	Digital Realty Trust LP		3.400			10/01/2020		2,022,745
	1,676,000	ERP Operating LP		4.750			07/15/2020		1,718,120
	2,315,000	HCP, Inc.		2.625			02/01/2020		2,299,377
	1,775,000	Simon Property Group LP		2.500			09/01/2020		1,756,035
	1,384,000	Ventas Realty LP/Ventas Capital Corp.		2.700			04/01/2020		1,373,726

									17,600,265

		Retail—2.2%
	1,663,000	AutoZone, Inc.		4.000			11/15/2020		1,686,702
	1,636,000	Costco Wholesale Corp.		1.750			02/15/2020		1,612,269
	2,488,000	Home Depot, Inc. (The)		1.800			06/05/2020		2,447,827
	1,437,000	Home Depot, Inc. (The)		3.950			09/15/2020		1,467,451
	1,491,000	Lowe’s Cos., Inc.		4.625			04/15/2020		1,521,219
	2,287,000	McDonald’s Corp., MTN		2.200			05/26/2020		2,258,912
	3,571,000	McDonald’s Corp., MTN		2.750			12/09/2020		3,553,559
	1,258,000	Nordstrom, Inc.		4.750			05/01/2020		1,289,235
	2,919,000	Target Corp.		3.875			07/15/2020		2,975,975
	4,096,000	Walmart, Inc.		3.625			07/08/2020		4,156,507
	4,659,000	Walmart, Inc.		3.250			10/25/2020		4,718,841

									27,688,497

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


		81

Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors—1.6%
$	1,628,000	Applied Materials, Inc.		2.625	%		10/01/2020	$	1,611,680
	3,287,000	Intel Corp.		1.850			05/11/2020		3,240,251
	5,678,000	Intel Corp.		2.450			07/29/2020		5,643,504
	1,727,000	Lam Research Corp.		2.750			03/15/2020		1,719,660
	5,554,000	QUALCOMM, Inc.		2.250			05/20/2020		5,489,152
	1,659,000	Texas Instruments, Inc.		1.750			05/01/2020		1,632,230

									19,336,477

		Software—2.7%
	2,619,000	Adobe Systems, Inc.		4.750			02/01/2020		2,689,970
	5,210,000	Fidelity National Information Services, Inc.		3.625			10/15/2020		5,251,989
	2,457,000	Fiserv, Inc.		2.700			06/01/2020		2,437,304
	4,582,000	Microsoft Corp.		1.850			02/06/2020		4,533,206
	4,935,000	Microsoft Corp.		1.850			02/12/2020		4,882,278
	3,759,000	Microsoft Corp.		3.000			10/01/2020		3,787,126
	6,974,000	Microsoft Corp.		2.000			11/03/2020		6,877,415
	3,329,000	Oracle Corp.		3.875			07/15/2020		3,389,864

									33,849,152

		Telecommunications—2.8%
	3,425,000	AT&T, Inc.		5.200			03/15/2020		3,531,716
	8,679,000	AT&T, Inc.		2.450			06/30/2020		8,570,644
	8,217,000	Cisco Systems, Inc.		4.450			01/15/2020		8,405,451
	4,933,000	Cisco Systems, Inc.		2.450			06/15/2020		4,904,717
	4,527,000	Telefonica Emisiones SAU (Spain)		5.134			04/27/2020		4,665,908
	4,384,000	Verizon Communications, Inc.		2.625			02/21/2020		4,372,816

									34,451,252

		Transportation—0.1%
	1,542,000	CSX Corp.		3.700			10/30/2020		1,557,300

		Total Corporate Bonds (Cost $1,242,575,857)							1,228,854,538

Number of Shares
		Money Market Fund—0.2%
	1,912,126	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $1,912,126)							1,912,126

		Total Investments in Securities (Cost $1,244,487,983)—99.0%							1,230,766,664
		Other assets less liabilities—1.0%							12,513,336

		Net Assets—100.0%						$	1,243,280,000

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		82

Schedule of Investments

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—99.2%
		Advertising—0.2%
$	2,188,000	WPP Finance 2010 (United Kingdom)		4.750	%		11/21/2021	$	2,251,675

		Aerospace/Defense—1.2%
	3,042,000	Arconic, Inc.		5.400			04/15/2021		3,134,507
	1,324,000	General Dynamics Corp.		3.875			07/15/2021		1,350,305
	1,943,000	L3 Technologies, Inc.		4.950			02/15/2021		2,007,068
	2,208,000	Lockheed Martin Corp.		3.350			09/15/2021		2,223,947
	1,876,000	Northrop Grumman Corp.		3.500			03/15/2021		1,894,207
	1,879,000	United Technologies Corp.		1.950			11/01/2021		1,806,843

									12,416,877

		Agriculture—0.9%
	3,958,000	Altria Group, Inc.		4.750			05/05/2021		4,117,134
	1,321,000	Archer-Daniels-Midland Co.		4.479			03/01/2021		1,361,580
	1,986,000	Philip Morris International, Inc.		1.875			02/25/2021		1,926,027
	1,682,000	Philip Morris International, Inc.		2.900			11/15/2021		1,669,467

									9,074,208

		Apparel—0.1%
	954,000	VF Corp.		3.500			09/01/2021		960,749

		Auto Manufacturers—4.0%
	1,485,000	American Honda Finance Corp., MTN		1.650			07/12/2021		1,426,430
	2,720,000	American Honda Finance Corp., GMTN		1.700			09/09/2021		2,610,745
	2,900,000	Ford Motor Credit Co. LLC		3.200			01/15/2021		2,849,227
	3,500,000	Ford Motor Credit Co. LLC		5.750			02/01/2021		3,630,208
	4,200,000	Ford Motor Credit Co. LLC		3.336			03/18/2021		4,118,033
	5,050,000	Ford Motor Credit Co. LLC		5.875			08/02/2021		5,277,354
	3,415,000	General Motors Financial Co., Inc.		4.200			03/01/2021		3,464,783
	4,896,000	General Motors Financial Co., Inc.		3.200			07/06/2021		4,834,743
	2,978,000	General Motors Financial Co., Inc.		4.375			09/25/2021		3,034,589
	1,686,000	Toyota Motor Credit Corp., MTN		4.250			01/11/2021		1,732,777
	3,307,000	Toyota Motor Credit Corp., GMTN		1.900			04/08/2021		3,215,339
	1,590,000	Toyota Motor Credit Corp., MTN		2.750			05/17/2021		1,578,473
	2,378,000	Toyota Motor Credit Corp., MTN		3.400			09/15/2021		2,400,551

									40,173,252

		Banks—34.4%
	3,120,000	Bank of America Corp.		5.875			01/05/2021		3,310,403
	4,355,000	Bank of America Corp., GMTN		2.625			04/19/2021		4,288,546
	4,490,000	Bank of America Corp., MTN		5.000			05/13/2021		4,696,919
	5,157,000	Bank of Montreal, MTN (Canada)		1.900			08/27/2021		4,972,016
	1,371,000	Bank of New York Mellon Corp. (The), MTN		4.150			02/01/2021		1,407,826
	2,678,000	Bank of New York Mellon Corp. (The), MTN		2.500			04/15/2021		2,636,685
	2,665,000	Bank of New York Mellon Corp. (The), MTN		2.050			05/03/2021		2,594,756
	3,636,000	Bank of New York Mellon Corp. (The)		3.550			09/23/2021		3,674,030
	1,682,000	Bank of Nova Scotia (The) (Canada)		4.375			01/13/2021		1,727,065
	2,372,000	Bank of Nova Scotia (The) (Canada)		2.800			07/21/2021		2,344,035
	3,209,000	Bank of Nova Scotia (The), BKNT (Canada)		2.450			03/22/2021		3,146,339
	3,500,000	Barclays PLC (United Kingdom)		3.250			01/12/2021		3,465,238
	3,020,000	Barclays PLC (United Kingdom)		3.200			08/10/2021		2,971,659
	2,861,000	BB&T Corp., MTN		2.050			05/10/2021		2,778,000
	7,748,000	BNP Paribas SA, BKNT, GMTN (France)		5.000			01/15/2021		8,063,026
	3,200,000	BPCE SA, MTN (France)		2.750			12/02/2021		3,124,515
	1,750,000	BPCE SA, BKNT (France)		2.650			02/03/2021		1,718,544
	1,500,000	Branch Banking & Trust Co., BKNT		2.850			04/01/2021		1,487,618
	3,642,000	Capital One Financial Corp.		4.750			07/15/2021		3,772,397
	2,200,000	Capital One NA		2.250			09/13/2021		2,122,013
	2,650,000	Capital One NA, BKNT		2.950			07/23/2021		2,612,685
	4,500,000	Citibank NA, BKNT		3.400			07/23/2021		4,512,048

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


		83

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	5,936,000	Citigroup, Inc.		2.700	%		03/30/2021	$	5,851,776
	4,730,000	Citigroup, Inc.		2.350			08/02/2021		4,605,870
	6,440,000	Citigroup, Inc.		2.900			12/08/2021		6,349,566
	2,000,000	Citizens Bank NA, BKNT, MTN		2.550			05/13/2021		1,953,787
	3,578,000	Cooperatieve Rabobank UA (Netherlands)		4.500			01/11/2021		3,678,675
	5,550,000	Cooperatieve Rabobank UA, GMTN (Netherlands)		2.500			01/19/2021		5,461,042
	4,980,000	Credit Suisse AG (Switzerland)		3.000			10/29/2021		4,930,698
	1,915,000	Deutsche Bank AG, GMTN (Germany)		3.125			01/13/2021		1,874,715
	3,198,000	Deutsche Bank AG, GMTN (Germany)		3.375			05/12/2021		3,141,924
	8,795,000	Deutsche Bank AG (Germany)		4.250			10/14/2021		8,777,146
	1,600,000	Discover Bank, BKNT		3.200			08/09/2021		1,586,439
	3,350,000	Fifth Third Bank, BKNT		2.250			06/14/2021		3,271,108
	350,000	Fifth Third Bank, BKNT		3.350			07/26/2021		350,414
	1,727,000	Fifth Third Bank, BKNT		2.875			10/01/2021		1,702,706
	3,405,000	Goldman Sachs Group, Inc. (The)		2.875			02/25/2021		3,379,489
	3,400,000	Goldman Sachs Group, Inc. (The)		2.625			04/25/2021		3,340,534
	9,550,000	Goldman Sachs Group, Inc. (The)		5.250			07/27/2021		10,030,450
	5,690,000	Goldman Sachs Group, Inc. (The)		2.350			11/15/2021		5,520,769
	8,600,000	HSBC Holdings PLC (United Kingdom)		3.400			03/08/2021		8,604,607
	6,335,000	HSBC Holdings PLC (United Kingdom)		5.100			04/05/2021		6,603,558
	6,500,000	HSBC Holdings PLC (United Kingdom)		2.950			05/25/2021		6,434,764
	2,119,000	Huntington Bancshares, Inc.		3.150			03/14/2021		2,111,024
	6,510,000	JPMorgan Chase & Co.		2.550			03/01/2021		6,412,341
	4,688,000	JPMorgan Chase & Co.		4.625			05/10/2021		4,856,193
	3,890,000	JPMorgan Chase & Co.		2.400			06/07/2021		3,813,523
	6,493,000	JPMorgan Chase & Co., GMTN		2.295			08/15/2021		6,329,729
	7,442,000	JPMorgan Chase & Co.		4.350			08/15/2021		7,669,374
	1,200,000	KeyBank NA, BKNT		2.500			11/22/2021		1,172,021
	2,221,000	KeyCorp, MTN		5.100			03/24/2021		2,322,525
	2,424,000	Lloyds Bank PLC (United Kingdom)		6.375			01/21/2021		2,588,467
	2,200,000	Lloyds Banking Group PLC (United Kingdom)		3.100			07/06/2021		2,177,585
	7,071,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.950			03/01/2021		7,002,201
	3,900,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.190			09/13/2021		3,758,482
	3,400,000	Mizuho Financial Group, Inc. (Japan)		2.273			09/13/2021		3,284,373
	6,799,000	Morgan Stanley		5.750			01/25/2021		7,181,612
	6,627,000	Morgan Stanley, GMTN		2.500			04/21/2021		6,495,140
	6,246,000	Morgan Stanley, GMTN		5.500			07/28/2021		6,612,076
	8,140,000	Morgan Stanley, MTN		2.625			11/17/2021		7,949,808
	1,022,000	Northern Trust Corp.		3.375			08/23/2021		1,028,769
	3,300,000	PNC Bank NA, BKNT		2.150			04/29/2021		3,219,540
	1,400,000	PNC Bank NA, BKNT		2.550			12/09/2021		1,367,858
	3,017,000	Regions Financial Corp.		3.200			02/08/2021		3,007,560
	2,880,000	Royal Bank of Canada, GMTN (Canada)		2.500			01/19/2021		2,837,667
	2,632,000	Santander UK Group Holdings PLC, GMTN (United Kingdom)		3.125			01/08/2021		2,603,330
	3,500,000	Santander UK Group Holdings PLC (United Kingdom)		2.875			08/05/2021		3,420,742
	3,450,000	Skandinaviska Enskilda Banken AB (Sweden)		2.625			03/15/2021		3,395,709
	2,110,000	Skandinaviska Enskilda Banken AB (Sweden)		1.875			09/13/2021		2,021,916
	1,832,000	State Street Corp.		4.375			03/07/2021		1,888,868
	1,484,000	State Street Corp.		1.950			05/19/2021		1,440,770
	4,122,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.934			03/09/2021		4,081,931
	4,723,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.058			07/14/2021		4,551,948
	3,890,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.442			10/19/2021		3,779,760
	2,107,000	SunTrust Banks, Inc.		2.900			03/03/2021		2,089,514
	3,800,000	Svenska Handelsbanken AB, BKNT, MTN (Sweden)		2.450			03/30/2021		3,723,398
	3,000,000	Svenska Handelsbanken AB, BKNT, MTN (Sweden)		3.350			05/24/2021		3,010,359
	2,000,000	Svenska Handelsbanken AB, BKNT, MTN (Sweden)		1.875			09/07/2021		1,919,360
	4,521,000	Toronto-Dominion Bank (The), GMTN (Canada)		2.125			04/07/2021		4,400,972
	3,018,000	Toronto-Dominion Bank (The), GMTN (Canada)		3.250			06/11/2021		3,025,815

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


		84

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	3,283,000	Toronto-Dominion Bank (The), GMTN (Canada)		1.800	%		07/13/2021	$	3,163,094
	4,455,000	US Bancorp, MTN		2.350			01/29/2021		4,384,002
	2,279,000	US Bancorp, MTN		4.125			05/24/2021		2,335,453
	4,039,000	Wells Fargo & Co., MTN		3.000			01/22/2021		4,024,726
	7,059,000	Wells Fargo & Co.		2.500			03/04/2021		6,927,721
	6,609,000	Wells Fargo & Co., GMTN		4.600			04/01/2021		6,824,332
	7,794,000	Wells Fargo & Co.		2.100			07/26/2021		7,537,681

									342,625,669

		Beverages—3.4%
	19,195,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		2.650			02/01/2021		18,986,372
	962,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)		4.375			02/15/2021		994,591
	2,346,000	Coca-Cola Co. (The)		1.550			09/01/2021		2,255,308
	3,234,000	Coca-Cola Co. (The)		3.300			09/01/2021		3,273,776
	1,376,000	Constellation Brands, Inc.		3.750			05/01/2021		1,392,609
	2,723,000	Molson Coors Brewing Co.		2.100			07/15/2021		2,627,686
	2,178,000	PepsiCo, Inc.		3.000			08/25/2021		2,183,046
	2,288,000	PepsiCo, Inc.		1.700			10/06/2021		2,205,005

									33,918,393

		Biotechnology—1.5%
	2,332,000	Amgen, Inc.		4.100			06/15/2021		2,380,489
	1,579,000	Amgen, Inc.		1.850			08/19/2021		1,521,440
	4,217,000	Amgen, Inc.		3.875			11/15/2021		4,298,205
	1,050,000	Celgene Corp.		2.250			08/15/2021		1,018,891
	2,517,000	Gilead Sciences, Inc.		4.500			04/01/2021		2,595,816
	3,199,000	Gilead Sciences, Inc.		4.400			12/01/2021		3,309,079

									15,123,920

		Building Materials—0.1%
	585,000	Johnson Controls International PLC		4.250			03/01/2021		595,800

		Chemicals—1.2%
	2,942,000	Dow Chemical Co. (The)		4.125			11/15/2021		3,003,833
	2,755,000	EI du Pont de Nemours & Co.		3.625			01/15/2021		2,792,670
	1,179,000	EI du Pont de Nemours & Co.		4.250			04/01/2021		1,209,500
	2,700,000	Lyondellbasell Industries NV		6.000			11/15/2021		2,882,093
	902,000	Praxair, Inc.		4.050			03/15/2021		922,470
	1,281,000	Praxair, Inc.		3.000			09/01/2021		1,277,398

									12,087,964

		Commercial Services—0.7%
	2,773,000	Ecolab, Inc.		4.350			12/08/2021		2,871,064
	1,359,000	Equifax, Inc.		2.300			06/01/2021		1,313,186
	1,654,000	Moody’s Corp.		2.750			12/15/2021		1,624,320
	1,536,000	Total System Services, Inc.		3.800			04/01/2021		1,547,721

									7,356,291

		Computers—3.1%
	7,696,000	Apple, Inc.		2.250			02/23/2021		7,591,932
	7,747,000	Apple, Inc.		2.850			05/06/2021		7,736,428
	2,881,000	Apple, Inc.		1.550			08/04/2021		2,772,524
	2,786,000	HP, Inc.		4.300			06/01/2021		2,859,002
	2,355,000	HP, Inc.		4.375			09/15/2021		2,416,607
	3,251,000	HP, Inc.		4.650			12/09/2021		3,374,289
	2,000,000	International Business Machines Corp.		2.250			02/19/2021		1,963,841
	1,400,000	International Business Machines Corp.		2.900			11/01/2021		1,392,851
	1,046,000	NetApp, Inc.		3.375			06/15/2021		1,039,022

									31,146,496

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


		85

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Cosmetics/Personal Care—0.7%
$	1,465,000	Procter & Gamble Co. (The)		1.850	%		02/02/2021	$	1,432,148
	2,120,000	Procter & Gamble Co. (The)		1.700			11/03/2021		2,043,398
	2,500,000	Unilever Capital Corp. (United Kingdom)		4.250			02/10/2021		2,574,071
	1,401,000	Unilever Capital Corp. (United Kingdom)		1.375			07/28/2021		1,335,581

									7,385,198

		Diversified Financial Services—2.7%
	2,500,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		4.500			05/15/2021		2,544,545
	1,527,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		5.000			10/01/2021		1,579,306
	1,332,000	Air Lease Corp.		3.875			04/01/2021		1,341,931
	1,485,000	Air Lease Corp.		3.375			06/01/2021		1,477,485
	1,807,000	Aircastle Ltd.		5.125			03/15/2021		1,872,504
	3,018,000	American Express Co.		3.375			05/17/2021		3,027,932
	4,721,000	American Express Credit Corp., MTN		2.250			05/05/2021		4,611,361
	2,009,000	BlackRock, Inc.		4.250			05/24/2021		2,075,424
	1,536,000	HSBC Finance Corp.		6.676			01/15/2021		1,639,134
	1,171,000	International Lease Finance Corp.		4.625			04/15/2021		1,198,585
	1,794,000	Jefferies Group LLC		6.875			04/15/2021		1,934,914
	1,585,000	Mastercard, Inc.		2.000			11/21/2021		1,539,393
	1,574,000	Synchrony Financial		3.750			08/15/2021		1,571,976

									26,414,490

		Electric—2.3%
	1,069,000	Consolidated Edison, Inc.		2.000			05/15/2021		1,038,576
	1,428,000	Dominion Energy, Inc.		4.450			03/15/2021		1,463,142
	2,668,000	DPL, Inc.		7.250			10/15/2021		2,898,115
	1,044,000	Duke Energy Carolinas LLC		3.900			06/15/2021		1,062,902
	1,908,000	Duke Energy Corp.		1.800			09/01/2021		1,829,754
	1,452,000	Duke Energy Corp.		3.550			09/15/2021		1,468,762
	1,266,000	Duke Energy Progress LLC		3.000			09/15/2021		1,261,304
	1,695,000	Emera US Finance LP (Canada)		2.700			06/15/2021		1,654,673
	1,060,000	Ohio Power Co., Series M		5.375			10/01/2021		1,128,598
	1,089,000	Progress Energy, Inc.		4.400			01/15/2021		1,113,484
	1,801,000	PSEG Power LLC		3.000			06/15/2021		1,788,514
	1,079,000	Puget Energy, Inc.		6.000			09/01/2021		1,150,861
	1,225,000	Southern California Edison Co.		3.875			06/01/2021		1,243,513
	4,014,000	Southern Co. (The)		2.350			07/01/2021		3,900,578

									23,002,776

		Electrical Components & Equipment—0.1%
	954,000	Emerson Electric Co.		2.625			12/01/2021		940,525

		Electronics—0.9%
	1,574,000	Fortive Corp.		2.350			06/15/2021		1,530,561
	2,076,000	Honeywell International, Inc.		4.250			03/01/2021		2,137,459
	4,010,000	Honeywell International, Inc.		1.850			11/01/2021		3,860,293
	902,000	PerkinElmer, Inc.		5.000			11/15/2021		931,395

									8,459,708

		Engineering & Construction—0.1%
	1,449,000	Fluor Corp.		3.375			09/15/2021		1,466,654

		Environmental Control—0.1%
	1,170,000	Republic Services, Inc.		5.250			11/15/2021		1,237,878

		Food—1.0%
	953,000	Campbell Soup Co.		4.250			04/15/2021		967,475
	2,432,000	General Mills, Inc.		3.150			12/15/2021		2,417,586
	2,023,000	JM Smucker Co. (The)		3.500			10/15/2021		2,032,361
	1,827,000	Kroger Co. (The)		3.300			01/15/2021		1,829,765

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


		86

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Food (continued)
$	1,208,000	Kroger Co. (The)		2.950	%		11/01/2021	$	1,193,384
	1,285,000	SYSCO Corp.		2.500			07/15/2021		1,258,186

									9,698,757

		Forest Products & Paper—0.1%
	915,000	International Paper Co.		7.500			08/15/2021		1,017,365

		Gas—0.3%
	1,697,000	CenterPoint Energy Resources Corp.		4.500			01/15/2021		1,733,430
	1,168,000	National Fuel Gas Co.		4.900			12/01/2021		1,201,671

									2,935,101

		Healthcare-Products—1.8%
	7,081,000	Abbott Laboratories		2.900			11/30/2021		7,011,111
	2,328,000	Becton, Dickinson and Co.		3.125			11/08/2021		2,303,773
	1,695,000	Medtronic, Inc.		4.125			03/15/2021		1,733,756
	1,702,000	Stryker Corp.		2.625			03/15/2021		1,681,853
	2,704,000	Thermo Fisher Scientific, Inc.		4.500			03/01/2021		2,782,949
	2,525,000	Thermo Fisher Scientific, Inc.		3.600			08/15/2021		2,539,686

									18,053,128

		Healthcare-Services—1.1%
	1,406,000	Aetna, Inc.		4.125			06/01/2021		1,434,430
	2,126,000	Anthem, Inc.		3.700			08/15/2021		2,146,650
	1,424,000	Coventry Health Care, Inc.		5.450			06/15/2021		1,495,310
	1,170,000	Quest Diagnostics, Inc.		4.700			04/01/2021		1,204,090
	1,581,000	UnitedHealth Group, Inc.		2.125			03/15/2021		1,545,433
	1,174,000	UnitedHealth Group, Inc.		3.375			11/15/2021		1,183,704
	1,570,000	UnitedHealth Group, Inc.		2.875			12/15/2021		1,557,661

									10,567,278

		Housewares—0.4%
	2,224,000	Newell Brands, Inc.		3.150			04/01/2021		2,192,633
	1,365,000	Tupperware Brands Corp.		4.750			06/01/2021		1,399,076

									3,591,709

		Insurance—1.7%
	3,936,000	American International Group, Inc.		3.300			03/01/2021		3,937,118
	1,852,000	Berkshire Hathaway Finance Corp.		4.250			01/15/2021		1,909,535
	2,637,000	Berkshire Hathaway, Inc.		2.200			03/15/2021		2,595,789
	1,720,000	Berkshire Hathaway, Inc.		3.750			08/15/2021		1,763,211
	1,172,000	Marsh & McLennan Cos., Inc.		4.800			07/15/2021		1,215,075
	2,600,000	MetLife, Inc.		4.750			02/08/2021		2,690,662
	1,098,000	Progressive Corp. (The)		3.750			08/23/2021		1,113,573
	1,277,000	Willis Towers Watson PLC		5.750			03/15/2021		1,339,155

									16,564,118

		Internet—0.7%
	1,804,000	Alphabet, Inc.		3.625			05/19/2021		1,843,611
	2,606,000	Amazon.com, Inc.		3.300			12/05/2021		2,628,960
	2,064,000	eBay, Inc.		2.875			08/01/2021		2,038,769

									6,511,340

		Iron/Steel—0.3%
	2,666,000	ArcelorMittal (Luxembourg)		5.500			03/01/2021		2,764,616

		Machinery-Construction & Mining—0.5%
	2,133,000	Caterpillar Financial Services Corp.		1.700			08/09/2021		2,057,142
	3,285,000	Caterpillar, Inc.		3.900			05/27/2021		3,370,628

									5,427,770

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


		87

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Machinery-Diversified—0.9%
$	1,817,000	CNH Industrial Capital LLC		4.875	%		04/01/2021	$	1,862,425
	1,513,000	John Deere Capital Corp.		2.550			01/08/2021		1,497,613
	1,059,000	John Deere Capital Corp., MTN		2.800			03/04/2021		1,053,235
	1,263,000	John Deere Capital Corp., MTN		3.900			07/12/2021		1,293,369
	1,262,000	John Deere Capital Corp., MTN		3.150			10/15/2021		1,264,629
	1,055,000	Roper Technologies, Inc.		2.800			12/15/2021		1,036,500
	1,329,000	Xylem, Inc.		4.875			10/01/2021		1,386,815

									9,394,586

		Media—2.5%
	2,221,000	21st Century Fox America, Inc.		4.500			02/15/2021		2,287,552
	1,328,000	Discovery Communications LLC		4.375			06/15/2021		1,354,237
	5,059,000	NBCUniversal Media LLC		4.375			04/01/2021		5,214,231
	1,625,000	Time Warner Cable LLC		4.125			02/15/2021		1,641,066
	2,601,000	Time Warner Cable LLC		4.000			09/01/2021		2,623,433
	1,046,000	Viacom, Inc.		4.500			03/01/2021		1,067,702
	1,267,000	Viacom, Inc.		3.875			12/15/2021		1,275,710
	1,899,000	Walt Disney Co. (The), GMTN		2.300			02/12/2021		1,868,395
	1,123,000	Walt Disney Co. (The), MTN		3.750			06/01/2021		1,145,542
	2,072,000	Walt Disney Co. (The)		2.750			08/16/2021		2,050,025
	2,206,000	Warner Media LLC		4.700			01/15/2021		2,277,711
	2,319,000	Warner Media LLC		4.750			03/29/2021		2,392,441

									25,198,045

		Mining—0.2%
	1,278,000	Goldcorp, Inc. (Canada)		3.625			06/09/2021		1,277,490
	1,104,000	Kinross Gold Corp. (Canada)		5.125			09/01/2021		1,144,726

									2,422,216

		Miscellaneous Manufacturing—1.2%
	1,304,000	3M Co., MTN		1.625			09/19/2021		1,255,909
	3,187,000	General Electric Co., GMTN		4.625			01/07/2021		3,280,927
	3,103,000	General Electric Co., GMTN		5.300			02/11/2021		3,255,072
	3,868,000	General Electric Co., GMTN		4.650			10/17/2021		4,029,110

									11,821,018

		Office/Business Equipment—0.4%
	1,382,000	Pitney Bowes, Inc.		3.625			10/01/2021		1,317,219
	2,414,000	Xerox Corp.		4.500			05/15/2021		2,437,572

									3,754,791

		Oil & Gas—5.0%
	1,922,000	Anadarko Petroleum Corp.		4.850			03/15/2021		1,983,183
	1,135,000	Apache Corp.		3.625			02/01/2021		1,139,543
	3,307,000	BP Capital Markets PLC (United Kingdom)		4.742			03/11/2021		3,437,472
	2,020,000	BP Capital Markets PLC (United Kingdom)		2.112			09/16/2021		1,963,256
	2,664,000	BP Capital Markets PLC (United Kingdom)		3.561			11/01/2021		2,695,469
	1,174,000	Canadian Natural Resources Ltd. (Canada)		3.450			11/15/2021		1,173,284
	3,685,000	Chevron Corp.		2.100			05/16/2021		3,606,665
	1,459,000	Devon Energy Corp.		4.000			07/15/2021		1,480,735
	1,776,000	EnCana Corp. (Canada)		3.900			11/15/2021		1,791,789
	1,682,000	EOG Resources, Inc.		4.100			02/01/2021		1,715,208
	1,572,000	Equities Corp.		4.875			11/15/2021		1,621,593
	6,194,000	Exxon Mobil Corp.		2.222			03/01/2021		6,100,259
	2,282,000	Marathon Petroleum Corp.		5.125			03/01/2021		2,374,115
	2,648,000	Noble Energy, Inc.		4.150			12/15/2021		2,692,824
	3,323,000	Occidental Petroleum Corp., Series 1		4.100			02/01/2021		3,398,670
	1,475,000	Pioneer Natural Resources Co.		3.450			01/15/2021		1,479,179
	3,803,000	Shell International Finance BV (Netherlands)		1.875			05/10/2021		3,695,912
	2,636,000	Shell International Finance BV (Netherlands)		1.750			09/12/2021		2,542,023

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


		88

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas (continued)
$	2,422,000	Total Capital International SA (France)		2.750	%		06/19/2021	$	2,407,477
	844,000	Total Capital SA (France)		4.125			01/28/2021		865,230
	1,265,000	Total Capital SA (France)		4.250			12/15/2021		1,309,165

									49,473,051

		Oil & Gas Services—0.2%
	1,004,000	Baker Hughes a GE Co. LLC		3.200			08/15/2021		1,000,379
	952,000	Halliburton Co.		3.250			11/15/2021		956,848

									1,957,227

		Pharmaceuticals—4.9%
	4,233,000	AbbVie, Inc.		2.300			05/14/2021		4,129,749
	1,268,000	AmerisourceBergen Corp.		3.500			11/15/2021		1,274,064
	1,039,000	Bayer US Finance II LLC (Germany)^(a)		2.750			07/15/2021		1,012,577
	1,172,000	CVS Health Corp.		4.125			05/15/2021		1,193,253
	4,646,000	CVS Health Corp.		2.125			06/01/2021		4,499,929
	1,283,000	Express Scripts Holding Co.		3.300			02/25/2021		1,276,088
	3,363,000	Express Scripts Holding Co.		4.750			11/15/2021		3,479,318
	2,223,000	Johnson & Johnson		1.650			03/01/2021		2,160,722
	1,337,000	McKesson Corp.		4.750			03/01/2021		1,374,085
	3,124,000	Merck & Co., Inc.		3.875			01/15/2021		3,194,745
	5,972,000	Mylan NV		3.150			06/15/2021		5,888,568
	1,102,000	Perrigo Finance Unlimited Co.		3.500			12/15/2021		1,092,890
	2,952,000	Pfizer, Inc.		1.950			06/03/2021		2,882,387
	2,620,000	Pfizer, Inc.		2.200			12/15/2021		2,562,595
	5,132,000	Sanofi (France)		4.000			03/29/2021		5,261,445
	8,234,000	Shire Acquisitions Investments Ireland DAC		2.400			09/23/2021		7,964,285

									49,246,700

		Pipelines—2.5%
	1,308,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.250			01/15/2025		1,340,700
	1,557,000	Buckeye Partners LP		4.875			02/01/2021		1,587,481
	1,901,000	Enbridge Energy Partners LP		4.200			09/15/2021		1,922,474
	1,756,000	Energy Transfer Partners LP		4.650			06/01/2021		1,803,169
	1,069,000	Enterprise Products Operating LLC		2.850			04/15/2021		1,058,644
	1,697,000	Kinder Morgan Energy Partners LP		3.500			03/01/2021		1,701,114
	996,000	Kinder Morgan Energy Partners LP		5.000			10/01/2021		1,038,596
	1,462,000	Magellan Midstream Partners LP		4.250			02/01/2021		1,493,318
	1,804,000	Plains All American Pipeline LP/PAA Finance Corp.		5.000			02/01/2021		1,856,640
	6,400,000	Sabine Pass Liquefaction LLC		5.625			02/01/2021		6,678,895
	1,859,000	Sunoco Logistics Partners Operations LP		4.400			04/01/2021		1,892,827
	898,000	Western Gas Partners LP		5.375			06/01/2021		931,278
	1,181,000	Williams Cos., Inc. (The)		4.000			11/15/2021		1,197,284

									24,502,420

		REITs—2.2%
	1,579,000	American Tower Corp.		3.300			02/15/2021		1,575,310
	1,474,000	American Tower Corp.		3.450			09/15/2021		1,475,495
	1,310,000	American Tower Corp.		5.900			11/01/2021		1,400,292
	2,172,000	Boston Properties LP		4.125			05/15/2021		2,218,063
	2,021,000	Crown Castle International Corp.		3.400			02/15/2021		2,020,071
	1,484,000	Crown Castle International Corp.		2.250			09/01/2021		1,430,982
	2,098,000	ERP Operating LP		4.625			12/15/2021		2,176,458
	1,030,000	Kimco Realty Corp.		3.200			05/01/2021		1,023,422
	958,000	MPT Operating Partnership LP/MPT Finance Corp.		5.250			08/01/2026		962,790
	2,574,000	Simon Property Group LP		4.375			03/01/2021		2,644,546
	1,056,000	Simon Property Group LP		2.500			07/15/2021		1,036,437
	2,324,000	Simon Property Group LP		4.125			12/01/2021		2,385,062
	1,456,000	Weyerhaeuser Co.		4.700			03/15/2021		1,502,217

									21,851,145

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


		89

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail—3.2%
$	1,431,000	Best Buy Co., Inc.		5.500	%		03/15/2021	$	1,505,551
	2,727,000	Costco Wholesale Corp.		2.150			05/18/2021		2,677,617
	2,899,000	Gap, Inc. (The)		5.950			04/12/2021		3,034,329
	3,986,000	Home Depot, Inc. (The)		2.000			04/01/2021		3,890,542
	2,148,000	Home Depot, Inc. (The)		4.400			04/01/2021		2,226,232
	1,686,000	Kohl’s Corp.		4.000			11/01/2021		1,705,879
	1,564,000	Lowe’s Cos., Inc.		3.750			04/15/2021		1,592,795
	1,589,000	Lowe’s Cos., Inc.		3.800			11/15/2021		1,623,277
	1,260,000	Macy’s Retail Holdings, Inc.		3.450			01/15/2021		1,253,769
	1,277,000	Nordstrom, Inc.		4.000			10/15/2021		1,293,553
	1,261,000	O’Reilly Automotive, Inc.		4.875			01/14/2021		1,305,629
	1,811,000	Starbucks Corp.		2.100			02/04/2021		1,771,721
	2,374,000	TJX Cos., Inc. (The)		2.750			06/15/2021		2,358,873
	2,890,000	Walgreens Boots Alliance, Inc.		3.300			11/18/2021		2,885,223
	2,260,000	Walmart, Inc.		4.250			04/15/2021		2,338,820

									31,463,810

		Semiconductors—1.7%
	1,631,000	Applied Materials, Inc.		4.300			06/15/2021		1,689,137
	1,183,000	Intel Corp.		1.700			05/19/2021		1,149,034
	5,286,000	Intel Corp.		3.300			10/01/2021		5,344,278
	1,402,000	KLA-Tencor Corp.		4.125			11/01/2021		1,427,989
	2,014,000	Lam Research Corp.		2.800			06/15/2021		1,987,161
	2,630,000	NVIDIA Corp.		2.200			09/16/2021		2,560,621
	1,559,000	Texas Instruments, Inc.		2.750			03/12/2021		1,553,008
	1,176,000	Xilinx, Inc.		3.000			03/15/2021		1,170,998

								16,882,226

		Software—2.8%
	1,885,000	Activision Blizzard, Inc.		2.300			09/15/2021		1,827,531
	1,559,000	Electronic Arts, Inc.		3.700			03/01/2021		1,579,735
	1,633,000	Fidelity National Information Services, Inc.		2.250			08/15/2021		1,581,929
	1,181,000	Microsoft Corp.		4.000			02/08/2021		1,213,318
	7,157,000	Microsoft Corp.		1.550			08/08/2021		6,899,606
	3,866,000	Oracle Corp.		2.800			07/08/2021		3,853,902
	10,777,000	Oracle Corp.		1.900			09/15/2021		10,436,538

									27,392,559

		Telecommunications—5.3%
	2,093,000	AT&T, Inc.		4.600			02/15/2021		2,148,895
	4,247,000	AT&T, Inc.		2.800			02/17/2021		4,201,704
	2,852,000	AT&T, Inc.		5.000			03/01/2021		2,963,047
	2,860,000	AT&T, Inc.		4.450			05/15/2021		2,937,519
	3,206,000	AT&T, Inc.		3.875			08/15/2021		3,249,431
	6,428,000	Cisco Systems, Inc.		2.200			02/28/2021		6,324,743
	1,320,000	Cisco Systems, Inc.		2.900			03/04/2021		1,318,448
	5,069,000	Cisco Systems, Inc.		1.850			09/20/2021		4,910,693
	2,314,000	Orange SA (France)		4.125			09/14/2021		2,366,558
	2,003,000	Qwest Corp.		6.750			12/01/2021		2,150,811
	3,780,000	Telefonica Emisiones SAU (Spain)		5.462			02/16/2021		3,960,359
	2,116,000	Verizon Communications, Inc.		3.450			03/15/2021		2,134,484
	3,071,000	Verizon Communications, Inc.		4.600			04/01/2021		3,179,673
	1,922,000	Verizon Communications, Inc.		1.750			08/15/2021		1,849,203
	4,000,000	Verizon Communications, Inc.		3.500			11/01/2021		4,043,093
	2,982,000	Verizon Communications, Inc.		3.000			11/01/2021		2,966,840
	1,653,000	Vodafone Group PLC (United Kingdom)		4.375			03/16/2021		1,700,783

									52,406,284

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


		90

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Transportation—0.6%
$	1,455,000	Norfolk Southern Corp.		3.250	%		12/01/2021	$	1,453,397
	1,135,000	Union Pacific Corp.		4.000			02/01/2021		1,157,365
	3,798,000	United Parcel Service, Inc.		3.125			01/15/2021		3,820,857

								6,431,619

		Total Corporate Bonds (Cost $1,002,537,983)							987,967,402

Number of Shares
		Money Market Fund—0.1%
	553,590	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $553,590)							553,590

		Total Investments in Securities (Cost $1,003,091,573)—99.3%							988,520,992
		Other assets less liabilities—0.7%							7,139,997

		Net Assets—100.0%						$	995,660,989

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		91

Schedule of Investments

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—99.0%
		Advertising—0.5%
$	2,793,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.625	%		05/01/2022	$	2,784,221
	1,053,000	WPP Finance 2010 (United Kingdom)		3.625			09/07/2022		1,035,391

									3,819,612

		Aerospace/Defense—1.9%
	1,300,000	Arconic, Inc.		5.870			02/23/2022		1,357,980
	2,676,000	General Dynamics Corp.		2.250			11/15/2022		2,573,649
	2,468,000	Raytheon Co.		2.500			12/15/2022		2,410,290
	2,792,000	Rockwell Collins, Inc.		2.800			03/15/2022		2,728,575
	1,099,000	United Technologies Corp.		2.300			05/04/2022		1,059,622
	5,370,000	United Technologies Corp.		3.100			06/01/2022		5,307,618

									15,437,734

		Agriculture—1.4%
	4,553,000	Altria Group, Inc.		2.850			08/09/2022		4,472,511
	1,084,000	Philip Morris International, Inc.		2.625			02/18/2022		1,061,213
	1,512,000	Philip Morris International, Inc.		2.375			08/17/2022		1,460,331
	1,925,000	Philip Morris International, Inc.		2.500			08/22/2022		1,864,754
	2,291,000	Reynolds American, Inc. (United Kingdom)		4.000			06/12/2022		2,321,750

									11,180,559

		Airlines—0.3%
	2,570,000	Delta Air Lines, Inc.		3.625			03/15/2022		2,549,938

		Auto Manufacturers—2.5%
	2,000,000	Ford Motor Credit Co. LLC		3.219			01/09/2022		1,933,495
	1,900,000	Ford Motor Credit Co. LLC		3.339			03/28/2022		1,838,329
	2,200,000	Ford Motor Credit Co. LLC		4.250			09/20/2022		2,184,097
	3,122,000	General Motors Financial Co., Inc.		3.450			01/14/2022		3,088,203
	3,139,000	General Motors Financial Co., Inc.		3.450			04/10/2022		3,088,864
	3,198,000	General Motors Financial Co., Inc.		3.150			06/30/2022		3,118,657
	2,442,000	Toyota Motor Credit Corp., MTN		2.600			01/11/2022		2,401,715
	2,200,000	Toyota Motor Credit Corp., MTN		3.300			01/12/2022		2,213,205
	1,168,000	Toyota Motor Credit Corp., GMTN		2.800			07/13/2022		1,152,388

									21,018,953

		Banks—25.4%
	2,200,000	Banco Santander SA (Spain)		3.500			04/11/2022		2,172,088
	4,473,000	Bank of America Corp.		5.700			01/24/2022		4,825,477
	4,273,000	Bank of America Corp., MTN		2.503			10/21/2022		4,114,514
	2,039,000	Bank of Montreal, MTN (Canada)		2.550			11/06/2022		1,976,984
	2,962,000	Bank of New York Mellon Corp. (The), MTN		2.600			02/07/2022		2,903,368
	3,664,000	Bank of Nova Scotia (The) (Canada)		2.700			03/07/2022		3,590,606
	7,550,000	Barclays Bank PLC (United Kingdom)		7.625			11/21/2022		8,201,263
	2,680,000	BB&T Corp., MTN		2.750			04/01/2022		2,634,640
	2,300,000	Branch Banking & Trust Co.		2.625			01/15/2022		2,255,871
	2,449,000	Canadian Imperial Bank of Commerce (Canada)		2.550			06/16/2022		2,384,274
	1,872,000	Capital One Financial Corp.		3.050			03/09/2022		1,838,493
	2,100,000	Capital One NA, BKNT		2.650			08/08/2022		2,028,721
	5,890,000	Citigroup, Inc.		4.500			01/14/2022		6,087,149
	5,092,000	Citigroup, Inc.		2.750			04/25/2022		4,968,597
	2,217,000	Citigroup, Inc.		4.050			07/30/2022		2,244,018
	1,251,000	Citizens Bank NA		2.650			05/26/2022		1,211,949
	1,900,000	Compass Bank, BKNT		2.875			06/29/2022		1,841,252
	2,600,000	Cooperatieve Rabobank UA (Netherlands)		2.750			01/10/2022		2,547,087
	6,905,000	Cooperatieve Rabobank UA, GMTN (Netherlands)		3.875			02/08/2022		7,005,519
	3,200,000	Cooperatieve Rabobank UA (Netherlands)		3.950			11/09/2022		3,213,458
	972,000	Fifth Third Bancorp		3.500			03/15/2022		975,661
	1,718,000	Fifth Third Bancorp		2.600			06/15/2022		1,665,553

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


		92

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	1,251,000	First Republic Bank		2.500	%		06/06/2022	$	1,211,030
	10,675,000	Goldman Sachs Group, Inc. (The)		5.750			01/24/2022		11,421,947
	7,534,000	Goldman Sachs Group, Inc. (The)		3.000			04/26/2022		7,408,151
	6,000,000	HSBC Holdings PLC (United Kingdom)		2.650			01/05/2022		5,843,205
	1,910,000	HSBC Holdings PLC (United Kingdom)		4.875			01/14/2022		1,993,534
	4,701,000	HSBC Holdings PLC (United Kingdom)		4.000			03/30/2022		4,787,189
	2,222,000	Huntington Bancshares, Inc.		2.300			01/14/2022		2,140,929
	1,300,000	Huntington National Bank (The), BKNT		2.500			08/07/2022		1,252,607
	3,700,000	ING Groep NV (Netherlands)		3.150			03/29/2022		3,650,539
	7,634,000	JPMorgan Chase & Co.		4.500			01/24/2022		7,918,858
	6,690,000	JPMorgan Chase & Co.		3.250			09/23/2022		6,663,265
	1,127,000	KeyBank NA, BKNT		2.400			06/09/2022		1,087,756
	3,800,000	Lloyds Banking Group PLC (United Kingdom)		3.000			01/11/2022		3,720,203
	1,700,000	Manufacturers & Traders Trust Co., BKNT		2.500			05/18/2022		1,650,402
	2,369,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.998			02/22/2022		2,331,157
	4,954,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.665			07/25/2022		4,807,478
	3,400,000	Mizuho Financial Group, Inc. (Japan)		2.953			02/28/2022		3,336,909
	7,564,000	Morgan Stanley, GMTN		2.750			05/19/2022		7,381,527
	4,699,000	Morgan Stanley, GMTN		4.875			11/01/2022		4,901,618
	960,000	Northern Trust Corp.		2.375			08/02/2022		929,826
	3,000,000	PNC Bank NA, BKNT		2.625			02/17/2022		2,937,927
	1,695,000	PNC Bank NA, BKNT		2.450			07/28/2022		1,643,804
	2,450,000	PNC Bank NA, BKNT		2.700			11/01/2022		2,375,788
	2,522,000	PNC Financial Services Group, Inc. (The)		3.300			03/08/2022		2,522,529
	1,072,000	PNC Financial Services Group, Inc. (The)^(a)		2.854			11/09/2022		1,048,043
	1,944,000	Regions Financial Corp.		2.750			08/14/2022		1,887,710
	2,668,000	Royal Bank of Canada, GMTN (Canada)		2.750			02/01/2022		2,626,828
	4,900,000	Royal Bank of Scotland Group PLC (United Kingdom)		6.125			12/15/2022		5,146,558
	1,300,000	Skandinaviska Enskilda Banken AB (Sweden)		2.800			03/11/2022		1,277,116
	1,535,000	Sumitomo Mitsui Banking Corp. (Japan)		3.200			07/18/2022		1,519,330
	1,599,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.846			01/11/2022		1,568,239
	4,709,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.784			07/12/2022		4,590,939
	2,258,000	SunTrust Bank, BKNT		2.450			08/01/2022		2,179,040
	2,502,000	SunTrust Banks, Inc.		2.700			01/27/2022		2,445,183
	1,500,000	Synchrony Bank, BKNT		3.000			06/15/2022		1,445,718
	2,452,000	U.S. Bancorp, MTN		3.000			03/15/2022		2,436,060
	3,149,000	U.S. Bancorp, MTN		2.950			07/15/2022		3,099,009
	2,667,000	U.S. Bancorp, Series V, MTN		2.625			01/24/2022		2,617,792
	4,700,000	UBS AG (Switzerland)		7.625			08/17/2022		5,234,625
	5,878,000	Wells Fargo & Co., GMTN		3.500			03/08/2022		5,904,894

									209,631,804

		Beverages—3.0%
	5,409,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)		3.750			01/15/2022		5,501,177
	7,061,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)		2.500			07/15/2022		6,856,233
	1,085,000	Coca-Cola Co. (The)		2.200			05/25/2022		1,055,074
	1,090,000	Constellation Brands, Inc.		2.700			05/09/2022		1,057,938
	2,275,000	Diageo Investment Corp. (United Kingdom)		2.875			05/11/2022		2,248,863
	1,310,000	Molson Coors Brewing Co.		3.500			05/01/2022		1,308,099
	3,119,000	PepsiCo, Inc.		2.750			03/05/2022		3,097,977
	1,642,000	PepsiCo, Inc.		2.250			05/02/2022		1,599,078
	1,703,000	PepsiCo, Inc.		3.100			07/17/2022		1,705,695

									24,430,134

		Biotechnology—2.1%
	1,263,000	Amgen, Inc.		2.700			05/01/2022		1,235,365
	3,546,000	Amgen, Inc.		2.650			05/11/2022		3,462,276
	2,013,000	Amgen, Inc.		3.625			05/15/2022		2,031,036

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


		93

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Biotechnology (continued)
$	2,531,000	Biogen, Inc.		3.625	%		09/15/2022	$	2,549,783
	2,540,000	Celgene Corp.		3.550			08/15/2022		2,540,057
	2,624,000	Celgene Corp.		3.250			08/15/2022		2,601,240
	1,065,000	Gilead Sciences, Inc.		1.950			03/01/2022		1,021,934
	2,306,000	Gilead Sciences, Inc.		3.250			09/01/2022		2,305,918

									17,747,609

		Building Materials—0.2%
	1,294,000	Owens Corning		4.200			12/15/2022		1,309,247

		Chemicals—1.6%
	856,000	Celanese US Holdings LLC		4.625			11/15/2022		880,375
	2,731,000	Dow Chemical Co. (The)		3.000			11/15/2022		2,677,887
	1,712,000	Eastman Chemical Co.		3.600			08/15/2022		1,716,124
	1,126,000	Nutrien Ltd. (Canada)		3.150			10/01/2022		1,102,705
	1,281,000	Praxair, Inc.		2.450			02/15/2022		1,253,018
	1,300,000	Praxair, Inc.		2.200			08/15/2022		1,254,939
	2,837,000	Sherwin-Williams Co. (The)		2.750			06/01/2022		2,764,396
	1,352,000	Syngenta Finance NV (Switzerland)		3.125			03/28/2022		1,314,772

									12,964,216

		Commercial Services—0.5%
	1,046,000	Block Financial LLC		5.500			11/01/2022		1,092,732
	1,086,000	Ecolab, Inc.		2.375			08/10/2022		1,048,363
	1,028,000	Equifax, Inc.		3.300			12/15/2022		1,010,121
	1,328,000	Moody’s Corp.		4.500			09/01/2022		1,374,990

									4,526,206

		Computers—2.8%
	3,100,000	Apple, Inc.		2.150			02/09/2022		3,013,716
	3,596,000	Apple, Inc.		2.500			02/09/2022		3,538,880
	2,576,000	Apple, Inc.		2.300			05/11/2022		2,515,984
	3,007,000	Apple, Inc.		2.700			05/13/2022		2,981,766
	2,965,000	Hewlett Packard Enterprise Co.		4.400			10/15/2022		3,057,036
	1,152,000	HP, Inc.		4.050			09/15/2022		1,172,551
	2,300,000	International Business Machines Corp.		2.500			01/27/2022		2,249,982
	2,400,000	International Business Machines Corp.		1.875			08/01/2022		2,283,960
	2,450,000	International Business Machines Corp.		2.875			11/09/2022		2,413,318

									23,227,193

		Cosmetics/Personal Care—0.6%
	1,096,000	Colgate-Palmolive Co., MTN		2.300			05/03/2022		1,072,888
	2,271,000	Procter & Gamble Co. (The)		2.300			02/06/2022		2,223,285
	1,800,000	Unilever Capital Corp. (United Kingdom)		2.200			05/05/2022		1,738,616

									5,034,789

		Diversified Financial Services—4.6%
	2,200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		3.950			02/01/2022		2,200,934
	1,500,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		3.500			05/26/2022		1,478,602
	1,200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		4.625			07/01/2022		1,229,122
	1,361,000	Air Lease Corp.		3.750			02/01/2022		1,366,441
	1,493,000	Air Lease Corp.		2.625			07/01/2022		1,437,680
	4,474,000	American Express Co.		2.500			08/01/2022		4,313,270
	3,276,000	American Express Co.		2.650			12/02/2022		3,174,340
	4,215,000	American Express Credit Corp., MTN		2.700			03/03/2022		4,120,038
	3,161,000	BlackRock, Inc.		3.375			06/01/2022		3,197,168
	1,841,000	CME Group, Inc.		3.000			09/15/2022		1,826,054
	1,089,000	Discover Financial Services		3.850			11/21/2022		1,085,451
	1,675,000	International Lease Finance Corp.		8.625			01/15/2022		1,920,686
	1,812,000	International Lease Finance Corp.		5.875			08/15/2022		1,932,849

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


		94

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services (continued)
$	2,016,000	ORIX Corp. (Japan)		2.900	%		07/18/2022	$	1,960,173
	1,699,000	TD Ameritrade Holding Corp.		2.950			04/01/2022		1,677,396
	5,287,000	Visa, Inc.		2.800			12/14/2022		5,217,231

								38,137,435

		Electric—2.1%
	1,124,000	Alabama Power Co., Series 17A		2.450			03/30/2022		1,093,388
	1,087,000	CenterPoint Energy, Inc.		2.500			09/01/2022		1,046,948
	1,228,000	Duke Energy Corp.		3.050			08/15/2022		1,213,454
	1,087,000	Duke Energy Corp.		2.400			08/15/2022		1,048,144
	1,175,000	Duke Energy Progress LLC		2.800			05/15/2022		1,158,974
	1,530,000	Entergy Corp.		4.000			07/15/2022		1,559,886
	2,811,000	Exelon Corp.		3.497			06/01/2022		2,780,215
	1,502,000	Exelon Generation Co. LLC		3.400			03/15/2022		1,496,523
	1,149,000	Exelon Generation Co. LLC		4.250			06/15/2022		1,174,151
	990,000	FirstEnergy Corp., Series A		2.850			07/15/2022		963,927
	2,077,000	Oncor Electric Delivery Co. LLC		7.000			09/01/2022		2,362,595
	1,338,000	Sempra Energy		2.875			10/01/2022		1,305,384

									17,203,589

		Electronics—0.6%
	1,287,000	Amphenol Corp.		4.000			02/01/2022		1,313,392
	1,250,000	Jabil, Inc.		4.700			09/15/2022		1,283,500
	1,272,000	Tech Data Corp.		3.700			02/15/2022		1,256,127
	863,000	Tyco Electronics Group SA (Switzerland)		3.500			02/03/2022		868,887

									4,721,906

		Environmental Control—0.4%
	1,998,000	Republic Services, Inc.		3.550			06/01/2022		2,010,863
	1,048,000	Waste Management, Inc.		2.900			09/15/2022		1,032,463

									3,043,326

		Food—1.5%
	4,641,000	Kraft Heinz Foods Co.		3.500			06/06/2022		4,630,432
	2,221,000	Kraft Heinz Foods Co.		3.500			07/15/2022		2,210,378
	1,108,000	Kroger Co. (The)		3.400			04/15/2022		1,105,730
	1,615,000	McCormick & Co., Inc.		2.700			08/15/2022		1,574,161
	2,531,000	Tyson Foods, Inc.		4.500			06/15/2022		2,610,604

									12,131,305

		Forest Products & Paper—0.2%
	1,513,000	International Paper Co.		4.750			02/15/2022		1,573,509

		Hand/Machine Tools—0.2%
	1,677,000	Stanley Black & Decker, Inc.		2.900			11/01/2022		1,646,975

		Healthcare-Products—2.4%
	1,585,000	Abbott Laboratories		2.550			03/15/2022		1,543,503
	4,391,000	Becton, Dickinson and Co.		2.894			06/06/2022		4,280,384
	1,415,000	Boston Scientific Corp.		3.375			05/15/2022		1,405,210
	1,331,000	Covidien International Finance SA		3.200			06/15/2022		1,325,765
	5,865,000	Medtronic, Inc.		3.150			03/15/2022		5,854,973
	1,607,000	Medtronic, Inc.		3.125			03/15/2022		1,601,004
	2,067,000	Thermo Fisher Scientific, Inc.		3.300			02/15/2022		2,061,093
	2,021,000	Zimmer Biomet Holdings, Inc.		3.150			04/01/2022		1,989,181

									20,061,113

		Healthcare-Services—2.3%
	2,290,000	Aetna, Inc.		2.750			11/15/2022		2,219,063
	2,105,000	Anthem, Inc.		3.125			05/15/2022		2,078,913
	1,270,000	Catholic Health Initiatives		2.950			11/01/2022		1,232,728

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


		95

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Healthcare-Services (continued)
$	1,893,000	Cigna Corp.		4.000	%		02/15/2022	$	1,920,365
	3,012,000	HCA, Inc.		5.875			03/15/2022		3,207,780
	1,467,000	Humana, Inc.		3.150			12/01/2022		1,445,035
	1,212,000	Laboratory Corp. of America Holdings		3.200			02/01/2022		1,202,203
	1,202,000	Laboratory Corp. of America Holdings		3.750			08/23/2022		1,211,695
	2,257,000	UnitedHealth Group, Inc.		2.875			03/15/2022		2,242,971
	2,558,000	UnitedHealth Group, Inc.		3.350			07/15/2022		2,572,737

									19,333,490

		Home Builders—0.1%
	1,191,000	NVR, Inc.		3.950			09/15/2022		1,199,425

		Household Products/Wares—0.2%
	1,479,000	Clorox Co. (The)		3.050			09/15/2022		1,468,263

		Insurance—1.7%
	3,556,000	American International Group, Inc.		4.875			06/01/2022		3,730,362
	1,657,000	Berkshire Hathaway Finance Corp.		3.000			05/15/2022		1,660,117
	1,196,000	Berkshire Hathaway, Inc.		3.400			01/31/2022		1,213,466
	3,038,000	Chubb INA Holdings, Inc.		2.875			11/03/2022		2,991,275
	1,863,000	Hartford Financial Services Group, Inc. (The)		5.125			04/15/2022		1,967,610
	1,099,000	Marsh & McLennan Cos., Inc.		2.750			01/30/2022		1,077,470
	1,103,000	MetLife, Inc.		3.048			12/15/2022		1,091,126

									13,731,426

		Internet—0.9%
	3,481,000	Amazon.com, Inc.		2.500			11/29/2022		3,402,466
	1,701,000	eBay, Inc.		3.800			03/09/2022		1,726,289
	2,573,000	eBay, Inc.		2.600			07/15/2022		2,499,486

									7,628,241

		Investment Companies—0.2%
	1,391,000	Ares Capital Corp.		3.625			01/19/2022		1,365,184

		Iron/Steel—0.5%
	2,403,000	ArcelorMittal (Luxembourg)		6.250			02/25/2022		2,580,247
	1,257,000	Nucor Corp.		4.125			09/15/2022		1,290,377

								3,870,624

		Lodging—0.2%
	1,621,000	Marriott International, Inc.		2.300			01/15/2022		1,565,000

		Machinery-Construction & Mining—0.8%
	2,773,000	ABB Finance USA, Inc. (Switzerland)		2.875			05/08/2022		2,735,546
	1,049,000	Caterpillar Financial Services Corp., MTN		2.850			06/01/2022		1,037,252
	1,597,000	Caterpillar Financial Services Corp., MTN		2.400			06/06/2022		1,555,105
	1,410,000	Caterpillar, Inc.		2.600			06/26/2022		1,382,699

									6,710,602

		Machinery-Diversified—1.0%
	1,083,000	CNH Industrial Capital LLC		4.375			04/05/2022		1,099,786
	2,169,000	Deere & Co.		2.600			06/08/2022		2,131,091
	1,066,000	Flowserve Corp.		3.500			09/15/2022		1,043,876
	1,619,000	John Deere Capital Corp., MTN		2.650			01/06/2022		1,601,893
	931,000	John Deere Capital Corp., MTN		2.750			03/15/2022		920,252
	1,613,000	Roper Technologies, Inc.		3.125			11/15/2022		1,587,466

									8,384,364

		Media—3.3%
	2,297,000	21st Century Fox America, Inc.		3.000			09/15/2022		2,266,284
	1,617,000	CBS Corp.		3.375			03/01/2022		1,602,431

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


		96

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Media (continued)
$	7,070,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.464	%		07/23/2022	$	7,220,243
	2,837,000	Comcast Cable Communications Holdings, Inc.		9.455			11/15/2022		3,485,123
	1,380,000	Comcast Corp.		1.625			01/15/2022		1,309,869
	2,352,000	Comcast Corp.		3.125			07/15/2022		2,337,983
	1,090,000	Discovery Communications LLC		3.300			05/15/2022		1,074,470
	2,259,000	RELX Capital, Inc. (United Kingdom)		3.125			10/15/2022		2,219,048
	1,000,000	Walt Disney Co. (The), MTN		2.450			03/04/2022		976,667
	2,530,000	Walt Disney Co. (The), GMTN		2.350			12/01/2022		2,441,806
	1,091,000	Warner Media LLC		4.000			01/15/2022		1,107,557
	1,027,000	Warner Media LLC		3.400			06/15/2022		1,022,495

									27,063,976

		Mining—0.2%
	2,082,000	Newmont Mining Corp.		3.500			03/15/2022		2,074,196

		Miscellaneous Manufacturing—1.8%
	1,498,000	3M Co., GMTN		2.000			06/26/2022		1,446,781
	3,957,000	Eaton Corp.		2.750			11/02/2022		3,866,437
	2,614,000	General Electric Co., GMTN		3.150			09/07/2022		2,604,398
	7,041,000	General Electric Co.		2.700			10/09/2022		6,870,448

									14,788,064

		Oil & Gas—5.2%
	1,846,000	Apache Corp.		3.250			04/15/2022		1,828,972
	2,628,000	BP Capital Markets PLC (United Kingdom)		3.062			03/17/2022		2,613,975
	4,206,000	BP Capital Markets PLC (United Kingdom)		3.245			05/06/2022		4,201,747
	2,148,000	BP Capital Markets PLC (United Kingdom)		2.500			11/06/2022		2,082,958
	1,133,000	Cenovus Energy, Inc. (Canada)		3.000			08/15/2022		1,091,474
	1,555,000	Chevron Corp.		2.411			03/03/2022		1,524,377
	1,902,000	Chevron Corp.		2.498			03/03/2022		1,868,371
	4,808,000	Chevron Corp.		2.355			12/05/2022		4,662,286
	2,250,000	Devon Energy Corp.		3.250			05/15/2022		2,219,571
	2,530,000	Exxon Mobil Corp.		2.397			03/06/2022		2,485,199
	1,247,000	Husky Energy, Inc. (Canada)		3.950			04/15/2022		1,261,846
	2,404,000	Marathon Oil Corp.		2.800			11/01/2022		2,328,847
	1,046,000	Murphy Oil Corp.		4.000			06/01/2022		1,034,362
	1,196,000	Murphy Oil Corp.		4.450			12/01/2022		1,196,742
	2,065,000	Occidental Petroleum Corp.		3.125			02/15/2022		2,057,723
	4,420,000	Phillips 66		4.300			04/01/2022		4,554,460
	1,261,000	Pioneer Natural Resources Co.		3.950			07/15/2022		1,281,132
	2,533,000	Shell International Finance BV (Netherlands)		2.375			08/21/2022		2,465,956
	2,160,000	Total Capital International SA (France)		2.875			02/17/2022		2,143,161

									42,903,159

		Oil & Gas Services—0.4%
	3,355,000	National Oilwell Varco, Inc.		2.600			12/01/2022		3,218,531

		Pharmaceuticals—6.6%
	7,463,000	AbbVie, Inc.		2.900			11/06/2022		7,290,698
	2,519,000	AbbVie, Inc.		3.200			11/06/2022		2,490,406
	4,133,000	Allergan Finance LLC		3.250			10/01/2022		4,062,976
	6,841,000	Allergan Funding SCS		3.450			03/15/2022		6,796,658
	2,484,000	AstraZeneca PLC (United Kingdom)		2.375			06/12/2022		2,398,488
	1,917,000	Bristol-Myers Squibb Co.		2.000			08/01/2022		1,836,045
	2,506,000	Cardinal Health, Inc.		2.616			06/15/2022		2,408,088
	3,320,000	CVS Health Corp.		3.500			07/20/2022		3,306,834
	2,729,000	CVS Health Corp.		2.750			12/01/2022		2,634,339
	1,537,000	Eli Lilly & Co.		2.350			05/15/2022		1,503,965
	2,158,000	Express Scripts Holding Co.		3.900			02/15/2022		2,175,485

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


		97

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Pharmaceuticals (continued)
$	4,800,000	GlaxoSmithKline Capital PLC (United Kingdom)		2.850	%		05/08/2022	$	4,752,095
	2,429,000	Johnson & Johnson		2.250			03/03/2022		2,378,481
	3,112,000	Merck & Co., Inc.		2.350			02/10/2022		3,048,566
	2,554,000	Merck & Co., Inc.		2.400			09/15/2022		2,492,408
	2,164,000	Novartis Capital Corp. (Switzerland)		2.400			05/17/2022		2,109,115
	3,323,000	Novartis Capital Corp. (Switzerland)		2.400			09/21/2022		3,229,598

									54,914,245

		Pipelines—3.5%
	1,417,991	Enbridge, Inc. (Canada)		2.900			07/15/2022		1,384,293
	2,139,000	Energy Transfer Partners LP		5.200			02/01/2022		2,231,097
	2,131,000	Energy Transfer Partners LP / Regency Energy Finance Corp.		5.875			03/01/2022		2,263,297
	1,541,000	Energy Transfer Partners LP / Regency Energy Finance Corp.		5.000			10/01/2022		1,600,518
	1,776,000	Enterprise Products Operating LLC		4.050			02/15/2022		1,813,626
	2,497,000	Kinder Morgan Energy Partners LP		3.950			09/01/2022		2,526,545
	2,132,000	ONEOK Partners LP		3.375			10/01/2022		2,108,882
	1,186,000	ONEOK, Inc.		4.250			02/01/2022		1,210,372
	1,750,000	Plains All American Pipeline LP/PAA Finance Corp.		3.650			06/01/2022		1,735,899
	2,600,000	Sabine Pass Liquefaction LLC		6.250			03/15/2022		2,802,727
	2,621,000	TransCanada PipeLines Ltd. (Canada)		2.500			08/01/2022		2,530,373
	2,003,000	Western Gas Partners LP		4.000			07/01/2022		1,995,996
	3,006,000	Williams Cos., Inc. (The)		3.600			03/15/2022		3,002,735
	1,521,000	Williams Cos., Inc. (The)		3.350			08/15/2022		1,498,727

									28,705,087

		REITs—2.5%
	1,368,000	Alexandria Real Estate Equities, Inc.		4.600			04/01/2022		1,413,207
	1,274,000	American Tower Corp.		2.250			01/15/2022		1,222,405
	1,358,000	American Tower Corp.		4.700			03/15/2022		1,408,589
	1,315,000	Brixmor Operating Partnership LP		3.875			08/15/2022		1,314,568
	1,977,000	Crown Castle International Corp.		4.875			04/15/2022		2,042,941
	1,063,000	Digital Realty Trust LP		3.950			07/01/2022		1,076,895
	1,231,000	HCP, Inc.		4.000			12/01/2022		1,238,010
	1,363,000	Hospitality Properties Trust		5.000			08/15/2022		1,407,149
	969,000	Kimco Realty Corp.		3.400			11/01/2022		957,735
	1,365,000	Simon Property Group LP		2.350			01/30/2022		1,325,802
	1,475,000	Simon Property Group LP		3.375			03/15/2022		1,479,162
	1,588,000	Simon Property Group LP		2.625			06/15/2022		1,551,234
	1,300,000	Ventas Realty LP/Ventas Capital Corp.		4.250			03/01/2022		1,329,117
	1,094,000	Ventas Realty LP/Ventas Capital Corp.		3.250			08/15/2022		1,078,568
	1,420,000	Welltower, Inc.		5.250			01/15/2022		1,488,226

									20,333,608

		Retail—2.3%
	1,237,000	AutoZone, Inc.		3.700			04/15/2022		1,247,389
	1,077,000	Costco Wholesale Corp.		2.250			02/15/2022		1,050,973
	1,842,000	Costco Wholesale Corp.		2.300			05/18/2022		1,792,556
	3,070,000	Home Depot, Inc. (The)		2.625			06/01/2022		3,028,240
	1,889,000	Lowe’s Cos., Inc.		3.120			04/15/2022		1,889,714
	1,088,000	Macy’s Retail Holdings, Inc.		3.875			01/15/2022		1,084,704
	2,991,000	McDonald’s Corp., MTN		2.625			01/15/2022		2,933,750
	1,015,000	Starbucks Corp.		2.700			06/15/2022		994,150
	2,226,000	Target Corp.		2.900			01/15/2022		2,221,086
	2,961,000	Walgreen Co.		3.100			09/15/2022		2,915,323

									19,157,885

		Savings & Loans—0.2%
	1,450,000	People’s United Financial, Inc.		3.650			12/06/2022		1,446,121

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


		98

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors—1.6%
$	1,935,000	Intel Corp.		2.350	%		05/11/2022	$	1,886,553
	2,317,000	Intel Corp.		3.100			07/29/2022		2,320,705
	3,593,000	Intel Corp.		2.700			12/15/2022		3,541,117
	4,745,000	QUALCOMM, Inc.		3.000			05/20/2022		4,690,554
	1,063,000	Texas Instruments, Inc.		1.850			05/15/2022		1,018,604

									13,457,533

		Software—3.1%
	1,000,000	CA, Inc.		3.600			08/15/2022		992,693
	1,409,000	Fiserv, Inc.		3.500			10/01/2022		1,404,021
	3,846,000	Microsoft Corp.		2.400			02/06/2022		3,781,118
	3,692,000	Microsoft Corp.		2.375			02/12/2022		3,625,002
	2,334,000	Microsoft Corp.		2.650			11/03/2022		2,301,782
	1,817,000	Microsoft Corp.		2.125			11/15/2022		1,760,932
	5,406,000	Oracle Corp.		2.500			05/15/2022		5,298,200
	6,449,000	Oracle Corp.		2.500			10/15/2022		6,280,573

									25,444,321

		Telecommunications—4.1%
	3,241,000	AT&T, Inc.		3.000			02/15/2022		3,190,503
	2,806,000	AT&T, Inc.		3.200			03/01/2022		2,777,247
	2,656,000	AT&T, Inc.		3.800			03/15/2022		2,681,371
	4,779,000	AT&T, Inc.		3.000			06/30/2022		4,672,334
	2,492,000	AT&T, Inc.		2.625			12/01/2022		2,396,972
	1,137,000	Cisco Systems, Inc.		3.000			06/15/2022		1,134,007
	2,041,000	Motorola Solutions, Inc.		3.750			05/15/2022		2,039,675
	1,172,000	Nokia OYJ (Finland)		3.375			06/12/2022		1,148,419
	2,323,000	Telefonaktiebolaget LM Ericsson (Sweden)		4.125			05/15/2022		2,300,254
	3,060,000	Verizon Communications, Inc.		2.946			03/15/2022		3,021,822
	3,718,000	Verizon Communications, Inc.		3.125			03/16/2022		3,694,162
	3,214,000	Verizon Communications, Inc.		2.450			11/01/2022		3,097,518
	1,971,000	Vodafone Group PLC (United Kingdom)		2.500			09/26/2022		1,900,382

								34,054,666

		Textiles—0.2%
	1,586,000	Cintas Corp. No. 2		2.900			04/01/2022		1,560,958

		Transportation—1.3%
	1,518,000	Burlington Northern Santa Fe LLC		3.050			03/15/2022		1,510,273
	1,351,000	Burlington Northern Santa Fe LLC		3.050			09/01/2022		1,342,883
	1,113,000	FedEx Corp.		2.625			08/01/2022		1,086,271
	1,254,000	Norfolk Southern Corp.		3.000			04/01/2022		1,241,848
	1,895,000	Union Pacific Corp.		4.163			07/15/2022		1,958,646
	1,501,000	United Parcel Service, Inc.		2.350			05/16/2022		1,459,697
	2,287,000	United Parcel Service, Inc.		2.450			10/01/2022		2,224,547

								10,824,165

		Total Corporate Bonds (Cost $831,422,681)							816,600,286

Number of Shares
		Money Market Fund—0.2%
	1,946,597	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $1,946,597)							1,946,597

		Total Investments in Securities (Cost $833,369,278)—99.2%							818,546,883
		Other assets less liabilities—0.8%							6,881,884

		Net Assets—100.0%						$	825,428,767

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


		99

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

August 31, 2018

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		100

Schedule of Investments

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.9%
		Advertising—0.2%
$	849,000	Interpublic Group of Cos., Inc. (The)		3.750	%		02/15/2023	$	837,826

		Aerospace/Defense—0.9%
	732,000	General Dynamics Corp.		1.875			08/15/2023		688,725
	1,033,000	Lockheed Martin Corp.		3.100			01/15/2023		1,029,408
	1,904,000	Northrop Grumman Corp.		3.250			08/01/2023		1,890,744

									3,608,877

		Agriculture—0.9%
	837,000	Philip Morris International, Inc.		2.625			03/06/2023		809,668
	1,222,000	Philip Morris International, Inc.		2.125			05/10/2023		1,151,789
	667,000	Philip Morris International, Inc.		3.600			11/15/2023		672,059
	916,000	Reynolds American, Inc. (United Kingdom)		4.850			09/15/2023		956,769

									3,590,285

		Apparel—0.2%
	856,000	NIKE, Inc.		2.250			05/01/2023		823,528

		Auto Manufacturers—2.6%
	1,400,000	Ford Motor Credit Co. LLC		3.096			05/04/2023		1,312,996
	1,600,000	Ford Motor Credit Co. LLC		4.375			08/06/2023		1,582,722
	2,176,000	General Motors Co.		4.875			10/02/2023		2,230,396
	1,781,000	General Motors Financial Co., Inc.		3.700			05/09/2023		1,746,949
	1,132,000	General Motors Financial Co., Inc.		4.250			05/15/2023		1,139,473
	1,064,000	Toyota Motor Credit Corp., MTN		2.625			01/10/2023		1,039,145
	997,000	Toyota Motor Credit Corp., MTN		2.250			10/18/2023		947,491

									9,999,172

		Banks—21.2%
	7,021,000	Bank of America Corp., GMTN		3.300			01/11/2023		6,974,130
	2,965,000	Bank of America Corp., GMTN		4.100			07/24/2023		3,042,630
	2,218,000	Bank of New York Mellon Corp. (The), MTN		2.200			08/16/2023		2,097,093
	2,300,000	Barclays PLC (United Kingdom)		3.684			01/10/2023		2,252,558
	1,106,000	Capital One Financial Corp.		3.500			06/15/2023		1,094,685
	1,994,000	Citigroup, Inc.		3.500			05/15/2023		1,968,045
	1,793,000	Citigroup, Inc.		3.875			10/25/2023		1,813,834
	2,900,000	Cooperatieve Rabobank UA (Netherlands)		4.625			12/01/2023		2,962,844
	1,720,000	Discover Bank		4.200			08/08/2023		1,738,230
	3,478,000	Goldman Sachs Group, Inc. (The)		3.625			01/22/2023		3,480,244
	3,000,000	HSBC Holdings PLC (United Kingdom)		3.600			05/25/2023		2,988,140
	2,345,000	JPMorgan Chase & Co.		2.972			01/15/2023		2,298,636
	4,591,000	JPMorgan Chase & Co.		3.200			01/25/2023		4,548,755
	2,961,000	JPMorgan Chase & Co.		3.375			05/01/2023		2,916,027
	2,947,000	JPMorgan Chase & Co.		2.700			05/18/2023		2,850,051
	900,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.527			09/13/2023		854,018
	3,818,000	Morgan Stanley, GMTN		3.750			02/25/2023		3,846,193
	3,040,000	Morgan Stanley, MTN		4.100			05/22/2023		3,068,470
	1,200,000	PNC Bank NA		3.800			07/25/2023		1,210,124
	1,100,000	PNC Bank NA, BKNT		2.950			01/30/2023		1,073,014
	1,807,000	Royal Bank of Scotland Group PLC (United Kingdom)		6.100			06/10/2023		1,898,857
	4,600,000	Royal Bank of Scotland Group PLC (United Kingdom)		3.875			09/12/2023		4,489,699
	3,063,000	Royal Bank of Scotland Group PLC (United Kingdom)		6.000			12/19/2023		3,199,105
	1,600,000	Santander UK Group Holdings PLC (United Kingdom)		3.571			01/10/2023		1,566,935
	1,467,000	State Street Corp.		3.100			05/15/2023		1,449,980
	1,497,000	State Street Corp.		3.700			11/20/2023		1,523,892
	785,000	Sumitomo Mitsui Banking Corp. (Japan)		3.000			01/18/2023		766,915
	1,100,000	Sumitomo Mitsui Banking Corp. (Japan)		3.950			07/19/2023		1,118,319
	1,000,000	SunTrust Bank, BKNT		2.750			05/01/2023		971,797
	5,813,000	Wells Fargo & Co.		3.069			01/24/2023		5,692,599

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


		101

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	2,277,000	Wells Fargo & Co., GMTN		4.125	%		08/15/2023	$	2,319,615
	3,056,000	Wells Fargo & Co., Series M, GMTN		3.450			02/13/2023		3,015,467

									81,090,901

		Beverages—5.5%
	1,798,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		2.625			01/17/2023		1,740,624
	9,726,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.300			02/01/2023		9,663,968
	1,038,000	Coca-Cola Co. (The)		2.500			04/01/2023		1,012,044
	2,224,000	Coca-Cola Co. (The)		3.200			11/01/2023		2,225,412
	1,589,000	Constellation Brands, Inc.		4.250			05/01/2023		1,621,734
	2,161,000	Diageo Capital PLC (United Kingdom)		2.625			04/29/2023		2,101,556
	778,000	Keurig Dr Pepper, Inc.		3.130			12/15/2023		748,872
	1,941,000	PepsiCo, Inc.		2.750			03/01/2023		1,910,496

									21,024,706

		Biotechnology—1.0%
	1,131,000	Amgen, Inc.		2.250			08/19/2023		1,068,655
	1,654,000	Celgene Corp.		4.000			08/15/2023		1,679,681
	1,022,000	Gilead Sciences, Inc.		2.500			09/01/2023		979,941

									3,728,277

		Chemicals—1.4%
	1,968,000	EI du Pont de Nemours & Co.		2.800			02/15/2023		1,922,977
	1,437,000	LYB International Finance BV		4.000			07/15/2023		1,448,732
	1,333,000	Mosaic Co. (The)		4.250			11/15/2023		1,353,478
	828,000	Praxair, Inc.		2.700			02/21/2023		810,882

									5,536,069

		Commercial Services—0.7%
	910,000	Total System Services, Inc.		3.750			06/01/2023		907,409
	1,695,000	United Rentals North America, Inc.		4.625			07/15/2023		1,719,577

									2,626,986

		Computers—3.9%
	2,640,000	Apple, Inc.		2.850			02/23/2023		2,616,650
	8,842,000	Apple, Inc.		2.400			05/03/2023		8,563,273
	2,600,000	International Business Machines Corp.		3.375			08/01/2023		2,612,335
	1,322,000	Seagate HDD Cayman		4.750			06/01/2023		1,319,948

									15,112,206

		Cosmetics/Personal Care—0.6%
	827,000	Colgate-Palmolive Co., MTN		1.950			02/01/2023		789,578
	1,484,000	Procter & Gamble Co. (The)		3.100			08/15/2023		1,487,259

									2,276,837

		Diversified Financial Services—1.8%
	1,237,000	Air Lease Corp.		3.000			09/15/2023		1,181,412
	1,042,000	Ameriprise Financial, Inc.		4.000			10/15/2023		1,067,686
	2,200,000	Capital One Bank USA NA		3.375			02/15/2023		2,154,754
	1,204,000	Jefferies Financial Group, Inc.		5.500			10/18/2023		1,253,131
	1,192,000	Jefferies Group LLC		5.125			01/20/2023		1,245,593

									6,902,576

		Electric—3.0%
	907,000	Black Hills Corp.		4.250			11/30/2023		927,733
	693,000	Delmarva Power & Light Co.		3.500			11/15/2023		696,610
	778,000	Duke Energy Carolinas LLC		2.500			03/15/2023		753,370
	1,579,000	FirstEnergy Corp., Series B		4.250			03/15/2023		1,612,531
	798,000	Florida Power & Light Co.		2.750			06/01/2023		782,934
	947,000	PPL Capital Funding, Inc.		3.400			06/01/2023		930,936
	656,000	Public Service Electric & Gas Co., MTN		2.375			05/15/2023		630,250

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


		102

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric (continued)
$	947,000	Sempra Energy		4.050	%		12/01/2023	$	961,291
	1,115,000	Southern California Edison Co., Series C		3.500			10/01/2023		1,119,040
	1,881,000	Southern Co. (The)		2.950			07/01/2023		1,816,087
	1,186,000	Virginia Electric & Power Co., Series C		2.750			03/15/2023		1,157,492

									11,388,274

		Electrical Components & Equipment—0.1%
	579,000	Emerson Electric Co.		2.625			02/15/2023		562,207

		Electronics—0.3%
	1,003,000	Agilent Technologies, Inc.		3.875			07/15/2023		1,007,865

		Entertainment—0.3%
	951,000	GLP Capital LP/GLP Financing II, Inc.		5.375			11/01/2023		1,004,494

		Environmental Control—0.5%
	887,000	Republic Services, Inc.		4.750			05/15/2023		931,835
	891,000	Waste Management, Inc.		2.400			05/15/2023		854,959

									1,786,794

		Food—1.4%
	1,193,000	Conagra Brands, Inc.		3.200			01/25/2023		1,161,291
	1,090,000	Kellogg Co.		2.650			12/01/2023		1,046,867
	2,500,000	Kraft Heinz Foods Co.		4.000			06/15/2023		2,514,597
	759,000	Kroger Co. (The)		3.850			08/01/2023		768,027

								5,490,782

		Gas—0.2%
	618,000	National Fuel Gas Co.		3.750			03/01/2023		613,622

		Healthcare-Products—2.0%
	1,542,000	Abbott Laboratories		3.250			04/15/2023		1,530,886
	2,445,000	Abbott Laboratories		3.400			11/30/2023		2,438,589
	929,000	Medtronic, Inc.		2.750			04/01/2023		911,179
	1,477,000	Thermo Fisher Scientific, Inc.		3.150			01/15/2023		1,455,504
	1,499,000	Thermo Fisher Scientific, Inc.		3.000			04/15/2023		1,460,468

									7,796,626

		Healthcare-Services—2.5%
	2,097,000	Aetna, Inc.		2.800			06/15/2023		2,024,453
	1,484,000	Anthem, Inc.		3.300			01/15/2023		1,472,307
	1,817,000	HCA, Inc.		4.750			05/01/2023		1,851,069
	1,837,000	Howard Hughes Medical Institute		3.500			09/01/2023		1,870,688
	1,110,000	UnitedHealth Group, Inc.		2.750			02/15/2023		1,084,489
	1,143,000	UnitedHealth Group, Inc.		2.875			03/15/2023		1,122,239

									9,425,245

		Housewares—0.7%
	2,735,000	Newell Brands, Inc.		3.850			04/01/2023		2,688,818

		Insurance—2.2%
	1,093,000	Aflac, Inc.		3.625			06/15/2023		1,103,951
	1,038,000	Allstate Corp. (The)		3.150			06/15/2023		1,031,292
	763,000	Berkshire Hathaway, Inc.		3.000			02/11/2023		765,251
	3,308,000	Berkshire Hathaway, Inc.		2.750			03/15/2023		3,258,840
	558,000	Loews Corp.		2.625			05/15/2023		539,918
	1,855,000	MetLife, Inc., Series D		4.368			09/15/2023		1,937,814

									8,637,066

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


		103

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Internet—0.8%
$	683,000	Booking Holdings, Inc.		2.750	%		03/15/2023	$	658,840
	1,002,000	eBay, Inc.		2.750			01/30/2023		968,830
	1,425,000	VeriSign, Inc.		4.625			05/01/2023		1,452,360

									3,080,030

		Investment Companies— 0.2%
	905,000	Ares Capital Corp.		3.500			02/10/2023		871,609

		Iron/Steel—0.4%
	719,000	Nucor Corp.		4.000			08/01/2023		736,704
	741,000	Reliance Steel & Aluminum Co.		4.500			04/15/2023		756,051

									1,492,755

		Machinery-Construction & Mining—0.2%
	721,000	Caterpillar Financial Services Corp., MTN		3.750			11/24/2023		737,155

		Machinery-Diversified—1.1%
	983,000	CNH Industrial NV (United Kingdom)		4.500			08/15/2023		1,005,786
	960,000	Cummins, Inc.		3.650			10/01/2023		975,585
	746,000	John Deere Capital Corp.		2.800			01/27/2023		733,685
	1,394,000	John Deere Capital Corp., GMTN		2.800			03/06/2023		1,369,871

									4,084,927

		Media—2.3%
	1,143,000	Comcast Corp.		2.850			01/15/2023		1,118,696
	1,583,000	Comcast Corp.		2.750			03/01/2023		1,544,400
	1,571,000	NBCUniversal Media LLC		2.875			01/15/2023		1,538,954
	673,000	Thomson Reuters Corp. (Canada)		4.300			11/23/2023		688,423
	1,413,000	Time Warner Entertainment Co. LP		8.375			03/15/2023		1,645,471
	1,589,000	Viacom, Inc.		4.250			09/01/2023		1,600,417
	636,000	Warner Media LLC		4.050			12/15/2023		644,496

									8,780,857

		Metal Fabricate/Hardware—0.4%
	1,553,000	Precision Castparts Corp.		2.500			01/15/2023		1,503,892

		Mining—0.4%
	1,454,000	Goldcorp, Inc. (Canada)		3.700			03/15/2023		1,447,009

		Miscellaneous Manufacturing—0.9%
	2,307,000	General Electric Co., GMTN		3.100			01/09/2023		2,277,650
	1,044,000	Ingersoll-Rand Global Holding Co. Ltd.		4.250			06/15/2023		1,077,189

									3,354,839

		Oil & Gas—7.2%
	1,232,000	Antero Resources Corp.		5.625			06/01/2023		1,273,950
	654,000	Apache Corp.		2.625			01/15/2023		626,579
	2,623,000	BP Capital Markets PLC (United Kingdom)		2.750			05/10/2023		2,552,284
	1,111,000	BP Capital Markets PLC (United Kingdom)		3.994			09/26/2023		1,140,500
	2,316,000	BP Capital Markets PLC (United Kingdom)		3.216			11/28/2023		2,293,276
	1,441,000	Canadian Natural Resources Ltd. (Canada)		2.950			01/15/2023		1,397,005
	937,000	Chevron Corp.		2.566			05/16/2023		911,077
	3,478,000	Chevron Corp.		3.191			06/24/2023		3,481,200
	2,250,000	Continental Resources, Inc.		4.500			04/15/2023		2,304,266
	1,827,000	EOG Resources, Inc.		2.625			03/15/2023		1,766,670
	1,781,000	Exxon Mobil Corp.		2.726			03/01/2023		1,754,061
	2,176,000	Occidental Petroleum Corp.		2.700			02/15/2023		2,120,160
	1,655,000	Shell International Finance BV (Netherlands)		2.250			01/06/2023		1,593,796
	1,370,000	Shell International Finance BV (Netherlands)		3.400			08/12/2023		1,380,366
	1,628,000	Total Capital Canada Ltd. (France)		2.750			07/15/2023		1,590,222
	1,493,000	Total Capital International SA (France)		2.700			01/25/2023		1,457,604

									27,643,016

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


		104

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas Services—1.1%
$	1,817,000	Halliburton Co.		3.500	%		08/01/2023	$	1,825,396
	2,543,000	Schlumberger Investment SA		3.650			12/01/2023		2,580,654

									4,406,050

		Packaging & Containers—0.3%
	1,115,000	Packaging Corp. of America		4.500			11/01/2023		1,157,635

		Pharmaceuticals—5.6%
	1,630,000	AbbVie, Inc.		2.850			05/14/2023		1,578,981
	719,000	Bristol-Myers Squibb Co.		3.250			11/01/2023		720,045
	952,000	Cardinal Health, Inc.		3.200			03/15/2023		926,900
	1,765,000	CVS Health Corp.		4.000			12/05/2023		1,780,746
	1,652,000	Express Scripts Holding Co.		3.000			07/15/2023		1,587,451
	1,705,000	GlaxoSmithKline Capital, Inc. (United Kingdom)		2.800			03/18/2023		1,667,224
	822,000	Johnson & Johnson		2.050			03/01/2023		790,317
	1,151,000	Johnson & Johnson		3.375			12/05/2023		1,169,597
	2,686,000	Merck & Co., Inc.		2.800			05/18/2023		2,647,068
	985,000	Mylan, Inc.		4.200			11/29/2023		981,930
	1,488,000	Pfizer, Inc.		3.000			06/15/2023		1,480,311
	4,225,000	Shire Acquisitions Investments Ireland DAC		2.875			09/23/2023		4,039,292
	2,188,000	Zoetis, Inc.		3.250			02/01/2023		2,162,583

									21,532,445

		Pipelines—4.8%
	677,000	Buckeye Partners LP		4.150			07/01/2023		674,476
	1,056,000	Enbridge, Inc. (Canada)		4.000			10/01/2023		1,070,416
	1,021,000	Energy Transfer Partners LP		3.600			02/01/2023		1,007,948
	1,104,000	Energy Transfer Partners LP/Regency Energy Finance Corp.		4.500			11/01/2023		1,125,764
	2,178,000	Enterprise Products Operating LLC		3.350			03/15/2023		2,162,299
	764,000	Kinder Morgan Energy Partners LP		3.450			02/15/2023		753,996
	1,080,000	Kinder Morgan Energy Partners LP		3.500			09/01/2023		1,066,096
	1,544,000	Kinder Morgan, Inc.		3.150			01/15/2023		1,517,699
	1,486,000	MPLX LP		4.500			07/15/2023		1,530,139
	767,000	ONEOK, Inc.		7.500			09/01/2023		882,129
	1,029,000	Plains All American Pipeline LP/PAA Finance Corp.		3.850			10/15/2023		1,017,980
	2,900,000	Sabine Pass Liquefaction LLC		5.625			04/15/2023		3,105,839
	1,321,000	TransCanada PipeLines Ltd. (Canada)		3.750			10/16/2023		1,332,506
	961,000	Williams Cos., Inc. (The)		4.500			11/15/2023		985,113

									18,232,400

		Real Estate—0.4%
	1,375,000	Prologis LP		4.250			08/15/2023		1,426,265

		REITs—4.5%
	513,000	Alexandria Real Estate Equities, Inc.		3.900			06/15/2023		518,663
	1,486,000	American Tower Corp.		3.500			01/31/2023		1,467,358
	1,602,000	Boston Properties LP		3.850			02/01/2023		1,619,676
	721,000	Boston Properties LP		3.125			09/01/2023		707,405
	621,000	Brixmor Operating Partnership LP		3.250			09/15/2023		598,228
	1,169,000	CC Holdings GS V LLC/Crown Castle GS III Corp.		3.849			04/15/2023		1,165,897
	2,670,000	Crown Castle International Corp.		5.250			01/15/2023		2,811,948
	515,000	ERP Operating LP		3.000			04/15/2023		505,590
	1,246,000	HCP, Inc.		4.250			11/15/2023		1,260,201
	1,098,000	Hospitality Properties Trust		4.500			06/15/2023		1,109,914
	1,390,000	Omega Healthcare Investors, Inc.		4.375			08/01/2023		1,391,809
	1,161,000	Realty Income Corp.		4.650			08/01/2023		1,212,313
	787,000	Simon Property Group LP		2.750			02/01/2023		767,267
	1,086,000	Welltower, Inc.		3.750			03/15/2023		1,084,641
	863,000	Weyerhaeuser Co.		4.625			09/15/2023		894,755

									17,115,665

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


		105

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail—3.0%
$	1,262,000	AutoZone, Inc.		3.125	%		07/15/2023	$	1,234,930
	1,510,000	Dollar General Corp.		3.250			04/15/2023		1,490,357
	1,578,000	Home Depot, Inc. (The)		2.700			04/01/2023		1,549,706
	667,000	Lowe’s Cos., Inc.		3.875			09/15/2023		686,850
	1,044,000	Macy’s Retail Holdings, Inc.		2.875			02/15/2023		987,913
	1,104,000	QVC, Inc.		4.375			03/15/2023		1,093,018
	1,070,000	Starbucks Corp.		3.850			10/01/2023		1,088,263
	654,000	TJX Cos., Inc. (The)		2.500			05/15/2023		634,324
	2,743,000	Walmart, Inc.		2.550			04/11/2023		2,678,956

									11,444,317

		Semiconductors—1.4%
	938,000	Analog Devices, Inc.		2.875			06/01/2023		907,250
	978,000	Analog Devices, Inc.		3.125			12/05/2023		954,949
	586,000	Maxim Integrated Products, Inc.		3.375			03/15/2023		577,859
	2,109,000	QUALCOMM, Inc.		2.600			01/30/2023		2,029,761
	849,000	Texas Instruments, Inc.		2.250			05/01/2023		811,740

									5,281,559

		Software—3.3%
	1,122,000	Fidelity National Information Services, Inc.		3.500			04/15/2023		1,117,204
	1,797,000	Microsoft Corp.		2.375			05/01/2023		1,745,089
	2,305,000	Microsoft Corp.		2.000			08/08/2023		2,191,345
	2,303,000	Microsoft Corp.		3.625			12/15/2023		2,353,543
	1,265,000	Oracle Corp.		3.625			07/15/2023		1,286,138
	4,154,000	Oracle Corp.		2.400			09/15/2023		3,986,112

									12,679,431

		Telecommunications—5.3%
	4,056,000	AT&T, Inc.		3.600			02/17/2023		4,049,631
	694,000	Cisco Systems, Inc.		2.600			02/28/2023		680,076
	975,000	Cisco Systems, Inc.		2.200			09/20/2023		933,701
	767,000	Motorola Solutions, Inc.		3.500			03/01/2023		751,077
	474,000	Rogers Communications, Inc. (Canada)		3.000			03/15/2023		463,909
	872,000	Rogers Communications, Inc. (Canada)		4.100			10/01/2023		893,476
	1,050,000	Telefonica Emisiones SAU (Spain)		4.570			04/27/2023		1,087,476
	8,549,000	Verizon Communications, Inc.		5.150			09/15/2023		9,183,153
	2,316,000	Vodafone Group PLC (United Kingdom)		2.950			02/19/2023		2,249,449

									20,291,948

		Textiles—0.2%
	745,000	Mohawk Industries, Inc.		3.850			02/01/2023		750,847

		Transportation—1.0%
	1,364,000	Burlington Northern Santa Fe LLC		3.000			03/15/2023		1,348,408
	1,242,000	Burlington Northern Santa Fe LLC		3.850			09/01/2023		1,276,984
	781,000	CSX Corp.		3.700			11/01/2023		792,048
	566,000	Norfolk Southern Corp.		2.903			02/15/2023		555,315

									3,972,755

		Total Corporate Bonds (Cost $386,581,507)							378,847,445

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


		106

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

August 31, 2018


Number of Shares			Value
		Money Market Fund—0.2%
	933,726	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $933,726)	$	933,726

		Total Investments in Securities (Cost $387,515,233)—99.1%		379,781,171
		Other assets less liabilities—0.9%		3,287,923

		Net Assets—100.0%	$	383,069,094

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		107

Schedule of Investments

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.4%
		Advertising—0.9%
$	1,055,000	Interpublic Group of Cos., Inc. (The)		4.200	%		04/15/2024	$	1,057,450
	892,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.650			11/01/2024		873,717
	965,000	WPP Finance 2010 (United Kingdom)		3.750			09/19/2024		933,443

									2,864,610

		Aerospace/Defense—1.3%
	1,798,000	Arconic, Inc.		5.125			10/01/2024		1,811,710
	1,299,000	Rockwell Collins, Inc.		3.200			03/15/2024		1,262,818
	980,000	United Technologies Corp.		2.800			05/04/2024		936,555

									4,011,083

		Agriculture—0.9%
	1,998,000	Altria Group, Inc.		4.000			01/31/2024		2,043,263
	904,000	Philip Morris International, Inc.		3.250			11/10/2024		890,112

									2,933,375

		Auto Manufacturers—1.5%
	757,000	American Honda Finance Corp., MTN		2.900			02/16/2024		737,974
	1,000,000	Ford Motor Credit Co. LLC		3.810			01/09/2024		961,202
	900,000	Ford Motor Credit Co. LLC		3.664			09/08/2024		847,470
	1,732,000	General Motors Financial Co., Inc.		3.950			04/13/2024		1,697,587
	617,000	Toyota Motor Credit Corp., MTN		2.900			04/17/2024		601,842

									4,846,075

		Auto Parts & Equipment—0.7%
	1,052,000	Delphi Corp.		4.150			03/15/2024		1,063,850
	1,177,000	Magna International, Inc. (Canada)		3.625			06/15/2024		1,173,286

									2,237,136

		Banks—24.8%
	3,570,000	Bank of America Corp., MTN		4.125			01/22/2024		3,653,576
	3,178,000	Bank of America Corp., MTN		4.000			04/01/2024		3,233,116
	4,094,000	Bank of America Corp., MTN		4.200			08/26/2024		4,119,095
	753,000	Bank of New York Mellon Corp. (The)		3.400			05/15/2024		749,860
	868,000	Bank of New York Mellon Corp. (The), MTN		3.250			09/11/2024		857,639
	840,000	Bank of New York Mellon Corp. (The), Series 0012, MTN		3.650			02/04/2024		848,128
	900,000	Barclays Bank PLC, BKNT (United Kingdom)		3.750			05/15/2024		894,038
	1,800,000	Barclays PLC (United Kingdom)		4.375			09/11/2024		1,749,275
	1,400,000	BNP Paribas SA, MTN (France)		4.250			10/15/2024		1,396,967
	2,250,000	BPCE SA (France)		4.000			04/15/2024		2,282,724
	925,000	Capital One Financial Corp.		3.750			04/24/2024		914,161
	751,000	Citigroup, Inc.		3.750			06/16/2024		753,699
	1,155,000	Citigroup, Inc.		4.000			08/05/2024		1,153,074
	4,150,000	Credit Suisse AG, MTN (Switzerland)		3.625			09/09/2024		4,122,320
	2,111,000	Deutsche Bank AG, GMTN (Germany)		3.700			05/30/2024		1,997,337
	1,083,000	Fifth Third Bancorp		4.300			01/16/2024		1,105,763
	4,151,000	Goldman Sachs Group, Inc. (The), GMTN		4.000			03/03/2024		4,193,714
	3,398,000	Goldman Sachs Group, Inc. (The), MTN		3.850			07/08/2024		3,393,586
	2,850,000	HSBC Holdings PLC (United Kingdom)		4.250			03/14/2024		2,863,427
	1,000,000	HSBC USA, Inc.		3.500			06/23/2024		991,893
	1,450,000	Intesa Sanpaolo SpA (Italy)		5.250			01/12/2024		1,441,221
	2,025,000	JPMorgan Chase & Co.		3.875			02/01/2024		2,054,348
	2,858,000	JPMorgan Chase & Co.		3.625			05/13/2024		2,867,523
	4,324,000	JPMorgan Chase & Co.		3.875			09/10/2024		4,302,029
	1,400,000	Lloyds Banking Group PLC (United Kingdom)		4.500			11/04/2024		1,393,193
	4,162,000	Morgan Stanley, GMTN		3.700			10/23/2024		4,131,939
	4,177,000	Morgan Stanley, Series F, GMTN		3.875			04/29/2024		4,203,517
	500,000	PNC Bank NA		3.300			10/30/2024		492,724
	1,090,000	PNC Financial Services Group, Inc. (The)		3.900			04/29/2024		1,094,745

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


		108

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	3,100,000	Royal Bank of Scotland Group PLC (United Kingdom)		5.125	%		05/28/2024	$	3,115,129
	1,517,000	Santander UK PLC (United Kingdom)		4.000			03/13/2024		1,539,809
	1,476,000	State Street Corp.		3.300			12/16/2024		1,464,161
	900,000	Sumitomo Mitsui Banking Corp. (Japan)		3.950			01/10/2024		912,866
	500,000	Sumitomo Mitsui Banking Corp., GMTN (Japan)		3.400			07/11/2024		494,139
	1,012,000	US Bancorp, MTN		3.700			01/30/2024		1,026,548
	1,526,000	US Bancorp, MTN		3.600			09/11/2024		1,524,536
	924,000	Wells Fargo & Co.		4.480			01/16/2024		952,674
	3,095,000	Wells Fargo & Co., MTN		3.300			09/09/2024		3,033,137

								77,317,630

		Beverages—1.2%
	1,989,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.700			02/01/2024		1,998,075
	1,697,000	PepsiCo, Inc.		3.600			03/01/2024		1,736,548

								3,734,623

		Biotechnology—1.9%
	2,026,000	Amgen, Inc.		3.625			05/22/2024		2,040,693
	1,480,000	Celgene Corp.		3.625			05/15/2024		1,464,659
	2,520,000	Gilead Sciences, Inc.		3.700			04/01/2024		2,541,648

								6,047,000

		Chemicals—1.3%
	1,055,000	Dow Chemical Co. (The)		3.500			10/01/2024		1,036,537
	1,450,000	LyondellBasell Industries NV		5.750			04/15/2024		1,576,906
	882,000	Nutrien Ltd. (Canada)		3.625			03/15/2024		864,958
	539,000	Sherwin-Williams Co. (The)		3.125			06/01/2024		521,413

								3,999,814

		Commercial Services—0.2%
	703,000	Moody’s Corp.		4.875			02/15/2024		739,919

		Computers—3.8%
	2,273,000	Apple, Inc.		3.000			02/09/2024		2,249,748
	3,625,000	Apple, Inc.		3.450			05/06/2024		3,656,355
	2,773,000	Apple, Inc.		2.850			05/11/2024		2,711,942
	539,000	DXC Technology Co.		4.250			04/15/2024		542,424
	2,800,000	International Business Machines Corp.		3.625			02/12/2024		2,834,788

								11,995,257

		Cosmetics/Personal Care—0.4%
	715,000	Colgate-Palmolive Co., MTN		3.250			03/15/2024		717,933
	700,000	Unilever Capital Corp. (United Kingdom)		2.600			05/05/2024		673,109

								1,391,042

		Diversified Financial Services—3.3%
	684,000	Air Lease Corp.		4.250			09/15/2024		687,013
	960,000	American Express Co.		3.625			12/05/2024		952,658
	831,000	Ameriprise Financial, Inc.		3.700			10/15/2024		834,164
	1,494,000	BlackRock, Inc.		3.500			03/18/2024		1,512,510
	980,000	Brookfield Finance LLC (Canada)		4.000			04/01/2024		978,633
	725,000	Discover Financial Services		3.950			11/06/2024		711,976
	1,296,000	Mastercard, Inc.		3.375			04/01/2024		1,302,626
	969,000	Nasdaq, Inc.		4.250			06/01/2024		988,405
	799,000	Stifel Financial Corp.		4.250			07/18/2024		806,604
	1,475,000	Synchrony Financial		4.250			08/15/2024		1,432,807

								10,207,396

		Electric—1.3%
	561,000	Dominion Energy, Inc.		3.625			12/01/2024		552,347
	1,380,000	Duke Energy Corp.		3.750			04/15/2024		1,387,945

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


		109

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric (continued)
$	688,000	Florida Power & Light Co.		3.250	%		06/01/2024	$	683,044
	860,000	MidAmerican Energy Co.		3.500			10/15/2024		865,652
	578,000	Sempra Energy		3.550			06/15/2024		568,449

								4,057,437

		Electronics—0.5%
	819,000	Ingram Micro, Inc.		5.450			12/15/2024		810,741
	696,000	Keysight Technologies, Inc.		4.550			10/30/2024		709,942

								1,520,683

		Engineering & Construction—0.3%
	862,000	Fluor Corp.		3.500			12/15/2024		849,368

		Food—1.7%
	804,000	General Mills, Inc.		3.650			02/15/2024		799,698
	904,000	Kroger Co. (The)		4.000			02/01/2024		913,923
	948,000	McCormick & Co., Inc.		3.150			08/15/2024		917,918
	961,000	Mondelez International, Inc.		4.000			02/01/2024		973,818
	1,674,000	Tyson Foods, Inc.		3.950			08/15/2024		1,682,864

								5,288,221

		Forest Products & Paper—0.6%
	689,000	Georgia-Pacific LLC		8.000			01/15/2024		831,074
	1,035,000	International Paper Co.		3.650			06/15/2024		1,031,989

								1,863,063

		Gas—0.3%
	924,000	Southern California Gas Co.		3.150			09/15/2024		911,818

		Healthcare-Products—2.5%
	2,292,000	Becton, Dickinson and Co.		3.363			06/06/2024		2,217,368
	2,068,000	Becton, Dickinson and Co.		3.734			12/15/2024		2,039,878
	1,035,000	Medtronic, Inc.		3.625			03/15/2024		1,047,540
	879,000	Stryker Corp.		3.375			05/15/2024		871,478
	1,451,000	Thermo Fisher Scientific, Inc.		4.150			02/01/2024		1,487,104

								7,663,368

		Healthcare-Services—1.8%
	963,000	Aetna, Inc.		3.500			11/15/2024		945,321
	943,000	Anthem, Inc.		3.500			08/15/2024		927,805
	2,830,000	HCA, Inc.		5.000			03/15/2024		2,900,750
	883,000	Humana, Inc.		3.850			10/01/2024		885,006

								5,658,882

		Household Products/Wares—0.3%
	810,000	Clorox Co. (The)		3.500			12/15/2024		808,979

		Housewares—0.2%
	619,000	Newell Brands, Inc.		4.000			12/01/2024		603,468

		Insurance—3.5%
	1,035,000	Aflac, Inc.		3.625			11/15/2024		1,037,511
	1,596,000	American International Group, Inc.		4.125			02/15/2024		1,618,929
	675,000	Aon PLC		3.500			06/14/2024		663,112
	673,000	Assured Guaranty US Holdings, Inc.		5.000			07/01/2024		700,066
	694,000	Brown & Brown, Inc.		4.200			09/15/2024		695,506
	1,010,000	Chubb INA Holdings, Inc.		3.350			05/15/2024		1,001,743
	820,000	CNA Financial Corp.		3.950			05/15/2024		823,380
	883,000	Marsh & McLennan Cos., Inc.		3.500			06/03/2024		879,329
	1,380,000	MetLife, Inc.		3.600			04/10/2024		1,389,743

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


		110

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Insurance (continued)
$	1,030,000	Prudential Financial, Inc., MTN		3.500	%		05/15/2024	$	1,037,896
	971,000	Willis North America, Inc.		3.600			05/15/2024		951,730

								10,798,945

		Internet—1.5%
	1,160,000	Alphabet, Inc.		3.375			02/25/2024		1,180,598
	1,796,000	Amazon.com, Inc.		3.800			12/05/2024		1,845,693
	1,057,000	eBay, Inc.		3.450			08/01/2024		1,036,942
	698,000	Expedia Group, Inc.		4.500			08/15/2024		708,752

								4,771,985

		Machinery-Construction & Mining—0.5%
	1,443,000	Caterpillar, Inc.		3.400			05/15/2024		1,452,419

		Machinery-Diversified—0.2%
	547,000	John Deere Capital Corp., MTN		3.350			06/12/2024		546,089

		Media—2.5%
	890,000	21st Century Fox America, Inc.		3.700			09/15/2024		890,776
	941,000	CBS Corp.		3.700			08/15/2024		918,010
	1,805,000	Comcast Corp.		3.000			02/01/2024		1,758,438
	1,854,000	Comcast Corp.		3.600			03/01/2024		1,856,149
	443,000	Discovery Communications LLC^(a)		3.900			11/15/2024		438,004
	810,000	Viacom, Inc.		3.875			04/01/2024		796,486
	1,043,000	Warner Media LLC		3.550			06/01/2024		1,016,658

								7,674,521

		Miscellaneous Manufacturing—1.4%
	1,153,000	General Electric Co.		3.375			03/11/2024		1,142,763
	924,000	General Electric Co., GMTN		3.450			05/15/2024		919,754
	1,052,000	Illinois Tool Works, Inc.		3.500			03/01/2024		1,062,855
	624,000	Ingersoll-Rand Luxembourg Finance SA		3.550			11/01/2024		615,453
	729,000	Parker-Hannifin Corp., MTN		3.300			11/21/2024		722,279

								4,463,104

		Office/Business Equipment—0.2%
	649,000	Pitney Bowes, Inc.		4.625			03/15/2024		585,203

		Oil & Gas—8.0%
	830,000	Anadarko Petroleum Corp.		3.450			07/15/2024		806,263
	1,871,000	BP Capital Markets PLC (United Kingdom)		3.814			02/10/2024		1,902,461
	1,512,000	BP Capital Markets PLC (United Kingdom)		3.224			04/14/2024		1,488,491
	1,188,000	BP Capital Markets PLC (United Kingdom)		3.535			11/04/2024		1,190,217
	851,000	Canadian Natural Resources Ltd. (Canada)		3.800			04/15/2024		846,995
	1,490,000	Chevron Corp.		2.895			03/03/2024		1,461,250
	1,087,000	Cimarex Energy Co.		4.375			06/01/2024		1,102,934
	3,300,000	CNOOC Nexen Finance 2014 ULC (China)		4.250			04/30/2024		3,351,203
	1,736,000	Continental Resources, Inc.		3.800			06/01/2024		1,711,832
	1,522,000	Equinor ASA (Norway)		3.700			03/01/2024		1,546,695
	1,411,000	Exxon Mobil Corp.		3.176			03/15/2024		1,410,236
	945,000	Husky Energy, Inc. (Canada)		4.000			04/15/2024		947,561
	823,000	Kerr-McGee Corp.		6.950			07/01/2024		940,423
	1,140,000	Marathon Petroleum Corp.		3.625			09/15/2024		1,134,583
	882,000	Noble Energy, Inc.		3.900			11/15/2024		875,084
	846,000	Suncor Energy, Inc. (Canada)		3.600			12/01/2024		842,541
	1,411,000	Total Capital International SA (France)		3.700			01/15/2024		1,435,288
	1,875,000	Total Capital International SA (France)		3.750			04/10/2024		1,910,585

								24,904,642

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


		111

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas Services—0.2%
$	747,000	Oceaneering International, Inc.		4.650	%		11/15/2024	$	711,684

		Pharmaceuticals—4.5%
	1,524,000	Allergan Funding SCS		3.850			06/15/2024		1,521,420
	791,000	AmerisourceBergen Corp.		3.400			05/15/2024		777,844
	992,000	Bayer US Finance II LLC (Germany)^(a)		3.375			07/15/2024		957,661
	858,000	Cardinal Health, Inc.		3.079			06/15/2024		816,082
	865,000	CVS Health Corp.		3.375			08/12/2024		842,375
	1,358,000	Express Scripts Holding Co.		3.500			06/15/2024		1,319,122
	1,450,000	McKesson Corp.		3.796			03/15/2024		1,445,138
	3,157,000	Novartis Capital Corp. (Switzerland)		3.400			05/06/2024		3,168,335
	800,000	Perrigo Finance Unlimited Co.		3.900			12/15/2024		783,380
	1,515,000	Pfizer, Inc.		3.400			05/15/2024		1,535,596
	647,000	Wyeth LLC		6.450			02/01/2024		746,213

								13,913,166

		Pipelines—5.9%
	1,000,000	Antero Midstream Partners LP/Antero Midstream Finance Corp.		5.375			09/15/2024		1,012,500
	979,000	Boardwalk Pipelines LP		4.950			12/15/2024		1,001,316
	696,000	Enable Midstream Partners LP		3.900			05/15/2024		674,050
	840,000	Enbridge, Inc. (Canada)		3.500			06/10/2024		826,452
	762,000	EnLink Midstream Partners LP		4.400			04/01/2024		743,825
	1,038,000	Enterprise Products Operating LLC		3.900			02/15/2024		1,051,005
	619,000	EQT Midstream Partners LP		4.000			08/01/2024		594,588
	1,203,000	Kinder Morgan Energy Partners LP		4.150			02/01/2024		1,218,818
	699,000	Kinder Morgan Energy Partners LP		4.300			05/01/2024		708,764
	917,000	Kinder Morgan Energy Partners LP		4.250			09/01/2024		924,198
	1,472,000	MPLX LP		4.875			12/01/2024		1,531,204
	989,000	Plains All American Pipeline LP/PAA Finance Corp.		3.600			11/01/2024		952,718
	2,800,000	Sabine Pass Liquefaction LLC		5.750			05/15/2024		3,014,382
	1,695,000	Spectra Energy Partners LP		4.750			03/15/2024		1,759,381
	843,000	Sunoco Logistics Partners Operations LP		4.250			04/01/2024		845,683
	1,357,000	Williams Cos., Inc. (The)		4.300			03/04/2024		1,378,689

								18,237,573

		REITs—3.1%
	1,141,000	American Tower Corp.		5.000			02/15/2024		1,199,868
	1,027,000	Boston Properties LP		3.800			02/01/2024		1,029,227
	520,000	Brixmor Operating Partnership LP		3.650			06/15/2024		504,696
	850,000	Crown Castle International Corp.		3.200			09/01/2024		813,120
	962,000	HCP, Inc.		3.875			08/15/2024		948,298
	791,000	Simon Property Group LP		3.750			02/01/2024		800,362
	1,525,000	Simon Property Group LP		3.375			10/01/2024		1,507,511
	747,000	VEREIT Operating Partnership LP		4.600			02/06/2024		754,763
	1,158,000	Washington Prime Group LP		5.950			08/15/2024		1,124,520
	863,000	WP Carey, Inc.		4.600			04/01/2024		877,159

								9,559,524

		Retail—3.8%
	1,502,000	Costco Wholesale Corp.		2.750			05/18/2024		1,465,694
	1,571,000	Home Depot, Inc. (The)		3.750			02/15/2024		1,609,779
	927,000	Macy’s Retail Holdings, Inc.		3.625			06/01/2024		895,064
	712,000	McDonald’s Corp., MTN		3.250			06/10/2024		710,364
	859,000	QVC, Inc.		4.850			04/01/2024		860,097
	1,564,000	Target Corp.		3.500			07/01/2024		1,590,030
	2,742,000	Walgreens Boots Alliance, Inc.		3.800			11/18/2024		2,715,950
	2,079,000	Walmart, Inc.		3.300			04/22/2024		2,085,799

								11,932,777

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


		112

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors—3.3%
$	3,800,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.625	%		01/15/2024	$	3,683,885
	1,823,000	Intel Corp.		2.875			05/11/2024		1,777,954
	1,838,000	KLA-Tencor Corp.		4.650			11/01/2024		1,905,938
	1,969,000	QUALCOMM, Inc.		2.900			05/20/2024		1,890,322
	1,069,000	Xilinx, Inc.		2.950			06/01/2024		1,027,606

								10,285,705

		Software—2.0%
	505,000	Fidelity National Information Services, Inc.		3.875			06/05/2024		506,771
	3,022,000	Microsoft Corp.		2.875			02/06/2024		2,976,419
	2,847,000	Oracle Corp.		3.400			07/08/2024		2,840,399

								6,323,589

		Telecommunications—4.9%
	1,082,000	AT&T, Inc.		3.800			03/01/2024		1,076,872
	1,203,000	AT&T, Inc.		3.900			03/11/2024		1,202,186
	1,669,000	AT&T, Inc.		4.450			04/01/2024		1,712,143
	1,572,000	Cisco Systems, Inc.		3.625			03/04/2024		1,607,925
	650,000	Juniper Networks, Inc.		4.500			03/15/2024		665,027
	844,000	Motorola Solutions, Inc.		4.000			09/01/2024		836,884
	1,470,000	Verizon Communications, Inc.		4.150			03/15/2024		1,507,301
	3,574,000	Verizon Communications, Inc.		3.500			11/01/2024		3,539,595
	3,000,000	Vodafone Group PLC (United Kingdom)		3.750			01/16/2024		2,983,209

								15,131,142

		Transportation—1.2%
	805,000	Burlington Northern Santa Fe LLC		3.750			04/01/2024		818,368
	984,000	Burlington Northern Santa Fe LLC		3.400			09/01/2024		983,988
	825,000	CSX Corp.		3.400			08/01/2024		819,925
	1,040,000	FedEx Corp.		4.000			01/15/2024		1,066,536

								3,688,817

		Total Corporate Bonds (Cost $312,948,402)							306,531,132

Number of Shares
		Money Market Fund—0.2%
	524,872	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $524,872)							524,872

		Total Investments in Securities (Cost $313,473,274)—98.6%							307,056,004
		Other assets less liabilities—1.4%							4,306,744

		Net Assets—100.0%						$	311,362,748

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $1,395,665, which represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		113

Schedule of Investments

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.7%
		Aerospace/Defense—0.4%
$	109,000	Harris Corp.		3.832	%		04/27/2025	$	107,513
	431,000	Lockheed Martin Corp.		2.900			03/01/2025		415,674

									523,187

		Agriculture—1.4%
	315,000	Philip Morris International, Inc.		3.375			08/11/2025		308,665
	1,269,000	Reynolds American, Inc. (United Kingdom)		4.450			06/12/2025		1,288,935

									1,597,600

		Auto Manufacturers—1.3%
	700,000	Ford Motor Credit Co. LLC		4.134			08/04/2025		662,240
	109,000	General Motors Co.		4.000			04/01/2025		106,406
	539,000	General Motors Financial Co., Inc.		4.000			01/15/2025		523,193
	216,000	General Motors Financial Co., Inc.		4.300			07/13/2025		213,052

									1,504,891

		Auto Parts & Equipment—0.5%
	216,000	BorgWarner, Inc.		3.375			03/15/2025		210,972
	418,000	Magna International, Inc. (Canada)		4.150			10/01/2025		425,672

									636,644

		Banks—23.3%
	600,000	Banco Santander SA (Spain)		5.179			11/19/2025		609,440
	1,063,000	Bank of America Corp., MTN		4.000			01/22/2025		1,052,408
	1,376,000	Bank of America Corp., MTN		3.875			08/01/2025		1,377,741
	969,000	Bank of America Corp., Series L, MTN		3.950			04/21/2025		954,848
	216,000	Bank of New York Mellon Corp. (The), Series G, MTN		3.000			02/24/2025		209,070
	1,000,000	Barclays PLC (United Kingdom)		3.650			03/16/2025		947,208
	500,000	BB&T Corp., MTN		3.700			06/05/2025		501,168
	700,000	Branch Banking & Trust Co.		3.625			09/16/2025		693,876
	319,000	Capital One Financial Corp.		3.200			02/05/2025		303,548
	741,000	Capital One Financial Corp.		4.200			10/29/2025		730,722
	323,000	Citigroup, Inc.		3.875			03/26/2025		316,225
	740,000	Citigroup, Inc.		3.300			04/27/2025		716,677
	1,269,000	Citigroup, Inc.		4.400			06/10/2025		1,273,521
	741,000	Citigroup, Inc.		5.500			09/13/2025		790,343
	418,000	Citizens Financial Group, Inc.		4.300			12/03/2025		417,264
	850,000	Cooperatieve Rabobank UA (Netherlands)		4.375			08/04/2025		849,141
	600,000	Deutsche Bank AG (Germany)		4.500			04/01/2025		562,264
	1,231,000	Goldman Sachs Group, Inc. (The)		3.500			01/23/2025		1,199,852
	1,059,000	Goldman Sachs Group, Inc. (The)		3.750			05/22/2025		1,044,133
	1,040,000	Goldman Sachs Group, Inc. (The)		4.250			10/21/2025		1,035,999
	800,000	HSBC Holdings PLC (United Kingdom)		4.250			08/18/2025		796,289
	1,235,000	JPMorgan Chase & Co.		3.125			01/23/2025		1,190,970
	1,157,000	JPMorgan Chase & Co.		3.900			07/15/2025		1,165,371
	250,000	KeyBank NA		3.300			06/01/2025		243,838
	108,000	Lloyds Bank PLC (United Kingdom)		3.500			05/14/2025		106,489
	600,000	Lloyds Banking Group PLC (United Kingdom)		4.582			12/10/2025		592,464
	1,366,000	Morgan Stanley, GMTN		4.000			07/23/2025		1,373,202
	1,054,000	Morgan Stanley, GMTN		5.000			11/24/2025		1,098,103
	109,000	MUFG Americas Holdings Corp.		3.000			02/10/2025		104,440
	418,000	Northern Trust Corp.		3.950			10/30/2025		426,936
	300,000	PNC Bank NA, MTN		3.250			06/01/2025		294,363
	624,000	Santander Holdings USA, Inc.		4.500			07/17/2025		624,063
	633,000	State Street Corp.		3.550			08/18/2025		637,248
	400,000	Sumitomo Mitsui Banking Corp., GMTN (Japan)		3.650			07/23/2025		397,321
	1,169,000	Wells Fargo & Co., GMTN		3.000			02/19/2025		1,116,044
	1,402,000	Wells Fargo & Co., MTN		3.550			09/29/2025		1,377,218

									27,129,807

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


		114

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Beverages—1.5%
$	745,000	Coca-Cola Co. (The)		2.875	%		10/27/2025	$	720,926
	109,000	Keurig Dr Pepper, Inc.		3.400			11/15/2025		103,775
	418,000	PepsiCo, Inc.		2.750			04/30/2025		404,475
	521,000	PepsiCo, Inc.		3.500			07/17/2025		527,005

									1,756,181

		Biotechnology—3.5%
	633,000	Amgen, Inc.		3.125			05/01/2025		609,767
	745,000	Baxalta, Inc.		4.000			06/23/2025		754,502
	745,000	Biogen, Inc.		4.050			09/15/2025		754,752
	1,218,000	Celgene Corp.		3.875			08/15/2025		1,202,964
	745,000	Gilead Sciences, Inc.		3.500			02/01/2025		737,508

									4,059,493

		Building Materials—0.4%
	300,000	Fortune Brands Home & Security, Inc.		4.000			06/15/2025		299,509
	109,000	Masco Corp.		4.450			04/01/2025		110,913

									410,422

		Chemicals—0.7%
	651,000	Eastman Chemical Co.		3.800			03/15/2025		649,129
	216,000	Nutrien Ltd. (Canada)		3.375			03/15/2025		205,450

									854,579

		Commercial Services—0.9%
	324,000	Automatic Data Processing, Inc.		3.375			09/15/2025		323,752
	425,000	S&P Global, Inc.		4.000			06/15/2025		430,163
	324,000	Verisk Analytics, Inc.		4.000			06/15/2025		322,071

									1,075,986

		Computers—2.9%
	741,000	Apple, Inc.		2.500			02/09/2025		702,871
	954,000	Apple, Inc.		3.200			05/13/2025		945,608
	1,269,000	Hewlett Packard Enterprise Co.		4.900			10/15/2025		1,310,636
	315,000	International Business Machines Corp.		7.000			10/30/2025		382,042

									3,341,157

		Cosmetics/Personal Care—0.3%
	300,000	Unilever Capital Corp. (United Kingdom)		3.100			07/30/2025		293,443

		Diversified Financial Services—3.5%
	516,000	CME Group, Inc.		3.000			03/15/2025		502,310
	109,000	Discover Financial Services		3.750			03/04/2025		105,065
	900,000	GE Capital International Funding Co. Unlimited Co.		3.373			11/15/2025		872,261
	216,000	National Rural Utilities Cooperative Finance Corp.		2.850			01/27/2025		208,269
	525,000	Synchrony Financial		4.500			07/23/2025		511,989
	162,000	TD Ameritrade Holding Corp.		3.625			04/01/2025		161,545
	1,801,000	Visa, Inc.		3.150			12/14/2025		1,766,234

									4,127,673

		Electric—2.1%
	315,000	Dominion Energy, Inc.		3.900			10/01/2025		310,633
	309,000	Duke Energy Progress LLC		3.250			08/15/2025		304,120
	431,000	Exelon Corp.		3.950			06/15/2025		433,812
	457,000	Florida Power & Light Co.		3.125			12/01/2025		449,377
	216,000	Pacific Gas & Electric Co.		3.500			06/15/2025		205,375
	418,000	Southern Power Co.		4.150			12/01/2025		417,125
	109,000	WEC Energy Group, Inc.		3.550			06/15/2025		108,103
	216,000	Xcel Energy, Inc.		3.300			06/01/2025		210,881

									2,439,426

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


		115

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electrical Components & Equipment—0.2%
$	216,000	Emerson Electric Co.		3.150	%		06/01/2025	$	209,988

		Environmental Control—0.5%
	324,000	Republic Services, Inc.		3.200			03/15/2025		314,874
	324,000	Waste Management, Inc.		3.125			03/01/2025		314,546

									629,420

		Food—1.8%
	669,000	JM Smucker Co. (The)		3.500			03/15/2025		650,862
	1,054,000	Kraft Heinz Foods Co.		3.950			07/15/2025		1,039,653
	418,000	Sysco Corp.		3.750			10/01/2025		415,767

									2,106,282

		Healthcare-Products—4.0%
	524,000	Abbott Laboratories		2.950			03/15/2025		502,971
	315,000	Boston Scientific Corp.		3.850			05/15/2025		316,950
	309,000	Danaher Corp.		3.350			09/15/2025		306,643
	2,008,000	Medtronic, Inc.		3.500			03/15/2025		2,008,738
	525,000	Stryker Corp.		3.375			11/01/2025		513,824
	1,053,000	Zimmer Biomet Holdings, Inc.		3.550			04/01/2025		1,017,275

									4,666,401

		Healthcare-Services—2.3%
	324,000	Cigna Corp.		3.250			04/15/2025		308,442
	741,000	HCA, Inc.		5.250			04/15/2025		766,009
	323,000	Laboratory Corp. of America Holdings		3.600			02/01/2025		317,069
	216,000	Quest Diagnostics, Inc.		3.500			03/30/2025		209,697
	1,047,000	UnitedHealth Group, Inc.		3.750			07/15/2025		1,059,285

									2,660,502

		Insurance—1.8%
	731,000	American International Group, Inc.		3.750			07/10/2025		715,134
	270,000	Aon PLC		3.875			12/15/2025		270,771
	418,000	Chubb INA Holdings, Inc.		3.150			03/15/2025		408,852
	315,000	Marsh & McLennan Cos., Inc.		3.500			03/10/2025		312,272
	109,000	MetLife, Inc.		3.000			03/01/2025		104,964
	315,000	MetLife, Inc.		3.600			11/13/2025		313,806

									2,125,799

		Internet—0.8%
	422,000	Amazon.com, Inc.		5.200			12/03/2025		467,791
	324,000	Booking Holdings, Inc.		3.650			03/15/2025		320,962
	130,000	VeriSign, Inc.		5.250			04/01/2025		132,444

									921,197

		Iron/Steel—0.1%
	100,000	ArcelorMittal (Luxembourg)		6.125			06/01/2025		109,063

		Media—4.5%
	315,000	21st Century Fox America, Inc.		3.700			10/15/2025		314,061
	324,000	CBS Corp.		3.500			01/15/2025		312,155
	2,330,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.908			07/23/2025		2,382,790
	524,000	Comcast Corp.		3.375			02/15/2025		511,469
	637,000	Comcast Corp.		3.375			08/15/2025		620,836
	431,000	Walt Disney Co. (The), GMTN		3.150			09/17/2025		423,898
	740,000	Warner Media LLC		3.600			07/15/2025		711,995

									5,277,204

		Metal Fabricate/Hardware—0.4%
	521,000	Precision Castparts Corp.		3.250			06/15/2025		511,331

		Mining—0.4%
	418,000	Rio Tinto Finance USA Ltd. (Australia)		3.750			06/15/2025		421,703

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


		116

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Miscellaneous Manufacturing—0.1%
$	109,000	3M Co., GMTN		3.000	%		08/07/2025	$	107,470

		Oil & Gas—5.6%
	400,000	Antero Resources Corp.		5.000			03/01/2025		405,000
	623,000	BP Capital Markets PLC (United Kingdom)		3.506			03/17/2025		622,119
	315,000	Canadian Natural Resources Ltd. (Canada)		3.900			02/01/2025		313,482
	315,000	Chevron Corp.		3.326			11/17/2025		312,393
	207,000	Concho Resources, Inc.		4.375			01/15/2025		209,200
	109,000	Devon Energy Corp.		5.850			12/15/2025		120,001
	109,000	EOG Resources, Inc.		3.150			04/01/2025		106,165
	847,000	Exxon Mobil Corp.		2.709			03/06/2025		816,424
	451,000	Helmerich & Payne International Drilling Co.		4.650			03/15/2025		466,911
	323,000	Marathon Oil Corp.		3.850			06/01/2025		318,096
	516,000	Murphy Oil Corp.		5.750			08/15/2025		518,453
	409,000	Occidental Petroleum Corp.		3.500			06/15/2025		409,277
	1,466,000	Shell International Finance BV (Netherlands)		3.250			05/11/2025		1,448,103
	409,000	Valero Energy Corp.		3.650			03/15/2025		404,260

									6,469,884

		Oil & Gas Services—0.9%
	1,043,000	Halliburton Co.		3.800			11/15/2025		1,043,278

		Pharmaceuticals—8.6%
	2,101,000	AbbVie, Inc.		3.600			05/14/2025		2,055,325
	2,207,000	Allergan Funding SCS		3.800			03/15/2025		2,190,472
	109,000	AmerisourceBergen Corp.		3.250			03/01/2025		104,517
	847,000	AstraZeneca PLC (United Kingdom)		3.375			11/16/2025		825,304
	216,000	Cardinal Health, Inc.		3.750			09/15/2025		209,518
	1,428,000	CVS Health Corp.		3.875			07/20/2025		1,411,216
	431,000	Eli Lilly & Co.		2.750			06/01/2025		414,507
	416,000	Mead Johnson Nutrition Co. (United Kingdom)		4.125			11/15/2025		426,312
	1,256,000	Merck & Co., Inc.		2.750			02/10/2025		1,217,519
	837,000	Novartis Capital Corp. (Switzerland)		3.000			11/20/2025		810,436
	315,000	Zoetis, Inc.		4.500			11/13/2025		329,359

									9,994,485

		Pipelines—6.1%
	385,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp.		5.250			01/15/2025		394,625
	525,000	Columbia Pipeline Group, Inc.		4.500			06/01/2025		531,247
	310,000	Enbridge Energy Partners LP		5.875			10/15/2025		341,667
	324,000	Energy Transfer Partners LP		4.050			03/15/2025		318,099
	418,000	EnLink Midstream Partners LP		4.150			06/01/2025		394,163
	632,000	Enterprise Products Operating LLC		3.750			02/15/2025		635,349
	637,000	Kinder Morgan, Inc.		4.300			06/01/2025		644,124
	216,000	MPLX LP		4.000			02/15/2025		214,449
	525,000	MPLX LP		4.875			06/01/2025		546,149
	339,000	ONEOK Partners LP		4.900			03/15/2025		357,966
	216,000	Phillips 66 Partners LP		3.605			02/15/2025		209,427
	324,000	Plains All American Pipeline LP/PAA Finance Corp.		4.650			10/15/2025		328,374
	922,000	Sabine Pass Liquefaction LLC		5.625			03/01/2025		984,629
	324,000	Spectra Energy Partners LP		3.500			03/15/2025		314,292
	216,000	Western Gas Partners LP		3.950			06/01/2025		207,966
	315,000	Williams Cos., Inc. (The)		3.900			01/15/2025		312,257
	315,000	Williams Cos., Inc. (The)		4.000			09/15/2025		311,877

									7,046,660

		Private Equity—0.1%
	109,000	Brookfield Asset Management, Inc. (Canada)		4.000			01/15/2025		107,744

		Real Estate—0.3%
	315,000	Prologis LP		3.750			11/01/2025		318,831

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


		117

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		REITs—2.9%
$	525,000	American Tower Corp.		4.000	%		06/01/2025	$	521,716
	216,000	AvalonBay Communities, Inc., GMTN		3.450			06/01/2025		212,791
	270,000	Brixmor Operating Partnership LP		3.850			02/01/2025		262,844
	187,000	DDR Corp.		3.625			02/01/2025		179,382
	109,000	Essex Portfolio LP		3.500			04/01/2025		106,321
	418,000	HCP, Inc.		3.400			02/01/2025		400,922
	315,000	HCP, Inc.		4.000			06/01/2025		312,639
	109,000	Host Hotels & Resorts LP, Series E		4.000			06/15/2025		107,041
	315,000	Simon Property Group LP		3.500			09/01/2025		311,280
	418,000	Ventas Realty LP		3.500			02/01/2025		404,039
	521,000	Welltower, Inc.		4.000			06/01/2025		517,741

									3,336,716

		Retail—2.1%
	109,000	Dollar General Corp.		4.150			11/01/2025		110,453
	324,000	Home Depot, Inc. (The)		3.350			09/15/2025		322,984
	418,000	Kohl’s Corp.		4.250			07/17/2025		420,935
	315,000	Lowe’s Cos., Inc.		3.375			09/15/2025		311,977
	409,000	McDonald’s Corp., MTN		3.375			05/26/2025		402,525
	515,000	QVC, Inc.		4.450			02/15/2025		495,216
	418,000	Tapestry, Inc.		4.250			04/01/2025		415,085

									2,479,175

		Semiconductors—2.5%
	523,000	Analog Devices, Inc.		3.900			12/15/2025		521,217
	216,000	Applied Materials, Inc.		3.900			10/01/2025		220,861
	1,053,000	Intel Corp.		3.700			07/29/2025		1,068,679
	324,000	Lam Research Corp.		3.800			03/15/2025		324,126
	847,000	QUALCOMM, Inc.		3.450			05/20/2025		825,780

									2,960,663

		Software—4.6%
	624,000	Adobe Systems, Inc.		3.250			02/01/2025		616,245
	431,000	Fidelity National Information Services, Inc.		5.000			10/15/2025		457,499
	516,000	Fiserv, Inc.		3.850			06/01/2025		514,228
	1,181,000	Microsoft Corp.		2.700			02/12/2025		1,141,689
	1,476,000	Microsoft Corp.		3.125			11/03/2025		1,454,264
	1,166,000	Oracle Corp.		2.950			05/15/2025		1,132,692

									5,316,617

		Telecommunications—3.7%
	624,000	AT&T, Inc.		3.950			01/15/2025		616,087
	2,433,000	AT&T, Inc.		3.400			05/15/2025		2,316,618
	409,000	Cisco Systems, Inc.		3.500			06/15/2025		413,084
	315,000	Rogers Communications, Inc. (Canada)		3.625			12/15/2025		311,309
	700,000	Vodafone Group PLC (United Kingdom)		4.125			05/30/2025		700,007

									4,357,105

		Transportation—1.2%
	216,000	Burlington Northern Santa Fe LLC		3.000			04/01/2025		209,865
	216,000	Canadian Pacific Railway Co. (Canada)		2.900			02/01/2025		207,517
	418,000	CSX Corp.		3.350			11/01/2025		409,714
	418,000	FedEx Corp.		3.200			02/01/2025		410,206
	109,000	Union Pacific Corp.		3.250			08/15/2025		106,315

									1,343,617

		Water—0.5%
	562,000	American Water Capital Corp.		3.400			03/01/2025		558,648

		Total Corporate Bonds (Cost $117,976,918)							114,830,272

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


		118

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

August 31, 2018


Number of Shares			Value
		Money Market Fund—0.3%
	388,927	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $388,927)	$	388,927

		Total Investments in Securities (Cost $118,365,845)—99.0%		115,219,199
		Other assets less liabilities—1.0%		1,124,844

		Net Assets—100.0%	$	116,344,043

Investment Abbreviations:

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		119

Schedule of Investments

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.8%
		Advertising—0.3%
$	154,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.600	%		04/15/2026	$	148,920

		Aerospace/Defense—1.6%
	154,000	General Dynamics Corp.		2.125			08/15/2026		139,446
	114,000	L3 Technologies, Inc.		3.850			12/15/2026		111,098
	451,000	Lockheed Martin Corp.		3.550			01/15/2026		449,060
	154,000	United Technologies Corp.		2.650			11/01/2026		140,237

									839,841

		Agriculture—0.9%
	154,000	Archer-Daniels-Midland Co.		2.500			08/11/2026		142,554
	154,000	Bunge Ltd. Finance Corp.		3.250			08/15/2026		141,036
	226,000	Philip Morris International, Inc.		2.750			02/25/2026		212,153

									495,743

		Apparel—0.5%
	154,000	NIKE, Inc.		2.375			11/01/2026		141,432
	154,000	Under Armour, Inc.		3.250			06/15/2026		138,091

									279,523

		Auto Manufacturers—2.0%
	205,000	Ford Motor Co.		4.346			12/08/2026		193,014
	400,000	Ford Motor Credit Co. LLC, GMTN		4.389			01/08/2026		380,666
	338,000	General Motors Financial Co., Inc.		5.250			03/01/2026		349,329
	154,000	General Motors Financial Co., Inc.		4.000			10/06/2026		147,216

									1,070,225

		Banks—28.3%
	308,000	Bank of America Corp., MTN		4.450			03/03/2026		309,371
	530,000	Bank of America Corp., GMTN		3.500			04/19/2026		516,863
	492,000	Bank of America Corp., MTN		4.250			10/22/2026		489,349
	154,000	Bank of New York Mellon Corp. (The), MTN		2.800			05/04/2026		146,379
	226,000	Bank of New York Mellon Corp. (The), MTN		2.450			08/17/2026		208,309
	226,000	Bank One Corp.		7.625			10/15/2026		275,984
	400,000	Barclays PLC (United Kingdom)		4.375			01/12/2026		391,712
	500,000	Barclays PLC (United Kingdom)		5.200			05/12/2026		494,718
	300,000	Branch Banking & Trust Co.		3.800			10/30/2026		300,824
	154,000	Capital One Financial Corp.		3.750			07/28/2026		144,876
	154,000	Citigroup, Inc.		3.700			01/12/2026		150,744
	154,000	Citigroup, Inc.		4.600			03/09/2026		155,736
	306,000	Citigroup, Inc.		3.400			05/01/2026		293,511
	531,000	Citigroup, Inc.		3.200			10/21/2026		499,036
	308,000	Citigroup, Inc.		4.300			11/20/2026		304,467
	550,000	Cooperatieve Rabobank UA (Netherlands)		3.750			07/21/2026		526,038
	250,000	Discover Bank		3.450			07/27/2026		235,706
	200,000	Fifth Third Bank, BKNT		3.850			03/15/2026		197,072
	338,000	Goldman Sachs Group, Inc. (The)		3.750			02/25/2026		331,674
	451,000	Goldman Sachs Group, Inc. (The)		3.500			11/16/2026		430,188
	800,000	HSBC Holdings PLC (United Kingdom)		4.300			03/08/2026		810,898
	200,000	HSBC Holdings PLC (United Kingdom)		3.900			05/25/2026		197,093
	200,000	HSBC Holdings PLC (United Kingdom)		4.375			11/23/2026		198,861
	306,000	JPMorgan Chase & Co.		3.300			04/01/2026		295,578
	379,000	JPMorgan Chase & Co.		3.200			06/15/2026		362,298
	532,000	JPMorgan Chase & Co.		2.950			10/01/2026		498,789
	308,000	JPMorgan Chase & Co.		4.125			12/15/2026		308,273
	100,000	Lloyds Banking Group PLC (United Kingdom)		4.650			03/24/2026		99,063
	200,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		3.850			03/01/2026		199,746
	200,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.757			09/13/2026		184,584
	200,000	Mizuho Financial Group, Inc. (Japan)		2.839			09/13/2026		185,271
	532,000	Morgan Stanley, GMTN		3.875			01/27/2026		525,546

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


		120

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	608,000	Morgan Stanley, MTN		3.125	%		07/27/2026	$	569,051
	100,000	Morgan Stanley, MTN		6.250			08/09/2026		113,484
	608,000	Morgan Stanley, GMTN		4.350			09/08/2026		606,615
	200,000	Royal Bank of Scotland Group PLC (United Kingdom)		4.800			04/05/2026		203,199
	154,000	State Street Corp.		2.650			05/19/2026		144,864
	380,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		3.784			03/09/2026		378,761
	308,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.632			07/14/2026		282,006
	308,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		3.010			10/19/2026		289,524
	200,000	SunTrust Bank		3.300			05/15/2026		190,898
	154,000	U.S. Bancorp, MTN		3.100			04/27/2026		147,038
	154,000	U.S. Bancorp, Series V, MTN		2.375			07/22/2026		141,201
	681,000	Wells Fargo & Co.		3.000			04/22/2026		639,762
	606,000	Wells Fargo & Co., MTN		4.100			06/03/2026		602,714
	681,000	Wells Fargo & Co.		3.000			10/23/2026		637,361

									15,215,035

		Beverages—5.4%
	1,915,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.650			02/01/2026		1,877,153
	154,000	Coca-Cola Co. (The)		2.250			09/01/2026		141,065
	226,000	Constellation Brands, Inc.		3.700			12/06/2026		217,846
	305,000	Molson Coors Brewing Co.		3.000			07/15/2026		280,873
	226,000	PepsiCo, Inc.		2.850			02/24/2026		216,427
	154,000	PepsiCo, Inc.		2.375			10/06/2026		141,790

									2,875,154

		Biotechnology—1.5%
	154,000	Amgen, Inc.		2.600			08/19/2026		141,147
	689,000	Gilead Sciences, Inc.		3.650			03/01/2026		683,534

									824,681

		Building Materials—1.0%
	338,000	Johnson Controls International PLC		3.900			02/14/2026		336,317
	200,000	Masco Corp.		4.375			04/01/2026		200,651

									536,968

		Chemicals—0.4%
	226,000	Praxair, Inc.		3.200			01/30/2026		222,445

		Commercial Services—1.1%
	154,000	Ecolab, Inc.		2.700			11/01/2026		143,876
	226,000	S&P Global, Inc.		4.400			02/15/2026		234,833
	205,000	Total System Services, Inc.		4.800			04/01/2026		212,415

									591,124

		Computers—2.4%
	729,000	Apple, Inc.		3.250			02/23/2026		718,114
	305,000	Apple, Inc.		2.450			08/04/2026		283,902
	300,000	International Business Machines Corp.		3.450			02/19/2026		298,474

									1,300,490

		Cosmetics/Personal Care—0.7%
	154,000	Procter & Gamble Co. (The)		2.700			02/02/2026		147,635
	154,000	Procter & Gamble Co. (The)		2.450			11/03/2026		143,502
	100,000	Unilever Capital Corp. (United Kingdom)		2.000			07/28/2026		89,893

									381,030

		Diversified Financial Services—1.6%
	154,000	Ameriprise Financial, Inc.		2.875			09/15/2026		144,791
	226,000	Mastercard, Inc.		2.950			11/21/2026		217,523
	154,000	Nasdaq, Inc.		3.850			06/30/2026		150,810
	154,000	Raymond James Financial, Inc.		3.625			09/15/2026		149,186
	226,000	Synchrony Financial		3.700			08/04/2026		205,264

									867,574

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


		121

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric—3.8%
$	200,000	Cleco Corporate Holdings LLC		3.743	%		05/01/2026	$	190,182
	114,000	Commonwealth Edison Co.		2.550			06/15/2026		105,867
	154,000	Duke Energy Corp.		2.650			09/01/2026		140,421
	226,000	Emera US Finance LP (Canada)		3.550			06/15/2026		215,296
	154,000	Entergy Corp.		2.950			09/01/2026		142,810
	154,000	Exelon Corp.		3.400			04/15/2026		148,706
	226,000	Fortis, Inc. (Canada)		3.055			10/04/2026		209,288
	226,000	Pacific Gas & Electric Co.		2.950			03/01/2026		205,277
	154,000	PPL Capital Funding, Inc.		3.100			05/15/2026		144,592
	308,000	Southern Co. (The)		3.250			07/01/2026		290,466
	226,000	Virginia Electric & Power Co., Series A		3.150			01/15/2026		219,618

									2,012,523

		Electronics—1.1%
	226,000	Avnet, Inc.		4.625			04/15/2026		226,383
	226,000	Fortive Corp.		3.150			06/15/2026		212,551
	154,000	Honeywell International, Inc.		2.500			11/01/2026		143,458

									582,392

		Food—2.4%
	226,000	Hershey Co. (The)		2.300			08/15/2026		206,562
	154,000	Kellogg Co.		3.250			04/01/2026		146,498
	454,000	Kraft Heinz Foods Co.		3.000			06/01/2026		415,014
	226,000	Kroger Co. (The)		3.500			02/01/2026		218,020
	154,000	Kroger Co. (The)		2.650			10/15/2026		138,945
	154,000	Sysco Corp.		3.300			07/15/2026		148,186

									1,273,225

		Forest Products & Paper—0.4%
	231,000	International Paper Co.		3.800			01/15/2026		228,331

		Gas—0.3%
	154,000	Southern California Gas Co., Series TT		2.600			06/15/2026		143,438

		Healthcare-Products—1.7%
	407,000	Abbott Laboratories		3.750			11/30/2026		405,952
	154,000	Baxter International, Inc.		2.600			08/15/2026		141,609
	226,000	Stryker Corp.		3.500			03/15/2026		222,055
	154,000	Thermo Fisher Scientific, Inc.		2.950			09/19/2026		143,998

									913,614

		Healthcare-Services—1.2%
	457,000	HCA, Inc.		5.250			06/15/2026		471,852
	154,000	UnitedHealth Group, Inc.		3.100			03/15/2026		149,033

									620,885

		Housewares—0.6%
	308,000	Newell Brands, Inc.		4.200			04/01/2026		297,659

		Insurance—3.3%
	200,000	Allstate Corp. (The)		3.280			12/15/2026		194,907
	154,000	American International Group, Inc.		3.900			04/01/2026		151,455
	536,000	Berkshire Hathaway, Inc.		3.125			03/15/2026		522,106
	154,000	Chubb INA Holdings, Inc.		3.350			05/03/2026		151,482
	154,000	Manulife Financial Corp. (Canada)		4.150			03/04/2026		156,426
	226,000	Marsh & McLennan Cos., Inc.		3.750			03/14/2026		226,377
	154,000	Old Republic International Corp.		3.875			08/26/2026		149,328
	226,000	Trinity Acquisition PLC		4.400			03/15/2026		226,623

									1,778,704

		Internet—1.0%
	305,000	Alphabet, Inc.		1.998			08/15/2026		277,862
	154,000	Booking Holdings, Inc.		3.600			06/01/2026		150,863

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


		122

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Internet (continued)
$	114,000	Expedia Group, Inc.		5.000	%		02/15/2026	$	118,276

									547,001

		Lodging—0.3%
	154,000	Marriott International, Inc., Series R		3.125			06/15/2026		144,968

		Machinery-Diversified—0.4%
	114,000	Roper Technologies, Inc.		3.800			12/15/2026		111,780
	114,000	Wabtec Corp.		3.450			11/15/2026		106,256

									218,036

		Media—2.8%
	336,000	CBS Corp.		4.000			01/15/2026		329,327
	451,000	Comcast Corp.		3.150			03/01/2026		430,338
	114,000	Discovery Communications LLC		4.900			03/11/2026		117,552
	154,000	Viacom, Inc.		3.450			10/04/2026		145,263
	154,000	Walt Disney Co. (The)		3.000			02/13/2026		149,194
	154,000	Walt Disney Co. (The), GMTN		1.850			07/30/2026		136,504
	226,000	Warner Media LLC		3.875			01/15/2026		219,812

									1,527,990

		Miscellaneous Manufacturing—0.5%
	154,000	3M Co., MTN		2.250			09/19/2026		141,459
	154,000	Illinois Tool Works, Inc.		2.650			11/15/2026		144,263

									285,722

		Oil & Gas—5.2%
	226,000	Anadarko Petroleum Corp.		5.550			03/15/2026		243,397
	154,000	BP Capital Markets PLC (United Kingdom)		3.119			05/04/2026		148,595
	308,000	Chevron Corp.		2.954			05/16/2026		296,556
	226,000	ConocoPhillips Co.		4.950			03/15/2026		244,899
	226,000	EOG Resources, Inc.		4.150			01/15/2026		232,751
	538,000	Exxon Mobil Corp.		3.043			03/01/2026		525,826
	205,000	HollyFrontier Corp.		5.875			04/01/2026		221,102
	154,000	Occidental Petroleum Corp.		3.400			04/15/2026		152,781
	114,000	Pioneer Natural Resources Co.		4.450			01/15/2026		117,866
	354,000	Shell International Finance BV (Netherlands)		2.875			05/10/2026		339,403
	154,000	Shell International Finance BV (Netherlands)		2.500			09/12/2026		143,678
	154,000	Valero Energy Corp.		3.400			09/15/2026		147,096

									2,813,950

		Pharmaceuticals—5.8%
	454,000	AbbVie, Inc.		3.200			05/14/2026		428,466
	380,000	CVS Health Corp.		2.875			06/01/2026		349,706
	459,000	Express Scripts Holding Co.		4.500			02/25/2026		464,482
	659,000	Johnson & Johnson		2.450			03/01/2026		624,172
	306,000	Mylan NV		3.950			06/15/2026		290,900
	200,000	Perrigo Finance Unlimited Co.		4.375			03/15/2026		196,314
	154,000	Pfizer, Inc.		2.750			06/03/2026		147,335
	205,000	Pfizer, Inc.		3.000			12/15/2026		199,310
	457,000	Shire Acquisitions Investments Ireland DAC		3.200			09/23/2026		426,712

									3,127,397

		Pipelines—5.1%
	200,000	Boardwalk Pipelines LP		5.950			06/01/2026		214,552
	154,000	Buckeye Partners LP		3.950			12/01/2026		141,992
	345,000	Energy Transfer Partners LP		4.750			01/15/2026		349,953
	226,000	Enterprise Products Operating LLC		3.700			02/15/2026		224,143
	226,000	Magellan Midstream Partners LP		5.000			03/01/2026		240,737
	338,000	Plains All American Pipeline LP/PAA Finance Corp.		4.500			12/15/2026		337,799
	338,000	Sabine Pass Liquefaction LLC		5.875			06/30/2026		366,254
	154,000	Spectra Energy Partners LP		3.375			10/15/2026		146,194
	154,000	Sunoco Logistics Partners Operations LP		3.900			07/15/2026		147,743

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


		123

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Pipelines (continued)
$	136,000	TransCanada PipeLines Ltd. (Canada)		4.875	%		01/15/2026	$	143,178
	345,000	Transcontinental Gas Pipe Line Co. LLC		7.850			02/01/2026		425,038

									2,737,583

		Real Estate—0.2%
	114,000	CBRE Services, Inc.		4.875			03/01/2026		118,657

		REITs—4.6%
	114,000	American Tower Corp.		4.400			02/15/2026		115,055
	154,000	American Tower Corp.		3.375			10/15/2026		144,830
	555,000	Boston Properties LP		3.650			02/01/2026		543,768
	154,000	Boston Properties LP		2.750			10/01/2026		141,277
	226,000	Crown Castle International Corp.		4.450			02/15/2026		228,386
	154,000	Crown Castle International Corp.		3.700			06/15/2026		147,825
	154,000	ERP Operating LP		2.850			11/01/2026		144,462
	154,000	Kimco Realty Corp.		2.800			10/01/2026		138,803
	97,000	MPT Operating Partnership LP/MPT Finance Corp.		5.250			08/01/2026		97,485
	173,000	Omega Healthcare Investors, Inc.		5.250			01/15/2026		177,252
	231,000	Simon Property Group LP		3.300			01/15/2026		225,158
	226,000	Ventas Realty LP		4.125			01/15/2026		224,982
	154,000	Welltower, Inc.		4.250			04/01/2026		154,434

									2,483,717

		Retail—3.0%
	154,000	Home Depot, Inc. (The)		3.000			04/01/2026		148,801
	154,000	Home Depot, Inc. (The)		2.125			09/15/2026		139,244
	154,000	Lowe’s Cos., Inc.		2.500			04/15/2026		142,495
	452,000	McDonald’s Corp., MTN		3.700			01/30/2026		450,957
	114,000	Starbucks Corp.		2.450			06/15/2026		103,898
	154,000	Target Corp.		2.500			04/15/2026		143,783
	154,000	TJX Cos., Inc. (The)		2.250			09/15/2026		140,776
	380,000	Walgreens Boots Alliance, Inc.		3.450			06/01/2026		362,950

									1,632,904

		Semiconductors—1.0%
	226,000	Analog Devices, Inc.		3.500			12/05/2026		218,562
	154,000	Intel Corp.		2.600			05/19/2026		144,530
	154,000	NVIDIA Corp.		3.200			09/16/2026		150,347

									513,439

		Software—2.8%
	226,000	Activision Blizzard, Inc.		3.400			09/15/2026		217,711
	154,000	Fidelity National Information Services, Inc.		3.000			08/15/2026		143,784
	681,000	Microsoft Corp.		2.400			08/08/2026		634,609
	530,000	Oracle Corp.		2.650			07/15/2026		495,515

									1,491,619

		Telecommunications—2.7%
	451,000	AT&T, Inc.		4.125			02/17/2026		446,360
	154,000	AT&T, Inc.^(a)		7.125			03/15/2026		177,340
	154,000	Cisco Systems, Inc.		2.950			02/28/2026		148,833
	305,000	Cisco Systems, Inc.		2.500			09/20/2026		284,236
	114,000	Hughes Satellite Systems Corp.		5.250			08/01/2026		109,440
	304,000	Verizon Communications, Inc.		2.625			08/15/2026		276,023

									1,442,232

		Transportation—0.9%
	226,000	Canadian National Railway Co. (Canada)		2.750			03/01/2026		214,665
	154,000	CSX Corp.		2.600			11/01/2026		141,164
	154,000	FedEx Corp.		3.250			04/01/2026		149,512

									505,341

		Total Corporate Bonds (Cost $55,184,841)							53,090,080

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


		124

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

August 31, 2018


Number of Shares			Value
		Money Market Fund—0.2%
	92,099	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $92,099)	$	92,099

		Total Investments in Securities (Cost $55,276,940)—99.0%		53,182,179
		Other assets less liabilities—1.0%		510,483

		Net Assets—100.0%	$	53,692,662

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		125

Schedule of Investments

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.8%
		Aerospace/Defense—2.3%
$	200,000	Arconic, Inc.		5.900	%		02/01/2027	$	203,520
	198,000	Rockwell Collins, Inc.		3.500			03/15/2027		190,146
	200,000	United Technologies Corp.		3.125			05/04/2027		188,423

								582,089

		Auto Manufacturers—1.9%
	100,000	General Motors Co.		4.200			10/01/2027		96,334
	199,000	General Motors Financial Co., Inc.		4.350			01/17/2027		194,550
	200,000	Toyota Motor Credit Corp., MTN		3.200			01/11/2027		195,456

								486,340

		Auto Parts & Equipment—0.4%
	100,000	Lear Corp.		3.800			09/15/2027		94,514

		Banks—21.9%
	200,000	Banco Santander SA (Spain)		4.250			04/11/2027		193,325
	398,000	Bank of America Corp., MTN		3.248			10/21/2027		374,550
	200,000	Bank of America Corp., Series L, MTN		4.183			11/25/2027		195,901
	100,000	Bank of New York Mellon Corp. (The), MTN		3.250			05/16/2027		97,333
	200,000	Capital One Financial Corp.		3.750			03/09/2027		191,275
	600,000	Citigroup, Inc.		4.450			09/29/2027		595,535
	200,000	Goldman Sachs Group, Inc. (The)		5.950			01/15/2027		221,245
	398,000	Goldman Sachs Group, Inc. (The)		3.850			01/26/2027		387,970
	300,000	ING Groep NV (Netherlands)		3.950			03/29/2027		295,595
	200,000	JPMorgan Chase & Co.		4.250			10/01/2027		200,406
	200,000	JPMorgan Chase & Co.		3.625			12/01/2027		190,851
	200,000	Lloyds Banking Group PLC (United Kingdom)		3.750			01/11/2027		190,616
	200,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		3.677			02/22/2027		196,992
	200,000	Mitsubishi UFJ Financial Group, Inc. (Japan)		3.287			07/25/2027		191,770
	200,000	Mizuho Financial Group, Inc. (Japan)		3.663			02/28/2027		196,211
	400,000	Morgan Stanley		3.625			01/20/2027		385,778
	400,000	Morgan Stanley, GMTN		3.950			04/23/2027		386,332
	100,000	PNC Financial Services Group, Inc. (The)		3.150			05/19/2027		96,024
	300,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		3.446			01/11/2027		290,602
	200,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		3.364			07/12/2027		192,067
	200,000	US Bancorp, Series X, MTN		3.150			04/27/2027		193,077
	400,000	Wells Fargo & Co., GMTN		4.300			07/22/2027		400,816

								5,664,271

		Beverages—0.4%
	100,000	Coca-Cola Co. (The)		2.900			05/25/2027		95,538

		Biotechnology—0.7%
	200,000	Gilead Sciences, Inc.		2.950			03/01/2027		187,894

		Chemicals—1.1%
	100,000	LYB International Finance II BV		3.500			03/02/2027		95,287
	198,000	Sherwin-Williams Co. (The)		3.450			06/01/2027		189,102

								284,389

		Computers—4.5%
	398,000	Apple, Inc.		3.350			02/09/2027		393,053
	300,000	Apple, Inc.		3.200			05/11/2027		292,294
	200,000	Apple, Inc.		3.000			06/20/2027		192,283
	100,000	International Business Machines Corp.		3.300			01/27/2027		98,577
	200,000	Seagate HDD Cayman		4.875			06/01/2027		188,158

								1,164,365

		Cosmetics/Personal Care—0.7%
	100,000	Procter & Gamble Co. (The)		2.850			08/11/2027		96,283
	100,000	Unilever Capital Corp. (United Kingdom)		2.900			05/05/2027		95,576

								191,859

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


		126

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services—5.2%
$	200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)		3.650	%		07/21/2027	$	185,755
	400,000	American Express Credit Corp., MTN		3.300			05/03/2027		391,102
	200,000	Cboe Global Markets, Inc.		3.650			01/12/2027		194,685
	200,000	Discover Financial Services		4.100			02/09/2027		194,276
	194,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc.		4.850			01/15/2027		192,835
	100,000	ORIX Corp. (Japan)		3.700			07/18/2027		96,976
	100,000	TD Ameritrade Holding Corp.		3.300			04/01/2027		96,789

								1,352,418

		Electric—4.5%
	200,000	DTE Energy Co.		3.800			03/15/2027		197,738
	200,000	Duke Energy Corp.		3.150			08/15/2027		188,073
	100,000	Duke Energy Florida LLC		3.200			01/15/2027		97,218
	200,000	FirstEnergy Corp., Series B		3.900			07/15/2027		196,946
	199,000	NextEra Energy Capital Holdings, Inc.		3.550			05/01/2027		193,990
	200,000	Sempra Energy		3.250			06/15/2027		187,458
	100,000	Virginia Electric & Power Co., Series A		3.500			03/15/2027		99,250

								1,160,673

		Electronics—0.8%
	200,000	Keysight Technologies, Inc.		4.600			04/06/2027		204,482

		Food—2.9%
	200,000	General Mills, Inc.		3.200			02/10/2027		187,301
	200,000	McCormick & Co., Inc.		3.400			08/15/2027		192,195
	200,000	SYSCO Corp.		3.250			07/15/2027		190,222
	198,000	Tyson Foods, Inc.		3.550			06/02/2027		188,371

								758,089

		Forest Products & Paper—1.1%
	300,000	International Paper Co.		3.000			02/15/2027		278,357

		Gas—0.8%
	200,000	NiSource, Inc.		3.490			05/15/2027		193,689

		Healthcare-Products—2.6%
	400,000	Becton, Dickinson and Co.		3.700			06/06/2027		384,063
	100,000	Medtronic Global Holdings SCA		3.350			04/01/2027		98,471
	200,000	Thermo Fisher Scientific, Inc.		3.200			08/15/2027		189,196

								671,730

		Healthcare-Services—2.7%
	200,000	HCA, Inc.		4.500			02/15/2027		198,500
	100,000	Humana, Inc.		3.950			03/15/2027		99,101
	100,000	Kaiser Foundation Hospitals		3.150			05/01/2027		96,718
	100,000	UnitedHealth Group, Inc.		3.450			01/15/2027		98,850
	200,000	UnitedHealth Group, Inc.		3.375			04/15/2027		196,090

								689,259

		Insurance—1.4%
	300,000	Aon Corp.		8.205			01/01/2027		369,034

		Internet—0.7%
	200,000	eBay, Inc.		3.600			06/05/2027		191,621

		Media—3.6%
	200,000	CBS Corp.		2.900			01/15/2027		182,250
	200,000	Comcast Corp.		2.350			01/15/2027		177,772
	200,000	Comcast Corp.		3.300			02/01/2027		192,322
	200,000	Walt Disney Co. (The), MTN		2.950			06/15/2027		191,649
	200,000	Warner Media LLC		3.800			02/15/2027		192,331

								936,324

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


		127

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas—6.0%
$	200,000	BP Capital Markets PLC (United Kingdom)		3.017	%		01/16/2027	$	190,279
	100,000	BP Capital Markets PLC (United Kingdom)		3.588			04/14/2027		99,418
	200,000	Canadian Natural Resources Ltd. (Canada)		3.850			06/01/2027		194,933
	300,000	Cenovus Energy, Inc. (Canada)		4.250			04/15/2027		290,533
	200,000	Cimarex Energy Co.		3.900			05/15/2027		192,578
	200,000	Hess Corp.		4.300			04/01/2027		194,608
	200,000	Marathon Oil Corp.		4.400			07/15/2027		200,860
	200,000	Occidental Petroleum Corp.		3.000			02/15/2027		191,618

								1,554,827

		Pharmaceuticals—4.4%
	200,000	AstraZeneca PLC (United Kingdom)		3.125			06/12/2027		188,596
	100,000	Bristol-Myers Squibb Co.		3.250			02/27/2027		97,856
	200,000	Cardinal Health, Inc.		3.410			06/15/2027		184,693
	100,000	ELI Lilly & Co.		3.100			05/15/2027		97,299
	200,000	Express Scripts Holding Co.		3.400			03/01/2027		185,621
	200,000	Johnson & Johnson		2.950			03/03/2027		194,815
	200,000	Novartis Capital Corp. (Switzerland)		3.100			05/17/2027		193,346

								1,142,226

		Pipelines—3.8%
	100,000	Enable Midstream Partners LP		4.400			03/15/2027		96,124
	200,000	Enbridge, Inc. (Canada)		3.700			07/15/2027		194,169
	100,000	Enterprise Products Operating LLC		3.950			02/15/2027		100,300
	198,000	MPLX LP		4.125			03/01/2027		194,210
	200,000	Sabine Pass Liquefaction LLC		5.000			03/15/2027		205,964
	200,000	Williams Cos., Inc. (The)		3.750			06/15/2027		192,335

								983,102

		REITs—5.2%
	200,000	American Tower Corp.		3.550			07/15/2027		189,113
	300,000	Crown Castle International Corp.		3.650			09/01/2027		284,552
	198,000	Digital Realty Trust LP		3.700			08/15/2027		190,615
	100,000	Mid-America Apartments LP		3.600			06/01/2027		96,931
	100,000	OMEGA Healthcare Investors, Inc.		4.500			04/01/2027		97,308
	200,000	Realty Income Corp.		3.000			01/15/2027		186,553
	199,000	Simon Property Group LP		3.375			06/15/2027		193,791
	100,000	VEREIT Operating Partnership LP		3.950			08/15/2027		95,526

								1,334,389

		Retail—3.8%
	100,000	AutoZone, Inc.		3.750			06/01/2027		97,259
	198,000	Costco Wholesale Corp.		3.000			05/18/2027		191,054
	200,000	Dollar General Corp.		3.875			04/15/2027		196,889
	200,000	Lowe’s Cos., Inc.		3.100			05/03/2027		192,332
	200,000	McDonald’s Corp., GMTN		3.500			03/01/2027		195,817
	100,000	O’Reilly Automotive, Inc.		3.600			09/01/2027		95,780

								969,131

		Semiconductors—6.2%
	200,000	Applied Materials, Inc.		3.300			04/01/2027		195,798
	1,000,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.875			01/15/2027		937,239
	200,000	Intel Corp.		3.150			05/11/2027		194,095
	298,000	QUALCOMM, Inc.		3.250			05/20/2027		280,595

								1,607,727

		Software—2.3%
	598,000	Microsoft Corp.		3.300			02/06/2027		593,477

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


		128

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Telecommunications—4.6%
$	300,000	AT&T, Inc.		4.250	%		03/01/2027	$	296,739
	500,000	Telefonica Emisiones SAU (Spain)		4.103			03/08/2027		487,461
	398,000	Verizon Communications, Inc.		4.125			03/16/2027		400,924

								1,185,124

		Textiles—0.8%
	200,000	Cintas Corp. No. 2		3.700			04/01/2027		198,578

		Transportation—1.5%
	200,000	Burlington Northern Santa Fe LLC		3.250			06/15/2027		196,427
	198,000	CSX Corp.		3.250			06/01/2027		188,747

								385,174

		Total Corporate Bonds (Cost $26,275,183)							25,510,690

Number of Shares
		Money Market Fund—0.3%
	70,324	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $70,324)							70,324

		Total Investments in Securities (Cost $26,345,507)—99.1%							25,581,014
		Other assets less liabilities—0.9%							240,950

		Net Assets—100.0%						$	25,821,964

Investment Abbreviations:

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		129

Schedule of Investments

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.8%
		Aerospace/Defense—4.9%
$	100,000	General Dynamics Corp.		3.750	%		05/15/2028	$	101,656
	100,000	L3 Technologies, Inc.		4.400			06/15/2028		100,865
	100,000	Northrop Grumman Corp.		3.250			01/15/2028		95,040

									297,561

		Auto Manufacturers—1.8%
	100,000	Ford Motor Co.		6.625			10/01/2028		107,316

		Banks—16.3%
	200,000	Barclays PLC (United Kingdom)		4.836			05/09/2028		190,314
	100,000	Capital One Financial Corp.		3.800			01/31/2028		95,436
	200,000	Citigroup, Inc.		4.125			07/25/2028		193,940
	200,000	Lloyds Banking Group PLC (United Kingdom)		4.375			03/22/2028		197,346
	200,000	Mizuho Financial Group, Inc. (Japan)		4.018			03/05/2028		201,710
	100,000	U.S. Bancorp, MTN		3.900			04/26/2028		102,072

									980,818

		Beverages—3.3%
	200,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)		4.000			04/13/2028		199,783

		Biotechnology—1.6%
	100,000	Celgene Corp.		3.900			02/20/2028		97,584

		Chemicals—1.7%
	100,000	PPG Industries, Inc.		3.750			03/15/2028		100,155

		Cosmetics/Personal Care—1.7%
	100,000	Unilever Capital Corp. (United Kingdom)		3.500			03/22/2028		100,397

		Diversified Financial Services—3.2%
	100,000	Charles Schwab Corp. (The)		3.200			01/25/2028		96,408
	100,000	National Rural Utilities Cooperative Finance Corp.		3.400			02/07/2028		98,320

									194,728

		Electric—3.2%
	100,000	Sempra Energy		3.400			02/01/2028		94,244
	100,000	Virginia Electric & Power Co., Series A		3.800			04/01/2028		101,275

									195,519

		Environmental Control—1.7%
	100,000	Republic Services, Inc.		3.950			05/15/2028		100,708

		Food—3.3%
	100,000	Campbell Soup Co.		4.150			03/15/2028		96,581
	100,000	General Mills, Inc.		4.200			04/17/2028		100,015

									196,596

		Healthcare-Products—1.7%
	100,000	Boston Scientific Corp.		4.000			03/01/2028		99,794

		Healthcare-Services—1.6%
	100,000	Anthem, Inc.		4.101			03/01/2028		98,480

		Insurance—1.7%
	100,000	American International Group, Inc.		4.200			04/01/2028		99,595

		Internet—1.6%
	100,000	Expedia Group, Inc.		3.800			02/15/2028		94,034

		Media—7.9%
	100,000	Charter Communications Operating LLC/Charter Communications Operating Capital		3.750			02/15/2028		92,589
	100,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.200			03/15/2028		95,949
	100,000	Comcast Corp.		3.150			02/15/2028		94,277

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


		130

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Media (continued)
$	100,000	Comcast Corp.		3.550	%		05/01/2028	$	96,996
	100,000	Discovery Communications LLC		3.950			03/20/2028		95,558

									475,369

		Oil & Gas—3.3%
	100,000	Continental Resources, Inc.		4.375			01/15/2028		99,557
	100,000	Phillips 66		3.900			03/15/2028		99,375

									198,932

		Pharmaceuticals—9.4%
	250,000	CVS Health Corp.		4.300			03/25/2028		248,551
	100,000	GlaxoSmithKline Capital, Inc. (United Kingdom)		3.875			05/15/2028		101,847
	100,000	Johnson & Johnson		2.900			01/15/2028		96,529
	100,000	Pharmacia LLC		6.600			12/01/2028		121,886

									568,813

		Pipelines—8.3%
	100,000	Energy Transfer Partners LP		4.950			06/15/2028		102,302
	100,000	Kinder Morgan, Inc.		4.300			03/01/2028		99,360
	100,000	Mplx LP		4.000			03/15/2028		96,633
	100,000	Sabine Pass Liquefaction LLC		4.200			03/15/2028		97,789
	100,000	TransCanada PipeLines Ltd. (Canada)		4.250			05/15/2028		101,002

									497,086

		REITs—3.2%
	100,000	Crown Castle International Corp.		3.800			02/15/2028		95,960
	100,000	Ventas Realty LP		4.000			03/01/2028		98,153

									194,113

		Retail—4.9%
	100,000	Dollar General Corp.		4.125			05/01/2028		99,979
	100,000	Dollar Tree, Inc.		4.200			05/15/2028		98,670
	100,000	Starbucks Corp.		3.500			03/01/2028		97,087

									295,736

		Semiconductors—1.5%
	100,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.500			01/15/2028		90,513

		Software—1.7%
	100,000	salesforce.com, Inc.		3.700			04/11/2028		100,082

		Telecommunications—3.3%
	200,000	Vodafone Group PLC (United Kingdom)		4.375			05/30/2028		199,269

		Transportation—5.0%
	100,000	CSX Corp.		3.800			03/01/2028		99,211
	200,000	Union Pacific Corp.		3.950			09/10/2028		202,046

									301,257

		Total Corporate Bonds (Cost $5,881,260)							5,884,238



Number of Shares
		Money Market Fund—0.9%
	55,292	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $55,292)							55,292

		Total Investments in Securities (Cost $5,936,552)—98.7%							5,939,530
		Other assets less liabilities—1.3%							78,282

		Net Assets—100.0%						$	6,017,812

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


		131

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

August 31, 2018

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		132

Schedule of Investments

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—26.3%
		Advertising—0.4%
$	2,404,000	Lamar Media Corp.		5.000	%		05/01/2023	$	2,458,090

		Auto Manufacturers—3.4%
	14,230,000	Jaguar Land Rover Automotive PLC (United Kingdom)^(a)		4.125			12/15/2018		14,265,575
	6,500,000	Jaguar Land Rover Automotive PLC (United Kingdom)^(a)		5.625			02/01/2023		6,435,000

									20,700,575

		Commercial Services—2.9%
	17,456,000	APX Group, Inc.		7.875			12/01/2022		17,870,580

		Diversified Financial Services—3.6%
	8,228,000	Ally Financial, Inc.		4.750			09/10/2018		8,228,822
	8,042,000	Ally Financial, Inc.		3.250			11/05/2018		8,045,217
	5,407,000	Ally Financial, Inc.		8.000			12/31/2018		5,501,893

									21,775,932

		Home Builders—0.5%
	3,209,000	Lennar Corp.		4.125			12/01/2018		3,217,023

		Iron/Steel—0.8%
	4,742,000	Steel Dynamics, Inc.		5.250			04/15/2023		4,832,335

		Media—5.5%
	4,104,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.750			09/01/2023		4,186,080
	13,233,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.750			01/15/2024		13,495,410
	8,243,000	TEGNA, Inc.		6.375			10/15/2023		8,572,720
	3,062,000	Univision Communications, Inc.^(a)		6.750			09/15/2022		3,134,723
	4,488,000	Virgin Media Finance PLC (United Kingdom)^(a)		6.375			04/15/2023		4,645,080

									34,034,013

		Packaging & Containers—0.7%
	4,262,000	Berry Global, Inc.		6.000			10/15/2022		4,400,515

		REITs—1.2%
	6,884,000	Iron Mountain, Inc.		6.000			08/15/2023		7,081,915

		Telecommunications—7.3%
	11,325,000	Frontier Communications Corp.^(b)		8.125			10/01/2018		11,332,305
	5,206,000	Level 3 Financing, Inc.		5.625			02/01/2023		5,282,580
	20,166,000	Sprint Communications, Inc.^(a)		9.000			11/15/2018		20,418,075
	7,783,000	T-Mobile USA, Inc.		6.000			03/01/2023		8,029,721

									45,062,681

		Total Corporate Bonds (Cost $161,922,054)							161,433,659



Number of Shares
		Common Stocks—0.0%
		Environmental Control—0.0%
	3,325	Tervita Corp. (Canada)^(c) (Cost $28,262)							22,949

Principal Amount
		Short-Term Investments—71.8%
		U.S. Treasury Securities—71.8%
		U.S. Treasury Bills—71.8%^(d)
$	45,000,000	2.010%, 12/20/2018							44,721,800
	11,000,000	2.047%, 12/20/2018							10,931,995
	20,000,000	2.057%, 12/20/2018							19,876,356

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


		133

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI) (continued)

August 31, 2018


Principal Amount			Value
		Short-Term Investments (continued)
		U.S. Treasury Securities (continued)
$	367,706,800	2.067%, 12/20/2018	$	365,433,556

		Total U.S. Treasury Securities (Cost $440,896,206)		440,963,707

Number of Shares
		Money Market Fund—0.6%
	3,645,086	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(e) (Cost $3,645,086)		3,645,086

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $606,491,608)—98.7%		606,065,401

		Investments Purchased with Cash Collateral from Securities on Loan Money Market Fund—0.7%
	4,565,745	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)^(f) (Cost $4,565,745)		4,565,745

		Total Investments in Securities (Cost $611,057,353)—99.4%		610,631,146
		Other assets less liabilities—0.6%		3,401,130

		Net Assets—100.0%	$	614,032,276

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $48,898,453, which represented 7.96% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Non-income producing security.

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

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 7.

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


		134

Schedule of Investments

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—94.8%
		Advertising—0.0%
$	124,000	Lamar Media Corp.		5.375	%		01/15/2024	$	126,790
	50,000	Outfront Media Capital LLC/Outfront Media Capital Corp.		5.875			03/15/2025		50,625

									177,415

		Airlines—1.5%
	5,682,000	Allegiant Travel Co.		5.500			07/15/2019		5,767,230
	10,858,000	American Airlines Group, Inc.^(a)		5.500			10/01/2019		11,048,015

									16,815,245

		Auto Manufacturers—1.6%
	7,995,000	BCD Acquisition, Inc.^(a)		9.625			09/15/2023		8,494,687
	3,896,000	Deck Chassis Acquisition, Inc.^(a)		10.000			06/15/2023		4,149,240
	5,940,000	Jaguar Land Rover Automotive PLC (United Kingdom)^(a)		4.250			11/15/2019		5,940,000

									18,583,927

		Auto Parts & Equipment—0.4%
	3,153,000	American Axle & Manufacturing, Inc.		7.750			11/15/2019		3,318,533
	252,000	Dana, Inc.		5.500			12/15/2024		251,055
	949,000	Tenneco, Inc.		5.375			12/15/2024		893,246
	203,000	Tupy Overseas SA (Brazil)^(a)		6.625			07/17/2024		206,301

									4,669,135

		Banks—0.5%
	5,229,500	CIT Group, Inc.		3.875			02/19/2019		5,264,799

		Building Materials—0.7%
	360,000	Gibraltar Industries, Inc.		6.250			02/01/2021		363,600
	2,900,000	Omnimax International, Inc.^(a)		12.000			08/15/2020		3,030,500
	4,060,000	Summit Materials LLC/Summit Materials Finance Corp.		8.500			04/15/2022		4,359,425
	327,000	US Concrete, Inc.		6.375			06/01/2024		331,496

									8,085,021

		Chemicals—3.1%
	11,987,000	Chemours Co. (The)		6.625			05/15/2023		12,571,366
	14,870,000	Platform Specialty Products Corp.^(a)		6.500			02/01/2022		15,260,338
	7,698,000	PQ Corp.^(a)		6.750			11/15/2022		8,073,277

									35,904,981

		Coal—0.0%
	569,000	Natural Resource Partners LP/NRP Finance Corp.		10.500			03/15/2022		611,675

		Commercial Services—6.8%
	3,681,000	APX Group, Inc.^(b)		6.375			12/01/2019		3,739,675
	5,693,000	Herc Rentals, Inc.^(a)		7.500			06/01/2022		5,984,766
	5,767,000	Herc Rentals, Inc.^(a)		7.750			06/01/2024		6,248,256
	41,008,000	Prime Security Services Borrower LLC/Prime Finance, Inc.^(a)		9.250			05/15/2023		44,034,391
	4,759,000	Service Corp. International		5.375			01/15/2022		4,840,926
	12,233,000	United Rentals North America, Inc.		5.750			11/15/2024		12,672,776

									77,520,790

		Computers—4.4%
	18,347,000	Dell International LLC/EMC Corp.^(a)		5.875			06/15/2021		18,923,370
	21,199,000	Dell International LLC/EMC Corp.^(a)		7.125			06/15/2024		22,667,068
	8,010,000	Dell, Inc.		5.875			06/15/2019		8,170,200

									49,760,638

		Diversified Financial Services—7.0%
	10,847,000	Ally Financial, Inc.		3.500			01/27/2019		10,871,406
	10,843,000	Ally Financial, Inc.		3.750			11/18/2019		10,910,769
	8,841,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)		7.375			04/01/2020		9,039,922
	8,651,000	Nationstar Mortgage LLC/Nationstar Capital Corp.		6.500			07/01/2021		8,672,627

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


		135

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services (continued)
$	15,736,000	Navient Corp., MTN		5.500	%		01/15/2019	$	15,878,411
	15,175,000	Navient Corp., MTN		4.875			06/17/2019		15,296,400
	8,958,000	Springleaf Finance Corp.		5.250			12/15/2019		9,103,568

									79,773,103

		Electric—5.0%
	3,500,000	Atlantica Yield PLC (Spain)^(a)		7.000			11/15/2019		3,613,750
	9,588,000	NRG Energy, Inc.		6.250			05/01/2024		9,971,520
	23,056,000	Vistra Energy Corp.		7.375			11/01/2022		24,064,700
	17,331,000	Vistra Energy Corp.		7.625			11/01/2024		18,717,480

									56,367,450

		Engineering & Construction—1.0%
	4,269,000	Engility Corp.		8.875			09/01/2024		4,573,167
	2,575,000	Nana Development Corp.^(a)(b)		9.500			03/15/2019		2,584,656
	3,735,000	Zachry Holdings, Inc.^(a)		7.500			02/01/2020		3,753,675

									10,911,498

		Entertainment—3.0%
	250,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.		5.375			06/01/2024		251,563
	2,947,000	EMI Music Publishing Group North America Holdings, Inc.^(a)		7.625			06/15/2024		3,179,076
	29,438,000	Scientific Games International, Inc.		10.000			12/01/2022		31,244,021

									34,674,660

		Food—1.5%
	7,769,000	Darling Ingredients, Inc.		5.375			01/15/2022		7,875,824
	5,078,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.		5.875			01/15/2024		5,357,290
	2,804,000	Safeway, Inc.		5.000			08/15/2019		2,825,030
	440,000	SUPERVALU, Inc.^(b)		6.750			06/01/2021		449,900
	150,000	TreeHouse Foods, Inc.^(a)(b)		6.000			02/15/2024		152,437

									16,660,481

		Gas—0.4%
	5,013,000	NGL Energy Partners LP/NGL Energy Finance Corp.		5.125			07/15/2019		5,040,572

		Healthcare-Products—1.1%
	10,440,000	Kinetic Concepts, Inc./KCI USA, Inc.^(a)		7.875			02/15/2021		10,805,400
	1,420,000	Teleflex, Inc.		5.250			06/15/2024		1,466,150

									12,271,550

		Healthcare-Services—5.1%
	21,084,000	Centene Corp.		5.625			02/15/2021		21,558,390
	14,690,000	Centene Corp.		6.125			02/15/2024		15,479,587
	5,118,000	Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.^(a)		7.500			10/01/2024		5,438,438
	4,380,000	Tenet Healthcare Corp.		5.500			03/01/2019		4,418,325
	10,720,000	Tenet Healthcare Corp.^(a)		7.500			01/01/2022		11,266,077

									58,160,817

		Holding Companies-Diversified—0.4%
	4,636,000	Spectrum Brands Holdings, Inc.		7.750			01/15/2022		4,775,080

		Home Builders—3.4%
	2,084,000	Ashton Woods USA LLC/Ashton Woods Finance Co.^(a)		6.875			02/15/2021		2,115,260
	12,000	Beazer Homes USA, Inc.		5.750			06/15/2019		12,297
	7,018,000	Beazer Homes USA, Inc.		8.750			03/15/2022		7,436,904
	2,858,000	KB Home		4.750			05/15/2019		2,879,435
	6,539,000	Lennar Corp.		4.500			06/15/2019		6,579,869
	6,267,000	Lennar Corp.		4.500			11/15/2019		6,329,670
	3,102,000	M/I Homes, Inc.		6.750			01/15/2021		3,186,933
	5,763,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		4.375			06/15/2019		5,820,630
	4,470,000	William Lyon Homes, Inc.		7.000			08/15/2022		4,564,987

									38,925,985

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


		136

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Household Products/Wares—0.3%
$	3,357,000	Spectrum Brands, Inc.		6.125	%		12/15/2024	$	3,449,318

		Insurance—0.1%
	1,222,000	Radian Group, Inc.		5.500			06/01/2019		1,243,385

		Internet—0.6%
	392,000	EIG Investors Corp.		10.875			02/01/2024		428,260
	5,957,000	Match Group, Inc.		6.375			06/01/2024		6,359,098

									6,787,358

		Investment Companies—0.0%
	9,000	Oaktree Specialty Lending Corp.		4.875			03/01/2019		9,019

		Iron/Steel—1.1%
	5,663,000	AK Steel Corp.		7.625			10/01/2021		5,804,575
	6,079,000	AK Steel Corp.		7.500			07/15/2023		6,382,950
	225,000	Steel Dynamics, Inc.		5.500			10/01/2024		231,187

									12,418,712

		Lodging—2.0%
	9,453,000	Boyd Gaming Corp.		6.875			05/15/2023		9,972,915
	12,187,000	MGM Resorts International		8.625			02/01/2019		12,486,800

									22,459,715

		Machinery-Diversified—0.9%
	327,000	Cloud Crane LLC^(a)		10.125			08/01/2024		356,430
	3,492,000	Manitowoc Co., Inc. (The)^(a)		12.750			08/15/2021		3,858,660
	5,082,000	Welbilt, Inc.		9.500			02/15/2024		5,590,200

									9,805,290

		Media—9.0%
	5,997,000	CSC Holdings LLC		8.625			02/15/2019		6,150,643
	37,542,000	CSC Holdings LLC^(a)		10.125			01/15/2023		41,202,345
	18,416,000	DISH DBS Corp.		7.875			09/01/2019		19,083,580
	4,009,000	Lee Enterprises, Inc.^(a)		9.500			03/15/2022		4,186,559
	375,000	Mediacom Broadband LLC/Mediacom Broadband Corp.		5.500			04/15/2021		379,219
	2,511,000	Nexstar Broadcasting, Inc.^(a)		6.125			02/15/2022		2,565,928
	22,189,000	Sirius XM Radio, Inc.^(a)		6.000			07/15/2024		23,112,062
	5,040,000	TEGNA, Inc.		5.125			10/15/2019		5,046,300
	335,000	TEGNA, Inc.^(a)		5.500			09/15/2024		342,119

									102,068,755

		Metal Fabricate/Hardware—1.6%
	12,779,000	Grinding Media, Inc./Moly-Cop AltaSteel Ltd.^(a)		7.375			12/15/2023		13,445,936
	4,071,000	Zekelman Industries, Inc.^(a)		9.875			06/15/2023		4,432,301

									17,878,237

		Mining—2.2%
	9,630,000	Alcoa Nederland Holding BV^(a)		6.750			09/30/2024		10,255,950
	1,514,000	Ferroglobe PLC/Globe Specialty Metals, Inc.^(a)		9.375			03/01/2022		1,585,915
	9,088,000	Joseph T Ryerson & Son, Inc.^(a)		11.000			05/15/2022		10,042,240
	168,000	Kaiser Aluminum Corp.		5.875			05/15/2024		172,620
	3,000,000	Vedanta Resources PLC (India)^(a)		6.000			01/31/2019		3,014,370

									25,071,095

		Miscellaneous Manufacturing—0.6%
	3,494,000	Amsted Industries, Inc.^(a)		5.375			09/15/2024		3,511,470
	2,865,000	CTP Transportation Products LLC/CTP Finance, Inc.^(a)		8.250			12/15/2019		2,886,487

									6,397,957

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


		137

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas—4.0%
$	5,780,000	Canbriam Energy, Inc. (Canada)^(a)		9.750	%		11/15/2019	$	5,808,900
	18,763,000	Chesapeake Energy Corp.^(a)		8.000			12/15/2022		19,748,057
	3,750,000	Ithaca Energy, Inc. (United Kingdom)^(a)		8.125			07/01/2019		3,750,000
	2,845,000	Rowan Cos., Inc.		7.875			08/01/2019		2,951,687
	6,433,000	Sable Permian Resources Land LLC/AEPB Finance Corp.^(a)		13.000			11/30/2020		7,140,630
	5,971,000	Seven Generations Energy Ltd. (Canada)^(a)		6.750			05/01/2023		6,194,913

									45,594,187

		Oil & Gas Services—0.6%
	6,338,000	PHI, Inc.		5.250			03/15/2019		6,052,790
	9,000	SEACOR Holdings, Inc.		7.375			10/01/2019		9,382
	361,000	Seitel, Inc.		9.500			04/15/2019		360,549

									6,422,721

		Packaging & Containers—0.4%
	3,541,000	Greif, Inc.		7.750			08/01/2019		3,682,640
	203,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(a)		7.000			07/15/2024		206,629
	304,000	Silgan Holdings, Inc.		5.500			02/01/2022		308,560

									4,197,829

		Pharmaceuticals—0.9%
	9,356,000	Vizient, Inc.^(a)		10.375			03/01/2024		10,268,210

		Pipelines—1.9%
	4,154,000	DCP Midstream Operating LP		2.700			04/01/2019		4,138,422
	9,726,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.125			11/15/2019		9,758,096
	7,517,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.		6.750			03/15/2024		7,911,643

									21,808,161

		Real Estate—0.5%
	5,691,000	Realogy Group LLC/Realogy Co.-Issuer Corp.^(a)		4.500			04/15/2019		5,733,683

		REITs—3.5%
	10,975,000	Equinix, Inc.		5.375			01/01/2022		11,329,493
	14,493,000	Equinix, Inc.		5.375			04/01/2023		14,873,441
	1,914,000	Geo Group, Inc. (The)		5.875			01/15/2022		1,951,074
	11,147,000	iStar, Inc.		5.000			07/01/2019		11,167,901

									39,321,909

		Retail—2.2%
	638,000	Carrols Restaurant Group, Inc.		8.000			05/01/2022		665,912
	5,577,000	GameStop Corp.^(a)		5.500			10/01/2019		5,577,000
	4,092,000	PriSo Acquisition Corp.^(a)		9.000			05/15/2023		4,265,910
	10,097,000	Reliance Intermediate Holdings LP (Canada)^(a)		6.500			04/01/2023		10,500,880
	3,908,000	Yum! Brands, Inc.		5.300			09/15/2019		3,991,983

									25,001,685

		Semiconductors—1.5%
	5,586,000	Advanced Micro Devices, Inc.		6.750			03/01/2019		5,725,650
	4,358,000	Advanced Micro Devices, Inc.		7.000			07/01/2024		4,641,270
	7,050,000	Amkor Technology, Inc.		6.375			10/01/2022		7,191,000

									17,557,920

		Software—3.8%
	3,583,000	CURO Financial Technologies Corp.^(a)		12.000			03/01/2022		3,968,173
	432,000	MSCI, Inc.^(a)		5.250			11/15/2024		446,040
	4,384,000	Nuance Communications, Inc.		6.000			07/01/2024		4,515,520
	30,850,000	Solera LLC/Solera Finance, Inc.^(a)		10.500			03/01/2024		34,012,125

									42,941,858

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


		138

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Telecommunications—10.2%
$	2,806,000	CenturyLink, Inc., Series Q		6.150	%		09/15/2019	$	2,876,150
	7,825,000	Frontier Communications Corp.		7.125			03/15/2019		7,893,469
	8,367,000	Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc.^(a)(b)		12.500			07/01/2022		9,140,947
	8,965,000	HC2 Holdings, Inc.^(a)		11.000			12/01/2019		9,099,475
	16,963,000	Intelsat Jackson Holdings SA (Luxembourg)^(a)		8.000			02/15/2024		17,895,965
	68,000	Level 3 Financing, Inc.		5.375			01/15/2024		68,170
	2,940,000	Nokia OYJ (Finland)		5.375			05/15/2019		2,993,508
	25,324,000	Sprint Capital Corp.		6.900			05/01/2019		25,957,100
	419,000	Telesat Canada/Telesat LLC (Canada)^(a)		8.875			11/15/2024		449,901
	13,743,000	T-Mobile USA, Inc.		6.500			01/15/2024		14,258,363
	506,000	T-Mobile USA, Inc.		6.000			04/15/2024		526,240
	21,186,000	T-Mobile USA, Inc.		6.375			03/01/2025		22,086,405
	2,450,000	VEON Holdings BV (Netherlands)^(a)		5.200			02/13/2019		2,468,375

									115,714,068

		Total Corporate Bonds (Cost $1,075,840,821)							1,077,105,894



Number of Shares
		Money Market Fund—3.6%
	40,604,107	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $40,604,107)							40,604,107

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,116,444,928)—98.4%							1,117,710,001

		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund—0.6%
	7,309,955	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $7,309,955)							7,309,955

		Total Investments in Securities (Cost $1,123,754,883)—99.0%							1,125,019,956
		Other assets less liabilities—1.0%							11,589,438

		Net Assets—100.0%						$	1,136,609,394

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $487,483,485, which represented 42.89% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(d)	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 7.

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


		139

Schedule of Investments

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—96.9%
		Advertising—0.2%
$	1,952,000	Clear Channel International BV^(a)		8.750	%		12/15/2020	$	2,025,200

		Aerospace/Defense—3.3%
	9,612,000	Bombardier, Inc. (Canada)^(a)		7.750			03/15/2020		10,128,645
	15,171,000	Bombardier, Inc. (Canada)^(a)		7.500			03/15/2025		15,664,057
	5,000,000	TransDigm, Inc.		5.500			10/15/2020		5,018,750

									30,811,452

		Agriculture—0.0%
	180,000	Vector Group Ltd.^(a)		6.125			02/01/2025		173,250

		Airlines—1.0%
	5,712,000	American Airlines Group, Inc.^(a)		4.625			03/01/2020		5,767,692
	3,417,000	United Continental Holdings, Inc.		6.000			12/01/2020		3,587,850

									9,355,542

		Apparel—0.0%
	165,000	Levi Strauss & Co.		5.000			05/01/2025		166,650

		Auto Manufacturers—2.1%
	14,350,000	Fiat Chrysler Automobiles NV (United Kingdom)		4.500			04/15/2020		14,475,562
	5,450,000	Jaguar Land Rover Automotive PLC (United Kingdom)^(a)		3.500			03/15/2020		5,388,688

									19,864,250

		Auto Parts & Equipment—0.3%
	2,432,000	Goodyear Tire & Rubber Co. (The)		8.750			08/15/2020		2,669,120

		Banks—0.5%
	4,671,000	CIT Group, Inc.		5.375			05/15/2020		4,822,807

		Building Materials—0.4%
	489,000	Norbord, Inc. (Canada)^(a)		5.375			12/01/2020		501,225
	3,544,000	USG Corp.^(a)		5.500			03/01/2025		3,637,030

									4,138,255

		Chemicals—8.0%
	6,563,000	Blue Cube Spinco LLC		9.750			10/15/2023		7,473,616
	4,988,000	Blue Cube Spinco LLC		10.000			10/15/2025		5,798,550
	5,474,000	CF Industries, Inc.		7.125			05/01/2020		5,802,440
	6,512,000	Chemours Co. (The)		7.000			05/15/2025		6,984,120
	17,007,000	Hexion, Inc.		6.625			04/15/2020		16,135,391
	2,802,000	Hexion, Inc.		10.000			04/15/2020		2,784,488
	6,192,000	Hexion, Inc./Hexion Nova Scotia Finance ULC^(b)		9.000			11/15/2020		5,263,200
	7,549,000	Huntsman International LLC		4.875			11/15/2020		7,750,936
	3,548,000	Kraton Polymers LLC/Kraton Polymers Capital Corp.^(a)		7.000			04/15/2025		3,676,615
	5,174,000	Rain CII Carbon LLC/CII Carbon Corp.^(a)		7.250			04/01/2025		5,329,220
	7,577,000	TPC Group, Inc.^(a)		8.750			12/15/2020		7,614,885

									74,613,461

		Commercial Services—4.1%
	3,549,000	ADT Corp. (The)		5.250			03/15/2020		3,633,289
	10,694,000	APX Group, Inc.		8.750			12/01/2020		10,720,735
	6,813,000	Hertz Corp. (The)		5.875			10/15/2020		6,810,888
	9,127,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		9,127,000
	2,885,000	R.R. Donnelley & Sons Co.		7.625			06/15/2020		3,054,205
	4,248,000	Rent-A-Center, Inc.		6.625			11/15/2020		4,285,170
	489,000	Service Corp. International		4.500			11/15/2020		490,834
	87,000	United Rentals North America, Inc.		5.500			07/15/2025		89,066

									38,211,187

		Computers—3.7%
	21,944,000	EMC Corp.		2.650			06/01/2020		21,468,439
	4,960,000	GCI LLC		6.875			04/15/2025		5,152,200

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


		140

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Computers (continued)
$	2,666,000	Harland Clarke Holdings Corp.^(a)		6.875	%		03/01/2020	$	2,619,345
	5,121,000	Unisys Corp.^(a)(b)		10.750			04/15/2022		5,786,730

									35,026,714

		Cosmetics/Personal Care—0.4%
	4,186,000	Avon Products, Inc. (United Kingdom)		6.600			03/15/2020		4,202,074

		Diversified Financial Services—8.0%
	2,381,000	Abe Investment Holdings, Inc./Getty Images, Inc.^(a)(b)		10.500			10/16/2020		2,464,335
	10,502,000	Ally Financial, Inc.		8.000			03/15/2020		11,171,502
	8,115,000	Ally Financial, Inc.		4.125			03/30/2020		8,165,719
	5,335,000	Ally Financial, Inc.		7.500			09/15/2020		5,708,450
	3,357,000	CNG Holdings, Inc.^(a)		9.375			05/15/2020		3,357,000
	3,648,000	LoanCore Capital Markets LLC/JLC Finance Corp.^(a)		6.875			06/01/2020		3,705,000
	16,190,000	Navient Corp., MTN		8.000			03/25/2020		17,205,923
	4,545,000	Navient Corp.		5.000			10/26/2020		4,568,679
	3,812,000	Springleaf Finance Corp.		6.000			06/01/2020		3,921,595
	10,816,000	Springleaf Finance Corp.		8.250			12/15/2020		11,721,840
	2,471,000	Stearns Holdings LLC^(a)		9.375			08/15/2020		2,483,355

									74,473,398

		Electric—0.7%
	6,000	AES Corp. (The)		5.500			04/15/2025		6,195
	5,703,000	Vistra Energy Corp.^(a)		8.000			01/15/2025		6,301,815

									6,308,010

		Electrical Components & Equipment—0.3%
	2,304,000	Artesyn Embedded Technologies, Inc.^(a)		9.750			10/15/2020		2,211,840
	192,000	Energizer Holdings, Inc.^(a)		5.500			06/15/2025		192,000

									2,403,840

		Energy-Alternate Sources—0.3%
	235,000	Pattern Energy Group, Inc.^(a)		5.875			02/01/2024		237,938
	2,260,000	TerraForm Power Operating LLC^(a)(b)^(c)		6.625			06/15/2025		2,415,375

									2,653,313

		Entertainment—1.6%
	3,208,000	Gateway Casinos & Entertainment Ltd. (Canada)^(a)		8.250			03/01/2024		3,408,500
	6,050,000	International Game Technology PLC^(a)		5.625			02/15/2020		6,186,125
	4,918,000	Scientific Games International, Inc.		6.250			09/01/2020		4,918,000

									14,512,625

		Food—1.1%
	16,000	Chobani LLC/Chobani Finance Corp., Inc.^(a)		7.500			04/15/2025		13,540
	102,000	Dole Food Co., Inc.^(a)		7.250			06/15/2025		100,470
	10,300,000	JBS Investments GmbH^(a)		7.750			10/28/2020		10,503,528

									10,617,538

		Food Service—0.0%
	196,000	Aramark Services, Inc.^(a)		5.000			04/01/2025		197,715

		Forest Products & Paper—0.1%
	789,000	PH Glatfelter Co.		5.375			10/15/2020		789,986

		Healthcare-Products—2.0%
	3,362,000	DJO Finance LLC/DJO Finance Corp.		10.750			04/15/2020		3,370,405
	8,218,000	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a)(b)		4.875			04/15/2020		8,228,273
	7,076,000	Universal Hospital Services, Inc.		7.625			08/15/2020		7,111,380

									18,710,058

		Healthcare-Services—3.1%
	85,000	Encompass Health Corp.		5.750			09/15/2025		86,062
	2,823,000	Tenet Healthcare Corp.		6.750			02/01/2020		2,911,219

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


		141

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Healthcare-Services (continued)
$	5,617,000	Tenet Healthcare Corp.		4.750	%		06/01/2020	$	5,701,255
	19,262,000	Tenet Healthcare Corp.		6.000			10/01/2020		20,080,635
	92,000	WellCare Health Plans, Inc.		5.250			04/01/2025		94,300

									28,873,471

		Home Builders—1.7%
	5,546,000	Brookfield Residential Properties, Inc. (Canada)^(a)		6.500			12/15/2020		5,593,141
	3,455,000	Brookfield Residential Properties, Inc. (Canada)^(a)		6.375			05/15/2025		3,446,362
	2,623,000	KB Home		8.000			03/15/2020		2,780,380
	3,657,000	Meritage Homes Corp.		7.150			04/15/2020		3,858,135
	104,000	Shea Homes LP/Shea Homes Funding Corp.^(a)		6.125			04/01/2025		102,960

									15,780,978

		Household Products/Wares—0.0%
	129,000	Spectrum Brands, Inc.		5.750			07/15/2025		130,935

		Housewares—0.3%
	2,896,000	American Greetings Corp.^(a)		7.875			02/15/2025		2,787,400

		Insurance—1.1%
	2,848,000	CNO Financial Group, Inc.^(b)		4.500			05/30/2020		2,897,840
	4,570,000	Genworth Holdings, Inc.		7.700			06/15/2020		4,775,650
	2,780,000	Radian Group, Inc.		5.250			06/15/2020		2,842,550

									10,516,040

		Internet—0.0%
	117,000	Zayo Group LLC/Zayo Capital, Inc.		6.375			05/15/2025		122,704

		Iron/Steel—1.2%
	7,000,000	Evraz Group SA (Russia)^(a)		6.500			04/22/2020		7,090,370
	4,017,000	United States Steel Corp.		7.375			04/01/2020		4,225,382

									11,315,752

		Lodging—1.6%
	138,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.		4.625			04/01/2025		136,620
	3,087,000	MGM Resorts International		5.250			03/31/2020		3,156,458
	10,963,000	MGM Resorts International		6.750			10/01/2020		11,552,261

									14,845,339

		Machinery-Construction & Mining—1.3%
	11,883,000	BlueLine Rental Finance Corp./BlueLine Rental LLC^(a)		9.250			03/15/2024		12,506,857

		Machinery-Diversified—0.3%
	2,231,000	Briggs & Stratton Corp.		6.875			12/15/2020		2,382,485

		Media—10.6%
	3,888,000	Altice Finco SA, MTN (Luxembourg)^(a)		7.625			02/15/2025		3,436,020
	198,000	Block Communications, Inc.^(a)		6.875			02/15/2025		203,000
	4,926,000	Cablevision Systems Corp.		8.000			04/15/2020		5,196,930
	3,562,000	Cequel Communications Holdings I LLC/Cequel Capital Corp.^(a)		7.750			07/15/2025		3,806,887
	2,102,000	Clear Channel Worldwide Holdings, Inc., Series A		7.625			03/15/2020		2,107,255
	21,163,000	Clear Channel Worldwide Holdings, Inc., Series B		7.625			03/15/2020		21,321,723
	10,709,000	CSC Holdings LLC^(a)		6.625			10/15/2025		11,150,746
	17,348,000	CSC Holdings LLC^(a)		10.875			10/15/2025		20,232,105
	11,980,000	DISH DBS Corp.		5.125			05/01/2020		12,084,825
	6,893,000	TEGNA, Inc.		5.125			07/15/2020		6,961,930
	5,750,000	Unitymedia GmbH (Germany)^(a)		6.125			01/15/2025		6,037,500
	4,008,000	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)^(a)		5.000			01/15/2025		4,093,170
	2,260,000	Urban One, Inc.^(a)(b)		9.250			02/15/2020		2,248,700

									98,880,791

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


		142

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Mining—2.6%
$	120,000	Constellium NV^(a)		6.625	%		03/01/2025	$	122,400
	5,686,000	Eldorado Gold Corp. (Canada)^(a)		6.125			12/15/2020		5,359,055
	8,809,000	Freeport-McMoRan, Inc.		3.100			03/15/2020		8,757,467
	4,725,000	Freeport-McMoRan, Inc.		6.875			02/15/2023		5,067,563
	4,624,000	Hudbay Minerals, Inc. (Canada)^(a)		7.625			01/15/2025		4,722,260

									24,028,745

		Miscellaneous Manufacturing—0.0%
	20,000	Koppers, Inc.^(a)		6.000			02/15/2025		20,150

		Oil & Gas—7.8%
	549,000	Carrizo Oil & Gas, Inc.		8.250			07/15/2025		591,547
	3,425,000	Chesapeake Energy Corp.		6.625			08/15/2020		3,570,563
	1,826,000	Chesapeake Energy Corp.		6.875			11/15/2020		1,917,300
	19,533,000	Citgo Holding, Inc.^(a)		10.750			02/15/2020		20,949,143
	2,720,000	EP Energy LLC/Everest Acquisition Finance, Inc.		9.375			05/01/2020		2,679,200
	2,402,000	HighPoint Operating Corp.		8.750			06/15/2025		2,576,145
	7,538,000	Nabors Industries, Inc.		5.000			09/15/2020		7,603,148
	493,000	Parker Drilling Co.		7.500			08/01/2020		438,770
	380,000	Pride International LLC^(b)		6.875			08/15/2020		399,950
	10,937,000	Resolute Energy Corp.		8.500			05/01/2020		10,943,836
	3,687,000	Sable Permian Resources Land LLC/AEPB Finance Corp.^(a)(b)		8.000			06/15/2020		3,677,782
	108,000	Sable Permian Resources Land LLC/AEPB Finance Corp.^(a)		13.000			11/30/2020		119,880
	2,327,000	Transocean, Inc.^(b)		6.500			11/15/2020		2,408,445
	13,621,000	Transocean, Inc.^(a)		9.000			07/15/2023		14,727,706
	102,000	Whiting Petroleum Corp.		5.750			03/15/2021		104,805

									72,708,220

		Oil & Gas Services—0.4%
	3,780,000	Weatherford International Ltd.		5.125			09/15/2020		3,770,550

		Packaging & Containers—5.4%
	10,824,000	Ball Corp.		4.375			12/15/2020		10,999,890
	34,545,783	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu		5.750			10/15/2020		34,632,147
	4,894,000	Sealed Air Corp.^(a)		6.500			12/01/2020		5,175,405

									50,807,442

		Pharmaceuticals—2.4%
	21,545,000	Bausch Health Cos., Inc.^(a)		7.000			03/15/2024		22,810,769

		Pipelines—3.5%
	5,568,000	DCP Midstream Operating LP^(a)		5.350			03/15/2020		5,707,200
	13,442,000	Energy Transfer Equity LP		7.500			10/15/2020		14,500,557
	4,162,000	NuStar Logistics LP		4.800			09/01/2020		4,208,823
	8,317,000	Rockies Express Pipeline LLC^(a)		5.625			04/15/2020		8,618,491

									33,035,071

		Private Equity—2.0%
	18,195,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.000			08/01/2020		18,530,698

		REITs—0.4%
	3,222,000	CoreCivic, Inc.		4.125			04/01/2020		3,246,165
	474,000	CyrusOne LP/CyrusOne Finance Corp.		5.000			03/15/2024		481,110
	168,000	Equinix, Inc.		5.750			01/01/2025		173,880

									3,901,155

		Retail—1.7%
	2,402,000	FirstCash, Inc.^(a)		5.375			06/01/2024		2,414,010
	5,550,000	Michaels Stores, Inc.^(a)		5.875			12/15/2020		5,577,750
	2,300,000	Penske Automotive Group, Inc.		3.750			08/15/2020		2,277,000

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


		143

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail (continued)
$	3,605,000	PF Chang’s China Bistro, Inc.^(a)(b)		10.250	%		06/30/2020	$	3,478,825
	2,602,000	Yum! Brands, Inc.		3.875			11/01/2020		2,611,758

									16,359,343

		Software—2.2%
	654,000	ACI Worldwide, Inc.^(a)		6.375			08/15/2020		654,000
	5,912,000	Infor US, Inc.^(a)		5.750			08/15/2020		6,008,070
	9,142,000	MSCI, Inc.^(a)		5.750			08/15/2025		9,599,100
	4,335,000	Nuance Communications, Inc.^(a)		5.375			08/15/2020		4,337,709

									20,598,879

		Telecommunications—8.3%
	10,719,000	CenturyLink, Inc., Series V		5.625			04/01/2020		10,986,975
	137,000	CommScope Technologies LLC^(a)		6.000			06/15/2025		142,480
	2,032,000	Frontier Communications Corp.		8.500			04/15/2020		2,057,400
	23,539,000	Intelsat Jackson Holdings SA (Luxembourg)		7.250			10/15/2020		23,627,271
	3,320,000	Millicom International Cellular SA (Colombia)^(a)		6.000			03/15/2025		3,369,800
	10,981,000	Sprint Communications, Inc.^(a)		7.000			03/01/2020		11,433,966
	16,877,000	Sprint Communications, Inc.		7.000			08/15/2020		17,720,850
	92,000	T-Mobile USA, Inc.		6.500			01/15/2024		95,450
	4,489,000	T-Mobile USA, Inc.		5.125			04/15/2025		4,535,955
	4,579,000	Windstream Services LLC/Windstream Finance Corp.^(a)		10.500			06/30/2024		3,708,990

									77,679,137

		Transportation—0.9%
	4,140,000	Hornbeck Offshore Services, Inc.		5.875			04/01/2020		3,249,900
	5,287,000	Neovia Logistics Services LLC/SPL Logistics Finance Corp.^(a)		8.875			08/01/2020		4,857,431

									8,107,331

		Total Corporate Bonds (Cost $906,589,519)							907,246,687



Number of Shares
		Money Market Fund—1.1%
	10,721,448	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $10,721,448)							10,721,448

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $917,310,967)—98.0%							917,968,135

		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund—1.4%
	12,782,840	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)^(e) (Cost $12,782,840)							12,782,840

		Total Investments in Securities (Cost $930,093,807)—99.4%							930,750,975
		Other assets less liabilities—0.6%							5,633,077

		Net Assets—100.0%						$	936,384,052

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


		144

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)

August 31, 2018

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $350,646,981, which represented 37.45% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specific date.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 7.

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


		145

Schedule of Investments

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—96.5%
		Advertising—0.4%
$	1,565,000	Lamar Media Corp.		5.750	%		02/01/2026	$	1,631,513

		Aerospace/Defense—1.8%
	5,995,000	Bombardier, Inc. (Canada)^(a)		8.750			12/01/2021		6,624,475
	1,707,000	Triumph Group, Inc.		4.875			04/01/2021		1,642,987

									8,267,462

		Agriculture—0.9%
	828,000	Alliance One International, Inc.^(a)		8.500			04/15/2021		856,980
	3,183,000	Alliance One International, Inc.^(b)		9.875			07/15/2021		3,059,659

									3,916,639

		Airlines—0.5%
	2,042,000	Air Canada (Canada)^(a)		7.750			04/15/2021		2,205,360

		Apparel—0.4%
	1,689,000	William Carter Co. (The)		5.250			08/15/2021		1,715,391

		Auto Parts & Equipment—0.2%
	1,035,000	Dana Financing Luxembourg Sarl^(a)		6.500			06/01/2026		1,064,756

		Building Materials—0.4%
	1,659,000	CPG Merger Sub LLC^(a)		8.000			10/01/2021		1,692,180

		Chemicals—3.0%
	5,619,000	Momentive Performance Materials, Inc.		3.880			10/24/2021		6,012,330
	1,000,000	Perstorp Holding AB (Sweden)^(a)		8.500			06/30/2021		1,053,750
	1,000,000	Perstorp Holding AB (Sweden)^(a)		11.000			09/30/2021		1,092,500
	2,398,000	Versum Materials, Inc.^(a)		5.500			09/30/2024		2,457,950
	3,197,000	WR Grace & Co.^(a)		5.125			10/01/2021		3,292,910

									13,909,440

		Coal—0.6%
	2,553,000	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.		12.000			11/01/2021		2,591,295

		Commercial Services—3.7%
	4,276,000	ADT Corp. (The)		6.250			10/15/2021		4,532,560
	2,049,000	Hertz Corp. (The)^(b)		7.375			01/15/2021		2,056,684
	2,809,000	Nielsen Co. Luxembourg Sarl (The)^(a)		5.500			10/01/2021		2,819,534
	2,050,000	R.R. Donnelley & Sons Co.		7.875			03/15/2021		2,170,437
	1,017,000	Rent-A-Center, Inc.		4.750			05/01/2021		1,027,170
	4,255,000	United Rentals North America, Inc.		5.875			09/15/2026		4,398,606

									17,004,991

		Computers—1.8%
	1,360,000	Dell, Inc.^(b)		4.625			04/01/2021		1,387,200
	1,466,000	GCI LLC		6.750			06/01/2021		1,485,717
	3,520,000	Harland Clarke Holdings Corp.^(a)		9.250			03/01/2021		3,220,800
	653,000	NCR Corp.		4.625			02/15/2021		643,205
	1,232,000	NCR Corp.		5.875			12/15/2021		1,247,893

									7,984,815

		Cosmetics/Personal Care—1.1%
	2,646,000	Edgewell Personal Care Co.		4.700			05/19/2021		2,679,075
	2,452,000	First Quality Finance Co., Inc.^(a)		4.625			05/15/2021		2,433,610

									5,112,685

		Diversified Financial Services—5.8%
	1,799,000	Ally Financial, Inc.		4.250			04/15/2021		1,808,319
	8,717,000	Blackstone CQP Holdco LP^(a)		6.500			03/20/2021		8,785,451
	1,640,000	Credit Acceptance Corp.		6.125			02/15/2021		1,662,550
	1,341,000	Enova International, Inc.		9.750			06/01/2021		1,411,402

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


		146

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services (continued)
$	1,900,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)		7.500	%		04/15/2021	$	1,966,500
	1,516,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)		5.875			08/01/2021		1,542,530
	2,845,000	Navient Corp.		5.875			03/25/2021		2,920,535
	3,148,000	Navient Corp.		6.625			07/26/2021		3,285,725
	2,833,000	Springleaf Finance Corp.		7.750			10/01/2021		3,070,264

									26,453,276

		Electric—3.9%
	1,500,000	AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It (Dominican Republic)^(a)		7.950			05/11/2026		1,558,125
	2,860,000	AES Corp. (The)		6.000			05/15/2026		3,038,750
	4,304,000	NRG Energy, Inc.		7.250			05/15/2026		4,648,320
	5,373,000	NRG Energy, Inc.		6.625			01/15/2027		5,648,366
	3,392,000	Talen Energy Supply LLC		4.600			12/15/2021		2,959,520

									17,853,081

		Electrical Components & Equipment—0.5%
	2,297,000	WESCO Distribution, Inc.		5.375			12/15/2021		2,334,326

		Energy-Alternate Sources—0.4%
	1,750,000	Enviva Partners LP/Enviva Partners Finance Corp.		8.500			11/01/2021		1,822,187

		Entertainment—0.7%
	1,870,000	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.^(a)		6.125			08/15/2021		1,874,675
	1,311,000	Scientific Games International, Inc.		6.625			05/15/2021		1,304,445

									3,179,120

		Environmental Control—1.3%
	3,379,000	Clean Harbors, Inc.		5.125			06/01/2021		3,395,895
	2,483,000	Tervita Escrow Corp. (Canada)^(a)		7.625			12/01/2021		2,585,424

									5,981,319

		Food—2.9%
	3,317,000	B&G Foods, Inc.		4.625			06/01/2021		3,308,708
	3,581,000	JBS USA LUX SA/JBS USA Finance, Inc.^(a)		7.250			06/01/2021		3,639,191
	1,673,000	JBS USA LUX SA/JBS USA Finance, Inc.^(a)		7.250			06/01/2021		1,700,186
	973,000	KeHE Distributors LLC/KeHE Finance Corp.^(a)		7.625			08/15/2021		959,621
	3,852,000	Lamb Weston Holdings, Inc.^(a)		4.875			11/01/2026		3,803,850

									13,411,556

		Forest Products & Paper—0.2%
	1,000,000	Eldorado International. Finance GmbH (Brazil)^(a)		8.625			06/16/2021		1,031,885

		Gas—0.4%
	1,700,000	NGL Energy Partners LP/NGL Energy Finance Corp.		6.875			10/15/2021		1,729,750

		Healthcare-Products—1.4%
	4,582,000	DJO Finance LLC/DJO Finance Corp.^(a)		8.125			06/15/2021		4,755,200
	1,660,000	Kinetic Concepts, Inc./KCI USA, Inc.^(a)		12.500			11/01/2021		1,826,000

									6,581,200

		Healthcare-Services—6.1%
	4,615,000	CHS/Community Health Systems, Inc.^(b)		5.125			08/01/2021		4,476,550
	4,343,000	HCA Healthcare, Inc.		6.250			02/15/2021		4,549,292
	5,337,000	LifePoint Health, Inc.		5.500			12/01/2021		5,443,740
	3,000,000	Select Medical Corp.		6.375			06/01/2021		3,041,250
	1,741,000	Surgery Center Holdings, Inc.^(a)		8.875			04/15/2021		1,821,521
	3,697,000	Tenet Healthcare Corp.		4.500			04/01/2021		3,710,864
	4,618,000	Tenet Healthcare Corp.		4.375			10/01/2021		4,629,545

									27,672,762

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


		147

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Home Builders—2.9%
$	1,855,000	KB Home		7.000	%		12/15/2021	$	1,961,662
	1,345,000	Lennar Corp.		8.375			01/15/2021		1,482,863
	1,355,000	Lennar Corp.		4.750			04/01/2021		1,377,019
	1,259,000	Lennar Corp.		6.250			12/15/2021		1,328,245
	3,496,000	PulteGroup, Inc.		4.250			03/01/2021		3,523,269
	2,344,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.^(a)		5.250			04/15/2021		2,349,860
	1,211,000	TRI Pointe Group, Inc.		4.875			07/01/2021		1,211,000

									13,233,918

		Household Products/Wares—0.4%
	1,941,000	Prestige Brands, Inc.^(a)		5.375			12/15/2021		1,950,705

		Housewares—0.2%
	1,090,000	Scotts Miracle-Gro Co. (The)		5.250			12/15/2026		1,038,225

		Insurance—1.6%
	1,845,000	Genworth Holdings, Inc.		7.200			02/15/2021		1,914,187
	3,346,000	Genworth Holdings, Inc.		7.625			09/24/2021		3,479,840
	1,849,000	Radian Group, Inc.^(b)		7.000			03/15/2021		1,983,053

									7,377,080

		Internet—0.5%
	2,358,000	Netflix, Inc.		5.375			02/01/2021		2,437,583

		Iron/Steel—1.0%
	1,709,000	Allegheny Technologies, Inc.		5.950			01/15/2021		1,743,180
	2,788,000	Steel Dynamics, Inc.		5.125			10/01/2021		2,830,517

									4,573,697

		Lodging—3.2%
	3,206,000	Boyd Gaming Corp.		6.375			04/01/2026		3,290,157
	1,014,000	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.		6.125			12/01/2024		1,048,223
	3,456,000	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.^(a)		6.750			11/15/2021		3,585,600
	5,246,000	MGM Resorts International		6.625			12/15/2021		5,560,760
	1,253,000	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC^(a)		5.875			05/15/2021		1,259,265

									14,744,005

		Machinery-Diversified—0.7%
	1,367,000	SPX FLOW, Inc.^(a)		5.875			08/15/2026		1,387,505
	1,705,000	Xerium Technologies, Inc.		9.500			08/15/2021		1,794,513

									3,182,018

		Media—6.2%
	2,042,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.250			03/15/2021		2,058,591
	3,441,000	Cequel Communications Holdings I LLC/Cequel Capital Corp.^(a)		5.125			12/15/2021		3,458,205
	2,401,000	Cequel Communications Holdings I LLC/Cequel Capital Corp.^(a)		5.125			12/15/2021		2,409,980
	4,313,000	CSC Holdings LLC		6.750			11/15/2021		4,582,562
	9,249,000	DISH DBS Corp.		6.750			06/01/2021		9,410,858
	2,867,000	Sinclair Television Group, Inc.		5.375			04/01/2021		2,884,919
	1,690,000	TEGNA, Inc.^(a)		4.875			09/15/2021		1,698,450
	2,000,000	Virgin Media Secured Finance PLC (United Kingdom)		5.250			01/15/2021		2,055,000

									28,558,565

		Metal Fabricate/Hardware—0.3%
	1,112,000	Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc.^(a)		8.625			06/01/2021		1,123,120

		Mining—2.8%
	1,400,000	Alcoa Nederland Holding BV^(a)		7.000			09/30/2026		1,517,250
	1,697,000	Century Aluminum Co.^(a)		7.500			06/01/2021		1,713,970
	4,983,000	First Quantum Minerals Ltd. (Zambia)^(a)		7.000			02/15/2021		4,939,399
	2,355,000	Freeport-McMoRan, Inc.		4.000			11/14/2021		2,342,495

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


		148

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Mining (continued)
$	381,000	Teck Resources Ltd. (Canada)		4.500	%		01/15/2021	$	387,191
	2,000,000	Vedanta Resources PLC (India)^(a)		8.250			06/07/2021		2,060,000

									12,960,305

		Oil & Gas—7.8%
	2,215,000	Baytex Energy Corp. (Canada)^(a)		5.125			06/01/2021		2,165,162
	4,253,000	Calumet Specialty Products Partners LP/Calumet Finance Corp.		6.500			04/15/2021		4,210,470
	1,995,000	Chesapeake Energy Corp.		6.125			02/15/2021		2,044,875
	986,000	Chesapeake Energy Corp.		5.375			06/15/2021		987,232
	2,461,000	Denbury Resources, Inc.^(a)		9.000			05/15/2021		2,657,880
	1,316,000	Energen Corp.		4.625			09/01/2021		1,335,740
	1,997,000	Great Western Petroleum LLC/Great Western Finance Corp.^(a)		9.000			09/30/2021		2,061,902
	3,204,000	Nabors Industries, Inc.		4.625			09/15/2021		3,199,231
	1,026,579	Precision Drilling Corp. (Canada)		6.500			12/15/2021		1,045,827
	1,861,000	QEP Resources, Inc.		6.875			03/01/2021		1,968,008
	2,185,000	Range Resources Corp.		5.750			06/01/2021		2,245,088
	1,741,000	Transocean, Inc.		8.375			12/15/2021		1,871,575
	2,796,000	Unit Corp.		6.625			05/15/2021		2,806,485
	6,995,000	Whiting Petroleum Corp.		5.750			03/15/2021		7,187,363

									35,786,838

		Oil & Gas Services—2.5%
	1,705,000	Archrock Partners LP/Archrock Partners Finance Corp.		6.000			04/01/2021		1,709,263
	1,899,000	Forum Energy Technologies, Inc.		6.250			10/01/2021		1,908,495
	1,000,000	KCA Deutag UK Finance PLC (United Kingdom)^(a)		7.250			05/15/2021		940,000
	3,859,000	SESI LLC		7.125			12/15/2021		3,921,709
	2,971,000	Weatherford International Ltd.^(b)		7.750			06/15/2021		2,922,721

									11,402,188

		Packaging & Containers—0.5%
	1,999,000	Graphic Packaging International LLC		4.750			04/15/2021		2,030,204

		Pharmaceuticals—2.5%
	7,194,000	Bausch Health Cos., Inc.^(a)		7.500			07/15/2021		7,321,730
	4,259,000	Bausch Health Cos., Inc.^(a)		5.625			12/01/2021		4,232,381

									11,554,111

		Pipelines—1.7%
	2,110,000	American Midstream Partners LP/American Midstream Finance Corp.^(a)		9.250			12/15/2021		2,094,175
	2,057,000	DCP Midstream Operating LP^(a)		4.750			09/30/2021		2,092,997
	1,655,000	Martin Midstream Partners LP/Martin Midstream Finance Corp.		7.250			02/15/2021		1,659,137
	1,697,000	NuStar Logistics LP		6.750			02/01/2021		1,786,093

									7,632,402

		Real Estate—0.5%
	2,446,000	Realogy Group LLC/Realogy Co.-Issuer Corp.^(a)		5.250			12/01/2021		2,449,058

		REITs—3.1%
	5,193,000	Equinix, Inc.		5.875			01/15/2026		5,400,720
	1,358,000	Iron Mountain US Holdings, Inc.^(a)		5.375			06/01/2026		1,293,495
	1,348,000	Iron Mountain, Inc.^(a)		4.375			06/01/2021		1,354,740
	1,355,000	iStar, Inc.		6.500			07/01/2021		1,392,262
	1,500,000	RHP Hotel Properties LP/RHP Finance Corp.		5.000			04/15/2021		1,519,920
	3,134,000	Starwood Property Trust, Inc.		5.000			12/15/2021		3,165,340

									14,126,477

		Retail—3.8%
	2,398,000	DriveTime Automotive Group, Inc./Bridgecrest Acceptance Corp.^(a)		8.000			06/01/2021		2,448,957
	1,539,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.500			05/01/2021		1,415,880
	2,057,000	GameStop Corp.^(a)		6.750			03/15/2021		2,077,570
	1,669,000	Hot Topic, Inc.^(a)		9.250			06/15/2021		1,627,275

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


		149

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail (continued)
$	4,304,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a)		5.250	%		06/01/2026	$	4,314,760
	3,766,000	L Brands, Inc.		6.625			04/01/2021		3,973,130
	1,545,000	Yum! Brands, Inc.		3.750			11/01/2021		1,529,550

									17,387,122

		Semiconductors—0.8%
	3,260,000	Sensata Technologies UK Financing Co. PLC^(a)		6.250			02/15/2026		3,443,375

		Software—4.3%
	7,620,000	BMC Software Finance, Inc.^(a)		8.125			07/15/2021		7,798,765
	1,858,000	Donnelley Financial Solutions, Inc.		8.250			10/15/2024		1,950,900
	2,379,000	MSCI, Inc.^(a)		4.750			08/01/2026		2,367,105
	3,902,000	Open Text Corp. (Canada)^(a)		5.875			06/01/2026		4,038,570
	3,391,000	TIBCO Software, Inc.^(a)		11.375			12/01/2021		3,632,609

									19,787,949

		Telecommunications—10.8%
	976,000	Anixter, Inc.		5.125			10/01/2021		1,007,720
	5,409,000	CenturyLink, Inc., Series S		6.450			06/15/2021		5,652,405
	1,074,000	Cogent Communications Finance, Inc.^(a)		5.625			04/15/2021		1,082,055
	2,017,000	CommScope, Inc.^(a)		5.000			06/15/2021		2,034,649
	252,000	CommScope, Inc.^(a)		5.500			06/15/2024		256,095
	1,144,000	Frontier Communications Corp.		6.250			09/15/2021		1,018,160
	4,119,000	Hughes Satellite Systems Corp.		7.625			06/15/2021		4,448,520
	5,353,000	Intelsat Jackson Holdings SA (Luxembourg)		7.500			04/01/2021		5,413,221
	2,818,000	Level 3 Financing, Inc.		6.125			01/15/2021		2,838,262
	4,530,000	Sprint Communications, Inc.		11.500			11/15/2021		5,356,725
	10,194,000	Sprint Corp.		7.250			09/15/2021		10,713,282
	9,068,000	T-Mobile USA, Inc.		6.500			01/15/2026		9,609,269

									49,430,363

		Total Corporate Bonds (Cost $440,947,207)							441,356,297



Number of Shares
		Money Market Fund—1.6%
	7,460,414	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $7,460,414)							7,460,414

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $448,407,621)—98.1%							448,816,711

		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund—1.7%
	7,785,070	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $7,785,070)							7,785,070

		Total Investments in Securities (Cost $456,192,691)—99.8%							456,601,781
		Other assets less liabilities—0.2%							923,765

		Net Assets—100.0%						$	457,525,546

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


		150

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

August 31, 2018

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $159,903,578, which represented 34.95% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(d)	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 7.

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


		151

Schedule of Investments

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—96.8%
		Advertising—0.5%
$	1,172,000	Outfront Media Capital LLC/Outfront Media Capital Corp.		5.250	%		02/15/2022	$	1,182,243

		Aerospace/Defense—3.1%
	619,000	Bombardier, Inc. (Canada)^(a)		5.750			03/15/2022		623,642
	1,796,000	Bombardier, Inc. (Canada)^(a)		6.000			10/15/2022		1,809,470
	1,847,000	KLX, Inc.^(a)		5.875			12/01/2022		1,916,262
	883,000	Moog, Inc.^(a)		5.250			12/01/2022		897,349
	2,070,000	TransDigm, Inc.		6.000			07/15/2022		2,095,875
	313,000	Triumph Group, Inc.		5.250			06/01/2022		295,003

									7,637,601

		Auto Parts & Equipment—0.4%
	909,000	American Axle & Manufacturing, Inc.		6.625			10/15/2022		932,861

		Banks—0.8%
	1,849,000	CIT Group, Inc.		5.000			08/15/2022		1,890,602

		Beverages—0.3%
	1,000,000	Ajecorp BV (Spain)^(a)		6.500			05/14/2022		779,000

		Building Materials—1.1%
	1,855,000	Griffon Corp.		5.250			03/01/2022		1,837,006
	897,000	USG Corp.^(a)		4.875			06/01/2027		910,195

									2,747,201

		Chemicals—2.0%
	2,224,000	Ashland LLC		4.750			08/15/2022		2,252,245
	994,000	Hexion, Inc.^(a)		10.375			02/01/2022		983,096
	313,000	Huntsman International LLC		5.125			11/15/2022		323,955
	183,000	Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA (Canada)^(a)		8.375			12/01/2022		187,117
	443,000	Olin Corp.		5.500			08/15/2022		459,613
	700,000	Olin Corp.		5.125			09/15/2027		694,750

									4,900,776

		Coal—0.3%
	637,000	Peabody Energy Corp.^(a)		6.000			03/31/2022		641,778

		Commercial Services—5.3%
	1,482,000	ADT Corp. (The)		3.500			07/15/2022		1,407,900
	749,000	Atento Luxco 1 SA (Spain)^(a)		6.125			08/10/2022		733,960
	1,400,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)^(b)		5.125			06/01/2022		1,396,500
	313,000	Cardtronics, Inc.		5.125			08/01/2022		308,774
	486,000	Great Lakes Dredge & Dock Corp.		8.000			05/15/2022		500,580
	1,580,000	Hertz Corp. (The)^(a)		7.625			06/01/2022		1,572,100
	619,000	Hertz Corp. (The)^(b)		6.250			10/15/2022		580,313
	627,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.^(a)		7.875			10/01/2022		549,409
	4,158,000	Nielsen Finance LLC/Nielsen Finance Co.^(a)		5.000			04/15/2022		4,048,021
	323,000	Quad/Graphics, Inc.		7.000			05/01/2022		329,460
	1,564,000	United Rentals North America, Inc.		5.500			05/15/2027		1,564,000

									12,991,017

		Computers—1.0%
	1,309,000	Harland Clarke Holdings Corp.^(a)		8.375			08/15/2022		1,233,732
	1,204,000	NCR Corp.		5.000			07/15/2022		1,179,920

									2,413,652

		Cosmetics/Personal Care—0.8%
	765,000	Avon International Operations, Inc. (United Kingdom)^(a)		7.875			08/15/2022		781,256
	1,035,000	Edgewell Personal Care Co.		4.700			05/24/2022		1,032,723

									1,813,979

		Distribution/Wholesale—0.3%
	700,000	Global Partners LP/GLP Finance Corp.		6.250			07/15/2022		698,250

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


		152

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Diversified Financial Services—4.8%
$	1,380,000	Ally Financial, Inc.		4.125	%		02/13/2022	$	1,376,550
	510,000	Ally Financial, Inc.		4.625			05/19/2022		514,462
	1,253,000	Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)		6.875			04/15/2022		1,271,795
	781,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)		5.250			03/15/2022		785,881
	472,000	Nationstar Mortgage LLC/Nationstar Capital Corp.^(b)		6.500			06/01/2022		472,295
	1,317,000	Navient Corp., MTN		7.250			01/25/2022		1,397,666
	2,109,000	Navient Corp.		6.500			06/15/2022		2,183,448
	749,000	Ocwen Loan Servicing LLC^(a)		8.375			11/15/2022		762,108
	437,000	SLM Corp.		5.125			04/05/2022		433,723
	1,478,000	Springleaf Finance Corp.		6.125			05/15/2022		1,526,035
	800,000	VFH Parent LLC/Orchestra Co-Issuer, Inc.^(a)		6.750			06/15/2022		826,000

									11,549,963

		Electric—1.7%
	1,384,000	Calpine Corp.^(a)		6.000			01/15/2022		1,413,410
	1,990,000	NRG Energy, Inc.		6.250			07/15/2022		2,059,650
	776,000	Talen Energy Supply LLC^(a)		9.500			07/15/2022		752,720

									4,225,780

		Engineering & Construction—0.3%
	321,000	AECOM Global II LLC/URS Fox US LP		5.000			04/01/2022		326,104
	321,000	New Enterprise Stone & Lime Co., Inc.^(a)		10.125			04/01/2022		346,279

									672,383

		Entertainment—2.2%
	321,000	CCM Merger, Inc.^(a)		6.000			03/15/2022		326,618
	956,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op		5.375			04/15/2027		929,710
	313,000	Cinemark USA, Inc.		5.125			12/15/2022		316,130
	2,100,000	International Game Technology PLC^(a)		6.250			02/15/2022		2,177,700
	313,000	Live Nation Entertainment, Inc.^(a)		5.375			06/15/2022		319,651
	1,057,000	National CineMedia LLC		6.000			04/15/2022		1,078,140
	175,000	WMG Acquisition Corp.^(a)		5.625			04/15/2022		178,281

									5,326,230

		Environmental Control—0.5%
	752,000	Covanta Holding Corp.		6.375			10/01/2022		767,040
	417,000	GFL Environmental, Inc. (Canada)^(a)		5.625			05/01/2022		405,532

									1,172,572

		Food—0.9%
	486,000	C&S Group Enterprises LLC^(a)		5.375			07/15/2022		482,355
	390,000	SunOpta Foods, Inc.^(a)		9.500			10/09/2022		417,300
	472,000	SUPERVALU, Inc.		7.750			11/15/2022		492,060
	777,000	TreeHouse Foods, Inc.		4.875			03/15/2022		779,914

									2,171,629

		Forest Products & Paper—0.3%
	598,000	Cascades, Inc. (Canada)^(a)		5.500			07/15/2022		600,990

		Healthcare-Products—2.0%
	327,000	Avanos Medical, Inc.		6.250			10/15/2022		335,993
	1,796,000	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a)(b)		5.750			08/01/2022		1,683,750
	2,990,000	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(a)		6.625			05/15/2022		2,948,887

									4,968,630

		Healthcare-Services—7.5%
	313,000	Acadia Healthcare Co., Inc.		5.125			07/01/2022		316,130
	2,102,000	Centene Corp.		4.750			05/15/2022		2,149,295
	2,143,000	DaVita, Inc.		5.750			08/15/2022		2,177,824
	1,530,000	Envision Healthcare Corp.^(a)		5.125			07/01/2022		1,560,600
	1,705,000	Envision Healthcare Corp.		5.625			07/15/2022		1,756,150
	3,522,000	HCA, Inc.		7.500			02/15/2022		3,874,200

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


		153

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Healthcare-Services (continued)
$	1,057,000	Molina Healthcare, Inc.		5.375	%		11/15/2022	$	1,083,425
	5,123,000	Tenet Healthcare Corp.		8.125			04/01/2022		5,430,380

									18,348,004

		Home Builders—2.7%
	800,000	AV Homes, Inc.		6.625			05/15/2022		819,000
	768,000	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada)^(a)		6.125			07/01/2022		777,600
	1,000,000	Century Communities, Inc.		6.875			05/15/2022		1,028,800
	685,000	KB Home		7.500			09/15/2022		731,237
	1,566,000	Lennar Corp.		4.125			01/15/2022		1,562,085
	182,000	Lennar Corp.		5.375			10/01/2022		186,778
	619,000	Lennar Corp.		4.750			11/15/2022		622,095
	392,000	Meritage Homes Corp.		7.000			04/01/2022		423,360
	486,000	New Home Co., Inc. (The)		7.250			04/01/2022		495,720

									6,646,675

		Insurance—0.2%
	625,000	York Risk Services Holding Corp.^(a)		8.500			10/01/2022		562,500

		Internet—1.8%
	671,000	Cogent Communications Group, Inc.^(a)		5.375			03/01/2022		686,098
	1,057,000	Netflix, Inc.		5.500			02/15/2022		1,095,316
	2,548,000	Zayo Group LLC/Zayo Capital, Inc.^(a)		5.750			01/15/2027		2,560,740

									4,342,154

		Leisure Time—0.4%
	994,000	24 Hour Fitness Worldwide, Inc.^(a)(b)		8.000			06/01/2022		999,288

		Lodging—1.8%
	1,192,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.		4.875			04/01/2027		1,175,610
	506,000	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.^(a)		10.250			11/15/2022		551,540
	1,299,000	MGM Resorts International		7.750			03/15/2022		1,430,524
	1,155,000	Wyndham Destinations, Inc.		4.250			03/01/2022		1,117,393

									4,275,067

		Media—10.8%
	5,055,000	Altice Luxembourg SA (Luxembourg)^(a)		7.750			05/15/2022		4,890,713
	1,167,000	AMC Networks, Inc.		4.750			12/15/2022		1,169,917
	474,000	Cable One, Inc.^(a)		5.750			06/15/2022		483,480
	1,071,000	Cablevision Systems Corp.		5.875			09/15/2022		1,092,420
	2,669,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.250			09/30/2022		2,692,354
	891,000	Clear Channel Worldwide Holdings, Inc., Series A		6.500			11/15/2022		912,161
	3,988,000	Clear Channel Worldwide Holdings, Inc., Series B		6.500			11/15/2022		4,097,670
	3,303,000	DISH DBS Corp.		5.875			07/15/2022		3,183,266
	1,006,000	LIN Television Corp.		5.875			11/15/2022		1,031,150
	666,000	Sinclair Television Group, Inc.		6.125			10/01/2022		685,281
	1,679,000	Sirius XM Radio, Inc.^(a)		3.875			08/01/2022		1,655,830
	2,340,000	Tribune Media Co.		5.875			07/15/2022		2,386,800
	800,000	Urban One, Inc.^(a)		7.375			04/15/2022		798,000
	1,196,000	Videotron Ltd. (Canada)		5.000			07/15/2022		1,221,415

									26,300,457

		Metal Fabricate/Hardware—0.2%
	486,000	Hillman Group, Inc. (The)^(a)		6.375			07/15/2022		464,130

		Mining—2.6%
	1,350,000	First Quantum Minerals Ltd. (Zambia)^(a)		7.250			05/15/2022		1,325,531
	4,177,000	Freeport-McMoRan, Inc.		3.550			03/01/2022		4,041,247
	631,000	New Gold, Inc. (Canada)^(a)		6.250			11/15/2022		563,168
	443,000	Taseko Mines Ltd. (Canada)^(a)		8.750			06/15/2022		447,430

									6,377,376

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


		154

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Miscellaneous Manufacturing—1.3%
$	313,000	Actuant Corp.		5.625	%		06/15/2022	$	320,042
	1,057,000	Amsted Industries, Inc.^(a)		5.000			03/15/2022		1,063,606
	762,000	EnPro Industries, Inc.		5.875			09/15/2022		780,098
	865,000	Gates Global LLC/Gates Global Co.^(a)		6.000			07/15/2022		875,813

									3,039,559

		Oil & Gas—12.1%
	2,944,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(a)		10.000			04/01/2022		3,267,840
	875,000	Athabasca Oil Corp. (Canada)^(a)		9.875			02/24/2022		907,812
	3,703,000	California Resources Corp.^(a)(b)		8.000			12/15/2022		3,337,329
	429,000	Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.625			01/15/2022		426,855
	818,000	Chesapeake Energy Corp.		4.875			04/15/2022		793,460
	1,392,000	CITGO Petroleum Corp.^(a)		6.250			08/15/2022		1,409,400
	2,847,000	CNX Resources Corp.		5.875			04/15/2022		2,853,975
	762,000	CVR Refining LLC/Coffeyville Finance, Inc.		6.500			11/01/2022		781,050
	800,000	HighPoint Operating Corp.		7.000			10/15/2022		804,000
	323,000	Murphy Oil USA, Inc.		5.625			05/01/2027		323,404
	1,064,000	Newfield Exploration Co.		5.750			01/30/2022		1,127,840
	1,863,000	Oasis Petroleum, Inc.		6.875			03/15/2022		1,900,260
	491,000	Parker Drilling Co.^(b)		6.750			07/15/2022		390,345
	1,230,000	QEP Resources, Inc.		5.375			10/01/2022		1,242,669
	765,000	Range Resources Corp.		5.875			07/01/2022		776,475
	775,000	Range Resources Corp.		5.000			08/15/2022		767,250
	1,218,000	Rowan Cos., Inc.		4.875			06/01/2022		1,138,830
	671,000	SM Energy Co.		6.125			11/15/2022		693,646
	1,497,000	Southwestern Energy Co.		4.100			03/15/2022		1,467,060
	625,000	Teine Energy Ltd. (Canada)^(a)		6.875			09/30/2022		631,250
	1,353,000	Transocean, Inc.		5.800			10/15/2022		1,342,852
	1,150,000	Tullow Oil PLC (Ghana)^(a)		6.250			04/15/2022		1,139,938
	1,910,000	WPX Energy, Inc.		6.000			01/15/2022		1,981,625

									29,505,165

		Oil & Gas Services—1.8%
	702,000	Archrock Partners LP/Archrock Partners Finance Corp.		6.000			10/01/2022		703,755
	902,000	Borets Finance DAC (Russia)^(a)		6.500			04/07/2022		897,490
	891,000	FTS International, Inc.		6.250			05/01/2022		875,407
	901,000	KCA Deutag UK Finance PLC (United Kingdom)^(a)		9.875			04/01/2022		903,253
	1,260,000	Weatherford International Ltd.^(b)		4.500			04/15/2022		1,102,500

									4,482,405

		Packaging & Containers—2.7%
	1,476,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)^(a)		4.250			09/15/2022		1,459,395
	1,388,000	Ball Corp.		5.000			03/15/2022		1,438,315
	794,000	Berry Global, Inc.		5.500			05/15/2022		809,880
	763,000	Graphic Packaging International LLC		4.875			11/15/2022		770,630
	481,000	Multi-Color Corp.^(a)		6.125			12/01/2022		494,228
	913,000	Owens-Brockway Glass Container, Inc.^(a)		5.000			01/15/2022		918,706
	696,000	Sealed Air Corp.^(a)		4.875			12/01/2022		702,090

									6,593,244

		Pharmaceuticals—1.5%
	2,261,000	Bausch Health Cos., Inc.^(a)		6.500			03/15/2022		2,345,787
	1,079,000	Endo Finance LLC^(a)		5.750			01/15/2022		1,003,470
	419,000	Endo Finance LLC/Endo Finco, Inc.^(a)		7.250			01/15/2022		404,335

									3,753,592

		Pipelines—2.1%
	1,418,000	Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)		6.125			11/15/2022		1,453,422
	1,455,000	Genesis Energy LP/Genesis Energy Finance Corp.		6.750			08/01/2022		1,491,375
	427,000	NGPL PipeCo. LLC^(a)		4.375			08/15/2022		431,804

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


		155

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Pipelines (continued)
$	420,000	NuStar Logistics LP		4.750	%		02/01/2022	$	416,850
	802,000	SemGroup Corp./Rose Rock Finance Corp.		5.625			07/15/2022		798,992
	486,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.		5.500			08/15/2022		486,000

									5,078,443

		Private Equity—1.7%
	2,121,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.250			02/01/2022		2,184,418
	1,916,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		5.875			02/01/2022		1,955,834

									4,140,252

		REITs—2.1%
	768,000	CoreCivic, Inc.		5.000			10/15/2022		769,920
	4,000	CyrusOne LP/CyrusOne Finance Corp.		5.375			03/15/2027		4,030
	2,396,000	Equinix, Inc.		5.375			05/15/2027		2,443,920
	806,000	iStar, Inc.		6.000			04/01/2022		815,067
	1,057,000	SBA Communications Corp.		4.875			07/15/2022		1,072,855

									5,105,792

		Retail—3.1%
	1,671,000	1011778 BC ULC/New Red Finance, Inc. (Canada)^(a)		4.625			01/15/2022		1,675,178
	489,000	CEC Entertainment, Inc.		8.000			02/15/2022		464,550
	323,000	Conn’s, Inc.		7.250			07/15/2022		326,165
	619,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.750			01/15/2022		554,005
	1,057,000	Group 1 Automotive, Inc.		5.000			06/01/2022		1,051,715
	1,459,000	L Brands, Inc.		5.625			02/15/2022		1,482,709
	836,000	Men’s Wearhouse, Inc. (The)^(b)		7.000			07/01/2022		863,170
	1,053,000	Penske Automotive Group, Inc.		5.750			10/01/2022		1,074,718

									7,492,210

		Semiconductors—0.3%
	728,000	Advanced Micro Devices, Inc.		7.500			08/15/2022		819,000

		Software—1.3%
	2,999,000	Infor US, Inc.		6.500			05/15/2022		3,052,892

		Telecommunications—8.5%
	2,857,000	CenturyLink, Inc., Series T		5.800			03/15/2022		2,934,710
	1,271,000	Consolidated Communications, Inc.		6.500			10/01/2022		1,205,861
	1,057,000	Frontier Communications Corp.		8.750			04/15/2022		856,170
	4,116,000	Frontier Communications Corp.		10.500			09/15/2022		3,642,660
	2,104,000	Inmarsat Finance PLC (United Kingdom)^(a)		4.875			05/15/2022		2,119,780
	676,000	Intelsat Jackson Holdings SA (Luxembourg)^(a)		9.500			09/30/2022		787,540
	1,520,000	Level 3 Financing, Inc.		5.375			08/15/2022		1,539,000
	821,000	Level 3 Parent LLC		5.750			12/01/2022		829,210
	389,000	Sprint Communications, Inc.		9.250			04/15/2022		445,405
	4,398,000	Sprint Communications, Inc.		6.000			11/15/2022		4,462,607
	800,000	T-Mobile USA, Inc.		4.000			04/15/2022		797,000
	1,020,000	Trilogy International Partners LLC/Trilogy International Finance, Inc. (New Zealand)^(a)		8.875			05/01/2022		1,035,300

									20,655,243

		Transportation—1.2%
	2,837,000	XPO Logistics, Inc.^(a)		6.500			06/15/2022		2,941,175

		Trucking & Leasing—0.5%
	1,164,000	Fortress Transportation & Infrastructure Investors LLC^(a)		6.750			03/15/2022		1,209,105

		Total Corporate Bonds (Cost $235,655,642)							235,500,865

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


		156

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

August 31, 2018


Number of Shares			Value
		Money Market Fund—1.6%
	3,888,085	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $3,888,085)	$	3,888,085

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $239,543,727)— 98.4%		239,388,950

		Investments Purchased with Cash Collateral from Securities on Loan Money Market Fund—2.8%
	6,702,345	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $6,702,345)		6,702,345

		Total Investments in Securities (Cost $246,246,072)—101.2%		246,091,295
		Other assets less liabilities—(1.2)%		(2,899,049	)

		Net Assets—100.0%	$	243,192,246

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $86,503,838, which represented 35.57% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(d)	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 7.

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


		157

Schedule of Investments

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.6%
		Advertising—0.4%
$	486,000	Lamar Media Corp.		5.000	%		05/01/2023	$	496,935

		Aerospace/Defense—1.1%
	1,207,000	Bombardier, Inc. (Canada)^(a)		6.125			01/15/2023		1,222,087

		Auto Manufacturers—1.6%
	1,100,000	Fiat Chrysler Automobiles NV (United Kingdom)		5.250			04/15/2023		1,120,625
	703,000	Jaguar Land Rover Automotive PLC (United Kingdom)^(a)		5.625			02/01/2023		695,970

									1,816,595

		Auto Parts & Equipment—0.9%
	179,000	Dana, Inc.		6.000			09/15/2023		185,041
	860,000	Goodyear Tire & Rubber Co. (The)^(b)		5.125			11/15/2023		860,000

									1,045,041

		Banks—0.5%
	518,000	CIT Group, Inc.		5.000			08/01/2023		527,712

		Biotechnology—0.5%
	564,000	AMAG Pharmaceuticals, Inc.^(a)		7.875			09/01/2023		597,310

		Building Materials—1.4%
	482,000	Masonite International Corp.^(a)		5.625			03/15/2023		495,255
	190,000	Norbord, Inc. (Canada)^(a)		6.250			04/15/2023		198,787
	850,000	Summit Materials LLC/Summit Materials Finance Corp.		6.125			07/15/2023		865,938

									1,559,980

		Chemicals—1.6%
	604,000	A Schulman, Inc.		6.875			06/01/2023		636,707
	482,000	CF Industries, Inc.		3.450			06/01/2023		464,527
	443,000	CVR Partners LP/CVR Nitrogen Finance Corp.^(a)		9.250			06/15/2023		474,010
	179,000	PolyOne Corp.		5.250			03/15/2023		185,095

									1,760,339

		Commercial Services—3.3%
	462,000	ADT Corp. (The)		4.125			06/15/2023		440,632
	519,000	Ahern Rentals, Inc.^(a)		7.375			05/15/2023		513,187
	518,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(b)		5.500			04/01/2023		517,352
	1,723,000	Jaguar Holding Co. II/Pharmaceutical Product Development LLC^(a)		6.375			08/01/2023		1,735,923
	326,000	R.R. Donnelley & Sons Co.^(b)		6.500			11/15/2023		330,483
	179,000	WEX, Inc.^(a)		4.750			02/01/2023		180,119

									3,717,696

		Computers—1.6%
	1,159,000	EMC Corp.		3.375			06/01/2023		1,095,231
	704,000	NCR Corp.		6.375			12/15/2023		708,400

									1,803,631

		Cosmetics/Personal Care—0.5%
	604,000	Avon Products, Inc. (United Kingdom)		7.000			03/15/2023		520,950

		Distribution/Wholesale—0.7%
	179,000	American Builders & Contractors Supply Co., Inc.^(a)		5.750			12/15/2023		184,370
	369,000	Global Partners LP/GLP Finance Corp.		7.000			06/15/2023		372,690
	190,000	Univar USA, Inc.^(a)		6.750			07/15/2023		196,175

									753,235

		Diversified Financial Services—2.3%
	474,000	Credit Acceptance Corp.		7.375			03/15/2023		498,292
	1,032,000	Navient Corp., GMTN		5.500			01/25/2023		1,024,250
	518,000	Navient Corp.		7.250			09/25/2023		549,080
	433,000	Springleaf Finance Corp.		8.250			10/01/2023		479,548

									2,551,170

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


		158

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric—2.6%
$	703,000	AES Corp. (The)		4.875	%		05/15/2023	$	715,303
	1,379,000	Calpine Corp.		5.375			01/15/2023		1,315,221
	300,000	InterGen NV (Netherlands)^(a)		7.000			06/30/2023		298,650
	620,000	Vistra Energy Corp.		5.875			06/01/2023		640,925

									2,970,099

		Electrical Components & Equipment—0.3%
	351,000	EnerSys^(a)		5.000			04/30/2023		355,826

		Entertainment—1.2%
	190,000	Carmike Cinemas, Inc.^(a)		6.000			06/15/2023		194,275
	876,000	Cinemark USA, Inc.		4.875			06/01/2023		869,430
	298,000	WMG Acquisition Corp.^(a)		5.000			08/01/2023		296,882

									1,360,587

		Food—0.8%
	946,000	Dean Foods Co.^(a)(b)		6.500			03/15/2023		903,430

		Forest Products & Paper—0.5%
	351,000	Cascades, Inc. (Canada)^(a)		5.750			07/15/2023		352,790
	179,000	Clearwater Paper Corp.		4.500			02/01/2023		166,918

									519,708

		Gas—1.1%
	401,000	LBC Tank Terminals Holding Netherlands BV (Belgium)^(a)		6.875			05/15/2023		402,003
	876,000	NGL Energy Partners LP/NGL Energy Finance Corp.		7.500			11/01/2023		898,995

									1,300,998

		Healthcare-Products—1.2%
	179,000	Hill-Rom Holdings, Inc.^(a)		5.750			09/01/2023		185,265
	187,000	Mallinckrodt International Finance SA		4.750			04/15/2023		163,158
	690,000	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a)(b)		5.625			10/15/2023		618,412
	351,000	Sotera Health Holdings LLC^(a)		6.500			05/15/2023		362,197

									1,329,032

		Healthcare-Services—7.0%
	747,000	Acadia Healthcare Co., Inc.		5.625			02/15/2023		765,675
	2,067,000	CHS/Community Health Systems, Inc.		6.250			03/31/2023		1,973,985
	179,000	Encompass Health Corp.		5.125			03/15/2023		179,448
	1,465,000	HCA, Inc.		5.875			05/01/2023		1,541,913
	434,000	LifePoint Health, Inc.		5.875			12/01/2023		456,355
	946,000	RegionalCare Hospital Partners Holdings, Inc.^(a)		8.250			05/01/2023		1,009,855
	1,895,000	Tenet Healthcare Corp.^(b)		6.750			06/15/2023		1,902,106

									7,829,337

		Home Builders—1.4%
	518,000	KB Home		7.625			05/15/2023		556,280
	179,000	Lennar Corp.		4.875			12/15/2023		179,895
	351,000	Mattamy Group Corp. (Canada)^(a)		6.875			12/15/2023		358,898
	466,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.^(a)		5.875			04/15/2023		468,470

									1,563,543

		Home Furnishings—0.5%
	588,000	Tempur Sealy International, Inc.		5.625			10/15/2023		590,940

		Household Products/Wares—0.9%
	351,000	Central Garden & Pet Co.		6.125			11/15/2023		363,724
	690,000	Kronos Acquisition Holdings, Inc. (Canada)^(a)		9.000			08/15/2023		633,075

									996,799

		Housewares—0.3%
	351,000	Scotts Miracle-Gro Co. (The)		6.000			10/15/2023		358,020

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


		159

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Insurance—0.6%
$	351,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer^(a)		8.250	%		08/01/2023	$	365,040
	351,000	Genworth Holdings, Inc.		4.900			08/15/2023		316,777

									681,817

		Internet—1.3%
	1,425,000	Zayo Group LLC/Zayo Capital, Inc.		6.000			04/01/2023		1,475,830

		Iron/Steel—1.0%
	518,000	Allegheny Technologies, Inc.		7.875			08/15/2023		556,202
	179,000	Commercial Metals Co.		4.875			05/15/2023		175,420
	391,000	Steel Dynamics, Inc.		5.250			04/15/2023		398,449

									1,130,071

		Leisure Time—1.8%
	518,000	LTF Merger Sub, Inc.^(a)		8.500			06/15/2023		542,605
	596,000	Sabre GLBL, Inc.^(a)		5.375			04/15/2023		603,450
	446,000	Sabre GLBL, Inc.^(a)		5.250			11/15/2023		449,180
	411,000	Vista Outdoor, Inc.		5.875			10/01/2023		404,835

									2,000,070

		Lodging—1.8%
	351,000	Diamond Resorts International, Inc.^(a)		7.750			09/01/2023		368,441
	333,000	Interval Acquisition Corp.		5.625			04/15/2023		337,162
	946,000	MGM Resorts International		6.000			03/15/2023		984,455
	351,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(a)		4.250			05/30/2023		337,838

									2,027,896

		Media—10.4%
	4,350,000	Altice Financing SA (Luxembourg)^(a)		6.625			02/15/2023		4,388,019
	600,000	Altice US Finance I Corp.^(a)		5.375			07/15/2023		605,250
	1,032,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.125			02/15/2023		1,035,870
	1,032,000	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)		5.125			05/01/2023		1,034,580
	501,000	CCO Holdings LLC/CCO Holdings Capital Corp.		5.750			09/01/2023		511,020
	1,207,000	DISH DBS Corp.		5.000			03/15/2023		1,078,756
	518,000	Midcontinent Communications / Midcontinent Finance Corp.^(a)		6.875			08/15/2023		547,137
	946,000	Quebecor Media, Inc. (Canada)		5.750			01/15/2023		983,840
	190,000	Sirius XM Radio, Inc.^(a)		4.625			05/15/2023		189,810
	1,393,000	Univision Communications, Inc.^(a)		5.125			05/15/2023		1,326,833

									11,701,115

		Mining—3.4%
	950,000	First Quantum Minerals Ltd. (Zambia)^(a)		7.250			04/01/2023		931,000
	1,761,000	Freeport-McMoRan, Inc.		3.875			03/15/2023		1,697,164
	518,000	Hudbay Minerals, Inc. (Canada)^(a)		7.250			01/15/2023		529,655
	330,000	Teck Resources Ltd. (Canada)		3.750			02/01/2023		325,842
	401,000	Vedanta Resources PLC (India)^(a)		7.125			05/31/2023		391,677

									3,875,338

		Office/Business Equipment—0.2%
	179,000	CDW LLC/CDW Finance Corp.		5.000			09/01/2023		183,027

		Oil & Gas—6.7%
	600,000	Bruin E&P Partners LLC^(a)		8.875			08/01/2023		622,500
	298,000	Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.750			04/15/2023		296,510
	774,000	Carrizo Oil & Gas, Inc.^(b)		6.250			04/15/2023		795,285
	351,000	Chesapeake Energy Corp.		5.750			03/15/2023		342,225
	351,000	Eclipse Resources Corp.		8.875			07/15/2023		358,020
	351,000	Gulfport Energy Corp.		6.625			05/01/2023		359,775
	434,000	Laredo Petroleum, Inc.		6.250			03/15/2023		437,255
	807,000	MEG Energy Corp. (Canada)^(a)		6.375			01/30/2023		736,387
	1,109,000	Nabors Industries, Inc.		5.500			01/15/2023		1,111,627
	344,000	Oasis Petroleum, Inc.		6.875			01/15/2023		351,740

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


		160

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas (continued)
$	351,000	Precision Drilling Corp. (Canada)		7.750	%		12/15/2023	$	372,938
	688,000	QEP Resources, Inc.		5.250			05/01/2023		674,240
	265,000	Seven Generations Energy Ltd. (Canada)^(a)		6.875			06/30/2023		276,925
	351,000	Whiting Petroleum Corp.		6.250			04/01/2023		362,408
	348,000	WPX Energy, Inc.		8.250			08/01/2023		396,720

									7,494,555

		Oil & Gas Services—0.9%
	688,000	Weatherford International Ltd.^(b)		8.250			06/15/2023		641,560
	351,000	Weatherford International Ltd.^(b)		9.875			02/15/2024		333,450

									975,010

		Packaging & Containers—5.9%
	600,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)^(a)		4.625			05/15/2023		596,250
	860,000	Ball Corp.		4.000			11/15/2023		843,875
	519,000	Berry Global, Inc.		5.125			07/15/2023		518,351
	952,000	Crown Americas LLC/Crown Americas Capital Corp. IV		4.500			01/15/2023		954,380
	688,000	Owens-Brockway Glass Container, Inc.^(a)		5.875			08/15/2023		707,780
	2,649,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(a)		5.125			07/15/2023		2,642,378
	351,000	Sealed Air Corp.^(a)		5.250			04/01/2023		358,020

									6,621,034

		Pharmaceuticals—4.4%
	1,032,000	Bausch Health Cos., Inc.^(a)		5.500			03/01/2023		977,954
	2,841,000	Bausch Health Cos., Inc.^(a)		5.875			05/15/2023		2,726,650
	600,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(a)		6.000			07/15/2023		519,000
	607,000	Endo Finance LLC/Endo Finco, Inc.^(a)		5.375			01/15/2023		522,020
	250,000	Horizon Pharma, Inc.		6.625			05/01/2023		255,625

									5,001,249

		Pipelines—2.7%
	688,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.		6.250			04/01/2023		712,940
	406,000	DCP Midstream Operating LP		3.875			03/15/2023		396,865
	351,000	Genesis Energy LP/Genesis Energy Finance Corp.		6.000			05/15/2023		347,051
	351,000	PBF Logistics LP/PBF Logistics Finance Corp.		6.875			05/15/2023		360,214
	298,000	SemGroup Corp./Rose Rock Finance Corp.		5.625			11/15/2023		289,805
	179,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.		5.250			05/01/2023		181,685
	519,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.250			11/15/2023		504,728
	265,000	Williams Cos., Inc. (The)		3.700			01/15/2023		262,681

									3,055,969

		Real Estate—0.6%
	706,000	Realogy Group LLC/Realogy Co.-Issuer Corp.^(a)		4.875			06/01/2023		663,640

		REITs—1.9%
	434,000	CoreCivic, Inc.		4.625			05/01/2023		423,150
	418,000	GEO Group, Inc. (The)		5.125			04/01/2023		405,460
	466,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC^(a)		6.000			04/15/2023		448,525
	860,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC		8.250			10/15/2023		814,583

									2,091,718

		Retail—4.9%
	314,000	Beacon Roofing Supply, Inc.		6.375			10/01/2023		324,205
	351,000	Brinker International, Inc.		3.875			05/15/2023		331,695
	179,000	Ferrellgas LP/Ferrellgas Finance Corp.		6.750			06/15/2023		154,835
	369,000	Group 1 Automotive, Inc.^(a)		5.250			12/15/2023		360,698
	704,000	JC Penney Corp., Inc.^(a)(b)		5.875			07/01/2023		635,360
	518,000	L Brands, Inc.^(b)		5.625			10/15/2023		520,590
	546,000	Party City Holdings, Inc.^(a)		6.125			08/15/2023		556,920
	1,920,000	Rite Aid Corp.^(a)		6.125			04/01/2023		1,732,224
	280,000	Sally Holdings LLC/Sally Capital, Inc.		5.500			11/01/2023		271,600

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


		161

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail (continued)
$	486,000	Sonic Automotive, Inc.		5.000	%		05/15/2023	$	460,485
	179,000	Yum! Brands, Inc.		3.875			11/01/2023		171,616

									5,520,228

		Semiconductors—0.3%
	351,000	Sensata Technologies BV^(a)		4.875			10/15/2023		352,316

		Software—5.9%
	518,000	First Data Corp.^(a)		5.375			08/15/2023		528,438
	2,927,000	First Data Corp.^(a)		7.000			12/01/2023		3,052,861
	518,000	Informatica LLC^(a)		7.125			07/15/2023		529,655
	190,000	IQVIA, Inc.^(a)		4.875			05/15/2023		191,425
	1,032,000	Open Text Corp. (Canada)^(a)		5.625			01/15/2023		1,070,700
	519,000	Riverbed Technology, Inc.^(a)(b)		8.875			03/01/2023		482,021
	518,000	Sophia LP/Sophia Finance, Inc.^(a)		9.000			09/30/2023		542,605
	300,000	Veritas US, Inc./Veritas Bermuda Ltd.^(a)		7.500			02/01/2023		288,750

									6,686,455

		Telecommunications—7.5%
	688,000	CenturyLink, Inc., Series W^(b)		6.750			12/01/2023		718,960
	863,000	Intelsat Jackson Holdings SA (Luxembourg)		5.500			08/01/2023		789,386
	1,117,000	Level 3 Financing, Inc.		5.625			02/01/2023		1,133,431
	604,000	Level 3 Financing, Inc.		5.125			05/01/2023		604,960
	351,000	Plantronics, Inc.^(a)		5.500			05/31/2023		349,245
	4,309,000	Sprint Corp.		7.875			09/15/2023		4,648,334
	250,000	Windstream Services LLC/Windstream Finance Corp.^(a)		9.000			06/30/2025		181,875

									8,426,191

		Transportation—1.2%
	518,000	Kenan Advantage Group, Inc. (The)^(a)		7.875			07/31/2023		534,188
	365,000	Watco Cos. LLC/Watco Finance Corp.^(a)		6.375			04/01/2023		374,581
	475,000	XPO Logistics, Inc.^(a)		6.125			09/01/2023		491,031

									1,399,800

		Total Corporate Bonds (Cost $110,337,054)							109,814,329

Number of Shares
		Money Market Fund—0.7%
	751,108	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $751,108)							751,108

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $111,088,162)— 98.3%							110,565,437

		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund—7.5%
	8,428,925	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $8,428,925)							8,428,925

		Total Investments in Securities (Cost $119,517,087)—105.8%							118,994,362
		Other assets less liabilities—(5.8)%							(6,573,690	)

		Net Assets—100.0%						$	112,420,672

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


		162

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

August 31, 2018

Investment Abbreviations:

GMTN—Global Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $49,596,658, which represented 44.12% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(d)	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 7.

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


		163

Schedule of Investments

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.7%
		Advertising—0.4%
$	226,000	MDC Partners, Inc.^(a)		6.500	%		05/01/2024	$	203,683

		Aerospace/Defense—1.4%
	670,000	TransDigm, Inc.		6.500			07/15/2024		682,563

		Airlines—0.5%
	225,000	United Continental Holdings, Inc.^(b)		5.000			02/01/2024		223,875

		Apparel—0.8%
	392,000	Hanesbrands, Inc.^(a)		4.625			05/15/2024		384,160

		Auto Manufacturers—0.7%
	336,000	Allison Transmission, Inc.^(a)		5.000			10/01/2024		331,800

		Building Materials—2.4%
	448,000	Builders FirstSource, Inc.^(a)		5.625			09/01/2024		436,800
	457,000	CEMEX Finance LLC (Mexico)^(a)		6.000			04/01/2024		469,001
	225,000	Louisiana-Pacific Corp.		4.875			09/15/2024		223,875

									1,129,676

		Chemicals—2.9%
	600,000	Axalta Coating Systems LLC^(a)		4.875			08/15/2024		597,750
	300,000	INEOS Group Holdings SA (Luxembourg)^(a)		5.625			08/01/2024		296,871
	225,000	Rayonier AM Products, Inc.^(a)		5.500			06/01/2024		215,512
	230,000	WR Grace & Co.-Conn^(a)		5.625			10/01/2024		243,876

									1,354,009

		Commercial Services—2.6%
	225,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)		6.375			04/01/2024		225,000
	114,000	Hertz Corp. (The)^(a)		5.500			10/15/2024		96,045
	136,000	R.R. Donnelley & Sons Co.^(b)		6.000			04/01/2024		138,720
	328,000	Service Corp. International		5.375			05/15/2024		335,790
	448,000	ServiceMaster Co. LLC (The)^(a)		5.125			11/15/2024		441,280

									1,236,835

		Distribution/Wholesale—1.0%
	225,000	HD Supply, Inc.^(a)(c)		5.750			04/15/2024		237,094
	225,000	Performance Food Group, Inc.^(a)		5.500			06/01/2024		222,469

									459,563

		Diversified Financial Services—2.3%
	502,000	Ally Financial, Inc.		5.125			09/30/2024		514,550
	336,000	Navient Corp., MTN		6.125			03/25/2024		335,160
	225,000	Navient Corp.		5.875			10/25/2024		218,812

									1,068,522

		Electric—1.8%
	207,000	Calpine Corp.^(a)		5.875			01/15/2024		209,329
	448,000	Calpine Corp.		5.500			02/01/2024		412,935
	225,000	NRG Yield Operating LLC		5.375			08/15/2024		227,250

									849,514

		Electrical Components & Equipment—0.5%
	225,000	WESCO Distribution, Inc.		5.375			06/15/2024		224,156

		Engineering & Construction—1.1%
	502,000	AECOM		5.875			10/15/2024		538,340

		Entertainment—2.0%
	280,000	Live Nation Entertainment, Inc.^(a)		4.875			11/01/2024		276,150
	225,000	Mohegan Gaming & Entertainment^(a)(b)		7.875			10/15/2024		209,531

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


		164

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Entertainment (continued)
$	480,000	Six Flags Entertainment Corp.^(a)		4.875	%		07/31/2024	$	472,800

									958,481

		Environmental Control—1.0%
	225,000	Advanced Disposal Services, Inc.^(a)		5.625			11/15/2024		225,562
	225,000	Covanta Holding Corp.		5.875			03/01/2024		227,250

									452,812

		Food—3.5%
	363,000	Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC		6.625			06/15/2024		352,110
	200,000	JBS Investments GmbH^(a)		7.250			04/03/2024		199,202
	448,000	JBS USA LUX SA/JBS USA Finance, Inc.^(a)		5.875			07/15/2024		432,880
	353,000	TreeHouse Foods, Inc.^(a)(b)		6.000			02/15/2024		358,736
	300,000	US Foods, Inc.^(a)		5.875			06/15/2024		303,750

									1,646,678

		Food Service—1.1%
	502,000	Aramark Services, Inc.		5.125			01/15/2024		511,031

		Gas—0.5%
	225,000	AmeriGas Partners LP/AmeriGas Finance Corp.		5.625			05/20/2024		224,437

		Healthcare-Services—8.4%
	225,000	Acadia Healthcare Co., Inc.		6.500			03/01/2024		234,281
	670,000	DaVita, Inc.		5.125			07/15/2024		649,310
	670,000	Encompass Health Corp.		5.750			11/01/2024		680,888
	224,000	Envision Healthcare Corp.^(a)		6.250			12/01/2024		240,240
	225,000	LifePoint Health, Inc.		5.375			05/01/2024		234,563
	894,000	MPH Acquisition Holdings LLC^(a)		7.125			06/01/2024		927,525
	1,006,000	Tenet Healthcare Corp.		4.625			07/15/2024		987,922

									3,954,729

		Holding Companies-Diversified—0.6%
	300,000	Stena AB (Sweden)^(a)		7.000			02/01/2024		282,750

		Home Builders—1.0%
	225,000	Lennar Corp.		5.875			11/15/2024		234,585
	225,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		5.875			06/15/2024		225,270

									459,855

		Household Products/Wares—0.5%
	225,000	Prestige Brands, Inc.^(a)		6.375			03/01/2024		228,161

		Insurance—0.4%
	226,000	Genworth Holdings, Inc.		4.800			02/15/2024		202,270

		Internet—0.5%
	225,000	Netflix, Inc.		5.750			03/01/2024		230,906

		Lodging—1.4%
	224,000	Diamond Resorts International, Inc.^(a)		10.750			09/01/2024		234,640
	448,000	Hilton Domestic Operating Co., Inc.		4.250			09/01/2024		436,800

									671,440

		Machinery-Construction & Mining—0.7%
	336,000	Vertiv Group Corp.^(a)		9.250			10/15/2024		346,920

		Machinery-Diversified—0.5%
	225,000	SPX FLOW, Inc.^(a)		5.625			08/15/2024		226,688

		Media—13.3%
	200,000	Altice Finco SA (Luxembourg)^(a)		8.125			01/15/2024		202,500
	650,000	Altice France SA (France)^(a)		6.250			05/15/2024		644,312

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


		165

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Media (continued)
$	614,000	AMC Networks, Inc.		5.000	%		04/01/2024	$	605,557
	1,400,000	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)		5.875			04/01/2024		1,431,500
	226,000	Cengage Learning, Inc.^(a)(b)		9.500			06/15/2024		195,626
	336,000	CSC Holdings LLC		5.250			06/01/2024		326,760
	894,000	DISH DBS Corp.		5.875			11/15/2024		781,132
	290,000	Gray Television, Inc.^(a)		5.125			10/15/2024		284,925
	225,000	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance^(a)		7.875			05/15/2024		198,844
	363,000	Nexstar Broadcasting, Inc.^(a)		5.625			08/01/2024		357,628
	225,000	Sinclair Television Group, Inc.^(a)		5.625			08/01/2024		222,188
	225,000	Videotron Ltd. (Canada)^(a)		5.375			06/15/2024		232,031
	200,000	Virgin Media Finance PLC (United Kingdom)^(a)		6.000			10/15/2024		198,250
	600,000	VTR Finance BV (Chile)^(a)		6.875			01/15/2024		614,850

									6,296,103

		Metal Fabricate/Hardware—1.2%
	558,000	Novelis Corp.^(a)		6.250			08/15/2024		566,370

		Mining—1.8%
	225,000	Coeur Mining, Inc.		5.875			06/01/2024		215,719
	300,000	Constellium NV^(a)		5.750			05/15/2024		300,375
	336,000	Freeport-McMoRan, Inc.		4.550			11/14/2024		325,080

									841,174

		Office/Business Equipment—0.6%
	280,000	CDW LLC/CDW Finance Corp.		5.500			12/01/2024		292,600

		Oil & Gas—7.2%
	225,000	Baytex Energy Corp. (Canada)^(a)		5.625			06/01/2024		213,750
	431,000	Callon Petroleum Co.		6.125			10/01/2024		442,852
	336,000	Diamondback Energy, Inc.		4.750			11/01/2024		339,360
	315,000	Ensco PLC		4.500			10/01/2024		262,631
	225,000	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)(b)		8.000			11/29/2024		226,687
	448,000	Gulfport Energy Corp.		6.000			10/15/2024		444,640
	448,000	Newfield Exploration Co.		5.625			07/01/2024		479,920
	225,000	Parsley Energy LLC/Parsley Finance Corp.^(a)		6.250			06/01/2024		235,125
	225,000	Precision Drilling Corp. (Canada)		5.250			11/15/2024		215,438
	226,000	Rowan Cos., Inc.		4.750			01/15/2024		195,490
	114,000	SM Energy Co.		5.000			01/15/2024		111,150
	225,000	WPX Energy, Inc.		5.250			09/15/2024		227,813

									3,394,856

		Packaging & Containers—4.0%
	650,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)^(a)		7.250			05/15/2024		685,750
	626,000	BWAY Holding Co.^(a)		5.500			04/15/2024		623,652
	321,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(a)		7.000			07/15/2024		326,738
	225,000	Sealed Air Corp.^(a)		5.125			12/01/2024		228,938

									1,865,078

		Pharmaceuticals—0.4%
	200,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(a)(b)		5.875			10/15/2024		200,750

		Pipelines—4.1%
	700,000	Cheniere Corpus Christi Holdings LLC		7.000			06/30/2024		777,000
	670,000	Energy Transfer Equity LP		5.875			01/15/2024		713,550
	225,000	Genesis Energy LP/Genesis Energy Finance Corp.		5.625			06/15/2024		210,938
	225,000	Williams Cos., Inc. (The)		4.550			06/24/2024		229,925

									1,931,413

		Private Equity—0.5%
	225,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.750			02/01/2024		233,156

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


		166

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Real Estate—1.4%
$	670,000	Kennedy-Wilson, Inc.		5.875	%		04/01/2024	$	667,488

		REITs—3.5%
	225,000	GEO Group, Inc. (The)		5.875			10/15/2024		220,500
	448,000	Iron Mountain, Inc.		5.750			08/15/2024		445,200
	558,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.		5.625			05/01/2024		576,135
	225,000	SBA Communications Corp.		4.875			09/01/2024		222,570
	225,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC^(a)		7.125			12/15/2024		204,399

									1,668,804

		Retail—3.4%
	670,000	1011778 BC ULC/New Red Finance, Inc. (Canada)^(a)		4.250			05/15/2024		641,525
	336,000	Asbury Automotive Group, Inc.		6.000			12/15/2024		338,520
	225,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a)		5.000			06/01/2024		225,000
	178,000	Penske Automotive Group, Inc.		5.375			12/01/2024		176,442
	225,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.		5.500			06/01/2024		221,625

									1,603,112

		Semiconductors—0.7%
	336,000	Sensata Technologies BV^(a)		5.625			11/01/2024		349,020

		Software—8.2%
	336,000	Camelot Finance SA^(a)		7.875			10/15/2024		335,580
	230,000	CDK Global, Inc.		5.000			10/15/2024		236,325
	787,000	First Data Corp.^(a)		5.000			01/15/2024		791,565
	1,118,000	First Data Corp.^(a)		5.750			01/15/2024		1,144,552
	224,000	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho^(a)		10.000			11/30/2024		250,320
	280,000	PTC, Inc.		6.000			05/15/2024		294,700
	670,000	Rackspace Hosting, Inc.^(a)(b)		8.625			11/15/2024		661,206
	200,000	Veritas US, Inc./Veritas Bermuda Ltd.^(a)		10.500			02/01/2024		173,000

									3,887,248

		Storage/Warehousing—0.5%
	225,000	Mobile Mini, Inc.		5.875			07/01/2024		228,938

		Telecommunications—6.4%
	502,000	CenturyLink, Inc., Series Y^(b)		7.500			04/01/2024		538,395
	225,000	Cincinnati Bell, Inc.^(a)		7.000			07/15/2024		199,125
	225,000	GTT Communications, Inc.^(a)		7.875			12/31/2024		213,750
	200,000	Inmarsat Finance PLC (United Kingdom)^(a)		6.500			10/01/2024		206,000
	458,000	Level 3 Financing, Inc.		5.375			01/15/2024		459,145
	1,342,000	Sprint Corp.		7.125			06/15/2024		1,395,680

									3,012,095

		Total Corporate Bonds (Cost $46,834,732)							46,122,059

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


		167

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

August 31, 2018


Number of Shares			Value
		Money Market Fund—0.8%
	401,195	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $401,195)	$	401,195

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $47,235,927)—98.5%		46,523,254

		Investments Purchased with Cash Collateral from Securities on Loan Money Market Fund—4.9%
	2,301,700	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $2,301,700)		2,301,700

		Total Investments in Securities (Cost $49,537,627)—103.4%		48,824,954
		Other assets less liabilities—(3.4)%		(1,615,132	)

		Net Assets—100.0%	$	47,209,822

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $23,162,036, which represented 49.06% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specific date.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 7.

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


		168

Schedule of Investments

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.0%
		Aerospace/Defense—1.2%
$	259,000	TransDigm, Inc.		6.500	%		05/15/2025	$	264,180

		Agriculture—1.5%
	339,000	Vector Group Ltd.^(a)		6.125			02/01/2025		326,288

		Auto Parts & Equipment—1.2%
	130,000	American Axle & Manufacturing, Inc.		6.250			04/01/2025		129,837
	130,000	Dana Financing Luxembourg Sarl^(a)		5.750			04/15/2025		130,325

								260,162

		Beverages—1.2%
	260,000	Cott Holdings, Inc. (Canada)^(a)		5.500			04/01/2025		255,281

		Chemicals—2.3%
	206,000	Consolidated Energy Finance SA (Switzerland)^(a)		6.875			06/15/2025		213,313
	200,000	SPCM SA (France)^(a)		4.875			09/15/2025		191,686
	100,000	Venator Finance Sarl/Venator Materials LLC^(a)		5.750			07/15/2025		93,750

									498,749

		Coal—1.4%
	100,000	Peabody Energy Corp.^(a)		6.375			03/31/2025		101,750
	194,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.^(a)		7.500			06/15/2025		202,730

									304,480

		Commercial Services—5.3%
	130,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)		5.250			03/15/2025		122,362
	175,000	Garda World Security Corp. (Canada)^(a)		8.750			05/15/2025		172,812
	226,000	Gartner, Inc.^(a)		5.125			04/01/2025		229,390
	130,000	Laureate Education, Inc.^(a)		8.250			05/01/2025		140,563
	130,000	Ritchie Bros Auctioneers, Inc. (Canada)^(a)		5.375			01/15/2025		129,350
	260,000	Team Health Holdings, Inc.^(a)(b)		6.375			02/01/2025		226,850
	144,000	United Rentals North America, Inc.		5.500			07/15/2025		147,420

									1,168,747

		Distribution/Wholesale—1.2%
	260,000	KAR Auction Services, Inc.^(a)		5.125			06/01/2025		255,450

		Diversified Financial Services—5.8%
	100,000	Ally Financial, Inc.		4.625			03/30/2025		100,250
	130,000	Ally Financial, Inc.		5.750			11/20/2025		135,200
	130,000	LPL Holdings, Inc.^(a)		5.750			09/15/2025		127,400
	130,000	Navient Corp.		6.750			06/25/2025		130,000
	130,000	NFP Corp.^(a)		6.875			07/15/2025		128,050
	387,000	Quicken Loans, Inc.^(a)		5.750			05/01/2025		385,065
	260,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp.^(a)		6.750			06/01/2025		253,500

									1,259,465

		Electric—2.4%
	89,000	AES Corp. (The)		5.500			04/15/2025		91,892
	260,000	Calpine Corp.		5.750			01/15/2025		237,250
	260,000	Talen Energy Supply LLC		6.500			06/01/2025		195,000

									524,142

		Engineering & Construction—1.9%
	259,000	Brand Industrial Services, Inc.^(a)		8.500			07/15/2025		267,094
	144,000	Tutor Perini Corp.^(a)		6.875			05/01/2025		146,880

									413,974

		Entertainment—3.7%
	130,000	AMC Entertainment Holdings, Inc.		5.750			06/15/2025		126,669

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


		169

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Entertainment (continued)
$	259,000	Eldorado Resorts, Inc.		6.000	%		04/01/2025	$	264,504
	400,000	International Game Technology PLC^(a)		6.500			02/15/2025		422,000

									813,173

		Food—2.8%
	260,000	Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC		5.750			03/15/2025		236,600
	130,000	B&G Foods, Inc.^(b)		5.250			04/01/2025		126,587
	260,000	Post Holdings, Inc.^(a)		5.500			03/01/2025		260,000

									623,187

		Gas—0.6%
	130,000	AmeriGas Partners LP/AmeriGas Finance Corp.		5.500			05/20/2025		128,050

		Healthcare-Products—1.0%
	260,000	Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a)(b)		5.500			04/15/2025		223,275

		Healthcare-Services—7.0%
	130,000	Centene Corp.		4.750			01/15/2025		130,975
	260,000	DaVita, Inc.		5.000			05/01/2025		247,650
	542,000	HCA, Inc.		5.375			02/01/2025		549,550
	130,000	Surgery Center Holdings, Inc.^(a)(b)		6.750			07/01/2025		126,100
	260,000	Tenet Healthcare Corp.		5.125			05/01/2025		258,700
	208,000	WellCare Health Plans, Inc.		5.250			04/01/2025		213,200

									1,526,175

		Home Builders—0.6%
	130,000	Lennar Corp.		4.750			05/30/2025		128,375

		Household Products/Wares—0.9%
	186,000	Spectrum Brands, Inc.		5.750			07/15/2025		188,790

		Insurance—1.2%
	130,000	AssuredPartners, Inc.^(a)		7.000			08/15/2025		127,725
	130,000	USIS Merger Sub, Inc.^(a)		6.875			05/01/2025		129,675

									257,400

		Internet—1.5%
	130,000	Netflix, Inc.		5.875			02/15/2025		134,550
	179,000	Zayo Group LLC/Zayo Capital, Inc.		6.375			05/15/2025		187,726

									322,276

		Iron/Steel—1.2%
	260,000	Cleveland-Cliffs, Inc.		5.750			03/01/2025		256,311

		Lodging—2.4%
	158,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.		4.625			04/01/2025		156,420
	130,000	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.^(a)		5.875			05/15/2025		121,713
	259,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(a)		5.500			03/01/2025		256,902

									535,035

		Machinery-Construction & Mining—0.6%
	130,000	Terex Corp.^(a)		5.625			02/01/2025		129,188

		Media—6.5%
	100,000	Altice Finco SA, MTN (Luxembourg)^(a)		7.625			02/15/2025		88,375
	460,000	Altice Luxembourg SA (Luxembourg)^(a)(b)		7.625			02/15/2025		426,899
	309,000	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)		5.375			05/01/2025		307,841
	174,000	Sirius XM Radio, Inc.^(a)		5.375			04/15/2025		177,045
	260,000	Univision Communications, Inc.^(a)		5.125			02/15/2025		239,200
	200,000	Ziggo Bond Finance BV (Netherlands)^(a)		5.875			01/15/2025		187,750

									1,427,110

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


		170

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Mining—2.1%
$	200,000	First Quantum Minerals Ltd. (Zambia)^(a)		7.500	%		04/01/2025	$	193,250
	158,000	Hudbay Minerals, Inc. (Canada)^(a)		7.625			01/15/2025		161,358
	100,000	IAMGOLD Corp. (Canada)^(a)		7.000			04/15/2025		101,000

									455,608

		Miscellaneous Manufacturing—0.6%
	130,000	Koppers, Inc.^(a)		6.000			02/15/2025		130,975

		Office/Business Equipment—0.6%
	130,000	CDW LLC/CDW Finance Corp.		5.000			09/01/2025		129,837

		Oil & Gas—11.5%
	259,000	Chesapeake Energy Corp.^(b)		8.000			01/15/2025		265,151
	130,000	Ensco PLC		5.200			03/15/2025		109,200
	387,000	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)		8.000			02/15/2025		281,542
	260,000	Gulfport Energy Corp.		6.375			05/15/2025		258,700
	260,000	Halcon Resources Corp.		6.750			02/15/2025		244,075
	130,000	MEG Energy Corp. (Canada)^(a)		6.500			01/15/2025		129,838
	130,000	Parsley Energy LLC/Parsley Finance Corp.^(a)		5.375			01/15/2025		131,612
	259,000	PBF Holding Co. LLC/PBF Finance Corp.		7.250			06/15/2025		273,893
	130,000	Range Resources Corp.		4.875			05/15/2025		125,125
	130,000	Rowan Cos., Inc.		7.375			06/15/2025		125,450
	130,000	SM Energy Co.		5.625			06/01/2025		129,350
	435,000	Southwestern Energy Co.		6.200			01/23/2025		437,175

									2,511,111

		Packaging & Containers—4.3%
	401,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)^(a)		6.000			02/15/2025		392,980
	130,000	Ball Corp.		5.250			07/01/2025		134,550
	259,000	BWAY Holding Co.^(a)		7.250			04/15/2025		253,172
	59,000	Flex Acquisition Co., Inc.^(a)		6.875			01/15/2025		57,083
	100,000	Pactiv LLC		7.950			12/15/2025		109,000

									946,785

		Pharmaceuticals—4.3%
	643,000	Bausch Health Cos., Inc.^(a)		6.125			04/15/2025		600,401
	401,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(a)		6.000			02/01/2025		333,833

									934,234

		Pipelines—3.1%
	387,000	Cheniere Corpus Christi Holdings LLC		5.875			03/31/2025		412,639
	130,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.		5.750			04/01/2025		133,250
	130,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.		5.750			04/15/2025		126,100

									671,989

		Real Estate—0.6%
	130,000	Howard Hughes Corp. (The)^(a)		5.375			03/15/2025		128,700

		REITs—1.9%
	260,000	ESH Hospitality, Inc.^(a)		5.250			05/01/2025		252,525
	164,000	FelCor Lodging LP		6.000			06/01/2025		170,150

									422,675

		Retail—2.1%
	130,000	Cumberland Farms, Inc.^(a)		6.750			05/01/2025		132,925
	260,000	PetSmart, Inc.^(a)		5.875			06/01/2025		212,225
	130,000	Sally Holdings LLC/Sally Capital, Inc.		5.625			12/01/2025		119,925

									465,075

		Semiconductors—0.7%
	32,000	Micron Technology, Inc.		5.500			02/01/2025		33,277

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


		171

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Semiconductors (continued)
$	130,000	Sensata Technologies BV^(a)		5.000	%		10/01/2025	$	130,325

									163,602

		Software—1.8%
	260,000	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.^(a)		5.750			03/01/2025		255,125
	130,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.^(a)		6.000			07/15/2025		134,387

									389,512

		Telecommunications—9.0%
	130,000	CenturyLink, Inc.^(b)		5.625			04/01/2025		127,400
	253,000	CommScope Technologies LLC^(a)		6.000			06/15/2025		263,120
	601,000	Frontier Communications Corp.		11.000			09/15/2025		462,770
	387,000	Intelsat Jackson Holdings SA (Luxembourg)^(a)		9.750			07/15/2025		410,703
	166,000	Level 3 Financing, Inc.		5.375			05/01/2025		164,340
	517,000	Sprint Corp.		7.625			02/15/2025		549,959

									1,978,292

		Total Corporate Bonds (Cost $21,558,394)							21,417,658

Number of Shares
		Money Market Fund—0.4%
	83,941	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $83,941)							83,941

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $21,642,335)—98.4%							21,501,599

		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund—6.1%
	1,332,265	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)(d) (Cost $1,332,265)							1,332,265

		Total Investments in Securities (Cost $22,974,600)—104.5%							22,833,864
		Other assets less liabilities—(4.5)%							(977,989	)

		Net Assets—100.0%						$	21,855,875

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $12,010,656, which represented 54.95% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(d)	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 7.

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


		172

Schedule of Investments

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—97.7%
		Aerospace/Defense—4.0%
$	200,000	TransDigm, Inc.		6.375	%		06/15/2026	$	202,625

		Apparel—3.9%
	100,000	Hanesbrands, Inc.^(a)		4.875			05/15/2026		96,750
	100,000	Wolverine World Wide, Inc.^(a)		5.000			09/01/2026		96,750

									193,500

		Auto Parts & Equipment—5.5%
	200,000	Goodyear Tire & Rubber Co. (The)		5.000			05/31/2026		188,500
	100,000	Tenneco, Inc.		5.000			07/15/2026		89,000

									277,500

		Electric—3.8%
	200,000	Calpine Corp.^(a)		5.250			06/01/2026		189,566

		Entertainment—1.9%
	100,000	AMC Entertainment Holdings, Inc.		5.875			11/15/2026		97,750

		Food—3.8%
	200,000	Post Holdings, Inc.^(a)		5.000			08/15/2026		192,500

		Food Service—2.0%
	100,000	Aramark Services, Inc.		4.750			06/01/2026		98,750

		Gas—2.0%
	100,000	AmeriGas Partners LP/AmeriGas Finance Corp.		5.875			08/20/2026		99,750

		Healthcare-Products—2.0%
	100,000	Teleflex, Inc.		4.875			06/01/2026		99,000

		Healthcare-Services—4.1%
	200,000	HCA, Inc.		5.875			02/15/2026		207,250

		Home Builders—2.0%
	100,000	PulteGroup, Inc.		5.500			03/01/2026		99,625

		Home Furnishings—1.9%
	100,000	Tempur Sealy International, Inc.		5.500			06/15/2026		97,750

		Iron/Steel—2.0%
	100,000	Steel Dynamics, Inc.		5.000			12/15/2026		99,750

		Lodging—1.9%
	100,000	MGM Resorts International		4.625			09/01/2026		94,750

		Machinery-Diversified—2.0%
	100,000	SPX FLOW, Inc.^(a)		5.875			08/15/2026		101,500

		Media—31.1%
	200,000	Altice France SA (France)^(a)		7.375			05/01/2026		197,250
	200,000	Altice US Finance I Corp.^(a)		5.500			05/15/2026		197,000
	200,000	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)		5.750			02/15/2026		200,500
	250,000	DISH DBS Corp.		7.750			07/01/2026		226,562
	200,000	Gray Television, Inc.^(a)		5.875			07/15/2026		200,500
	150,000	Sinclair Television Group, Inc.^(a)		5.875			03/15/2026		148,688
	200,000	Sirius XM Radio, Inc.^(a)		5.375			07/15/2026		200,000
	200,000	Virgin Media Secured Finance PLC (United Kingdom)^(a)		5.250			01/15/2026		195,290

									1,565,790

		Metal Fabricate/Hardware—3.9%
	200,000	Novelis Corp.^(a)		5.875			09/30/2026		195,260

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


		173

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

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Oil & Gas—8.2%
$	200,000	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)		7.750	%		05/15/2026	$	205,000
	100,000	Newfield Exploration Co.		5.375			01/01/2026		104,750
	100,000	SM Energy Co.		6.750			09/15/2026		104,125

									413,875

		REITs—1.9%
	100,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.		4.500			09/01/2026		95,750

		Retail—2.0%
	100,000	Penske Automotive Group, Inc.		5.500			05/15/2026		98,250

		Software—3.9%
	200,000	IQVIA, Inc.^(a)		5.000			10/15/2026		198,250

		Telecommunications—3.9%
	100,000	Hughes Satellite Systems Corp.		6.625			08/01/2026		96,000
	100,000	Level 3 Financing, Inc.		5.250			03/15/2026		98,260

									194,260

		Total Corporate Bonds (Cost $4,901,585)							4,913,001

Number of Shares
		Money Market Fund—1.0%
	52,504	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $52,504)							52,504

		Total Investments in Securities (Cost $4,954,089)—98.7%							4,965,505
		Other assets less liabilities—1.3%							63,412

		Net Assets—100.0%						$	5,028,917

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $2,614,804, which represented 52.00% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		174

Statements of Assets and Liabilities

August 31, 2018


	Invesco BulletShares 2018 Corporate Bond ETF (BSCI)			Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)			Invesco BulletShares 2020 Corporate Bond ETF (BSCK)			Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
Assets:
Unaffiliated investments in securities, at value	$	725,066,978		$	1,151,107,380		$	1,228,854,538		$	987,967,402
Affiliated investments in securities, at value		1,224,033			2,794,548			1,912,126			553,590
Cash		—			43,439			210			253
Cash segregated as collateral		—			352,858			318,649			386,751
Receivables:
Dividends and interest		4,097,184			9,772,437			10,158,105			8,986,473
Investments sold		—			—			3,172			—
Shares sold		—			16,114,966			16,089,748			3,411,270

Total Assets		730,388,195			1,180,185,628			1,257,336,548			1,001,305,739


Liabilities:
Payables:
Collateral upon receipt of securities in-kind		—			352,858			318,649			386,751
Investments purchased		—			9,364,301			13,635,153			5,175,122
Accrued unitary management fees		61,614			96,158			102,746			82,877

Total Liabilities		61,614			9,813,317			14,056,548			5,644,750

Net Assets	$	730,326,581		$	1,170,372,311		$	1,243,280,000		$	995,660,989


Net Assets Consist of:
Shares of beneficial interest	$	729,517,561		$	1,174,251,404		$	1,256,171,238		$	1,009,367,566
Undistributed net investment income		980,940			1,187,158			1,091,747			1,358,928
Undistributed net realized gain (loss)		11,900			(303,588	)		(261,666	)		(494,924	)
Net unrealized appreciation (depreciation)		(183,820	)		(4,762,663	)		(13,721,319	)		(14,570,581	)

Net Assets	$	730,326,581		$	1,170,372,311		$	1,243,280,000		$	995,660,989

Shares outstanding (unlimited amount authorized, $0.01 par value)		34,500,000			55,650,000			59,100,000			48,000,000
Net asset value	$	21.17		$	21.03		$	21.04		$	20.74

Market price	$	21.16		$	21.08		$	21.10		$	20.81

Unaffiliated investments in securities, at cost	$	725,250,798		$	1,155,870,043		$	1,242,575,857		$	1,002,537,983

Affiliated investments in securities, at cost	$	1,224,033		$	2,794,548		$	1,912,126		$	553,590

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


		175


Invesco BulletShares 2022 Corporate Bond ETF (BSCM)			Invesco BulletShares 2023 Corporate Bond ETF (BSCN)			Invesco BulletShares 2024 Corporate Bond ETF (BSCO)			Invesco BulletShares 2025 Corporate Bond ETF (BSCP)			Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)			Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

$	816,600,286		$	378,847,445		$	306,531,132		$	114,830,272		$	53,090,080		$	25,510,690
	1,946,597			933,726			524,872			388,927			92,099			70,324
	353			—			971,395			—			—			—
	150,088			—			—			—			—			—

	6,950,070			3,319,668			3,351,803			1,134,263			515,017			242,944
	—			—			976,335			—			—			—
	106,173			—			—			—			—			—

	825,753,567			383,100,839			312,355,537			116,353,462			53,697,196			25,823,958




	150,088			—			—			—			—			—
	106,173			—			967,395			—			—			—
	68,539			31,745			25,394			9,419			4,534			1,994

	324,800			31,745			992,789			9,419			4,534			1,994

$	825,428,767		$	383,069,094		$	311,362,748		$	116,344,043		$	53,692,662		$	25,821,964



$	839,252,721		$	390,271,400		$	318,051,116		$	119,555,080		$	55,689,248		$	26,534,814
	1,170,606			631,466			521,343			205,489			98,175			51,643
	(172,165	)		(99,710	)		(792,441	)		(269,880	)		—			—
	(14,822,395	)		(7,734,062	)		(6,417,270	)		(3,146,646	)		(2,094,761	)		(764,493	)

$	825,428,767		$	383,069,094		$	311,362,748		$	116,344,043		$	53,692,662		$	25,821,964

	39,900,000			18,900,000			15,450,000			5,850,000			2,850,000			1,350,000
$	20.69		$	20.27		$	20.15		$	19.89		$	18.84		$	19.13

$	20.74		$	20.31		$	20.20		$	19.96		$	18.88		$	19.16

$	831,422,681		$	386,581,507		$	312,948,402		$	117,976,918		$	55,184,841		$	26,275,183

$	1,946,597		$	933,726		$	524,872		$	388,927		$	92,099		$	70,324


		176

Statements of Assets and Liabilities (continued)

August 31, 2018


	Invesco BulletShares 2028 Corporate Bond ETF (BSCS)		Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)			Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)			Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
Assets:
Unaffiliated investments in securities, at value^(a)	$	5,884,238	$	602,420,315		$	1,077,105,894		$	907,246,687
Affiliated investments in securities, at value		55,292		8,210,831			47,914,062			23,504,288
Cash		—		—			1,265			500
Cash segregated as collateral		—		—			209,608			447,683
Receivables:
Dividends and interest		78,655		3,189,118			19,707,011			18,678,965
Investments sold		—		40,471,455			7,272,579			24,864
Securities lending		—		876			6,313			40,462
Shares sold		—		—			2,605,301			408,030

Total Assets		6,018,185		654,292,595			1,154,822,033			950,351,479


Liabilities:
Due to custodian		—		348			—			—
Payables:
Shares repurchased		—		35,235,706			—			—
Collateral upon receipt of securities in-kind		—		—			209,608			447,683
Investments purchased		—		147,665			10,274,289			408,030
Collateral upon return of securities loaned		—		4,565,745			7,309,955			12,782,840
Accrued unitary management fees		373		233,708			395,513			324,522
Accrued expenses		—		77,147			23,274			4,352

Total Liabilities		373		40,260,319			18,212,639			13,967,427

Net Assets	$	6,017,812	$	614,032,276		$	1,136,609,394		$	936,384,052


Net Assets Consist of:
Shares of beneficial interest	$	6,000,020	$	628,241,876		$	1,142,009,646		$	941,397,301
Undistributed net investment income.		14,814		135,238			2,365,089			2,326,349
Undistributed net realized gain (loss)		—		(13,918,631	)		(9,030,414	)		(7,996,766	)
Net unrealized appreciation (depreciation)		2,978		(426,207	)		1,265,073			657,168

Net Assets	$	6,017,812	$	614,032,276		$	1,136,609,394		$	936,384,052

Shares outstanding (unlimited amount authorized, $0.01 par value)		300,001		24,400,000			46,900,000			38,500,000
Net asset value	$	20.06	$	25.17		$	24.23		$	24.32

Market price	$	20.09	$	25.13		$	24.26		$	24.35

Unaffiliated investments in securities, at cost	$	5,881,260	$	602,846,522		$	1,075,840,821		$	906,589,519

Affiliated investments in securities, at cost	$	55,292	$	8,210,831		$	47,914,062		$	23,504,288

^(a) Includes securities on loan with an aggregate value of:	$	—	$	4,486,903		$	7,161,188		$	12,502,530

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


		177


Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)			Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)			Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)			Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)			Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)			Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

$	441,356,297		$	235,500,865		$	109,814,329		$	46,122,059		$	21,417,658		$	4,913,001
	15,245,484			10,590,430			9,180,033			2,702,895			1,416,206			52,504
	1,991			1,440			—			—			—			—
	926,990			875,709			10,701			—			—			—

	7,611,939			3,883,614			1,889,609			702,551			364,777			64,732
	1,238,621			—			—			—			—			—
	10,433			5,359			6,997			3,631			3,096			—
	534,472			760,595			9,280			—			—			—

	466,926,227			251,618,012			120,910,949			49,531,136			23,201,737			5,030,237



	—			—			—			—			—			—

	—			—			—			—			—			—
	926,990			875,709			10,701			—			—			—
	534,472			760,595			9,280			—			—			—
	7,785,070			6,702,345			8,428,925			2,301,700			1,332,265			—
	154,149			82,675			38,934			16,779			13,597			1,320
	—			4,442			2,437			2,835			—			—

	9,400,681			8,425,766			8,490,277			2,321,314			1,345,862			1,320

$	457,525,546		$	243,192,246		$	112,420,672		$	47,209,822		$	21,855,875		$	5,028,917



$	458,551,295		$	244,865,866		$	112,910,342		$	48,020,292		$	22,020,632		$	5,000,025
	1,725,518			649,602			388,118			259,665			75,830			17,476
	(3,160,357	)		(2,168,445	)		(355,063	)		(357,462	)		(99,851	)		—
	409,090			(154,777	)		(522,725	)		(712,673	)		(140,736	)		11,416

$	457,525,546		$	243,192,246		$	112,420,672		$	47,209,822		$	21,855,875		$	5,028,917

	18,500,000			9,900,000			4,300,000			1,900,000			900,000			200,001
$	24.73		$	24.56		$	26.14		$	24.85		$	24.28		$	25.14

$	24.78		$	24.61		$	26.22		$	24.92		$	24.31		$	25.15

$	440,947,207		$	235,655,642		$	110,337,054		$	46,834,732		$	21,558,394		$	4,901,585

$	15,245,484		$	10,590,430		$	9,180,033		$	2,702,895		$	1,416,206		$	52,504

$	7,579,941		$	6,549,900		$	8,076,961		$	2,210,790		$	1,279,785		$	—


		178

Statements of Operations

For the period June 1, 2018 through August 31, 2018 and year ended May 31, 2018


	Invesco BulletShares 2018 Corporate Bond ETF (BSCI)						Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018
Investment Income:
Unaffiliated interest income	$	3,726,817		$	16,425,638		$	5,864,288		$	20,944,445
Affiliated dividend income		191,132			184,192			75,151			11,514
Securities lending income		—			26,890			—			17,423

Total Income		3,917,949			16,636,720			5,939,439			20,973,382


Expenses:
Unitary management fees		193,460			2,170,920			281,781			2,302,468

Less: Waivers		(17,749	)		(56,080	)		(7,593	)		(46,148	)

Net Expenses		175,711			2,114,840			274,188			2,256,320

Net Investment Income		3,742,238			14,521,880			5,665,251			18,717,062


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		11,879			636,783			(68,094	)		233,154
In-kind redemptions		2,052			110,554			2,877			32,459

Net realized gain (loss)		13,931			747,337			(65,217	)		265,613

Net change in unrealized appreciation (depreciation) on investment securities		668,862			(2,630,746	)		1,788,176			(9,777,877	)

Net realized and unrealized gain (loss)		682,793			(1,883,409	)		1,722,959			(9,512,264	)

Net increase (decrease) in net assets resulting from operations	$	4,425,031		$	12,638,471		$	7,388,210		$	9,204,798

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


		179


Invesco BulletShares 2020 Corporate Bond ETF (BSCK)						Invesco BulletShares 2021 Corporate Bond ETF (BSCL)						Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018

$	7,012,727		$	24,181,364		$	6,371,122		$	20,754,015		$	5,703,850		$	17,885,909
	67,894			7,689			64,884			6,177			69,608			29,787
	—			5,569			—			26,706			—			8,085

	7,080,621			24,194,622			6,436,006			20,786,898			5,773,458			17,923,781



	298,547			2,343,341			241,380			1,788,405			199,658			1,422,418

	(6,754	)		(47,795	)		(6,669	)		(38,372	)		(7,145	)		(31,172	)

	291,793			2,295,546			234,711			1,750,033			192,513			1,391,246

	6,788,828			21,899,076			6,201,295			19,036,865			5,580,945			16,532,535




	(67,343	)		590,787			(470,625	)		840,137			(101,365	)		222,968
	—			—			—			311,156			—			—

	(67,343	)		590,787			(470,625	)		1,151,293			(101,365	)		222,968

	403,191			(21,213,327	)		378,358			(22,711,925	)		564,559			(21,637,665	)

	335,848			(20,622,540	)		(92,267	)		(21,560,632	)		463,194			(21,414,697	)

$	7,124,676		$	1,276,536		$	6,109,028		$	(2,523,767	)	$	6,044,139		$	(4,882,162	)


		180

Statements of Operations (continued)

For the period June 1, 2018 through August 31, 2018 and year ended May 31, 2018


	Invesco BulletShares 2023 Corporate Bond ETF (BSCN)						Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018
Investment Income:
Unaffiliated interest income	$	2,831,373		$	8,321,938		$	2,504,665		$	7,299,479
Affiliated dividend income		15,515			1,638			25,240			18,304
Securities lending income		—			4,797			—			11,076
Foreign withholding tax		—			—			—			—

Total Income		2,846,888			8,328,373			2,529,905			7,328,859


Expenses:
Unitary management fees		91,765			608,028			74,677			486,873

Less: Waivers		(1,546	)		(14,810	)		(2,745	)		(12,049	)

Net Expenses		90,219			593,218			71,932			474,824

Net Investment Income		2,756,669			7,735,155			2,457,973			6,854,035


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		(15,088	)		378,053			(188,114	)		198,402

Net realized gain (loss)		(15,088	)		378,053			(188,114	)		198,402

Net change in unrealized appreciation (depreciation) on investment securities		398,800			(11,385,029	)		673,175			(10,156,047	)

Net realized and unrealized gain (loss)		383,712			(11,006,976	)		485,061			(9,957,645	)

Net increase (decrease) in net assets resulting from operations	$	3,140,381		$	(3,271,821	)	$	2,943,034		$	(3,103,610	)

^(a)	For the period September 27, 2017 (commencement of investment operations) through May 31, 2018.

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


		181


Invesco BulletShares 2025 Corporate Bond ETF (BSCP)						Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)						Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Period Ended May 31, 2018^(a)

$	944,995		$	2,924,754		$	471,468		$	1,451,446		$	215,909		$	325,966
	4,741			1,231			717			463			1,006			564
	—			4,424			—			924			—			582
	—			—			—			—			—			(201	)

	949,736			2,930,409			472,185			1,452,833			216,915			326,911



	27,282			193,048			13,462			94,755			5,869			18,484

	(482	)		(4,557	)		(71	)		(2,328	)		(125	)		(1,026	)

	26,800			188,491			13,391			92,427			5,744			17,458

	922,936			2,741,918			458,794			1,360,406			211,171			309,453




	(15,059	)		(57,770	)		—			4,127			—			—

	(15,059	)		(57,770	)		—			4,127			—			—

	359,254			(4,150,558	)		110,022			(2,348,488	)		43,750			(808,243	)

	344,195			(4,208,328	)		110,022			(2,344,361	)		43,750			(808,243	)

$	1,267,131		$	(1,466,410	)	$	568,816		$	(983,955	)	$	254,921		$	(498,790	)


		182

Statements of Operations (continued)

For the period June 1, 2018 through August 31, 2018 and year ended May 31, 2018


	Invesco BulletShares 2028 Corporate Bond ETF (BSCS)			Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)
	Three Months Ended August 31, 2018^(a)			Three Months Ended August 31, 2018			Year Ended May 31, 2018
Investment Income:
Unaffiliated interest income	$	15,520		$	4,549,417		$	36,066,530
Affiliated dividend income		60			93,014			66,295
Securities lending income		—			877			184,021
Foreign withholding tax		(393	)		—			—

Total Income		15,187			4,643,308			36,316,846


Expenses:
Unitary management fees		379			731,035			4,082,044
Line of credit fee		—			—			147,115

Total Expenses		379			731,035			4,229,159

Less: Waivers		(6	)		(9,381	)		(6,913	)

Net Expenses		373			721,654			4,222,246

Net Investment Income		14,814			3,921,654			32,094,600


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		—			(24,621	)		62,370
In-kind redemptions		—			35,023			942,277

Net realized gain (loss)		—			10,402			1,004,647

Net change in unrealized appreciation (depreciation) on investment securities		2,978			1,230,287			(8,442,603	)

Net realized and unrealized gain (loss)		2,978			1,240,689			(7,437,956	)

Net increase in net assets resulting from operations	$	17,792		$	5,162,343		$	24,656,644

^(a)	For the period August 7, 2018 (commencement of investment operations) through August 31, 2018.

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


		183


Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)						Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)						Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018

$	12,164,582		$	43,916,316		$	11,555,520		$	33,340,147		$	5,423,854		$	14,873,458
	186,468			28,400			124,474			37,095			72,998			9,542
	14,102			170,287			66,247			495,761			13,429			136,989
	—			—			—			—			—			—

	12,365,152			44,115,003			11,746,241			33,873,003			5,510,281			15,019,989



	1,166,200			3,866,731			933,765			2,736,943			437,757			1,154,624
	—			83,938			—			46,458			—			16,461

	1,166,200			3,950,669			933,765			2,783,401			437,757			1,171,085

	(18,822	)		(3,663	)		(12,607	)		(4,132	)		(7,478	)		(976	)

	1,147,378			3,947,006			921,158			2,779,269			430,279			1,170,109

	11,217,774			40,167,997			10,825,083			31,093,734			5,080,002			13,849,880




	(8,383,991	)		3,782,756			(8,550,949	)		2,806,920			(3,158,540	)		731,916
	—			541,024			—			449,624			—			518,571

	(8,383,991	)		4,323,780			(8,550,949	)		3,256,544			(3,158,540	)		1,250,487

	9,259,057			(19,140,314	)		11,388,429			(20,671,432	)		5,577,259			(8,147,746	)

	875,066			(14,816,534	)		2,837,480			(17,414,888	)		2,418,719			(6,897,259	)

$	12,092,840		$	25,351,463		$	13,662,563		$	13,678,846		$	7,498,721		$	6,952,621


		184

Statements of Operations (continued)

For the period June 1, 2018 through August 31, 2018 and year ended May 31, 2018


	Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)						Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Year Ended May 31, 2018
Investment Income:
Unaffiliated interest income	$	3,167,475		$	9,507,091		$	1,536,184		$	3,781,154
Affiliated dividend income		23,094			5,963			4,353			1,438
Securities lending income		6,814			120,367			10,130			45,918

Total Income		3,197,383			9,633,421			1,550,667			3,828,510


Expenses:
Unitary management fees		233,124			685,585			112,165			273,754
Line of credit fee		—			15,051			—			5,349

Total Expenses		233,124			700,636			112,165			279,103

Less: Waivers		(2,297	)		(660	)		(419	)		(158	)

Net Expenses		230,827			699,976			111,746			278,945

Net Investment Income		2,966,556			8,933,445			1,438,921			3,549,565


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		(668,980	)		(1,472,691	)		(355,063	)		117,508

Net realized gain (loss)		(668,980	)		(1,472,691	)		(355,063	)		117,508

Net change in unrealized appreciation (depreciation) on investment securities		1,225,554			(4,761,701	)		1,199,794			(2,749,281	)

Net realized and unrealized gain (loss)		556,574			(6,234,392	)		844,731			(2,631,773	)

Net increase (decrease) in net assets resulting from operations	$	3,523,130		$	2,699,053		$	2,283,652		$	917,792

^(a)	For the period September 27, 2017 (commencement of investment operations) through May 31, 2018.

^(b)	For the period August 7, 2018 (commencement of investment operations) through August 31, 2018.

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


		185


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)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Three Months Ended August 31, 2018			Period Ended May 31, 2018^(a)			Three Months Ended August 31, 2018^(b)

$	649,806		$	1,730,399		$	332,525		$	320,406		$	18,743
	1,547			695			1,992			199			53
	5,492			13,409			4,826			2,020			—

	656,845			1,744,503			339,343			322,625			18,796



	48,276			131,471			21,124			22,862			1,325
	—			4,976			—			141			—

	48,276			136,447			21,124			23,003			1,325

	(145	)		(78	)		(211	)		(22	)		(5	)

	48,131			136,369			20,913			22,981			1,320

	608,714			1,608,134			318,430			299,644			17,476




	(357,462	)		171,514			(93,697	)		(6,154	)		—

	(357,462	)		171,514			(93,697	)		(6,154	)		—

	749,051			(1,737,104	)		309,348			(450,084	)		11,416

	391,589			(1,565,590	)		215,651			(456,238	)		11,416

$	1,000,303		$	42,544		$	534,081		$	(156,594	)	$	28,892


		186

Statements of Changes in Net Assets

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2018 Corporate Bond ETF (BSCI)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017
Operations:
Net investment income	$	3,742,238		$	14,521,880		$	14,560,640
Net realized gain (loss)		13,931			747,337			734,748
Net change in unrealized appreciation (depreciation)		668,862			(2,630,746	)		(1,671,035	)

Net increase in net assets resulting from operations		4,425,031			12,638,471			13,624,353


Distributions to Shareholders from:
Net investment income		(4,186,068	)		(14,879,285	)		(14,261,430	)
Net realized gains		—			—			—

Total distributions to shareholders		(4,186,068	)		(14,879,285	)		(14,261,430	)


Shareholder Transactions:
Proceeds from shares sold		3,171,767			15,916,837			207,261,330
Value of shares repurchased		(92,019,561	)		(234,798,823	)		(25,415,402	)

Net increase (decrease) in net assets resulting from shares transactions		(88,847,794	)		(218,881,986	)		181,845,928

Increase (Decrease) in Net Assets		(88,608,831	)		(221,122,800	)		181,208,851


Net Assets:
Beginning of period		818,935,412			1,040,058,212			858,849,361

End of period	$	730,326,581		$	818,935,412		$	1,040,058,212

Undistributed net investment income at end of period	$	980,940		$	1,148,048		$	1,505,453


Changes in Shares Outstanding:
Shares sold		150,000			750,000			9,750,000
Shares repurchased		(4,350,000	)		(11,100,000	)		(1,200,000	)
Shares outstanding, beginning of period		38,700,000			49,050,000			40,500,000

Shares outstanding, end of period		34,500,000			38,700,000			49,050,000

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


		187


Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)									Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017

$	5,665,251		$	18,717,062		$	13,786,522		$	6,788,828		$	21,899,076		$	15,909,262
	(65,217	)		265,613			429,322			(67,343	)		590,787			562,903
	1,788,176			(9,777,877	)		(973,293	)		403,191			(21,213,327	)		1,079,044

	7,388,210			9,204,798			13,242,551			7,124,676			1,276,536			17,551,209



	(6,199,722	)		(18,662,295	)		(13,124,295	)		(7,430,363	)		(21,708,278	)		(15,418,875	)
	—			(524,835	)		—			—			(798,975	)		(6,630	)

	(6,199,722	)		(19,187,130	)		(13,124,295	)		(7,430,363	)		(22,507,253	)		(15,425,505	)



	91,451,702			136,339,359			382,020,323			91,507,702			243,083,300			366,813,464
	(9,443,708	)		(6,369,972	)		(3,169,352	)		—			—			(31,819,833	)

	82,007,994			129,969,387			378,850,971			91,507,702			243,083,300			334,993,631

	83,196,482			119,987,055			378,969,227			91,202,015			221,852,583			337,119,335



	1,087,175,829			967,188,774			588,219,547			1,152,077,985			930,225,402			593,106,067

$	1,170,372,311		$	1,087,175,829		$	967,188,774		$	1,243,280,000		$	1,152,077,985		$	930,225,402

$	1,187,158		$	1,721,629		$	1,668,854		$	1,091,747		$	1,732,951		$	1,544,473



	4,350,000			6,450,000			18,000,000			4,350,000			11,400,000			17,100,000
	(450,000	)		(300,000	)		(150,000	)		—			—			(1,500,000	)
	51,750,000			45,600,000			27,750,000			54,750,000			43,350,000			27,750,000

	55,650,000			51,750,000			45,600,000			59,100,000			54,750,000			43,350,000


		188

Statements of Changes in Net Assets (continued)

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017
Operations:
Net investment income	$	6,201,295		$	19,036,865		$	12,412,777
Net realized gain (loss)		(470,625	)		1,151,293			729,332
Net change in unrealized appreciation (depreciation)		378,358			(22,711,925	)		2,805,352

Net increase (decrease) in net assets resulting from operations		6,109,028			(2,523,767	)		15,947,461


Distributions to Shareholders from:
Net investment income		(6,762,869	)		(18,747,822	)		(11,736,675	)
Net realized gains		—			(963,300	)		(204,180	)

Total distributions to shareholders		(6,762,869	)		(19,711,122	)		(11,940,855	)


Shareholder Transactions:
Proceeds from shares sold		74,611,310			288,790,363			305,736,765
Value of shares repurchased		—			(12,839,679	)		(3,180,929	)

Net increase in net assets resulting from shares transactions		74,611,310			275,950,684			302,555,836

Increase in Net Assets		73,957,469			253,715,795			306,562,442


Net Assets:
Beginning of period		921,703,520			667,987,725			361,425,283

End of period	$	995,660,989		$	921,703,520		$	667,987,725

Undistributed net investment income at end of period	$	1,358,928		$	1,844,602		$	1,538,006


Changes in Shares Outstanding:
Shares sold		3,600,000			13,650,000			14,400,000
Shares repurchased		—			(600,000	)		(150,000	)
Shares outstanding, beginning of period		44,400,000			31,350,000			17,100,000

Shares outstanding, end of period		48,000,000			44,400,000			31,350,000

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


		189


Invesco BulletShares 2022 Corporate Bond ETF (BSCM)									Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017

$	5,580,945		$	16,532,535		$	10,322,936		$	2,756,669		$	7,735,155		$	4,375,640
	(101,365	)		222,968			434,353			(15,088	)		378,053			1,298,828
	564,559			(21,637,665	)		4,606,037			398,800			(11,385,029	)		261,383

	6,044,139			(4,882,162	)		15,363,326			3,140,381			(3,271,821	)		5,935,851



	(6,062,143	)		(16,038,333	)		(9,793,425	)		(3,017,428	)		(7,381,965	)		(4,207,455	)
	—			(198,450	)		(107,730	)		—			(580,545	)		(358,620	)

	(6,062,143	)		(16,236,783	)		(9,901,155	)		(3,017,428	)		(7,962,510	)		(4,566,075	)



	65,026,278			263,135,456			228,321,738			33,343,380			172,100,654			78,115,567
	—			—			(22,065,243	)		—			—			(21,910,734	)

	65,026,278			263,135,456			206,256,495			33,343,380			172,100,654			56,204,833

	65,008,274			242,016,511			211,718,666			33,466,333			160,866,323			57,574,609



	760,420,493			518,403,982			306,685,316			349,602,761			188,736,438			131,161,829

$	825,428,767		$	760,420,493		$	518,403,982		$	383,069,094		$	349,602,761		$	188,736,438

$	1,170,606		$	1,651,804		$	1,159,158		$	631,466		$	855,071		$	501,881



	3,150,000			12,450,000			10,800,000			1,650,000			8,250,000			3,750,000
	—			—			(1,050,000	)		—			—			(1,050,000	)
	36,750,000			24,300,000			14,550,000			17,250,000			9,000,000			6,300,000

	39,900,000			36,750,000			24,300,000			18,900,000			17,250,000			9,000,000


		190

Statements of Changes in Net Assets (continued)

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017
Operations:
Net investment income	$	2,457,973		$	6,854,035		$	3,987,800
Net realized gain (loss)		(188,114	)		198,402			(582,726	)
Net change in unrealized appreciation (depreciation)		673,175			(10,156,047	)		1,731,882

Net increase (decrease) in net assets resulting from operations		2,943,034			(3,103,610	)		5,136,956


Distributions to Shareholders from:
Net investment income		(2,684,817	)		(6,590,931	)		(3,774,240	)
Net realized gains		—			—			(168,990	)

Total distributions to shareholders		(2,684,817	)		(6,590,931	)		(3,943,230	)


Shareholder Transactions:
Proceeds from shares sold		18,141,763			139,792,953			65,247,961
Value of shares repurchased		—			—			—
Transaction fees		—			—			—

Net increase in net assets resulting from shares transactions		18,141,763			139,792,953			65,247,961

Increase in Net Assets		18,399,980			130,098,412			66,441,687


Net Assets:
Beginning of period		292,962,768			162,864,356			96,422,669

End of period	$	311,362,748		$	292,962,768		$	162,864,356

Undistributed net investment income at end of period	$	521,343		$	748,187		$	485,083


Changes in Shares Outstanding:
Shares sold		900,000			6,750,000			3,150,000
Shares repurchased		—			—			—
Shares outstanding, beginning of period		14,550,000			7,800,000			4,650,000

Shares outstanding, end of period		15,450,000			14,550,000			7,800,000

^(a)	For the period September 14, 2016 (commencement of investment operations) through May 31, 2017.

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


		191


Invesco BulletShares 2025 Corporate Bond ETF (BSCP)									Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Period Ended May 31, 2017^(a)

$	922,936		$	2,741,918		$	1,387,144		$	458,794		$	1,360,406		$	389,158
	(15,059	)		(57,770	)		(40,593	)		—			4,127			71,233
	359,254			(4,150,558	)		348,689			110,022			(2,348,488	)		143,705

	1,267,131			(1,466,410	)		1,695,240			568,816			(983,955	)		604,096



	(1,009,969	)		(2,647,883	)		(1,256,250	)		(514,453	)		(1,297,332	)		(302,625	)
	—			—			(160,140	)		—			(9,000	)		—

	(1,009,969	)		(2,647,883	)		(1,416,390	)		(514,453	)		(1,306,332	)		(302,625	)



	11,906,199			40,096,500			40,041,174			—			29,332,454			29,176,213
	—			—			—			—			—			(2,939,498	)
	—			—			—			—			57,946			—

	11,906,199			40,096,500			40,041,174			—			29,390,400			26,236,715

	12,163,361			35,982,207			40,320,024			54,363			27,100,113			26,538,186



	104,180,682			68,198,475			27,878,451			53,638,299			26,538,186			—

$	116,344,043		$	104,180,682		$	68,198,475		$	53,692,662		$	53,638,299		$	26,538,186

$	205,489		$	292,522		$	198,487		$	98,175		$	149,707		$	86,533



	600,000			1,950,000			1,950,000			—			1,500,000			1,500,000
	—			—			—			—			—			(150,000	)
	5,250,000			3,300,000			1,350,000			2,850,000			1,350,000			—

	5,850,000			5,250,000			3,300,000			2,850,000			2,850,000			1,350,000


		192

Statements of Changes in Net Assets (continued)

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2027 Corporate Bond ETF (BSCR)						Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
	Three Months Ended August 31, 2018			Period Ended May 31, 2018^(a)			Period Ended August 31, 2018^(b)
Operations:
Net investment income	$	211,171		$	309,453		$	14,814
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)		43,750			(808,243	)		2,978

Net increase (decrease) in net assets resulting from operations		254,921			(498,790	)		17,792


Distributions to Shareholders from:
Net investment income		(231,255	)		(237,726	)		—


Shareholder Transactions:
Proceeds from shares sold		2,867,668			23,631,169			6,000,020
Value of shares repurchased		—			—			—
Transaction fees		7,102			28,875			—

Net increase (decrease) in net assets resulting from shares transactions		2,874,770			23,660,044			6,000,020

Increase (Decrease) in Net Assets		2,898,436			22,923,528			6,017,812


Net Assets:
Beginning of period		22,923,528			—			—

End of period	$	25,821,964		$	22,923,528		$	6,017,812

Undistributed net investment income at end of period	$	51,643		$	71,727		$	14,814


Changes in Shares Outstanding:
Shares sold		150,000			1,200,000			300,001
Shares repurchased		—			—			—
Shares outstanding, beginning of period		1,200,000			—			—

Shares outstanding, end of period		1,350,000			1,200,000			300,001

^(a)	For the period September 27, 2017 (commencement of investment operations) through May 31, 2018.

^(b)	For the period August 7, 2018 (commencement of investment operations) through August 31, 2018.

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


		193


Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)									Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017

$	3,921,654		$	32,094,600		$	36,857,100		$	11,217,774		$	40,167,997		$	25,346,932
	10,402			1,004,647			8,601,786			(8,383,991	)		4,323,780			2,466,377
	1,230,287			(8,442,603	)		12,738,847			9,259,057			(19,140,314	)		16,157,879

	5,162,343			24,656,644			58,197,733			12,092,840			25,351,463			43,971,188



	(4,892,038	)		(34,624,920	)		(35,891,780	)		(12,686,334	)		(39,840,911	)		(23,591,660	)



	—			62,974,363			400,785,182			67,778,772			383,722,706			400,644,950
	(113,162,871	)		(422,726,680	)		(15,166,624	)		—			(70,246,951	)		—
	—			—			—			—			—			—

	(113,162,871	)		(359,752,317	)		385,618,558			67,778,772			313,475,755			400,644,950

	(112,892,566	)		(369,720,593	)		407,924,511			67,185,278			298,986,307			421,024,478



	726,924,842			1,096,645,435			688,720,924			1,069,424,116			770,437,809			349,413,331

$	614,032,276		$	726,924,842		$	1,096,645,435		$	1,136,609,394		$	1,069,424,116		$	770,437,809

$	135,238		$	1,105,622		$	3,635,942		$	2,365,089		$	3,833,649		$	3,506,563



	—			2,500,000			15,900,000			2,800,000			15,700,000			16,500,000
	(4,500,000	)		(16,800,000	)		(600,000	)		—			(2,900,000	)		—
	28,900,000			43,200,000			27,900,000			44,100,000			31,300,000			14,800,000

	24,400,000			28,900,000			43,200,000			46,900,000			44,100,000			31,300,000


		194

Statements of Changes in Net Assets (continued)

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017
Operations:
Net investment income	$	10,825,083		$	31,093,734		$	14,702,414
Net realized gain (loss)		(8,550,949	)		3,256,544			2,158,243
Net change in unrealized appreciation (depreciation)		11,388,429			(20,671,432	)		11,254,232

Net increase in net assets resulting from operations		13,662,563			13,678,846			28,114,889


Distributions to Shareholders from:
Net investment income		(11,673,885	)		(30,258,164	)		(13,134,420	)
Net realized gains		—			—			—

Total distributions to shareholders		(11,673,885	)		(30,258,164	)		(13,134,420	)


Shareholder Transactions:
Proceeds from shares sold		106,756,880			388,612,139			312,403,845
Value of shares repurchased		—			(26,746,698	)		—

Net increase in net assets resulting from shares transactions		106,756,880			361,865,441			312,403,845

Increase in Net Assets		108,745,558			345,286,123			327,384,314


Net Assets:
Beginning of period		827,638,494			482,352,371			154,968,057

End of period	$	936,384,052		$	827,638,494		$	482,352,371

Undistributed net investment income at end of period	$	2,326,349		$	3,175,151		$	2,334,635


Changes in Shares Outstanding:
Shares sold		4,400,000			15,800,000			12,800,000
Shares repurchased		—			(1,100,000	)		—
Shares outstanding, beginning of period		34,100,000			19,400,000			6,600,000

Shares outstanding, end of period		38,500,000			34,100,000			19,400,000

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


		195


Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)									Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017

$	5,080,002		$	13,849,880		$	5,097,373		$	2,966,556		$	8,933,445		$	4,544,258
	(3,158,540	)		1,250,487			594,001			(668,980	)		(1,472,691	)		693,917
	5,577,259			(8,147,746	)		3,345,754			1,225,554			(4,761,701	)		3,197,525

	7,498,721			6,952,621			9,037,128			3,523,130			2,699,053			8,435,700



	(5,541,188	)		(13,091,402	)		(4,487,880	)		(3,245,197	)		(8,742,614	)		(3,986,220	)
	—			(498,520	)		—			—			—			—

	(5,541,188	)		(13,589,922	)		(4,487,880	)		(3,245,197	)		(8,742,614	)		(3,986,220	)



	64,090,481			249,274,299			113,981,871			34,316,653			84,805,049			92,033,063
	—			(19,783,760	)		—			—			—			(4,990,885	)

	64,090,481			229,490,539			113,981,871			34,316,653			84,805,049			87,042,178

	66,048,014			222,853,238			118,531,119			34,594,586			78,761,488			91,491,658



	391,477,532			168,624,294			50,093,175			208,597,660			129,836,172			38,344,514

$	457,525,546		$	391,477,532		$	168,624,294		$	243,192,246		$	208,597,660		$	129,836,172

$	1,725,518		$	1,613,346		$	854,868		$	649,602		$	928,243		$	737,412



	2,600,000			10,000,000			4,600,000			1,400,000			3,400,000			3,700,000
	—			(800,000	)		—			—			—			(200,000	)
	15,900,000			6,700,000			2,100,000			8,500,000			5,100,000			1,600,000

	18,500,000			15,900,000			6,700,000			9,900,000			8,500,000			5,100,000


		196

Statements of Changes in Net Assets (continued)

For the period June 1, 2018 through August 31, 2018 and years ended May 31, 2018 and 2017


	Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017
Operations:
Net investment income	$	1,438,921		$	3,549,565		$	1,334,564
Net realized gain (loss)		(355,063	)		117,508			78,616
Net change in unrealized appreciation (depreciation)		1,199,794			(2,749,281	)		897,788

Net increase (decrease) in net assets resulting from operations		2,283,652			917,792			2,310,968


Distributions to Shareholders from:
Net investment income		(1,586,592	)		(3,315,734	)		(1,183,010	)
Net realized gains		—			(85,560	)		—

Total distributions to shareholders		(1,586,592	)		(3,401,294	)		(1,183,010	)


Shareholder Transactions:
Proceeds from shares sold		10,409,565			66,072,102			26,367,385
Transaction fees		—			—			—

Net increase in net assets resulting from shares transactions		10,409,565			66,072,102			26,367,385

Increase in Net Assets		11,106,625			63,588,600			27,495,343


Net Assets:
Beginning of period		101,314,047			37,725,447			10,230,104

End of period	$	112,420,672		$	101,314,047		$	37,725,447

Undistributed net investment income at end of period	$	388,118		$	458,673		$	200,846


Changes in Shares Outstanding:
Shares sold		400,000			2,500,000			1,000,000
Shares outstanding, beginning of period		3,900,000			1,400,000			400,000

Shares outstanding, end of period		4,300,000			3,900,000			1,400,000

^(a)	For the period September 14, 2016 (commencement of investment operations) through May 31, 2017.

^(b)	For the period September 27, 2017 (commencement of investment operations) through May 31, 2018.

^(c)	For the period August 7, 2018 (commencement of investment operations) through August 31, 2018.

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


		197


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)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Period Ended May 31, 2017^(a)			Three Months Ended August 31, 2018			Period Ended May 31, 2018^(b)			Period Ended August 31, 2018^(c)

$	608,714		$	1,608,134		$	457,972		$	318,430		$	299,644		$	17,476
	(357,462	)		171,514			11,381			(93,697	)		(6,154	)		—
	749,051			(1,737,104	)		275,380			309,348			(450,084	)		11,416

	1,000,303			42,544			744,733			534,081			(156,594	)		28,892



	(666,317	)		(1,519,123	)		(344,960	)		(308,124	)		(234,120	)		—
	—			(67,650	)		—			—			—			—

	(666,317	)		(1,586,773	)		(344,960	)		(308,124	)		(234,120	)		—



	4,939,686			20,328,467			22,702,759			7,250,071			14,741,141			5,000,025
	—			49,380			—			5,944			23,476			—

	4,939,686			20,377,847			22,702,759			7,256,015			14,764,617			5,000,025

	5,273,672			18,833,618			23,102,532			7,481,972			14,373,903			5,028,917



	41,936,150			23,102,532			—			14,373,903			—			—

$	47,209,822		$	41,936,150		$	23,102,532		$	21,855,875		$	14,373,903		$	5,028,917

$	259,665		$	202,023		$	113,012		$	75,830		$	65,524		$	17,476



	200,000			800,000			900,000			300,000			600,000			200,001
	1,700,000			900,000			—			600,000			—			—

	1,900,000			1,700,000			900,000			900,000			600,000			200,001


		198

Financial Highlights

Invesco BulletShares 2018 Corporate Bond ETF (BSCI)


	Three Months Ended August 31, 2018			Year Ended May 31,
	Three Months Ended August 31, 2018			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	21.16		$	21.20		$	21.21		$	21.27		$	21.25		$	20.98
Income from investment operations:
Net investment income^(a)		0.10			0.32			0.32			0.35			0.37			0.38
Net gain (loss) on investments (realized and unrealized)		0.02			(0.03	)		(0.01	)		(0.06	)		0.02			0.25
Total from investment operations		0.12			0.29			0.31			0.29			0.39			0.63
Less distributions from:
Net investment income		(0.11	)		(0.33	)		(0.32	)		(0.34	)		(0.36	)		(0.36	)
Capital gains		—			—			—			(0.01	)		(0.01	)		(0.00	)^(b)
Total distributions to shareholders		(0.11	)		(0.33	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)
Net asset value, end of period	$	21.17		$	21.16		$	21.20		$	21.21		$	21.27		$	21.25
Market price, end of period	$	21.16	^(c)	$	21.15	^(c)	$	21.26		$	21.28		$	21.32		$	21.30
Net Asset Value Total Return^(d)		0.59	%		1.36	%		1.47	%		1.38	%		1.88	%		3.04	%
Market Price Total Return^(d)		0.59	%		1.03	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	730,327		$	818,935		$	1,040,058		$	858,849		$	558,209		$	347,460
Ratio to average net assets of:
Expenses, after Waivers		0.09	%^(e)		0.22	%		0.24	%		0.24	%		0.24	%		0.25	%
Expenses, prior to Waivers		0.10	%^(e)		0.23	%
Net investment income, after Waivers		1.93	%^(e)		1.51	%		1.53	%		1.65	%		1.75	%		1.85	%
Portfolio turnover rate^(f)		0	%		5	%		10	%		7	%		5	%		1	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)


	Three Months Ended August 31, 2018			Year Ended May 31,
	Three Months Ended August 31, 2018			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	21.01		$	21.21		$	21.20		$	21.18		$	21.15		$	20.94
Income from investment operations:
Net investment income^(a)		0.11			0.38			0.39			0.42			0.44			0.45
Net gain (loss) on investments (realized and unrealized)		0.03			(0.19	)		(0.00	)^(b)		0.02			0.03			0.19
Total from investment operations		0.14			0.19			0.39			0.44			0.47			0.64
Less distributions from:
Net investment income		(0.12	)		(0.38	)		(0.38	)		(0.41	)		(0.43	)		(0.42	)
Capital gains		—			(0.01	)		—			(0.01	)		(0.01	)		(0.01	)
Total distributions to shareholders		(0.12	)		(0.39	)		(0.38	)		(0.42	)		(0.44	)		(0.43	)
Net asset value, end of period	$	21.03		$	21.01		$	21.21		$	21.20		$	21.18		$	21.15
Market price, end of period	$	21.08	^(c)	$	21.05	^(c)	$	21.27		$	21.26		$	21.21		$	21.18
Net Asset Value Total Return^(d)		0.65	%		0.93	%		1.88	%		2.14	%		2.27	%		3.13	%
Market Price Total Return^(d)		0.70	%		0.83	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,170,372		$	1,087,176		$	967,189		$	588,220		$	343,078		$	149,092
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(e)		0.22	%		0.24	%		0.24	%		0.24	%		0.25	%
Expenses, prior to Waivers		0.10	%^(e)		0.22	%
Net investment income, after Waivers		2.01	%^(e)		1.81	%		1.85	%		2.03	%		2.11	%		2.19	%
Portfolio turnover rate^(f)		3	%		10	%		10	%		11	%		5	%		1	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		199

Financial Highlights (continued)

Invesco BulletShares 2020 Corporate Bond ETF (BSCK)


	Three Months Ended August 31, 2018			Year Ended May 31,
	Three Months Ended August 31, 2018			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	21.04		$	21.46		$	21.37		$	21.38		$	21.23		$	20.94
Income from investment operations:
Net investment income^(a)		0.12			0.44			0.46			0.51			0.55			0.57
Net gain (loss) on investments (realized and unrealized)		0.01			(0.40	)		0.08			(0.01	)		0.13			0.25
Total from investment operations		0.13			0.04			0.54			0.50			0.68			0.82
Less distributions from:
Net investment income		(0.13	)		(0.44	)		(0.45	)		(0.51	)		(0.53	)		(0.53	)
Capital gains		—			(0.02	)		(0.00	)^(b)		—			—			(0.00	)^(b)
Total distributions to shareholders		(0.13	)		(0.46	)		(0.45	)		(0.51	)		(0.53	)		(0.53	)
Net asset value, end of period	$	21.04		$	21.04		$	21.46		$	21.37		$	21.38		$	21.23
Market price, end of period	$	21.10	^(c)	$	21.10	^(c)	$	21.52		$	21.44		$	21.44		$	21.23
Net Asset Value Total Return^(d)		0.63	%		0.17	%		2.60	%		2.39	%		3.28	%		4.02	%
Market Price Total Return^(d)		0.63	%		0.17	%
Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	1,243,280		$	1,152,078		$	930,225		$	593,106		$	311,088		$	121,032
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(e)		0.22	%		0.24	%		0.24	%		0.24	%		0.25	%
Expenses, prior to Waivers		0.10	%^(e)		0.22	%
Net investment income, after Waivers		2.27	%^(e)		2.08	%		2.17	%		2.43	%		2.60	%		2.75	%
Portfolio turnover rate^(f)		1	%		9	%		8	%		9	%		4	%		1	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)


	Three Months Ended August 31, 2018			Year Ended May 31,												Period Ended May 31, 2014^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			2015			Period Ended May 31, 2014^(a)
Per Share Data:
Net asset value, beginning of period	$	20.76		$	21.31		$	21.14		$	21.11		$	20.95		$	19.96
Income from investment operations:
Net investment income^(b)		0.13			0.50			0.52			0.57			0.59			0.56
Net gain (loss) on investments (realized and unrealized)		(0.00	)^(c)		(0.53	)		0.16			0.01			0.15			0.90
Total from investment operations		0.13			(0.03	)		0.68			0.58			0.74			1.46
Less distributions from:
Net investment income		(0.15	)		(0.50	)		(0.50	)		(0.55	)		(0.58	)		(0.47	)
Capital gains		—			(0.02	)		(0.01	)		—			—			—
Total distributions to shareholders		(0.15	)		(0.52	)		(0.51	)		(0.55	)		(0.58	)		(0.47	)
Net asset value, end of period	$	20.74		$	20.76		$	21.31		$	21.14		$	21.11		$	20.95
Market price, end of period	$	20.81	^(d)	$	20.79	^(d)	$	21.36		$	21.17		$	21.18		$	20.96
Net Asset Value Total Return^(e)		0.62	%		(0.15	)%		3.28	%		2.81	%		3.61	%		7.43	%
Market Price Total Return^(e)		0.81	%		(0.25	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	995,661		$	921,704		$	667,988		$	361,425		$	164,676		$	47,148
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(f)		0.22	%		0.24	%		0.24	%		0.24	%		0.24	%^(f)
Expenses, prior to Waivers		0.10	%^(f)		0.22	%
Net investment income, after Waivers		2.57	%^(f)		2.36	%		2.44	%		2.75	%		2.84	%		3.14	%^(f)
Portfolio turnover rate^(g)		3	%		7	%		5	%		6	%		3	%		4	%

^(a)	The Fund commenced operations on July 17, 2013.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(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.


		200

Financial Highlights (continued)

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)


	Three Months Ended August 31, 2018			Year Ended May 31,												Period Ended May 31, 2014^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			2015			Period Ended May 31, 2014^(a)
Per Share Data:
Net asset value, beginning of period	$	20.69		$	21.33		$	21.08		$	21.03		$	20.86		$	19.99
Income from investment operations:
Net investment income^(b)		0.15			0.54			0.55			0.59			0.62			0.60
Net gain (loss) on investments (realized and unrealized)		0.01			(0.64	)		0.25			0.05			0.14			0.77
Total from investment operations		0.16			(0.10	)		0.80			0.64			0.76			1.37
Less distributions from:
Net investment income		(0.16	)		(0.53	)		(0.54	)		(0.59	)		(0.59	)		(0.50	)
Capital gains		—			(0.01	)		(0.01	)		(0.00	)^(c)		(0.00	)^(c)		—
Total distributions to shareholders		(0.16	)		(0.54	)		(0.55	)		(0.59	)		(0.59	)		(0.50	)
Net asset value, end of period		20.69		$	20.69		$	21.33		$	21.08		$	21.03		$	20.86
Market price, end of period	$	20.74	^(d)	$	20.74	^(d)	$	21.37		$	21.11		$	21.05		$	20.89
Net Asset Value Total Return^(e)		0.78	%		(0.50	)%		3.82	%		3.15	%		3.75	%		7.15	%
Market Price Total Return^(e)		0.77	%		(0.45	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	825,429		$	760,420		$	518,404		$	306,685		$	211,352		$	34,411
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(f)		0.22	%		0.24	%		0.24	%		0.24	%		0.25	%^(f)
Expenses, prior to Waivers		0.10	%^(f)		0.22	%
Net investment income, after Waivers		2.80	%^(f)		2.58	%		2.63	%		2.87	%		2.99	%		3.39	%^(f)
Portfolio turnover rate^(g)		0	%^(h)		8	%		10	%		5	%		2	%		1	%

^(a)	The Fund commenced operations on July 17, 2013.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(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.


		201

Financial Highlights (continued)

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)


	Three Months Ended August 31, 2018			Year Ended May 31,									Period Ended May 31, 2015^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			Period Ended May 31, 2015^(a)
Per Share Data:
Net asset value, beginning of period	$	20.27		$	20.97		$	20.82		$	20.56		$	20.00
Income from investment operations:
Net investment income^(b)		0.15			0.58			0.61			0.65			0.44
Net gain (loss) on investments (realized and unrealized)		0.02			(0.68	)		0.19			0.22			0.46
Total from investment operations		0.17			(0.10	)		0.80			0.87			0.90
Less distributions from:
Net investment income		(0.17	)		(0.56	)		(0.60	)		(0.61	)		(0.34	)
Capital gains		—			(0.04	)		(0.05	)		(0.00	)^(c)		(0.00	)^(c)
Total distributions to shareholders		(0.17	)		(0.60	)		(0.65	)		(0.61	)		(0.34	)
Net asset value, end of period	$	20.27		$	20.27		$	20.97		$	20.82		$	20.56
Market price, end of period	$	20.31	^(d)	$	20.30	^(d)	$	21.03		$	20.91		$	20.58
Net Asset Value Total Return^(e)		0.84	%		(0.50	)%		3.92	%		4.37	%		4.50	%
Market Price Total Return^(e)		0.88	%		(0.65	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	383,069		$	349,603		$	188,736		$	131,162		$	18,501
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(f)		0.21	%		0.24	%		0.16	%^(g)		0.24	%^(f)
Expenses, prior to Waivers		0.10	%^(f)		0.22	%		0.24	%		0.22	%		0.24	%^(f)
Net investment income, after Waivers		3.00	%^(f)		2.80	%		2.92	%		3.21	%		3.03	%^(f)
Portfolio turnover rate^(h)		0	%⁽ⁱ⁾		7	%		15	%		7	%		1	%

^(a)	The Fund commenced operations on September 17, 2014.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Reflects fees voluntarily waived or reimbursed by the Adviser.

^(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.


		202

Financial Highlights (continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)


	Three Months Ended August 31, 2018			Year Ended May 31,									Period Ended May 31, 2015^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			Period Ended May 31, 2015^(a)
Per Share Data:
Net asset value, beginning of period	$	20.13		$	20.88		$	20.74		$	20.52		$	19.98
Income from investment operations:
Net investment income^(b)		0.17			0.64			0.64			0.67			0.45
Net gain (loss) on investments (realized and unrealized)		0.03			(0.76	)		0.15			0.22			0.44
Total from investment operations		0.20			(0.12	)		0.79			0.89			0.89
Less distributions from:
Net investment income		(0.18	)		(0.63	)		(0.62	)		(0.65	)		(0.35	)
Capital gains		—			—			(0.03	)		(0.02	)		—
Total distributions to shareholders		(0.18	)		(0.63	)		(0.65	)		(0.67	)		(0.35	)
Net asset value, end of period	$	20.15		$	20.13		$	20.88		$	20.74		$	20.52
Market price, end of period	$	20.20	^(c)	$	20.18	^(c)	$	20.92		$	20.80		$	20.51
Net Asset Value Total Return^(d)		1.01	%		(0.62	)%		3.88	%		4.50	%		4.37	%
Market Price Total Return^(d)		1.01	%		(0.58	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	311,363		$	292,963		$	162,864		$	96,423		$	46,172
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(e)		0.21	%		0.24	%		0.11	%^(f)		0.24	%^(e)
Expenses, prior to Waivers		0.10	%^(e)		0.22	%		0.24	%		0.21	%		0.24	%^(e)
Net investment income, after Waivers		3.29	%^(e)		3.10	%		3.12	%		3.33	%		3.12	%^(e)
Portfolio turnover rate^(g)		2	%		5	%		18	%		9	%		8	%

^(a)	The Fund commenced operations on September 17, 2014.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Reflects fees voluntarily waived or reimbursed by the Adviser.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		203

Financial Highlights (continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)


	Three Months Ended August 31, 2018			Year Ended May 31,						Period Ended May 31, 2016^(a)
	Three Months Ended August 31, 2018			2018			2017			Period Ended May 31, 2016^(a)
Per Share Data:
Net asset value, beginning of period	$	19.84		$	20.67		$	20.65		$	20.02
Income from investment operations:
Net investment income^(b)		0.17			0.64			0.62			0.42
Net gain (loss) on investments (realized and unrealized)		0.07			(0.85	)		0.05			0.53
Total from investment operations		0.24			(0.21	)		0.67			0.95
Less distributions from:
Net investment income		(0.19	)		(0.62	)		(0.59	)		(0.32	)
Capital gains		—			—			(0.06	)		—
Total distributions to shareholders		(0.19	)		(0.62	)		(0.65	)		(0.32	)
Net asset value, end of period	$	19.89		$	19.84		$	20.67		$	20.65
Market price, end of period	$	19.96	^(c)	$	19.85	^(c)	$	20.71		$	20.71
Net Asset Value Total Return^(d)		1.19	%		(1.04	)%		3.29	%		4.81	%
Market Price Total Return^(d)		1.50	%		(1.19	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	116,344		$	104,181		$	68,198		$	27,878
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(e)		0.22	%		0.24	%		0.24	%^(e)
Expenses, prior to Waivers		0.10	%^(e)		0.22	%
Net investment income, after Waivers		3.38	%^(e)		3.14	%		3.04	%		3.22	%^(e)
Portfolio turnover rate^(f)		1	%		14	%		18	%		3	%

^(a)	The Fund commenced operations on October 7, 2015.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		204

Financial Highlights (continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)


	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Period Ended May 31, 2017^(a)
Per Share Data:
Net asset value, beginning of period	$	18.82		$	19.66		$	19.88
Income from investment operations:
Net investment income^(b)		0.16			0.61			0.41
Net gain (loss) on investments (realized and unrealized)		0.04			(0.89	)		(0.32	)
Total from investment operations		0.20			(0.28	)		0.09
Less distributions from:
Net investment income		(0.18	)		(0.59	)		(0.31	)
Capital gains		—			(0.00	)^(c)		—
Total distributions to shareholders		(0.18	)		(0.59	)		(0.31	)
Transaction fees^(b)		—			0.03			—
Net asset value, end of period	$	18.84		$	18.82		$	19.66
Market price, end of period	$	18.88	^(d)	$	18.81	^(d)	$	19.69
Net Asset Value Total Return^(e)		1.07	%		(1.28	)%		0.49	%
Market Price Total Return^(e)		1.34	%		(1.50	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	53,693		$	53,638		$	26,538
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(f)		0.21	%		0.24	%^(f)
Expenses, prior to Waivers		0.10	%^(f)		0.22	%
Net investment income, after Waivers		3.41	%^(f)		3.16	%		3.00	%^(f)
Portfolio turnover rate^(g)		0	%		0	%^(h)		4	%

^(a)	The Fund commenced operations on September 14, 2016.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(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.


		205

Financial Highlights (continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)


	Three Months Ended August 31, 2018			Period Ended May 31, 2018^(a)
Per Share Data:
Net asset value, beginning of period	$	19.10		$	19.99
Income from investment operations:
Net investment income^(b)		0.17			0.44
Net gain (loss) on investments (realized and unrealized)		0.04			(1.03	)
Total from investment operations		0.21			(0.59	)
Less distributions from:
Net investment income		(0.19	)		(0.34	)
Transaction fees^(b)		0.01			0.04
Net asset value, end of period	$	19.13		$	19.10
Market price, end of period^(c)	$	19.16		$	19.09
Net Asset Value Total Return^(d)		1.16	%		(2.77	)%
Market Price Total Return^(d)		1.37	%		(2.82	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	25,822		$	22,924
Ratio to average net assets of:
Expenses, after Waivers		0.10	%^(e)		0.19	%^(e)
Expenses, prior to Waivers		0.10	%^(e)		0.20	%^(e)
Net investment income, after Waivers		3.60	%^(e)		3.35	%^(e)
Portfolio turnover rate^(f)		0	%		0	%

^(a)	The Fund commenced operations on September 27, 2017.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		206

Financial Highlights (continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)


	Period Ended August 31, 2018^(a)
Per Share Data:
Net asset value, beginning of period	$	20.00
Income from investment operations:
Net investment income^(b)		0.05
Net gain on investments (realized and unrealized)		0.01
Total from investment operations		0.06
Net asset value, end of period	$	20.06
Market price, end of period^(c)	$	20.09
Net asset value Total Return^(d)		0.30	%^(e)
Market Price Total Return^(d)		0.45	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	6,018
Ratio to average net assets of:
Expenses		0.10	%^(f)
Net investment income		3.91	%^(f)
Portfolio turnover rate^(g)		0	%

^(a)	The Fund commenced operations on August 7, 2018.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		207

Financial Highlights (continued)

Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)


	Three Months Ended August 31, 2018			Year Ended May 31,
	Three Months Ended August 31, 2018			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	25.15		$	25.39		$	24.69		$	26.11		$	27.30		$	26.70
Income from investment operations:
Net investment income^(a)		0.14			0.83			1.04			1.20			1.20			1.27
Net gain (loss) on investments (realized and unrealized)		0.06			(0.19	)		0.70			(1.47	)		(1.08	)		0.55
Total from investment operations		0.20			0.64			1.74			(0.27	)		0.12			1.82
Less distributions from:
Net investment income		(0.18	)		(0.88	)		(1.04	)		(1.15	)		(1.19	)		(1.19	)
Capital gains		—			—			—			—			(0.12	)		(0.03	)
Total distributions to shareholders		(0.18	)		(0.88	)		(1.04	)		(1.15	)		(1.31	)		(1.22	)
Net asset value, end of period	$	25.17		$	25.15		$	25.39		$	24.69		$	26.11		$	27.30
Market price, end of period	$	25.13	^(b)	$	25.14	^(b)	$	25.43		$	24.74		$	26.16		$	27.38
Net Asset Value Total Return^(c)		0.75	%		2.60	%		7.18	%		(0.92	)%		0.51	%		7.01	%
Market Price Total Return^(c)		0.67	%		2.37	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	614,032		$	726,925		$	1,096,645		$	688,721		$	402,044		$	237,470
Ratio to average net assets of:
Expenses, after Waivers		0.41	%^(d)		0.43	%		0.44	%		0.43	%		0.43	%		0.44	%
Expenses, prior to Waivers		0.42	%^(d)		0.44	%
Net investment income, after Waivers		2.25	%^(d)		3.30	%		4.13	%		4.91	%		4.55	%		4.75	%
Portfolio turnover rate^(e)		0	%		43	%		38	%		23	%		28	%		59	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)


	Three Months Ended August 31, 2018			Year Ended May 31,												Period Ended May 31, 2014^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			2015			Period Ended May 31, 2014^(a)
Per Share Data:
Net asset value, beginning of period	$	24.25		$	24.61		$	23.61		$	25.38		$	26.40		$	25.03
Income from investment operations:
Net investment income^(b)		0.25			1.06			1.20			1.26			1.23			0.82
Net gain (loss) on investments (realized and unrealized)		0.01			(0.35	)		0.97			(1.83	)		(1.10	)		1.12
Total from investment operations		0.26			0.71			2.17			(0.57	)		0.13			1.94
Less distributions from:
Net investment income		(0.28	)		(1.07	)		(1.17	)		(1.20	)		(1.15	)		(0.57	)
Capital gains		—			—			—			—			—			(0.00	)^(c)
Total distributions to shareholders		(0.28	)		(1.07	)		(1.17	)		(1.20	)		(1.15	)		(0.57	)
Net asset value, end of period	$	24.23		$	24.25		$	24.61		$	23.61		$	25.38		$	26.40
Market price, end of period	$	24.26	^(d)	$	24.22	^(d)	$	24.67		$	23.60		$	25.43		$	26.46
Net Asset Value Total Return^(e)		1.08	%		2.95	%		9.42	%		(2.13	)%		0.55	%		7.80	%
Market Price Total Return^(e)		1.33	%		2.57	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,136,609		$	1,069,424		$	770,438		$	349,413		$	147,190		$	50,156
Ratio to average net assets of:
Expenses, after Waivers		0.41	%^(f)		0.43	%		0.44	%		0.43	%		0.43	%		0.43	%^(f)
Expenses, prior to Waivers		0.42	%^(f)
Net investment income		4.04	%^(f)		4.36	%		4.97	%		5.38	%		4.86	%		4.64	%^(f)
Portfolio turnover rate^(g)		25	%		47	%		47	%		21	%		30	%		38	%

^(a)	The Fund commenced operations on September 24, 2013.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(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.


		208

Financial Highlights (continued)

Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)


	Three Months Ended August 31, 2018			Year Ended May 31,												Period Ended May 31, 2014^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			2015			Period Ended May 31, 2014^(a)
Per Share Data:
Net asset value, beginning of period	$	24.27		$	24.86		$	23.48		$	25.67		$	26.43		$	25.03
Income from investment operations:
Net investment income^(b)		0.30			1.17			1.27			1.28			1.27			0.82
Net gain (loss) on investments (realized and unrealized)		0.08			(0.59	)		1.32			(2.24	)		(0.82	)		1.19
Total from investment operations		0.38			0.58			2.59			(0.96	)		0.45			2.01
Less distributions from:
Net investment income		(0.33	)		(1.17	)		(1.21	)		(1.23	)		(1.19	)		(0.61	)
Capital gains		—			—			—			—			(0.02	)		—
Total distributions to shareholders		(0.33	)		(1.17	)		(1.21	)		(1.23	)		(1.21	)		(0.61	)
Net asset value, end of period	$	24.32		$	24.27		$	24.86		$	23.48		$	25.67		$	26.43
Market price, end of period	$	24.35	^(c)	$	24.24	^(c)	$	24.91		$	23.53		$	25.75		$	26.49
Net Asset Value Total Return^(d)		1.56	%		2.37	%		11.29	%		(3.64	)%		1.82	%		8.09	%
Market Price Total Return^(d)		1.81	%		2.03	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	936,384		$	827,638		$	482,352		$	154,968		$	69,314		$	29,075
Ratio to average net assets of:
Expenses, after Waivers		0.41	%^(e)		0.43	%		0.44	%		0.43	%		0.43	%		0.43	%^(e)
Expenses, prior to Waivers		0.42	%^(e)
Net investment income		4.87	%^(e)		4.77	%		5.24	%		5.47	%		4.98	%		4.66	%^(e)
Portfolio turnover rate^(f)		27	%		45	%		45	%		13	%		22	%		22	%

^(a)	The Fund commenced operations on September 24, 2013.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)


	Three Months Ended August 31, 2018			Year Ended May 31,									Period Ended May 31, 2015^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			Period Ended May 31, 2015^(a)
Per Share Data:
Net asset value, beginning of period	$	24.62		$	25.17		$	23.85		$	25.09		$	25.00
Income from investment operations:
Net investment income^(b)		0.30			1.25			1.33			1.26			0.86
Net gain (loss) on investments (realized and unrealized)		0.14			(0.53	)		1.24			(1.29	)		(0.09	)
Total from investment operations		0.44			0.72			2.57			(0.03	)		0.77
Less distributions from:
Net investment income		(0.33	)		(1.23	)		(1.25	)		(1.21	)		(0.68	)
Capital gains		—			(0.04	)		—			—			—
Total distributions to shareholders		(0.33	)		(1.27	)		(1.25	)		(1.21	)		(0.68	)
Net asset value, end of period	$	24.73		$	24.62		$	25.17		$	23.85		$	25.09
Market price, end of period	$	24.78	^(c)	$	24.58	^(c)	$	25.24		$	23.92		$	25.15
Net Asset Value Total Return^(d)		1.81	%		2.92	%		11.02	%		0.04	%		3.15	%
Market Price Total Return^(d)		2.18	%		2.47	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	457,526		$	391,478		$	168,624		$	50,093		$	20,073
Ratio to average net assets of:
Expenses , after Waivers		0.41	%^(e)		0.43	%		0.44	%		0.43	%		0.43	%^(e)
Expenses, prior to Waivers		0.42	%^(e)
Net investment income		4.87	%^(e)		5.04	%		5.44	%		5.37	%		4.93	%^(e)
Portfolio turnover rate^(f)		14	%		33	%		50	%		15	%		3	%

^(a)	The Fund commenced operations on September 17, 2014.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		209

Financial Highlights (continued)

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)


	Three Months Ended August 31, 2018			Year Ended May 31,									Period Ended May 31, 2015^(a)
	Three Months Ended August 31, 2018			2018			2017			2016			Period Ended May 31, 2015^(a)
Per Share Data:
Net asset value, beginning of period	$	24.54		$	25.46		$	23.97		$	25.22		$	25.04
Income from investment operations:
Net investment income^(b)		0.33			1.36			1.36			1.28			0.86
Net gain (loss) on investments (realized and unrealized)		0.06			(0.91	)		1.39			(1.30	)		0.02
Total from investment operations		0.39			0.45			2.75			(0.02	)		0.88
Less distributions from:
Net investment income		(0.37	)		(1.37	)		(1.26	)		(1.21	)		(0.70	)
Capital gains		—			—			—			(0.02	)		—
Total distributions to shareholders		(0.37	)		(1.37	)		(1.26	)		(1.23	)		(0.70	)
Net asset value, end of period	$	24.56		$	24.54		$	25.46		$	23.97		$	25.22
Market price, end of period	$	24.61	^(c)	$	24.49	^(c)	$	25.52		$	24.00		$	25.17
Net Asset Value Total Return^(d)		1.59	%		1.79	%		11.74	%		0.11	%		3.77	%
Market Price Total Return^(d)		2.00	%		1.35	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	243,192		$	208,598		$	129,836		$	38,345		$	15,130
Ratio to average net assets of:
Expenses		0.42	%^(e)		0.43	%		0.44	%		0.43	%		0.43	%^(e)
Net investment income		5.34	%^(e)		5.47	%		5.50	%		5.46	%		4.92	%^(e)
Portfolio turnover rate^(f)		17	%		29	%		17	%		11	%		6	%

^(a)	The Fund commenced operations on September 17, 2014.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)


	Three Months Ended August 31, 2018			Year Ended May 31,						Period Ended May 31, 2016^(a)
	Three Months Ended August 31, 2018			2018			2017			Period Ended May 31, 2016^(a)
Per Share Data:
Net asset value, beginning of period	$	25.98		$	26.95		$	25.58		$	24.97
Income from investment operations:
Net investment income^(b)		0.35			1.43			1.43			0.87
Net gain (loss) on investments (realized and unrealized)		0.20			(0.93	)		1.27			0.40
Total from investment operations		0.55			0.50			2.70			1.27
Less distributions from:
Net investment income		(0.39	)		(1.43	)		(1.33	)		(0.66	)
Capital gains		—			(0.04	)		—			—
Total distributions to shareholders		(0.39	)		(1.47	)		(1.33	)		(0.66	)
Net asset value, end of period	$	26.14		$	25.98		$	26.95		$	25.58
Market price, end of period	$	26.22	^(c)	$	25.93	^(c)	$	27.03		$	25.60
Net Asset Value Total Return^(d)		2.14	%		1.90	%		10.80	%		5.20	%
Market Price Total Return^(d)		2.65	%		1.40	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	112,421		$	101,314		$	37,725		$	10,230
Ratio to average net assets of:
Expenses		0.42	%^(e)		0.43	%		0.44	%		0.43	%^(e)
Net investment income		5.39	%^(e)		5.45	%		5.45	%		5.35	%^(e)
Portfolio turnover rate^(f)		6	%		18	%		14	%		3	%

^(a)	The Fund commenced operations on October 7, 2015.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		210

Financial Highlights (continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)


	Three Months Ended August 31, 2018			Year Ended May 31, 2018			Period Ended May 31, 2017^(a)
Per Share Data:
Net asset value, beginning of period	$	24.67		$	25.67		$	24.98
Income from investment operations:
Net investment income^(b)		0.33			1.30			0.91
Net gain (loss) on investments (realized and unrealized)		0.21			(1.02	)		0.48
Total from investment operations		0.54			0.28			1.39
Less distributions from:
Net investment income		(0.36	)		(1.27	)		(0.70	)
Capital gains		—			(0.05	)		—
Total distributions to shareholders		(0.36	)		(1.32	)		(0.70	)
Transaction fees^(b)		—			0.04			—
Net asset value, end of period	$	24.85		$	24.67		$	25.67
Market price, end of period	$	24.92	^(c)	$	24.71	^(c)	$	25.65
Net Asset Value Total Return^(d)		2.22	%		1.21	%		5.67	%
Market Price Total Return^(d)		2.34	%		1.44	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	47,210		$	41,936		$	23,103
Ratio to average net assets of:
Expenses		0.42	%^(e)		0.44	%		0.42	%^(e)
Net investment income		5.30	%^(e)		5.14	%		5.10	%^(e)
Portfolio turnover rate^(f)		8	%		24	%		7	%

^(a)	The Fund commenced operations on September 14, 2016.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		211

Financial Highlights (continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)


	Three Months Ended August 31, 2018			Period Ended May 31, 2018^(a)
Per Share Data:
Net asset value, beginning of period	$	23.96		$	25.01
Income from investment operations:
Net investment income^(b)		0.38			0.90
Net gain (loss) on investments (realized and unrealized)		0.31			(1.29	)
Total from investment operations		0.69			(0.39	)
Less distributions from:
Net investment income		(0.38	)		(0.73	)
Transaction fees^(b)		0.01			0.07
Net asset value, end of period	$	24.28		$	23.96
Market price, end of period^(c)	$	24.31		$	24.03
Net Asset Value Total Return^(d)		2.94	%		(1.31	)%
Market Price Total Return^(d)		2.76	%		(1.03	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	21,856		$	14,374
Ratio to average net assets of:
Expenses		0.42	%^(e)		0.42	%^(e)
Net investment income		6.33	%^(e)		5.50	%^(e)
Portfolio turnover rate^(f)		9	%		5	%

^(a)	The Fund commenced operations on September 27, 2017.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		212

Financial Highlights (continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)


	Period Ended August 31, 2018^(a)
Per Share Data:
Net asset value, beginning of period	$	25.00
Income from investment operations:
Net investment income^(b)		0.09
Net gain on investments (realized and unrealized)		0.05
Total from investment operations		0.14
Net asset value, end of period	$	25.14
Market price, end of period^(c)	$	25.15
Net asset value Total Return^(d)		0.56	%^(e)
Market Price Total Return^(d)		0.60	%^(e)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	5,029
Ratio to average net assets of:
Expenses		0.42	%^(f)
Net investment income		5.54	%^(f)
Portfolio turnover rate^(g)		0	%

^(a)	The Fund commenced operations on August 7, 2018.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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


		213

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2018

Note 1. Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust on October 30, 2015 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:

*	Commenced operations on August 7, 2018.


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Each Fund, except BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF, acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of a corresponding fund of the Claymore Exchange-Traded Fund Trust (a “Predecessor Fund”) after the close of business on April 6, 2018 (or May 18, 2018 for BulletShares 2025 High Yield Corporate Bond ETF) (each, a “Reorganization”). Each applicable Fund adopted the performance and financial information of its corresponding Predecessor Fund. Information presented prior to the close of business on April 6, 2018 (or May 18, 2018 for BulletShares 2025 High Yield Corporate Bond ETF) is that of their respective Predecessor Fund.

Each of BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF launched with a fiscal year-end of August 31. Effective August 31, 2018, the fiscal year-end of each of the other Funds changed from May 31 to August 31.

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 and/or cash, except for BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF creation units are generally issued in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.


Fund		Underlying Index
BulletShares 2018 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2018 Index
BulletShares 2019 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2019 Index
BulletShares 2020 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2020 Index
BulletShares 2021 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2021 Index
BulletShares 2022 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2022 Index
BulletShares 2023 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2023 Index
BulletShares 2024 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2024 Index
BulletShares 2025 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2025 Index
BulletShares 2026 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2026 Index
BulletShares 2027 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2027 Index
BulletShares 2028 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2028 Index
BulletShares 2018 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2018 Index
BulletShares 2019 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2019 Index
BulletShares 2020 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2020 Index
BulletShares 2021 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2021 Index
BulletShares 2022 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2022 Index
BulletShares 2023 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index
BulletShares 2024 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index
BulletShares 2025 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index
BulletShares 2026 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index

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.

A. Security Valuation

Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked


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prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts (“ADRs”) and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, 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.

B. Other Risks


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or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for each Fund because it invests in non-U.S. securities, which may have lower trading volumes.

Industry Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. 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 sector may be out of favor and underperform other industries or the market as a whole.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

Passive Management Risk. Unlike many investment companies, each Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble or defaulted on its obligations under the security, or whose credit rating was downgraded, unless that security is removed from the Underlying Index. In addition, each Fund will not otherwise take defensive positions in declining markets unless such positions are reflected in the Underlying Index.

Sampling Risk. Each Fund’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development 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.

Cash Transaction Risk. Unlike most exchange-traded funds (“ETFs”), BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF currently effect creations and redemptions principally for cash, rather than primarily in-kind, because of the nature of each of these Fund’s investments. As such, investments in each Fund’s Shares may be less tax efficient than investments in conventional ETFs.

High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. In addition, high yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal.

Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities, and the use of credit ratings to select high yield debt securities can involve certain risks. For example, credit rating agencies may fail to change ratings in a timely fashion to reflect events since the security was last rated.

In addition, the values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds. Their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price. Credit ratings on junk bonds do not necessarily reflect their actual market value.

Tracking Error Risk. The performance of each Fund may diverge from that of the Underlying Index for a number of reasons, including operating expenses, transaction costs, cash flows and operational inefficiencies. Each Fund’s return also may diverge from the return of the Underlying Index because each Fund bears the costs and risks associated with buying and selling securities (especially when rebalancing each Fund’s securities holdings to reflect changes in the Underlying Index) while such costs and risks are not factored into the return of the Underlying Index. Transaction costs, including brokerage costs, will decrease each Fund’s NAV to the extent not offset by the transaction fee payable by an AP. Market disruptions and regulatory restrictions could have an adverse effect on each Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. In addition, each Fund may use a representative sampling approach, which may cause each Fund’s returns to not be as well correlated with the return of the Underlying Index as would be the case if each Fund purchased all of the securities in the Underlying Index in the proportions represented in the Underlying Index. Errors in the Underlying Index data, the Underlying Index computations and/or the construction of the Underlying


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Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, each Fund may be unable to invest in certain securities included in the Underlying Index, or invest in them in the exact proportions in which they are represented in the Underlying Index, due to legal restrictions or limitations imposed by the governments of certain countries, a lack of liquidity on stock exchanges in which such securities trade, potential adverse tax consequences or other regulatory reasons. To the extent each Fund calculates its NAV based on fair value prices and the value of the Underlying Index is based on the securities’ closing prices (i.e., the value of the Underlying Index is not based on fair value prices), each Fund’s ability to track the Underlying Index may be adversely affected. For tax efficiency purposes, each Fund may sell certain securities, and such sale may cause each Fund to realize a loss and, thus, each Fund’s performance to deviate from the performance of the Underlying Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Underlying Index.

C. Country Determination

D. Repurchase Agreements

The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds’ right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of each Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

E. Investment Transactions and Investment Income

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

F. 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 ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. 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.


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G. Federal Income Taxes

The Funds file tax returns in the U.S. Federal jurisdiction and 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.

H. Expenses

I. Accounting Estimates

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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as stated below. During the period April 6, 2018 through Reorganization, pursuant to an Interim Investment Adviser Agreement, BulletShares 2025 High Yield Corporate Bond ETF paid GFIA a reduced unitary fee equal to the Fund’s expenses paid by GFIA.


Fund	Unitary Management Fees (as a % of Net Assets)
BulletShares 2018 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2019 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2020 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2021 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2022 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2023 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2024 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2025 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2026 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2027 Corporate Bond ETF		0.10	%⁽¹⁾
BulletShares 2028 Corporate Bond ETF		0.10	%
BulletShares 2018 High Yield Corporate Bond ETF		0.42	%
BulletShares 2019 High Yield Corporate Bond ETF		0.42	%
BulletShares 2020 High Yield Corporate Bond ETF		0.42	%
BulletShares 2021 High Yield Corporate Bond ETF		0.42	%
BulletShares 2022 High Yield Corporate Bond ETF		0.42	%
BulletShares 2023 High Yield Corporate Bond ETF		0.42	%


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Fund	Unitary Management Fees (as a % of Net Assets)
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	%

⁽¹⁾

Prior to April 9, 2018, the Fund’s unitary management fee was 0.24%. Effective April 9, 2018 through April 19, 2018, the Adviser voluntarily agreed to waive permanently a portion of the Fund’s unitary management fee. After giving effect to such waiver, the net unitary management fee was 0.10%. Effective April 20, 2018, the Adviser contractually reduced the Fund’s unitary management fee from 0.24% to 0.10%.

Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

Except for BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF, effective as of the Reorganization, the Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding such Fund’s unitary management fee through at least (i) April 6, 2020 for each Fund except BulletShares 2025 High Yield Corporate Bond ETF, and (ii) May 18, 2020 for BulletShares 2025 High Yield Corporate Bond ETF.

Additionally, through at least August 31, 2020 the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the period June 1, 2018 to August 31, 2018, and the period after the close of business on April 6, 2018 to May 31, 2018, the Adviser waived Fund fees in the following amounts:


Fund	Period June 1, 2018 to August 31, 2018			Period after the close of business April 6, 2018 to May 31, 2018
BulletShares 2018 Corporate Bond ETF	$	17,749		$	56,080
BulletShares 2019 Corporate Bond ETF		7,593			46,148
BulletShares 2020 Corporate Bond ETF		6,754			47,795
BulletShares 2021 Corporate Bond ETF		6,669			38,372
BulletShares 2022 Corporate Bond ETF		7,145			31,172
BulletShares 2023 Corporate Bond ETF		1,546			14,810
BulletShares 2024 Corporate Bond ETF		2,745			12,049
BulletShares 2025 Corporate Bond ETF		482			4,557
BulletShares 2026 Corporate Bond ETF		71			2,328
BulletShares 2027 Corporate Bond ETF		125			1,026
BulletShares 2028 Corporate Bond ETF		6	⁽¹⁾		—
BulletShares 2018 High Yield Corporate Bond ETF		9,381			6,913
BulletShares 2019 High Yield Corporate Bond ETF		18,822			3,663
BulletShares 2020 High Yield Corporate Bond ETF		12,607			4,132
BulletShares 2021 High Yield Corporate Bond ETF		7,478			976
BulletShares 2022 High Yield Corporate Bond ETF		2,297			660
BulletShares 2023 High Yield Corporate Bond ETF		419			158
BulletShares 2024 High Yield Corporate Bond ETF		145			78
BulletShares 2025 High Yield Corporate Bond ETF		211			22	⁽²⁾
BulletShares 2026 High Yield Corporate Bond ETF		5	⁽¹⁾		—

⁽¹⁾	For the period August 7, 2018 to August 31, 2018.

⁽²⁾	For the period after the close of business May 18, 2018 to May 31, 2018.


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The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares^®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. Prior to the Reorganization, each Underlying Index name trademark had been licensed to GFIA for use by the corresponding Predecessor Fund. 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.

Note 4. Security Transactions with Affiliated Funds

For the period June 1, 2018 to August 31, 2018, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gain (Loss)
Invesco BulletShares 2019 Corporate Bond ETF	$	3,779,170	$	1,254,310	$	(18,857	)
Invesco BulletShares 2021 Corporate Bond ETF		1,839,875		2,039,245		(16,304	)
Invesco BulletShares 2022 Corporate Bond ETF		1,144,429		962,111		(60,101	)
Invesco BulletShares 2023 Corporate Bond ETF		2,480,085		—		—
Invesco BulletShares 2024 Corporate Bond ETF		328,210		—		—
Invesco BulletShares 2025 Corporate Bond ETF		527,296		—		—
Invesco BulletShares 2026 Corporate Bond ETF		96,273		—		—
Invesco BulletShares 2018 High Yield Corporate Bond ETF		—		43,051,958		11,361
Invesco BulletShares 2019 High Yield Corporate Bond ETF		60,061,232		7,292,436		(180,132	)
Invesco BulletShares 2020 High Yield Corporate Bond ETF		10,646,697		18,528,615		(235,363	)
Invesco BulletShares 2021 High Yield Corporate Bond ETF		2,811,146		7,853,469		46,712
Invesco BulletShares 2022 High Yield Corporate Bond ETF		1,091,691		11,623,472		506,269
Invesco BulletShares 2023 High Yield Corporate Bond ETF		5,005,581		2,121,244		(586	)
Invesco BulletShares 2024 High Yield Corporate Bond ETF		3,698,200		1,500,343		(13,077	)
Invesco BulletShares 2025 High Yield Corporate Bond ETF		3,120,533		403,215		(1,444	)

Note 5. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —


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Level 3 —

The following is a summary of the tiered valuation input levels, as of August 31, 2018. 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period June 1, 2018 to August 31, 2018, there were no material transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
BulletShares 2018 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	451,005,824	$	—	$	451,005,824
U.S. Treasury Securities		—		274,061,154		—		274,061,154
Money Market Fund		1,224,033		—		—		1,224,033

Total Investments	$	1,224,033	$	725,066,978	$	—	$	726,291,011

BulletShares 2019 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	1,151,107,380	$	—	$	1,151,107,380
Money Market Fund		2,794,548		—		—		2,794,548

Total Investments	$	2,794,548	$	1,151,107,380	$	—	$	1,153,901,928

BulletShares 2020 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	1,228,854,538	$	—	$	1,228,854,538
Money Market Fund		1,912,126		—		—		1,912,126

Total Investments	$	1,912,126	$	1,228,854,538	$	—		1,230,766,664

BulletShares 2021 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	987,967,402	$	—	$	987,967,402
Money Market Fund		553,590		—		—		553,590

Total Investments	$	553,590	$	987,967,402	$	—	$	988,520,992

BulletShares 2022 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	816,600,286	$	—	$	816,600,286
Money Market Fund		1,946,597		—		—		1,946,597

Total Investments	$	1,946,597	$	816,600,286	$	—	$	818,546,883

BulletShares 2023 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	378,847,445	$	—	$	378,847,445
Money Market Fund		933,726		—		—		933,726

Total Investments	$	933,726	$	378,847,445	$	—	$	379,781,171

BulletShares 2024 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	306,531,132	$	—	$	306,531,132
Money Market Fund		524,872		—		—		524,872

Total Investments	$	524,872	$	306,531,132	$	—	$	307,056,004


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	Level 1		Level 2		Level 3		Total
BulletShares 2025 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	114,830,272	$	—	$	114,830,272
Money Market Fund		388,927		—		—		388,927

Total Investments	$	388,927	$	114,830,272	$	—	$	115,219,199

BulletShares 2026 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	53,090,080	$	—	$	53,090,080
Money Market Fund		92,099		—		—		92,099

Total Investments	$	92,099	$	53,090,080	$	—	$	53,182,179

BulletShares 2027 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	25,510,690	$	—	$	25,510,690
Money Market Fund		70,324		—		—		70,324

Total Investments	$	70,324	$	25,510,690	$	—	$	25,581,014

BulletShares 2028 Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—		5,884,238	$	—	$	5,884,238
Money Market Fund		55,292		—		—		55,292

Total Investments	$	55,292	$	5,884,238	$	—	$	5,939,530

BulletShares 2018 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	161,433,659	$	—	$	161,433,659
Common Stocks		22,949		—		—		22,949
U.S. Treasury Securities		—		440,963,707		—		440,963,707
Money Market Funds		8,210,831		—		—		8,210,831

Total Investments	$	8,233,780	$	602,397,366	$	—	$	610,631,146

BulletShares 2019 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	1,077,105,894	$	—	$	1,077,105,894
Money Market Funds		47,914,062		—		—		47,914,062

Total Investments	$	47,914,062	$	1,077,105,894	$	—	$	1,125,019,956

BulletShares 2020 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	907,246,687	$	—	$	907,246,687
Money Market Funds		23,504,288		—		—		23,504,288

Total Investments	$	23,504,288	$	907,246,687	$	—	$	930,750,975

BulletShares 2021 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	441,356,297	$	—	$	441,356,297
Money Market Funds		15,245,484		—		—		15,245,484

Total Investments	$	15,245,484	$	441,356,297	$	—	$	456,601,781

BulletShares 2022 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	235,500,865	$	—	$	235,500,865
Money Market Funds		10,590,430		—		—		10,590,430

Total Investments	$	10,590,430	$	235,500,865	$	—	$	246,091,295


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	Level 1		Level 2		Level 3		Total
BulletShares 2023 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	109,814,329	$	—	$	109,814,329
Money Market Funds		9,180,033		—		—		9,180,033

Total Investments	$	9,180,033	$	109,814,329	$	—	$	118,994,362

BulletShares 2024 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	46,122,059	$	—	$	46,122,059
Money Market Funds		2,702,895		—		—		2,702,895

Total Investments	$	2,702,895	$	46,122,059	$	—	$	48,824,954

BulletShares 2025 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	21,417,658	$	—	$	21,417,658
Money Market Funds		1,416,206		—		—		1,416,206

Total Investments	$	1,416,206	$	21,417,658	$	—	$	22,833,864

BulletShares 2026 High Yield Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	4,913,001	$	—	$	4,913,001
Money Market Fund		52,504		—		—		52,504

Total Investments	$	52,504	$	4,913,001	$	—	$	4,965,505

Note 6. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholder Paid During the Period June 1, 2018 to August 31, 2018, the Fiscal Year or Period Ended May 31, 2018, and the Fiscal Year or Period Ended May 31, 2017:


	August 31, 2018				May 31, 2018				May 31, 2017
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Invesco BulletShares 2018 Corporate Bond ETF	$	3,909,346	$	276,722	$	14,879,285	$	—	$	14,261,430	$	—
Invesco BulletShares 2019 Corporate Bond ETF		6,199,722		—		18,785,420		401,710		13,124,295		—
Invesco BulletShares 2020 Corporate Bond ETF		7,430,363		—		22,047,273		459,980		15,425,505		—
Invesco BulletShares 2021 Corporate Bond ETF		6,734,649		28,220		19,153,422		557,700		11,940,855		—
Invesco BulletShares 2022 Corporate Bond ETF		6,062,143		—		16,082,581		154,202		9,901,155		—
Invesco BulletShares 2023 Corporate Bond ETF		2,990,631		26,797		7,584,210		378,300		4,513,185		52,890
Invesco BulletShares 2024 Corporate Bond ETF		2,684,817		—		6,590,931		—		3,928,346		14,884
Invesco BulletShares 2025 Corporate Bond ETF		1,009,969		—		2,647,883		—		1,416,390		—
Invesco BulletShares 2026 Corporate Bond ETF		511,753		2,700		1,306,332		—		302,625		—
Invesco BulletShares 2027 Corporate Bond ETF		231,255		—		237,726		—		—		—
Invesco BulletShares 2028 Corporate Bond ETF		—		—		—		—		—		—
Invesco BulletShares 2018 High Yield Corporate Bond ETF		4,892,038		—		34,624,920		—		35,891,780		—
Invesco BulletShares 2019 High Yield Corporate Bond ETF		12,686,334		—		39,840,911		—		23,591,660		—
Invesco BulletShares 2020 High Yield Corporate Bond ETF		11,673,885		—		30,258,164		—		13,134,420		—
Invesco BulletShares 2021 High Yield Corporate Bond ETF		5,462,797		78,391		13,589,922		—		4,487,880		—
Invesco BulletShares 2022 High Yield Corporate Bond ETF		3,245,197		—		8,742,614		—		3,986,220		—
Invesco BulletShares 2023 High Yield Corporate Bond ETF		1,544,585		42,007		3,315,734		85,560		1,183,010		—
Invesco BulletShares 2024 High Yield Corporate Bond ETF		612,887		53,430		1,586,773		—		344,960		—
Invesco BulletShares 2025 High Yield Corporate Bond ETF		308,124		—		234,120		—		—		—
Invesco BulletShares 2026 High Yield Corporate Bond ETF		—		—		—		—		—		—


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Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco BulletShares 2018 Corporate Bond ETF	$	981,648	$	11,192	$	(183,820	)	$	—		$	729,517,561	$	730,326,581
Invesco BulletShares 2019 Corporate Bond ETF		1,187,158		—		(4,899,291	)		(166,960	)		1,174,251,404		1,170,372,311
Invesco BulletShares 2020 Corporate Bond ETF		1,091,747		—		(13,723,521	)		(259,464	)		1,256,171,238		1,243,280,000
Invesco BulletShares 2021 Corporate Bond ETF		1,358,928		—		(14,588,519	)		(476,986	)		1,009,367,566		995,660,989
Invesco BulletShares 2022 Corporate Bond ETF		1,170,606		—		(14,822,395	)		(172,165	)		839,252,721		825,428,767
Invesco BulletShares 2023 Corporate Bond ETF		631,466		—		(7,818,684	)		(15,088	)		390,271,400		383,069,094
Invesco BulletShares 2024 Corporate Bond ETF		521,343		—		(6,417,626	)		(792,085	)		318,051,116		311,362,748
Invesco BulletShares 2025 Corporate Bond ETF		205,489		—		(3,146,646	)		(269,880	)		119,555,080		116,344,043
Invesco BulletShares 2026 Corporate Bond ETF		98,175		—		(2,094,761	)		—			55,689,248		53,692,662
Invesco BulletShares 2027 Corporate Bond ETF		51,643		—		(764,493	)		—			26,534,814		25,821,964
Invesco BulletShares 2028 Corporate Bond ETF		14,814		—		2,978			—			6,000,020		6,017,812
Invesco BulletShares 2018 High Yield Corporate Bond ETF		135,238		—		(426,207	)		(13,918,631	)		628,241,876		614,032,276
Invesco BulletShares 2019 High Yield Corporate Bond ETF		2,365,089		—		1,119,803			(8,885,144	)		1,142,009,646		1,136,609,394
Invesco BulletShares 2020 High Yield Corporate Bond ETF		2,945,495		—		542,845			(8,501,589	)		941,397,301		936,384,052
Invesco BulletShares 2021 High Yield Corporate Bond ETF		1,725,518		—		408,513			(3,159,780	)		458,551,295		457,525,546
Invesco BulletShares 2022 High Yield Corporate Bond ETF		649,602		—		(155,775	)		(2,167,447	)		244,865,866		243,192,246
Invesco BulletShares 2023 High Yield Corporate Bond ETF		388,118		—		(522,797	)		(354,991	)		112,910,342		112,420,672
Invesco BulletShares 2024 High Yield Corporate Bond ETF		259,665		—		(712,673	)		(357,462	)		48,020,292		47,209,822
Invesco BulletShares 2025 High Yield Corporate Bond ETF		75,830		—		(140,736	)		(99,851	)		22,020,632		21,855,875
Invesco BulletShares 2026 High Yield Corporate Bond ETF		17,476		—		11,416			—			5,000,025		5,028,917

The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


	Post-effective/no expiration
	Short-term		Long-Term		Total*		Expired
Invesco BulletShares 2018 Corporate Bond ETF	$	—	$	—	$	—	$	—
Invesco BulletShares 2019 Corporate Bond ETF		38,936		128,024		166,960		—
Invesco BulletShares 2020 Corporate Bond ETF		61,960		197,504		259,464		—
Invesco BulletShares 2021 Corporate Bond ETF		368,645		108,341		476,986		—
Invesco BulletShares 2022 Corporate Bond ETF		148,240		23,925		172,165		—
Invesco BulletShares 2023 Corporate Bond ETF		15,088		—		15,088		—
Invesco BulletShares 2024 Corporate Bond ETF		666,621		125,464		792,085		—
Invesco BulletShares 2025 Corporate Bond ETF		243,476		26,404		269,880		—
Invesco BulletShares 2026 Corporate Bond ETF		—		—		—		—
Invesco BulletShares 2027 Corporate Bond ETF		—		—		—		—
Invesco BulletShares 2028 Corporate Bond ETF		—		—		—		—
Invesco BulletShares 2018 High Yield Corporate Bond ETF		32,385		13,886,246		13,918,631		—
Invesco BulletShares 2019 High Yield Corporate Bond ETF		5,283,358		3,601,786		8,885,144		—
Invesco BulletShares 2020 High Yield Corporate Bond ETF		5,953,610		2,547,979		8,501,589		—
Invesco BulletShares 2021 High Yield Corporate Bond ETF		2,275,478		884,302		3,159,780		—
Invesco BulletShares 2022 High Yield Corporate Bond ETF		1,190,039		977,408		2,167,447		—
Invesco BulletShares 2023 High Yield Corporate Bond ETF		10,504		344,487		354,991		—
Invesco BulletShares 2024 High Yield Corporate Bond ETF		207,647		149,815		357,462		—
Invesco BulletShares 2025 High Yield Corporate Bond ETF		99,851		—		99,851		—
Invesco BulletShares 2026 High Yield Corporate Bond ETF		—		—		—		—

Capital loss carryforwards as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.


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Note 7. Securities Lending

During the period June 1, 2018 to August 31, 2018, BulletShares 2018 High Yield Corporate Bond ETF, BulletShares 2019 High Yield Corporate Bond ETF, BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF and BulletShares 2025 High Yield Corporate Bond ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to Counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Note 8. Investment Transactions

For the period June 1, 2018 to August 31, 2018, the cost of securities purchased and proceeds from sales of securities, (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any), were as follows:


	Purchases		Sales
BulletShares 2018 Corporate Bond ETF	$	—	$	183,067,232
BulletShares 2019 Corporate Bond ETF		34,617,553		29,853,191
BulletShares 2020 Corporate Bond ETF		95,429,340		16,037,453
BulletShares 2021 Corporate Bond ETF		108,632,050		24,326,955
BulletShares 2022 Corporate Bond ETF		71,415,325		3,184,631
BulletShares 2023 Corporate Bond ETF		31,091,645		696,913
BulletShares 2024 Corporate Bond ETF		33,315,870		6,317,142
BulletShares 2025 Corporate Bond ETF		12,609,683		832,952
BulletShares 2026 Corporate Bond ETF		96,273		—
BulletShares 2027 Corporate Bond ETF		2,976,829		—
BulletShares 2028 Corporate Bond ETF*		5,880,808		—
BulletShares 2018 High Yield Corporate Bond ETF		—		149,081,677
BulletShares 2019 High Yield Corporate Bond ETF		249,081,627		284,761,857
BulletShares 2020 High Yield Corporate Bond ETF		244,745,607		222,563,544
BulletShares 2021 High Yield Corporate Bond ETF		65,258,055		56,616,166
BulletShares 2022 High Yield Corporate Bond ETF		35,440,099		35,866,681
BulletShares 2023 High Yield Corporate Bond ETF		6,215,263		6,300,400
BulletShares 2024 High Yield Corporate Bond ETF		3,698,200		3,763,439
BulletShares 2025 High Yield Corporate Bond ETF		4,198,325		1,639,882
BulletShares 2026 High Yield Corporate Bond ETF*		4,900,832		—

*	For the period August 7, 2018 through August 31, 2018.

For the period June 1, 2018 to August 31, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for BulletShares 2018 Corporate Bond ETF amounted to $0 and $0, respectively and for BulletShares 2018 High Yield Corporate Bond ETF amounted to $0 and $0, respectively.


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For the period June 1, 2018 to August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
BulletShares 2018 Corporate Bond ETF	$	10,199	$	1,204,579
BulletShares 2019 Corporate Bond ETF		20,399,975		5,288,614
BulletShares 2020 Corporate Bond ETF		21,779,603		—
BulletShares 2021 Corporate Bond ETF		12,303,015		—
BulletShares 2022 Corporate Bond ETF		15,319,497		—
BulletShares 2023 Corporate Bond ETF		2,990,394		—
BulletShares 2024 Corporate Bond ETF		—		—
BulletShares 2025 Corporate Bond ETF		—		—
BulletShares 2026 Corporate Bond ETF		—		—
BulletShares 2027 Corporate Bond ETF		—		—
BulletShares 2028 Corporate Bond ETF*		—		—
BulletShares 2018 High Yield Corporate Bond ETF		—		8,413,694
BulletShares 2019 High Yield Corporate Bond ETF		54,349,461		—
BulletShares 2020 High Yield Corporate Bond ETF		103,384,511		—
BulletShares 2021 High Yield Corporate Bond ETF		62,871,992		—
BulletShares 2022 High Yield Corporate Bond ETF		33,691,110		—
BulletShares 2023 High Yield Corporate Bond ETF		10,160,823		—
BulletShares 2024 High Yield Corporate Bond ETF		4,866,829		—
BulletShares 2025 High Yield Corporate Bond ETF		4,720,375		—
BulletShares 2026 High Yield Corporate Bond ETF*		—		—

*	For the period August 7, 2018 through August 31, 2018.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Invesco BulletShares 2018 Corporate Bond ETF	$	76,275	$	(260,095	)	$	(183,820	)	$	726,474,831
Invesco BulletShares 2019 Corporate Bond ETF		268,179		(5,167,470	)		(4,899,291	)		1,158,801,219
Invesco BulletShares 2020 Corporate Bond ETF		330,509		(14,054,030	)		(13,723,521	)		1,244,490,185
Invesco BulletShares 2021 Corporate Bond ETF		834,189		(15,422,708	)		(14,588,519	)		1,003,109,511
Invesco BulletShares 2022 Corporate Bond ETF		749,825		(15,572,220	)		(14,822,395	)		833,369,278
Invesco BulletShares 2023 Corporate Bond ETF		710,980		(8,529,664	)		(7,818,684	)		387,599,855
Invesco BulletShares 2024 Corporate Bond ETF		684,081		(7,101,707	)		(6,417,626	)		313,473,630
Invesco BulletShares 2025 Corporate Bond ETF		169,791		(3,316,437	)		(3,146,646	)		118,365,845
Invesco BulletShares 2026 Corporate Bond ETF		4,812		(2,099,573	)		(2,094,761	)		55,276,940
Invesco BulletShares 2027 Corporate Bond ETF		3,963		(768,456	)		(764,493	)		26,345,507
Invesco BulletShares 2028 Corporate Bond ETF*		15,660		(12,682	)		2,978			5,936,552
Invesco BulletShares 2018 High Yield Corporate Bond ETF		349,252		(775,459	)		(426,207	)		611,057,353
Invesco BulletShares 2019 High Yield Corporate Bond ETF		3,440,187		(2,320,384	)		1,119,803			1,123,900,153
Invesco BulletShares 2020 High Yield Corporate Bond ETF		6,014,312		(5,471,467	)		542,845			930,208,131
Invesco BulletShares 2021 High Yield Corporate Bond ETF		3,941,141		(3,532,628	)		408,513			456,193,268
Invesco BulletShares 2022 High Yield Corporate Bond ETF		2,688,431		(2,844,206	)		(155,775	)		246,247,070
Invesco BulletShares 2023 High Yield Corporate Bond ETF		1,312,412		(1,835,209	)		(522,797	)		119,517,159
Invesco BulletShares 2024 High Yield Corporate Bond ETF		307,865		(1,020,538	)		(712,673	)		49,537,627
Invesco BulletShares 2025 High Yield Corporate Bond ETF		225,974		(366,710	)		(140,736	)		22,974,600
Invesco BulletShares 2026 High Yield Corporate Bond ETF*		28,972		(17,556	)		11,416			4,954,089

*	For the period August 7, 2018 through August 31, 2018.


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Note 9. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net asset of each Fund. For the period June 1, 2018 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Invesco BulletShares 2018 Corporate Bond ETF	$	276,722	$	(278,753	)	$	2,031
Invesco BulletShares 2019 Corporate Bond ETF		—		(1,643	)		1,643
Invesco BulletShares 2020 Corporate Bond ETF		331		(331	)		—
Invesco BulletShares 2021 Corporate Bond ETF		75,900		(75,900	)		—
Invesco BulletShares 2022 Corporate Bond ETF		—		—			—
Invesco BulletShares 2023 Corporate Bond ETF		37,154		(37,154	)		—
Invesco BulletShares 2024 Corporate Bond ETF		—		—			—
Invesco BulletShares 2025 Corporate Bond ETF		—		—			—
Invesco BulletShares 2026 Corporate Bond ETF		4,127		(4,127	)		—
Invesco BulletShares 2027 Corporate Bond ETF		—		—			—
Invesco BulletShares 2028 Corporate Bond ETF*		—		—			—
Invesco BulletShares 2018 High Yield Corporate Bond ETF		—		(35,023	)		35,023
Invesco BulletShares 2019 High Yield Corporate Bond ETF		—		—			—
Invesco BulletShares 2020 High Yield Corporate Bond ETF		—		—			—
Invesco BulletShares 2021 High Yield Corporate Bond ETF		573,358		(573,358	)		—
Invesco BulletShares 2022 High Yield Corporate Bond ETF		—		—			—
Invesco BulletShares 2023 High Yield Corporate Bond ETF		77,116		(77,116	)		—
Invesco BulletShares 2024 High Yield Corporate Bond ETF		115,245		(115,245	)		—
Invesco BulletShares 2025 High Yield Corporate Bond ETF		—		—			—
Invesco BulletShares 2026 High Yield Corporate Bond ETF*		—		—			—

*	For the period August 7, 2018 through August 31, 2018.

Note 10. Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by each Fund to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an ‘Independent Trustee”), any Trustee who is not an affiliate of the Advisor or Distributor (or any of their affiliates) and who is otherwise and “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ Fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 11. Borrowing

Each Predecessor Fund to BulletShares 2018 High Yield Corporate Bond ETF, BulletShares 2019 High Yield Corporate Bond ETF, BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF and BulletShares 2025 High Yield Corporate Bond ETF (collectively, the “Withdrawing Borrowers”), were parties to a 364-day committed, $1,000,000,000 line of credit facility with a syndicate administered by Citibank, N.A, which was in place through October 6, 2017, at which time the line of credit was renewed with an increased commitment amount of $1,065,000,000. The Withdrawing Borrowers were permitted to borrow up to the lesser of (1) $1,065,000,000 or (2) the limits set by the prospectus for borrowings. Fees related to borrowings, if any, varied under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1% or the federal funds rate plus 1/2 of 1%. All Withdrawing Borrowers that participated in the line of credit paid upfront costs to renew the line of credit and a commitment fee of 0.15% on the amount of the commitment that had not been utilized. In case of borrowings from the line of credit, the Withdrawing Borrowers paid the associated interest expenses. Effective April 16, 2018 all Withdrawing Borrowers noted above except BulletShares 2025 High Yield Corporate Bond ETF, and effective May 17, 2018 BulletShares 2025 High Yield Corporate Bond ETF, withdrew as borrowers under the line of credit facility and all rights and obligations of the Withdrawing Borrowers terminated.


		228

Expenses under the line of credit facility are shown in the Statements of Operations as Line of Credit Fee. There were no outstanding borrowings under this agreement during the period ended May 31, 2018.

Note 12. Capital

Shares are issued and redeemed by the Funds only in Creation Units of 150,000 for BulletShares 2018 Corporate Bond ETF, BulletShares 2019 Corporate Bond ETF, BulletShares 2020 Corporate Bond ETF, BulletShares 2021 Corporate Bond ETF, BulletShares 2022 Corporate Bond ETF, BulletShares 2023 Corporate Bond ETF, BulletShares 2024 Corporate Bond ETF, BulletShares 2025 Corporate Bond ETF, BulletShares 2026 Corporate Bond ETF, BulletShares 2027 Corporate Bond ETF and BulletShares 2028 Corporate Bond ETF and 100,000 for BulletShares 2018 High Yield Corporate Bond ETF, BulletShares 2019 High Yield Corporate Bond ETF, BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF, BulletShares 2025 High Yield Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions (except for BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF) are generally exchanged for the deposit or delivery of a basket of securities (‘Deposit Securities”) and/or cash. Such transactions for BulletShares 2028 Corporate Bond ETF and BulletShares 2026 High Yield Corporate Bond ETF are generally in exchange for the deposit or delivery of cash. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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 13. Indemnifications


		229

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 twenty Funds listed 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 (twenty of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and 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 in the table below (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, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.


Fund Name		Predecessor Fund
Invesco BulletShares 2018 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2018 Corporate Bond ETF
Invesco BulletShares 2019 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2019 Corporate Bond ETF
Invesco BulletShares 2020 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2020 Corporate Bond ETF
Invesco BulletShares 2021 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2021 Corporate Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2022 Corporate Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2023 Corporate Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF⁽²⁾		—
Invesco BulletShares 2028 Corporate Bond ETF⁽³⁾		—
Invesco BulletShares 2018 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
Invesco BulletShares 2019 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
Invesco BulletShares 2020 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2021 High Yield Corporate Bond ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2022 High Yield Corporate Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2023 High Yield Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF⁽¹⁾		Guggenheim BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF⁽²⁾		—
Invesco BulletShares 2026 High Yield Corporate Bond ETF⁽³⁾		—

⁽¹⁾	Statements of operations and changes in net assets and the financial highlights for the period June 1, 2018 through August 31, 2018 and for the year ended May 31, 2018

⁽²⁾	Statements of operations and changes in net assets and the financial highlights for the period June 1, 2018 through August 31, 2018 and for the period September 27, 2017 (commencement of investment operations) through May 31, 2018

⁽³⁾	Statements of operations and changes in net assets and the financial highlights for the period August 7, 2018 (commencement of investment operations) through August 31, 2018

The financial statements of the Predecessor Funds listed in the table above as of and for the year or periods ended May 31, 2017 and the financial highlights for each of the periods ended on or prior to May 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions


		230

Report of Independent Registered Public Accounting Firm (continued)

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.

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		231

Fees and Expenses

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2018.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2018 Corporate Bond ETF (BSCI)
Actual	$	1,000.00	$	1,010.50		0.12	%	$	0.61
Hypothetical (5% return before expenses)		1,000.00		1,024.60		0.12			0.61
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)
Actual		1,000.00		1,006.50		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
Actual		1,000.00		1,010.90		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
Actual		1,000.00		1,006.20		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
Actual		1,000.00		1,011.20		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
Actual		1,000.00		1,010.20		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Actual		1,000.00		1,010.10		0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66


		232

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
Actual	$	1,000.00	$	1,010.10			0.13	%	$	0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55			0.13			0.66
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Actual		1,000.00		1,010.70			0.13			0.66
Hypothetical (5% return before expenses)		1,000.00		1,024.55			0.13			0.66
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
Actual		1,000.00		1,007.80			0.12			0.61
Hypothetical (5% return before expenses)		1,000.00		1,024.60			0.12			0.61
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
Actual		1,000.00		1,003.00	⁽²⁾		0.10			0.07	⁽³⁾
Hypothetical (5% return before expenses)		1,000.00		1,024.70	⁽²⁾		0.10			0.51	⁽³⁾
Invesco BulletShares 2018 High Yield Corporate Bond ETF (BSJI)
Actual		1,000.00		1,014.00			0.42			2.13
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)
Actual		1,000.00		1,010.80			0.42			2.13
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
Actual		1,000.00		1,015.60			0.42			2.13
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
Actual		1,000.00		1,018.10			0.42			2.14
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
Actual		1,000.00		1,015.90			0.42			2.13
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
Actual		1,000.00		1,021.40			0.42			2.14
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
Actual		1,000.00		1,022.20			0.42			2.14
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
Actual		1,000.00		1,029.40			0.42			2.15
Hypothetical (5% return before expenses)		1,000.00		1,023.09			0.42			2.14
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
Actual		1,000.00		1,005.60	⁽²⁾		0.42			0.29	⁽³⁾
Hypothetical (5% return before expenses)		1,000.00		1,023.09	⁽²⁾		0.42			2.14	⁽³⁾

⁽¹⁾

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period August 7, 2018 (commencement of investment operations) through August 31, 2018, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period August 7, 2018 (commencement of investment operations) to August 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 25/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.


		233

Tax Information

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 period ended August 31, 2018:


	Qualified Dividend Income*			Corporate Dividends-Received Deduction*			Qualified Interest Income*			Long-Term Capital Gains
Invesco BulletShares 2018 Corporate Bond ETF		0	%		0	%		77	%		$	276,722
Invesco BulletShares 2019 Corporate Bond ETF		0	%		0	%		77	%			—
Invesco BulletShares 2020 Corporate Bond ETF		0	%		0	%		82	%			—
Invesco BulletShares 2021 Corporate Bond ETF		0	%		0	%		76	%			28,220
Invesco BulletShares 2022 Corporate Bond ETF		0	%		0	%		78	%			—
Invesco BulletShares 2023 Corporate Bond ETF		0	%		0	%		81	%			26,797
Invesco BulletShares 2024 Corporate Bond ETF		0	%		0	%		81	%			—
Invesco BulletShares 2025 Corporate Bond ETF		0	%		0	%		87	%			—
Invesco BulletShares 2026 Corporate Bond ETF		0	%		0	%		82	%			2,700
Invesco BulletShares 2027 Corporate Bond ETF		0	%		0	%		82	%			—
Invesco BulletShares 2028 Corporate Bond ETF		0	%		0	%		0	%			—
Invesco BulletShares 2018 High Yield Corporate Bond ETF		0	%		0	%		90	%			—
Invesco BulletShares 2019 High Yield Corporate Bond ETF		0	%		0	%		89	%			—
Invesco BulletShares 2020 High Yield Corporate Bond ETF		0	%		0	%		81	%			—
Invesco BulletShares 2021 High Yield Corporate Bond ETF		0	%		0	%		83	%			78,391
Invesco BulletShares 2022 High Yield Corporate Bond ETF		0	%		0	%		83	%			—
Invesco BulletShares 2023 High Yield Corporate Bond ETF		0	%		0	%		80	%			42,007
Invesco BulletShares 2024 High Yield Corporate Bond ETF		0	%		0	%		84	%			53,430
Invesco BulletShares 2025 High Yield Corporate Bond ETF		0	%		0	%		79	%			—
Invesco BulletShares 2026 High Yield Corporate Bond ETF		0	%		0	%		0	%			—

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		234

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2016	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee and Trustee since 2016	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee and Trustee since 2016	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		235

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2016	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman and Trustee since 2016	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		236

Trustees and Officers (continued)

Name, Address and Year of
Birth of Unaffiliated Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Unaffiliated
Trustee

Other
Directorships
Held by
Unaffiliated
Trustee During
the Past 5 Years

Philip M. Nussbaum***—1961

c/o Invesco Capital
Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2016

Chairman, Performance Trust Capital Partners (2004-Present).

221

None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		237

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2015	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		238

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2016	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, 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 (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		239

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2015	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2016	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of 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 (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		240

Board Considerations Regarding Approval of Investment Advisory Agreement for

Invesco Emerging Markets Debt Defensive ETF

Invesco Emerging Markets Debt Value ETF

Invesco High Yield Defensive ETF

Invesco High Yield Value ETF

Invesco Investment Grade Defensive ETF

Invesco Investment Grade Value ETF

Invesco Multi-Factor Core Fixed Income ETF

Invesco Multi-Factor Core Plus Fixed Income ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2021 USD Emerging Markets Debt ETF

Invesco BulletShares 2022 USD Emerging Markets Debt ETF

Invesco BulletShares 2023 USD Emerging Markets Debt ETF

Invesco BulletShares 2024 USD Emerging Markets Debt ETF

Invesco Strategic Developed ex-US ETF

Invesco Strategic Developed ex-US Small Company ETF

Invesco Strategic Emerging Markets ETF

Invesco Strategic US ETF

Invesco Strategic US Small Company ETF

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.


		241

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)


Fund	ETF Peer Group (Number of Peers)¹	Open-End Index Fund Peer Group (Number of Peers)²	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco Emerging Markets Debt Defensive ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco Emerging Markets Debt Value ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco High Yield Defensive ETF	Lower than median (18)	N/A	Lower than median (158)	Lower than median (2)
Invesco High Yield Value ETF	Lower than median (18)	N/A	Lower than median (158)	Lower than median (2)
Invesco Investment Grade Defensive ETF (Corporate Debt Funds A-Rated Lipper Classification)	Higher than median (2)	Lower than median (1)	Lower than median (16)	Lower than median (3)
Invesco Investment Grade Defensive ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Lower than median (3)
Invesco Investment Grade Value ETF (Corporate Debt Funds A-Rated Lipper Classification)	Higher than median (2)	Lower than median (1)	Lower than median (16)	Lower than median (3)
Invesco Investment Grade Value ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Lower than median (3)
Invesco Multi-Factor Core Fixed Income ETF	Higher than median (8)	Lower than median (15)	Lower than median (121)	Lower than median (5)
Invesco Multi-Factor Core Plus Fixed Income ETF	N/A	Lower than median (1)	Lower than median (61)	Lower than median (5)
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt Funds A-Rated Lipper Classification)	Lower than median (2)	Lower than median (1)	Lower than median (16)	Same as the median (9)
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt Funds BBB-Rated Lipper Classification)	Lower than median (23)	Higher than median (3)	Lower than median (58)	Same as the median (9)
Invesco BulletShares 2026 High Yield Corporate Bond ETF	Higher than median (18)	N/A	Lower than median (158)	Higher than median (2)
Invesco BulletShares 2021 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2022 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2023 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF	Lower than median (9)	Lower than median (1)	Lower than median (63)	Lower than median (6)
Invesco Strategic Developed ex-US ETF (International Multi-Cap Core Funds Lipper Classification)	Lower than median (29)	Lower than median (34)	Lower than median (65)	Lower than median (7)
Invesco Strategic Developed ex-US ETF (International Large-Cap Core Funds Lipper Classification)	Lower than median (4)	Lower than median (6)	Lower than median (23)	Lower than median (7)
Invesco Strategic Developed ex-US Small Company ETF	Lower than median (4)	Lower than median (1)	Lower than median (21)	Lower than median (3)
Invesco Strategic Emerging Markets ETF	Lower than median (58)	Higher than median (10)	Lower than median (211)	Lower than median (9)


		242

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)


Fund	ETF Peer Group (Number of Peers)¹	Open-End Index Fund Peer Group (Number of Peers)²	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco Strategic US ETF (Multi-Cap Core Funds Lipper Classification)	Lower than median (34)	Higher than median (22)	Lower than median (194)	Lower than median (11)
Invesco Strategic US ETF (Large-Cap Core Funds Lipper Classification)	Lower than median (33)	Lower than median (26)	Lower than median (190)	Lower than median (11)
Invesco Strategic US Small Company ETF	Lower than median (29)	Same as median (30)	Lower than median (258)	Lower than median (10)

¹	The information provided by the Adviser indicated that certain Funds did not have any comparable passive ETF fund peers. Those Funds have been designated with an “N/A” for not available.

²	The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.


		243

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Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-AR-1

invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2018.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his 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 series of the Registrant with a fiscal year end of August 31, 2018 aggregate fees for services rendered to these series 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 2018
Audit Fees		$ 447,220
Audit-Related Fees		$ 0
Tax Fees⁽¹⁾		$ 72,700
All Other Fees		$ 0
Total Fees		$ 519,920

(1) Tax fees for the fiscal year ended August 31, 2018 includes fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s 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 fiscal year 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 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾		$ 662,000
Tax Fees		$ 0
All Other Fees		$ 0
Total Fees		$ 662,000

(1) Audit-Related fees for the fiscal year end 2018 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

Approved/Adopted Date

June 2009

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:

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

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

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;

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

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.

Adopted: June 26, 2009

Amended: June 15, 2018

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)

PwC billed Invesco and Affiliates additional aggregate fees of $2,211,000 for the fiscal year ended August 31, 2018 for non-audit services not required to pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $2,946,000 for the fiscal year ended August 31, 2018.

(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 $25 million and non-audit services of approximately $16 million for the fiscal year ended 2018. The Audit Committee considered this information in evaluating PwC’s independence.

PwC informed the Audit Committee of the Board of the Trust (the “Audit Committee”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances.

In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Trust, within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications , PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Trust’s registered public accounting firm. PWC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any Fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Trust intends to rely upon the no-action letter.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund may need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

PwC advised the Registrant’s Audit Committee that PwC had identified two matters for consideration under the SEC’s auditor independence rules. PwC stated that a PwC manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X.

PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant and the

investments were not material to the net worth of either individual or their immediate family members.

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, Gary R. Wicker, and Donald H. Wilson.

(b)

Not applicable.

Item 6. Schedule of Investments.

(a)

The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


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

(a)(2)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)		Not applicable.

(a)(4)		Change in Registrant’s Independent Public Accountant- attached as Exhibit 99.ACCT

(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Self-Indexed Fund Trust

By: /s/ Daniel E. Draper

Name: Daniel E. Draper

Title: President

Date: 11/07/2018

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/ Daniel E. Draper

Name: Daniel E. Draper

Title: President

Date: 11/07/2018

By: /s/ Kelli Gallegos

Name: Kelli Gallegos

Title: Treasurer

Date: 11/07/2018


Full Name	Predecessor Fund (as defined below)	Short Name
Invesco BulletShares 2018 Corporate Bond ETF	Guggenheim BulletShares 2018 Corporate Bond ETF	BulletShares 2018 Corporate Bond ETF
Invesco BulletShares 2019 Corporate Bond ETF	Guggenheim BulletShares 2019 Corporate Bond ETF	BulletShares 2019 Corporate Bond ETF
Invesco BulletShares 2020 Corporate Bond ETF	Guggenheim BulletShares 2020 Corporate Bond ETF	BulletShares 2020 Corporate Bond ETF
Invesco BulletShares 2021 Corporate Bond ETF	Guggenheim BulletShares 2021 Corporate Bond ETF	BulletShares 2021 Corporate Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF	Guggenheim BulletShares 2022 Corporate Bond ETF	BulletShares 2022 Corporate Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF	Guggenheim BulletShares 2023 Corporate Bond ETF	BulletShares 2023 Corporate Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF	Guggenheim BulletShares 2024 Corporate Bond ETF	BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF	Guggenheim BulletShares 2025 Corporate Bond ETF	BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF	Guggenheim BulletShares 2026 Corporate Bond ETF	BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF	Guggenheim BulletShares 2027 Corporate Bond ETF	BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF*	—	BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2018 High Yield Corporate Bond ETF	Guggenheim BulletShares 2018 High Yield Corporate Bond ETF	BulletShares 2018 High Yield Corporate Bond ETF
Invesco BulletShares 2019 High Yield Corporate Bond ETF	Guggenheim BulletShares 2019 High Yield Corporate Bond ETF	BulletShares 2019 High Yield Corporate Bond ETF
Invesco BulletShares 2020 High Yield Corporate Bond ETF	Guggenheim BulletShares 2020 High Yield Corporate Bond ETF	BulletShares 2020 High Yield Corporate Bond ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF	Guggenheim BulletShares 2021 High Yield Corporate Bond ETF	BulletShares 2021 High Yield Corporate Bond ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF	Guggenheim BulletShares 2022 High Yield Corporate Bond ETF	BulletShares 2022 High Yield Corporate Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF	Guggenheim BulletShares 2023 High Yield Corporate Bond ETF	BulletShares 2023 High Yield Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF	Guggenheim BulletShares 2024 High Yield Corporate Bond ETF	BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF	Guggenheim BulletShares 2025 High Yield Corporate Bond ETF	BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF*	—	BulletShares 2026 High Yield Corporate Bond ETF