N-CSR

N-CSR 1 d224075dncsr.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)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2021

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

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

Item 1.

Reports to Stockholders.

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

(b)	Not applicable.


		Invesco Annual Report to Shareholders
		August 31, 2021

		BSCL		Invesco BulletShares 2021 Corporate Bond ETF

		BSCM		Invesco BulletShares 2022 Corporate Bond ETF

		BSCN		Invesco BulletShares 2023 Corporate Bond ETF

		BSCO		Invesco BulletShares 2024 Corporate Bond ETF

		BSCP		Invesco BulletShares 2025 Corporate Bond ETF

		BSCQ		Invesco BulletShares 2026 Corporate Bond ETF

		BSCR		Invesco BulletShares 2027 Corporate Bond ETF

		BSCS		Invesco BulletShares 2028 Corporate Bond ETF

		BSCT		Invesco BulletShares 2029 Corporate Bond ETF

		BSCU		Invesco BulletShares 2030 Corporate Bond ETF

		BSJL		Invesco BulletShares 2021 High Yield Corporate Bond ETF

		BSJM		Invesco BulletShares 2022 High Yield Corporate Bond ETF

		BSJN		Invesco BulletShares 2023 High Yield Corporate Bond ETF

		BSJO		Invesco BulletShares 2024 High Yield Corporate Bond ETF

		BSJP		Invesco BulletShares 2025 High Yield Corporate Bond ETF

		BSJQ		Invesco BulletShares 2026 High Yield Corporate Bond ETF

		BSJR		Invesco BulletShares 2027 High Yield Corporate Bond ETF

		BSJS		Invesco BulletShares 2028 High Yield Corporate Bond ETF

		BSML		Invesco BulletShares 2021 Municipal Bond ETF

		BSMM		Invesco BulletShares 2022 Municipal Bond ETF

		BSMN		Invesco BulletShares 2023 Municipal Bond ETF

		BSMO		Invesco BulletShares 2024 Municipal Bond ETF

		BSMP		Invesco BulletShares 2025 Municipal Bond ETF

		BSMQ		Invesco BulletShares 2026 Municipal Bond ETF

		BSMR		Invesco BulletShares 2027 Municipal Bond ETF

		BSMS		Invesco BulletShares 2028 Municipal Bond ETF

		BSMT		Invesco BulletShares 2029 Municipal Bond ETF

		BSMU		Invesco BulletShares 2030 Municipal Bond ETF

		BSAE		Invesco BulletShares 2021 USD Emerging Markets Debt ETF

		BSBE		Invesco BulletShares 2022 USD Emerging Markets Debt ETF

		BSCE		Invesco BulletShares 2023 USD Emerging Markets Debt ETF

		BSDE		Invesco BulletShares 2024 USD Emerging Markets Debt ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			100

Schedules of Investments

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)			101

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)			104

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)			111

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)			118

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)			124

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)			131

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)			138

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)			144

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)			149

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)			154

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)			159

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)			161

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)			165

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)			170

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)			175

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)			181

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)			186

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)			190

Invesco BulletShares 2021 Municipal Bond ETF (BSML)			194

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)			201

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)			207

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)			216

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)			226

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)			233

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)			241

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)			247

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)			251

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)			256

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)			259

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)			260

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)			264

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)			267

Statements of Assets and Liabilities			270

Statements of Operations			276

Statements of Changes in Net Assets			282

Financial Highlights			293

Notes to Financial Statements			325

Report of Independent Registered Public Accounting Firm			344

Fund Expenses			347

Tax Information			351

Trustees and Officers			356

Approval of Investment Advisory Contracts			366


		2

The Market Environment

Fixed Income

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the US Federal Reserve’s (the Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads rallied early in the quarter, however, US markets wobbled late in the quarter amid a resurgence in European coronavirus (COVID-19) cases, as well as questions over refreshed fiscal stimulus measures. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,¹ its lowest since the beginning of the COVID-19 pandemic.

US corporate markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Corporate issuance of investment-grade credit slowed in the quarter, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the quarter. The two-year Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25bps, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, steepened modestly during the quarter. Cyclical sectors like energy and financials led the way during the fourth quarter, while real estate and consumer staples lagged.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,2 its highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021 as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Federal Reserve policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.²

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply

rising interest rate environment. Despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US gross domestic product grew at a 6.4% annualized rate for the first quarter of 2021.³ As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter and economically sensitive areas such as the consumer discretionary and technology sectors began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors are cautiously optimistic and expect corporate balance sheets to continue to recover meaningfully in 2021.

¹	Source: US Bureau of Labor Statistics

²	Source: US Department of the Treasury

³	Source: Bureau of Economic Analysis


		3


BSCL		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2021 Index (the “2021 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 0.23%. On a net asset value (“NAV”) basis, the Fund returned 0.32%. During the same time period, the Index returned 0.42%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 2.53%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the

marketplace, and its performance comparison is a useful measure

for investors as a 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 software industry and most underweight in the aerospace & defense industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the banks industry contributed most significantly to the Fund’s return, followed by the software industry. The chemicals industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Deutsche Bank AG (Germany), 4.25% coupon, due 10/14/2021, a capital markets company (portfolio average weight of 3.20%), and Oracle Corp., 1.90% coupon, due 09/15/2021, a software company (portfolio average weight of 3.80%). Positions that detracted most significantly from the Fund’s return during the period included Ecolab, Inc., 4.35% coupon, due 12/08/2021, a chemicals company (no longer held at fiscal year-end), and Gilead Sciences, Inc., 4.50% coupon, due 04/01/2021, a biotechnology company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
U.S. Treasury Securities			44.77
Financials			19.71
Health Care			7.50
Information Technology			5.34
Consumer Staples			5.16
Industrials			4.80
Consumer Discretionary			3.92
Utilities			3.89
Sector Types Each Less Than 3%			3.35
Money Market Funds Plus Other Assets Less Liabilities			1.56


		4

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
U.S. Treasury Bills, 0.04%–0.05%, 12/02/2021			28.38
U.S. Treasury Bills, 0.04%–0.05%, 09/23/2021			16.39
Oracle Corp., 1.90%, 09/15/2021			3.81
Deutsche Bank AG, 4.25%, 10/14/2021			3.14
Morgan Stanley, 2.63%, 11/17/2021			2.83
Citigroup, Inc., 2.90%, 12/08/2021			2.23
Credit Suisse AG, 3.00%, 10/29/2021			1.91
Credit Suisse AG, 2.10%, 11/12/2021			1.89
Gilead Sciences, Inc., 0.75%, 09/29/2023			1.67
NextEra Energy Capital Holdings, Inc., 2.40%, 09/01/2021			1.38
Total			63.63

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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		0.42	%		2.95	%		9.10	%		2.04	%		10.63	%		3.26	%		29.74	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			4.78			26.30			5.02			48.89
Fund
NAV Return		0.32			2.84			8.75			1.95			10.12			3.20			29.20
Market Price Return		0.23			2.74			8.44			1.87			9.73			3.20			29.15


		5

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

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 the 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 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:

-	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.


		6


BSCM		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2022 Index (the “2022 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2022 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2022.

Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 0.78%. On a net asset value (“NAV”) basis, the Fund returned 0.69%. During the same time period, the Index returned 0.76%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the capital markets industry and most underweight in the electric consumer finance industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the banks industry contributed most significantly to the Fund’s return, followed by the equity real estate investment trusts (“REITs”) industry. The software industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Barclays Bank PLC (United Kingdom), 7.63% coupon, due 11/21/2022, a banks company (portfolio average weight of 0.60%), and MPT Operating Partnership L.P./MPT Finance Corp., 5.00% coupon, due 10/15/2027, an equity REITs company (portfolio average weight of 0.50%). Positions that detracted most significantly from the Fund’s return during the period included Marriott International, Inc., 2.30% coupon, due 01/15/2022, a hotels, restaurants & leisure company (no longer held at fiscal year-end), and CA Inc., 3.60% coupon, due 08/15/2022, a software company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			33.54
Health Care			12.64
Information Technology			12.04
Industrials			8.16
Consumer Discretionary			7.79
Energy			7.56
Consumer Staples			6.74
Utilities			3.70
Communication Services			3.63
Sector Types Each Less Than 3%			2.78
Money Market Funds Plus Other Assets Less Liabilities			1.42


		7

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022			1.35
Morgan Stanley, 2.75%, 05/19/2022			0.99
AbbVie, Inc., 2.30%, 11/21/2022			0.96
AbbVie, Inc., 2.90%, 11/06/2022			0.94
JPMorgan Chase & Co., 3.25%, 09/23/2022			0.93
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022			0.92
Boeing Co. (The), 1.43%, 02/04/2024			0.89
Cooperatieve Rabobank U.A., 3.88%, 02/08/2022			0.88
Centene Corp., 4.25%, 12/15/2027			0.79
Citigroup, Inc., 4.50%, 01/14/2022			0.76
Total			9.41

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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		0.76	%		4.12	%		12.89	%		2.70	%		14.26	%		3.84	%		35.79	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			4.78			26.30			5.02			48.89
Fund
NAV Return		0.69			4.00			12.48			2.59			13.65			3.68			34.07
Market Price Return		0.78			3.93			12.26			2.56			13.47			3.68			34.08


		8

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

Guggenheim BulletShares 2022 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 2013

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.


		9


BSCN		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2023 Index (the “2023 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2023 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.02%. On a net asset value (“NAV”) basis, the Fund returned 1.01%. During the same time period, the Index returned 1.13%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the airlines industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the aerospace & defense and banks industries contributed most significantly to the Fund’s return. The chemicals industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Boeing Co. (The), 4.51% coupon, due 05/01/2023, an aerospace & defense company (portfolio average weight of 0.90%), and Natwest Group PLC (United Kingdom), 6.00% coupon, due 12/19/2023, a banks company (portfolio average weight of 0.50%). Positions that detracted most significantly from the Fund’s return during the period included DuPont de Nemours, Inc., 2.17% coupon, due 05/01/2023, a chemicals company (no longer held at fiscal year-end), and Comcast Corp., 2.85% coupon, due 01/15/2023, a media company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			30.19
Consumer Discretionary			11.23
Health Care			10.61
Energy			10.28
Information Technology			10.13
Industrials			9.83
Consumer Staples			5.79
Utilities			4.97
Sector Types Each Less Than 3%			6.18
Money Market Funds Plus Other Assets Less Liabilities			0.79


		10

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Apple, Inc., 2.40%, 05/03/2023			1.53
Boeing Co. (The), 2.20%, 02/04/2026			1.48
Bank of America Corp., 3.30%, 01/11/2023			1.20
Dell International LLC/EMC Corp., 5.45%, 06/15/2023			1.07
Boeing Co. (The), 4.51%, 05/01/2023			0.85
AT&T, Inc., 1.70%, 03/25/2026			0.82
Walmart, Inc., 3.40%, 06/26/2023			0.77
JPMorgan Chase & Co., 3.20%, 01/25/2023			0.77
Natwest Group PLC, 3.88%, 09/12/2023			0.76
Exxon Mobil Corp., 1.57%, 04/15/2023			0.75
Total			10.00

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2023 Index		1.13	%		5.10	%		16.10	%		3.27	%		17.46	%		4.14	%		32.56	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			4.78			26.30			4.98			40.21
Fund
NAV Return		1.01			4.92			15.48			3.10			16.48			4.00			31.32
Market Price Return		1.02			4.88			15.35			3.06			16.29			3.99			31.25


		11

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

Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

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.


		12


BSCO		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2024 Index (the “2024 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2024 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.59%. On a net asset value (“NAV”) basis, the Fund returned 1.59%. During the same time period, the Index returned 1.68%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the construction & engineering industry. The biotechnology industry detracted most significantly from the Fund’s return during the period, followed by the automobiles industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Centene Corp., 4.63% coupon, due 12/15/2029, a health care providers & services company (portfolio average weight of 1.29%), and Fluor Corp, 3.50% coupon, due 12/15/2024, a construction & engineering company (portfolio average weight of 0.20%). Positions that detracted most significantly from the Fund’s return during the period included AbbVie, Inc., 2.60% coupon, due 11/21/2024, a biotechnology company (portfolio average weight of 0.10%), and Toyota Motor Corp., 0.68% coupon, due 03/25/2024, an automobiles company (portfolio average weight of 0.40%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			31.12
Information Technology			11.88
Energy			11.46
Health Care			10.94
Consumer Discretionary			8.63
Industrials			6.67
Consumer Staples			6.06
Communication Services			5.41
Sector Types Each Less Than 3%			6.55
Money Market Funds Plus Other Assets Less Liabilities			1.28


		13

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
AbbVie, Inc., 2.60%, 11/21/2024			1.30
Centene Corp., 4.63%, 12/15/2029			1.28
Bank of America Corp., 4.20%, 08/26/2024			1.10
JPMorgan Chase & Co., 3.88%, 09/10/2024			1.08
Morgan Stanley, 3.70%, 10/23/2024			1.08
Credit Suisse AG, 3.63%, 09/09/2024			1.08
Morgan Stanley, Series F, 3.88%, 04/29/2024			1.08
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024			1.08
Bank of America Corp., 4.13%, 01/22/2024			0.90
Apple, Inc., 3.45%, 05/06/2024			0.89
Total			10.87

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2024 Index		1.68	%		6.23	%		19.88	%		3.92	%		21.23	%		4.72	%		37.81	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			4.78			26.30			4.98			40.21
Fund
NAV Return		1.59			6.05			19.27			3.72			20.06			4.51			35.86
Market Price Return		1.59			6.01			19.14			3.74			20.13			4.51			35.93


		14

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

Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014

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.


		15


BSCP		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2025 Index (the “2025 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2025 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2025.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.25%. On a net asset value (“NAV”) basis, the Fund returned 1.25%. During the same time period, the Index returned 1.35%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing, which were partially offset by the positive impact of the sampling approach employed by the portfolio management team.

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 media industry and most underweight in the chemicals industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the bank industry.

For the fiscal year ended August 31, 2021, the banks industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels industry. There were no industries which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Boeing Co. (The), 4.88% coupon, due 05/01/2025, an aerospace & defense company (portfolio average weight of 0.90%), and Cenovus Energy, Inc. (Canada), 5.38% coupon, due 07/15/2025, an oil, gas & consumable fuels company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Oracle Corp., 2.50% coupon, due 04/01/2025, a software company (portfolio average weight of 0.10%), and Procter & Gamble Co. (The), 0.55% coupon, due 10/29/2025, a household products company (portfolio average weight of 0.20%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			26.45
Health Care			13.29
Information Technology			11.77
Energy			10.72
Consumer Discretionary			9.24
Industrials			8.85
Communication Services			5.96
Consumer Staples			4.99
Utilities			3.47
Real Estate			3.28
Materials			1.08
Money Market Funds Plus Other Assets Less Liabilities			0.90


		16

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025			1.21
Visa, Inc., 3.15%, 12/14/2025			1.04
AbbVie, Inc., 3.60%, 05/14/2025			0.97
Boeing Co. (The), 4.88%, 05/01/2025			0.92
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025			0.91
Oracle Corp., 2.50%, 04/01/2025			0.87
Morgan Stanley, 4.00%, 07/23/2025			0.79
Microsoft Corp., 3.13%, 11/03/2025			0.78
CVS Health Corp., 3.88%, 07/20/2025			0.74
Shell International Finance B.V., 3.25%, 05/11/2025			0.71
Total			8.94

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2025 Index		1.35	%		6.86	%		22.02	%		4.10	%		22.22	%		5.04	%		33.67	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			4.78			26.30			5.48			36.95
Fund
NAV Return		1.25			6.75			21.65			3.94			21.30			4.81			31.90
Market Price Return		1.25			6.64			21.26			3.88			20.98			4.81			31.91


		17

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

Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015

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.


		18


BSCQ		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2026 Index (the “2026 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2026 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.11%. On a net asset value (“NAV”) basis, the Fund returned 1.16%. During the same time period, the Index returned 1.29%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the chemicals industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection and being overweight in the industrials sector.

For the fiscal year ended August 31, 2021, the airlines industry contributed most significantly to the Fund’s return, followed by the technology hardware, storage & peripherals industry. The software industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Delta Air Lines, Inc., 7.38% coupon, due 01/15/2026, an airlines company (portfolio average weight of 1.29%), and Western Digital Corp., 4.75% coupon, due 02/15/2026, a technology hardware, storage & peripherals company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return during the period included Oracle Corp., 2.65% coupon, due 07/15/2026, a software company (portfolio average weight of 0.80%), and AbbVie, Inc., 2.95% coupon, due 11/21/2026, a biotechnology company (portfolio average weight of 1.10%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			30.92
Health Care			11.42
Information Technology			11.17
Consumer Discretionary			8.59
Energy			8.13
Industrials			6.71
Consumer Staples			6.34
Communication Services			5.47
Real Estate			4.87
Utilities			4.48
Materials			1.08
Money Market Funds Plus Other Assets Less Liabilities			0.82


		19

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Dell International LLC/EMC Corp., 6.02%, 06/15/2026			1.35
AbbVie, Inc., 2.95%, 11/21/2026			1.09
Microsoft Corp., 2.40%, 08/08/2026			1.08
Wells Fargo & Co., 3.00%, 04/22/2026			0.96
Wells Fargo & Co., 3.00%, 10/23/2026			0.96
Apple, Inc., 3.25%, 02/23/2026			0.91
Morgan Stanley, 3.88%, 01/27/2026			0.85
HSBC Holdings PLC, 4.30%, 03/08/2026			0.85
Citigroup, Inc., 3.20%, 10/21/2026			0.83
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026			0.83
Total			9.71

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2026 Index		1.29	%		7.67	%		24.82	%		4.64	%		25.23	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			5.08			27.87
Fund
NAV Return		1.16			7.55			24.40			4.57			24.80
Market Price Return		1.11			7.52			24.30			4.58			24.88


		20

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

Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016

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.


		21


BSCR		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Corporate Bond 2027 Index (the “2027 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2027 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 2.04%. On a net asset value (“NAV”) basis, the Fund returned 1.94%. During the same time period, the Index returned 2.08%. 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 that the Fund incurred during the period, as well as the negative impact of the sampling approach employed by the portfolio management team and costs associated with portfolio rebalancing and sampling.

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 banks industry and most underweight in the building products industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the banks industry.

For the fiscal year ended August 31, 2021, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. The biotechnology industry detracted the most from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Southwest Airlines Co., 5.13% coupon, due 06/15/2027, an airlines company (portfolio average weight of 0.80%), and Boeing Co. (The), 5.04% coupon, due 05/01/2027, an aerospace & defense company (portfolio average weight of 0.80%). Positions that detracted most significantly from the Fund’s return during the period included Pacific Gas and Electric Co., 2.10% coupon, due 08/01/2027, an electric utilities company (portfolio average weight of 0.30%), and Oracle Corp., 3.25% coupon, due 11/15/2027, a software company (portfolio average weight of 1.00%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			21.79
Information Technology			15.34
Health Care			10.81
Consumer Discretionary			10.22
Energy			8.72
Industrials			8.47
Consumer Staples			7.71
Communication Services			6.35
Utilities			3.90
Real Estate			3.71
Materials			2.05
Money Market Funds Plus Other Assets Less Liabilities			0.93


		22

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027			1.53
Microsoft Corp., 3.30%, 02/06/2027			1.51
Citigroup, Inc., 4.45%, 09/29/2027			1.49
Amazon.com, Inc., 3.15%, 08/22/2027			1.31
Verizon Communications, Inc., 4.13%, 03/16/2027			1.26
Morgan Stanley, 3.63%, 01/20/2027			1.13
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027			1.12
Oracle Corp., 3.25%, 11/15/2027			1.02
Wells Fargo & Co., 4.30%, 07/22/2027			0.97
Bank of America Corp., 3.25%, 10/21/2027			0.90
Total			12.24

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2027 Index		2.08	%		8.06	%		26.19	%		5.77	%		24.65	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			5.67			24.15
Fund
NAV Return		1.94			7.91			25.66			5.55			23.61
Market Price Return		2.04			7.90			25.62			5.58			23.75


		23

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

Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017

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.


		24


BSCS		Management’s Discussion of Fund Performance
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 “2028 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2028 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.95%. On a net asset value (“NAV”) basis, the Fund returned 1.90%. During the same time period, the Index returned 2.12%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the negative impact of the Fund’s sampling methodology in addition to fees and operating expenses incurred by the Fund during the period as well as costs associated with portfolio rebalancing and sampling.

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 banks industry and most underweight in the metals & mining industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2021, the banks industry contributed most significantly to the Fund’s return, followed by the equity real estate investment trusts (“REITs”) industry. The chemicals industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Continental Resources, Inc., 4.38% coupon, due 01/15/2028, an oil, gas & consumable fuels company (portfolio average weight of 0.50%), and Fluor Corp., 4.25% coupon, due 09/15/2028, a construction & engineering company (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return during this period included PPG Industries, Inc., 3.75% coupon, due 03/15/2028, a chemicals company (portfolio average weight of 0.40%), and Unilever Capital Corp. (United Kingdom), 3.50% coupon, due 03/22/2028, a personal products company (portfolio average weight of 0.70%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Health Care			16.57
Financials			15.95
Industrials			11.21
Consumer Staples			9.81
Communication Services			9.36
Energy			8.90
Consumer Discretionary			8.22
Information Technology			7.10
Real Estate			5.63
Utilities			4.98
Materials			1.02
Money Market Funds Plus Other Assets Less Liabilities			1.25


		25

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
CVS Health Corp., 4.30%, 03/25/2028			3.98
Cigna Corp., 4.38%, 10/15/2028			2.17
Vodafone Group PLC, 4.38%, 05/30/2028			1.70
Raytheon Technologies Corp., 4.13%, 11/16/2028			1.69
Walmart, Inc., 3.70%, 06/26/2028			1.52
Verizon Communications, Inc., 2.10%, 03/22/2028			1.50
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 04/13/2028			1.37
Discovery Communications LLC, 3.95%, 03/20/2028			1.35
Apple, Inc., 1.20%, 02/08/2028			1.19
Citigroup, Inc., 4.13%, 07/25/2028			1.18
Total			17.65

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2028 Index		2.12	%		8.31	%		27.07	%		8.29	%		27.58	%
Bloomberg U.S. Corporate Index		2.53			7.70			24.92			7.68			25.40
Fund
NAV Return		1.90			8.07			26.20			8.03			26.66
Market Price Return		1.95			8.04			26.10			7.99			26.49


		26

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

Fund Inception: August 9, 2018

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 Fund.


		27


BSCT		Management’s Discussion of Fund Performance
BSCT		Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

As an index fund, the Invesco BulletShares 2029 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 2029 Index (the “2029 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2029 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2029. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.41%. On a net asset value (“NAV”) basis, the Fund returned 1.31%. During the same time period, the Index returned 1.45%. 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 that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.

for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the commercial services & supplies industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the oil, gas & consumable fuels industry in addition to being overweight in the equity real estate investment trusts (“REITs”) industry.

For the fiscal year ended August 31, 2021, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the equity REITs industry. The electric utilities industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Energy Transfer L.P., 5.25% coupon, due 04/15/2029, an oil, gas & consumable fuels company (portfolio average weight of 1.00%), and Enable Midstream Partners L.P., 4.15% coupon, due 09/15/2029, an oil, gas & consumable fuels company (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return during the period included Verizon Communications, Inc., 4.02% coupon, due 12/03/2029, a diversified telecommunication services company (portfolio average weight of 2.40%), and AbbVie, Inc., 3.20% coupon, due 11/21/2029, a biotechnology company (portfolio average weight of 3.20%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			16.09
Health Care			11.90
Information Technology			11.38
Energy			10.38
Consumer Staples			10.23
Real Estate			8.25
Communication Services			8.03
Industrials			7.13
Utilities			5.59
Consumer Discretionary			5.52
Materials			3.81
Money Market Funds Plus Other Assets Less Liabilities			1.69


		28

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
AbbVie, Inc., 3.20%, 11/21/2029			3.14
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029			2.66
Verizon Communications, Inc., 4.02%, 12/03/2029			2.40
International Business Machines Corp., 3.50%, 05/15/2029			1.92
AT&T, Inc., 4.35%, 03/01/2029			1.84
Fiserv, Inc., 3.50%, 07/01/2029			1.74
Wells Fargo & Co., 4.15%, 01/24/2029			1.52
Sumitomo Mitsui Financial Group, Inc., 3.04%, 07/16/2029			1.47
HCA, Inc., 4.13%, 06/15/2029			1.19
Altria Group, Inc., 4.80%, 02/14/2029			1.17
Total			19.05

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2029 Index		1.45	%		6.30	%		12.77	%
Bloomberg U.S. Corporate Index		2.53			6.03			12.20
Fund
NAV Return		1.31			6.13			12.41
Market Price Return		1.41			5.93			12.00


		29

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

Fund Inception: September 12, 2019

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 Fund.


		30


BSCU		Management’s Discussion of Fund Performance
BSCU		Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

As an index fund, the Invesco BulletShares 2030 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 2030 Index (the “2030 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2030 Index seeks to measure the performance of a portfolio of U.S. dollar- denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2030. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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 (September 16, 2020) through August 31, 2021, on a market price basis, the Fund returned 0.55%. On a net asset value (“NAV”) basis, the Fund returned 0.55%. During the same time period, the Index returned 0.65%. 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 during the period as well as costs associated with portfolio rebalancing and sampling.

During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 2.14%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the

marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.

Relative to the Benchmark Index, the Fund was most overweight in the aerospace & defense industry and most underweight in the interactive media & services industry during the fiscal period ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the aerospace & defense industry in addition to being overweight in the hotels, restaurants & leisure industry.

For the fiscal period ended August 31, 2021, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure industry. The pharmaceuticals industry detracted most significantly 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, 2021, included Boeing Co. (The), 5.15% coupon, due 05/01/2030, an aerospace & defense company (portfolio average weight of 2.80%), and General Electric Co., 3.63% coupon, due 05/01/2030, an industrial conglomerates company (portfolio average weight of 0.60%). Positions that detracted most significantly from the Fund’s return during the period included Perrigo Finance Unlimited Co., 3.15% coupon, due 06/15/2030, a pharmaceuticals company (no longer held at fiscal year-end) and Amazon.com, Inc., 1.50% coupon, due 06/03/2030, an internet & direct marketing retail company (portfolio average weight of 0.90%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			17.08
Health Care			15.56
Industrials			10.11
Energy			9.44
Consumer Staples			9.43
Information Technology			9.21
Consumer Discretionary			8.98
Utilities			7.09
Materials			5.23
Real Estate			3.63
Communication Services			3.54
Money Market Funds Plus Other Assets Less Liabilities			0.70


		31

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Boeing Co. (The), 5.15%, 05/01/2030			2.75
GE Capital Funding LLC, 4.40%, 05/15/2030			1.76
Pacific Gas and Electric Co., 4.55%, 07/01/2030			1.62
Exxon Mobil Corp., 2.61%, 10/15/2030			1.32
Centene Corp., 3.00%, 10/15/2030			1.17
Centene Corp., 3.38%, 02/15/2030			1.13
Alphabet, Inc., 1.10%, 08/15/2030			1.12
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030			1.04
Truist Bank, 2.25%, 03/11/2030			0.96
Booking Holdings, Inc., 4.63%, 04/13/2030			0.96
Total			13.83

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD Corporate Bond 2030 Index		0.65	%
Bloomberg U.S. Corporate Index		2.14
Fund
NAV Return		0.55
Market Price Return		0.55


		32

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

Fund Inception: September 16, 2020

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 the 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.

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.


		33


BSJL		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2021 Index (the “High Yield 2021 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 2.13%. On a net asset value (“NAV”) basis, the Fund returned 2.17%. During the same time period, the Index returned 3.08%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 10.14%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 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 wireless telecommunication services industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the oil, gas & consumable fuels industry, followed by the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the media industry contributed most significantly to the Fund’s return, followed by the consumer finance and pharmaceuticals industries, respectively. There were no industries that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Bombardier, Inc., 8.75% coupon, due 12/1/2021, an aerospace & defense company (no longer held at fiscal year-end), and Bausch Health Cos., Inc., 9.00% coupon, due 12/15/2025, a pharmaceuticals company (portfolio average weight of 2.80%). There were no securities that detracted from the Fund’s return during the period.


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
U.S. Treasury Securities			77.31
Communication Services			7.07
Utilities			3.08
Sector Types Each Less Than 3%			10.24
Money Market Funds Plus Other Assets Less Liabilities			2.30


		34

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
U.S. Treasury Bills, 0.03%–0.05%, 12/02/2021			77.31
Bausch Health Cos., Inc., 9.00%, 12/15/2025			2.68
Ford Motor Credit Co. LLC, 3.81%, 10/12/2021			2.24
United Rentals North America, Inc., 5.88%, 09/15/2026			2.19
Vistra Operations Co. LLC, 5.50%, 09/01/2026			2.18
Sirius XM Radio, Inc., 5.38%, 07/15/2026			2.18
CSC Holdings LLC, 6.75%, 11/15/2021			2.14
Sprint Corp., 7.25%, 09/15/2021			1.83
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026			1.65
Starwood Property Trust, Inc., 5.00%, 12/15/2021			1.49
Total			95.89

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2021 Index		3.08	%		2.69	%		8.29	%		4.29	%		23.39	%		3.39	%		26.08	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			6.66			38.04			5.78			47.80
Fund
NAV Return		2.17			1.68			5.12			3.14			16.74			3.41			26.25
Market Price Return		2.13			1.63			4.96			3.11			16.54			3.33			25.60


		35

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

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 the 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.


		36


BSJM		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2022 Index (the “High Yield 2022 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2022 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 5.19%. On a net asset value (“NAV”) basis, the Fund returned 5.24%. During the same time period, the Index returned 6.14%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses incurred by the Fund during the period.

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 diversified telecommunications industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the security selection in the oil, gas & consumable fuels industry, followed by the hotels, restaurants & leisure industry.

For the fiscal year ended August 31, 2021, the media industry contributed most significantly to the Fund’s return, followed by the commercial services & supplies and health care providers & services industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the hotels, restaurants & leisure and energy equipment & services, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Harland Clarke Holdings, 8.38% coupon, due 08/15/2022, a media company (no longer held at fiscal year-end), and Antero Resources Corp., 5.13% coupon, due 12/01/2022, an oil, gas, and consumable fuel company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Endo Finance LLC, 5.75% coupon, due 01/15/2022, a pharmaceuticals company (portfolio average weight of 0.10%), and Norbord, Inc., 6.75% coupon, due 07/15/2027, a paper & forest company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Communication Services			25.66
Consumer Discretionary			21.66
Industrials			12.11
Materials			8.47
Health Care			6.16
Financials			5.31
Energy			4.23
Information Technology			4.06
Real Estate			4.00
Sector Types Each Less Than 3%			2.69
Money Market Funds Plus Other Assets Less Liabilities			5.65


		37

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027			2.58
Sprint Communications, Inc., 6.00%, 11/15/2022			2.22
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025			2.11
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026			1.80
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028			1.78
Altice France S.A., 8.13%, 02/01/2027			1.74
Bausch Health Americas, Inc., 8.50%, 01/31/2027			1.70
DISH DBS Corp., 5.88%, 07/15/2022			1.69
Altice France Holding S.A., 10.50%, 05/15/2027			1.54
Ziggo B.V., 5.50%, 01/15/2027			1.45
Total			18.61

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2022 Index		6.14	%		3.90	%		12.17	%		4.66	%		25.60	%		4.43	%		35.14	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			6.66			38.04			5.78			47.80
Fund
NAV Return		5.24			2.88			8.89			3.69			19.85			3.92			30.63
Market Price Return		5.19			2.83			8.73			3.66			19.67			3.87			30.25


		38

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

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 the 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


BSJN		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index (the “High Yield 2023 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 6.51%. On a net asset value (“NAV”) basis, the Fund returned 6.43%. During the same time period, the Index returned 7.51%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses that the Fund incurred during the period.

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 metals & mining industry and most underweight in the media industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry, as well as the Fund’s shorter duration.

For the fiscal year ended August 31, 2021, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the wireless telecommunication services and metals & mining industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the energy equipment & services and media industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Fresh Market, Inc. (The), 9.75% coupon, due 05/01/2023, a food & staples retailing company (portfolio average weight of 0.70%), and Ford Motor Co., 8.50% coupon, due 04/21/2023, an automobiles company (portfolio average weight of 2.10%). Positions that detracted most significantly from the Fund’s return during the period included NGL Energy Partners, L.P., 7.50% coupon, due 11/01/2023, an oil, gas & consumable fuels company (portfolio average weight of 0.50%), and Radiology Partners, Inc., 9.25% coupon, due 02/01/2028, a health care equipment & supplies company (portfolio average weight of 0.70%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Consumer Discretionary			20.71
Materials			14.60
Industrials			13.53
Communication Services			11.60
Energy			10.92
Health Care			9.30
Financials			5.86
Information Technology			4.33
Consumer Staples			3.02
Sector Types Each Less Than 3%			4.53
Money Market Funds Plus Other Assets Less Liabilities			1.60


		40

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Sprint Corp., 7.88%, 09/15/2023			3.61
Ford Motor Co., 8.50%, 04/21/2023			2.00
Cheniere Energy, Inc., 4.63%, 10/15/2028			1.80
Tenet Healthcare Corp., 6.75%, 06/15/2023			1.70
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027			1.68
Caesars Entertainment, Inc., 8.13%, 07/01/2027			1.66
United Rentals North America, Inc., 4.88%, 01/15/2028			1.48
Avantor Funding, Inc., 4.63%, 07/15/2028			1.37
DISH DBS Corp., 5.00%, 03/15/2023			1.31
WESCO Distribution, Inc., 7.25%, 06/15/2028			1.25
Total			17.86

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	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 2023 Index		7.51	%		5.19	%		16.40	%		5.47	%		30.48	%		6.46	%		44.68	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			6.66			38.04			7.40			52.39
Fund
NAV Return		6.43			4.05			12.66			4.32			23.53			5.45			36.78
Market Price Return		6.51			3.98			12.41			4.33			23.59			5.46			36.79


		41

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

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 the 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


BSJO		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index (the “High Yield 2024 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 7.64%. On a net asset value (“NAV”) basis, the Fund returned 7.60%. During the same time period, the Index returned 8.36%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

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 media industry and most underweight in the health care providers & services industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2021, the media industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and oil, gas, & consumable fuels industries, respectively. The Tobacco industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Bombardier, Inc. (Canada), 7.50% coupon, due 12/01/2024, an aerospace & defense company (portfolio average weight of 1.0%) and Golden Nugget, Inc., 6.75% coupon, due 10/15/2024, a hotels, restaurants & leisure company (portfolio average weight of 1.3%). Positions that detracted most significantly from the Fund’s return during the period included Lions Gate Capital Holdings LLC, 5.50% coupon, due 04/15/2029, an entertainment company (portfolio average weight of 1.0%) and Crestwood Midstream Partners L.P., 6.00% coupon, due 02/01/2029, an oil, gas & consumable fuels company (portfolio average weight of 0.6%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Communication Services			20.97
Consumer Discretionary			19.64
Energy			15.34
Materials			8.59
Financials			7.28
Industrials			6.59
Real Estate			5.25
Health Care			5.04
Information Technology			3.05
Sector Types Each Less Than 3%			4.71
Money Market Funds Plus Other Assets Less Liabilities			3.54


		43

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Sprint Corp., 7.13%, 06/15/2024			2.74
DISH DBS Corp., 5.88%, 11/15/2024			2.07
Sirius XM Radio, Inc., 4.00%, 07/15/2028			1.98
Intesa Sanpaolo S.p.A., 5.02%, 06/26/2024			1.90
CSC Holdings LLC, 6.50%, 02/01/2029			1.76
Tenet Healthcare Corp., 4.63%, 07/15/2024			1.67
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029			1.59
Cheniere Energy Partners L.P., 4.50%, 10/01/2029			1.57
Jazz Securities DAC, 4.38%, 01/15/2029			1.41
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024			1.41
Total			18.10

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	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 2024 Index		8.36	%		5.93	%		18.86	%		5.90	%		32.88	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			6.83			38.76
Fund
NAV Return		7.60			5.44			17.23			5.14			28.21
Market Price Return		7.64			5.38			17.01			5.14			28.25


		44

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

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 the 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


BSJP		Management’s Discussion of Fund Performance
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 to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index (the “High Yield 2025 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 8.60%. On a net asset value (“NAV”) basis, the Fund returned 8.37%. During the same time period, the Index returned 9.02%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses incurred by the Fund during the period.

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 hotels, restaurants & leisure industry and most underweight in the media industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2021, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and the hotels, restaurants & leisure industries, respectively. The electric utilities industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included American Airlines, Inc., 11.75% coupon, due 07/15/2025, an airlines company (portfolio average weight of 2.1%), and Bombardier, Inc. (Canada), 7.50% coupon, due 03/15/2025, an aerospace & defense company (portfolio average weight of 1.1%). Positions that detracted most significantly from the Fund’s return during the period included NGL Energy Partners L.P., 6.13% coupon, due 03/01/2025, an oil, gas, & consumable fuels company (no longer held at fiscal year-end), and Akumin, Inc., 7.00% coupon, due 11/01/2025, a health care providers & services company (portfolio average weight of 1.1%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Consumer Discretionary			23.80
Energy			16.13
Industrials			11.85
Health Care			9.31
Materials			8.24
Financials			8.12
Communication Services			6.26
Information Technology			4.24
Real Estate			4.04
Sector Types Each Less Than 3%			3.36
Money Market Funds Plus Other Assets Less Liabilities			4.65


		46

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



Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Caesars Entertainment, Inc., 6.25%, 07/01/2025			2.42
Bausch Health Cos., Inc., 6.13%, 04/15/2025			2.41
American Airlines, Inc., 11.75%, 07/15/2025			2.09
Ford Motor Co., 9.00%, 04/22/2025			1.99
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025			1.37
Sprint Corp., 7.63%, 02/15/2025			1.26
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025			1.25
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025			1.17
Bausch Health Cos., Inc., 5.50%, 11/01/2025			1.15
Bombardier, Inc., 7.50%, 03/15/2025			1.09
Total			16.2

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				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 2025 Index		9.02	%		6.83	%		21.93	%		5.72	%		24.39	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			6.09			26.12
Fund
NAV Return		8.37			5.94			18.92			4.95			20.89
Market Price Return		8.60			5.97			18.99			4.98			21.02


		47

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

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 the 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 May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		48


BSJQ		Management’s Discussion of Fund Performance
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 “High Yield 2026 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 8.12%. On a net asset value (“NAV”) basis, the Fund returned 7.86%. During the same time period, the Index returned 8.69%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg US Corporate High Yield Index (the “Benchmark Index”) returned 10.14%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 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 oil, gas & consumable fuels industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation in the hotels, restaurants & leisure and the energy, equipment & services industries.

For the fiscal year ended August 31, 2021, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the media and metals & mining industries, respectively. The thrifts & mortgage finance industry detracted most significantly from the Fund’s return during the period, followed by the independent power and renewable electricity producers and pharmaceuticals industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021 were Meredith Corp., 6.88% coupon, due 02/01/2026, a media company (portfolio average weight of 0.60%), and United States Steel Corp., 6.25% coupon, due 03/15/2026, a metals & mining company (portfolio average weight of 0.50%). Positions that detracted most significantly from the Fund’s return during the period included Home Point Capital, Inc., 5.00% coupon, due 02/01/2026, a thrifts & mortgage finance company (portfolio average weight of 0.40%), and Hillcorp Energy I L.P., 6.00% coupon, due 02/01/2031, an oil, gas & consumable fuels company (portfolio average weight of 0.50%).


		49

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


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Energy			18.72
Consumer Discretionary			17.02
Communication Services			15.51
Industrials			11.18
Materials			7.24
Financials			5.86
Consumer Staples			4.63
Real Estate			4.43
Information Technology			4.39
Health Care			4.02
Utilities			3.15
Money Market Funds Plus Other Assets Less Liabilities			3.85


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
DISH DBS Corp., 7.75%, 07/01/2026			1.77
Newell Brands, Inc., 4.70%, 04/01/2026			1.72
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026			1.70
Tenet Healthcare Corp., 4.88%, 01/01/2026			1.69
United Airlines, Inc., 4.38%, 04/15/2026			1.62
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026			1.62
OneMain Finance Corp., 7.13%, 03/15/2026			1.45
HUB International Ltd., 7.00%, 05/01/2026			1.33
Ford Motor Co., 4.35%, 12/08/2026			1.33
Sprint Corp., 7.63%, 03/01/2026			1.27
Total			15.50

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	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 2026 Index		8.69	%		7.17	%		23.10	%		7.20	%		23.69	%
Bloomberg US Corporate High Yield Index		10.14			7.11			22.89			7.09			23.30
Fund
NAV Return		7.86			6.20			19.77			6.26			20.42
Market Price Return		8.12			6.23			19.88			6.30			20.55


		50

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

Fund Inception: August 9, 2018

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 the 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 Fund.


		51


BSJR		Management’s Discussion of Fund Performance
BSJR		Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

As an index fund, the Invesco BulletShares 2027 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 2027 Index (the “High Yield 2027 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2027 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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 year ended August 31, 2021, on a market price basis, the Fund returned 7.68%. On a net asset value (“NAV”) basis, the Fund returned 7.29%. During the same time period, the Index returned 8.34%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

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 REITs industry and most underweight in the media industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the oil, gas, & consumable fuels industry.

For the fiscal year ended August 31, 2021, the oil, gas, & consumable fuels industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and media industries, respectively. The pharmaceuticals industry detracted most significantly from the Fund’s return during the period, followed by the household products and automobiles industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included EQT Corp., 3.90% coupon, due 10/01/2027, an oil, gas & consumable fuels company (portfolio average weight of 1.40%), and Occidental Petroleum Corp., 3.00% coupon, due 02/15/2027, an oil, gas & consumable fuels company (portfolio average weight of 0.80%). Positions that detracted most significantly from the Fund’s return during this period included Endo DAC/Endo Finance LLC, 9.50% coupon, due 07/31/2027, a pharmaceuticals company (portfolio average weight of 1.1%), and Carnival Corp., 5.75% coupon, due 03/01/2027, a hotels, restaurants & leisure company (portfolio average weight of 3.7%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Consumer Discretionary			20.72
Industrials			15.23
Energy			13.13
Communication Services			12.62
Health Care			7.30
Materials			6.53
Real Estate			5.72
Financials			4.62
Utilities			4.45
Consumer Staples			4.41
Information Technology			3.36
Money Market Funds Plus Other Assets Less Liabilities			1.91


		52

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Carnival Corp., 5.75%, 03/01/2027			3.74
Par Pharmaceutical, Inc., 7.50%, 04/01/2027			2.13
Nexstar Media, Inc., 5.63%, 07/15/2027			1.99
FirstEnergy Corp., Series B, 4.40%, 07/15/2027			1.75
TK Elevator US Newco, Inc., 5.25%, 07/15/2027			1.70
Tenet Healthcare Corp., 5.13%, 11/01/2027			1.64
SBA Communications Corp., 3.88%, 02/15/2027			1.63
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027			1.56
Zayo Group Holdings, Inc., 4.00%, 03/01/2027			1.54
Ford Motor Credit Co. LLC, 4.13%, 08/17/2027			1.48
Total			19.16

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index		8.34	%		7.62	%		15.54	%
Bloomberg US Corporate High Yield Index		10.14			7.24			14.74
Fund
NAV Return		7.29			5.89			11.92
Market Price Return		7.68			5.84			11.81


		53

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

Fund Inception: September 12, 2019

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 the 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 Fund.


		54


BSJS		Management’s Discussion of Fund Performance
BSJS		Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

As an index fund, the Invesco BulletShares 2028 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 2028 Index (the “High Yield 2028 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2028 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

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 (September 16, 2020) through August 31, 2021, on a market price basis, the Fund returned 6.92%. On a net asset value (“NAV”) basis, the Fund returned 6.72%. During the same time period, the Index returned 7.44%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 10.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 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 diversified telecommunication services industry and most underweight in the oil, gas & consumable fuels industry during the fiscal period ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the oil, gas& consumable fuels industry.

For the fiscal period ended August 31, 2021, the diversified telecommunication services industry contributed most significantly to the Fund’s return, followed by the media industry. The biotechnology industry 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, 2021, included Spirit Aerosystems Inc., 4.60% coupon, due 06/15/2028, an aerospace & defense company (portfolio average weight of 0.5%), and Sprint Capital Corp., 6.88% coupon, due 11/15/2028, a wireless telecommunication services company (portfolio average weight of 2.60%). Positions that detracted most significantly from the Fund’s return during this period included PBF Holding Co., LLC, 6.00% coupon, due 02/15/2028, an oil, gas, and consumable fuel company (no longer held at fiscal year-end), and Endo Finance LLC, 6.00% coupon, due 06/30/2028, a pharmaceuticals company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Communication Services			24.14
Consumer Discretionary			16.92
Industrials			10.23
Information Technology			8.76
Materials			7.74
Health Care			6.76
Energy			6.71
Utilities			5.38
Financials			4.31
Consumer Staples			3.80
Real Estate			3.54
Money Market Funds Plus Other Assets Less Liabilities			1.71


		55

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Sprint Capital Corp., 6.88%, 11/15/2028			2.58
Tenet Healthcare Corp., 6.13%, 10/01/2028			2.11
Carnival Corp., 4.00%, 08/01/2028			1.97
Netflix, Inc., 5.88%, 11/15/2028			1.89
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028			1.70
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028			1.52
NFP Corp., 6.88%, 08/15/2028			1.48
UPC Holding B.V., 5.50%, 01/15/2028			1.38
ION Trading Technologies S.a.r.l., 5.75%, 05/15/2028			1.35
Jaguar Land Rover Automotive PLC, 5.88%, 01/15/2028			1.35
Total			17.33

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	Fund Inception
Index	Cumulative
Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index		7.44	%
Bloomberg US Corporate High Yield Index		10.26
Fund
NAV Return		6.72
Market Price Return		6.92


		56

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

Fund Inception: September 16, 2020

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 the 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 Fund.


		57


BSML		Management’s Discussion of Fund Performance
BSML		Invesco BulletShares 2021 Municipal Bond ETF (BSML)

As an index fund, the Invesco BulletShares 2021 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2021 Index (the “Municipal Bond 2021 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2021 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2021 or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 0.04%. On a net asset value (“NAV”) basis, the Fund returned 0.29%. During the same time period, the Index returned 0.71%. 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 that the Fund incurred during the period, as well as costs related to portfolio rebalancing and sampling.

During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 3.40%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of California during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of California and Illinois.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Massachusetts, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2021, a water & sewer bond (portfolio average weight of 2.08%) and New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 10/15/2021 (no longer held at fiscal year-end). No position detracted from the portfolio.


		58

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Health, Hospital, Nursing Home Revenue			20.01
Water Revenue			11.40
Ad Valorem Property Tax			10.87
Miscellaneous Revenue			9.29
Sales Tax Revenue			6.58
College & University Revenue			5.85
Highway Tolls Revenue			5.51
Income Tax Revenue			4.73
Lease Revenue			4.18
Port, Airport & Marina Revenue			3.73
Electric Power Revenue			3.07
Revenue Types Each Less Than 3%			10.01
Other Assets Less Liabilities			4.77


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Bay Area Toll Authority, Series 2008 E1, Ref. VRD RB, 0.01%, 04/01/2045			2.11
Indianapolis (City of), IN, Series 2008, VRD RB, 0.02%, 05/15/2038			1.73
San Francisco (City of), CA Public Utilities Commission, Series 2011 A, RB, 5.00%, 11/01/2021			1.50
California (State of), Series 2011, Ref. GO Bonds, 5.25%, 09/14/2021			1.49
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2019 A, Ref. VRD RB, 0.01%, 02/01/2048			1.49
New York (City of), NY, Series 2010 DD, VRD RB, 0.01%, 06/15/2043			1.36
Massachusetts (State of) Water Resources Authority, Series 2008 C2, Ref. VRD RB, 0.01%, 11/01/2026			1.36
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB, 0.01%, 12/01/2036			1.33
New York & New Jersey (States of) Port Authority, Series 2013 179, RB, 5.00%, 12/01/2021			1.30
Massachusetts (State of) Bay Transportation Authority, Series 2017, RB, 4.00%, 12/01/2021			1.29
Total			14.96

Growth of a $10,000 Investment Since Inception

LOGO


		59

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

Fund Performance History as of August 31, 2021


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2021 Index		0.71	%		1.44	%		2.80	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		0.29			1.15			2.24
Market Price Return		0.04			1.21			2.36

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		60


BSMM		Management’s Discussion of Fund Performance
BSMM		Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

As an index fund, the Invesco BulletShares 2022 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2022 Index (the “Municipal Bond 2022 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2022 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2022 or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 0.58%. On a net asset value (“NAV”) basis, the Fund returned 0.66%. During the same time period, the Index returned 1.30%. 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 that the Fund incurred during the period, as well as costs related to portfolio rebalancing and sampling.

Relative to the Benchmark Index, the Fund was most overweight in the state of Florida and most underweight in the state of Illinois during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of New York, California, and Illinois respectively.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the territory of Guam and the state of Pennsylvania, respectively. There were no states that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, 5.00% coupon, due 05/01/2037 (portfolio average weight of 0.80%) and Guam (Territory of) Power Authority, 5.00% coupon, due 10/01/2030, a local general obligation bond (portfolio average weight of 2.00%). The positions that detracted most significantly from the Fund’s return during this period were Florida (State of), 4.00% coupon, due 06/15/2026 (portfolio average weight of 0.70%) and Lehigh (County of), PA (Lehigh Valley Health Network), 3.25% coupon, due 07/01/2032 (portfolio average weight of 0.40%).


		61

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			21.11
Electric Power Revenue			9.77
Sales Tax Revenue			9.19
Miscellaneous Revenue			7.38
Lease Revenue			7.37
Water Revenue			6.99
Highway Tolls Revenue			6.03
Appropriations			5.35
College & University Revenue			5.20
Income Tax Revenue			5.07
Health, Hospital, Nursing Home Revenue			4.79
Port, Airport & Marina Revenue			3.55
Revenue Types Each Less Than 3%			6.86
Other Assets Less Liabilities			1.34


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB, 5.00%, 01/01/2022			2.86
New York (City of), NY Transitional Finance Authority, Series 2020 A, RB, 5.00%, 11/01/2022			1.98
New York (State of) Dormitory Authority, Series 2020 A, RB, 5.00%, 10/01/2022			1.98
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB, 5.00%, 09/15/2022			1.97
Pittsburgh (City of), PA, Series 2012 B, GO Bonds, 5.00%, 09/01/2022			1.97
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, 5.00%, 10/01/2030			1.97
Seattle (Port of), WA, Series 2012 A, Ref. RB, 5.00%, 08/01/2031			1.96
Miami-Dade (County of), FL Transit System, Series 2012, RB, 5.00%, 07/01/2022			1.95
Miami-Dade (County of), FL Expressway Authority, Series 2013 A, RB, 5.00%, 07/01/2029			1.95
Hamilton (County of), OH (Christ Hospital), Series 2012, RB, 5.00%, 06/01/2022			1.94
Total			20.53

Growth of a $10,000 Investment Since Inception

LOGO


		62

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2022 Index		1.30	%		2.12	%		4.13	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		0.66			1.57			3.06
Market Price Return		0.58			1.67			3.25

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		63


BSMN		Management’s Discussion of Fund Performance
BSMN		Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

As an index fund, the Invesco BulletShares 2023 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2023 Index (the “Municipal Bond 2023 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2023 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2023 or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 1.19%. On a net asset value (“NAV”) basis, the Fund returned 1.12%. During the same time period, the Index returned 1.77%. 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 that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Florida during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of Florida, Pennsylvania, and Massachusetts, respectively.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of Illinois and California, respectively. There were no states that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included St. Joseph (County of), IN Hospital Authority 4.00% coupon, due 08/15/2044 (portfolio average weight of 1.20%) and Illinois (State of), 5.25% coupon, due 07/01/2028 (portfolio average weight of 0.80%). The positions that detracted most significantly from the Fund’s return during this period were Virginia (State of) Public School Authority, 5.00% coupon, due 08/01/2023 (no longer held at fiscal year-end) and Alameda (County of), CA, Joint Powers Authority, 5.25% coupon, due 12/01/2025 (portfolio average weight of 0.20%).


		64

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			27.03
Miscellaneous Revenue			8.15
Water Revenue			7.75
Lease Revenue			7.67
Income Tax Revenue			7.18
College & University Revenue			6.45
Sales Tax Revenue			5.29
Highway Tolls Revenue			4.71
General Fund			4.44
Health, Hospital, Nursing Home Revenue			4.21
Electric Power Revenue			4.17
Appropriations			4.10
Port, Airport & Marina Revenue			3.64
Revenue Types Each Less Than 3%			3.15
Other Assets Less Liabilities			2.06


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB, 5.00%, 07/01/2029			1.71
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB, 5.00%, 12/01/2023			1.55
JEA Water & Sewer System, Series 2017 A, Ref. RB, 5.00%, 10/01/2023			1.54
Maryland (State of), Series 2015 B, Ref. GO Bonds, 4.00%, 08/01/2023			1.50
New York (City of), NY, Series 2016 C, Ref. GO Bonds, 5.00%, 08/01/2023			1.36
Battery Park (City of), NY Authority, Series 2013 A, RB, 5.00%, 11/01/2025			1.23
Hawaii (State of), Series 2016, Ref. GO Bonds, 5.00%, 10/01/2023			1.23
Bexar (County of), TX, Series 2013 B, GO Bonds, 5.00%, 06/15/2023			1.21
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB, 4.00%, 08/15/2044			1.18
Milwaukee (City of), WI, Series 2018 N1, GO Bonds, 5.00%, 02/01/2023			1.12
Total			13.63

Growth of a $10,000 Investment Since Inception

LOGO


		65

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

Fund Performance History as of August 31, 2021


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2023 Index		1.77	%		2.69	%		5.25	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		1.12			2.14			4.18
Market Price Return		1.19			2.24			4.38

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		66


BSMO		Management’s Discussion of Fund Performance
BSMO		Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

As an index fund, the Invesco BulletShares 2024 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2024 Index (the “Municipal Bond 2024 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2024 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2024 or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 1.69%. On a net asset value (“NAV”) basis, the Fund returned 1.77%. During the same time period, the Index returned 2.46%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of California and most underweight in the state of Colorado during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of Massachusetts, Colorado, and Florida, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Illinois (State of), 5.25% coupon, due 02/01/2029 (portfolio average weight of 0.6%) and Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2024 (portfolio average weight of 0.3%). The positions that detracted most significantly from the Fund’s return during this period were Maine (State of) Health & Higher Educational Facilities Authority, 4.00% coupon, due 07/01/2044 (portfolio average weight of 0.60%) and Pennsylvania (Commonwealth of) Turnpike Commission, 5.25% coupon, due 12/01/2039 (portfolio average weight of 1.00%).


		67

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			24.47
Miscellaneous Revenue			11.09
Lease Revenue			8.15
Water Revenue			7.46
Sales Tax Revenue			7.05
Port, Airport & Marina Revenue			6.60
Health, Hospital, Nursing Home Revenue			5.18
Highway Tolls Revenue			4.74
Income Tax Revenue			4.73
College & University Revenue			4.42
Electric Power Revenue			4.25
General Fund			4.24
Revenue Types Each Less Than 3%			6.35
Other Assets Less Liabilities			1.27


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB, 5.00%, 11/01/2024			1.59
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB, 5.00%, 10/01/2024			1.55
California (State of) Statewide Communities Development Authority, Series 2014, Ref. RB, 5.00%, 11/15/2024			1.09
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB, 5.00%, 10/15/2024			1.05
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB, 5.25%, 12/01/2039			1.04
St Louis (City of), MO, Series 2017 A, Ref. RB, 5.00%, 07/01/2024			0.97
New York (State of) Thruway Authority, Series 2014 J, RB, 5.00%, 01/01/2036			0.92
Massachusetts (State of) College Building Authority (Green Bonds), Series 2014 B, RB, 5.00%, 05/01/2024			0.89
New York State Urban Development Corp., Series 2016 A, Ref. RB, 5.00%, 03/15/2024			0.86
University of Houston, Series 2017 A, Ref. RB, 5.00%, 02/15/2024			0.85
Total			10.81

Growth of a $10,000 Investment Since Inception

LOGO


		68

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2024 Index		2.46	%		3.28	%		6.42	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		1.77			2.63			5.14
Market Price Return		1.69			2.79			5.46

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		69


BSMP		Management’s Discussion of Fund Performance
BSMP		Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

As an index fund, the Invesco BulletShares 2025 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2025 Index (the “Municipal Bond 2025 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2025 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2025 or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 2.08%. On a net asset value (“NAV”) basis, the Fund returned 2.12%. During the same time period, the Index returned 3.05%. 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 that the Fund incurred during the period, as well as costs related to portfolio rebalancing and sampling.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Colorado during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the states of Alaska, Arizona, and Connecticut, respectively.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Illinois, respectively. The states of Tennessee and Indiana detracted slightly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included California (State of) Statewide Communities Development Authority, 5.00% coupon, due 02/1/2045, (portfolio average weight of 0.5%) and Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2025 (portfolio average weight of 0.60%). The positions that detracted most significantly from the Fund’s return during this period were Pasadena (City of), CA, 4.00% coupon, due 02/01/2038 (portfolio average weight of 0.6%) and Michigan (State of) Building Authority, 5.00% coupon, due 04/15/2032 (portfolio average weight of 1.20%).


		70

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			22.80
Sales Tax Revenue			11.20
Lease Revenue			9.39
Water Revenue			8.21
Miscellaneous Revenue			7.62
College & University Revenue			5.52
Health, Hospital, Nursing Home Revenue			5.13
Income Tax Revenue			4.58
Appropriations			4.29
Highway Tolls Revenue			4.13
Port, Airport & Marina Revenue			3.48
Revenue Types Each Less Than 3%			12.34
Other Assets Less Liabilities			1.31


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Pennsylvania (Commonwealth of), Series 2015, GO Bonds, 5.00%, 03/15/2028			1.50
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB, 5.00%, 12/01/2045			1.49
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB, 5.00%, 02/15/2025			1.42
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB, 5.00%, 11/15/2034			1.23
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB, 5.00%, 10/01/2034			1.21
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB, 5.00%, 04/15/2032			1.13
Texas (State of) Water Development Board, Series 2015 A, RB, 5.00%, 10/15/2030			0.93
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB, 5.00%, 08/01/2031			0.90
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB, 5.00%, 02/01/2025			0.89
Chicago O’Hare International Airport, Series 2015 B, Ref. RB, 5.00%, 01/01/2031			0.88
Total			11.58

Growth of a $10,000 Investment Since Inception

LOGO


		71

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2025 Index		3.05	%		3.75	%		7.37	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		2.12			3.27			6.40
Market Price Return		2.08			3.37			6.60

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		72


BSMQ		Management’s Discussion of Fund Performance
BSMQ		Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

As an index fund, the Invesco BulletShares 2026 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2026 Index (the “Municipal Bond 2026 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2026 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2026 or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 3.34%. On a net asset value (“NAV”) basis, the Fund returned 3.27%. During the same time period, the Index returned 3.76%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of California and most underweight in the state of New York during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the state of Texas.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Illinois, respectively. There were no states that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Illinois (State of), 5.00% coupon, due 11/01/2026 (portfolio average weight of 2.10%) and New Hope Cultural Education Facilities Finance Corp., 5.00% coupon, due 07/01/2051 (portfolio average weight of 0.80%). The positions that detracted most significantly from the Fund’s return during this period were New York (City of), NY City Municipal Water Finance Authority, 4.00% coupon, due 06/15/2046 (portfolio average weight of 0.5%) and Board of Regents of The University of Texas System, 5.00% coupon, due 08/15/2026, (portfolio average weight of 0.7%).


		73

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			17.69
Miscellaneous Revenue			11.35
Health, Hospital, Nursing Home Revenue			10.90
College & University Revenue			8.63
Water Revenue			8.54
Lease Revenue			8.46
General Fund			6.56
Sales Tax Revenue			5.41
Transit Revenue			4.68
Port, Airport & Marina Revenue			3.95
Highway Tolls Revenue			3.95
Revenue Types Each Less Than 3%			8.47
Other Assets Less Liabilities			1.41


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
California (State of), Series 2016, Ref. GO Bonds, 5.00%, 09/01/2032			2.18
New York (City of), NY, Series 2016, Ref. RB, 5.00%, 06/15/2037			2.16
Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2026			2.06
University of Houston, Series 2017 A, Ref. RB, 5.00%, 02/15/2036			1.99
Metropolitan Transportation Authority, Series 2006 B, RB, 5.25%, 11/15/2026			1.84
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds, 3.00%, 09/01/2046			1.80
Massachusetts (State of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB, 5.00%, 10/15/2026			1.58
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, 5.00%, 02/01/2029			1.53
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB, 5.00%, 07/01/2043			1.43
New Mexico (State of) (Capital), Series 2017 A, GO Bonds, 5.00%, 03/01/2026			1.24
Total			17.81

Growth of a $10,000 Investment Since Inception

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		74

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2026 Index		3.76	%		4.18	%		8.22	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		3.27			3.55			6.97
Market Price Return		3.34			3.90			7.67

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		75


BSMR		Management’s Discussion of Fund Performance
BSMR		Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

As an index fund, the Invesco BulletShares 2027 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2027 Index (the “Municipal Bond 2027 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2027 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2027 or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 3.15%. On a net asset value (“NAV”) basis, the Fund returned 3.32%. During the same time period, the Index returned 4.36%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of Georgia and most underweight in the state of Texas during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the state of Texas.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of Illinois and California, respectively. The state of Wisconsin detracted most significantly from the Fund’s return during the period, followed by the states of Michigan and Nebraska, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2027, (portfolio average weight of 1.40%) and Illinois (State of), 5.00% coupon, due 11/01/2027 (portfolio average weight of 1.40%). The positions that detracted most significantly from the Fund’s return during this period were Wisconsin (State of), 5.00% coupon, due 11/01/2027, (portfolio average weight of 1.60%) and Maryland (State of), 5.00% coupon, due 08/01/2027 (portfolio average weight of 1.7%).


		76

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Miscellaneous Revenue			18.51
Ad Valorem Property Tax			14.53
Health, Hospital, Nursing Home Revenue			11.16
General Fund			8.02
Water Revenue			6.67
Sales Tax Revenue			6.43
Transit Revenue			5.81
Income Tax Revenue			5.29
Electric Power Revenue			5.25
Lease Revenue			4.45
College & University Revenue			3.79
Highway Tolls Revenue			3.61
Revenue Types Each Less Than 3%			5.29
Other Assets Less Liabilities			1.19


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB, 5.00%, 07/01/2035			4.06
Georgia (State of), Series 2016 F, Ref. GO Bonds, 5.00%, 01/01/2027			3.69
Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB, 5.00%, 07/01/2027			3.10
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, 5.00%, 02/15/2042			2.96
California (State of), Series 2020, GO Bonds, 3.00%, 03/01/2027			2.32
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB, 5.00%, 07/01/2047			2.03
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB, 5.00%, 07/01/2044			2.00
Maryland (State of), Series 2019 A, GO Bonds, 5.00%, 08/01/2027			1.70
Wisconsin (State of), Series 2017, Ref. GO Bonds, 5.00%, 11/01/2027			1.61
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB, 1.80%, 11/15/2027			1.45
Total			24.92

Growth of a $10,000 Investment Since Inception

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		77

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2027 Index		4.36	%		4.41	%		8.68	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		3.32			3.28			6.44
Market Price Return		3.15			3.43			6.72

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		78


BSMS		Management’s Discussion of Fund Performance
BSMS		Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

As an index fund, the Invesco BulletShares 2028 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2028 Index (the “Municipal Bond 2028 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2028 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment- grade municipal bonds with maturities in the year 2028 or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2028. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 3.91%. On a net asset value (“NAV”) basis, the Fund returned 3.95%. During the same time period, the Index returned 4.91%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of California during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the state of New York.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of New Jersey and Washington, respectively. The state of Florida detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included New Jersey (State of) Transportation Trust Fund Authority, 5.25% coupon, due 06/15/2043 (portfolio average weight of 1.4%) and Pennsylvania (Commonwealth of) Turnpike Commission, 5.00% coupon, due 12/01/2048 (portfolio average weight of 1.4%). The position that detracted the most from the Fund’s return during this period was Miami-Dade (County of), FL Transit System, 4.00% coupon, due 07/01/2045, (portfolio average weight of 1.10%).


		79

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			18.04
Sales Tax Revenue			14.29
Water Revenue			11.15
General Fund			8.10
College & University Revenue			7.67
Miscellaneous Revenue			7.08
Transit Revenue			4.92
Port, Airport & Marina Revenue			3.91
Health, Hospital, Nursing Home Revenue			3.69
Appropriations			3.63
Income Tax Revenue			3.11
Highway Tolls Revenue			3.11
Revenue Types Each Less Than 3%			8.11
Other Assets Less Liabilities			3.19


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB, 5.00%, 03/15/2039			1.88
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB, 5.00%, 12/15/2028			1.73
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB, 5.00%, 03/15/2038			1.69
Illinois (State of) Toll Highway Authority, Series 2017 A, RB, 5.00%, 01/01/2039			1.67
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB, 5.00%, 10/01/2038			1.60
Connecticut (State of), Series 2021 A, GO Bonds, 4.00%, 01/15/2028			1.51
University of Colorado, Series 2017 A-2, Ref. RB, 4.00%, 06/01/2038			1.47
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds, 5.00%, 05/01/2028			1.47
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds, 5.00%, 11/01/2028			1.41
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, 5.00%, 12/01/2028			1.41
Total			15.84

Growth of a $10,000 Investment Since Inception

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		80

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2028 Index		4.91	%		4.64	%		9.15	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		3.95			4.37			8.60
Market Price Return		3.91			4.45			8.77

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		81


BSMT		Management’s Discussion of Fund Performance
BSMT		Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

As an index fund, the Invesco BulletShares 2029 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2029 Index (the “Municipal Bond 2029 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2029 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2029 or, in some cases, “effective maturities” in the year 2029. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2029. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 year ended August 31, 2021, on a market price basis, the Fund returned 3.63%. On a net asset value (“NAV”) basis, the Fund returned 3.52%. During the same time period, the Index returned 4.86%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the District of Columbia and most underweight in the state of California during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the state of New York.

For the fiscal year ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Illinois, respectively. The state of Virginia detracted most significantly from the Fund’s return during the period, followed by the states of Vermont and Utah, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included New Jersey (State of) Transportation Trust Fund Authority, 5.00% coupon, due 12/15/2029, (portfolio average weight of 1.20%) and Florida (State of) Higher Educational Facilities Authority, 5.00% coupon, due 03/01/2039, (portfolio average weight of 0.80%). The position that detracted the most from the Fund’s return during this period was Georgia (State of), 5.00% coupon, due 07/01/2029, (portfolio average weight of 0.08%).


		82

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			14.64
Water Revenue			12.08
General Fund			10.18
Highway Tolls Revenue			8.82
Income Tax Revenue			8.72
Miscellaneous Revenue			7.94
Health, Hospital, Nursing Home Revenue			7.76
Lease Revenue			6.71
College & University Revenue			6.15
Electric Power Revenue			4.60
Appropriations			4.40
Revenue Types Each Less Than 3%			6.81
Other Assets Less Liabilities			1.19


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
New York (State of) Dormitory Authority, Series 2019, RB, 5.00%, 07/01/2039			2.66
Illinois (State of) Toll Highway Authority, Series 2019 A, RB, 5.00%, 01/01/2044			2.38
New York (City of), NY Transitional Finance Authority, Series 2019 A-2, RB, 5.00%, 05/01/2037			2.32
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB, 5.00%, 06/01/2049			1.62
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB, 4.00%, 11/01/2050			1.47
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB, 4.00%, 07/01/2043			1.46
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB, 5.00%, 07/01/2037			1.39
California (State of), Series 2019, GO Bonds, 4.00%, 10/01/2044			1.34
Metropolitan Water District of Southern California, Series 2020 A, RB, 5.00%, 10/01/2045			1.31
Ohio (State of), Series 2019 A, GO Bonds, 5.00%, 06/15/2038			1.22
Total			17.17

Growth of a $10,000 Investment Since Inception

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		83

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

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco BulletShares^® Municipal Bond 2029 Index		4.86	%		4.86	%		9.60	%
Bloomberg Municipal Bond Index		3.40			3.87			7.61
Fund
NAV Return		3.52			4.21			8.28
Market Price Return		3.63			4.31			8.48

Fund Inception: September 25, 2019

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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 Fund.


		84


BSMU		Management’s Discussion of Fund Performance
BSMU		Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

As an index fund, the Invesco BulletShares 2030 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares^® Municipal Bond 2030 Index (the “Municipal Bond 2030 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2030 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2030 or, in some cases, “effective maturities” in the year 2030. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.

The Fund will terminate on or about December 15, 2030. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track 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 (September 16, 2020) through August 31, 2021, on a market price basis, the Fund returned 4.23%. On a net asset value (“NAV”) basis, the Fund returned 4.04%. During the same time period, the Index returned 5.12%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 3.37%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.

Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Florida during the fiscal period ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the state of New York.

For the fiscal period ended August 31, 2021, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Texas, respectively. There were no states 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, 2021, included New York (State of) Thruway Authority, 4.00% coupon, due 01/01/2038, (portfolio average weight of 3.10%) and New York (State of) Dormitory Authority, 4.00% coupon, due 02/15/2037, (portfolio average weight of 3.10%). The position that detracted the most from the Fund’s return during this period was University of Michigan, 5.00% coupon, due 04/01/2045, (portfolio average weight of 1.20%).


		85

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


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Ad Valorem Property Tax			18.23
Income Tax Revenue			16.14
Health, Hospital, Nursing Home Revenue			10.54
General Fund			8.61
Water Revenue			8.30
College & University Revenue			6.44
Miscellaneous Revenue			5.28
Port, Airport & Marina Revenue			4.89
Lease Revenue			4.24
Transit Revenue			3.41
Highway Tolls Revenue			3.36
Sales Tax Revenue			3.35
Revenue Types Each Less Than 3%			5.80
Other Assets Less Liabilities			1.41


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2021
Security
Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB, 5.00%, 07/15/2045			3.41
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 4.00%, 02/15/2037			3.10
New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2038			3.10
New York State Urban Development Corp., Series 2020, Ref. RB, 4.00%, 03/15/2042			3.07
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds, 4.00%, 10/01/2037			2.55
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 5.00%, 07/01/2033			2.25
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB, 5.00%, 12/01/2050			2.25
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds, 3.00%, 03/01/2049			2.23
Prince George’s (County of), MD, Series 2019 A, GO Bonds, 5.00%, 07/15/2030			2.22
Texas (State of) Water Development Board, Series 2020, RB, 5.00%, 08/01/2030			2.19
Total			26.37

Growth of a $10,000 Investment Since Inception

LOGO


		86

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

Fund Performance History as of August 31, 2021


	Fund Inception
Index	Cumulative
Invesco BulletShares^® Municipal Bond 2030 Index		5.12	%
Bloomberg Municipal Bond Index		3.37
Fund
NAV Return		4.04
Market Price Return		4.23

Fund Inception: September 16, 2020

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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.


		87


BSAE		Management’s Discussion of Fund Performance
BSAE		Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)

As an index fund, the Invesco BulletShares 2021 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Emerging Markets Debt 2021 Index (the “Emerging Markets 2021 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2021 Index is designed to represent the performance of a portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund will terminate on or about December 31, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 0.48%. On a net asset value (“NAV”) basis, the Fund returned 0.63%. During the same time period, the Index returned 1.68%. 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 that the Fund incurred during the period, as well as the negative impact of the sampling methodology employed by the portfolio management team.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 4.20%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 820 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 United States, driven by U.S. Treasury Bills held in the last year of the Fund’s maturity, and most underweight in the country of Mexico during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2021; whereas, the Benchmark holds bonds with effective maturities that span several years.

For the fiscal year ended August 31, 2021, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of South Africa and Brazil, respectively. China detracted most significantly from the Fund’s return during the period, followed by Poland.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Eskom Holdings Ltd. (South Africa) 5.75% coupon, due 01/26/2021, an independent power and renewable electricity producers company (no longer held at fiscal year-end) and Turkiye Vakiflar Bankasi T.A.O., 5.50% coupon, due 10/27/2021, a financials company (portfolio average weight of 2.1%). The positions that detracted most from the Fund’s return during the period were Huarong Finance II Co. Ltd., 3.63% coupon, due 11/22/2021, a diversified financial services company (no longer held at fiscal year-end) and Black Sea Trade and Development Bank, 4.88% coupon, due 06/05/2021, a supranational entity (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
U.S. Treasury Securities			77.12
Financials			8.07
Utilities			6.09
Energy			4.04
Sector Types Each Less Than 3%			4.03
Money Market Funds Plus Other Assets Less Liabilities			0.65


		88

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
U.S. Treasury Bills, 0.04%, 10/21/2021			58.09
U.S. Treasury Bills, 0.04%, 11/18/2021			19.03
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.50%, 11/22/2021			4.05
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021			2.04
Itau Unibanco Holding S.A., 6.20%, 12/21/2021			2.03
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021			2.03
Unity 1 Sukuk Ltd., 3.86%, 11/30/2021			2.03
Turkiye Vakiflar Bankasi T.A.O., 5.50%, 10/27/2021			2.02
Turkiye Is Bankasi A.S., 5.38%, 10/06/2021			2.01
RHB Bank Bhd., 2.50%, 10/06/2021			2.01
Total			95.34

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Emerging Markets Debt 2021 Index		1.68	%		3.56	%		10.70	%
JP Morgan Emerging Market Bond Global Index		4.20			6.97			21.62
Fund
NAV Return		0.63			3.63			10.92
Market Price Return		0.48			3.59			10.79


		89

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

Fund Inception: October 4, 2018

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 the 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:

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


		90


BSBE		Management’s Discussion of Fund Performance
BSBE		Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

As an index fund, the Invesco BulletShares 2022 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Emerging Markets Debt 2022 Index (the “Emerging Markets 2022 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2022 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund will terminate on or about December 31, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 2.14%. On a net asset value (“NAV”) basis, the Fund returned 2.35%. During the same time period, the Index returned 2.80%. 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 that the Fund incurred during the period, as well as the negative impact of the sampling methodology employed by the portfolio management team.

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 India and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2022; whereas, the Benchmark holds bonds with effective maturities that span several years.

For the fiscal year ended August 31, 2021, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of India and Russia, respectively. The country of Saudi Arabia detracted most significantly from the Fund’s return, followed by the countries of Qatar and Panama, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Turkey Government International Bond, 6.25% coupon, due 09/26/2022, a sovereign credit (portfolio average weight of 1.7%) and Turkiye Garanti Bankasi AS, 5.25% coupon, due 09/13/2022, a banks company (portfolio average weight of 0.5%). Positions that detracted most significantly to the Fund’s return during the period, included Alpha Holding SA de CV, 0.00% coupon, due 12/19/2022, a diversified financial services company (no longer held at fiscal year-end) and Yuzhou Properties Co. Ltd., 8.30% coupon, due 05/27/2025, a real estate management and development company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			45.20
Sovereign Debt			21.06
Energy			15.37
Materials			3.62
Consumer Staples			3.56
Communication Services			3.18
Sector Types Each Less Than 3%			6.59
Money Market Funds Plus Other Assets Less Liabilities			1.42


		91

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
America Movil S.A.B. de C.V., 3.13%, 07/16/2022			2.65
Republic of Poland Government International Bond, 5.00%, 03/23/2022			2.13
Abu Dhabi Government International Bond, 2.50%, 10/11/2022			2.13
Abu Dhabi Government International Bond, 2.50%, 10/11/2022			2.13
Turkey Government International Bond, 6.25%, 09/26/2022			1.62
Republic of South Africa Government International Bond, 5.88%, 05/30/2022			1.62
Russian Foreign Bond—Eurobond, 4.50%, 04/04/2022			1.59
Asian Development Bank, 0.63%, 04/07/2022			1.43
PTT Global Chemical PCL, 4.25%, 09/19/2022			1.34
Indonesia Government International Bond, 3.75%, 04/25/2022			1.33
Total			17.97

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Emerging Markets Debt 2022 Index		2.80	%		4.83	%		14.68	%
JP Morgan Emerging Market Bond Global Index		4.20			6.97			21.62
Fund
NAV Return		2.35			5.06			15.41
Market Price Return		2.14			5.04			15.35


		92

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

Fund Inception: October 4, 2018

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 the 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:

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


		93


BSCE		Management’s Discussion of Fund Performance
BSCE		Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

As an index fund, the Invesco BulletShares 2023 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Emerging Markets Debt 2023 Index (the “Emerging Markets 2023 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2023 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund will terminate on or about December 31, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 3.42%. On a net asset value (“NAV”) basis, the Fund returned 3.55%. During the same time period, the Index returned 4.03%. 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 that the Fund incurred during the period, as well as the negative impact of the sampling methodology employed by the portfolio management team.

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 Turkey and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2023; whereas, the Benchmark holds bonds with effective maturities that span several years.

For the fiscal year ended August 31, 2021, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of Brazil and Russia, respectively. No countries detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Eskom Holdings SOC Ltd., 6.75% coupon, due 08/06/2023, an independent power and renewable electricity producers company (portfolio average weight of 0.7%) and Turkiye Garanti Bankasi AS, 5.88% coupon, due 03/16/2023, a banks company (portfolio average weight of 0.7%). Positions that detracted most significantly from the Fund’s return during the period were Credito Real SAB de CV SOFOM ER, 9.50% coupon, due 02/07/2026, a consumer finance company (no longer held at fiscal year-end) and CNOOC Finance Ltd., 3.00% coupon, due 05/09/2023, an oil, gas & consumable fuels company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Sovereign Debt			35.87
Financials			33.41
Energy			9.30
Materials			4.22
Utilities			4.11
Real Estate			3.22
Sector Types Each Less Than 3%			8.56
Money Market Funds Plus Other Assets Less Liabilities			1.31


		94

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Qatar Government International Bond, 3.88%, 04/23/2023			4.04
Russian Foreign Bond—Eurobond, 4.88%, 09/16/2023			2.07
Abu Dhabi Government International Bond, 0.75%, 09/02/2023			1.92
Abu Dhabi Government International Bond, 0.75%, 09/02/2023			1.84
Gazprom Neft OAO Via GPN Capital S.A., 6.00%, 11/27/2023			1.76
Turkey Government International Bond, 7.25%, 12/23/2023			1.73
Lukoil International Finance B.V., 4.56%, 04/24/2023			1.68
Itau Unibanco Holding S.A., 5.13%, 05/13/2023			1.67
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 03/01/2023			1.67
Indonesia Government International Bond, 2.95%, 01/11/2023			1.64
Total			20.02

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Emerging Markets Debt 2023 Index		4.03	%		5.39	%		16.47	%
JP Morgan Emerging Market Bond Global Index		4.20			6.97			21.62
Fund
NAV Return		3.55			5.91			18.17
Market Price Return		3.42			5.90			18.13


		95

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

Fund Inception: October 4, 2018

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 the 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:

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


		96


BSDE		Management’s Discussion of Fund Performance
BSDE		Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

As an index fund, the Invesco BulletShares 2024 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares^® USD Emerging Markets Debt 2024 Index (the “Emerging Markets 2024 Index” or 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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2024 Index is designed to represent the performance of a portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.

The Fund will terminate on or about December 31, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 4.11%. On a net asset value (“NAV”) basis, the Fund returned 4.31%. During the same time period, the Index returned 5.45%. 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 that the Fund incurred during the period, as well as the negative impact of the sampling methodology employed by the portfolio management team.

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 India and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2024; whereas, the Benchmark holds bonds with effective maturities that span several years.

For the fiscal year ended August 31, 2021, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of Mexico and Brazil, respectively. The country of Peru detracted most significantly from the Fund’s return during the period and there were no other countries that detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Turkiye Is Bankasi AS, 6.13% coupon, due 04/25/2024, a banks company (portfolio average weight of 1.8%) and Turkey Government International Bond, 5.60% coupon, due 11/14/2024, a sovereign credit (portfolio average weight of 1.8%). Positions that detracted most significantly from the Fund’s return during the period included Vedanta Resources Ltd. (India), 6.13% coupon, due 08/09/2024, a metals & mining company (no longer held at fiscal year-end) and Andrade Gutierrez International SA, 9.50% coupon, due 12/30/2024, a diversified financial services company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Sovereign Debt			34.40
Financials			27.12
Materials			9.25
Utilities			8.36
Communication Services			6.36
Energy			5.81
Sector Types Each Less Than 3%			7.26
Money Market Funds Plus Other Assets Less Liabilities			1.44


		97

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


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Egypt Government International Bond, 6.20%, 03/01/2024			3.64
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024			2.77
Asian Development Bank, 2.63%, 01/30/2024			2.45
Qatar Government International Bond, 3.38%, 03/14/2024			2.26
Asian Development Bank, 1.50%, 10/18/2024			2.18
Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024			1.86
Republic of Poland Government International Bond, 4.00%, 01/22/2024			1.84
Comision Federal de Electricidad, 4.88%, 01/15/2024			1.83
QNB Finance Ltd., 3.50%, 03/28/2024			1.80
Turkey Government International Bond, 6.35%, 08/10/2024			1.79
Total			22.42

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq BulletShares^® USD Emerging Markets Debt 2024 Index		5.45	%		7.24	%		22.52	%
JP Morgan Emerging Market Bond Global Index		4.20			6.97			21.62
Fund
NAV Return		4.31			6.21			19.14
Market Price Return		4.11			6.18			19.03


		98

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

Fund Inception: October 4, 2018

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 the 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:

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


		99

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

●

Each Fund’s investment strategy remained appropriate for an open-end fund;

●

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Funds did not breach the 15% limit on Illiquid Investments; and

●

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

100

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-53.67%
Aerospace & Defense-0.34%
Lockheed Martin Corp., 3.35%, 09/15/2021	$	5,428,000	$	5,434,354


Automobiles-2.73%
American Honda Finance Corp., 1.70%, 09/09/2021		15,547,000		15,551,644
General Motors Financial Co., Inc., 4.38%, 09/25/2021		17,527,000		17,572,116
Toyota Motor Credit Corp., 3.40%, 09/15/2021		10,983,000		10,995,712

				44,119,472


Banks-9.94%
BPCE S.A. (France), 2.75%, 12/02/2021.		14,891,000		14,987,235
Citigroup, Inc., 2.90%, 12/08/2021		35,940,000		36,121,251
Fifth Third Bank N.A., 2.88%, 10/01/2021		10,855,000		10,855,000
KeyBank N.A., 2.50%, 11/22/2021		6,900,000		6,935,927
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.19%, 09/13/2021		16,470,000		16,480,489
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/2021		17,527,000		17,538,134
PNC Bank N.A., 2.55%, 12/09/2021		8,484,000		8,522,269
Skandinaviska Enskilda Banken AB (Sweden), 1.88%, 09/13/2021		15,126,000		15,134,223
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.44%, 10/19/2021		22,030,000		22,095,913
Svenska Handelsbanken AB (Sweden), 1.88%, 09/07/2021		12,043,000		12,045,489

				160,715,930


Beverages-0.62%
PepsiCo, Inc., 1.70%, 10/06/2021		9,998,000		9,999,843


Biotechnology-2.86%
Gilead Sciences, Inc.
4.40%, 12/01/2021		19,251,000		19,251,000
0.75%, 09/29/2023		26,971,000		26,977,101

				46,228,101


Capital Markets-9.77%
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		30,777,000		30,912,570
2.10%, 11/12/2021		30,465,000		30,579,266
Deutsche Bank AG (Germany), 4.25%, 10/14/2021		50,453,000		50,678,545
Morgan Stanley, 2.63%, 11/17/2021		45,570,000		45,803,785

				157,974,166


Diversified Telecommunication Services-0.89%
Qwest Corp., 6.75%, 12/01/2021		14,136,000		14,358,571


Electric Utilities-2.97%
Duke Energy Progress LLC, 3.00%, 09/15/2021		5,318,000		5,323,451
Entergy Louisiana LLC, 0.62%, 11/17/2023		14,917,000		14,923,995


	Principal Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc., 2.40%, 09/01/2021	$	22,229,000	$	22,229,000
Ohio Power Co., Series M, 5.38%, 10/01/2021		5,537,000		5,559,498

				48,035,944


Electrical Equipment-0.44%
Emerson Electric Co., 2.63%, 12/01/2021		7,014,000		7,043,073


Equity REITs-1.03%
ERP Operating L.P., 4.63%, 12/15/2021.		11,010,000		11,028,251
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026		5,470,000		5,643,290

				16,671,541


Food & Staples Retailing-1.66%
Kroger Co. (The), 2.95%, 11/01/2021		7,008,000		7,023,475
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		19,838,000		19,865,091

				26,888,566


Food Products-1.52%
General Mills, Inc., 3.15%, 12/15/2021		14,018,000		14,053,438
JM Smucker Co. (The), 3.50%, 10/15/2021		10,520,000		10,562,125

				24,615,563


Health Care Equipment & Supplies-0.45%
Stryker Corp., 0.60%, 12/01/2023		7,339,000		7,340,330


Health Care Providers & Services-1.09%
UnitedHealth Group, Inc.
3.38%, 11/15/2021		7,009,000		7,026,335
2.88%, 12/15/2021		10,517,000		10,597,458

				17,623,793


Household Products-0.71%
Procter & Gamble Co. (The), 1.70%, 11/03/2021		11,411,000		11,441,900


Industrial Conglomerates-1.61%
General Electric Co., 4.65%, 10/17/2021		305,000		306,681
Honeywell International, Inc., 1.85%, 11/01/2021		18,689,000		18,715,070
Roper Technologies, Inc., 2.80%, 12/15/2021		7,013,000		7,046,215

				26,067,966


Internet & Direct Marketing Retail-0.87%
Amazon.com, Inc., 3.30%, 12/05/2021		14,019,000		14,057,573


IT Services-0.58%
Mastercard, Inc., 2.00%, 11/21/2021		9,370,000		9,393,387


Machinery-1.93%
Caterpillar Financial Services Corp., 3.15%, 09/07/2021		12,046,000		12,051,155

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

101

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

August 31, 2021


	Principal Amount		Value
Machinery-(continued)
John Deere Capital Corp.
3.13%, 09/10/2021	$	6,157,000	$	6,161,101
3.15%, 10/15/2021		5,607,000		5,626,131
Xylem, Inc., 4.88%, 10/01/2021		7,414,000		7,441,327

				31,279,714


Multi-Utilities-0.92%
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023		7,300,000		7,299,839
Puget Energy, Inc., 6.00%, 09/01/2021 .		7,490,000		7,490,000

				14,789,839


Oil, Gas & Consumable Fuels-1.43%
Shell International Finance B.V. (Netherlands), 1.75%, 09/12/2021		15,987,000		15,993,823
TotalEnergies Capital S.A. (France), 4.25%, 12/15/2021		7,055,000		7,137,688

				23,131,511


Pharmaceuticals-3.10%
Bristol-Myers Squibb Co., 0.54%, 11/13/2023		22,185,000		22,195,261
Pfizer, Inc.
3.00%, 09/15/2021		12,157,000		12,169,831
2.20%, 12/15/2021		15,633,000		15,729,316

				50,094,408


Road & Rail-0.48%
Norfolk Southern Corp., 3.25%, 12/01/2021		7,740,000		7,740,000


Semiconductors & Semiconductor Equipment-0.95%
Intel Corp., 3.30%, 10/01/2021		15,332,000		15,371,172


	Principal Amount		Value
Software-3.81%
Oracle Corp., 1.90%, 09/15/2021	$	61,630,000	$	61,667,707


Specialty Retail-0.32%
Lowe’s Cos., Inc., 3.80%, 11/15/2021		5,097,000		5,113,522


Tobacco-0.65%
Philip Morris International, Inc., 2.90%, 11/15/2021		10,518,000		10,574,881

Total U.S. Dollar Denominated Bonds & Notes (Cost $866,996,306)				867,772,827


U.S. Treasury Securities-44.77%
U.S. Treasury Bills-44.77%^(b)
0.04%–0.05%, 09/23/2021		265,000,000		264,994,737
0.04%–0.05%, 12/02/2021		459,000,000		458,952,884

Total U.S. Treasury Securities (Cost $723,945,327)				723,947,621


	Shares
Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $16,217,060)		16,217,060		16,217,060

TOTAL INVESTMENTS IN SECURITIES-99.44% (Cost $1,607,158,693)				1,607,937,508
OTHER ASSETS LESS LIABILITIES-0.56%				9,047,885

NET ASSETS-100.00%			$	1,616,985,393

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

^(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2021.


	Value August 31, 2020			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2021		Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$1,667,160,805		$(1,650,943,745)			$-		$ -		$16,217,060		$46,647

Invesco Premier U.S. Government Money Portfolio, Institutional Class			29,211,229		71,522,245		(100,733,474	)		-		-		-		207

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

102

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

August 31, 2021


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	4,967,699		$	15,957,161		$	(20,924,860	)		$	-		$	-		$	-		$	658	*
Invesco Private Prime Fund			1,698,896			15,105,432			(16,804,699	)			-			371			-			2,043	*


Total		$	35,877,824		$	1,769,745,643		$	(1,789,406,778	)		$	-		$	371		$	16,217,060		$	49,555

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

103

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.58%
Aerospace & Defense-1.20%
Boeing Co. (The), 1.43%, 02/04/2024	$	21,276,000	$	21,326,855
General Dynamics Corp., 2.25%, 11/15/2022		7,125,000		7,262,378

				28,589,233

Air Freight & Logistics-0.48%
United Parcel Service, Inc.
2.35%, 05/16/2022		4,157,000		4,213,520
2.45%, 10/01/2022^(b)		7,158,000		7,331,490

				11,545,010

Airlines-0.29%
Delta Air Lines, Inc., 3.63%, 03/15/2022		6,953,000		7,026,695

Automobiles-4.08%
American Honda Finance Corp.
1.95%, 05/20/2022		4,056,000		4,107,827
2.20%, 06/27/2022		5,942,000		6,037,253
0.40%, 10/21/2022		4,722,000		4,728,037
2.60%, 11/16/2022		3,283,000		3,373,448
General Motors Financial Co., Inc.
3.45%, 01/14/2022		8,821,000		8,898,347
3.45%, 04/10/2022		9,517,000		9,645,079
3.15%, 06/30/2022^(b)		8,454,000		8,625,680
Toyota Motor Corp. (Japan), 2.16%, 07/02/2022^(b)		3,378,000		3,433,373
Toyota Motor Credit Corp.
2.60%, 01/11/2022		9,070,000		9,149,533
3.30%, 01/12/2022		6,784,000		6,859,136
1.15%, 05/26/2022^(b)		8,947,000		9,015,176
2.80%, 07/13/2022		3,381,000		3,456,602
0.45%, 07/22/2022		5,039,000		5,051,232
2.15%, 09/08/2022		6,352,000		6,476,098
0.35%, 10/14/2022^(b)		8,818,000		8,832,382

				97,689,203

Banks-23.02%
Bank of America Corp.
5.70%, 01/24/2022		7,610,000		7,778,543
2.50%, 10/21/2022		14,796,000		14,841,209
Bank of Montreal (Canada)
2.35%, 09/11/2022		8,436,000		8,622,284
2.55%, 11/06/2022^(b)		6,693,000		6,861,853
Bank of Nova Scotia (The) (Canada)
2.70%, 03/07/2022		10,136,000		10,266,998
2.45%, 09/19/2022		6,757,000		6,922,468
Barclays Bank PLC (United Kingdom),
7.63%, 11/21/2022		12,550,000		13,541,542
BBVA USA, 2.88%, 06/29/2022		6,300,000		6,422,489
Canadian Imperial Bank of Commerce (Canada), 2.55%, 06/16/2022^(b)		6,761,000		6,890,480
CIT Group, Inc., 5.00%, 08/15/2022		7,956,000		8,281,798
Citigroup, Inc.
4.50%, 01/14/2022		17,964,000		18,248,622
2.75%, 04/25/2022^(b)		16,731,000		16,970,319
4.05%, 07/30/2022		6,108,000		6,313,909
2.70%, 10/27/2022		11,823,000		12,135,496
Citizens Bank N.A., 2.65%, 05/26/2022		5,002,000		5,080,887


	Principal Amount		Value
Banks-(continued)
Cooperatieve Rabobank U.A. (Netherlands)
2.75%, 01/10/2022^(b)	$	7,023,000	$	7,087,670
3.88%, 02/08/2022		20,775,000		21,107,822
3.95%, 11/09/2022		11,105,000		11,570,063
Fifth Third Bancorp
3.50%, 03/15/2022		3,382,000		3,432,759
2.60%, 06/15/2022		4,799,000		4,878,727
First Republic Bank, 2.50%, 06/06/2022		4,003,000		4,062,898
HSBC Holdings PLC (United Kingdom), 4.00%, 03/30/2022^(b)		12,249,000		12,516,750
Huntington Bancshares, Inc., 2.30%, 01/14/2022		6,652,000		6,692,272
Huntington National Bank (The), 2.50%, 08/07/2022		4,452,000		4,539,025
JPMorgan Chase & Co.
4.50%, 01/24/2022		11,440,000		11,635,223
3.25%, 09/23/2022^(b)		21,582,000		22,278,594
KeyBank N.A.
2.40%, 06/09/2022		4,129,000		4,198,930
2.30%, 09/14/2022		5,050,000		5,160,672
Lloyds Banking Group PLC (United Kingdom), 3.00%, 01/11/2022		10,894,000		11,003,108
Manufacturers and Traders Trust Co., 2.50%, 05/18/2022		4,952,000		5,025,575
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 02/22/2022		6,781,000		6,870,773
2.62%, 07/18/2022		15,500,000		15,819,426
2.67%, 07/25/2022		14,518,000		14,829,980
Mizuho Financial Group, Inc. (Japan)
2.95%, 02/28/2022^(b)		11,020,000		11,166,939
2.60%, 09/11/2022		7,350,000		7,526,757
MUFG Union Bank N.A., 2.10%, 12/09/2022^(b)		5,050,000		5,159,070
Natwest Group PLC (United Kingdom), 6.13%, 12/15/2022		7,200,000		7,700,346
People’s United Financial, Inc., 3.65%, 12/06/2022		3,587,000		3,703,810
PNC Bank N.A.
2.63%, 02/17/2022		8,450,000		8,529,871
2.45%, 07/28/2022		6,095,000		6,210,025
2.70%, 11/01/2022^(b)		6,768,000		6,947,233
PNC Financial Services Group, Inc. (The)
3.30%, 03/08/2022^(b)		6,761,000		6,852,530
2.85%, 11/09/2022^(c)		3,382,000		3,485,995
Royal Bank of Canada (Canada), 2.75%, 02/01/2022^(b)		8,450,000		8,540,545
Santander Holdings USA, Inc., 3.70%, 03/28/2022		4,816,000		4,893,860
Skandinaviska Enskilda Banken AB (Sweden), 2.80%, 03/11/2022		3,251,000		3,297,488
Sumitomo Mitsui Banking Corp. (Japan), 3.20%, 07/18/2022^(b)		4,885,000		5,013,429

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

104

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

August 31, 2021


	Principal Amount		Value
Banks-(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 01/11/2022	$	5,729,000	$	5,783,723
2.78%, 07/12/2022^(b)		13,792,000		14,094,061
2.78%, 10/18/2022		8,448,000		8,687,169
Synchrony Bank, 3.00%, 06/15/2022		5,395,000		5,498,561
Truist Bank
2.63%, 01/15/2022		7,050,000		7,100,773
2.45%, 08/01/2022		7,667,000		7,812,746
Truist Financial Corp.
2.70%, 01/27/2022^(b)		6,760,000		6,814,822
2.75%, 04/01/2022		6,888,000		6,974,490
U.S. Bancorp
3.00%, 03/15/2022^(b)		7,233,000		7,326,614
2.95%, 07/15/2022		9,174,000		9,371,002
Series V, 2.63%, 01/24/2022		9,447,000		9,519,337
UBS AG (Switzerland), 7.63%, 08/17/2022		14,829,000		15,785,066
US Bank N.A., 1.80%, 01/21/2022		6,100,000		6,130,451
Wells Fargo & Co.
3.50%, 03/08/2022^(b)		13,843,000		14,078,947
2.63%, 07/22/2022^(b)		14,497,000		14,808,520

				550,703,344


Beverages-1.65%
Diageo Investment Corp. (United Kingdom), 2.88%, 05/11/2022		6,919,000		7,045,577
Keurig Dr Pepper, Inc., 0.75%, 03/15/2024^(b)		8,033,000		8,043,555
Molson Coors Beverage Co., 3.50%, 05/01/2022^(b)		3,529,000		3,605,723
PepsiCo, Inc.
2.75%, 03/05/2022		8,656,000		8,770,441
2.25%, 05/02/2022		5,193,000		5,255,360
3.10%, 07/17/2022		6,649,000		6,787,163

				39,507,819


Biotechnology-3.81%
AbbVie, Inc.
2.90%, 11/06/2022		21,800,000		22,439,847
3.20%, 11/06/2022		7,058,000		7,258,964
2.30%, 11/21/2022		22,383,000		22,898,108
Amgen, Inc.
2.70%, 05/01/2022		3,463,000		3,506,492
2.65%, 05/11/2022		10,894,000		11,054,973
3.63%, 05/15/2022^(b)		5,195,000		5,280,274
Biogen, Inc., 3.63%, 09/15/2022		7,533,000		7,788,693
Gilead Sciences, Inc.
1.95%, 03/01/2022		3,837,000		3,864,501
3.25%, 09/01/2022		6,918,000		7,092,169

				91,184,021


Capital Markets-5.95%
Ares Capital Corp., 3.63%, 01/19/2022^(b).		5,331,000		5,379,300
Bank of New York Mellon Corp. (The)
2.60%, 02/07/2022		9,522,000		9,603,576
1.95%, 08/23/2022		6,760,000		6,878,008
BlackRock, Inc., 3.38%, 06/01/2022		5,337,000		5,460,969
CME Group, Inc., 3.00%, 09/15/2022		5,289,000		5,441,021


	Principal Amount		Value
Capital Markets-(continued)
Credit Suisse AG (Switzerland), 2.80%, 04/08/2022	$	10,150,000	$	10,308,760
Deutsche Bank AG (Germany), 3.30%, 11/16/2022		7,400,000		7,649,076
E*TRADE Financial Corp., 2.95%, 08/24/2022		4,307,000		4,412,674
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022		31,529,000		32,219,434
Moody’s Corp., 4.50%, 09/01/2022		3,533,000		3,641,034
Morgan Stanley
2.75%, 05/19/2022		23,278,000		23,707,397
4.88%, 11/01/2022		13,525,000		14,221,901
Nasdaq, Inc., 0.45%, 12/21/2022		4,248,000		4,248,688
Northern Trust Corp., 2.38%, 08/02/2022		3,386,000		3,453,953
TD Ameritrade Holding Corp., 2.95%, 04/01/2022		5,576,000		5,641,187

				142,266,978


Chemicals-1.17%
Celanese US Holdings LLC, 4.63%, 11/15/2022		3,796,000		3,979,425
Eastman Chemical Co., 3.60%, 08/15/2022		5,297,000		5,420,950
Ecolab, Inc., 2.38%, 08/10/2022		3,461,000		3,525,942
Linde, Inc.
2.45%, 02/15/2022		4,256,000		4,275,924
2.20%, 08/15/2022		3,405,000		3,454,102
Mosaic Co. (The), 3.25%, 11/15/2022^(b)		3,804,000		3,922,348
Syngenta Finance N.V. (Switzerland), 3.13%, 03/28/2022		3,467,000		3,512,495

				28,091,186


Commercial Services & Supplies-0.34%
Cintas Corp. No. 2, 2.90%, 04/01/2022		4,598,000		4,659,255
Waste Management, Inc., 2.90%, 09/15/2022^(b)		3,468,000		3,536,852

				8,196,107


Communications Equipment-0.60%
Cisco Systems, Inc., 3.00%, 06/15/2022		3,465,000		3,541,134
Nokia OYJ (Finland), 3.38%, 06/12/2022		3,530,000		3,604,306
Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022^(b)		7,053,000		7,230,383

				14,375,823


Consumer Finance-2.38%
Ally Financial, Inc., 4.13%, 02/13/2022		4,567,000		4,643,436
American Express Co.
2.50%, 08/01/2022		12,769,000		13,011,166
2.65%, 12/02/2022		9,066,000		9,341,392
American Express Credit Corp., 2.70%, 03/03/2022		12,857,000		12,993,206
Capital One Financial Corp., 3.05%, 03/09/2022		6,785,000		6,868,596

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

105

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

August 31, 2021


	Principal Amount		Value
Consumer Finance-(continued)
Capital One N.A.
2.65%, 08/08/2022	$	3,000,000	$	3,060,701
2.15%, 09/06/2022^(b)		3,699,000		3,762,647
Discover Financial Services, 3.85%, 11/21/2022		3,073,000		3,201,662

				56,882,806


Diversified Consumer Services-0.14%
Block Financial LLC, 5.50%, 11/01/2022		3,316,000		3,422,706

Diversified Financial Services-0.87%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.95%, 02/01/2022		2,890,000		2,922,905
3.50%, 05/26/2022		663,000		675,742
4.63%, 07/01/2022		4,051,000		4,188,794
Berkshire Hathaway, Inc., 3.40%, 01/31/2022		4,054,000		4,107,933
National Rural Utilities Cooperative Finance Corp., 1.75%, 01/21/2022		3,463,000		3,484,105
ORIX Corp. (Japan), 2.90%, 07/18/2022		5,371,000		5,491,036

				20,870,515


Diversified Telecommunication Services-1.59%
AT&T, Inc.
3.00%, 06/30/2022^(b)		13,582,000		13,826,823
2.63%, 12/01/2022^(b)		8,112,000		8,299,034
0.90%, 03/25/2024		15,942,000		15,973,798

				38,099,655


Electric Utilities-2.79%
Alabama Power Co., Series 17-A, 2.45%, 03/30/2022		3,816,000		3,857,479
Duke Energy Corp.
2.40%, 08/15/2022		3,963,000		4,037,196
3.05%, 08/15/2022		3,465,000		3,532,823
Duke Energy Progress LLC, 2.80%, 05/15/2022		3,469,000		3,507,830
Entergy Corp., 4.00%, 07/15/2022		5,082,000		5,211,412
Eversource Energy, Series K, 2.75%, 03/15/2022		5,535,000		5,596,523
Exelon Corp., 3.50%, 06/01/2022		8,466,000		8,641,270
Exelon Generation Co. LLC
3.40%, 03/15/2022		3,466,000		3,513,804
4.25%, 06/15/2022		3,689,000		3,766,507
ITC Holdings Corp., 2.70%, 11/15/2022		3,891,000		3,990,357
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022		3,334,000		3,555,538
Pacific Gas and Electric Co., 1.75%, 06/16/2022		17,643,000		17,638,619

				66,849,358


Electrical Equipment-0.87%
ABB Finance USA, Inc. (Switzerland), 2.88%, 05/08/2022		8,856,000		9,015,302
Eaton Corp., 2.75%, 11/02/2022		11,377,000		11,700,649

				20,715,951


Electronic Equipment, Instruments & Components-0.48%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025		4,274,000		4,450,303


	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Jabil, Inc., 4.70%, 09/15/2022	$	3,380,000	$	3,524,104
Tyco Electronics Group S.A., 3.50%, 02/03/2022		3,466,000		3,485,187

				11,459,594


Energy Equipment & Services-0.39%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		9,050,000		9,322,483


Entertainment-0.60%
TWDC Enterprises 18 Corp.
2.45%, 03/04/2022		3,463,000		3,502,627
2.35%, 12/01/2022^(b)		7,057,000		7,240,311
Walt Disney Co. (The), 1.65%, 09/01/2022		3,527,000		3,577,818

				14,320,756


Equity REITs-1.29%
American Tower Corp.
2.25%, 01/15/2022		4,465,000		4,496,744
4.70%, 03/15/2022		4,942,000		5,055,490
Kimco Realty Corp., 3.40%, 11/01/2022^(b)		3,404,000		3,506,488
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		10,013,000		10,613,780
Public Storage, 2.37%, 09/15/2022		3,460,000		3,529,674
SL Green Operating Partnership L.P., 3.25%, 10/15/2022		3,441,000		3,536,100

				30,738,276

Food & Staples Retailing-1.11%
Costco Wholesale Corp., 2.30%, 05/18/2022		5,912,000		5,992,682
Kroger Co. (The), 3.40%, 04/15/2022		3,460,000		3,499,773
Walgreen Co., 3.10%, 09/15/2022		8,109,000		8,335,542
Walmart, Inc., 2.35%, 12/15/2022^(b)		8,522,000		8,745,435

				26,573,432

Food Products-1.34%
General Mills, Inc., 2.60%, 10/12/2022		3,530,000		3,611,877
Hormel Foods Corp., 0.65%, 06/03/2024^(b)		6,700,000		6,712,844
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022^(b)		113,000		115,708
McCormick & Co., Inc., 2.70%, 08/15/2022		6,196,000		6,326,460
Mondelez International, Inc., 0.63%, 07/01/2022		7,926,000		7,950,038
Tyson Foods, Inc., 4.50%, 06/15/2022		7,056,000		7,213,532

				31,930,459

Health Care Equipment & Supplies-1.19%
Abbott Laboratories, 2.55%, 03/15/2022^(b)		5,191,000		5,256,451
Becton, Dickinson and Co., 2.89%, 06/06/2022		11,410,000		11,607,189
DH Europe Finance II S.a.r.l., 2.05%, 11/15/2022		5,543,000		5,662,692
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/2022		5,857,000		5,926,874

				28,453,206

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

106

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

August 31, 2021


	Principal Amount		Value
Health Care Providers & Services-4.28%
Aetna, Inc., 2.75%, 11/15/2022^(b)	$	6,923,000	$	7,079,891
Anthem, Inc.
3.13%, 05/15/2022		6,860,000		6,997,351
2.95%, 12/01/2022		5,296,000		5,457,791
Cardinal Health, Inc., 2.62%, 06/15/2022 .		4,034,000		4,102,534
Centene Corp., 4.25%, 12/15/2027^(b)		17,915,000		18,945,113
Cigna Corp., 0.61%, 03/15/2024		3,530,000		3,531,151
CommonSpirit Health, 2.95%, 11/01/2022		3,462,000		3,555,926
CVS Health Corp.
3.50%, 07/20/2022		10,383,000		10,620,542
2.75%, 12/01/2022		8,659,000		8,869,514
Humana, Inc., 3.15%, 12/01/2022		4,158,000		4,273,784
UnitedHealth Group, Inc.
2.88%, 03/15/2022		7,815,000		7,874,531
3.35%, 07/15/2022^(b)		7,330,000		7,534,478
2.38%, 10/15/2022		6,233,000		6,381,888
0.55%, 05/15/2024		7,100,000		7,103,531

				102,328,025

Hotels, Restaurants & Leisure-0.69%
McDonald’s Corp., 2.63%, 01/15/2022^(b)		9,526,000		9,609,137
Starbucks Corp.
1.30%, 05/07/2022		3,383,000		3,405,653
2.70%, 06/15/2022		3,386,000		3,438,096

				16,452,886

Household Durables-0.51%
Lennar Corp.
4.13%, 01/15/2022^(b)		4,056,000		4,078,511
4.75%, 11/15/2022		3,875,000		4,025,156
NVR, Inc., 3.95%, 09/15/2022		4,057,000		4,167,611

				12,271,278

Household Products-0.84%
Clorox Co. (The), 3.05%, 09/15/2022		4,155,000		4,247,645
Procter & Gamble Co. (The)
2.30%, 02/06/2022^(b)		6,918,000		6,981,151
2.15%, 08/11/2022^(b)		8,692,000		8,856,632

				20,085,428

Industrial Conglomerates-0.78%
3M Co., 2.00%, 06/26/2022		4,231,000		4,292,820
General Electric Co.
3.15%, 09/07/2022^(b)		388,000		399,410
2.70%, 10/09/2022^(b)		6,595,000		6,766,002
Honeywell International, Inc., 0.48%, 08/19/2022^(b)		3,542,000		3,542,442
Roper Technologies, Inc., 3.13%, 11/15/2022		3,560,000		3,653,892

				18,654,566

Insurance-1.32%
American International Group, Inc., 4.88%, 06/01/2022		10,583,000		10,942,577
Aon Corp., 2.20%, 11/15/2022		3,960,000		4,047,083
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022		5,365,000		5,472,667


	Principal Amount		Value
Insurance-(continued)
Chubb INA Holdings, Inc., 2.88%, 11/03/2022	$	7,425,000	$	7,622,058
Marsh & McLennan Cos., Inc., 2.75%, 01/30/2022^(b)		3,569,000		3,598,559

				31,682,944

Internet & Direct Marketing Retail-0.88%
Amazon.com, Inc., 2.50%, 11/29/2022		8,818,000		9,016,038
eBay, Inc.
3.80%, 03/09/2022		5,127,000		5,206,590
2.60%, 07/15/2022^(b)		6,757,000		6,853,047

				21,075,675

IT Services-2.62%
Fiserv, Inc., 3.50%, 10/01/2022		4,936,000		5,067,700
International Business Machines Corp.
2.50%, 01/27/2022		7,949,000		8,023,216
1.88%, 08/01/2022^(b)		7,100,000		7,210,515
2.88%, 11/09/2022		6,350,000		6,542,457
PayPal Holdings, Inc., 2.20%, 09/26/2022^(b)		7,061,000		7,209,488
VeriSign, Inc., 4.75%, 07/15/2027		4,209,000		4,450,934
Visa, Inc.
2.15%, 09/15/2022		7,380,000		7,515,159
2.80%, 12/14/2022^(b)		16,102,000		16,571,873

				62,591,342

Machinery-2.46%
Caterpillar Financial Services Corp.
0.95%, 05/13/2022		9,055,000		9,105,097
2.85%, 06/01/2022^(b)		3,532,000		3,603,369
2.40%, 06/06/2022		4,136,000		4,205,879
1.90%, 09/06/2022		5,194,000		5,278,925
1.95%, 11/18/2022		5,390,000		5,504,759
2.55%, 11/29/2022^(b)		4,158,000		4,277,446
CNH Industrial Capital LLC, 4.38%, 04/05/2022		3,463,000		3,542,028
Deere & Co., 2.60%, 06/08/2022		7,418,000		7,512,352
Flowserve Corp., 3.50%, 09/15/2022^(b)		3,473,000		3,547,191
John Deere Capital Corp.
2.65%, 01/06/2022		4,603,000		4,638,345
2.75%, 03/15/2022^(b)		3,442,000		3,491,060
2.15%, 09/08/2022		4,156,000		4,241,537

				58,947,988

Media-1.27%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		21,464,000		22,083,407
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		7,563,000		8,400,440

				30,483,847

Metals & Mining-0.32%
Newmont Corp., 3.50%, 03/15/2022		3,405,000		3,434,985
Nucor Corp., 4.13%, 09/15/2022		4,157,000		4,281,455

				7,716,440

Multiline Retail-0.29%
Target Corp., 2.90%, 01/15/2022^(b)		6,824,000		6,889,921

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

107

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

August 31, 2021


	Principal Amount		Value
Multi-Utilities-0.91%
CenterPoint Energy, Inc., 2.50%, 09/01/2022	$	3,525,000	$	3,595,380
DTE Energy Co.
2.25%, 11/01/2022		3,468,000		3,543,741
Series H, 0.55%, 11/01/2022		5,190,000		5,204,643
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022		5,822,000		5,965,019
Sempra Energy, 2.88%, 10/01/2022		3,460,000		3,527,114

				21,835,897

Oil, Gas & Consumable Fuels-7.17%
BP Capital Markets PLC (United Kingdom), 2.50%, 11/06/2022		6,922,000		7,102,310
Cenovus Energy, Inc. (Canada)
3.95%, 04/15/2022		3,528,000		3,573,080
3.00%, 08/15/2022		3,462,000		3,526,210
Chevron Corp.
2.41%, 03/03/2022^(b)		6,725,000		6,775,852
2.50%, 03/03/2022^(b)		4,846,000		4,893,504
2.36%, 12/05/2022^(b)		14,222,000		14,533,264
Enbridge, Inc. (Canada), 2.90%, 07/15/2022		5,359,991		5,468,495
Energy Transfer L.P., 5.20%, 02/01/2022.		7,077,000		7,130,558
Energy Transfer L.P./Regency Energy Finance Corp.
5.88%, 03/01/2022		6,259,000		6,339,822
5.00%, 10/01/2022		7,360,000		7,621,032
Enterprise Products Operating LLC, 4.05%, 02/15/2022		4,584,000		4,661,453
Exxon Mobil Corp.
2.40%, 03/06/2022^(b)		8,261,000		8,326,243
1.90%, 08/16/2022		5,195,000		5,282,805
Kinder Morgan Energy Partners L.P., 3.95%, 09/01/2022		6,926,000		7,112,543
ONEOK Partners L.P., 3.38%, 10/01/2022		6,201,000		6,348,424
ONEOK, Inc., 4.25%, 02/01/2022		3,786,000		3,809,856
Phillips 66, 4.30%, 04/01/2022		14,042,000		14,367,945
Pioneer Natural Resources Co., 0.75%, 01/15/2024		5,191,000		5,155,783
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022		5,195,000		5,276,698
Sabine Pass Liquefaction LLC, 6.25%, 03/15/2022		6,868,000		6,980,924
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022^(b)		7,062,000		7,215,932
TotalEnergies Capital International S.A. (France), 2.88%, 02/17/2022		7,072,000		7,162,866
TransCanada PipeLines Ltd. (Canada), 2.50%, 08/01/2022		7,961,000		8,122,379
Williams Cos., Inc. (The)
3.60%, 03/15/2022		9,460,000		9,571,878
3.35%, 08/15/2022		5,194,000		5,302,786

				171,662,642


	Principal Amount		Value
Personal Products-0.42%
Unilever Capital Corp. (United Kingdom)
3.00%, 03/07/2022	$	3,580,000	$	3,632,026
2.20%, 05/05/2022		6,370,000		6,445,949

				10,077,975

Pharmaceuticals-3.36%
AstraZeneca PLC (United Kingdom), 2.38%, 06/12/2022		7,908,000		8,028,470
Bristol-Myers Squibb Co.
2.00%, 08/01/2022		5,133,000		5,219,093
3.25%, 08/15/2022		6,035,000		6,208,657
Eli Lilly and Co., 2.35%, 05/15/2022		5,189,000		5,269,017
GlaxoSmithKline Capital PLC (United Kingdom), 2.85%, 05/08/2022		14,639,000		14,902,944
Johnson & Johnson, 2.25%, 03/03/2022 .		6,927,000		6,989,698
Merck & Co., Inc.
2.35%, 02/10/2022^(b)		8,659,000		8,743,146
2.40%, 09/15/2022		6,925,000		7,046,479
Novartis Capital Corp. (Switzerland)
2.40%, 05/17/2022^(b)		7,223,000		7,324,185
2.40%, 09/21/2022		10,381,000		10,623,324

				80,355,013

Professional Services-0.15%
Equifax, Inc., 3.30%, 12/15/2022		3,461,000		3,563,166

Road & Rail-0.77%
Burlington Northern Santa Fe LLC
3.05%, 03/15/2022		4,425,000		4,461,287
3.05%, 09/01/2022		4,150,000		4,236,952
Norfolk Southern Corp., 3.00%, 04/01/2022		4,159,000		4,196,819
Union Pacific Corp., 4.16%, 07/15/2022		5,294,000		5,421,930

				18,316,988

Semiconductors & Semiconductor Equipment-1.60%
Intel Corp.
2.35%, 05/11/2022^(b)		5,194,000		5,263,676
3.10%, 07/29/2022^(b)		6,922,000		7,105,729
2.70%, 12/15/2022		10,687,000		11,025,953
QUALCOMM, Inc., 3.00%, 05/20/2022^(b)		11,133,000		11,354,772
Texas Instruments, Inc., 1.85%, 05/15/2022^(b)		3,526,000		3,562,784

				38,312,914

Software-4.05%
Microsoft Corp.
2.40%, 02/06/2022		12,868,000		12,968,442
2.38%, 02/12/2022^(b)		10,381,000		10,467,498
2.65%, 11/03/2022		6,922,000		7,097,283
2.13%, 11/15/2022		5,192,000		5,305,247
Oracle Corp.
2.50%, 05/15/2022		17,710,000		17,923,996
2.50%, 10/15/2022		17,753,000		18,182,972
salesforce.com, inc., 0.63%, 07/15/2024 .		7,100,000		7,116,893
VMware, Inc.
2.95%, 08/21/2022		10,614,000		10,859,216
1.00%, 08/15/2024		7,000,000		7,030,786

				96,952,333

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

108

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

August 31, 2021


	Principal Amount		Value
Specialty Retail-0.74%
AutoZone, Inc., 3.70%, 04/15/2022	$	3,393,000	$	3,435,941
Home Depot, Inc. (The), 2.63%, 06/01/2022^(b)		8,450,000		8,588,933
Lowe’s Cos., Inc., 3.12%, 04/15/2022		5,637,000		5,697,255

				17,722,129

Technology Hardware, Storage & Peripherals-2.69%
Apple, Inc.
2.15%, 02/09/2022		8,855,000		8,932,080
2.50%, 02/09/2022		11,087,000		11,180,889
2.30%, 05/11/2022^(b)		7,352,000		7,442,471
2.70%, 05/13/2022		8,656,000		8,804,658
1.70%, 09/11/2022		7,054,000		7,164,556
2.10%, 09/12/2022		7,061,000		7,194,544
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022		9,617,000		9,977,326
HP, Inc., 4.05%, 09/15/2022		3,540,000		3,677,055

				64,373,579

Textiles, Apparel & Luxury Goods-0.46%
Ralph Lauren Corp., 1.70%, 06/15/2022^(b)		3,386,000		3,424,796
VF Corp., 2.05%, 04/23/2022		7,430,000		7,514,313

				10,939,109


Tobacco-1.38%
Altria Group, Inc., 2.85%, 08/09/2022^(b)		12,540,000		12,843,926
Philip Morris International, Inc.
2.63%, 02/18/2022		3,523,000		3,556,551
2.38%, 08/17/2022		5,528,000		5,630,930
2.50%, 08/22/2022		5,570,000		5,693,741
2.50%, 11/02/2022		5,188,000		5,310,373

				33,035,521

Trading Companies & Distributors-0.82%
Air Lease Corp.
3.75%, 02/01/2022^(b)		4,153,000		4,187,168
2.63%, 07/01/2022		4,232,000		4,302,026
International Lease Finance Corp., 5.88%, 08/15/2022		5,289,000		5,560,315
United Rentals North America, Inc., 3.88%, 11/15/2027		5,330,000		5,607,160

				19,656,669


	Principal Amount		Value
Wireless Telecommunication Services-0.17%
Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022	$	4,020,000	$	4,109,408

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,334,580,205)				2,358,908,299


	Shares
Money Market Funds-0.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $16,446,920)		16,446,920		16,446,920

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.27% (Cost $2,351,027,125)				2,375,355,219


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.81%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		20,174,801		20,174,801
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		47,055,715		47,074,537

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,249,338)				67,249,338

TOTAL INVESTMENTS IN SECURITIES-102.08% (Cost $2,418,276,463)				2,442,604,557
OTHER ASSETS LESS LIABILITIES-(2.08)%				(49,886,926	)

NET ASSETS-100.00%			$	2,392,717,631

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

109

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

August 31, 2021

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

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

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	335,783,473		$	(319,336,553)			$-		$	-		$	16,446,920		$	5,058

Invesco Premier U.S. Government Money Portfolio, Institutional Class			36,116,520			35,006,356			(71,122,876	)		-			-			-			246
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,751,447			110,618,587			(93,195,233	)		-			-			20,174,801			1,479	*

Invesco Private Prime Fund			917,158			173,617,633			(127,460,465)			-			211			47,074,537			19,799	*


Total		$	39,785,125		$	655,026,049		$	(611,115,127	)		$-		$	211		$	83,696,258		$	26,582

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

110

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.21%
Aerospace & Defense-3.76%
Boeing Co. (The)
1.17%, 02/04/2023	$	7,474,000	$	7,480,688
4.51%, 05/01/2023		16,933,000		17,945,862
2.20%, 02/04/2026^(b)		31,044,000		31,177,400
General Dynamics Corp.
3.38%, 05/15/2023		4,484,000		4,712,005
1.88%, 08/15/2023		2,821,000		2,897,208
Lockheed Martin Corp., 3.10%, 01/15/2023		2,820,000		2,914,307
Northrop Grumman Corp., 3.25%, 08/01/2023		5,862,000		6,176,761
Precision Castparts Corp., 2.50%, 01/15/2023		5,643,000		5,785,248

				79,089,479

Air Freight & Logistics-0.28%
United Parcel Service, Inc., 2.50%, 04/01/2023		5,714,000		5,905,115

Airlines-0.50%
Delta Air Lines, Inc., 3.80%, 04/19/2023^(b)		2,820,000		2,923,177
Southwest Airlines Co., 4.75%, 05/04/2023		7,127,000		7,611,326

				10,534,503

Automobiles-6.26%
American Honda Finance Corp.
2.05%, 01/10/2023		4,235,000		4,336,115
1.95%, 05/10/2023		4,794,000		4,923,870
0.88%, 07/07/2023		7,104,000		7,166,041
3.45%, 07/14/2023		2,822,000		2,980,010
0.65%, 09/08/2023		4,701,000		4,727,041
General Motors Co.
4.88%, 10/02/2023		8,467,000		9,187,391
5.40%, 10/02/2023		5,648,000		6,176,219
General Motors Financial Co., Inc.
3.25%, 01/05/2023		4,794,000		4,953,727
5.20%, 03/20/2023		8,462,000		9,038,968
3.70%, 05/09/2023		6,772,000		7,080,275
4.25%, 05/15/2023		4,230,000		4,485,460
4.15%, 06/19/2023		5,578,000		5,901,978
1.70%, 08/18/2023^(b)		7,072,000		7,214,420
Stellantis N.V., 5.25%, 04/15/2023^(b)		8,290,000		8,866,901
Toyota Motor Corp. (Japan), 3.42%, 07/20/2023^(b)		4,231,000		4,482,904
Toyota Motor Credit Corp.
2.63%, 01/10/2023		3,950,000		4,076,547
2.70%, 01/11/2023		3,384,000		3,496,248
2.90%, 03/30/2023		10,006,000		10,413,374
0.40%, 04/06/2023^(b)		5,647,000		5,659,872
0.50%, 08/14/2023^(b)		7,913,000		7,944,725
1.35%, 08/25/2023		5,641,000		5,751,519
2.25%, 10/18/2023		2,824,000		2,932,896

				131,796,501


	Principal Amount		Value
Banks-17.95%
Banco Santander S.A. (Spain), 3.85%, 04/12/2023	$	7,100,000	$	7,476,146
Bank of America Corp.
3.30%, 01/11/2023		24,199,000		25,197,665
4.10%, 07/24/2023^(b)		11,396,000		12,204,920
Bank of Montreal (Canada), 0.45%, 12/08/2023		5,078,000		5,084,404
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023^(b)		5,640,000		6,000,852
CIT Group, Inc., 5.00%, 08/01/2023		4,234,000		4,567,428
Citigroup, Inc.
3.50%, 05/15/2023		7,059,000		7,414,239
3.88%, 10/25/2023		5,503,000		5,918,392
Citizens Bank N.A., 3.70%, 03/29/2023		3,004,000		3,148,942
Comerica, Inc., 3.70%, 07/31/2023		4,799,000		5,088,260
Cooperatieve Rabobank U.A. (Netherlands)
2.75%, 01/10/2023		6,400,000		6,617,143
4.63%, 12/01/2023		10,000,000		10,885,607
Fifth Third Bancorp, 1.63%, 05/05/2023^(b)		3,061,000		3,121,647
Fifth Third Bank N.A., 1.80%, 01/30/2023		4,335,000		4,426,907
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023		11,290,000		11,908,883
Huntington National Bank (The)
1.80%, 02/03/2023		3,002,000		3,062,875
3.55%, 10/06/2023		4,100,000		4,359,342
JPMorgan Chase & Co.
2.97%, 01/15/2023		8,473,000		8,559,390
3.20%, 01/25/2023		15,526,000		16,176,259
3.38%, 05/01/2023		11,287,000		11,827,500
2.70%, 05/18/2023		11,285,000		11,704,412
KeyBank N.A.
3.38%, 03/07/2023		2,760,000		2,888,397
1.25%, 03/10/2023		3,990,000		4,048,538
M&T Bank Corp., 3.55%, 07/26/2023		2,825,000		2,990,101
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.46%, 03/02/2023		8,462,000		8,858,858
3.76%, 07/26/2023		12,130,000		12,898,981
2.53%, 09/13/2023^(b)		2,802,000		2,922,652
Mizuho Financial Group, Inc. (Japan),
3.55%, 03/05/2023		4,870,000		5,101,375
Natwest Group PLC (United Kingdom)
3.88%, 09/12/2023		15,112,000		16,090,084
6.00%, 12/19/2023^(b)		10,194,000		11,364,424
PNC Bank N.A.
2.95%, 01/30/2023		4,400,000		4,553,876
3.50%, 06/08/2023^(b)		4,500,000		4,743,889
3.80%, 07/25/2023		4,200,000		4,455,763
Royal Bank of Canada (Canada), 0.50%, 10/26/2023		7,184,000		7,203,260
Santander Holdings USA, Inc., 3.40%, 01/18/2023		5,635,000		5,843,130
Sumitomo Mitsui Banking Corp. (Japan)
3.00%, 01/18/2023		2,786,000		2,888,433
3.95%, 07/19/2023		4,000,000		4,268,112

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

111

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

August 31, 2021


	Principal Amount		Value
Banks-(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.10%, 01/17/2023	$	8,476,000	$	8,799,969
3.75%, 07/19/2023^(b)		4,233,000		4,495,885
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023^(b)		9,035,000		9,588,941
Truist Bank
3.00%, 02/02/2023		2,825,000		2,929,030
1.25%, 03/09/2023		7,060,000		7,164,241
2.75%, 05/01/2023		3,431,000		3,567,976
U.S. Bank N.A.
1.95%, 01/09/2023^(b)		4,520,000		4,616,333
2.85%, 01/23/2023^(b)		4,350,000		4,501,476
3.40%, 07/24/2023		7,250,000		7,662,427
Wells Fargo & Co.
3.07%, 01/24/2023^(b)		12,973,000		13,119,921
4.13%, 08/15/2023		8,074,000		8,639,978
Series M, 3.45%, 02/13/2023		11,041,000		11,522,467
Wells Fargo Bank N.A., 3.55%, 08/14/2023		14,550,000		15,431,997

				377,911,727

Beverages-1.95%
Constellation Brands, Inc.
3.20%, 02/15/2023^(b)		3,455,000		3,588,940
4.25%, 05/01/2023		5,922,000		6,277,687
Diageo Capital PLC (United Kingdom)
2.63%, 04/29/2023		7,620,000		7,871,789
3.50%, 09/18/2023		2,903,000		3,083,351
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023^(b)		2,823,000		2,980,389
PepsiCo, Inc.
2.75%, 03/01/2023^(b)		7,056,000		7,326,753
0.75%, 05/01/2023^(b)		5,582,000		5,632,762
0.40%, 10/07/2023^(b)		4,234,000		4,250,151

				41,011,822

Biotechnology-1.39%
AbbVie, Inc., 2.85%, 05/14/2023		5,651,000		5,863,688
Amgen, Inc., 2.25%, 08/19/2023^(b)		4,229,000		4,374,556
Gilead Sciences, Inc., 2.50%, 09/01/2023 .		4,234,000		4,398,669
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023		14,108,000		14,736,625

				29,373,538

Capital Markets-7.57%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		4,234,000		4,551,513
Ares Capital Corp., 3.50%, 02/10/2023		4,313,000		4,464,474
Bank of New York Mellon Corp. (The)
1.85%, 01/27/2023^(b)		4,238,000		4,330,819
2.95%, 01/29/2023		5,643,000		5,844,431
3.50%, 04/28/2023		4,231,000		4,454,296
3.45%, 08/11/2023		4,235,000		4,496,353
2.20%, 08/16/2023		7,098,000		7,344,285
0.35%, 12/07/2023^(b)		4,230,000		4,228,617
Charles Schwab Corp. (The), 2.65%, 01/25/2023		4,517,000		4,656,461
Credit Suisse AG (Switzerland), 1.00%, 05/05/2023		11,310,000		11,428,884


	Principal Amount		Value
Capital Markets-(continued)
Goldman Sachs Group, Inc. (The)
3.63%, 01/22/2023	$	12,800,000	$	13,390,161
0.48%, 01/27/2023		12,700,000		12,703,500
3.20%, 02/23/2023		9,880,000		10,264,264
0.52%, 03/08/2023		3,952,000		3,954,502
Jefferies Financial Group, Inc., 5.50%, 10/18/2023		4,235,000		4,527,251
Jefferies Group LLC, 5.13%, 01/20/2023 .		4,234,000		4,494,418
Morgan Stanley
3.13%, 01/23/2023		14,112,000		14,664,181
3.75%, 02/25/2023		14,110,000		14,813,900
4.10%, 05/22/2023		11,284,000		11,966,056
State Street Corp.
3.10%, 05/15/2023		6,255,000		6,548,042
3.70%, 11/20/2023		5,801,000		6,240,565

				159,366,973

Chemicals-0.74%
Linde, Inc., 2.70%, 02/21/2023^(b)		2,821,000		2,905,384
LYB International Finance B.V., 4.00%, 07/15/2023		4,174,000		4,442,288
Mosaic Co. (The), 4.25%, 11/15/2023		5,078,000		5,435,572
Nutrien Ltd. (Canada), 1.90%, 05/13/2023		2,786,000		2,848,509

				15,631,753

Commercial Services & Supplies-0.14%
Waste Management, Inc., 2.40%, 05/15/2023		2,821,000		2,913,007

Communications Equipment-0.35%
Cisco Systems, Inc.
2.60%, 02/28/2023		2,820,000		2,923,332
2.20%, 09/20/2023		4,233,000		4,388,859

				7,312,191

Construction Materials-0.19%
Martin Marietta Materials, Inc., 0.65%, 07/15/2023^(b)		3,950,000		3,959,870

Consumer Finance-2.49%
Ally Financial, Inc.
3.05%, 06/05/2023		4,512,000		4,693,412
1.45%, 10/02/2023		6,702,000		6,805,740
American Express Co., 3.40%, 02/27/2023		9,026,000		9,412,704
Capital One Bank USA N.A., 3.38%, 02/15/2023^(b)		8,250,000		8,602,546
Capital One Financial Corp.
3.20%, 01/30/2023		7,051,000		7,316,471
2.60%, 05/11/2023		5,648,000		5,848,272
3.50%, 06/15/2023		4,674,000		4,925,997
Discover Bank, 3.35%, 02/06/2023^(b)		4,650,000		4,833,484

				52,438,626

Containers & Packaging-0.20%
Packaging Corp. of America, 4.50%, 11/01/2023		3,901,000		4,193,897

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

112

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

August 31, 2021


	Principal Amount		Value
Diversified Financial Services-1.47%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)
3.30%, 01/23/2023	$	4,452,000	$	4,604,762
4.13%, 07/03/2023		4,151,000		4,384,905
4.50%, 09/15/2023		6,853,000		7,314,315
Berkshire Hathaway, Inc.
3.00%, 02/11/2023		2,818,000		2,930,602
2.75%, 03/15/2023		11,329,000		11,718,879

				30,953,463

Diversified Telecommunication Services-0.82%
AT&T, Inc., 1.70%, 03/25/2026		16,942,000		17,172,169

Electric Utilities-2.98%
Duke Energy Carolinas LLC
2.50%, 03/15/2023		2,763,000		2,841,644
3.05%, 03/15/2023^(b)		3,633,000		3,777,248
Florida Power & Light Co., 2.75%, 06/01/2023		2,822,000		2,910,522
Georgia Power Co., Series A, 2.10%, 07/30/2023		3,954,000		4,083,975
NextEra Energy Capital Holdings, Inc.
2.80%, 01/15/2023		2,978,000		3,073,400
0.65%, 03/01/2023		11,296,000		11,343,050
OGE Energy Corp., 0.70%, 05/26/2023		2,820,000		2,821,809
Oklahoma Gas and Electric Co., 0.55%, 05/26/2023^(b)		2,790,000		2,791,239
Pacific Gas and Electric Co.
1.37%, 03/10/2023		8,466,000		8,443,687
4.25%, 08/01/2023		2,830,000		2,965,282
Southern California Edison Co., Series C, 3.50%, 10/01/2023		3,348,000		3,531,172
Southern Co. (The), 2.95%, 07/01/2023		7,077,000		7,373,609
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023^(b)		3,948,000		4,072,081
Xcel Energy, Inc., 0.50%, 10/15/2023		2,772,000		2,778,688

				62,807,406

Electrical Equipment-0.13%
Emerson Electric Co., 2.63%, 02/15/2023.		2,758,000		2,837,437

Energy Equipment & Services-0.60%
Halliburton Co., 3.50%, 08/01/2023		3,388,000		3,558,551
Schlumberger Investment S.A., 3.65%, 12/01/2023		8,468,000		9,010,482

				12,569,033

Entertainment-0.20%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		3,949,000		4,122,883

Equity REITs-2.36%
American Tower Corp.
3.50%, 01/31/2023		5,644,000		5,887,520
3.00%, 06/15/2023		3,956,000		4,130,485
Boston Properties L.P.
3.85%, 02/01/2023		5,687,000		5,905,443
3.13%, 09/01/2023		2,843,000		2,972,035
Brixmor Operating Partnership L.P., 3.25%, 09/15/2023		2,790,000		2,925,649
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023^(b)		6,255,000		6,588,632


	Principal Amount		Value
Equity REITs-(continued)
Crown Castle International Corp., 3.15%, 07/15/2023^(b)	$	4,238,000	$	4,439,198
ERP Operating L.P., 3.00%, 04/15/2023		2,824,000		2,925,802
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 11/01/2023		2,775,000		3,010,797
Realty Income Corp., 4.65%, 08/01/2023 .		4,234,000		4,530,968
Simon Property Group L.P.
2.75%, 02/01/2023		2,763,000		2,843,131
2.75%, 06/01/2023		3,384,000		3,506,760

				49,666,420

Food & Staples Retailing-1.42%
Kroger Co. (The), 3.85%, 08/01/2023		3,388,000		3,582,860
Walmart, Inc.
2.55%, 04/11/2023		9,771,000		10,088,988
3.40%, 06/26/2023		15,348,000		16,198,623

				29,870,471

Food Products-0.90%
Campbell Soup Co., 3.65%, 03/15/2023^(b)		3,509,000		3,668,674
Conagra Brands, Inc., 3.20%, 01/25/2023^(b)		3,868,000		3,990,238
General Mills, Inc., 3.70%, 10/17/2023		4,794,000		5,105,041
Hershey Co. (The), 3.38%, 05/15/2023		2,820,000		2,959,385
Kellogg Co., 2.65%, 12/01/2023		3,104,000		3,252,829

				18,976,167

Gas Utilities-0.89%
Atmos Energy Corp., 0.63%, 03/09/2023 .		6,210,000		6,210,658
CenterPoint Energy Resources Corp., 0.70%, 03/02/2023^(b)		3,978,000		3,978,587
National Fuel Gas Co., 3.75%, 03/01/2023		2,697,000		2,795,787
ONE Gas, Inc., 0.85%, 03/11/2023		5,678,000		5,678,527

				18,663,559

Health Care Equipment & Supplies-0.30%
Abbott Laboratories, 3.40%, 11/30/2023^(b)		5,931,000		6,308,964

Health Care Providers & Services-4.10%
Aetna, Inc., 2.80%, 06/15/2023		7,764,000		8,057,990
AmerisourceBergen Corp., 0.74%, 03/15/2023		8,611,000		8,626,054
Anthem, Inc.
3.30%, 01/15/2023		5,642,000		5,865,238
0.45%, 03/15/2023^(b)		2,820,000		2,823,989
Cardinal Health, Inc., 3.20%, 03/15/2023^(b)		3,068,000		3,195,172
Cigna Corp.
3.00%, 07/15/2023		4,391,000		4,579,458
3.75%, 07/15/2023		7,458,000		7,901,118
CVS Health Corp.
3.70%, 03/09/2023		14,370,000		15,044,407
4.00%, 12/05/2023		2,340,000		2,503,136
HCA, Inc.
4.75%, 05/01/2023		7,062,000		7,532,771
5.88%, 05/01/2023		7,209,000		7,776,709

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

113

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

August 31, 2021


	Principal Amount		Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.
2.75%, 02/15/2023	$	3,527,000	$	3,635,135
2.88%, 03/15/2023		4,230,000		4,398,945
3.50%, 06/15/2023^(b)		4,239,000		4,478,969

				86,419,091

Hotels, Restaurants & Leisure-0.97%
Booking Holdings, Inc., 2.75%, 03/15/2023		2,825,000		2,926,494
McDonald’s Corp., 3.35%, 04/01/2023^(b)		6,647,000		6,941,193
Starbucks Corp.
3.10%, 03/01/2023		5,643,000		5,862,957
3.85%, 10/01/2023^(b)		4,390,000		4,666,974

				20,397,618

Household Durables-0.17%
Mohawk Industries, Inc., 3.85%, 02/01/2023^(b)		3,388,000		3,521,302

Household Products-0.42%
Colgate-Palmolive Co., 1.95%, 02/01/2023		2,772,000		2,843,874
Procter & Gamble Co. (The), 3.10%, 08/15/2023		5,645,000		5,965,919

				8,809,793

Industrial Conglomerates-0.80%
3M Co.
1.75%, 02/14/2023		2,820,000		2,877,479
2.25%, 03/15/2023		3,664,000		3,766,710
General Electric Co., 3.10%, 01/09/2023^(b)		5,788,000		5,996,595
Roper Technologies, Inc., 3.65%, 09/15/2023		3,965,000		4,211,782

				16,852,566

Insurance-0.71%
Allstate Corp. (The), 3.15%, 06/15/2023 .		2,840,000		2,984,475
Lincoln National Corp., 4.00%, 09/01/2023		2,819,000		3,016,080
Loews Corp., 2.63%, 05/15/2023		2,824,000		2,917,587
MetLife, Inc., Series D, 4.37%, 09/15/2023		5,642,000		6,092,934

				15,011,076

Internet & Direct Marketing Retail-1.25%
Amazon.com, Inc.
2.40%, 02/22/2023		5,485,000		5,652,103
0.25%, 05/12/2023^(b)		5,518,000		5,531,494
0.40%, 06/03/2023		6,492,000		6,523,115
eBay, Inc., 2.75%, 01/30/2023		4,234,000		4,373,706
QVC, Inc., 4.38%, 03/15/2023^(b)		4,121,000		4,321,899

				26,402,317

IT Services-1.23%
Fidelity National Information Services, Inc., 0.38%, 03/01/2023		4,514,000		4,512,685
Global Payments, Inc.
3.75%, 06/01/2023^(b)		3,103,000		3,250,333
4.00%, 06/01/2023		3,111,000		3,290,816


	Principal Amount		Value
IT Services-(continued)
International Business Machines Corp., 3.38%, 08/01/2023	$	8,520,000	$	9,005,795
PayPal Holdings, Inc., 1.35%, 06/01/2023		5,648,000		5,747,103

				25,806,732

Life Sciences Tools & Services-0.30%
Agilent Technologies, Inc., 3.88%, 07/15/2023		3,382,000		3,570,434
Illumina, Inc., 0.55%, 03/23/2023^(b)		2,787,000		2,791,025

				6,361,459

Machinery-2.77%
Caterpillar Financial Services Corp.
0.25%, 03/01/2023^(b)		5,648,000		5,647,509
3.45%, 05/15/2023		2,822,000		2,973,327
0.65%, 07/07/2023^(b)		5,849,000		5,885,308
0.45%, 09/14/2023		5,648,000		5,664,048
3.75%, 11/24/2023		2,820,000		3,040,829
CNH Industrial Capital LLC, 1.95%, 07/02/2023		3,385,000		3,468,751
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023		3,348,000		3,590,641
Cummins, Inc., 3.65%, 10/01/2023		2,822,000		2,994,311
John Deere Capital Corp.
2.70%, 01/06/2023		2,826,000		2,919,749
0.25%, 01/17/2023		3,388,000		3,391,970
2.80%, 01/27/2023^(b)		2,823,000		2,924,537
2.80%, 03/06/2023^(b)		5,648,000		5,864,896
1.20%, 04/06/2023		2,818,000		2,859,076
0.40%, 10/10/2023		2,820,000		2,830,123
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023		3,948,000		4,208,292

				58,263,367

Media-0.52%
Discovery Communications LLC, 2.95%, 03/20/2023		4,494,000		4,655,290
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		5,639,000		6,306,794

				10,962,084

Metals & Mining-0.29%
Nucor Corp., 4.00%, 08/01/2023		2,779,000		2,944,850
Reliance Steel & Aluminum Co., 4.50%, 04/15/2023		2,994,000		3,153,316

				6,098,166

Multiline Retail-0.53%
Dollar General Corp., 3.25%, 04/15/2023 .		5,088,000		5,288,040
Dollar Tree, Inc., 3.70%, 05/15/2023		5,643,000		5,936,088

				11,224,128

Multi-Utilities-1.10%
Black Hills Corp., 4.25%, 11/30/2023		2,974,000		3,179,765
Delmarva Power & Light Co., 3.50%, 11/15/2023^(b)		2,824,000		2,997,104
PSEG Power LLC, 3.85%, 06/01/2023		3,908,000		4,126,310
Public Service Electric & Gas Co., 2.38%, 05/15/2023		2,820,000		2,904,482

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

114

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

August 31, 2021


	Principal Amount		Value
Multi-Utilities-(continued)
Sempra Energy
2.90%, 02/01/2023	$	2,821,000	$	2,910,824
4.05%, 12/01/2023		2,825,000		3,023,079
WEC Energy Group, Inc., 0.55%, 09/15/2023		3,956,000		3,958,196

				23,099,760

Oil, Gas & Consumable Fuels-9.68%
BP Capital Markets America, Inc., 2.94%, 04/06/2023		4,234,000		4,409,089
BP Capital Markets PLC (United Kingdom), 3.99%, 09/26/2023		4,234,000		4,546,990
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023		5,643,000		5,823,241
Chevron Corp.
1.14%, 05/11/2023^(b)		6,773,000		6,875,887
2.57%, 05/16/2023		4,237,000		4,385,629
3.19%, 06/24/2023		12,695,000		13,274,827
Chevron USA, Inc., 0.43%, 08/11/2023		2,787,000		2,797,024
Continental Resources, Inc., 4.50%, 04/15/2023^(b)		3,711,000		3,873,356
Diamondback Energy, Inc., 0.90%, 03/24/2023		3,666,000		3,667,454
Enbridge, Inc. (Canada), 4.00%, 10/01/2023		4,519,000		4,799,623
Energy Transfer L.P.
3.60%, 02/01/2023		4,478,000		4,631,926
Series 5Y, 4.20%, 09/15/2023		2,838,000		3,022,706
Energy Transfer L.P./Regency Energy
Finance Corp., 4.50%, 11/01/2023		3,385,000		3,618,253
Enterprise Products Operating LLC,
3.35%, 03/15/2023		7,052,000		7,311,376
EOG Resources, Inc., 2.63%, 03/15/2023 .		7,059,000		7,275,139
Exxon Mobil Corp.
2.73%, 03/01/2023		7,055,000		7,279,157
1.57%, 04/15/2023		15,480,000		15,797,241
Kinder Morgan Energy Partners L.P.
3.45%, 02/15/2023		4,471,000		4,629,860
3.50%, 09/01/2023		3,388,000		3,560,577
Kinder Morgan, Inc., 3.15%, 01/15/2023		5,642,000		5,843,178
Marathon Petroleum Corp., 4.50%, 05/01/2023		7,061,000		7,483,910
MPLX L.P.
3.38%, 03/15/2023		2,827,000		2,944,579
4.50%, 07/15/2023		5,579,000		5,921,579
ONEOK, Inc., 7.50%, 09/01/2023		2,764,000		3,090,620
Phillips 66, 3.70%, 04/06/2023		2,837,000		2,978,876
Pioneer Natural Resources Co., 0.55%, 05/15/2023		4,234,000		4,231,855
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023		3,956,000		4,171,369
Sabine Pass Liquefaction LLC, 5.63%, 04/15/2023		8,350,000		8,909,223
Shell International Finance B.V. (Netherlands)
2.25%, 01/06/2023		5,649,000		5,799,806
3.40%, 08/12/2023		5,648,000		5,994,928
0.38%, 09/15/2023		5,678,000		5,688,015


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
TotalEnergies Capital Canada Ltd. (France), 2.75%, 07/15/2023	$	5,646,000	$	5,904,523
TotalEnergies Capital International S.A. (France), 2.70%, 01/25/2023		5,650,000		5,844,360
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023		3,530,000		3,738,765
Valero Energy Corp., 2.70%, 04/15/2023 .		4,801,000		4,959,969
Williams Cos., Inc. (The)
3.70%, 01/15/2023^(b)		4,794,000		4,968,883
4.50%, 11/15/2023		3,388,000		3,643,024

				203,696,817

Personal Products-0.29%
Unilever Capital Corp. (United Kingdom)
3.13%, 03/22/2023		3,101,000		3,229,880
0.38%, 09/14/2023^(b)		2,972,000		2,977,250

				6,207,130

Pharmaceuticals-4.52%
AstraZeneca PLC (United Kingdom)
0.30%, 05/26/2023^(b)		7,900,000		7,894,160
3.50%, 08/17/2023^(b)		4,794,000		5,071,229
Bristol-Myers Squibb Co., 3.25%, 11/01/2023		2,825,000		3,000,673
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023		7,052,000		7,064,154
GlaxoSmithKline Capital, Inc. (United Kingdom)
2.80%, 03/18/2023		6,970,000		7,240,804
3.38%, 05/15/2023^(b)		7,055,000		7,419,605
Johnson & Johnson
2.05%, 03/01/2023^(b)		2,776,000		2,843,194
3.38%, 12/05/2023^(b)		4,469,000		4,784,380
Merck & Co., Inc., 2.80%, 05/18/2023		9,880,000		10,293,838
Mylan, Inc., 4.20%, 11/29/2023		2,820,000		3,018,572
Pfizer, Inc.
3.00%, 06/15/2023		5,648,000		5,919,306
3.20%, 09/15/2023		5,576,000		5,891,333
Royalty Pharma PLC, 0.75%, 09/02/2023 .		1,850,000		1,858,838
Sanofi (France), 3.38%, 06/19/2023^(b)		5,648,000		5,945,809
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023		8,460,000		9,140,831
Zoetis, Inc., 3.25%, 02/01/2023		7,622,000		7,879,960

				95,266,686

Professional Services-0.17%
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023		3,390,000		3,639,150

Road & Rail-0.77%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		3,971,000		4,112,255
3.85%, 09/01/2023^(b)		4,518,000		4,802,620
Norfolk Southern Corp., 2.90%, 02/15/2023		3,370,000		3,472,305
Union Pacific Corp., 3.50%, 06/08/2023		3,669,000		3,866,384

				16,253,564

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

115

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

August 31, 2021


	Principal Amount		Value
Semiconductors & Semiconductor Equipment-1.93%
Analog Devices, Inc.
2.88%, 06/01/2023^(b)	$	2,824,000	$	2,929,712
3.13%, 12/05/2023		3,109,000		3,282,897
Maxim Integrated Products, Inc., 3.38%, 03/15/2023		2,819,000		2,926,356
Microchip Technology, Inc., 2.67%, 09/01/2023		5,650,000		5,869,068
Micron Technology, Inc., 2.50%, 04/24/2023		7,014,000		7,240,482
NVIDIA Corp., 0.31%, 06/15/2023		7,060,000		7,074,501
QUALCOMM, Inc., 2.60%, 01/30/2023		5,343,000		5,512,732
Skyworks Solutions, Inc., 0.90%, 06/01/2023		2,820,000		2,827,678
Texas Instruments, Inc., 2.25%, 05/01/2023		2,822,000		2,902,388

				40,565,814

Software-3.26%
Adobe, Inc., 1.70%, 02/01/2023^(b)		2,826,000		2,885,343
Intuit, Inc., 0.65%, 07/15/2023		2,827,000		2,844,405
Microsoft Corp.
2.38%, 05/01/2023		5,538,000		5,710,282
2.00%, 08/08/2023^(b)		8,466,000		8,735,192
3.63%, 12/15/2023		8,471,000		9,080,031
Oracle Corp.
2.63%, 02/15/2023^(b)		7,079,000		7,297,527
3.63%, 07/15/2023^(b)		5,646,000		5,981,205
2.40%, 09/15/2023		14,116,000		14,636,195
salesforce.com, inc., 3.25%, 04/11/2023 .		5,643,000		5,898,736
VMware, Inc., 0.60%, 08/15/2023		5,500,000		5,508,262

				68,577,178

Specialty Retail-1.91%
AutoZone, Inc., 3.13%, 07/15/2023		2,821,000		2,946,177
Dell International LLC/EMC Corp., 5.45%, 06/15/2023		20,944,000		22,579,128
Home Depot, Inc. (The), 2.70%, 04/01/2023		5,648,000		5,831,903
Leidos, Inc., 2.95%, 05/15/2023		2,825,000		2,927,646
Lowe’s Cos., Inc., 3.88%, 09/15/2023^(b)		2,745,000		2,914,002
TJX Cos., Inc. (The), 2.50%, 05/15/2023 .		2,821,000		2,913,639

				40,112,495

Technology Hardware, Storage & Peripherals-3.36%
Apple, Inc.
2.40%, 01/13/2023		4,235,000		4,347,671
2.85%, 02/23/2023^(b)		9,038,000		9,348,873
2.40%, 05/03/2023^(b)		31,051,000		32,168,400
0.75%, 05/11/2023		11,291,000		11,391,684
Hewlett Packard Enterprise Co.
2.25%, 04/01/2023		5,652,000		5,800,543
4.45%, 10/02/2023		7,056,000		7,594,636

				70,651,807

Textiles, Apparel & Luxury Goods-0.14%
NIKE, Inc., 2.25%, 05/01/2023^(b)		2,786,000		2,867,197


	Principal Amount		Value
Tobacco-0.81%
Philip Morris International, Inc.
2.63%, 03/06/2023	$	3,384,000	$	3,500,915
1.13%, 05/01/2023^(b)		4,232,000		4,285,796
2.13%, 05/10/2023		2,827,000		2,903,671
3.60%, 11/15/2023		2,824,000		3,024,713
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023		3,104,000		3,375,601

				17,090,696

Trading Companies & Distributors-0.51%
Air Lease Corp.
2.75%, 01/15/2023		3,389,000		3,489,399
3.88%, 07/03/2023		2,827,000		2,986,268
3.00%, 09/15/2023		4,184,000		4,362,713

				10,838,380

Wireless Telecommunication Services-0.86%
Rogers Communications, Inc. (Canada)
3.00%, 03/15/2023		2,827,000		2,918,561
4.10%, 10/01/2023		4,794,000		5,108,528
T-Mobile USA, Inc., 4.75%, 02/01/2028		5,000,000		5,341,750
Vodafone Group PLC (United Kingdom), 2.95%, 02/19/2023^(b)		4,624,000		4,794,285

				18,163,124

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,050,413,518)				2,088,546,471


	Shares
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $1,935,360)		1,935,360		1,935,360

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.30% (Cost $2,052,348,878)				2,090,481,831


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.16%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		19,982,947		19,982,947
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		46,608,234		46,626,878

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $66,609,825)				66,609,825

TOTAL INVESTMENTS IN SECURITIES-102.46% (Cost $2,118,958,703)				2,157,091,656
OTHER ASSETS LESS LIABILITIES-(2.46)%				(51,861,311	)

NET ASSETS-100.00%			$	2,105,230,345

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

116

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

August 31, 2021

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	210,611,944		$	(208,676,584	)		$	-		$	-		$	1,935,360		$	2,807

Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,985,444			17,208,908			(21,194,352	)			-			-			-			67

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			653,734			90,504,996			(71,175,783	)			-			-			19,982,947			1,530	*

Invesco Private Prime Fund			217,916			127,149,722			(80,741,201	)			-			441			46,626,878			19,540	*


Total		$	4,857,094		$	445,475,570		$	(381,787,920	)		$	-		$	441		$	68,545,185		$	23,944

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

117

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.72%
Aerospace & Defense-0.97%
Boeing Co. (The), 1.95%, 02/01/2024^(b)	$	5,401,000	$	5,536,210
General Dynamics Corp., 2.38%, 11/15/2024		2,719,000		2,865,580
Howmet Aerospace, Inc., 5.13%, 10/01/2024		6,726,000		7,400,483

				15,802,273


Air Freight & Logistics-0.17%
United Parcel Service, Inc., 2.80%, 11/15/2024^(b)		2,649,000		2,827,374


Airlines-0.31%
Delta Air Lines, Inc., 2.90%, 10/28/2024^(b)		4,988,000		5,085,195


Auto Components-0.52%
Aptiv Corp., 4.15%, 03/15/2024		3,771,000		4,066,616
Magna International, Inc. (Canada), 3.63%, 06/15/2024		4,072,000		4,386,114

				8,452,730

Automobiles-3.47%
American Honda Finance Corp.
2.90%, 02/16/2024		2,718,000		2,867,903
2.40%, 06/27/2024		2,700,000		2,832,946
0.55%, 07/12/2024^(b)		4,843,000		4,833,008
2.15%, 09/10/2024		4,098,000		4,271,513
General Motors Financial Co., Inc.
1.05%, 03/08/2024		4,570,000		4,600,705
3.95%, 04/13/2024		6,791,000		7,284,740
3.50%, 11/07/2024		4,071,000		4,360,216
Toyota Motor Corp. (Japan)
0.68%, 03/25/2024		6,730,000		6,753,930
2.36%, 07/02/2024		2,694,000		2,828,134
Toyota Motor Credit Corp.
0.45%, 01/11/2024		5,401,000		5,398,421
2.90%, 04/17/2024		2,720,000		2,884,820
0.50%, 06/18/2024		5,000,000		4,990,844
2.00%, 10/07/2024		2,687,000		2,796,203

				56,703,383

Banks-16.03%
Bank of America Corp.
4.13%, 01/22/2024		13,532,000		14,688,969
4.00%, 04/01/2024^(b)		12,404,000		13,491,965
4.20%, 08/26/2024^(b)		16,298,000		17,870,618
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		3,180,000		3,449,956
Barclays PLC (United Kingdom), 4.38%, 09/11/2024^(b)		6,700,000		7,315,988
BBVA USA, 2.50%, 08/27/2024		3,250,000		3,422,827
BNP Paribas S.A. (France), 4.25%, 10/15/2024		5,200,000		5,709,590
BPCE S.A. (France), 4.00%, 04/15/2024^(b)		8,000,000		8,719,873
CIT Group, Inc., 4.75%, 02/16/2024		2,676,000		2,890,080


	Principal Amount		Value
Banks-(continued)
Citigroup, Inc.
3.75%, 06/16/2024	$	3,383,000	$	3,670,111
4.00%, 08/05/2024		4,061,000		4,418,423
Cooperatieve Rabobank U.A. (Netherlands), 0.38%, 01/12/2024^(b)		4,000,000		3,994,654
Fifth Third Bancorp, 4.30%, 01/16/2024		4,039,000		4,367,251
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		10,730,000		11,575,525
HSBC USA, Inc., 3.50%, 06/23/2024^(b)		4,000,000		4,314,886
Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024		3,544,000		3,897,739
JPMorgan Chase & Co.
3.88%, 02/01/2024		8,075,000		8,730,630
3.63%, 05/13/2024^(b)		10,831,000		11,721,408
3.88%, 09/10/2024		16,246,000		17,691,605
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024		5,310,000		5,867,444
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024		5,311,000		5,617,318
National Bank of Canada (Canada), 0.75%, 08/06/2024		1,000,000		999,935
Natwest Group PLC (United Kingdom), 5.13%, 05/28/2024^(b)		10,670,000		11,822,178
PNC Bank N.A., 3.30%, 10/30/2024		2,805,000		3,039,279
PNC Financial Services Group, Inc. (The)
3.90%, 04/29/2024		4,063,000		4,401,780
2.20%, 11/01/2024		3,522,000		3,697,182
Royal Bank of Canada (Canada), 0.65%, 07/29/2024		3,000,000		3,002,039
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024^(b)		5,414,000		5,878,513
Sumitomo Mitsui Banking Corp. (Japan)
3.95%, 01/10/2024		2,552,000		2,752,476
3.40%, 07/11/2024		2,553,000		2,747,652
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.51%, 01/12/2024		2,640,000		2,638,101
2.70%, 07/16/2024^(b)		10,730,000		11,314,007
2.45%, 09/27/2024		5,400,000		5,673,962
Truist Bank, 2.15%, 12/06/2024^(b)		6,680,000		6,988,131
Truist Financial Corp., 2.85%, 10/26/2024^(b)		5,399,000		5,767,730
U.S. Bancorp, 3.60%, 09/11/2024		5,414,000		5,890,239
US Bancorp, 3.70%, 01/30/2024		4,064,000		4,375,562
Wells Fargo & Co.
4.48%, 01/16/2024		3,888,000		4,236,889
3.30%, 09/09/2024		12,104,000		13,042,246

				261,694,761

Beverages-0.99%
Coca-Cola Co. (The), 1.75%, 09/06/2024 .		5,397,000		5,611,771
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024		3,250,000		3,399,266
PepsiCo, Inc., 3.60%, 03/01/2024		6,727,000		7,208,426

				16,219,463

Biotechnology-2.42%
AbbVie, Inc., 2.60%, 11/21/2024^(b)		20,116,000		21,202,718

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

118

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

August 31, 2021


	Principal Amount		Value
Biotechnology-(continued)
Amgen, Inc., 3.63%, 05/22/2024^(b)	$	7,532,000	$	8,086,698
Gilead Sciences, Inc., 3.70%, 04/01/2024 .		9,471,000		10,155,627

				39,445,043

Capital Markets-9.46%
Ameriprise Financial, Inc., 3.70%, 10/15/2024		3,113,000		3,399,374
Bank of New York Mellon Corp. (The)
0.50%, 04/26/2024		3,250,000		3,252,347
3.40%, 05/15/2024		2,694,000		2,892,780
3.25%, 09/11/2024		2,707,000		2,915,032
2.10%, 10/24/2024		5,379,000		5,632,221
Series 12, 3.65%, 02/04/2024^(b)		4,064,000		4,362,457
BlackRock, Inc., 3.50%, 03/18/2024		5,601,000		6,032,639
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024		4,229,000		4,564,626
Charles Schwab Corp. (The), 0.75%, 03/18/2024^(b)		8,300,000		8,357,964
Credit Suisse AG (Switzerland)
0.50%, 02/02/2024		5,350,000		5,341,743
3.63%, 09/09/2024		16,310,000		17,677,961
Deutsche Bank AG (Germany)
3.70%, 05/30/2024		4,100,000		4,385,745
3.70%, 05/30/2024		4,195,000		4,488,444
Goldman Sachs Group, Inc. (The)
4.00%, 03/03/2024		16,241,000		17,590,057
3.85%, 07/08/2024		12,181,000		13,178,347
Moody’s Corp., 4.88%, 02/15/2024^(b)		2,751,000		3,006,966
Morgan Stanley
3.70%, 10/23/2024		16,235,000		17,691,141
Series F, 3.88%, 04/29/2024		16,246,000		17,603,367
Nasdaq, Inc., 4.25%, 06/01/2024		2,719,000		2,963,618
State Street Corp., 3.30%, 12/16/2024		5,402,000		5,870,555
Stifel Financial Corp., 4.25%, 07/18/2024 .		2,843,000		3,115,287

				154,322,671

Chemicals-0.80%
LyondellBasell Industries N.V., 5.75%, 04/15/2024		5,380,000		6,011,577
Nutrien Ltd. (Canada), 3.63%, 03/15/2024^(b)		3,897,000		4,156,594
Sherwin-Williams Co. (The), 3.13%, 06/01/2024		2,715,000		2,889,267

				13,057,438

Communications Equipment-0.59%
Cisco Systems, Inc., 3.63%, 03/04/2024^(b)		5,416,000		5,847,294
Motorola Solutions, Inc., 4.00%, 09/01/2024		3,400,000		3,713,366

				9,560,660

Construction & Engineering-0.17%
Fluor Corp., 3.50%, 12/15/2024^(b)		2,684,000		2,824,199


Consumer Finance-2.22%
Ally Financial, Inc., 5.13%, 09/30/2024		3,788,000		4,252,615
American Express Co.
3.00%, 10/30/2024		8,876,000		9,504,810
3.63%, 12/05/2024		3,247,000		3,538,148


	Principal Amount		Value
Consumer Finance-(continued)
Capital One Financial Corp., 3.75%, 04/24/2024	$	4,039,000	$	4,349,273
Discover Bank, 2.45%, 09/12/2024		4,150,000		4,336,837
Discover Financial Services, 3.95%, 11/06/2024		2,694,000		2,933,465
Synchrony Financial, 4.25%, 08/15/2024 .		6,723,000		7,299,762

				36,214,910

Diversified Financial Services-0.94%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.15%, 02/15/2024		5,000,000		5,231,581
MidAmerican Energy Co., 3.50%, 10/15/2024		2,953,000		3,194,684
National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024		2,687,000		2,672,383
ORIX Corp. (Japan), 3.25%, 12/04/2024		3,999,000		4,311,514

				15,410,162

Diversified Telecommunication Services-2.18%
AT&T, Inc.
3.90%, 03/11/2024		2,880,000		3,091,464
4.45%, 04/01/2024^(b)		6,556,000		7,136,235
Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024^(b)		3,260,000		3,272,734
Verizon Communications, Inc.
4.15%, 03/15/2024		3,311,000		3,586,240
0.75%, 03/22/2024		9,730,000		9,769,442
3.50%, 11/01/2024^(b)		8,111,000		8,769,329

				35,625,444

Electric Utilities-1.85%
Avangrid, Inc., 3.15%, 12/01/2024		3,460,000		3,692,719
Duke Energy Corp., 3.75%, 04/15/2024		5,520,000		5,925,515
Edison International, 3.55%, 11/15/2024^(b)		2,695,000		2,868,363
Evergy, Inc., 2.45%, 09/15/2024		4,334,000		4,529,915
Florida Power & Light Co., 3.25%, 06/01/2024		2,686,000		2,851,237
Interstate Power and Light Co., 3.25%, 12/01/2024		2,954,000		3,168,929
Southern California Edison Co., 1.10%, 04/01/2024		3,870,000		3,887,023
Southern Co. (The), Series 21-A, 0.60%, 02/26/2024		3,230,000		3,230,433

				30,154,134

Electronic Equipment, Instruments & Components-0.61%
Arrow Electronics, Inc., 3.25%, 09/08/2024		2,754,000		2,921,533
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024^(b)		3,128,000		3,462,540
Keysight Technologies, Inc., 4.55%, 10/30/2024		3,237,000		3,587,555

				9,971,628

Energy Equipment & Services-0.22%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024		3,257,000		3,621,521

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

119

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

August 31, 2021


	Principal Amount		Value
Entertainment-0.52%
Walt Disney Co. (The), 1.75%, 08/30/2024^(b)	$	8,150,000	$	8,437,294

Equity REITs-2.69%
American Tower Corp.
0.60%, 01/15/2024^(b)		2,707,000		2,706,086
5.00%, 02/15/2024		5,434,000		5,994,593
Boston Properties L.P., 3.80%, 02/01/2024		3,805,000		4,054,585
Brixmor Operating Partnership L.P., 3.65%, 06/15/2024		2,846,000		3,055,033
Crown Castle International Corp., 3.20%, 09/01/2024		4,037,000		4,311,771
CyrusOne L.P./CyrusOne Finance Corp., 2.90%, 11/15/2024		3,269,000		3,430,587
Simon Property Group L.P.
3.75%, 02/01/2024		3,263,000		3,490,149
2.00%, 09/13/2024		5,426,000		5,622,539
3.38%, 10/01/2024		4,988,000		5,356,103
VEREIT Operating Partnership L.P., 4.60%, 02/06/2024		2,754,000		2,983,910
WP Carey, Inc., 4.60%, 04/01/2024		2,713,000		2,952,848

				43,958,204

Food & Staples Retailing-1.87%
Costco Wholesale Corp., 2.75%, 05/18/2024^(b)		5,432,000		5,749,863
Kroger Co. (The), 4.00%, 02/01/2024^(b)		2,707,000		2,907,967
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024^(b)		6,836,000		7,424,551
Walmart, Inc.
3.30%, 04/22/2024		8,049,000		8,605,001
2.65%, 12/15/2024		5,424,000		5,783,649

				30,471,031

Food Products-1.09%
Bunge Ltd. Finance Corp., 4.35%, 03/15/2024		3,250,000		3,525,077
General Mills, Inc., 3.65%, 02/15/2024		2,707,000		2,887,230
McCormick & Co., Inc., 3.15%, 08/15/2024		3,762,000		4,010,361
Tyson Foods, Inc., 3.95%, 08/15/2024		6,727,000		7,302,200

				17,724,868

Gas Utilities-0.41%
ONE Gas, Inc., 1.10%, 03/11/2024		3,929,000		3,929,557
Southern California Gas Co., 3.15%, 09/15/2024		2,507,000		2,687,163

				6,616,720

Health Care Equipment & Supplies-1.56%
Becton, Dickinson and Co.
3.36%, 06/06/2024		9,331,000		9,966,796
3.73%, 12/15/2024		7,367,000		8,000,391
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024		3,766,000		3,930,485
Stryker Corp., 3.38%, 05/15/2024^(b)		3,262,000		3,492,061

				25,389,733

Health Care Providers & Services-4.87%
Aetna, Inc., 3.50%, 11/15/2024		4,072,000		4,391,624


	Principal Amount		Value
Health Care Providers & Services-(continued)
AmerisourceBergen Corp., 3.40%, 05/15/2024	$	2,689,000	$	2,858,877
Anthem, Inc.
3.50%, 08/15/2024		4,341,000		4,662,437
3.35%, 12/01/2024		4,614,000		4,984,766
Cardinal Health, Inc., 3.08%, 06/15/2024 .		4,032,000		4,270,812
Centene Corp., 4.63%, 12/15/2029		19,029,000		20,896,506
Cigna Corp., 3.50%, 06/15/2024		3,840,000		4,114,119
CommonSpirit Health, 2.76%, 10/01/2024		4,141,000		4,352,720
CVS Health Corp., 3.38%, 08/12/2024		3,517,000		3,763,004
HCA, Inc., 5.00%, 03/15/2024		10,762,000		11,840,834
Humana, Inc., 3.85%, 10/01/2024		3,254,000		3,527,705
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024		3,260,000		3,477,347
McKesson Corp., 3.80%, 03/15/2024^(b)		5,954,000		6,386,361

				79,527,112

Hotels, Restaurants & Leisure-0.36%
Expedia Group, Inc., 4.50%, 08/15/2024		2,708,000		2,947,605
McDonald’s Corp., 3.25%, 06/10/2024^(b)		2,700,000		2,893,701

				5,841,306

Household Durables-0.41%
D.R. Horton, Inc., 2.50%, 10/15/2024		2,708,000		2,839,360
Lennar Corp., 4.50%, 04/30/2024		3,529,000		3,838,776

				6,678,136

Household Products-0.36%
Clorox Co. (The), 3.50%, 12/15/2024		2,726,000		2,953,585
Colgate-Palmolive Co., 3.25%, 03/15/2024		2,693,000		2,881,750

				5,835,335

Industrial Conglomerates-0.52%
General Electric Co.
3.38%, 03/11/2024		2,370,000		2,534,462
3.45%, 05/15/2024		2,854,000		3,051,187
Roper Technologies, Inc., 2.35%, 09/15/2024^(b)		2,703,000		2,828,888

				8,414,537

Insurance-2.47%
Aflac, Inc., 3.63%, 11/15/2024^(b)		4,073,000		4,456,847
American International Group, Inc., 4.13%, 02/15/2024		5,424,000		5,875,626
Aon PLC, 3.50%, 06/14/2024		3,260,000		3,498,053
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024^(b)		2,707,000		3,023,295
Brown & Brown, Inc., 4.20%, 09/15/2024 .		2,713,000		2,966,484
Chubb INA Holdings, Inc., 3.35%, 05/15/2024		3,803,000		4,086,845
CNA Financial Corp., 3.95%, 05/15/2024 .		2,991,000		3,228,026
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024^(b)		3,259,000		3,493,308
MetLife, Inc., 3.60%, 04/10/2024		5,430,000		5,858,730
Willis North America, Inc., 3.60%, 05/15/2024		3,525,000		3,775,128

				40,262,342

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

120

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

August 31, 2021


	Principal Amount		Value
Interactive Media & Services-0.31%
Alphabet, Inc., 3.38%, 02/25/2024^(b)	$	4,643,000	$	4,988,812

Internet & Direct Marketing Retail-2.47%
Amazon.com, Inc.
0.45%, 05/12/2024		13,450,000		13,457,870
2.80%, 08/22/2024		10,865,000		11,564,261
3.80%, 12/05/2024^(b)		6,786,000		7,446,332
eBay, Inc., 3.45%, 08/01/2024^(b)		4,076,000		4,378,196
QVC, Inc., 4.85%, 04/01/2024^(b)		3,245,000		3,532,182

				40,378,841

IT Services-2.66%
DXC Technology Co., 4.25%, 04/15/2024 .		2,721,000		2,936,205
Fidelity National Information Services, Inc., 0.60%, 03/01/2024		4,130,000		4,132,123
Fiserv, Inc., 2.75%, 07/01/2024		10,799,000		11,409,482
International Business Machines Corp., 3.63%, 02/12/2024		11,017,000		11,834,824
Mastercard, Inc., 3.38%, 04/01/2024		5,504,000		5,913,377
PayPal Holdings, Inc., 2.40%, 10/01/2024		6,742,000		7,106,646

				43,332,657

Leisure Products-0.18%
Hasbro, Inc., 3.00%, 11/19/2024		2,690,000		2,858,210

Machinery-3.21%
Caterpillar Financial Services Corp.
0.45%, 05/17/2024		5,920,000		5,925,087
2.15%, 11/08/2024		5,396,000		5,658,192
3.25%, 12/01/2024		3,394,000		3,699,914
Caterpillar, Inc., 3.40%, 05/15/2024		5,430,000		5,822,517
CNH Industrial Capital LLC, 4.20%, 01/15/2024		2,907,000		3,136,132
Illinois Tool Works, Inc., 3.50%, 03/01/2024		3,805,000		4,060,716
John Deere Capital Corp.
0.45%, 01/17/2024^(b)		4,300,000		4,303,114
0.45%, 06/07/2024		3,260,000		3,261,981
3.35%, 06/12/2024		2,635,000		2,839,211
2.65%, 06/24/2024		3,257,000		3,452,480
Parker-Hannifin Corp., 3.30%, 11/21/2024		2,720,000		2,918,079
Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024^(b)		2,722,000		2,940,664
Wabtec Corp., 4.40%, 03/15/2024		4,067,000		4,386,174

				52,404,261

Media-1.76%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		5,976,000		6,490,268
Comcast Corp., 3.60%, 03/01/2024		6,518,000		7,014,911
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024		4,070,000		4,415,315
ViacomCBS, Inc.
3.88%, 04/01/2024^(b)		2,677,000		2,868,779
3.70%, 08/15/2024		3,260,000		3,512,138
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		4,074,000		4,420,332

				28,721,743


	Principal Amount		Value
Multiline Retail-0.36%
Target Corp., 3.50%, 07/01/2024	$	5,429,000	$	5,887,204

Multi-Utilities-0.60%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024^(b)		3,260,000		3,416,426
Sempra Energy, 3.55%, 06/15/2024		2,754,000		2,949,660
WEC Energy Group, Inc., 0.80%, 03/15/2024		3,460,000		3,477,603

				9,843,689

Oil, Gas & Consumable Fuels-11.24%
BP Capital Markets PLC (United Kingdom)
3.81%, 02/10/2024		6,786,000		7,317,511
3.54%, 11/04/2024		4,075,000		4,418,476
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024^(b)		2,713,000		2,908,718
Cenovus Energy, Inc. (Canada), 4.00%, 04/15/2024		4,055,000		4,338,049
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		6,759,000		7,669,368
Chevron Corp., 2.90%, 03/03/2024^(b)		5,429,000		5,741,478
Chevron USA, Inc., 3.90%, 11/15/2024		3,393,000		3,719,673
Cimarex Energy Co., 4.38%, 06/01/2024 .		4,077,000		4,408,694
ConocoPhillips, 3.35%, 11/15/2024		2,248,000		2,421,562
Continental Resources, Inc., 3.80%, 06/01/2024		5,070,000		5,418,563
Diamondback Energy, Inc., 2.88%, 12/01/2024		5,434,000		5,713,758
Enable Midstream Partners L.P., 3.90%, 05/15/2024		3,260,000		3,467,233
Enbridge, Inc. (Canada), 3.50%, 06/10/2024^(b)		2,716,000		2,908,429
Energy Transfer L.P., 4.25%, 04/01/2024.		2,703,000		2,901,736
Enterprise Products Operating LLC, 3.90%, 02/15/2024		4,605,000		4,937,745
Equinor ASA (Norway), 3.70%, 03/01/2024		5,432,000		5,856,883
Exxon Mobil Corp.
3.18%, 03/15/2024^(b)		5,412,000		5,747,205
2.02%, 08/16/2024^(b)		5,419,000		5,653,915
Kinder Morgan Energy Partners L.P.
4.15%, 02/01/2024		3,493,000		3,750,537
4.30%, 05/01/2024		3,247,000		3,521,448
4.25%, 09/01/2024		3,532,000		3,853,673
Marathon Petroleum Corp., 3.63%, 09/15/2024		4,034,000		4,336,480
MPLX L.P., 4.88%, 12/01/2024		6,242,000		6,947,853
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		5,374,000		5,991,918
Phillips 66, 0.90%, 02/15/2024^(b)		4,309,000		4,311,201
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024		4,071,000		4,339,755
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024		10,810,000		12,056,824
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024^(b)		6,728,000		7,018,516
Spectra Energy Partners L.P., 4.75%, 03/15/2024		5,426,000		5,916,946
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024^(b)		4,071,000		4,390,281

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

121

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August 31, 2021


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
TotalEnergies Capital International S.A. (France)
3.70%, 01/15/2024	$	5,414,000	$	5,821,828
3.75%, 04/10/2024		6,776,000		7,330,701
Valero Energy Corp., 1.20%, 03/15/2024 .		5,010,000		5,055,930
Williams Cos., Inc. (The)
4.30%, 03/04/2024		5,427,000		5,857,283
4.55%, 06/24/2024		6,785,000		7,433,710

				183,483,880

Paper & Forest Products-0.20%
Georgia-Pacific LLC, 8.00%, 01/15/2024		2,805,000		3,293,920

Personal Products-0.69%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024		2,690,000		2,814,421
Unilever Capital Corp. (United Kingdom)
3.25%, 03/07/2024		2,700,000		2,878,793
2.60%, 05/05/2024^(b)		5,343,000		5,621,572

				11,314,786

Pharmaceuticals-2.09%
Astrazeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024^(b)		8,610,000		8,622,625
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024		11,645,000		12,532,443
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024^(b)		3,800,000		4,063,163
Pfizer, Inc., 3.40%, 05/15/2024		5,402,000		5,825,106
Wyeth LLC, 6.45%, 02/01/2024		2,638,000		3,019,929

				34,063,266

Professional Services-0.27%
Equifax, Inc., 2.60%, 12/01/2024		4,230,000		4,451,967

Road & Rail-0.61%
Burlington Northern Santa Fe LLC
3.75%, 04/01/2024		2,846,000		3,065,404
3.40%, 09/01/2024		3,571,000		3,849,102
CSX Corp., 3.40%, 08/01/2024		2,899,000		3,117,162

				10,031,668

Semiconductors & Semiconductor Equipment-2.70%
Broadcom Corp./Broadcom Cayman
Finance Ltd., 3.63%, 01/15/2024^(b)		6,591,000		7,006,324
Intel Corp., 2.88%, 05/11/2024^(b)		6,978,000		7,402,460
KLA Corp., 4.65%, 11/01/2024		6,872,000		7,628,693
NVIDIA Corp., 0.58%, 06/14/2024		6,750,000		6,772,981
Qorvo, Inc., 4.38%, 10/15/2029^(b)		4,585,000		5,083,619
QUALCOMM, Inc., 2.90%, 05/20/2024^(b)		5,490,000		5,810,676
Xilinx, Inc., 2.95%, 06/01/2024		4,122,000		4,347,084

				44,051,837

Software-2.21%
Microsoft Corp., 2.88%, 02/06/2024		12,279,000		12,961,883
Oracle Corp.
3.40%, 07/08/2024		10,805,000		11,573,130
2.95%, 11/15/2024^(b)		10,806,000		11,511,767

				36,046,780


	Principal Amount		Value
Specialty Retail-0.86%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024	$	7,082,000	$	7,690,111
Home Depot, Inc. (The), 3.75%, 02/15/2024		5,973,000		6,411,925

				14,102,036

Technology Hardware, Storage & Peripherals-3.11%
Apple, Inc.
3.00%, 02/09/2024		9,529,000		10,081,101
3.45%, 05/06/2024^(b)		13,552,000		14,622,334
2.85%, 05/11/2024		9,524,000		10,093,645
1.80%, 09/11/2024^(b)		4,227,000		4,381,916
Hewlett Packard Enterprise Co.
1.45%, 04/01/2024		5,499,000		5,597,650
4.65%, 10/01/2024		5,394,000		5,983,400

				50,760,046

Tobacco-1.06%
Altria Group, Inc., 4.00%, 01/31/2024^(b)		6,738,000		7,290,570
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024^(b)		5,382,000		5,657,122
Philip Morris International, Inc., 3.25%, 11/10/2024^(b)		4,064,000		4,390,069

				17,337,761

Trading Companies & Distributors-0.44%
Air Lease Corp.
0.70%, 02/15/2024		4,039,000		4,021,957
4.25%, 09/15/2024		2,838,000		3,087,112

				7,109,069

Wireless Telecommunication Services-0.64%
T-Mobile USA, Inc., 3.38%, 04/15/2029		5,600,000		5,923,736
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024		4,220,000		4,546,374

				10,470,110

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,564,017,296)				1,611,082,150


	Shares
Money Market Funds-0.42%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $6,928,004)		6,928,004		6,928,004

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.14% (Cost $1,570,945,300)				1,618,010,154


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.12%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		20,082,627		20,082,627

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

122

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

August 31, 2021


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		47,133,093	$	47,151,947

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,234,573)				67,234,574

TOTAL INVESTMENTS IN SECURITIES-103.26% (Cost $1,638,179,873)				1,685,244,728
OTHER ASSETS LESS LIABILITIES-(3.26)%				(53,206,910	)

NET ASSETS-100.00%			$	1,632,037,818

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	111,132,453		$	(104,204,449	)		$	-		$	-		$	6,928,004		$	2,233
Invesco Premier U.S. Government Money Portfolio, Institutional Class			8,284,417			10,627,687			(18,912,104	)			-			-			-			52
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,209,607			115,602,628			(98,729,608	)			-			-			20,082,627			1,779	*
Invesco Private Prime Fund			1,069,891			160,887,316			(114,805,586	)			1			325			47,151,947			21,569	*

Total		$	12,563,915		$	398,250,084		$	(336,651,747	)		$	1		$	325		$	74,162,578		$	25,633

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

123

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.10%
Aerospace & Defense-2.97%
Boeing Co. (The), 4.88%, 05/01/2025	$	8,686,000	$	9,714,770
General Dynamics Corp.
3.25%, 04/01/2025		1,852,000		2,001,042
3.50%, 05/15/2025^(b)		1,850,000		2,023,043
Howmet Aerospace, Inc., 6.88%, 05/01/2025^(b)		2,878,000		3,405,048
L3Harris Technologies, Inc., 3.83%, 04/27/2025		1,489,000		1,630,803
Lockheed Martin Corp., 2.90%, 03/01/2025		1,850,000		1,977,832
Northrop Grumman Corp., 2.93%, 01/15/2025		3,726,000		3,963,609
Precision Castparts Corp., 3.25%, 06/15/2025		2,108,000		2,289,136
Raytheon Technologies Corp., 3.95%, 08/16/2025		3,987,000		4,424,684

				31,429,967

Air Freight & Logistics-0.26%
United Parcel Service, Inc., 3.90%, 04/01/2025^(b)		2,466,000		2,724,166

Airlines-0.41%
Southwest Airlines Co., 5.25%, 05/04/2025		3,847,000		4,362,529

Auto Components-0.29%
BorgWarner, Inc., 3.38%, 03/15/2025^(b)		1,229,000		1,325,143
Magna International, Inc. (Canada), 4.15%, 10/01/2025		1,603,000		1,795,049

				3,120,192

Automobiles-3.45%
American Honda Finance Corp.
1.20%, 07/08/2025		1,852,000		1,870,267
1.00%, 09/10/2025		2,258,000		2,263,717
General Motors Co.
4.00%, 04/01/2025		1,231,000		1,347,765
6.13%, 10/01/2025		5,065,000		5,974,779
General Motors Financial Co., Inc.
4.00%, 01/15/2025		2,474,000		2,691,703
2.90%, 02/26/2025		3,092,000		3,268,454
4.35%, 04/09/2025		2,487,000		2,744,221
2.75%, 06/20/2025		3,103,000		3,260,687
4.30%, 07/13/2025		1,988,000		2,199,282
Toyota Motor Credit Corp.
1.80%, 02/13/2025		3,464,000		3,572,972
3.00%, 04/01/2025		3,100,000		3,326,268
3.40%, 04/14/2025		1,242,000		1,354,135
0.80%, 10/16/2025		2,598,000		2,585,132

				36,459,382

Banks-13.80%
Banco Santander S.A. (Spain), 2.75%,
05/28/2025		3,800,000		4,008,003


	Principal Amount		Value
Banks-(continued)
Bank of America Corp.
4.00%, 01/22/2025	$	6,212,000	$	6,792,578
3.88%, 08/01/2025		4,499,000		4,995,208
Series L, 3.95%, 04/21/2025		6,279,000		6,880,622
CIT Group, Inc., 5.25%, 03/07/2025		1,234,000		1,392,507
Citigroup, Inc.
3.88%, 03/26/2025		2,458,000		2,697,895
3.30%, 04/27/2025		3,723,000		4,039,409
4.40%, 06/10/2025		6,210,000		6,911,112
5.50%, 09/13/2025		3,527,000		4,100,420
Citizens Bank N.A., 2.25%, 04/28/2025		1,850,000		1,935,779
Cooperatieve Rabobank U.A. (Netherlands), 4.38%, 08/04/2025^(b)		3,800,000		4,250,443
Fifth Third Bancorp, 2.38%, 01/28/2025		1,864,000		1,950,945
Fifth Third Bank N.A., 3.95%, 07/28/2025		2,000,000		2,243,681
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025		3,810,000		4,217,100
Huntington Bancshares, Inc., 4.00%, 05/15/2025		1,240,000		1,373,047
JPMorgan Chase & Co.
3.13%, 01/23/2025		6,279,000		6,727,410
3.90%, 07/15/2025		6,264,000		6,910,791
KeyBank N.A., 3.30%, 06/01/2025		1,750,000		1,910,316
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025		3,400,000		3,834,553
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 02/25/2025		6,500,000		6,763,759
3.78%, 03/02/2025^(b)		1,862,000		2,038,286
1.41%, 07/17/2025		4,300,000		4,355,392
MUFG Americas Holdings Corp., 3.00%, 02/10/2025		992,000		1,056,481
PNC Bank N.A., 3.25%, 06/01/2025		2,515,000		2,735,248
Regions Financial Corp., 2.25%, 05/18/2025		1,866,000		1,948,148
Santander Holdings USA, Inc.
3.45%, 06/02/2025		2,488,000		2,671,731
4.50%, 07/17/2025		2,715,000		3,011,637
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025		1,350,000		1,488,042
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 01/15/2025		3,200,000		3,342,911
1.47%, 07/08/2025		5,850,000		5,937,664
Truist Bank
1.50%, 03/10/2025		3,100,000		3,176,032
3.63%, 09/16/2025		3,050,000		3,358,140
Truist Financial Corp.
4.00%, 05/01/2025		2,103,000		2,332,232
3.70%, 06/05/2025^(b)		2,487,000		2,744,241
1.20%, 08/05/2025^(b)		1,866,000		1,892,625
U.S. Bank N.A., 2.05%, 01/21/2025		2,400,000		2,505,090
US Bancorp, 1.45%, 05/12/2025		3,703,000		3,790,027

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

124

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

August 31, 2021


	Principal Amount		Value
Banks-(continued)
Wells Fargo & Co.
3.00%, 02/19/2025	$	6,196,000	$	6,613,716
3.55%, 09/29/2025		6,279,000		6,892,507

				145,825,728

Beverages-1.14%
Diageo Capital PLC (United Kingdom), 1.38%, 09/29/2025		2,000,000		2,034,613
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		1,299,000		1,417,227
PepsiCo, Inc.
2.25%, 03/19/2025^(b)		3,722,000		3,919,233
2.75%, 04/30/2025		2,632,000		2,810,850
3.50%, 07/17/2025		1,726,000		1,891,903

				12,073,826

Biotechnology-2.46%
AbbVie, Inc., 3.60%, 05/14/2025		9,401,000		10,223,371
Amgen, Inc.
1.90%, 02/21/2025		1,239,000		1,281,114
3.13%, 05/01/2025		2,488,000		2,677,618
Baxalta, Inc., 4.00%, 06/23/2025		2,065,000		2,274,130
Biogen, Inc., 4.05%, 09/15/2025		4,343,000		4,830,823
Gilead Sciences, Inc., 3.50%, 02/01/2025 .		4,343,000		4,702,633

				25,989,689

Building Products-0.13%
Fortune Brands Home & Security, Inc., 4.00%, 06/15/2025		1,234,000		1,360,361

Capital Markets-7.63%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		1,239,000		1,323,479
Ares Capital Corp.
4.25%, 03/01/2025		1,481,000		1,598,134
3.25%, 07/15/2025		3,091,000		3,268,031
Bank of New York Mellon Corp. (The)
1.60%, 04/24/2025		3,068,000		3,155,340
Series G, 3.00%, 02/24/2025		1,857,000		1,994,731
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025^(b)		1,239,000		1,355,181
Charles Schwab Corp. (The)
4.20%, 03/24/2025		1,485,000		1,653,755
3.85%, 05/21/2025		1,859,000		2,054,479
CME Group, Inc., 3.00%, 03/15/2025^(b)		1,852,000		1,985,064
Credit Suisse AG (Switzerland), 2.95%, 04/09/2025^(b)		3,900,000		4,167,599
Goldman Sachs Group, Inc. (The)
3.50%, 01/23/2025		6,234,000		6,719,298
3.50%, 04/01/2025		8,899,000		9,643,371
3.75%, 05/22/2025		5,521,000		6,021,687
4.25%, 10/21/2025		5,005,000		5,589,046
Moody’s Corp., 3.75%, 03/24/2025^(b)		1,725,000		1,886,755
Morgan Stanley
4.00%, 07/23/2025		7,504,000		8,330,294
5.00%, 11/24/2025		4,968,000		5,720,100
Nomura Holdings, Inc. (Japan), 1.85%, 07/16/2025		3,800,000		3,887,248
Northern Trust Corp., 3.95%, 10/30/2025		1,865,000		2,102,837


	Principal Amount		Value
Capital Markets-(continued)
Owl Rock Capital Corp., 3.75%, 07/22/2025	$	1,239,000	$	1,310,988
S&P Global, Inc., 4.00%, 06/15/2025		1,731,000		1,920,492
State Street Corp., 3.55%, 08/18/2025		3,215,000		3,553,831
TD Ameritrade Holding Corp., 3.63%, 04/01/2025		1,234,000		1,348,112

				80,589,852

Chemicals-0.81%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		1,359,000		1,394,627
Eastman Chemical Co., 3.80%, 03/15/2025		1,725,000		1,880,941
EI du Pont de Nemours and Co., 1.70%, 07/15/2025		1,240,000		1,274,709
LYB International Finance III LLC
2.88%, 05/01/2025		1,239,000		1,318,155
1.25%, 10/01/2025		1,235,000		1,236,953
Nutrien Ltd. (Canada), 3.38%, 03/15/2025^(b)		1,323,000		1,426,696

				8,532,081

Commercial Services & Supplies-0.37%
Republic Services, Inc., 3.20%, 03/15/2025		1,240,000		1,331,676
Waste Management, Inc.
3.13%, 03/01/2025		1,340,000		1,440,395
0.75%, 11/15/2025^(b)		1,200,000		1,191,067

				3,963,138

Communications Equipment-0.13%
Cisco Systems, Inc., 3.50%, 06/15/2025		1,238,000		1,365,181

Consumer Finance-1.60%
Ally Financial, Inc.
4.63%, 03/30/2025		1,413,000		1,578,248
5.80%, 05/01/2025^(b)		1,862,000		2,156,449
Capital One Financial Corp.
3.20%, 02/05/2025		2,472,000		2,659,456
4.25%, 04/30/2025		2,030,000		2,263,948
4.20%, 10/29/2025		3,720,000		4,151,736
Discover Financial Services, 3.75%, 03/04/2025		1,217,000		1,321,893
Synchrony Financial, 4.50%, 07/23/2025 .		2,471,000		2,751,006

				16,882,736

Containers & Packaging-0.15%
WRKCo, Inc., 3.75%, 03/15/2025		1,450,000		1,578,193

Diversified Consumer Services-0.12%
Yale University, Series 2020, 0.87%, 04/15/2025		1,238,000		1,248,453

Diversified Financial Services-1.54%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%, 01/15/2025		2,052,000		2,173,168
6.50%, 07/15/2025^(b)		3,061,000		3,573,606
4.45%, 10/01/2025		1,953,000		2,145,102
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025^(b)		3,080,000		3,405,409

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

125

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

August 31, 2021


	Principal Amount		Value
Diversified Financial Services-(continued)
GE Capital Funding LLC, 3.45%, 05/15/2025	$	3,400,000	$	3,688,776
National Rural Utilities Cooperative Finance Corp., 2.85%, 01/27/2025		1,245,000		1,322,540

				16,308,601

Diversified Telecommunication Services-1.84%
AT&T, Inc.
3.95%, 01/15/2025		1,310,000		1,442,297
3.40%, 05/15/2025		5,810,000		6,309,865
Verizon Communications, Inc.
3.38%, 02/15/2025		6,224,000		6,743,860
0.85%, 11/20/2025		5,000,000		4,965,842

				19,461,864

Electric Utilities-2.44%
Avangrid, Inc., 3.20%, 04/15/2025		1,856,000		1,988,537
Duke Energy Corp., 0.90%, 09/15/2025		1,615,000		1,606,305
Duke Energy Progress LLC, 3.25%, 08/15/2025		1,231,000		1,338,472
Entergy Corp., 0.90%, 09/15/2025		1,985,000		1,961,636
Exelon Corp., 3.95%, 06/15/2025		2,040,000		2,241,003
Exelon Generation Co. LLC, 3.25%, 06/01/2025		2,214,000		2,381,066
Florida Power & Light Co.
2.85%, 04/01/2025		2,718,000		2,900,361
3.13%, 12/01/2025		1,487,000		1,614,164
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		3,108,000		3,298,758
Pacific Gas and Electric Co., 3.45%, 07/01/2025^(b)		2,164,000		2,243,867
Pinnacle West Capital Corp., 1.30%, 06/15/2025		1,240,000		1,252,185
Southern Power Co., 4.15%, 12/01/2025^(b)		1,233,000		1,378,101
Xcel Energy, Inc., 3.30%, 06/01/2025		1,484,000		1,596,459

				25,800,914

Electrical Equipment-0.13%
Emerson Electric Co., 3.15%, 06/01/2025.		1,238,000		1,337,650

Energy Equipment & Services-0.38%
Halliburton Co., 3.80%, 11/15/2025^(b)		2,481,000		2,732,615
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025		1,245,000		1,265,030

				3,997,645

Entertainment-0.63%
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025^(b)		1,864,000		2,027,302
Walt Disney Co. (The), 3.35%, 03/24/2025		4,301,000		4,668,849

				6,696,151

Equity REITs-3.28%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025		1,601,000		1,738,943
American Tower Corp.
2.40%, 03/15/2025		1,860,000		1,944,047
4.00%, 06/01/2025		1,861,000		2,045,533
1.30%, 09/15/2025		1,238,000		1,244,466


	Principal Amount		Value
Equity REITs-(continued)
AvalonBay Communities, Inc., 3.45%, 06/01/2025	$	1,304,000	$	1,421,570
Boston Properties L.P., 3.20%, 01/15/2025		2,131,000		2,276,987
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025		1,728,000		1,877,219
Crown Castle International Corp., 1.35%, 07/15/2025		1,238,000		1,247,703
Equinix, Inc., 1.00%, 09/15/2025^(b)		1,737,000		1,732,431
Essex Portfolio L.P., 3.50%, 04/01/2025		1,168,000		1,262,060
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025		2,224,000		2,496,117
Healthpeak Properties, Inc.
3.40%, 02/01/2025		85,000		91,238
4.00%, 06/01/2025		1,803,000		1,986,812
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025		1,238,000		1,339,356
Kimco Realty Corp., 3.30%, 02/01/2025		1,242,000		1,335,059
Realty Income Corp., 3.88%, 04/15/2025 .		1,237,000		1,362,452
Simon Property Group L.P., 3.50%, 09/01/2025		2,713,000		2,961,536
SITE Centers Corp., 3.63%, 02/01/2025		1,109,000		1,176,354
Ventas Realty L.P., 3.50%, 02/01/2025		1,494,000		1,608,222
Welltower, Inc., 4.00%, 06/01/2025		3,213,000		3,533,826

				34,681,931

Food & Staples Retailing-0.93%
Sysco Corp.
3.55%, 03/15/2025^(b)		1,239,000		1,348,050
5.65%, 04/01/2025		1,896,000		2,188,453
3.75%, 10/01/2025^(b)		1,945,000		2,140,726
Walmart, Inc., 3.55%, 06/26/2025		3,811,000		4,198,083

				9,875,312

Food Products-1.36%
Archer-Daniels-Midland Co., 2.75%, 03/27/2025		1,241,000		1,321,765
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025^(b)		1,935,000		1,966,668
Campbell Soup Co., 3.95%, 03/15/2025		2,088,000		2,293,434
General Mills, Inc., 4.00%, 04/17/2025		1,976,000		2,183,870
JM Smucker Co. (The), 3.50%, 03/15/2025^(b)		2,480,000		2,697,617
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		1,799,000		2,019,615
Mondelez International, Inc., 1.50%, 05/04/2025^(b)		1,865,000		1,900,371

				14,383,340

Health Care Equipment & Supplies-2.01%
Abbott Laboratories, 2.95%, 03/15/2025 .		2,596,000		2,782,111
Boston Scientific Corp.
3.85%, 05/15/2025		1,353,000		1,492,438
1.90%, 06/01/2025		1,238,000		1,278,069
Danaher Corp., 3.35%, 09/15/2025^(b)		1,231,000		1,347,095
Medtronic, Inc., 3.50%, 03/15/2025		4,802,000		5,247,059

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

126

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

August 31, 2021


	Principal Amount		Value
Health Care Equipment & Supplies-(continued)
Stryker Corp.
1.15%, 06/15/2025^(b)	$	1,611,000	$	1,620,257
3.38%, 11/01/2025		1,942,000		2,117,345
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025		4,939,000		5,341,779

				21,226,153

Health Care Providers & Services-4.59%
AmerisourceBergen Corp., 3.25%, 03/01/2025		1,240,000		1,328,083
Anthem, Inc., 2.38%, 01/15/2025		3,106,000		3,250,715
Cardinal Health, Inc., 3.75%, 09/15/2025 .		1,242,000		1,367,368
Cigna Corp.
3.25%, 04/15/2025		1,858,000		2,000,965
4.13%, 11/15/2025		5,537,000		6,190,119
CVS Health Corp.
4.10%, 03/25/2025^(b)		2,348,000		2,589,316
3.88%, 07/20/2025		7,086,000		7,805,039
HCA, Inc.
5.38%, 02/01/2025		6,460,000		7,287,752
5.25%, 04/15/2025		3,460,000		3,951,456
Humana, Inc., 4.50%, 04/01/2025		1,480,000		1,651,456
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025		2,479,000		2,669,687
McKesson Corp., 0.90%, 12/03/2025		1,200,000		1,187,957
Quest Diagnostics, Inc., 3.50%, 03/30/2025		1,482,000		1,603,117
UnitedHealth Group, Inc., 3.75%, 07/15/2025		5,063,000		5,625,499

				48,508,529

Hotels, Restaurants & Leisure-1.50%
Booking Holdings, Inc., 3.65%, 03/15/2025		1,235,000		1,345,134
Las Vegas Sands Corp., 2.90%, 06/25/2025		1,247,000		1,288,736
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		4,024,000		4,624,074
McDonald’s Corp.
3.38%, 05/26/2025		1,727,000		1,869,632
3.30%, 07/01/2025		1,864,000		2,022,088
1.45%, 09/01/2025		1,240,000		1,263,427
Starbucks Corp., 3.80%, 08/15/2025		3,087,000		3,410,039

				15,823,130

Household Durables-0.25%
DR Horton, Inc., 2.60%, 10/15/2025		1,231,000		1,301,072
Lennar Corp., 4.75%, 05/30/2025		1,232,000		1,378,448

				2,679,520

Household Products-0.23%
Procter & Gamble Co. (The), 0.55%,
10/29/2025		2,468,000		2,451,690

Industrial Conglomerates-1.46%
3M Co.
2.00%, 02/14/2025^(b)		2,004,000		2,086,250
2.65%, 04/15/2025		1,232,000		1,310,091
3.00%, 08/07/2025		1,361,000		1,473,785
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		4,825,000		5,278,704


	Principal Amount		Value
Industrial Conglomerates-(continued)
Honeywell International, Inc., 1.35%, 06/01/2025	$	3,410,000	$	3,480,946
Roper Technologies, Inc., 1.00%, 09/15/2025		1,825,000		1,821,859

				15,451,635

Insurance-1.74%
Allstate Corp. (The), 0.75%, 12/15/2025 .		1,490,000		1,481,077
American International Group, Inc.
2.50%, 06/30/2025		3,708,000		3,900,979
3.75%, 07/10/2025		3,092,000		3,392,373
Aon PLC, 3.88%, 12/15/2025		1,851,000		2,052,725
Chubb INA Holdings, Inc., 3.15%, 03/15/2025^(b)		1,990,000		2,150,595
CNO Financial Group, Inc., 5.25%, 05/30/2025^(b)		1,216,000		1,376,879
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025		1,239,000		1,345,303
MetLife, Inc.
3.00%, 03/01/2025^(b)		1,223,000		1,311,238
3.60%, 11/13/2025		1,235,000		1,363,671

				18,374,840

Interactive Media & Services-0.23%
Alphabet, Inc., 0.45%, 08/15/2025^(b)		2,450,000		2,428,340

Internet & Direct Marketing Retail-0.89%
Amazon.com, Inc.
0.80%, 06/03/2025		3,201,000		3,209,539
5.20%, 12/03/2025		2,167,000		2,537,596
eBay, Inc., 1.90%, 03/11/2025^(b)		1,972,000		2,043,223
QVC, Inc., 4.45%, 02/15/2025^(b)		1,487,000		1,592,840

				9,383,198

IT Services-2.51%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		2,471,000		2,708,009
DXC Technology Co., 4.13%, 04/15/2025 .		1,149,000		1,261,642
Fiserv, Inc., 3.85%, 06/01/2025		2,210,000		2,426,800
International Business Machines Corp., 7.00%, 10/30/2025^(b)		1,539,000		1,915,874
Mastercard, Inc., 2.00%, 03/03/2025		1,855,000		1,936,988
PayPal Holdings, Inc., 1.65%, 06/01/2025		2,481,000		2,555,268
VeriSign, Inc., 5.25%, 04/01/2025		1,231,000		1,392,709
Visa, Inc., 3.15%, 12/14/2025		10,051,000		10,976,612
Western Union Co. (The), 2.85%, 01/10/2025		1,240,000		1,307,314

				26,481,216

Life Sciences Tools & Services-0.29%
Thermo Fisher Scientific, Inc., 4.13%, 03/25/2025^(b)		2,736,000		3,022,853

Machinery-1.47%
Caterpillar Financial Services Corp.
1.45%, 05/15/2025		1,437,000		1,471,634
0.80%, 11/13/2025^(b)		2,468,000		2,465,993
Cummins, Inc., 0.75%, 09/01/2025^(b)		1,245,000		1,240,782
Deere & Co., 2.75%, 04/15/2025		1,752,000		1,867,236

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

127

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

August 31, 2021


	Principal Amount		Value
Machinery-(continued)
John Deere Capital Corp.
2.05%, 01/09/2025^(b)	$	1,361,000	$	1,423,455
3.45%, 03/13/2025^(b)		2,220,000		2,433,803
Otis Worldwide Corp., 2.06%, 04/05/2025		3,225,000		3,342,797
Wabtec Corp., 3.20%, 06/15/2025		1,239,000		1,322,185

				15,567,885

Media-2.68%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		11,253,000		12,748,792
Comcast Corp.
3.38%, 02/15/2025		2,498,000		2,702,551
3.10%, 04/01/2025		1,973,000		2,122,224
3.38%, 08/15/2025		3,723,000		4,060,724
Fox Corp., 3.05%, 04/07/2025		1,478,000		1,580,967
ViacomCBS, Inc.
3.50%, 01/15/2025		1,481,000		1,593,675
4.75%, 05/15/2025		3,107,000		3,510,004

				28,318,937

Metals & Mining-0.12%
Nucor Corp., 2.00%, 06/01/2025		1,239,000		1,284,554

Multiline Retail-0.77%
Dollar General Corp., 4.15%, 11/01/2025 .		1,243,000		1,391,169
Dollar Tree, Inc., 4.00%, 05/15/2025		2,472,000		2,716,181
Target Corp., 2.25%, 04/15/2025		3,801,000		3,997,322

				8,104,672

Multi-Utilities-0.90%
Dominion Energy, Inc., 3.90%, 10/01/2025		1,800,000		1,982,516
DTE Energy Co., Series F, 1.05%, 06/01/2025		1,988,000		1,984,371
NiSource, Inc., 0.95%, 08/15/2025		3,108,000		3,087,981
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		1,364,000		1,351,105
WEC Energy Group, Inc., 3.55%, 06/15/2025		1,038,000		1,129,479

				9,535,452

Oil, Gas & Consumable Fuels-10.34%
BP Capital Markets America, Inc., 3.19%, 04/06/2025		1,859,000		1,999,083
BP Capital Markets PLC (United Kingdom), 3.51%, 03/17/2025		2,487,000		2,707,287
Canadian Natural Resources Ltd. (Canada)
3.90%, 02/01/2025		1,543,000		1,675,044
2.05%, 07/15/2025		1,493,000		1,536,844
Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025		2,478,000		2,814,399
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		3,689,000		4,193,133
Chevron Corp.
1.55%, 05/11/2025^(b)		6,281,000		6,444,461
3.33%, 11/17/2025^(b)		1,853,000		2,027,108
Chevron USA, Inc., 0.69%, 08/12/2025^(b).		1,993,000		1,982,131
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		2,478,000		2,773,791


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Devon Energy Corp., 5.85%, 12/15/2025 .	$	1,201,000	$	1,398,854
Diamondback Energy, Inc., 4.75%, 05/31/2025		1,234,000		1,381,219
Enbridge Energy Partners L.P., 5.88%, 10/15/2025		1,282,000		1,506,137
Enbridge, Inc. (Canada), 2.50%, 01/15/2025^(b)		1,230,000		1,289,707
Energy Transfer L.P., 4.05%, 03/15/2025.		2,467,000		2,673,660
Enterprise Products Operating LLC, 3.75%, 02/15/2025		2,928,000		3,183,314
EOG Resources, Inc., 3.15%, 04/01/2025 .		1,236,000		1,326,864
Equinor ASA (Norway), 2.88%, 04/06/2025		3,100,000		3,311,092
Exxon Mobil Corp.
2.71%, 03/06/2025		4,422,000		4,691,542
2.99%, 03/19/2025		6,893,000		7,378,175
Kinder Morgan, Inc., 4.30%, 06/01/2025		3,803,000		4,214,014
Marathon Oil Corp., 3.85%, 06/01/2025		2,223,000		2,441,416
Marathon Petroleum Corp., 4.70%, 05/01/2025		3,089,000		3,461,089
MPLX L.P.
4.00%, 02/15/2025		1,236,000		1,346,866
4.88%, 06/01/2025		2,950,000		3,326,094
ONEOK Partners L.P., 4.90%,
03/15/2025		1,234,000		1,376,620
Phillips 66, 3.85%, 04/09/2025		1,595,000		1,745,062
Phillips 66 Partners L.P., 3.61%, 02/15/2025		1,233,000		1,326,855
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025		2,496,000		2,783,347
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025		4,970,000		5,666,758
Shell International Finance B.V. (Netherlands)
2.38%, 04/06/2025		3,799,000		3,990,032
3.25%, 05/11/2025		6,901,000		7,487,182
Spectra Energy Partners L.P., 3.50%, 03/15/2025		1,230,000		1,324,922
Suncor Energy, Inc. (Canada), 3.10%, 05/15/2025		1,364,000		1,455,124
TotalEnergies Capital International S.A.
(France), 2.43%, 01/10/2025		2,474,000		2,599,269
Valero Energy Corp.
3.65%, 03/15/2025^(b)		1,478,000		1,600,046
2.85%, 04/15/2025		2,617,000		2,764,498
Williams Cos., Inc. (The)
3.90%, 01/15/2025		1,864,000		2,023,402
4.00%, 09/15/2025		1,865,000		2,061,009

				109,287,450

Personal Products-0.12%
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025		1,209,000		1,312,498

Pharmaceuticals-3.94%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025^(b)		5,004,000		5,487,440
Bristol-Myers Squibb Co.
3.88%, 08/15/2025		4,507,000		4,996,981
0.75%, 11/13/2025^(b)		2,480,000		2,465,548

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

128

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

August 31, 2021


	Principal Amount		Value
Pharmaceuticals-(continued)
Eli Lilly and Co., 2.75%, 06/01/2025	$	1,393,000	$	1,486,230
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025		2,472,000		2,717,222
Johnson & Johnson
2.63%, 01/15/2025		1,842,000		1,954,275
0.55%, 09/01/2025		2,524,000		2,503,106
Merck & Co., Inc., 2.75%, 02/10/2025^(b)		6,296,000		6,712,266
Novartis Capital Corp. (Switzerland)
1.75%, 02/14/2025		2,529,000		2,613,823
3.00%, 11/20/2025^(b)		4,345,000		4,705,729
Pfizer, Inc., 0.80%, 05/28/2025		1,839,000		1,842,594
Royalty Pharma PLC, 1.20%, 09/02/2025.		2,000,000		1,996,024
Zoetis, Inc., 4.50%, 11/13/2025^(b)		1,864,000		2,115,733

				41,596,971

Professional Services-0.23%
Verisk Analytics, Inc., 4.00%, 06/15/2025^(b)		2,160,000		2,386,436

Road & Rail-0.71%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025		1,245,000		1,343,242
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025^(b)		1,734,000		1,840,257
CSX Corp., 3.35%, 11/01/2025		1,484,000		1,616,384
Union Pacific Corp.
3.75%, 07/15/2025		1,238,000		1,368,245
3.25%, 08/15/2025		1,235,000		1,340,753

				7,508,881

Semiconductors & Semiconductor Equipment-2.61%
Analog Devices, Inc., 3.90%, 12/15/2025^(b)		2,110,000		2,352,872
Applied Materials, Inc., 3.90%, 10/01/2025		1,764,000		1,974,909
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025^(b)		2,245,000		2,386,084
Broadcom, Inc., 4.70%, 04/15/2025		3,137,000		3,511,326
Intel Corp.
3.40%, 03/25/2025^(b)		3,729,000		4,057,785
3.70%, 07/29/2025		5,584,000		6,155,372
Lam Research Corp., 3.80%, 03/15/2025		1,384,000		1,518,974
QUALCOMM, Inc., 3.45%, 05/20/2025		3,394,000		3,696,121
Texas Instruments, Inc., 1.38%, 03/12/2025		1,900,000		1,939,187

				27,592,630

Software-3.55%
Adobe, Inc.
1.90%, 02/01/2025^(b)		1,237,000		1,284,053
3.25%, 02/01/2025		2,548,000		2,744,966
Intuit, Inc., 0.95%, 07/15/2025^(b)		1,240,000		1,245,727
Microsoft Corp.
2.70%, 02/12/2025^(b)		5,683,000		6,064,119
3.13%, 11/03/2025		7,572,000		8,256,815
Oracle Corp.
2.50%, 04/01/2025		8,766,000		9,199,405
2.95%, 05/15/2025		6,239,000		6,643,273
VMware, Inc., 4.50%, 05/15/2025		1,851,000		2,066,988

				37,505,346


	Principal Amount		Value
Specialty Retail-1.35%
AutoZone, Inc., 3.63%, 04/15/2025^(b)	$	1,239,000	$	1,349,994
Dell International LLC/EMC Corp., 5.85%, 07/15/2025		2,470,000		2,887,528
Home Depot, Inc. (The), 3.35%, 09/15/2025		2,471,000		2,708,639
Leidos, Inc., 3.63%, 05/15/2025		1,240,000		1,343,627
Lowe’s Cos., Inc.
4.00%, 04/15/2025		1,802,000		1,984,900
3.38%, 09/15/2025		1,855,000		2,025,771
Ross Stores, Inc., 4.60%, 04/15/2025		1,741,000		1,955,121

				14,255,580

Technology Hardware, Storage & Peripherals-2.97%
Apple, Inc.
2.75%, 01/13/2025		3,803,000		4,049,803
2.50%, 02/09/2025		3,771,000		3,985,030
1.13%, 05/11/2025		5,601,000		5,669,497
3.20%, 05/13/2025		5,044,000		5,478,822
0.55%, 08/20/2025^(b)		3,098,000		3,076,326
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		6,293,000		7,172,511
NetApp, Inc., 1.88%, 06/22/2025		1,858,000		1,915,510

				31,347,499

Textiles, Apparel & Luxury Goods-0.62%
NIKE, Inc., 2.40%, 03/27/2025		2,476,000		2,624,800
Tapestry, Inc., 4.25%, 04/01/2025		1,485,000		1,611,143
VF Corp., 2.40%, 04/23/2025		2,247,000		2,352,264

				6,588,207

Thrifts & Mortgage Finance-0.14%
Radian Group, Inc., 6.63%, 03/15/2025		1,329,000		1,500,109

Tobacco-1.21%
Altria Group, Inc., 2.35%, 05/06/2025		1,902,000		1,984,808
Philip Morris International, Inc.
1.50%, 05/01/2025		1,860,000		1,897,333
3.38%, 08/11/2025		1,856,000		2,020,838
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025		6,183,000		6,857,527

				12,760,506

Trading Companies & Distributors-0.71%
Air Lease Corp.
2.30%, 02/01/2025		2,057,000		2,126,531
3.25%, 03/01/2025^(b)		1,728,000		1,837,159
3.38%, 07/01/2025		2,099,000		2,248,782
WW Grainger, Inc., 1.85%, 02/15/2025		1,237,000		1,277,592

				7,490,064

Water Utilities-0.13%
American Water Capital Corp., 3.40%, 03/01/2025		1,296,000		1,403,884

Wireless Telecommunication Services-0.58%
Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025		1,755,000		1,927,693
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025		3,729,000		4,152,513

				6,080,206

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,019,074,771)				1,047,307,753

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

129

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

August 31, 2021


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $960,043)		960,043	$	960,043

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.19% (Cost $1,020,034,814)				1,048,267,796


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.30%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		19,985,236		19,985,236


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		46,613,571	$	46,632,217

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $66,617,453)				66,617,453

TOTAL INVESTMENTS IN SECURITIES-105.49% (Cost $1,086,652,267)				1,114,885,249
OTHER ASSETS LESS LIABILITIES-(5.49)%				(58,020,525	)

NET ASSETS-100.00%			$	1,056,864,724

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	62,609,648		$	(61,649,605	)		$	-		$	-		$	960,043		$	1,210

Invesco Premier U.S. Government Money Portfolio, Institutional Class			131,824			1,316,769			(1,448,593	)			-			-			-			6

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,365,192			82,320,903			(65,700,859	)			-			-			19,985,236			1,827	*

Invesco Private Prime Fund			1,121,731			125,808,604			(80,298,561	)			-			443			46,632,217			23,077	*


Total		$	4,618,747		$	272,055,924		$	(209,097,618	)		$	-		$	443		$	67,577,496		$	26,120

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

130

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.18%^(a)
Aerospace & Defense-1.40%
Boeing Co. (The), 2.75%, 02/01/2026^(b)	$	2,053,000	$	2,147,075
General Dynamics Corp.
1.15%, 06/01/2026^(b)		740,000		748,689
2.13%, 08/15/2026		748,000		788,933
Lockheed Martin Corp., 3.55%, 01/15/2026.		2,946,000		3,259,491
Raytheon Technologies Corp., 2.65%, 11/01/2026		1,059,000		1,132,389

				8,076,577

Air Freight & Logistics-0.34%
FedEx Corp., 3.25%, 04/01/2026		1,098,000		1,197,735
United Parcel Service, Inc., 2.40%, 11/15/2026		732,000		779,748

				1,977,483

Airlines-0.37%
Delta Air Lines, Inc., 7.38%, 01/15/2026^(b)		1,832,000		2,158,273

Automobiles-1.98%
American Honda Finance Corp., 2.30%, 09/09/2026^(b)		738,000		780,063
General Motors Financial Co., Inc.
1.25%, 01/08/2026		2,204,000		2,190,533
5.25%, 03/01/2026		1,833,000		2,111,629
1.50%, 06/10/2026		1,840,000		1,841,920
4.00%, 10/06/2026		1,122,000		1,242,755
Toyota Motor Corp. (Japan), 1.34%, 03/25/2026		1,470,000		1,490,948
Toyota Motor Credit Corp.
0.80%, 01/09/2026		1,028,000		1,017,620
1.13%, 06/18/2026		800,000		802,820

				11,478,288

Banks-18.45%
Bank of America Corp.
4.45%, 03/03/2026		2,938,000		3,316,111
3.50%, 04/19/2026		3,674,000		4,048,253
4.25%, 10/22/2026		2,944,000		3,345,910
Bank of Nova Scotia (The) (Canada)
1.05%, 03/02/2026		1,400,000		1,393,211
1.35%, 06/24/2026^(b)		1,135,000		1,144,060
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		3,090,000		3,557,903
BPCE S.A. (France), 3.38%, 12/02/2026		800,000		880,536
Citigroup, Inc.
3.70%, 01/12/2026		2,971,000		3,284,303
4.60%, 03/09/2026		2,204,000		2,511,967
3.40%, 05/01/2026		2,968,000		3,254,156
3.20%, 10/21/2026		4,409,000		4,798,685
4.30%, 11/20/2026		1,467,000		1,665,900
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026		2,300,000		2,546,142
Fifth Third Bank N.A., 3.85%, 03/15/2026		1,025,000		1,142,259
HSBC Holdings PLC (United Kingdom)
4.30%, 03/08/2026		4,355,000		4,913,426
4.38%, 11/23/2026		2,300,000		2,588,848


	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
3.30%, 04/01/2026	$	3,673,000	$	4,011,750
3.20%, 06/15/2026		2,576,000		2,801,167
2.95%, 10/01/2026		4,416,000		4,765,238
7.63%, 10/15/2026		735,000		958,561
4.13%, 12/15/2026		2,937,000		3,331,730
KeyBank N.A., 3.40%, 05/20/2026		800,000		877,818
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		2,300,000		2,610,177
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.85%, 03/01/2026		3,530,000		3,942,996
2.76%, 09/13/2026		1,500,000		1,600,070
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026		1,400,000		1,507,088
Natwest Group PLC (United Kingdom),
4.80%, 04/05/2026		2,300,000		2,633,580
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026		1,000,000		1,008,341
Royal Bank of Canada (Canada), 1.15%, 07/14/2026^(b)		1,100,000		1,103,773
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 01/12/2026		1,400,000		1,389,055
3.78%, 03/09/2026		2,210,000		2,465,009
2.63%, 07/14/2026		3,314,000		3,531,410
3.01%, 10/19/2026		2,206,000		2,397,662
Truist Bank
3.30%, 05/15/2026		1,200,000		1,320,562
3.80%, 10/30/2026		1,150,000		1,292,469
U.S. Bancorp
Series V, 2.38%, 07/22/2026		1,981,000		2,108,474
Series W, 3.10%, 04/27/2026		1,468,000		1,599,363
Wells Fargo & Co.
3.00%, 04/22/2026		5,149,000		5,575,253
4.10%, 06/03/2026		3,580,000		4,025,642
3.00%, 10/23/2026		5,146,000		5,566,911

				106,815,769

Beverages-1.65%
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.65%, 02/01/2026		2,388,000		2,638,215
Constellation Brands, Inc., 3.70%, 12/06/2026		878,000		975,690
Molson Coors Beverage Co., 3.00%, 07/15/2026		2,941,000		3,161,528
PepsiCo, Inc.
2.85%, 02/24/2026		1,098,000		1,185,221
2.38%, 10/06/2026		1,472,000		1,579,236

				9,539,890

Biotechnology-3.58%
AbbVie, Inc.
3.20%, 05/14/2026		2,941,000		3,194,517
2.95%, 11/21/2026		5,866,000		6,325,159
Amgen, Inc., 2.60%, 08/19/2026		1,839,000		1,959,298

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

131

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

August 31, 2021


	Principal Amount		Value
Biotechnology-(continued)
Gilead Sciences, Inc., 3.65%, 03/01/2026	$	4,041,000	$	4,458,070
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		4,414,000		4,794,910

				20,731,954

Building Products-0.14%
Johnson Controls International PLC, 3.90%, 02/14/2026		715,000		793,763

Capital Markets-7.69%
Ameriprise Financial, Inc., 2.88%, 09/15/2026^(b)		732,000		789,440
Ares Capital Corp.
3.88%, 01/15/2026		1,692,000		1,821,583
2.15%, 07/15/2026		1,470,000		1,481,659
Bank of New York Mellon Corp. (The)
0.75%, 01/28/2026^(b)		1,030,000		1,023,693
2.80%, 05/04/2026^(b)		1,098,000		1,185,745
2.45%, 08/17/2026		1,100,000		1,172,318
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026^(b)		734,000		828,371
Charles Schwab Corp. (The)
0.90%, 03/11/2026		1,833,000		1,828,358
1.15%, 05/13/2026		1,580,000		1,589,737
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026		1,000,000		995,282
Deutsche Bank AG (Germany), 1.69%, 03/19/2026		1,250,000		1,266,902
FS KKR Capital Corp., 3.40%, 01/15/2026		1,468,000		1,532,504
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		756,000		782,570
Goldman Sachs Group, Inc. (The)
3.75%, 02/25/2026		2,574,000		2,843,244
3.50%, 11/16/2026		4,041,000		4,402,062
Morgan Stanley
3.88%, 01/27/2026		4,404,000		4,913,832
3.13%, 07/27/2026		4,413,000		4,791,144
6.25%, 08/09/2026		1,100,000		1,354,489
4.35%, 09/08/2026		3,311,000		3,763,554
Nasdaq, Inc., 3.85%, 06/30/2026		738,000		825,618
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		1,800,000		1,805,914
Owl Rock Capital Corp.
4.25%, 01/15/2026		735,000		793,400
3.40%, 07/15/2026		1,480,000		1,549,909
State Street Corp., 2.65%, 05/19/2026^(b)		1,107,000		1,189,525

				44,530,853

Chemicals-0.93%
Ecolab, Inc., 2.70%, 11/01/2026		1,105,000		1,189,465
FMC Corp., 3.20%, 10/01/2026		734,000		790,681
Linde, Inc., 3.20%, 01/30/2026		1,070,000		1,168,426
PPG Industries, Inc., 1.20%, 03/15/2026		1,030,000		1,031,630
Westlake Chemical Corp., 3.60%, 08/15/2026		1,086,000		1,199,724

				5,379,926

Commercial Services & Supplies-0.14%
Republic Services, Inc., 2.90%, 07/01/2026 .		736,000		790,236


	Principal Amount		Value
Communications Equipment-0.83%
Cisco Systems, Inc.
2.95%, 02/28/2026	$	1,104,000	$	1,203,491
2.50%, 09/20/2026^(b)		2,202,000		2,366,888
Hughes Satellite Systems Corp., 5.25%, 08/01/2026		1,110,000		1,258,146

				4,828,525

Consumer Finance-0.82%
Capital One Financial Corp., 3.75%, 07/28/2026		2,191,000		2,428,119
Discover Bank, 3.45%, 07/27/2026		1,400,000		1,529,143
Synchrony Financial, 3.70%, 08/04/2026		743,000		814,836

				4,772,098

Containers & Packaging-0.15%
International Paper Co., 3.80%, 01/15/2026		778,000		864,681

Diversified Financial Services-1.64%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 1.75%, 01/30/2026^(b)		1,450,000		1,435,497
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		3,681,000		4,029,450
Blackstone Secured Lending Fund
3.63%, 01/15/2026		1,170,000		1,244,040
2.75%, 09/16/2026		1,060,000		1,092,368
National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/2026		880,000		876,535
Voya Financial, Inc., 3.65%, 06/15/2026		732,000		811,425

				9,489,315

Diversified Telecommunication Services-1.85%
AT&T, Inc., 4.13%, 02/17/2026^(b)		2,742,000		3,071,729
Verizon Communications, Inc.
1.45%, 03/20/2026		4,040,000		4,095,915
2.63%, 08/15/2026		3,310,000		3,526,416

				10,694,060

Electric Utilities-3.62%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		782,000		854,539
Commonwealth Edison Co., 2.55%, 06/15/2026		739,000		787,085
Duke Energy Carolinas LLC, 2.95%, 12/01/2026		885,000		959,296
Duke Energy Corp., 2.65%, 09/01/2026^(b)		2,201,000		2,341,544
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026		1,205,000		1,316,818
Entergy Arkansas LLC, 3.50%, 04/01/2026 .		879,000		967,497
Entergy Corp., 2.95%, 09/01/2026		1,104,000		1,185,353
Exelon Corp., 3.40%, 04/15/2026		1,104,000		1,205,082
Fortis, Inc. (Canada), 3.06%, 10/04/2026		1,620,000		1,750,919
Pacific Gas and Electric Co., 3.15%, 01/01/2026		2,868,000		2,926,217
PPL Capital Funding, Inc., 3.10%, 05/15/2026^(b)		956,000		1,029,042
Southern Co. (The), 3.25%, 07/01/2026		2,570,000		2,787,858
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		840,000		853,430

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

132

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

August 31, 2021


	Principal Amount		Value
Electric Utilities-(continued)
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026	$	1,105,000	$	1,200,292
Xcel Energy, Inc., 3.35%, 12/01/2026		731,000		798,424

				20,963,396

Electrical Equipment-0.19%
Emerson Electric Co., 0.88%, 10/15/2026^(b)		1,107,000		1,093,516

Electronic Equipment, Instruments & Components-0.29%
Avnet, Inc., 4.63%, 04/15/2026^(b)		804,000		902,377
Jabil, Inc., 1.70%, 04/15/2026^(b)		740,000		748,893

				1,651,270

Energy Equipment & Services-0.17%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		812,000		957,812

Entertainment-1.17%
Activision Blizzard, Inc., 3.40%, 09/15/2026		1,249,000		1,376,078
TWDC Enterprises 18 Corp.
3.00%, 02/13/2026		1,467,000		1,589,474
1.85%, 07/30/2026^(b)		1,467,000		1,523,187
Walt Disney Co. (The), 1.75%, 01/13/2026 .		2,204,000		2,278,471

				6,767,210

Equity REITs-4.87%
American Tower Corp.
4.40%, 02/15/2026		737,000		830,870
1.60%, 04/15/2026		1,030,000		1,041,158
3.38%, 10/15/2026		1,467,000		1,597,882
Boston Properties L.P.
3.65%, 02/01/2026		1,464,000		1,612,656
2.75%, 10/01/2026		1,475,000		1,574,143
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		874,000		977,994
CBRE Services, Inc., 4.88%, 03/01/2026		880,000		1,014,256
Crown Castle International Corp.
4.45%, 02/15/2026		1,326,000		1,493,252
3.70%, 06/15/2026		1,100,000		1,212,099
1.05%, 07/15/2026^(b)		1,470,000		1,449,701
Equinix, Inc., 1.45%, 05/15/2026		1,030,000		1,033,713
ERP Operating L.P., 2.85%, 11/01/2026		730,000		784,560
GLP Capital L.P./GLP Financing II, Inc.,
5.38%, 04/15/2026		1,429,000		1,640,163
Healthpeak Properties, Inc., 3.25%, 07/15/2026		953,000		1,037,854
Kimco Realty Corp., 2.80%, 10/01/2026		736,000		783,352
Life Storage L.P., 3.50%, 07/01/2026		873,000		957,321
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		885,000		1,010,236
Public Storage, 0.88%, 02/15/2026		730,000		725,341
Realty Income Corp., 4.13%, 10/15/2026		954,000		1,083,071
Sabra Health Care L.P., 5.13%, 08/15/2026.		743,000		839,029
Simon Property Group L.P.
3.30%, 01/15/2026		1,173,000		1,271,727
3.25%, 11/30/2026		1,101,000		1,204,463
Ventas Realty L.P., 4.13%, 01/15/2026		733,000		817,070


	Principal Amount		Value
Equity REITs-(continued)
VEREIT Operating Partnership L.P., 4.88%, 06/01/2026	$	884,000	$	1,021,745
Welltower, Inc., 4.25%, 04/01/2026		1,034,000		1,162,318

				28,175,974

Food & Staples Retailing-1.11%
Kroger Co. (The)
3.50%, 02/01/2026		743,000		820,398
2.65%, 10/15/2026		1,099,000		1,172,678
Sysco Corp., 3.30%, 07/15/2026^(b)		1,468,000		1,598,389
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		2,588,000		2,827,863

				6,419,328

Food Products-1.59%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		1,470,000		1,565,764
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026^(b)		1,031,000		1,116,729
Hershey Co. (The), 2.30%, 08/15/2026		742,000		787,904
Ingredion, Inc., 3.20%, 10/01/2026		740,000		805,000
Kellogg Co., 3.25%, 04/01/2026		1,105,000		1,208,786
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026		2,806,000		2,977,201
McCormick & Co., Inc., 0.90%, 02/15/2026		730,000		721,771

				9,183,155

Gas Utilities-0.28%
National Fuel Gas Co., 5.50%, 01/15/2026^(b)		735,000		849,587
Southern California Gas Co., Series TT, 2.60%, 06/15/2026		735,000		783,106

				1,632,693

Health Care Equipment & Supplies-0.97%
Abbott Laboratories, 3.75%, 11/30/2026		2,495,000		2,824,296
Baxter International, Inc., 2.60%, 08/15/2026		1,098,000		1,168,506
Stryker Corp., 3.50%, 03/15/2026		1,462,000		1,606,871

				5,599,673

Health Care Providers & Services-3.44%
Anthem, Inc., 1.50%, 03/15/2026^(b)		1,105,000		1,123,671
Cigna Corp.
4.50%, 02/25/2026		1,812,000		2,059,195
1.25%, 03/15/2026^(b)		1,180,000		1,187,520
CVS Health Corp., 2.88%, 06/01/2026		2,576,000		2,765,472
HCA, Inc.
5.88%, 02/15/2026		2,304,000		2,675,059
5.25%, 06/15/2026		2,208,000		2,553,130
5.38%, 09/01/2026		1,277,000		1,474,680
Laboratory Corp. of America Holdings,
1.55%, 06/01/2026		740,000		748,160
McKesson Corp., 1.30%, 08/15/2026		700,000		698,692
Quest Diagnostics, Inc., 3.45%, 06/01/2026.		740,000		811,278
UnitedHealth Group, Inc.
1.25%, 01/15/2026^(b)		740,000		749,902
3.10%, 03/15/2026		1,470,000		1,608,458
1.15%, 05/15/2026^(b)		1,470,000		1,481,264

				19,936,481

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

133

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

August 31, 2021


	Principal Amount		Value
Hotels, Restaurants & Leisure-1.33%
Booking Holdings, Inc., 3.60%, 06/01/2026^(b)	$	1,474,000	$	1,633,268
Expedia Group, Inc., 5.00%, 02/15/2026		1,101,000		1,246,805
Marriott International, Inc., Series R, 3.13%, 06/15/2026		1,098,000		1,173,712
McDonald’s Corp., 3.70%, 01/30/2026		2,573,000		2,848,992
Starbucks Corp., 2.45%, 06/15/2026		735,000		779,153

				7,681,930

Household Durables-0.26%
DR Horton, Inc., 1.30%, 10/15/2026		500,000		499,541
PulteGroup, Inc., 5.50%, 03/01/2026		844,000		984,990

				1,484,531

Household Products-0.66%
Procter & Gamble Co. (The)
2.70%, 02/02/2026		883,000		954,476
1.00%, 04/23/2026		1,470,000		1,479,249
2.45%, 11/03/2026^(b)		1,282,000		1,375,160

				3,808,885

Industrial Conglomerates-0.78%
3M Co., 2.25%, 09/19/2026^(b)		956,000		1,011,996
Honeywell International, Inc., 2.50%, 11/01/2026		2,205,000		2,353,013
Roper Technologies, Inc., 3.80%, 12/15/2026		1,029,000		1,153,410

				4,518,419

Insurance-2.32%
Allstate Corp. (The), 3.28%, 12/15/2026		811,000		897,210
American International Group, Inc., 3.90%, 04/01/2026		2,202,000		2,448,784
Arch Capital Finance LLC, 4.01%, 12/15/2026		736,000		835,414
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		2,205,000		2,426,310
CNA Financial Corp., 4.50%, 03/01/2026		732,000		829,809
Loews Corp., 3.75%, 04/01/2026		731,000		815,283
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		1,471,000		1,662,057
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		884,000		981,578
Old Republic International Corp., 3.88%, 08/26/2026		804,000		899,950
Prudential Financial, Inc., 1.50%, 03/10/2026		743,000		757,583
Trinity Acquisition PLC, 4.40%, 03/15/2026.		800,000		902,531

				13,456,509

Interactive Media & Services-0.53%
Alphabet, Inc., 2.00%, 08/15/2026^(b)		2,940,000		3,092,867

Internet & Direct Marketing Retail-0.90%
Amazon.com, Inc., 1.00%, 05/12/2026^(b)		4,040,000		4,066,384
eBay, Inc., 1.40%, 05/10/2026		1,104,000		1,114,467

				5,180,851

IT Services-2.58%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026		732,000		804,664


	Principal Amount		Value
IT Services-(continued)
Fidelity National Information Services, Inc., 1.15%, 03/01/2026	$	1,840,000	$	1,832,005
Fiserv, Inc., 3.20%, 07/01/2026		2,937,000		3,194,071
Global Payments, Inc.
1.20%, 03/01/2026^(b)		1,620,000		1,610,725
4.80%, 04/01/2026		1,099,000		1,256,920
International Business Machines Corp., 3.45%, 02/19/2026		2,000,000		2,209,743
Mastercard, Inc., 2.95%, 11/21/2026		1,102,000		1,203,544
PayPal Holdings, Inc., 2.65%, 10/01/2026^(b)		1,839,000		1,977,995
Western Union Co. (The), 1.35%, 03/15/2026		880,000		874,151

				14,963,818

Leisure Products-0.19%
Hasbro, Inc., 3.55%, 11/19/2026		995,000		1,091,949

Life Sciences Tools & Services-0.33%
Thermo Fisher Scientific, Inc., 2.95%, 09/19/2026^(b)		1,769,000		1,912,185

Machinery-1.85%
Caterpillar Financial Services Corp., 0.90%, 03/02/2026		1,100,000		1,106,426
CNH Industrial Capital LLC
1.88%, 01/15/2026		735,000		751,074
1.45%, 07/15/2026		880,000		880,409
Fortive Corp., 3.15%, 06/15/2026		1,325,000		1,440,435
Illinois Tool Works, Inc., 2.65%, 11/15/2026		1,505,000		1,618,573
John Deere Capital Corp.
0.70%, 01/15/2026		1,319,000		1,308,536
2.65%, 06/10/2026		735,000		792,651
1.05%, 06/17/2026		810,000		812,162
Wabtec Corp., 3.45%, 11/15/2026		1,101,000		1,183,601
Xylem, Inc., 3.25%, 11/01/2026		731,000		801,244

				10,695,111

Media-1.43%
Comcast Corp., 3.15%, 03/01/2026		3,239,000		3,517,949
Discovery Communications LLC, 4.90%, 03/11/2026^(b)		1,031,000		1,176,154
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		2,054,000		2,271,163
ViacomCBS, Inc., 4.00%, 01/15/2026		1,176,000		1,305,572

				8,270,838

Multiline Retail-0.27%
Target Corp., 2.50%, 04/15/2026^(b)		1,468,000		1,579,413

Multi-Utilities-0.58%
CenterPoint Energy, Inc., 1.45%, 06/01/2026		740,000		746,800
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026		880,000		888,019
DTE Energy Co., 2.85%, 10/01/2026		882,000		943,958
San Diego Gas & Electric Co., 2.50%, 05/15/2026		734,000		778,127

				3,356,904

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

134

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

August 31, 2021


	Principal Amount		Value
Oil, Gas & Consumable Fuels-7.96%
Chevron Corp., 2.95%, 05/16/2026	$	3,308,000	$	3,588,005
ConocoPhillips, 4.95%, 03/15/2026^(b)		1,843,000		2,137,705
Diamondback Energy, Inc., 3.25%, 12/01/2026		1,204,000		1,290,851
Enbridge, Inc. (Canada), 4.25%, 12/01/2026		1,102,000		1,239,388
Energy Transfer L.P.
4.75%, 01/15/2026		1,477,000		1,656,943
3.90%, 07/15/2026		811,000		890,985
Enterprise Products Operating LLC, 3.70%, 02/15/2026^(b)		1,283,000		1,418,837
EOG Resources, Inc., 4.15%, 01/15/2026		1,105,000		1,239,656
Equinor ASA (Norway), 1.75%, 01/22/2026 .		1,107,000		1,140,183
Exxon Mobil Corp.
3.04%, 03/01/2026		3,680,000		3,992,610
2.28%, 08/16/2026		1,467,000		1,549,065
HollyFrontier Corp., 5.88%, 04/01/2026^(b)		1,475,000		1,694,313
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		954,000		1,095,670
MPLX L.P., 1.75%, 03/01/2026		2,204,000		2,233,171
ONEOK, Inc., 5.85%, 01/15/2026		885,000		1,040,064
Ovintiv Exploration, Inc., 5.38%, 01/01/2026^(b)		1,013,000		1,146,167
Phillips 66, 1.30%, 02/15/2026		736,000		736,108
Phillips 66 Partners L.P., 3.55%, 10/01/2026		742,000		804,859
Pioneer Natural Resources Co.
1.13%, 01/15/2026		1,100,000		1,090,325
4.45%, 01/15/2026^(b)		736,000		826,360
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026		1,107,000		1,244,729
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		2,206,000		2,605,948
Shell International Finance B.V. (Netherlands)
2.88%, 05/10/2026		2,577,000		2,784,896
2.50%, 09/12/2026		1,471,000		1,567,293
Spectra Energy Partners L.P., 3.38%, 10/15/2026		883,000		957,688
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026^(b)		1,246,000		1,428,153
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		1,469,000		1,850,544
Valero Energy Corp., 3.40%, 09/15/2026		1,838,000		1,980,726
Valero Energy Partners L.P., 4.38%, 12/15/2026		731,000		825,090

				46,056,332

Personal Products-0.18%
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026^(b)		1,003,000		1,049,423

Pharmaceuticals-3.10%
Astrazeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026^(b)		1,840,000		1,850,848
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		1,761,000		1,731,637
Johnson & Johnson, 2.45%, 03/01/2026		3,128,000		3,338,063
Merck & Co., Inc., 0.75%, 02/24/2026^(b)		1,469,000		1,464,005
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026		1,000,000		1,090,391


	Principal Amount		Value
Pharmaceuticals-(continued)
Pfizer, Inc.
2.75%, 06/03/2026^(b)	$	1,834,000	$	1,991,416
3.00%, 12/15/2026		2,576,000		2,840,698
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		3,302,000		3,662,460

				17,969,518

Professional Services-0.14%
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026		735,000		802,886

Road & Rail-0.67%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026		736,000		788,516
CSX Corp., 2.60%, 11/01/2026		1,027,000		1,095,328
Norfolk Southern Corp., 2.90%, 06/15/2026^(b)		903,000		976,285
Union Pacific Corp., 2.75%, 03/01/2026		960,000		1,029,299

				3,889,428

Semiconductors & Semiconductor Equipment-0.94%
Analog Devices, Inc., 3.50%, 12/05/2026		1,327,000		1,469,816
Intel Corp., 2.60%, 05/19/2026^(b)		1,508,000		1,622,722
NVIDIA Corp., 3.20%, 09/16/2026		1,474,000		1,622,059
Skyworks Solutions, Inc., 1.80%, 06/01/2026^(b)		740,000		752,389

				5,466,986

Software-3.00%
Citrix Systems, Inc., 1.25%, 03/01/2026		1,100,000		1,088,312
Fortinet, Inc., 1.00%, 03/15/2026		730,000		725,929
Microsoft Corp., 2.40%, 08/08/2026		5,877,000		6,286,270
Oracle Corp.
1.65%, 03/25/2026		4,040,000		4,112,855
2.65%, 07/15/2026		4,408,000		4,670,705
VMware, Inc., 1.40%, 08/15/2026		500,000		499,694

				17,383,765

Specialty Retail-3.39%
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		6,540,000		7,817,170
4.90%, 10/01/2026		2,600,000		3,008,955
Home Depot, Inc. (The)
3.00%, 04/01/2026		1,898,000		2,066,343
2.13%, 09/15/2026^(b)		1,470,000		1,548,455
Lowe’s Cos., Inc., 2.50%, 04/15/2026		1,981,000		2,105,993
O’Reilly Automotive, Inc., 3.55%, 03/15/2026		734,000		811,850
Ross Stores, Inc., 0.88%, 04/15/2026		736,000		725,251
TJX Cos., Inc. (The), 2.25%, 09/15/2026		1,468,000		1,550,565

				19,634,582

Technology Hardware, Storage & Peripherals-3.53%
Apple, Inc.
0.70%, 02/08/2026^(b)		3,673,000		3,656,508
3.25%, 02/23/2026		4,784,000		5,242,077
2.45%, 08/04/2026		3,312,000		3,532,876
2.05%, 09/11/2026^(b)		2,937,000		3,080,351

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

135

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

August 31, 2021


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-(continued)
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026^(b)	$	1,107,000	$	1,128,488
Western Digital Corp., 4.75%, 02/15/2026^(b)		3,382,000		3,781,346

				20,421,646

Textiles, Apparel & Luxury Goods-0.27%
NIKE, Inc., 2.38%, 11/01/2026^(b)		1,468,000		1,565,025

Tobacco-1.15%
Altria Group, Inc., 2.63%, 09/16/2026		547,000		575,082
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026		1,467,000		1,567,011
BAT International Finance PLC (United Kingdom), 1.67%, 03/25/2026		2,204,000		2,218,133
Philip Morris International, Inc.
2.75%, 02/25/2026		1,105,000		1,181,553
0.88%, 05/01/2026		1,107,000		1,094,709

				6,636,488

Trading Companies & Distributors-0.69%
Air Lease Corp.
2.88%, 01/15/2026		2,135,000		2,246,272
1.88%, 08/15/2026		1,760,000		1,766,820

				4,013,092

Wireless Telecommunication Services-0.49%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026		731,000		782,006
T-Mobile USA, Inc.
2.25%, 02/15/2026		1,500,000		1,533,750
3.50%, 04/15/2031		500,000		532,245

				2,848,001

Total U.S. Dollar Denominated Bonds & Notes (Cost $557,084,287)				574,133,581


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $308,700)		308,700	$	308,700

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.23% (Cost $557,392,987)				574,442,281


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.96%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		19,023,489		19,023,489
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		44,370,393		44,388,142

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,411,630)				63,411,631

TOTAL INVESTMENTS IN SECURITIES-110.19% (Cost $620,804,617)				637,853,912
OTHER ASSETS LESS LIABILITIES-(10.19)%				(58,968,795	)

NET ASSETS-100.00%			$	578,885,117

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,348,070		$	(18,039,370	)		$	-		$	-		$	308,700		$	523

Invesco Premier U.S. Government Money Portfolio, Institutional Class			550,632			1,830,394			(2,381,026	)			-			-			-			9

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

136

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

August 31, 2021


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,816,835		$	63,088,738		$	(45,882,084	)		$	-		$	-		$	19,023,489		$	1,061	*

Invesco Private Prime Fund			605,612			108,350,876			(64,568,417	)			1			70			44,388,142			14,441	*


Total		$	2,973,079		$	191,618,078		$	(130,870,897	)		$	1		$	70		$	63,720,331		$	16,034

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

137

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.07%
Aerospace & Defense-2.40%
Boeing Co. (The), 5.04%, 05/01/2027	$	2,392,000	$	2,759,709
General Dynamics Corp.
3.50%, 04/01/2027		898,000		1,003,669
2.63%, 11/15/2027		593,000		640,192
Howmet Aerospace, Inc., 5.90%, 02/01/2027		743,000		876,759
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027		712,000		776,016
Northrop Grumman Corp., 3.20%, 02/01/2027^(b)		894,000		978,160
Raytheon Technologies Corp., 3.13%, 05/04/2027^(b)		1,318,000		1,438,357

				8,472,862

Air Freight & Logistics-0.37%
United Parcel Service, Inc., 3.05%, 11/15/2027^(b)		1,193,000		1,324,796

Airlines-0.79%
Southwest Airlines Co., 5.13%, 06/15/2027 .		2,392,000		2,798,868

Auto Components-0.68%
BorgWarner, Inc., 2.65%, 07/01/2027^(b)		1,312,000		1,395,960
Lear Corp., 3.80%, 09/15/2027^(b)		896,000		998,558

				2,394,518

Automobiles-2.14%
American Honda Finance Corp., 2.35%, 01/08/2027		602,000		634,877
General Motors Co.
4.20%, 10/01/2027		863,000		967,224
6.80%, 10/01/2027		1,191,000		1,503,820
General Motors Financial Co., Inc.
4.35%, 01/17/2027		1,438,000		1,619,471
2.70%, 08/20/2027		1,079,000		1,127,375
Toyota Motor Credit Corp.
3.20%, 01/11/2027^(b)		901,000		992,701
1.15%, 08/13/2027		717,000		713,273

				7,558,741

Banks-11.52%
Banco Santander S.A. (Spain), 4.25%, 04/11/2027		1,200,000		1,360,589
Bank of America Corp.
3.25%, 10/21/2027		2,920,000		3,188,568
Series L, 4.18%, 11/25/2027		2,385,000		2,682,261
Citigroup, Inc., 4.45%, 09/29/2027		4,599,000		5,268,522
Fifth Third Bancorp, 2.55%, 05/05/2027^(b)		858,000		910,839
Fifth Third Bank N.A., 2.25%, 02/01/2027		700,000		735,567
JPMorgan Chase & Co.
8.00%, 04/29/2027		575,000		772,580
4.25%, 10/01/2027		1,718,000		1,972,323
3.63%, 12/01/2027		1,315,000		1,448,098
KeyCorp, 2.25%, 04/06/2027		959,000		1,000,357
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027		1,450,000		1,608,993
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027		500,000		554,020


	Principal Amount		Value
Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 02/22/2027	$	1,177,000	$	1,315,888
3.29%, 07/25/2027		1,143,000		1,263,997
Mizuho Financial Group, Inc. (Japan)
3.66%, 02/28/2027		600,000		669,115
3.17%, 09/11/2027		1,300,000		1,415,220
PNC Bank N.A., 3.10%, 10/25/2027		1,150,000		1,266,746
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		895,000		984,813
Santander Holdings USA, Inc., 4.40%, 07/13/2027		1,243,000		1,404,525
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.45%, 01/11/2027		1,491,000		1,648,702
3.36%, 07/12/2027		2,088,000		2,313,525
3.35%, 10/18/2027		865,000		953,130
Truist Financial Corp., 1.13%, 08/03/2027		848,000		837,711
U.S. Bancorp, Series X, 3.15%, 04/27/2027 .		1,554,000		1,711,098
Wells Fargo & Co., 4.30%, 07/22/2027		2,984,000		3,422,783

				40,709,970

Beverages-1.99%
Coca-Cola Co. (The)
3.38%, 03/25/2027		1,181,000		1,318,357
2.90%, 05/25/2027		597,000		654,720
1.45%, 06/01/2027		1,762,000		1,798,044
Constellation Brands, Inc., 3.50%, 05/09/2027		577,000		637,993
PepsiCo, Inc.
2.63%, 03/19/2027^(b)		577,000		622,070
3.00%, 10/15/2027		1,796,000		1,985,288

				7,016,472

Biotechnology-1.69%
Amgen, Inc.
2.20%, 02/21/2027		2,106,000		2,196,878
3.20%, 11/02/2027^(b)		1,176,000		1,290,943
Gilead Sciences, Inc.
2.95%, 03/01/2027^(b)		1,489,000		1,609,420
1.20%, 10/01/2027^(b)		898,000		885,403

				5,982,644

Building Products-0.22%
Carlisle Cos., Inc., 3.75%, 12/01/2027		694,000		772,671

Capital Markets-5.30%
Bank of New York Mellon Corp. (The), 3.25%, 05/16/2027		883,000		974,690
BlackRock, Inc., 3.20%, 03/15/2027		838,000		926,886
Cboe Global Markets, Inc., 3.65%, 01/12/2027		779,000		870,281
Charles Schwab Corp. (The), 3.20%, 03/02/2027		775,000		851,533
Goldman Sachs Group, Inc. (The)
5.95%, 01/15/2027		964,000		1,174,922
3.85%, 01/26/2027		3,582,000		3,963,039
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, 01/15/2027		896,000		1,045,789

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

138

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

August 31, 2021


	Principal Amount		Value
Capital Markets-(continued)
Morgan Stanley
3.63%, 01/20/2027	$	3,586,000	$	3,988,184
3.95%, 04/23/2027		2,392,000		2,688,776
Owl Rock Capital Corp., 2.63%, 01/15/2027.		600,000		606,173
S&P Global, Inc., 2.95%, 01/22/2027		601,000		651,561
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		909,000		1,000,663

				18,742,497

Chemicals-1.57%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027^(b)		807,000		836,663
Ecolab, Inc., 3.25%, 12/01/2027		596,000		659,253
LYB International Finance II B.V., 3.50%, 03/02/2027		1,134,000		1,248,787
Mosaic Co. (The), 4.05%, 11/15/2027		802,000		909,181
Sherwin-Williams Co. (The), 3.45%, 06/01/2027^(b)		1,721,000		1,903,127

				5,557,011

Commercial Services & Supplies-0.89%
Cintas Corp. No. 2, 3.70%, 04/01/2027		1,196,000		1,342,988
Republic Services, Inc., 3.38%, 11/15/2027 .		741,000		817,297
Waste Management, Inc., 3.15%, 11/15/2027		895,000		984,541

				3,144,826

Communications Equipment-0.19%
Nokia OYJ (Finland), 4.38%, 06/12/2027^(b).		598,000		664,360

Construction Materials-0.18%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		569,000		632,194

Consumer Finance-2.38%
American Express Credit Corp., 3.30%, 05/03/2027		2,388,000		2,647,287
Capital One Financial Corp.
3.75%, 03/09/2027		1,610,000		1,801,531
3.65%, 05/11/2027		1,140,000		1,273,477
Discover Financial Services, 4.10%, 02/09/2027		1,194,000		1,343,579
Synchrony Financial, 3.95%, 12/01/2027		1,194,000		1,332,198

				8,398,072

Containers & Packaging-0.30%
International Paper Co., 3.00%, 02/15/2027		360,000		391,371
Packaging Corp. of America, 3.40%, 12/15/2027		599,000		659,646

				1,051,017

Diversified Financial Services-1.16%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.65%, 07/21/2027		1,200,000		1,279,437
4.63%, 10/15/2027^(b)		650,000		726,380
GE Capital Funding LLC, 4.05%, 05/15/2027		1,290,000		1,461,359
ORIX Corp. (Japan), 3.70%, 07/18/2027^(b)		570,000		639,892

				4,107,068


	Principal Amount		Value
Diversified Telecommunication Services-3.96%
AT&T, Inc.
4.25%, 03/01/2027	$	1,783,000	$	2,032,894
2.30%, 06/01/2027		2,988,000		3,114,735
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027^(b)		1,800,000		2,033,156
TELUS Corp. (Canada)
2.80%, 02/16/2027		712,000		765,327
3.70%, 09/15/2027		563,000		635,230
Verizon Communications, Inc.
4.13%, 03/16/2027		3,887,000		4,444,459
3.00%, 03/22/2027^(b)		893,000		966,398

				13,992,199

Electric Utilities-2.53%
American Electric Power Co., Inc., 3.20%, 11/13/2027		600,000		653,548
Duke Energy Corp., 3.15%, 08/15/2027		893,000		969,567
Duke Energy Florida LLC, 3.20%, 01/15/2027		775,000		850,347
Edison International, 5.75%, 06/15/2027^(b).		716,000		819,105
ITC Holdings Corp., 3.35%, 11/15/2027		600,000		658,416
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		1,785,000		1,978,652
NSTAR Electric Co., 3.20%, 05/15/2027		793,000		871,921
Pacific Gas and Electric Co., 2.10%, 08/01/2027		1,191,000		1,153,029
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027		900,000		999,424

				8,954,009

Electrical Equipment-0.43%
Eaton Corp., 3.10%, 09/15/2027		836,000		911,629
Emerson Electric Co., 1.80%, 10/15/2027^(b)		597,000		614,554

				1,526,183

Electronic Equipment, Instruments & Components-0.28%
Keysight Technologies, Inc., 4.60%, 04/06/2027		838,000		977,551

Energy Equipment & Services-0.69%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		1,613,000		1,780,498
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		597,000		674,977

				2,455,475

Entertainment-0.55%
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027^(b)		1,144,000		1,253,940
Walt Disney Co. (The), 3.70%, 03/23/2027^(b)		596,000		673,623

				1,927,563

Equity REITs-3.71%
American Tower Corp.
2.75%, 01/15/2027^(b)		897,000		947,899
3.55%, 07/15/2027		896,000		984,291
Crown Castle International Corp.
4.00%, 03/01/2027^(b)		597,000		671,124
3.65%, 09/01/2027		1,194,000		1,323,936

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

139

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

August 31, 2021


	Principal Amount		Value
Equity REITs-(continued)
Digital Realty Trust L.P., 3.70%, 08/15/2027	$	1,192,000	$	1,337,638
Healthcare Trust of America Holdings L.P., 3.75%, 07/01/2027		603,000		673,080
Mid-America Apartments L.P., 3.60%, 06/01/2027		713,000		794,499
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		799,000		898,398
Public Storage, 3.09%, 09/15/2027		599,000		660,431
Realty Income Corp., 3.00%, 01/15/2027		715,000		774,839
Regency Centers L.P., 3.60%, 02/01/2027		624,000		691,963
Simon Property Group L.P.
3.38%, 06/15/2027		823,000		905,511
3.38%, 12/01/2027		894,000		985,194
VEREIT Operating Partnership L.P., 3.95%, 08/15/2027		715,000		809,100
Welltower, Inc., 2.70%, 02/15/2027		602,000		639,316

				13,097,219

Food & Staples Retailing-1.49%
Costco Wholesale Corp.
3.00%, 05/18/2027		1,195,000		1,315,200
1.38%, 06/20/2027		1,494,000		1,511,707
Kroger Co. (The), 3.70%, 08/01/2027^(b)		713,000		802,137
Sysco Corp., 3.25%, 07/15/2027^(b)		858,000		934,468
Walmart, Inc., 5.88%, 04/05/2027		555,000		695,220

				5,258,732

Food Products-2.52%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		714,000		793,936
Conagra Brands, Inc., 1.38%, 11/01/2027^(b)		1,191,000		1,169,052
General Mills, Inc., 3.20%, 02/10/2027^(b)		883,000		963,965
JM Smucker Co. (The), 3.38%, 12/15/2027^(b)		589,000		649,726
Kellogg Co., 3.40%, 11/15/2027		684,000		754,390
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027		1,610,000		1,775,934
McCormick & Co., Inc., 3.40%, 08/15/2027 .		893,000		992,486
Tyson Foods, Inc., 3.55%, 06/02/2027		1,611,000		1,796,773

				8,896,262

Gas Utilities-0.18%
Atmos Energy Corp., 3.00%, 06/15/2027		601,000		653,369

Health Care Equipment & Supplies-0.65%
Becton, Dickinson and Co., 3.70%, 06/06/2027		2,065,000		2,305,078

Health Care Providers & Services-5.21%
AmerisourceBergen Corp., 3.45%, 12/15/2027		893,000		982,559
Anthem, Inc., 3.65%, 12/01/2027		1,876,000		2,101,650
Cardinal Health, Inc., 3.41%, 06/15/2027^(b).		1,460,000		1,603,926
Cigna Corp.
3.40%, 03/01/2027		1,585,000		1,747,416
3.05%, 10/15/2027		628,000		678,513
CVS Health Corp.
3.63%, 04/01/2027		898,000		997,490
1.30%, 08/21/2027		2,685,000		2,664,137


	Principal Amount		Value
Health Care Providers & Services-(continued)
HCA, Inc., 4.50%, 02/15/2027	$	1,432,000	$	1,624,136
Humana, Inc., 3.95%, 03/15/2027		714,000		802,876
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		657,000		721,820
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027		714,000		792,801
SSM Health Care Corp., Series A, 3.82%, 06/01/2027^(b)		562,000		635,261
UnitedHealth Group, Inc.
3.45%, 01/15/2027		892,000		991,407
3.38%, 04/15/2027		745,000		828,033
2.95%, 10/15/2027		1,134,000		1,242,232

				18,414,257

Hotels, Restaurants & Leisure-1.34%
Darden Restaurants, Inc., 3.85%, 05/01/2027^(b)		597,000		663,336
Expedia Group, Inc., 4.63%, 08/01/2027		890,000		1,007,316
McDonald’s Corp.
3.50%, 03/01/2027		1,020,000		1,128,967
3.50%, 07/01/2027		1,176,000		1,306,525
Starbucks Corp., 2.00%, 03/12/2027		597,000		617,362

				4,723,506

Household Durables-0.89%
D.R. Horton, Inc., 1.40%, 10/15/2027^(b)		567,000		561,321
Leggett & Platt, Inc., 3.50%, 11/15/2027		590,000		640,859
Lennar Corp., 4.75%, 11/29/2027^(b)		1,055,000		1,229,149
PulteGroup, Inc., 5.00%, 01/15/2027^(b)		598,000		696,770

				3,128,099

Household Products-0.65%
Kimberly-Clark Corp., 1.05%, 09/15/2027^(b).		717,000		711,697
Procter & Gamble Co. (The)
2.80%, 03/25/2027^(b)		596,000		648,786
2.85%, 08/11/2027^(b)		857,000		938,259

				2,298,742

Industrial Conglomerates-0.92%
3M Co., 2.88%, 10/15/2027		1,014,000		1,108,790
General Electric Co., 3.45%, 05/01/2027^(b)		1,191,000		1,314,575
Roper Technologies, Inc., 1.40%, 09/15/2027		838,000		835,681

				3,259,046

Insurance-1.43%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027^(b)		596,000		681,422
Aon Corp., 8.21%, 01/01/2027		600,000		782,979
Brighthouse Financial, Inc., 3.70%, 06/22/2027^(b)		1,528,000		1,677,582
CNA Financial Corp., 3.45%, 08/15/2027		577,000		638,733
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027		597,000		631,318
Progressive Corp. (The), 2.45%, 01/15/2027		593,000		634,586

				5,046,620

Interactive Media & Services-0.33%
Alphabet, Inc., 0.80%, 08/15/2027^(b)		1,191,000		1,165,380

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

140

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

August 31, 2021


	Principal Amount		Value
Internet & Direct Marketing Retail-2.28%
Amazon.com, Inc.
1.20%, 06/03/2027	$	1,524,000	$	1,531,156
3.15%, 08/22/2027		4,183,000		4,632,161
eBay, Inc., 3.60%, 06/05/2027		1,020,000		1,140,034
QVC, Inc., 4.75%, 02/15/2027		687,000		737,034

				8,040,385

IT Services-2.31%
Fiserv, Inc., 2.25%, 06/01/2027		1,191,000		1,238,960
International Business Machines Corp.
3.30%, 01/27/2027		600,000		662,690
1.70%, 05/15/2027		1,530,000		1,560,832
Mastercard, Inc., 3.30%, 03/26/2027		1,191,000		1,322,823
Visa, Inc.
1.90%, 04/15/2027		1,794,000		1,865,852
0.75%, 08/15/2027^(b)		546,000		537,319
2.75%, 09/15/2027^(b)		898,000		977,440

				8,165,916

Leisure Products-0.19%
Hasbro, Inc., 3.50%, 09/15/2027		596,000		655,283

Life Sciences Tools & Services-0.28%
Thermo Fisher Scientific, Inc., 3.20%, 08/15/2027		894,000		982,732

Machinery-1.23%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		898,000		893,557
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027^(b)		598,000		667,532
John Deere Capital Corp.
1.75%, 03/09/2027		600,000		618,379
2.80%, 09/08/2027		592,000		642,619
Otis Worldwide Corp., 2.29%, 04/05/2027^(b)		597,000		625,220
Parker-Hannifin Corp., 3.25%, 03/01/2027 .		836,000		910,905

				4,358,212

Media-1.51%
Comcast Corp.
2.35%, 01/15/2027		1,668,000		1,760,612
3.30%, 02/01/2027		1,493,000		1,640,407
3.30%, 04/01/2027		959,000		1,056,110
ViacomCBS, Inc., 2.90%, 01/15/2027^(b)		826,000		882,238

				5,339,367

Multiline Retail-0.23%
Dollar General Corp., 3.88%, 04/15/2027^(b).		713,000		802,439

Multi-Utilities-0.97%
DTE Energy Co., 3.80%, 03/15/2027		504,000		559,365
NiSource, Inc., 3.49%, 05/15/2027		1,194,000		1,318,318
Sempra Energy, 3.25%, 06/15/2027^(b)		893,000		971,025
WEC Energy Group, Inc., 1.38%, 10/15/2027		597,000		590,744

				3,439,452

Oil, Gas & Consumable Fuels-8.03%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		596,000		661,540
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027		1,795,000		1,982,278


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027	$	1,498,000	$	1,652,386
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027		1,141,000		1,266,903
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		1,795,000		2,089,289
Chevron Corp., 2.00%, 05/11/2027		1,196,000		1,241,694
Chevron USA, Inc., 1.02%, 08/12/2027		958,000		945,391
Cimarex Energy Co., 3.90%, 05/15/2027		826,000		912,906
Concho Resources, Inc., 3.75%, 10/01/2027^(b)		864,000		957,635
Enable Midstream Partners L.P., 4.40%, 03/15/2027		836,000		930,663
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		841,000		932,986
Energy Transfer L.P.
4.20%, 04/15/2027		715,000		795,758
4.00%, 10/01/2027		900,000		1,001,080
Enterprise Products Operating LLC, 3.95%, 02/15/2027^(b)		684,000		766,461
Equinor ASA (Norway), 3.00%, 04/06/2027 .		596,000		647,316
Exxon Mobil Corp., 3.29%, 03/19/2027^(b)		1,191,000		1,316,517
Hess Corp., 4.30%, 04/01/2027^(b)		1,196,000		1,330,068
Marathon Oil Corp., 4.40%, 07/15/2027^(b)		1,199,000		1,356,301
MPLX L.P., 4.13%, 03/01/2027		1,477,000		1,658,939
ONEOK, Inc., 4.00%, 07/13/2027		604,000		671,183
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		1,787,000		2,065,213
TC PipeLines L.P., 3.90%, 05/25/2027		504,000		561,271
Valero Energy Corp., 2.15%, 09/15/2027^(b).		717,000		730,024
Williams Cos., Inc. (The), 3.75%, 06/15/2027		1,708,000		1,899,212

				28,373,014

Personal Products-0.54%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		566,000		624,639
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027		1,175,000		1,275,431

				1,900,070

Pharmaceuticals-2.98%
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027		894,000		977,528
Bristol-Myers Squibb Co.
3.25%, 02/27/2027		895,000		991,898
1.13%, 11/13/2027^(b)		1,191,000		1,182,654
Eli Lilly and Co., 3.10%, 05/15/2027		463,000		506,412
Johnson & Johnson
2.95%, 03/03/2027^(b)		1,194,000		1,310,940
0.95%, 09/01/2027^(b)		1,797,000		1,781,093
Novartis Capital Corp. (Switzerland)
2.00%, 02/14/2027		1,489,000		1,552,001
3.10%, 05/17/2027		1,194,000		1,310,226
Zoetis, Inc., 3.00%, 09/12/2027		848,000		921,992

				10,534,744

Road & Rail-0.85%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027		572,000		636,012

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

141

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

August 31, 2021


	Principal Amount		Value
Road & Rail-(continued)
CSX Corp., 3.25%, 06/01/2027	$	1,012,000	$	1,107,718
Union Pacific Corp.
2.15%, 02/05/2027		597,000		623,570
3.00%, 04/15/2027		595,000		646,128

				3,013,428

Semiconductors & Semiconductor Equipment-4.20%
Applied Materials, Inc., 3.30%, 04/01/2027 .		1,438,000		1,591,301
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		4,904,000		5,415,222
Intel Corp.
3.75%, 03/25/2027		1,195,000		1,354,399
3.15%, 05/11/2027^(b)		1,190,000		1,310,809
Maxim Integrated Products, Inc., 3.45%, 06/15/2027		591,000		656,519
Micron Technology, Inc., 4.19%, 02/15/2027		1,080,000		1,221,464
QUALCOMM, Inc., 3.25%, 05/20/2027		2,391,000		2,642,234
Texas Instruments, Inc., 2.90%, 11/03/2027^(b)		599,000		656,436

				14,848,384

Software-4.94%
Adobe, Inc., 2.15%, 02/01/2027		1,020,000		1,073,161
Autodesk, Inc., 3.50%, 06/15/2027^(b)		594,000		658,761
Citrix Systems, Inc., 4.50%, 12/01/2027		860,000		981,392
Intuit, Inc., 1.35%, 07/15/2027		577,000		583,155
Microsoft Corp., 3.30%, 02/06/2027		4,775,000		5,325,930
Oracle Corp.
2.80%, 04/01/2027		2,685,000		2,866,462
3.25%, 11/15/2027		3,290,000		3,590,680
VMware, Inc.
4.65%, 05/15/2027		596,000		689,590
3.90%, 08/21/2027		1,489,000		1,670,095

				17,439,226

Specialty Retail-1.69%
AutoZone, Inc., 3.75%, 06/01/2027^(b)		664,000		746,975
Home Depot, Inc. (The)
2.50%, 04/15/2027		898,000		959,489
2.80%, 09/14/2027		1,194,000		1,300,448
Lowe’s Cos., Inc., 3.10%, 05/03/2027		1,788,000		1,954,927
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		892,000		1,003,093

				5,964,932

Technology Hardware, Storage & Peripherals-3.42%
Apple, Inc.
3.35%, 02/09/2027		2,685,000		2,985,349
3.20%, 05/11/2027		2,393,000		2,648,788
3.00%, 06/20/2027		1,097,000		1,210,497
2.90%, 09/12/2027		2,393,000		2,614,689
3.00%, 11/13/2027		1,767,000		1,942,488
NetApp, Inc., 2.38%, 06/22/2027		656,000		687,813

				12,089,624


	Principal Amount		Value
Textiles, Apparel & Luxury Goods-0.78%
NIKE, Inc., 2.75%, 03/27/2027	$	1,191,000	$	1,289,711
Tapestry, Inc., 4.13%, 07/15/2027		715,000		783,458
VF Corp., 2.80%, 04/23/2027		625,000		670,733

				2,743,902

Tobacco-0.52%
BAT Capital Corp. (United Kingdom), 4.70%, 04/02/2027		1,055,000		1,199,414
Philip Morris International, Inc., 3.13%, 08/17/2027		598,000		654,343

				1,853,757

Trading Companies & Distributors-0.37%
Air Lease Corp.
3.63%, 04/01/2027		595,000		643,648
3.63%, 12/01/2027		598,000		648,536

				1,292,184

Water Utilities-0.22%
American Water Capital Corp., 2.95%, 09/01/2027^(b)		701,000		761,031

Total U.S. Dollar Denominated Bonds & Notes (Cost $337,200,775)				350,005,959

	Shares
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $431,975)		431,975		431,975

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.19% (Cost $337,632,750)				350,437,934


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.39%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		13,135,420		13,135,420
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		30,637,057		30,649,312

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,784,732)				43,784,732

TOTAL INVESTMENTS IN SECURITIES-111.58% (Cost $381,417,482)				394,222,666
OTHER ASSETS LESS LIABILITIES-(11.58)%				(40,924,707	)

NET ASSETS-100.00%			$	353,297,959

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

142

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

August 31, 2021

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	14,413,512		$	(13,981,537	)		$	-		$	-		$	431,975		$	255

Invesco Premier U.S. Government Money Portfolio, Institutional Class			423,814			481,845			(905,659	)			-			-			-			5

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			318,646			53,853,463			(41,036,689	)			-			-			13,135,420			862	*

Invesco Private Prime Fund			106,232			82,515,345			(51,972,451	)			-			186			30,649,312			11,291	*


Total		$	848,692		$	151,264,165		$	(107,896,336	)		$	-		$	186		$	44,216,707		$	12,413

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

143

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.75%
Aerospace & Defense-4.73%
Boeing Co. (The), 3.25%, 02/01/2028	$	1,165,000	$	1,250,772
General Dynamics Corp., 3.75%, 05/15/2028		1,106,000		1,261,099
L3Harris Technologies, Inc., 4.40%, 06/15/2028		960,000		1,109,784
Northrop Grumman Corp., 3.25%, 01/15/2028		2,208,000		2,415,082
Raytheon Technologies Corp., 4.13%, 11/16/2028		3,308,000		3,809,605
Teledyne Technologies, Inc., 2.25%, 04/01/2028		821,000		842,416

				10,688,758

Air Freight & Logistics-0.62%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028^(b)		735,000		843,008
FedEx Corp., 3.40%, 02/15/2028		509,000		566,707

				1,409,715

Airlines-0.90%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		1,165,856		1,170,236
Delta Air Lines, Inc., 4.38%, 04/19/2028		807,000		854,675

				2,024,911

Automobiles-2.58%
American Honda Finance Corp.
3.50%, 02/15/2028		599,000		666,999
2.00%, 03/24/2028^(b)		840,000		865,261
General Motors Co., 5.00%, 10/01/2028		951,000		1,113,780
General Motors Financial Co., Inc., 2.40%, 04/10/2028		1,107,000		1,129,243
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028		505,000		574,422
Toyota Motor Credit Corp.
3.05%, 01/11/2028^(b)		602,000		661,790
1.90%, 04/06/2028		804,000		825,390

				5,836,885

Banks-9.12%
Banco Santander S.A. (Spain), 4.38%, 04/12/2028^(b)		1,400,000		1,607,775
Barclays PLC (United Kingdom), 4.84%, 05/09/2028		2,190,000		2,484,398
Citigroup, Inc., 4.13%, 07/25/2028		2,364,000		2,676,128
Fifth Third Bancorp, 3.95%, 03/14/2028^(b)		739,000		852,517
KeyCorp, 4.10%, 04/30/2028		805,000		929,707
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028		1,645,000		1,894,982
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 03/02/2028^(b)		1,386,000		1,578,264
4.05%, 09/11/2028		1,099,000		1,265,652
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028		1,445,000		1,662,202


	Principal Amount		Value
Banks-(continued)
PNC Bank N.A.
3.25%, 01/22/2028	$	750,000	$	832,875
4.05%, 07/26/2028		1,370,000		1,588,398
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.54%, 01/17/2028^(b)		806,000		899,378
3.94%, 07/19/2028^(b)		802,000		917,668
SVB Financial Group, 2.10%, 05/15/2028		300,000		306,796
U.S. Bancorp, 3.90%, 04/26/2028		960,000		1,109,567

				20,606,307

Beverages-3.08%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028		2,712,000		3,089,542
Coca-Cola Co. (The)
1.50%, 03/05/2028^(b)		904,000		911,210
1.00%, 03/15/2028^(b)		1,382,000		1,349,619
Constellation Brands, Inc., 3.60%, 02/15/2028		820,000		910,184
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028		600,000		687,751

				6,948,306

Building Products-0.29%
Masco Corp., 1.50%, 02/15/2028		666,000		657,465

Capital Markets-3.35%
Ares Capital Corp., 2.88%, 06/15/2028		900,000		917,920
Bank of New York Mellon Corp. (The)
3.40%, 01/29/2028		805,000		899,584
3.85%, 04/28/2028^(b)		1,041,000		1,202,576
3.00%, 10/30/2028		503,000		554,661
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028		1,047,000		1,178,402
Charles Schwab Corp. (The), 3.20%, 01/25/2028		1,123,000		1,239,227
CME Group, Inc., 3.75%, 06/15/2028		809,000		927,295
Northern Trust Corp., 3.65%, 08/03/2028		576,000		656,366

				7,576,031

Chemicals-0.44%
PPG Industries, Inc., 3.75%, 03/15/2028		881,000		1,002,594

Commercial Services & Supplies-0.66%
Republic Services, Inc., 3.95%, 05/15/2028 .		878,000		1,000,094
Waste Management, Inc., 1.15%, 03/15/2028		504,000		491,512

				1,491,606

Communications Equipment-0.42%
Motorola Solutions, Inc., 4.60%, 02/23/2028		823,000		957,778

Construction & Engineering-0.45%
Fluor Corp., 4.25%, 09/15/2028		964,000		1,012,913

Consumer Finance-1.31%
Capital One Financial Corp., 3.80%, 01/31/2028		1,547,000		1,739,194
Discover Bank, 4.65%, 09/13/2028		1,040,000		1,220,864

				2,960,058

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

144

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

August 31, 2021


	Principal Amount		Value
Containers & Packaging-0.33%
WRKCo, Inc., 4.00%, 03/15/2028^(b)	$	649,000	$	735,206

Diversified Consumer Services-0.25%
Block Financial LLC, 2.50%, 07/15/2028		550,000		562,151

Diversified Financial Services-0.95%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.88%, 01/23/2028		571,000		612,835
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028		665,000		732,199
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		725,000		801,869

				2,146,903

Diversified Telecommunication Services-2.57%
AT&T, Inc., 1.65%, 02/01/2028		2,405,000		2,405,734
Verizon Communications, Inc., 2.10%, 03/22/2028		3,311,000		3,397,600

				5,803,334

Electric Utilities-3.79%
Commonwealth Edison Co., 3.70%, 08/15/2028		580,000		662,909
Duke Energy Florida LLC, 3.80%, 07/15/2028^(b)		665,000		755,049
Duke Energy Progress LLC, 3.70%, 09/01/2028		599,000		679,921
Edison International, 4.13%, 03/15/2028		653,000		699,564
Entergy Corp., 1.90%, 06/15/2028		748,000		749,394
Pacific Gas and Electric Co.
3.00%, 06/15/2028		1,210,000		1,209,883
3.75%, 07/01/2028		1,399,000		1,463,467
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		621,000		708,994
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028		725,000		820,072
Xcel Energy, Inc., 4.00%, 06/15/2028		717,000		818,596

				8,567,849

Electronic Equipment, Instruments & Components-0.84%
Arrow Electronics, Inc., 3.88%, 01/12/2028^(b)		507,000		558,603
Jabil, Inc., 3.95%, 01/12/2028		508,000		564,549
Trimble, Inc., 4.90%, 06/15/2028		660,000		770,757

				1,893,909

Energy Equipment & Services-0.36%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028^(b)		819,000		804,479

Entertainment-0.51%
Walt Disney Co. (The), 2.20%, 01/13/2028 .		1,101,000		1,147,945

Equity REITs-5.63%
American Homes 4 Rent L.P., 4.25%, 02/15/2028		508,000		582,313
American Tower Corp.
3.60%, 01/15/2028		724,000		797,787
1.50%, 01/31/2028		741,000		726,264
Crown Castle International Corp., 3.80%, 02/15/2028		1,104,000		1,229,335


	Principal Amount		Value
Equity REITs-(continued)
Digital Realty Trust L.P., 4.45%, 07/15/2028	$	748,000	$	871,350
Equinix, Inc., 1.55%, 03/15/2028		741,000		733,595
ERP Operating L.P., 3.50%, 03/01/2028		508,000		566,148
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028		503,000		599,694
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028		888,000		1,010,329
Public Storage, 1.85%, 05/01/2028^(b)		700,000		716,292
Realty Income Corp., 3.65%, 01/15/2028		880,000		990,262
Simon Property Group L.P., 1.75%, 02/01/2028		885,000		888,752
Ventas Realty L.P., 4.00%, 03/01/2028		745,000		837,782
VEREIT Operating Partnership L.P.
3.40%, 01/15/2028		667,000		729,243
2.20%, 06/15/2028		504,000		516,486
Welltower, Inc., 4.25%, 04/15/2028		799,000		918,760

				12,714,392

Food & Staples Retailing-1.76%
CVS Pass-Through Trust, 6.04%, 12/10/2028		453,832		532,185
Walmart, Inc., 3.70%, 06/26/2028		3,012,000		3,442,273

				3,974,458

Food Products-2.62%
Campbell Soup Co., 4.15%, 03/15/2028		1,099,000		1,253,299
General Mills, Inc., 4.20%, 04/17/2028		1,550,000		1,787,309
Hormel Foods Corp., 1.70%, 06/03/2028^(b)		500,000		508,767
Kellogg Co., 4.30%, 05/15/2028		959,000		1,112,993
Mondelez International, Inc., 4.13%, 05/07/2028^(b)		1,083,000		1,261,344

				5,923,712

Health Care Equipment & Supplies-1.59%
Abbott Laboratories, 1.15%, 01/30/2028		741,000		731,242
Boston Scientific Corp., 4.00%, 03/01/2028.		581,000		664,388
Edwards Lifesciences Corp., 4.30%, 06/15/2028		964,000		1,118,942
Stryker Corp., 3.65%, 03/07/2028^(b)		962,000		1,083,538

				3,598,110

Health Care Providers & Services-8.84%
Anthem, Inc., 4.10%, 03/01/2028		1,409,000		1,612,544
Centene Corp., 2.45%, 07/15/2028		2,030,000		2,062,617
Cigna Corp., 4.38%, 10/15/2028		4,192,000		4,896,515
CVS Health Corp., 4.30%, 03/25/2028		7,805,000		8,996,578
HCA, Inc., 5.63%, 09/01/2028		173,000		206,525
McKesson Corp., 3.95%, 02/16/2028		666,000		756,232
UnitedHealth Group, Inc., 3.85%, 06/15/2028		1,248,000		1,431,006

				19,962,017

Hotels, Restaurants & Leisure-2.15%
Booking Holdings, Inc., 3.55%, 03/15/2028 .		598,000		668,093
Expedia Group, Inc., 3.80%, 02/15/2028		1,105,000		1,196,696
McDonald’s Corp., 3.80%, 04/01/2028		1,185,000		1,341,813

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

145

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

August 31, 2021


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Starbucks Corp.
3.50%, 03/01/2028	$	659,000	$	733,486
4.00%, 11/15/2028		804,000		928,718

				4,868,806

Household Products-0.40%
Clorox Co. (The), 3.90%, 05/15/2028		803,000		914,273

Independent Power and Renewable Electricity Producers-0.30%
DTE Electric Co., Series A, 1.90%, 04/01/2028		670,000		686,930

Industrial Conglomerates-0.78%
3M Co., 3.63%, 09/14/2028		662,000		752,674
Roper Technologies, Inc., 4.20%, 09/15/2028		884,000		1,020,206

				1,772,880

Insurance-1.22%
American International Group, Inc., 4.20%, 04/01/2028		804,000		925,284
Lincoln National Corp., 3.80%, 03/01/2028 .		598,000		672,594
Prudential Financial, Inc., 3.88%, 03/27/2028		323,000		370,940
Willis North America, Inc., 4.50%, 09/15/2028		670,000		778,927

				2,747,745

Internet & Direct Marketing Retail-1.09%
Amazon.com, Inc., 1.65%, 05/12/2028		1,608,000		1,637,426
QVC, Inc., 4.38%, 09/01/2028		804,000		824,924

				2,462,350

IT Services-1.11%
Automatic Data Processing, Inc., 1.70%, 05/15/2028		1,000,000		1,018,518
Fidelity National Information Services, Inc., 1.65%, 03/01/2028^(b)		804,000		804,690
Mastercard, Inc., 3.50%, 02/26/2028		598,000		675,903

				2,499,111

Machinery-1.47%
John Deere Capital Corp., 1.50%, 03/06/2028^(b)		503,000		506,638
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028^(b)		587,000		661,715
Wabtec Corp., 4.95%, 09/15/2028		1,409,000		1,644,594
Xylem, Inc., 1.95%, 01/30/2028		506,000		514,707

				3,327,654

Marine-0.25%
Kirby Corp., 4.20%, 03/01/2028		505,000		565,343

Media-4.58%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
3.75%, 02/15/2028		1,600,000		1,771,707
4.20%, 03/15/2028		1,409,000		1,596,699
Comcast Corp.
3.15%, 02/15/2028		1,849,000		2,034,488
3.55%, 05/01/2028		1,104,000		1,236,383


	Principal Amount		Value
Media-(continued)
Discovery Communications LLC, 3.95%, 03/20/2028	$	2,725,000	$	3,046,854
ViacomCBS, Inc., 3.38%, 02/15/2028^(b)		598,000		658,120

				10,344,251

Metals & Mining-0.25%
Nucor Corp., 3.95%, 05/01/2028		503,000		574,397

Multiline Retail-0.97%
Dollar General Corp., 4.13%, 05/01/2028		507,000		584,582
Dollar Tree, Inc., 4.20%, 05/15/2028		1,402,000		1,597,294

				2,181,876

Multi-Utilities-0.53%
Sempra Energy, 3.40%, 02/01/2028		1,096,000		1,199,310

Oil, Gas & Consumable Fuels-8.54%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028		879,000		992,447
Chevron USA, Inc., 3.85%, 01/15/2028		658,000		748,045
Concho Resources, Inc., 4.30%, 08/15/2028		971,000		1,107,927
Continental Resources, Inc., 4.38%, 01/15/2028^(b)		1,105,000		1,241,921
Enable Midstream Partners L.P., 4.95%, 05/15/2028		887,000		1,010,144
Energy Transfer L.P., 4.95%, 06/15/2028		1,601,000		1,856,200
Equinor ASA (Norway), 3.63%, 09/10/2028^(b)		1,106,000		1,249,717
Kinder Morgan, Inc., 4.30%, 03/01/2028		1,410,000		1,612,189
MPLX L.P., 4.00%, 03/15/2028		1,405,000		1,570,641
ONEOK, Inc., 4.55%, 07/15/2028		878,000		1,002,443
Phillips 66, 3.90%, 03/15/2028		878,000		987,282
Phillips 66 Partners L.P., 3.75%, 03/01/2028		602,000		658,576
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		1,470,000		1,652,645
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028		1,548,000		1,779,452
Valero Energy Corp., 4.35%, 06/01/2028		807,000		910,918
Valero Energy Partners L.P., 4.50%, 03/15/2028		808,000		915,629

				19,296,176

Personal Products-0.72%
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028^(b)		1,440,000		1,620,129

Pharmaceuticals-6.14%
Bristol-Myers Squibb Co., 3.90%, 02/20/2028		1,624,000		1,863,159
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028		1,909,000		2,197,152
Johnson & Johnson, 2.90%, 01/15/2028^(b).		2,410,000		2,633,774
Pfizer, Inc., 3.60%, 09/15/2028		1,108,000		1,266,124
Pharmacia LLC, 6.60%, 12/01/2028		1,085,000		1,466,731
Sanofi (France), 3.63%, 06/19/2028^(b)		1,099,000		1,257,404
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		1,880,000		2,269,497
Zoetis, Inc., 3.90%, 08/20/2028		798,000		909,908

				13,863,749

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

146

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

August 31, 2021


	Principal Amount		Value
Road & Rail-1.42%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028	$	808,000	$	922,201
CSX Corp., 3.80%, 03/01/2028		878,000		992,082
Union Pacific Corp., 3.95%, 09/10/2028		1,132,000		1,294,281

				3,208,564

Semiconductors & Semiconductor Equipment-0.67%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028		1,385,000		1,507,960

Software-2.51%
Oracle Corp., 2.30%, 03/25/2028		2,230,000		2,303,398
salesforce.com, inc.
3.70%, 04/11/2028		1,609,000		1,831,797
1.50%, 07/15/2028^(b)		1,520,000		1,526,881

				5,662,076

Specialty Retail-1.18%
Home Depot, Inc. (The), 0.90%, 03/15/2028		503,000		489,407
Lowe’s Cos., Inc., 1.30%, 04/15/2028		1,107,000		1,087,992
O’Reilly Automotive, Inc., 4.35%, 06/01/2028		509,000		592,337
TJX Cos., Inc. (The), 1.15%, 05/15/2028		504,000		492,610

				2,662,346

Technology Hardware, Storage & Peripherals-1.19%
Apple, Inc., 1.20%, 02/08/2028		2,714,000		2,687,513

Tobacco-1.24%
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		1,906,000		1,916,969
Philip Morris International, Inc., 3.13%, 03/02/2028		808,000		875,593

				2,792,562

Water Utilities-0.35%
American Water Capital Corp., 3.75%, 09/01/2028		702,000		798,157


	Principal Amount		Value
Wireless Telecommunication Services-1.70%
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028	$	3,306,000	$	3,850,194

Total U.S. Dollar Denominated Bonds & Notes (Cost $219,321,063)				223,102,144


	Shares
Money Market Funds-0.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $656,302)		656,302		656,302

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.04% (Cost $219,977,365)				223,758,446


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.53%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		5,783,388		5,783,388
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		13,489,177		13,494,573

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,277,961)				19,277,961

TOTAL INVESTMENTS IN SECURITIES-107.57% (Cost $239,255,326)				243,036,407
OTHER ASSETS LESS LIABILITIES-(7.57)%				(17,111,110	)

NET ASSETS-100.00%			$	225,925,297

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,103,760		$	(7,447,458	)		$	-		$	-		$	656,302		$	147

Invesco Premier U.S. Government Money Portfolio, Institutional Class			335,319			1,156,078			(1,491,397	)			-			-			-			4

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

147

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

August 31, 2021


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	894,764		$	31,813,575		$	(26,924,951	)		$	-		$	-		$	5,783,388		$	476	*

Invesco Private Prime Fund			298,263			53,578,781			(40,382,531	)			-			60			13,494,573			6,325	*


Total		$	1,528,346		$	94,652,194		$	(76,246,337	)		$	-		$	60		$	19,934,263		$	6,952

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

148

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

August 31, 2021

Schedule of Investments^(a)


	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.31%
Aerospace & Defense-0.97%
Boeing Co. (The), 3.20%, 03/01/2029	$	597,000	$	628,954
Raytheon Technologies Corp., 7.50%, 09/15/2029		324,000		454,756

				1,083,710

Air Freight & Logistics-0.45%
United Parcel Service, Inc., 3.40%, 03/15/2029		447,000		503,029

Airlines-0.32%
Delta Air Lines, Inc., 3.75%, 10/28/2029^(b)		357,000		362,717

Automobiles-0.86%
General Motors Financial Co., Inc., 5.65%, 01/17/2029		299,000		364,240
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029		260,000		281,682
Toyota Motor Credit Corp., 3.65%, 01/08/2029^(b)		279,000		319,089

				965,011

Banks-7.63%
KeyCorp, 2.55%, 10/01/2029		440,000		463,941
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 03/07/2029		890,000		1,005,581
3.20%, 07/18/2029		1,000,000		1,089,086
PNC Bank N.A., 2.70%, 10/22/2029		500,000		533,703
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		890,000		994,205
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.04%, 07/16/2029		1,530,000		1,647,006
2.72%, 09/27/2029		400,000		422,126
Truist Financial Corp., 3.88%, 03/19/2029		383,000		438,240
Wells Fargo & Co., 4.15%, 01/24/2029		1,483,000		1,708,030
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		264,753

				8,566,671

Beverages-4.10%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		2,510,000		2,987,274
Coca-Cola Co. (The), 2.13%, 09/06/2029		587,000		610,612
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029		600,000		626,621
PepsiCo, Inc., 7.00%, 03/01/2029		264,000		370,752

				4,595,259

Biotechnology-3.14%
AbbVie, Inc., 3.20%, 11/21/2029		3,220,000		3,521,012

Building Products-0.40%
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		417,000		454,064

Capital Markets-3.55%
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029		447,000		497,970
BlackRock, Inc., 3.25%, 04/30/2029		587,000		654,853
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029		594,000		709,498


	Principal
	Amount		Value
Capital Markets-(continued)
Charles Schwab Corp. (The)
4.00%, 02/01/2029	$	355,000	$	410,734
3.25%, 05/22/2029		360,000		398,113
Lazard Group LLC, 4.38%, 03/11/2029		297,000		341,552
Northern Trust Corp., 3.15%, 05/03/2029		300,000		332,371
S&P Global, Inc., 2.50%, 12/01/2029		297,000		314,914
TD Ameritrade Holding Corp., 2.75%, 10/01/2029		300,000		322,440

				3,982,445

Chemicals-2.39%
Dow Chemical Co. (The), 7.38%, 11/01/2029		590,000		824,719
FMC Corp., 3.45%, 10/01/2029		300,000		327,551
Huntsman International LLC, 4.50%, 05/01/2029		440,000		504,974
Nutrien Ltd. (Canada), 4.20%, 04/01/2029		440,000		507,801
Sherwin-Williams Co. (The), 2.95%, 08/15/2029		477,000		513,644

				2,678,689

Commercial Services & Supplies-0.29%
Waste Connections, Inc., 3.50%, 05/01/2029		297,000		329,655

Communications Equipment-0.75%
Juniper Networks, Inc., 3.75%, 08/15/2029		297,000		330,261
Motorola Solutions, Inc., 4.60%, 05/23/2029		435,000		510,433

				840,694

Consumer Finance-0.41%
Synchrony Financial, 5.15%, 03/19/2029		384,000		455,298

Containers & Packaging-0.76%
Packaging Corp. of America, 3.00%, 12/15/2029		300,000		321,359
WRKCo, Inc., 4.90%, 03/15/2029		440,000		528,258

				849,617

Diversified Financial Services-0.51%
MidAmerican Energy Co., 3.65%, 04/15/2029		507,000		576,331

Diversified Telecommunication Services-4.85%
AT&T, Inc., 4.35%, 03/01/2029		1,780,000		2,065,955
Verizon Communications, Inc.
3.88%, 02/08/2029		595,000		678,713
4.02%, 12/03/2029		2,340,000		2,694,887

				5,439,555

Electric Utilities-4.29%
Avangrid, Inc., 3.80%, 06/01/2029		445,000		502,413
Duke Energy Corp., 3.40%, 06/15/2029		357,000		391,811
Duke Energy Florida LLC, 2.50%, 12/01/2029		412,000		434,408
Duke Energy Progress LLC, 3.45%, 03/15/2029		357,000		398,943
Evergy, Inc., 2.90%, 09/15/2029		469,000		501,894
Eversource Energy, Series O, 4.25%, 04/01/2029		270,000		314,583
Nevada Power Co., Series CC, 3.70%, 05/01/2029		297,000		336,136

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

149

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

August 31, 2021


	Principal
	Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc.
3.50%, 04/01/2029	$	300,000	$	332,748
2.75%, 11/01/2029		593,000		626,303
Southern California Edison Co., Series A, 4.20%, 03/01/2029		300,000		340,699
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029^(b)		299,000		322,652
Xcel Energy, Inc., 2.60%, 12/01/2029		300,000		315,030

				4,817,620

Electronic Equipment, Instruments & Components-0.57%
Amphenol Corp., 4.35%, 06/01/2029		278,000		325,759
Keysight Technologies, Inc., 3.00%, 10/30/2029		297,000		318,840

				644,599

Energy Equipment & Services-0.88%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029		307,000		333,271
Boardwalk Pipelines L.P., 4.80%, 05/03/2029		292,000		338,022
NOV, Inc., 3.60%, 12/01/2029^(b)		300,000		317,282

				988,575

Entertainment-1.64%
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029		565,000		639,563
Walt Disney Co. (The), 2.00%, 09/01/2029		1,180,000		1,203,888

				1,843,451

Equity REITs-8.25%
American Tower Corp.
3.95%, 03/15/2029		357,000		401,302
3.80%, 08/15/2029		980,000		1,094,580
Boston Properties L.P., 3.40%, 06/21/2029		507,000		556,965
Camden Property Trust, 3.15%, 07/01/2029		357,000		391,077
Crown Castle International Corp., 4.30%, 02/15/2029		355,000		409,917
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029		357,000		375,513
Digital Realty Trust L.P., 3.60%, 07/01/2029		530,000		589,515
ERP Operating L.P., 3.00%, 07/01/2029		357,000		386,514
Essex Portfolio L.P., 4.00%, 03/01/2029		295,000		336,419
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		440,000		517,253
Healthpeak Properties, Inc., 3.50%, 07/15/2029		389,000		432,577
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		300,000		350,094
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029^(b)		257,000		274,242
Public Storage, 3.39%, 05/01/2029		300,000		334,622
Realty Income Corp., 3.25%, 06/15/2029		270,000		297,979
Simon Property Group L.P., 2.45%, 09/13/2029		740,000		764,509
Ventas Realty L.P., 4.40%, 01/15/2029		415,000		478,403
VEREIT Operating Partnership L.P., 3.10%, 12/15/2029		357,000		384,603


	Principal
	Amount		Value
Equity REITs-(continued)
Welltower, Inc., 4.13%, 03/15/2029	$	325,000	$	371,083
Weyerhaeuser Co., 4.00%, 11/15/2029		440,000		505,033

				9,252,200

Food & Staples Retailing-1.73%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029		294,000		396,587
Kroger Co. (The), 4.50%, 01/15/2029^(b)		335,000		397,499
Walmart, Inc.
3.25%, 07/08/2029		740,000		831,670
2.38%, 09/24/2029		297,000		316,970

				1,942,726

Food Products-1.29%
Kraft Heinz Foods Co. (The), 4.63%, 01/30/2029		650,000		753,173
Tyson Foods, Inc., 4.35%, 03/01/2029		594,000		695,123

				1,448,296

Gas Utilities-0.37%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029		377,000		417,068

Health Care Equipment & Supplies-0.96%
Boston Scientific Corp., 4.00%, 03/01/2029		500,000		572,873
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029		477,000		502,790

				1,075,663

Health Care Providers & Services-2.85%
Anthem, Inc., 2.88%, 09/15/2029		487,000		520,209
CommonSpirit Health, 3.35%, 10/01/2029		537,000		583,784
HCA, Inc., 4.13%, 06/15/2029		1,180,000		1,336,378
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		387,000		412,896
Quest Diagnostics, Inc., 4.20%, 06/30/2029		295,000		342,688

				3,195,955

Hotels, Restaurants & Leisure-0.59%
Starbucks Corp., 3.55%, 08/15/2029		587,000		658,694

Household Durables-0.74%
Leggett & Platt, Inc., 4.40%, 03/15/2029		295,000		340,812
Whirlpool Corp., 4.75%, 02/26/2029^(b)		414,000		491,585

				832,397

Household Products-0.42%
Kimberly-Clark Corp., 3.20%, 04/25/2029		417,000		465,384

Industrial Conglomerates-1.43%
3M Co.
3.38%, 03/01/2029		477,000		534,299
2.38%, 08/26/2029		593,000		625,228
Roper Technologies, Inc., 2.95%, 09/15/2029		417,000		448,129

				1,607,656

Insurance-3.99%
American International Group, Inc., 4.25%, 03/15/2029		355,000		411,006
Aon Corp., 3.75%, 05/02/2029^(b)		447,000		504,762
CNA Financial Corp., 3.90%, 05/01/2029		297,000		335,129
CNO Financial Group, Inc., 5.25%, 05/30/2029^(b)		300,000		357,222

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

150

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

August 31, 2021


	Principal
	Amount		Value
Insurance-(continued)
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029	$	357,000	$	379,668
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		890,000		1,047,287
PartnerRe Finance B LLC, 3.70%, 07/02/2029		297,000		333,630
Principal Financial Group, Inc., 3.70%, 05/15/2029		297,000		336,241
Progressive Corp. (The), 4.00%, 03/01/2029		321,000		372,090
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		355,000		401,148

				4,478,183

IT Services-6.00%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		447,000		474,790
Fidelity National Information Services, Inc., 3.75%, 05/21/2029		487,000		549,877
Fiserv, Inc., 3.50%, 07/01/2029		1,774,000		1,951,208
International Business Machines Corp., 3.50%, 05/15/2029		1,920,000		2,153,526
Mastercard, Inc., 2.95%, 06/01/2029		587,000		644,532
PayPal Holdings, Inc., 2.85%, 10/01/2029		890,000		960,658

				6,734,591

Leisure Products-0.54%
Hasbro, Inc., 3.90%, 11/19/2029^(b)		537,000		600,289

Life Sciences Tools & Services-0.99%
PerkinElmer, Inc., 3.30%, 09/15/2029		503,000		546,014
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029		533,000		562,377

				1,108,391

Machinery-1.94%
Caterpillar, Inc., 2.60%, 09/19/2029		295,000		314,764
Deere & Co., 5.38%, 10/16/2029		264,000		337,795
John Deere Capital Corp., 3.45%, 03/07/2029		327,000		369,408
Parker-Hannifin Corp., 3.25%, 06/14/2029		597,000		649,717
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029		447,000		506,674

				2,178,358

Media-1.54%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		740,000		877,321
Discovery Communications LLC, 4.13%, 05/15/2029		447,000		505,299
ViacomCBS, Inc., 4.20%, 06/01/2029		297,000		342,309

				1,724,929

Metals & Mining-0.28%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029		280,000		313,847

Multiline Retail-0.59%
Target Corp., 3.38%, 04/15/2029		593,000		665,792


	Principal
	Amount		Value
Multi-Utilities-0.60%
DTE Energy Co., Series C, 3.40%, 06/15/2029	$	289,000	$	316,677
Eastern Energy Gas Holdings LLC, Series B, 3.00%, 11/15/2029		337,000		358,969

				675,646

Oil, Gas & Consumable Fuels-9.50%
Cenovus Energy, Inc. (Canada), 4.40%, 04/15/2029		447,000		503,560
Chevron USA, Inc., 3.25%, 10/15/2029		300,000		333,705
Cimarex Energy Co., 4.38%, 03/15/2029		300,000		341,411
ConocoPhillips, 6.95%, 04/15/2029		920,000		1,246,393
Diamondback Energy, Inc., 3.50%, 12/01/2029		710,000		764,868
Enable Midstream Partners L.P., 4.15%, 09/15/2029		327,000		358,560
Enbridge, Inc. (Canada), 3.13%, 11/15/2029^(b)		587,000		630,166
Energy Transfer L.P., 5.25%, 04/15/2029		890,000		1,049,543
Enterprise Products Operating LLC, 3.13%, 07/31/2029		740,000		801,657
Exxon Mobil Corp., 2.44%, 08/16/2029		740,000		778,102
MPLX L.P., 4.80%, 02/15/2029		445,000		521,079
ONEOK, Inc., 4.35%, 03/15/2029		414,000		470,608
Phillips 66 Partners L.P., 3.15%, 12/15/2029		357,000		376,123
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029		890,000		931,561
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029		800,000		895,612
Valero Energy Corp., 4.00%, 04/01/2029^(b)		593,000		656,764

				10,659,712

Paper & Forest Products-0.38%
Georgia-Pacific LLC, 7.75%, 11/15/2029		299,000		430,561

Personal Products-0.81%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029		367,000		386,501
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029		500,000		516,863

				903,364

Pharmaceuticals-3.97%
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029		595,000		687,505
Eli Lilly and Co., 3.38%, 03/15/2029		677,000		762,965
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029^(b)		587,000		656,811
Merck & Co., Inc., 3.40%, 03/07/2029		1,040,000		1,169,762
Pfizer, Inc., 3.45%, 03/15/2029		1,040,000		1,174,878

				4,451,921

Road & Rail-1.05%
CSX Corp., 4.25%, 03/15/2029		564,000		656,462
Union Pacific Corp., 3.70%, 03/01/2029		463,000		523,069

				1,179,531

Semiconductors & Semiconductor Equipment-3.08%
Intel Corp., 2.45%, 11/15/2029^(b)		1,187,000		1,254,212
KLA Corp., 4.10%, 03/15/2029		475,000		547,562

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

151

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

August 31, 2021


	Principal
	Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Lam Research Corp., 4.00%, 03/15/2029	$	593,000	$	687,664
Micron Technology, Inc., 5.33%, 02/06/2029		415,000		502,165
Texas Instruments, Inc., 2.25%, 09/04/2029		447,000		466,893

				3,458,496

Specialty Retail-2.20%
Home Depot, Inc. (The), 2.95%, 06/15/2029		1,033,000		1,132,303
Lowe’s Cos., Inc., 3.65%, 04/05/2029		890,000		1,000,055
O’Reilly Automotive, Inc., 3.90%, 06/01/2029		297,000		337,837

				2,470,195

Technology Hardware, Storage & Peripherals-0.97%
Apple, Inc., 2.20%, 09/11/2029		1,040,000		1,086,447

Tobacco-1.89%
Altria Group, Inc., 4.80%, 02/14/2029		1,130,000		1,312,951
BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029		297,000		316,840
Philip Morris International, Inc., 3.38%, 08/15/2029		447,000		494,748

				2,124,539

Trading Companies & Distributors-0.27%
GATX Corp., 4.70%, 04/01/2029		260,000		305,683

Water Utilities-0.33%
American Water Capital Corp., 3.45%, 06/01/2029		329,000		367,054

Total U.S. Dollar Denominated Bonds & Notes (Cost $109,521,375)				110,311,570


	Shares		Value
Money Market Funds-0.24%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $274,065)		274,065	$	274,065

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.55% (Cost $109,795,440)				110,585,635


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.25%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		1,765,532		1,765,532
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		4,117,927		4,119,575

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,885,107)				5,885,107

TOTAL INVESTMENTS IN SECURITIES-103.80% (Cost $115,680,547)				116,470,742
OTHER ASSETS LESS LIABILITIES-(3.80)%				(4,261,722	)

NET ASSETS-100.00%			$	112,209,020

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,735,231		$	(2,461,166	)		$	-		$	-		$	274,065		$	75

Invesco Premier U.S. Government Money Portfolio, Institutional Class			41,737			113,247			(154,984	)			-			-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			217,049			14,962,961			(13,414,478	)			-			-			1,765,532			166	*

Invesco Private Prime Fund			73,454			22,048,057			(18,001,949	)			-			13			4,119,575			2,242	*



Total		$	332,240		$	39,859,496		$	(34,032,577	)		$	-		$	13		$	6,159,172		$	2,483

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

152

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

August 31, 2021

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

153

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

August 31, 2021

Schedule of Investments^(a)


	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.30%
Aerospace & Defense-3.67%
Boeing Co. (The), 5.15%, 05/01/2030	$	620,000	$	734,985
Raytheon Technologies Corp., 2.25%, 07/01/2030		143,000		146,328
Textron, Inc., 3.00%, 06/01/2030		91,000		97,351

				978,664

Auto Components-0.39%
Magna International, Inc. (Canada), 2.45%, 06/15/2030		101,000		104,427

Automobiles-0.62%
General Motors Financial Co., Inc., 3.60%, 06/21/2030		153,000		166,306

Banks-6.14%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030		200,000		217,892
Citizens Financial Group, Inc., 3.25%, 04/30/2030		70,000		76,246
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.56%, 02/25/2030		200,000		208,411
2.05%, 07/17/2030		200,000		200,183
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.75%, 01/15/2030		200,000		212,060
2.13%, 07/08/2030		200,000		201,607
SVB Financial Group, 3.13%, 06/05/2030^(b)		67,000		72,611
Truist Bank, 2.25%, 03/11/2030		250,000		256,441
Truist Financial Corp., 1.95%, 06/05/2030^(b)		70,000		70,968
U.S. Bancorp, 1.38%, 07/22/2030		127,000		123,105

				1,639,524

Beverages-2.58%
Coca-Cola Co. (The), 1.65%, 06/01/2030		173,000		171,671
Constellation Brands, Inc., 2.88%, 05/01/2030		70,000		73,777
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030		200,000		201,686
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		97,000		105,513
PepsiCo, Inc., 1.63%, 05/01/2030		137,000		136,698

				689,345

Biotechnology-2.69%
Amgen, Inc., 2.45%, 02/21/2030		243,000		251,483
Biogen, Inc., 2.25%, 05/01/2030		213,000		216,472
Gilead Sciences, Inc., 1.65%, 10/01/2030^(b)		117,000		114,242
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		140,000		134,829

				717,026

Building Products-0.30%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030^(b)		81,000		79,698

Capital Markets-3.03%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030		107,000		124,931
Cboe Global Markets, Inc., 1.63%, 12/15/2030		50,000		48,564
CI Financial Corp. (Canada), 3.20%, 12/17/2030		130,000		135,244


	Principal
	Amount		Value
Capital Markets-(continued)
Franklin Resources, Inc., 1.60%, 10/30/2030	$	81,000	$	78,413
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030		200,000		204,321
Northern Trust Corp., 1.95%, 05/01/2030		137,000		139,947
S&P Global, Inc., 1.25%, 08/15/2030		81,000		77,198

				808,618

Chemicals-2.47%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030		127,000		130,540
Dow Chemical Co. (The), 2.10%, 11/15/2030^(b)		103,000		103,910
EI du Pont de Nemours and Co., 2.30%, 07/15/2030		70,000		72,461
Linde, Inc., 1.10%, 08/10/2030		81,000		76,773
LYB International Finance III LLC
3.38%, 05/01/2030		67,000		73,888
2.25%, 10/01/2030		60,000		60,972
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		67,000		71,544
Sherwin-Williams Co. (The), 2.30%, 05/15/2030		68,000		69,542

				659,630

Commercial Services & Supplies-0.31%
Republic Services, Inc., 2.30%, 03/01/2030		80,000		82,247

Communications Equipment-0.46%
Motorola Solutions, Inc., 2.30%, 11/15/2030		123,000		122,511

Construction & Engineering-0.54%
Quanta Services, Inc., 2.90%, 10/01/2030		137,000		144,063

Construction Materials-0.68%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030		68,000		70,409
Vulcan Materials Co., 3.50%, 06/01/2030		100,000		111,422

				181,831

Containers & Packaging-0.74%
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030		60,000		62,415
Avery Dennison Corp., 2.65%, 04/30/2030		58,000		60,225
Sonoco Products Co., 3.13%, 05/01/2030		70,000		75,842

				198,482

Distributors-0.21%
Genuine Parts Co., 1.88%, 11/01/2030		58,000		56,680

Diversified Consumer Services-0.51%
Block Financial LLC, 3.88%, 08/15/2030		71,000		77,633
Yale University, Series 2020, 1.48%, 04/15/2030		58,000		57,575

				135,208

Diversified Financial Services-2.31%
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030		130,000		148,259
GE Capital Funding LLC, 4.40%, 05/15/2030		400,000		469,110

				617,369

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

154

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

August 31, 2021


	Principal
	Amount		Value
Diversified Telecommunication Services-0.65%
Verizon Communications, Inc.
1.50%, 09/18/2030	$	80,000	$	77,245
1.68%, 10/30/2030		100,000		96,688

				173,933

Electric Utilities-4.79%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		77,000		76,433
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030		81,000		78,411
Duke Energy Carolinas LLC, 2.45%, 02/01/2030		68,000		70,981
Duke Energy Corp., 2.45%, 06/01/2030		120,000		123,300
Duke Energy Florida LLC, 1.75%, 06/15/2030 .		58,000		57,428
Entergy Corp., 2.80%, 06/15/2030		87,000		91,032
Eversource Energy, Series R, 1.65%, 08/15/2030		71,000		68,666
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030^(b)		273,000		278,455
Pacific Gas and Electric Co., 4.55%, 07/01/2030		407,000		433,566

				1,278,272

Electrical Equipment-0.40%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		38,000		37,737
Emerson Electric Co., 1.95%, 10/15/2030		68,000		69,263

				107,000

Electronic Equipment, Instruments & Components-0.55%
Jabil, Inc., 3.60%, 01/15/2030		70,000		75,768
Teledyne FLIR LLC, 2.50%, 08/01/2030		70,000		71,563

				147,331

Energy Equipment & Services-1.52%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030		68,000		80,517
Halliburton Co., 2.92%, 03/01/2030^(b)		137,000		142,499
Schlumberger Investment S.A., 2.65%, 06/26/2030^(b)		173,000		181,860

				404,876

Entertainment-0.60%
Activision Blizzard, Inc., 1.35%, 09/15/2030		68,000		64,032
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030		90,000		96,740

				160,772

Equity REITs-3.63%
American Tower Corp.
2.90%, 01/15/2030		100,000		105,284
2.10%, 06/15/2030		90,000		89,110
1.88%, 10/15/2030		90,000		87,424
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		110,000		124,663
Camden Property Trust, 2.80%, 05/15/2030		98,000		104,623
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		100,000		105,473
Kimco Realty Corp., 2.70%, 10/01/2030		70,000		72,590
Prologis L.P., 1.25%, 10/15/2030		91,000		86,561


	Principal
	Amount		Value
Equity REITs-(continued)
Regency Centers L.P., 3.70%, 06/15/2030	$	80,000	$	89,910
Simon Property Group L.P., 2.65%, 07/15/2030		100,000		104,394

				970,032

Food & Staples Retailing-1.29%
Costco Wholesale Corp., 1.60%, 04/20/2030		203,000		201,716
Kroger Co. (The), 2.20%, 05/01/2030^(b)		68,000		68,956
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030^(b)		68,000		73,476

				344,148

Food Products-2.93%
Campbell Soup Co., 2.38%, 04/24/2030		68,000		69,216
Hormel Foods Corp., 1.80%, 06/11/2030		113,000		113,408
Ingredion, Inc., 2.90%, 06/01/2030		80,000		84,642
JM Smucker Co. (The), 2.38%, 03/15/2030		58,000		59,927
Kellogg Co., 2.10%, 06/01/2030		68,000		68,625
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030		110,000		121,725
McCormick & Co., Inc., 2.50%, 04/15/2030		78,000		80,929
Mondelez International, Inc., 2.75%, 04/13/2030		173,000		183,380

				781,852

Gas Utilities-0.60%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030		68,000		66,278
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		90,000		94,063

				160,341

Health Care Equipment & Supplies-2.94%
Abbott Laboratories, 1.40%, 06/30/2030		71,000		69,645
Becton, Dickinson and Co., 2.82%, 05/20/2030		107,000		113,418
Boston Scientific Corp., 2.65%, 06/01/2030		243,000		253,308
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		107,000		116,055
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030		117,000		115,359
Stryker Corp., 1.95%, 06/15/2030		117,000		117,270

				785,055

Health Care Providers & Services-5.80%
AmerisourceBergen Corp., 2.80%, 05/15/2030		58,000		61,119
Anthem, Inc., 2.25%, 05/15/2030		153,000		155,859
Centene Corp.
3.38%, 02/15/2030		289,000		302,366
3.00%, 10/15/2030		303,000		313,025
Cigna Corp., 2.40%, 03/15/2030		213,000		219,723
CommonSpirit Health, 2.78%, 10/01/2030		60,000		62,833
CVS Health Corp., 1.75%, 08/21/2030		170,000		165,713
Sutter Health, Series 20-A, 2.29%, 08/15/2030		90,000		92,221
UnitedHealth Group, Inc., 2.00%, 05/15/2030^(b)		173,000		175,813

				1,548,672

Hotels, Restaurants & Leisure-2.98%
Booking Holdings, Inc., 4.63%, 04/13/2030		213,000		255,033

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

155

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

August 31, 2021


	Principal
	Amount		Value
Hotels, Restaurants & Leisure-(continued)
Marriott International, Inc., Series FF, 4.63%, 06/15/2030	$	143,000	$	164,522
McDonald’s Corp., 2.13%, 03/01/2030		101,000		102,874
Starbucks Corp.
2.25%, 03/12/2030		90,000		92,006
2.55%, 11/15/2030		173,000		180,876

				795,311

Household Durables-0.78%
Mohawk Industries, Inc., 3.63%, 05/15/2030		70,000		77,720
NVR, Inc., 3.00%, 05/15/2030		123,000		130,586

				208,306

Household Products-0.72%
Clorox Co. (The), 1.80%, 05/15/2030		58,000		57,529
Procter & Gamble Co. (The), 1.20%, 10/29/2030		140,000		135,093

				192,622

Industrial Conglomerates-1.15%
General Electric Co., 3.63%, 05/01/2030^(b)		143,000		160,955
Honeywell International, Inc., 1.95%, 06/01/2030		143,000		146,075

				307,030

Insurance-5.59%
Alleghany Corp., 3.63%, 05/15/2030		70,000		78,162
Allstate Corp. (The), 1.45%, 12/15/2030		80,000		77,354
American International Group, Inc., 3.40%, 06/30/2030		223,000		245,551
Aon Corp., 2.80%, 05/15/2030		137,000		145,044
Berkshire Hathaway Finance Corp.
1.85%, 03/12/2030		68,000		69,211
1.45%, 10/15/2030		91,000		89,151
Brighthouse Financial, Inc., 5.63%, 05/15/2030		90,000		109,862
CNA Financial Corp., 2.05%, 08/15/2030		60,000		59,711
Fidelity National Financial, Inc., 3.40%, 06/15/2030		70,000		75,721
Loews Corp., 3.20%, 05/15/2030		68,000		74,189
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030		107,000		109,688
Principal Financial Group, Inc., 2.13%, 06/15/2030		71,000		71,674
Prudential Financial, Inc., 2.10%, 03/10/2030		58,000		59,357
Prudential PLC (United Kingdom), 3.13%, 04/14/2030^(b)		140,000		153,026
Reinsurance Group of America, Inc., 3.15%, 06/15/2030		70,000		75,402

				1,493,103

Interactive Media & Services-1.12%
Alphabet, Inc., 1.10%, 08/15/2030		313,000		297,888

Internet & Direct Marketing Retail-1.29%
Amazon.com, Inc., 1.50%, 06/03/2030		233,000		229,284
eBay, Inc., 2.70%, 03/11/2030		110,000		115,079

				344,363

IT Services-2.84%
Automatic Data Processing, Inc., 1.25%, 09/01/2030		117,000		112,481


	Principal
	Amount		Value
IT Services-(continued)
Fiserv, Inc., 2.65%, 06/01/2030	$	143,000	$	148,689
Global Payments, Inc., 2.90%, 05/15/2030		143,000		150,452
International Business Machines Corp., 1.95%, 05/15/2030^(b)		200,000		200,833
PayPal Holdings, Inc., 2.30%, 06/01/2030		141,000		146,751

				759,206

Life Sciences Tools & Services-0.26%
Agilent Technologies, Inc., 2.10%, 06/04/2030		68,000		68,229

Machinery-2.07%
Cummins, Inc., 1.50%, 09/01/2030^(b)		113,000		109,338
Flowserve Corp., 3.50%, 10/01/2030		70,000		73,900
IDEX Corp., 3.00%, 05/01/2030		68,000		72,401
John Deere Capital Corp., 2.45%, 01/09/2030		80,000		84,606
Otis Worldwide Corp., 2.57%, 02/15/2030		203,000		212,316

				552,561

Media-1.17%
Discovery Communications LLC, 3.63%, 05/15/2030^(b)		217,000		238,020
Omnicom Group, Inc., 2.45%, 04/30/2030		71,000		72,792

				310,812

Metals & Mining-1.33%
Newmont Corp., 2.25%, 10/01/2030		137,000		138,118
Nucor Corp., 2.70%, 06/01/2030^(b)		68,000		71,859
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030		58,000		57,540
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030^(b)		80,000		87,306

				354,823

Multi-Utilities-1.17%
NiSource, Inc., 3.60%, 05/01/2030		137,000		152,767
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030		71,000		68,025
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		93,000		90,587

				311,379

Oil, Gas & Consumable Fuels-7.93%
BP Capital Markets America, Inc., 1.75%, 08/10/2030		117,000		115,316
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030^(b)		68,000		71,072
Chevron Corp., 2.24%, 05/11/2030^(b)		213,000		220,693
Enterprise Products Operating LLC, 2.80%, 01/31/2030^(b)		173,000		183,787
EOG Resources, Inc., 4.38%, 04/15/2030		90,000		106,446
Equinor ASA (Norway), 2.38%, 05/22/2030		107,000		111,324
Exxon Mobil Corp., 2.61%, 10/15/2030		333,000		352,881
Magellan Midstream Partners L.P., 3.25%, 06/01/2030		60,000		64,697
MPLX L.P., 2.65%, 08/15/2030		210,000		213,437
ONEOK, Inc., 3.10%, 03/15/2030		90,000		94,721
Phillips 66, 2.15%, 12/15/2030^(b)		100,000		98,643
Pioneer Natural Resources Co., 1.90%, 08/15/2030		127,000		122,684

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

156

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

August 31, 2021


	Principal
	Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030	$	87,000	$	93,850
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030		100,000		108,399
Williams Cos., Inc. (The), 3.50%, 11/15/2030^(b)		143,000		157,195

				2,115,145

Personal Products-0.77%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		100,000		106,544
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030		100,000		97,588

				204,132

Pharmaceuticals-3.88%
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		170,000		163,800
Bristol-Myers Squibb Co., 1.45%, 11/13/2030^(b)		140,000		136,738
Johnson & Johnson, 1.30%, 09/01/2030		200,000		196,566
Merck & Co., Inc., 1.45%, 06/24/2030^(b)		133,000		130,812
Pfizer, Inc., 1.70%, 05/28/2030^(b)		117,000		117,264
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030		200,000		199,309
Zoetis, Inc., 2.00%, 05/15/2030		90,000		90,234

				1,034,723

Professional Services-0.28%
Equifax, Inc., 3.10%, 05/15/2030		70,000		75,093

Road & Rail-0.15%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030^(b)		40,000		40,072

Semiconductors & Semiconductor Equipment-2.17%
Applied Materials, Inc., 1.75%, 06/01/2030		111,000		110,269
Lam Research Corp., 1.90%, 06/15/2030		101,000		101,950
QUALCOMM, Inc., 2.15%, 05/20/2030		163,000		166,681
Texas Instruments, Inc., 1.75%, 05/04/2030		91,000		91,104
Xilinx, Inc., 2.38%, 06/01/2030		107,000		110,038

				580,042

Software-1.65%
Autodesk, Inc., 2.85%, 01/15/2030		70,000		74,510
Citrix Systems, Inc., 3.30%, 03/01/2030		100,000		105,586
Intuit, Inc., 1.65%, 07/15/2030		68,000		67,732
ServiceNow, Inc., 1.40%, 09/01/2030		203,000		192,887

				440,715

Specialty Retail-1.43%
AutoNation, Inc., 4.75%, 06/01/2030		68,000		80,269
Best Buy Co., Inc., 1.95%, 10/01/2030		71,000		70,213
Lowe’s Cos., Inc., 1.70%, 10/15/2030		167,000		162,410
Tractor Supply Co., 1.75%, 11/01/2030		71,000		69,037

				381,929


	Principal
	Amount		Value
Technology Hardware, Storage & Peripherals-1.80%
Apple, Inc.
1.65%, 05/11/2030	$	253,000	$	252,249
1.25%, 08/20/2030		140,000		135,074
NetApp, Inc., 2.70%, 06/22/2030		90,000		93,621

				480,944

Textiles, Apparel & Luxury Goods-0.77%
Ralph Lauren Corp., 2.95%, 06/15/2030		101,000		108,228
VF Corp., 2.95%, 04/23/2030		90,000		96,158

				204,386

Tobacco-1.14%
Altria Group, Inc., 3.40%, 05/06/2030		107,000		114,853
Philip Morris International, Inc.
2.10%, 05/01/2030		90,000		91,212
1.75%, 11/01/2030		101,000		98,564

				304,629

Trading Companies & Distributors-0.97%
Air Lease Corp.
3.00%, 02/01/2030		90,000		92,298
3.13%, 12/01/2030		100,000		102,614
GATX Corp., 4.00%, 06/30/2030		57,000		64,810

				259,722

Water Utilities-0.54%
American Water Capital Corp., 2.80%, 05/01/2030		67,000		71,752
Essential Utilities, Inc., 2.70%, 04/15/2030		68,000		71,250

				143,002

Total U.S. Dollar Denominated Bonds & Notes (Cost $26,643,428)				26,504,080


	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $7,342)		7,342		7,342

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.33% (Cost $26,650,770)				26,511,422


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.68%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		935,638		935,638
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		2,182,283		2,183,156

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,118,794)				3,118,794

TOTAL INVESTMENTS IN SECURITIES-111.01% (Cost $29,769,564)				29,630,216
OTHER ASSETS LESS LIABILITIES-(11.01)%				(2,938,890	)

NET ASSETS-100.00%			$	26,691,326

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

157

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

August 31, 2021

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			Gain			August 31, 2021			Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	792,547		$	(785,205	)		$	-		$	-		$	7,342		$	15

Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			10,749			(10,749	)			-			-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			5,004,125			(4,068,487	)			-			-			935,638			63	*

Invesco Private Prime Fund			-			8,484,427			(6,301,276	)			-			5			2,183,156			953	*



Total		$	-		$	14,291,848		$	(11,165,717	)		$	-		$	5		$	3,126,136		$	1,031

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

158

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)

August 31, 2021

Schedule of Investments^(a)


	Principal
	Amount		Value
U.S. Treasury Securities-77.31%
U.S. Treasury Bills-77.31%^(b)
0.03%–0.05%, 12/02/2021 (Cost $423,327,501)	$	423,374,000	$	423,330,540


U.S. Dollar Denominated Bonds & Notes-20.39%
Automobiles-2.24%
Ford Motor Credit Co. LLC, 3.81%, 10/12/2021		12,222,000		12,243,022

Electric Utilities-3.08%
NRG Energy, Inc., 6.63%, 01/15/2027		4,737,000		4,922,240
Vistra Operations Co. LLC, 5.50%, 09/01/2026^(c)		11,613,000		11,959,068

				16,881,308

Independent Power and Renewable Electricity Producers-1.65%
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(c)		8,688,000		9,048,117

Media-4.32%
CSC Holdings LLC, 6.75%, 11/15/2021		11,620,000		11,755,373
Sirius XM Radio, Inc., 5.38%, 07/15/2026^(c)		11,615,000		11,927,211

				23,682,584

Mortgage REITs-1.49%
Starwood Property Trust, Inc., 5.00%, 12/15/2021		8,134,000		8,145,591


	Principal
	Amount		Value
Pharmaceuticals-2.68%
Bausch Health Cos., Inc., 9.00%, 12/15/2025^(c)	$	13,757,000	$	14,651,205

Trading Companies & Distributors-2.19%
United Rentals North America, Inc., 5.88%, 09/15/2026		11,615,000		11,982,615

Wireless Telecommunication Services-2.74%
Sprint Communications, Inc., 11.50%, 11/15/2021		4,882,000		4,988,672
Sprint Corp., 7.25%, 09/15/2021		9,992,000		10,026,472

				15,015,144

Total U.S. Dollar Denominated Bonds & Notes (Cost $111,264,732)				111,649,586


	Shares
Money Market Funds-1.96%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $10,747,666)		10,747,666		10,747,666

TOTAL INVESTMENTS IN SECURITIES-99.66% (Cost $545,339,899)				545,727,792
OTHER ASSETS LESS LIABILITIES-0.34%				1,870,607

NET ASSETS-100.00%			$	547,598,399

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $47,585,601, which represented 8.69% of the Fund’s Net Assets.

^(d)


											Change in Unrealized
	Value			Purchases			Proceeds				Appreciation			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				(Depreciation)			Gain			August 31, 2021			Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,090,886,908		$	(1,080,139,242	)		$	-		$	-		$	10,747,666		$	5,145

Invesco Premier U.S. Government Money Portfolio, Institutional Class			46,929,383			18,093,959			(65,023,342	)			-			-			-			266

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

159

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

August 31, 2021


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				(Depreciation)				Gain			August 31, 2021			Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	27,160,687		$	19,274,122		$	(46,434,809	)		$	-			$	-		$	-		$	1,359	*

Invesco Private Prime Fund			9,053,616			16,230,518			(25,284,809	)			(268	)			943			-			2,924	*



Total		$	83,143,686		$	1,144,485,507		$	(1,216,882,202	)		$	(268	)		$	943		$	10,747,666		$	9,694

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

160

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-94.35%
Aerospace & Defense-2.28%
Bombardier, Inc. (Canada), 6.00%, 10/15/2022^(b)(c)	$	6,896,000	$	6,912,895
TransDigm, Inc.
8.00%, 12/15/2025^(b)		8,711,000		9,331,659
7.50%, 03/15/2027^(c)		4,255,000		4,506,791

				20,751,345

Airlines-0.33%
United Airlines Holdings, Inc., 4.25%, 10/01/2022^(c)		2,959,000		3,021,879

Auto Components-2.95%
Adient US LLC, 9.00%, 04/15/2025^(b)		5,020,000		5,479,186
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027^(c)		3,743,000		3,934,829
Clarios Global L.P., 6.75%, 05/15/2025^(b)		3,590,000		3,805,400
Dana, Inc., 5.38%, 11/15/2027		2,967,000		3,133,894
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026^(b)(c)		4,073,000		4,256,285
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		5,660,000		6,277,223

				26,886,817

Automobiles-3.95%
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024^(b)		2,062,000		2,281,088
Ford Motor Credit Co. LLC
3.22%, 01/09/2022		5,594,000		5,635,955
3.34%, 03/28/2022^(c)		7,291,000		7,375,794
2.98%, 08/03/2022		7,400,000		7,518,030
4.25%, 09/20/2022		8,330,000		8,579,900
3.55%, 10/07/2022^(c)		4,480,000		4,592,000

				35,982,767

Building Products-0.66%
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/2025^(b)		3,731,000		4,001,497
JELD-WEN, Inc., 6.25%, 05/15/2025^(b)		1,865,000		1,980,621

				5,982,118

Chemicals-1.86%
Ashland LLC, 4.75%, 08/15/2022^(c)		3,534,000		3,640,020
Avient Corp., 5.75%, 05/15/2025^(b)		4,838,000		5,112,557
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc. (Canada), 8.50%, 12/15/2022^(b)		2,458,000		2,513,440
Olin Corp., 5.50%, 08/15/2022		1,379,000		1,439,517
Tronox, Inc., 6.50%, 05/01/2025^(b)		3,987,000		4,211,269

				16,916,803

Commercial Services & Supplies-3.59%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026^(b)		15,370,000		16,445,900
Brink’s Co. (The), 5.50%, 07/15/2025^(b)(c)		2,982,000		3,136,766
Clean Harbors, Inc., 4.88%, 07/15/2027^(b)		4,511,000		4,728,566
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022^(b)(c)		2,790,000		2,640,037


	Principal Amount		Value
Commercial Services & Supplies-(continued)
Quad/Graphics, Inc., 7.00%, 05/01/2022^(c)	$	1,949,000	$	1,992,852
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025^(b)		3,702,000		3,794,550

				32,738,671

Consumer Finance-3.08%
Credit Acceptance Corp., 6.63%, 03/15/2026^(c)		2,982,000		3,157,192
Navient Corp., 6.50%, 06/15/2022		8,175,000		8,491,781
OneMain Finance Corp.
6.13%, 05/15/2022		7,448,000		7,690,060
8.88%, 06/01/2025		4,267,000		4,684,953
PRA Group, Inc., 7.38%, 09/01/2025^(b)(c)		2,386,000		2,550,038
SLM Corp., 5.13%, 04/05/2022		1,485,000		1,506,213

				28,080,237

Containers & Packaging-3.46%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)(c)		5,760,000		6,033,600
Ball Corp., 5.00%, 03/15/2022		6,331,000		6,465,534
Flex Acquisition Co., Inc., 6.88%, 01/15/2025^(b)(c)		4,661,000		4,713,436
Graphic Packaging International LLC, 4.88%, 11/15/2022		2,058,000		2,150,106
LABL, Inc., 10.50%, 07/15/2027^(b)		5,828,000		6,358,639
Sealed Air Corp., 4.88%, 12/01/2022^(b)		3,382,000		3,504,598
Silgan Holdings, Inc., 4.75%, 03/15/2025		2,240,000		2,276,400

				31,502,313

Diversified Consumer Services-0.48%
Service Corp. International, 4.63%, 12/15/2027^(c)		4,101,000		4,340,703

Diversified Financial Services-0.55%
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.38%, 12/15/2022^(b)		2,235,000		2,258,311
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025^(b)		2,584,000		2,728,833

				4,987,144

Diversified Telecommunication Services-6.39%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027^(b)		12,790,000		14,069,000
Altice France S.A. (France)
7.38%, 05/01/2026^(b)		12,627,000		13,122,231
8.13%, 02/01/2027^(b)		14,565,000		15,839,437
Cogent Communications Group, Inc., 5.38%, 03/01/2022^(b)		2,936,000		2,976,429
Lumen Technologies, Inc., Series T, 5.80%, 03/15/2022		11,948,000		12,231,765

				58,238,862

Electric Utilities-0.47%
FirstEnergy Corp., Series A, 3.35%, 07/15/2022		4,232,000		4,280,033

Energy Equipment & Services-0.31%
Welltec A/S (Denmark), 9.50%, 12/01/2022^(b)		2,820,000		2,826,895

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

161

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

August 31, 2021


	Principal Amount		Value
Entertainment-0.89%
Cinemark USA, Inc., 8.75%, 05/01/2025^(b)	$	1,991,000	$	2,159,991
Netflix, Inc., 5.50%, 02/15/2022		5,828,000		5,951,204

				8,111,195

Equity REITs-4.00%
Diversified Healthcare Trust, 9.75%, 06/15/2025^(c)		7,965,000		8,771,457
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025^(b)		3,189,000		3,365,798
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2025^(b)(c)		843,000		903,072
Service Properties Trust, 5.00%, 08/15/2022		4,214,000		4,261,597
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(b)		17,928,000		19,182,960

				36,484,884

Food & Staples Retailing-0.92%
US Foods, Inc., 6.25%, 04/15/2025^(b)		7,967,000		8,405,185

Food Products-1.29%
Post Holdings, Inc., 5.75%, 03/01/2027^(b)(c)		11,253,000		11,792,581

Gas Utilities-0.01%
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027		97,000		101,576

Health Care Equipment & Supplies-0.63%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.38%, 06/01/2025^(b)		1,690,000		1,793,513
Teleflex, Inc., 4.63%, 11/15/2027^(c)		3,719,000		3,900,301

				5,693,814

Health Care Providers & Services-1.82%
ModivCare, Inc., 5.88%, 11/15/2025^(b)		3,983,000		4,236,916
Molina Healthcare, Inc., 5.38%, 11/15/2022		5,826,000		6,047,388
Tenet Healthcare Corp., 7.50%, 04/01/2025^(b)		5,910,000		6,331,324

				16,615,628

Hotels, Restaurants & Leisure-10.11%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025^(b)		3,732,000		3,937,260
Aramark Services, Inc., 6.38%, 05/01/2025^(b)(c)		11,949,000		12,663,550
Boyd Gaming Corp., 8.63%, 06/01/2025^(b)		4,473,000		4,857,901
Buena Vista Gaming Authority, 13.00%, 04/01/2023^(b)		1,410,000		1,521,037
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(b)		3,701,000		3,887,530
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027^(c)		4,445,000		4,616,155
IRB Holding Corp., 7.00%, 06/15/2025^(b)		5,596,000		5,990,798
Jacobs Entertainment, Inc., 7.88%, 02/01/2024^(b)		3,070,000		3,212,126


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027^(b)	$	6,268,000	$	6,577,879
Marriott Ownership Resorts, Inc., 6.13%, 09/15/2025^(b)(c)		3,704,000		3,898,608
MGM Resorts International
7.75%, 03/15/2022^(c)		8,356,000		8,660,576
6.75%, 05/01/2025^(c)		5,999,000		6,366,439
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(b)(c)		5,521,000		5,907,470
Travel + Leisure Co., 4.25%, 03/01/2022^(c)		4,836,000		4,854,135
Vail Resorts, Inc., 6.25%, 05/15/2025^(b)(c)		4,562,000		4,866,696
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/2025^(b)(c)		5,092,000		5,416,819
Yum! Brands, Inc., 7.75%, 04/01/2025^(b)		4,562,000		4,920,756

				92,155,735

Household Durables-0.30%
KB Home, 7.50%, 09/15/2022		2,607,000		2,769,951

Industrial Conglomerates-0.02%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 02/01/2024		180,000		183,600

Insurance-1.22%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027^(b)(c)		10,678,000		11,091,773

Leisure Products-0.53%
Mattel, Inc., 5.88%, 12/15/2027^(b)(c)		4,441,000		4,852,015

Machinery-0.61%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025^(b)(c)		5,225,000		5,568,230

Media-14.18%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.75%, 02/15/2026^(b)		5,000,000		5,143,750
5.13%, 05/01/2027^(b)		22,465,000		23,514,003
5.00%, 02/01/2028^(b)		15,481,000		16,237,247
Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025^(b)		3,034,000		3,159,153
CSC Holdings LLC
5.88%, 09/15/2022		5,471,000		5,696,679
5.50%, 04/15/2027^(b)(c)		11,190,000		11,720,154
DISH DBS Corp., 5.88%, 07/15/2022		14,915,000		15,443,438
Meredith Corp.
6.50%, 07/01/2025^(b)		2,095,000		2,259,981
6.88%, 02/01/2026		6,700,000		6,951,250
Sirius XM Radio, Inc., 5.00%, 08/01/2027^(b)(c)		12,536,000		13,162,800
Univision Communications, Inc., 9.50%, 05/01/2025^(b)		2,596,000		2,832,885
Videotron Ltd. (Canada), 5.13%, 04/15/2027^(b)		4,482,000		4,672,485
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027^(b)(c)		12,747,000		13,191,106
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027^(b)(c)		4,980,000		5,216,600

				129,201,531

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

162

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

August 31, 2021


	Principal Amount		Value
Metals & Mining-2.90%
Cleveland-Cliffs, Inc.
9.88%, 10/17/2025^(b)	$	5,240,000	$	6,084,950
6.75%, 03/15/2026^(b)		6,565,000		7,049,169
Commercial Metals Co., 5.38%, 07/15/2027.		2,392,000		2,531,429
Compass Minerals International, Inc., 6.75%, 12/01/2027^(b)		3,981,000		4,219,860
Freeport-McMoRan, Inc., 3.55%, 03/01/2022		4,432,000		4,454,160
Mountain Province Diamonds, Inc. (Canada), 8.00%, 12/15/2022^(b)(c)		2,353,000		2,083,358

				26,422,926

Mortgage REITs-0.47%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/2022^(b)		4,222,000		4,242,061

Multiline Retail-0.40%
Macy’s Retail Holdings LLC, 3.88%, 01/15/2022		3,612,000		3,626,918

Oil, Gas & Consumable Fuels-3.64%
Apache Corp., 3.25%, 04/15/2022		1,808,000		1,826,279
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(b)		4,481,000		4,850,727
DCP Midstream Operating L.P., 4.95%, 04/01/2022		2,961,000		2,995,081
EQT Corp., 3.00%, 10/01/2022^(c)		4,803,000		4,910,251
NuStar Logistics L.P., 4.75%, 02/01/2022		2,011,000		2,025,781
Occidental Petroleum Corp., 3.13%, 02/15/2022		2,327,000		2,338,565
Range Resources Corp., 5.00%, 08/15/2022		1,430,000		1,460,987
Southwestern Energy Co., 4.10%, 03/15/2022		1,687,000		1,694,482
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 07/15/2027		5,716,000		6,195,973
Western Midstream Operating L.P., 4.00%, 07/01/2022		4,807,000		4,873,096

				33,171,222

Paper & Forest Products-0.25%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026^(c)		2,226,000		2,272,857

Pharmaceuticals-3.71%
Bausch Health Americas, Inc.
9.25%, 04/01/2026^(b)		11,917,000		12,840,568
8.50%, 01/31/2027^(b)		14,386,000		15,489,406
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027^(b)		4,135,000		4,336,767
Endo Finance LLC, 5.75%, 01/15/2022^(b)		1,430,000		1,156,191

				33,822,932

Professional Services-0.46%
Jaguar Holding Co. II/PPD Development L.P., 4.63%, 06/15/2025^(b)(c)		3,981,000		4,184,230


	Principal Amount		Value
Road & Rail-1.98%
Uber Technologies, Inc., 7.50%, 05/15/2025^(b)	$	7,947,000	$	8,483,423
XPO Logistics, Inc., 6.25%, 05/01/2025^(b)		9,027,000		9,546,052

				18,029,475

Semiconductors & Semiconductor Equipment-1.00%
Microchip Technology, Inc., 4.25%, 09/01/2025^(c)		8,645,000		9,117,227

Software-1.68%
Boxer Parent Co., Inc., 7.13%, 10/02/2025^(b)(c)		5,012,000		5,371,360
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/2026^(b)(c)		494,000		521,983
CDK Global, Inc., 4.88%, 06/01/2027^(c)		4,561,000		4,794,751
Open Text Corp. (Canada), 5.88%, 06/01/2026^(b)		4,500,000		4,650,750

				15,338,844

Specialty Retail-1.28%
Gap, Inc. (The), 8.63%, 05/15/2025^(b)(c)		5,980,000		6,531,954
Murphy Oil USA, Inc., 5.63%, 05/01/2027		2,387,000		2,510,038
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025^(b)		2,392,000		2,608,165

				11,650,157

Technology Hardware, Storage & Peripherals-1.37%
Diebold Nixdorf, Inc., 9.38%, 07/15/2025^(b)		5,683,000		6,251,300
Vericast Corp., 8.38%, 08/15/2022^(b)(c)		5,935,770		6,269,657

				12,520,957

Textiles, Apparel & Luxury Goods-1.72%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(b)		2,593,000		2,855,541
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)		3,142,000		3,401,215
Hanesbrands, Inc., 5.38%, 05/15/2025^(b)(c)		5,222,000		5,490,829
William Carter Co. (The), 5.50%, 05/15/2025^(b)		3,730,000		3,923,755

				15,671,340

Trading Companies & Distributors-2.40%
United Rentals North America, Inc., 5.50%, 05/15/2027^(c)		8,439,000		8,912,090
WESCO Distribution, Inc., 7.13%, 06/15/2025^(b)(c)		12,024,000		12,949,127

				21,861,217

Wireless Telecommunication Services-4.20%
C&W Senior Financing DAC (Panama), 6.88%, 09/15/2027^(b)		9,720,000		10,345,482
Sprint Communications, Inc., 6.00%, 11/15/2022		19,098,000		20,196,135
T-Mobile USA, Inc.
4.00%, 04/15/2022^(c)		3,735,000		3,795,694
5.38%, 04/15/2027^(c)		3,731,000		3,962,098

				38,299,409

Total U.S. Dollar Denominated Bonds & Notes (Cost $852,402,715)				859,796,057

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

163

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

August 31, 2021


	Shares		Value
Money Market Funds-4.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $38,334,118)		38,334,118	$	38,334,118

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.55% (Cost $890,736,833)				898,130,175


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.28%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		27,943,890		27,943,890


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		65,697,616	$	65,723,895

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $93,667,785)				93,667,785

TOTAL INVESTMENTS IN SECURITIES-108.83% (Cost $984,404,618)				991,797,960
OTHER ASSETS LESS LIABILITIES-(8.83)%				(80,510,010	)

NET ASSETS-100.00%			$	911,287,950

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $561,802,995, which represented 61.65% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	299,936,602		$	(261,602,484	)		$	-			$	-		$	38,334,118		$	6,420

Invesco Premier U.S. Government Money Portfolio, Institutional Class			34,889,820			18,700,891			(53,590,711	)			-				-			-			170

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,169,364			111,847,822			(97,073,296	)			-				-			27,943,890			2,541	*

Invesco Private Prime Fund			4,401,169			180,617,765			(119,296,413	)			(79	)			1,453			65,723,895			26,837	*



Total		$	52,460,353		$	611,103,080		$	(531,562,904	)		$	(79	)		$	1,453		$	132,001,903		$	35,968

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

164

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.40%
Aerospace & Defense-1.41%
Bombardier, Inc. (Canada), 6.13%, 01/15/2023^(b)	$	5,915,000	$	6,367,763
SSL Robotics LLC, 9.75%, 12/31/2023^(b)		2,907,000		3,172,264

				9,540,027

Auto Components-1.16%
Ahern Rentals, Inc., 7.38%, 05/15/2023^(b)(c)		3,030,000		2,959,553
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028^(c)		2,262,000		2,446,835
Dana, Inc., 5.63%, 06/15/2028^(c)		2,260,000		2,433,749

				7,840,137

Automobiles-6.11%
Ford Motor Co., 8.50%, 04/21/2023		12,254,000		13,571,305
Ford Motor Credit Co. LLC
3.09%, 01/09/2023		5,210,000		5,314,200
4.14%, 02/15/2023		3,200,000		3,312,000
3.10%, 05/04/2023		3,502,000		3,584,122
4.38%, 08/06/2023		3,500,000		3,662,400
3.37%, 11/17/2023		3,440,000		3,554,380
Jaguar Land Rover Automotive PLC (United Kingdom), 5.63%, 02/01/2023^(b)(c)		2,853,000		2,870,831
PM General Purchaser LLC, 9.50%, 10/01/2028^(b)		3,392,000		3,692,870
Winnebago Industries, Inc., 6.25%, 07/15/2028^(b)		1,700,000		1,834,198

				41,396,306

Building Products-0.45%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029^(b)(c)		2,820,000		3,018,246

Capital Markets-1.17%
APX Group, Inc., 7.63%, 09/01/2023^(c)		2,710,000		2,764,878
DKT Finance ApS (Denmark), 9.38%, 06/17/2023^(b)		2,250,000		2,300,906
FS Energy and Power Fund, 7.50%, 08/15/2023^(b)		2,742,000		2,851,680

				7,917,464

Chemicals-2.70%
Avient Corp., 5.25%, 03/15/2023		3,391,000		3,607,176
CF Industries, Inc., 3.45%, 06/01/2023		4,244,000		4,469,526
Chemours Co. (The), 5.75%, 11/15/2028^(b)(c)		4,542,000		4,820,198
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028^(b)		2,500,000		2,765,625
LSB Industries, Inc., 9.63%, 05/01/2023^(b)(c)		2,570,000		2,668,714

				18,331,239

Commercial Services & Supplies-3.63%
ADT Security Corp. (The), 4.13%, 06/15/2023		3,960,000		4,167,900
CoreCivic, Inc., 4.63%, 05/01/2023^(c)		1,170,000		1,189,849
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/2023^(b)(c)		4,609,000		4,689,427


	Principal Amount		Value
Commercial Services & Supplies-(continued)
Interface, Inc., 5.50%, 12/01/2028^(b)	$	1,696,000	$	1,774,440
Modulaire Global Finance (2) PLC (United Kingdom), 10.00%, 08/15/2023^(b)		1,702,000		1,752,992
Modulaire Global Finance PLC (United Kingdom), 8.00%, 02/15/2023^(b)		3,000,000		3,082,245
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028^(b)(c)		7,665,000		7,952,437

				24,609,290

Construction & Engineering-1.13%
Artera Services LLC, 9.03%, 12/04/2025^(b)		5,572,000		6,094,375
Michael Baker International LLC, 8.75%, 03/01/2023		1,000,000		1,012,405
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028^(b)		520,000		577,114

				7,683,894

Construction Materials-0.94%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029^(b)		3,950,000		4,187,158
US Concrete, Inc., 5.13%, 03/01/2029^(b)		2,020,000		2,210,218

				6,397,376

Consumer Finance-2.72%
Navient Corp.
5.50%, 01/25/2023		5,662,000		5,945,100
7.25%, 09/25/2023		2,865,000		3,151,149
OneMain Finance Corp.
5.63%, 03/15/2023		4,835,000		5,113,423
8.25%, 10/01/2023		1,712,000		1,926,146
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(b)		2,212,000		2,267,211

				18,403,029

Containers & Packaging-4.47%
Ball Corp., 4.00%, 11/15/2023^(c)		5,662,000		5,994,642
Cascades, Inc./Cascades USA, Inc. (Canada)
5.13%, 01/15/2026^(b)		1,720,000		1,809,956
5.38%, 01/15/2028^(b)(c)		3,430,000		3,618,650
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		5,659,000		5,937,423
OI European Group B.V., 4.00%, 03/15/2023^(b)(c)		1,730,000		1,792,367
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023^(b)		3,957,000		4,209,259
6.63%, 05/13/2027^(b)(c)		4,057,000		4,380,870
Sealed Air Corp., 5.25%, 04/01/2023^(b)(c)		2,408,000		2,531,410

				30,274,577

Diversified Telecommunication Services-1.33%
CommScope, Inc., 7.13%, 07/01/2028^(b)(c)		3,992,000		4,191,600
Lumen Technologies, Inc., Series W, 6.75%, 12/01/2023^(c)		4,356,000		4,797,263

				8,988,863

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

165

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

August 31, 2021


	Principal Amount		Value
Electric Utilities-1.09%
FirstEnergy Corp., Series B, 4.75%, 03/15/2023	$	4,806,000	$	5,010,015
InterGen N.V. (Netherlands), 7.00%, 06/30/2023^(b)		2,402,000		2,381,054

				7,391,069

Electrical Equipment-0.72%
EnerSys, 5.00%, 04/30/2023^(b)		1,691,000		1,763,848
Sensata Technologies B.V., 4.88%, 10/15/2023^(b)		2,903,000		3,112,771

				4,876,619

Energy Equipment & Services-1.57%
Harvest Midstream I L.P., 7.50%, 09/01/2028^(b)		4,376,000		4,599,220
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026^(b)		5,660,000		6,015,011

				10,614,231

Entertainment-1.10%
Live Nation Entertainment, Inc., 6.50%, 05/15/2027^(b)		6,781,000		7,484,529

Equity REITs-1.09%
GEO Group, Inc. (The), 5.13%, 04/01/2023		1,469,000		1,397,386
QualityTech L.P./QTS Finance Corp., 3.88%, 10/01/2028^(b)		2,851,000		3,062,216
Service Properties Trust, 4.50%, 06/15/2023^(c)		2,832,000		2,899,388

				7,358,990

Food & Staples Retailing-1.33%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(b)(c)		4,241,000		4,369,036
Fresh Market, Inc. (The), 9.75%, 05/01/2023^(b)		4,519,000		4,648,876

				9,017,912

Gas Utilities-0.30%
LBC Tank Terminals Holding Netherlands B.V. (Belgium), 6.88%, 05/15/2023^(b)		2,008,000		2,011,695

Health Care Equipment & Supplies-3.72%
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027^(b)(c)		10,750,000		11,354,687
Hologic, Inc., 4.63%, 02/01/2028^(b)(c)		2,260,000		2,407,002
Ortho-Clinical Diagnostics, Inc./Ortho- Clinical Diagnostics S.A., 7.25%, 02/01/2028^(b)(c)		2,349,000		2,522,239
Radiology Partners, Inc., 9.25%, 02/01/2028^(b)(c)		4,020,000		4,316,475
Teleflex, Inc., 4.25%, 06/01/2028^(b)(c)		2,825,000		2,945,063
Varex Imaging Corp., 7.88%, 10/15/2027^(b)		1,482,000		1,671,177

				25,216,643

Health Care Providers & Services-4.58%
Acadia Healthcare Co., Inc.
5.50%, 07/01/2028^(b)		2,545,000		2,688,156
5.00%, 04/15/2029^(b)		2,686,000		2,803,513


	Principal Amount		Value
Health Care Providers & Services-(continued)
Avantor Funding, Inc., 4.63%, 07/15/2028^(b)	$	8,769,000	$	9,283,302
Molina Healthcare, Inc., 4.38%, 06/15/2028^(b)(c)		4,530,000		4,756,500
Tenet Healthcare Corp., 6.75%, 06/15/2023		10,590,000		11,490,150

				31,021,621

Hotels, Restaurants & Leisure-8.10%
Brinker International, Inc., 3.88%, 05/15/2023^(c)		1,693,000		1,746,753
Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)(c)		10,166,000		11,249,187
Carnival Corp., 10.50%, 02/01/2026^(b)(c)		4,443,000		5,131,754
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028^(c)		1,741,000		1,889,028
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023^(b)(c)		2,800,000		2,855,118
Diamond Resorts International, Inc., 7.75%, 09/01/2023^(b)		2,884,000		2,939,892
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028^(b)(c)		2,825,000		3,033,457
International Game Technology PLC, 4.13%, 04/15/2026^(b)(c)		4,400,000		4,575,120
Life Time, Inc., 8.00%, 04/15/2026^(b)		2,428,000		2,546,365
MGM Resorts International, 6.00%, 03/15/2023		7,071,000		7,495,260
Scientific Games International, Inc., 7.00%, 05/15/2028^(b)(c)		3,952,000		4,264,998
Travel + Leisure Co., 3.90%, 03/01/2023		2,265,000		2,336,597
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023^(b)(c)		2,879,000		2,957,568
Yum! Brands, Inc., 3.88%, 11/01/2023^(c)		1,766,000		1,858,715

				54,879,812

Household Durables-2.36%
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023^(b)(c)		1,866,000		1,879,641
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028^(b)		1,405,000		1,497,259
Installed Building Products, Inc., 5.75%, 02/01/2028^(b)		1,745,000		1,843,409
KB Home, 7.63%, 05/15/2023		1,981,000		2,124,632
Newell Brands, Inc., 4.35%, 04/01/2023		6,164,000		6,509,617
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)		2,036,000		2,147,672

				16,002,230

Household Products-0.62%
Central Garden & Pet Co., 5.13%, 02/01/2028^(c)		1,700,000		1,805,740
Prestige Brands, Inc., 5.13%, 01/15/2028^(b)		2,267,000		2,377,516

				4,183,256

Independent Power and Renewable Electricity Producers-0.44%
TerraForm Power Operating LLC, 4.25%, 01/31/2023^(b)(c)		2,901,000		2,984,404

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

166

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

August 31, 2021


	Principal Amount		Value
Internet & Direct Marketing Retail-0.22%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/2028^(b)	$	1,305,000	$	1,469,756

IT Services-1.15%
Gartner, Inc., 4.50%, 07/01/2028^(b)(c)		4,518,000		4,789,080
Unisys Corp., 6.88%, 11/01/2027^(b)		2,777,000		3,033,872

				7,822,952

Leisure Products-0.73%
Mattel, Inc.
3.15%, 03/15/2023		1,415,000		1,445,741
3.38%, 04/01/2026^(b)(c)		3,400,000		3,536,221

				4,981,962

Machinery-0.36%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)(c)		2,470,000		2,439,001

Media-4.36%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(b)(c)		2,868,000		2,888,936
CSC Holdings LLC, 5.38%, 02/01/2028^(b)		5,810,000		6,122,287
DISH DBS Corp., 5.00%, 03/15/2023^(c)		8,486,000		8,867,870
Quebecor Media, Inc. (Canada), 5.75%, 01/15/2023^(c)		4,787,000		5,086,188
TEGNA, Inc., 4.75%, 03/15/2026^(b)(c)		3,110,000		3,304,375
Townsquare Media, Inc., 6.88%, 02/01/2026^(b)(c)		3,110,000		3,300,488

				29,570,144

Metals & Mining-6.49%
Alcoa Nederland Holding B.V.
5.50%, 12/15/2027^(b)(c)		4,210,000		4,536,275
6.13%, 05/15/2028^(b)		2,800,000		3,048,500
Allegheny Technologies, Inc., 7.88%, 08/15/2023^(c)		2,785,000		3,004,444
Arconic Corp., 6.13%, 02/15/2028^(b)		5,090,000		5,447,267
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)		5,233,000		5,697,429
Commercial Metals Co., 4.88%, 05/15/2023^(c)		1,869,000		1,960,114
Constellium SE, 5.63%, 06/15/2028^(b)		1,700,000		1,799,875
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		5,634,000		5,831,190
4.13%, 03/01/2028		4,065,000		4,253,006
4.38%, 08/01/2028		3,675,000		3,900,094
Joseph T. Ryerson & Son, Inc., 8.50%, 08/01/2028^(b)		1,943,000		2,168,844
New Gold, Inc. (Canada), 7.50%, 07/15/2027^(b)(c)		2,241,000		2,355,896

				44,002,934

Mortgage REITs-0.25%
Starwood Property Trust, Inc., 5.50%, 11/01/2023^(b)		1,625,000		1,706,250

Multiline Retail-0.43%
Macy’s Retail Holdings LLC, 2.88%, 02/15/2023^(c)		2,865,000		2,918,719


	Principal Amount		Value
Oil, Gas & Consumable Fuels-9.35%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)	$	4,241,000	$	4,606,977
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026^(b)		3,110,000		3,428,806
Buckeye Partners L.P., 4.15%, 07/01/2023		2,869,000		2,965,958
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.75%, 04/15/2023		1,795,000		1,776,467
Cheniere Energy, Inc., 4.63%, 10/15/2028		11,528,000		12,176,450
Chesapeake Energy Corp., 5.50%, 02/01/2026^(b)		2,829,000		2,961,850
DCP Midstream Operating L.P., 3.88%, 03/15/2023		2,828,000		2,910,691
Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 01/30/2028^(b)		5,660,000		5,964,225
EQM Midstream Partners L.P., 4.75%, 07/15/2023		3,391,000		3,547,834
MEG Energy Corp. (Canada), 7.13%, 02/01/2027^(b)		6,775,000		7,137,530
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023		3,040,000		2,846,200
Occidental Petroleum Corp., 2.70%, 02/15/2023^(c)		2,542,000		2,588,773
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023		2,954,000		2,870,431
Range Resources Corp., 5.00%, 03/15/2023^(c)		3,067,000		3,151,527
Rockpoint Gas Storage Canada Ltd. (Canada), 7.00%, 03/31/2023^(b)(c)		2,203,000		2,243,910
Southwestern Energy Co., 8.38%, 09/15/2028^(c)		1,966,000		2,204,377

				63,382,006

Personal Products-1.07%
Avon Products, Inc. (United Kingdom), 6.50%, 03/15/2023		2,612,000		2,785,149
Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)(c)		4,245,000		4,499,700

				7,284,849

Pharmaceuticals-1.00%
AdaptHealth LLC, 6.13%, 08/01/2028^(b)		1,985,000		2,116,506
Elanco Animal Health, Inc., 5.27%, 08/28/2023		4,359,000		4,675,246

				6,791,752

Professional Services-0.93%
Jaguar Holding Co. II/PPD Development L.P., 5.00%, 06/15/2028^(b)		3,955,000		4,266,456
Science Applications International Corp., 4.88%, 04/01/2028^(b)		1,980,000		2,070,447

				6,336,903

Real Estate Management & Development-1.61%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028^(b)		3,782,000		4,100,293

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

167

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	Principal Amount		Value
Real Estate Management & Development-(continued)
Howard Hughes Corp. (The), 5.38%, 08/01/2028^(b)(c)	$	4,087,000	$	4,337,329
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(b)(c)		2,346,000		2,445,236

				10,882,858

Road & Rail-1.79%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)		2,211,000		2,215,754
Uber Technologies, Inc., 6.25%, 01/15/2028^(b)(c)		2,906,000		3,120,318
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027^(b)		3,490,000		3,738,662
XPO Logistics, Inc., 6.13%, 09/01/2023^(b)		3,080,000		3,080,000

				12,154,734

Semiconductors & Semiconductor Equipment-0.35%
Entegris, Inc., 4.38%, 04/15/2028^(b)(c)		2,268,000		2,401,767

Specialty Retail-1.82%
Bath & Body Works, Inc., 5.63%, 10/15/2023^(c)		1,807,000		1,992,299
Caleres, Inc., 6.25%, 08/15/2023		572,000		576,293
Gap, Inc. (The)
8.38%, 05/15/2023^(b)(c)		2,905,000		3,259,413
8.88%, 05/15/2027^(b)(c)		5,660,000		6,509,000

				12,337,005

Technology Hardware, Storage & Peripherals-2.61%
EMC Corp., 3.38%, 06/01/2023		5,807,000		6,002,987
Presidio Holdings, Inc., 8.25%, 02/01/2028^(b)		2,260,000		2,455,942
Seagate HDD Cayman, 4.75%, 06/01/2023^(c)		3,079,000		3,280,682
Xerox Corp., 4.38%, 03/15/2023^(c)		5,665,000		5,939,469

				17,679,080

Thrifts & Mortgage Finance-1.72%
MGIC Investment Corp.
5.75%, 08/15/2023		1,400,000		1,511,377
5.25%, 08/15/2028		3,667,000		3,928,274
Rocket Mortgage LLC, 5.25%, 01/15/2028^(b)		5,870,000		6,185,512

				11,625,163


	Principal Amount		Value
Trading Companies & Distributors-3.11%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027^(b)	$	2,264,000	$	2,558,320
United Rentals North America, Inc., 4.88%, 01/15/2028		9,451,000		10,036,820
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)		7,604,000		8,466,598

				21,061,738

Wireless Telecommunication Services-4.81%
Sprint Corp., 7.88%, 09/15/2023		21,547,000		24,438,607
T-Mobile USA, Inc., 4.75%, 02/01/2028^(c)		7,639,000		8,161,126

				32,599,733

Total U.S. Dollar Denominated Bonds & Notes (Cost $657,960,007)				666,892,765


	Shares
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $1,252,545)		1,252,545		1,252,545

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.58% (Cost $659,212,552)				668,145,310


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.11%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		36,814,253		36,814,253
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		85,886,475		85,920,830

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $122,735,083)				122,735,083

TOTAL INVESTMENTS IN SECURITIES-116.69% (Cost $781,947,635)				790,880,393
OTHER ASSETS LESS LIABILITIES-(16.69)%				(113,112,081	)

NET ASSETS-100.00%			$	677,768,312

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

168

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August 31, 2021

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $384,739,210, which represented 56.77% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	185,828,316		$	(184,575,771	)		$	-		$	-		$	1,252,545		$	3,299
Invesco Premier U.S. Government Money Portfolio, Institutional Class			7,208,077			11,401,325			(18,609,402	)			-			-			-			72
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,260,253			122,150,339			(93,596,339	)			-			-			36,814,253			2,969	*
Invesco Private Prime Fund			2,753,473			199,536,237			(116,370,161	)			-			1,281			85,920,830			34,453	*

Total		$	18,221,803		$	518,916,217		$	(413,151,673	)		$	-		$	1,281		$	123,987,628		$	40,793

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

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Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.46%
Aerospace & Defense-1.57%
Bombardier, Inc. (Canada), 7.50%, 12/01/2024^(b)	$	3,195,000	$	3,334,142
Triumph Group, Inc., 8.88%, 06/01/2024^(b)		2,145,000		2,364,863

				5,699,005

Airlines-0.26%
United Airlines Holdings, Inc., 5.00%, 02/01/2024^(c)		926,000		959,567

Auto Components-1.14%
FXI Holdings, Inc., 7.88%, 11/01/2024^(b)		1,602,000		1,647,977
Tenneco, Inc.
5.38%, 12/15/2024		689,000		694,030
7.88%, 01/15/2029^(b)(c)		1,591,000		1,791,864

				4,133,871

Automobiles-3.28%
Allison Transmission, Inc., 5.88%, 06/01/2029^(b)(c)		1,551,000		1,708,116
Ford Motor Credit Co. LLC
3.81%, 01/09/2024^(c)		2,400,000		2,493,000
3.66%, 09/08/2024		2,500,000		2,609,375
4.06%, 11/01/2024		4,850,000		5,132,270

				11,942,761

Banks-2.32%
Freedom Mortgage Corp., 8.13%, 11/15/2024^(b)(c)		1,501,000		1,521,721
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024^(b)		6,380,000		6,928,463

				8,450,184

Capital Markets-0.21%
Donnelley Financial Solutions, Inc., 8.25%, 10/15/2024		743,000		764,372

Chemicals-3.23%
Cornerstone Chemical Co., 6.75%, 08/15/2024^(b)(c)		1,755,000		1,575,130
INEOS Group Holdings S.A. (Luxembourg), 5.63%, 08/01/2024^(b)(c)		1,700,000		1,704,344
OCI N.V. (Netherlands), 5.25%, 11/01/2024^(b)		1,800,000		1,858,500
Olin Corp., 5.63%, 08/01/2029^(c)		2,397,000		2,648,206
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024^(b)(c)		1,561,000		1,566,666
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029^(c)		1,339,000		1,400,929
WR Grace & Co.-Conn, 5.63%, 10/01/2024^(b)		905,000		992,106

				11,745,881

Commercial Services & Supplies-0.51%
Clean Harbors, Inc., 5.13%, 07/15/2029^(b)(c)		906,000		998,453
Pitney Bowes, Inc., 4.63%, 03/15/2024		820,000		869,442

				1,867,895


	Principal Amount		Value
Consumer Finance-2.53%
Credit Acceptance Corp., 5.13%, 12/31/2024^(b)	$	1,591,000	$	1,640,719
Enova International, Inc., 8.50%, 09/01/2024^(b)		780,000		796,575
goeasy Ltd. (Canada), 5.38%, 12/01/2024^(b)		1,800,000		1,856,250
Navient Corp.
6.13%, 03/25/2024		2,944,000		3,195,565
5.88%, 10/25/2024^(c)		1,575,000		1,718,246

				9,207,355

Containers & Packaging-1.99%
Graphic Packaging International LLC, 4.13%, 08/15/2024		933,000		997,349
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024^(b)(c)		4,738,000		4,799,357
Sealed Air Corp., 5.13%, 12/01/2024^(b)		1,345,000		1,461,470

				7,258,176

Distributors-0.52%
Wolverine Escrow LLC, 8.50%, 11/15/2024^(b)(c)		1,980,000		1,883,475

Diversified Consumer Services-1.53%
Blackboard, Inc., 10.38%, 11/15/2024^(b)(c)		800,000		846,792
Cengage Learning, Inc., 9.50%, 06/15/2024^(b)		1,974,000		2,030,753
Service Corp. International, 5.13%, 06/01/2029		2,476,000		2,703,049

				5,580,594

Diversified Financial Services-2.51%
Burford Capital Global Finance LLC, 6.25%, 04/15/2028^(b)(c)		1,200,000		1,267,518
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029^(b)		3,352,000		3,513,030
Midcap Financial Issuer Trust, 6.50%, 05/01/2028^(b)		3,170,000		3,321,241
Stena International S.A. (Sweden), 5.75%, 03/01/2024^(b)		1,000,000		1,040,725

				9,142,514

Diversified Telecommunication Services-2.51%
Cincinnati Bell, Inc., 7.00%, 07/15/2024^(b)		2,038,000		2,078,760
Frontier Communications Holdings LLC, 6.75%, 05/01/2029^(b)		3,182,000		3,409,354
Lumen Technologies, Inc., Series Y, 7.50%, 04/01/2024^(c)		3,261,000		3,631,939

				9,120,053

Electric Utilities-1.38%
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(b)		2,333,000		2,465,747
NRG Energy, Inc., 5.25%, 06/15/2029^(b)		2,345,000		2,548,898

				5,014,645

Electrical Equipment-0.45%
Sensata Technologies B.V., 5.63%, 11/01/2024^(b)(c)		1,464,000		1,630,530

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

170

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August 31, 2021


	Principal Amount		Value
Energy Equipment & Services-0.81%
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029	$	1,108,000	$	1,151,816
Oceaneering International, Inc., 4.65%, 11/15/2024^(c)		1,752,000		1,784,850

				2,936,666

Entertainment-1.81%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029^(b)(c)		3,293,000		3,366,434
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(b)(c)		1,826,000		1,853,390
Netflix, Inc., 5.75%, 03/01/2024		1,229,000		1,367,017

				6,586,841

Equity REITs-4.41%
GEO Group, Inc. (The), 5.88%, 10/15/2024^(c)		746,000		676,063
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024		3,462,000		3,777,907
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029^(b)(c)		2,467,000		2,539,308
SBA Communications Corp., 4.88%, 09/01/2024		3,516,000		3,573,135
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/2024^(b)		1,923,000		1,980,209
VICI Properties L.P./VICI Note Co., Inc., 4.63%, 12/01/2029^(b)		3,222,000		3,507,953

				16,054,575

Food & Staples Retailing-1.11%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(b)		3,660,000		4,026,000

Food Products-1.57%
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024^(b)		2,716,000		2,790,690
Post Holdings, Inc., 5.50%, 12/15/2029^(b)(c)		2,736,000		2,934,360

				5,725,050

Gas Utilities-0.65%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		2,164,000		2,369,580

Health Care Equipment & Supplies-0.86%
CHS/Community Health Systems, Inc., 6.00%, 01/15/2029^(b)(c)		2,937,000		3,135,247

Health Care Providers & Services-2.49%
Owens & Minor, Inc., 4.38%, 12/15/2024^(c)		938,000		989,266
Tenet Healthcare Corp.
4.63%, 07/15/2024^(c)		5,984,000		6,073,760
4.63%, 09/01/2024^(b)		1,959,000		2,011,423

				9,074,449

Hotels, Restaurants & Leisure-7.16%
Carnival Corp.
7.63%, 03/01/2026^(b)(c)		4,635,000		4,921,790
9.88%, 08/01/2027^(b)(c)		2,961,000		3,416,254


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024	$	1,472,000	$	1,484,880
Diamond Resorts International, Inc., 10.75%, 09/01/2024^(b)		1,916,000		1,967,502
Full House Resorts, Inc., 8.25%, 02/15/2028^(b)		987,000		1,062,259
Golden Nugget, Inc., 6.75%, 10/15/2024^(b)(c)		4,400,000		4,415,620
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024		961,000		998,993
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024^(b)(c)		1,525,000		1,601,250
Scientific Games International, Inc., 7.25%, 11/15/2029^(b)(c)		1,712,000		1,913,160
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(b)(c)		3,098,000		3,135,393
Travel + Leisure Co., 5.65%, 04/01/2024		1,073,000		1,144,086

				26,061,187

Household Durables-0.94%
Newell Brands, Inc., 4.00%, 12/01/2024		605,000		643,977
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024^(b)		1,055,000		1,136,378
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024^(c)		1,465,000		1,626,091

				3,406,446

Industrial Conglomerates-1.03%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		3,608,000		3,745,420

Interactive Media & Services-0.33%
Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)		1,115,000		1,205,594

IT Services-0.17%
Flexential Intermediate Corp., 11.25%, 08/01/2024^(b)		555,000		605,069

Leisure Products-0.55%
Mattel, Inc., 3.75%, 04/01/2029^(b)(c)		1,902,000		1,999,097

Machinery-1.47%
JPW Industries Holding Corp., 9.00%, 10/01/2024^(b)		690,000		725,176
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024^(b)		1,315,000		1,356,876
Terex Corp., 5.00%, 05/15/2029^(b)(c)		1,923,000		2,024,035
Welbilt, Inc., 9.50%, 02/15/2024^(c)		1,190,000		1,232,679

				5,338,766

Marine-0.49%
Stena AB (Sweden), 7.00%, 02/01/2024^(b)		1,700,000		1,774,375

Media-13.58%
AMC Networks, Inc., 5.00%, 04/01/2024		1,251,000		1,268,201
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029^(b)		5,286,000		5,781,563

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

171

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

August 31, 2021


	Principal Amount		Value
Media-(continued)
CSC Holdings LLC
5.25%, 06/01/2024	$	2,400,000	$	2,592,000
6.50%, 02/01/2029^(b)		5,800,000		6,409,000
DISH DBS Corp., 5.88%, 11/15/2024^(c)		7,001,000		7,534,826
Lamar Media Corp., 4.88%, 01/15/2029^(c)		1,440,000		1,535,198
Salem Media Group, Inc., 6.75%, 06/01/2024^(b)(c)		696,000		679,888
Sirius XM Radio, Inc.
4.00%, 07/15/2028^(b)		7,025,000		7,210,636
5.50%, 07/01/2029^(b)(c)		3,998,000		4,382,808
Urban One, Inc., 7.38%, 02/01/2028^(b)		2,719,000		2,935,405
Videotron Ltd. (Canada)
5.38%, 06/15/2024^(b)(c)		2,228,000		2,456,370
3.63%, 06/15/2029^(b)(c)		1,611,000		1,661,867
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		4,620,000		4,954,950

				49,402,712

Metals & Mining-3.37%
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024^(b)(c)		1,200,000		1,269,221
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029^(b)(c)		1,611,000		1,697,591
Compass Minerals International, Inc., 4.88%, 07/15/2024^(b)		798,000		832,461
Freeport-McMoRan, Inc., 4.55%, 11/14/2024^(c)		2,401,000		2,602,084
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029^(b)(c)		1,923,000		2,069,629
United States Steel Corp., 6.88%, 03/01/2029^(c)		2,457,000		2,687,344
Warrior Met Coal, Inc., 8.00%, 11/01/2024^(b)(c)		1,096,000		1,104,910

				12,263,240

Multiline Retail-0.94%
Macy’s Retail Holdings LLC
3.63%, 06/01/2024^(c)		1,474,000		1,531,177
5.88%, 04/01/2029^(b)(c)		1,712,000		1,872,671

				3,403,848

Oil, Gas & Consumable Fuels-14.03%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029^(b)		2,464,000		2,525,600
Antero Resources Corp.
8.38%, 07/15/2026^(b)		1,033,000		1,171,174
7.63%, 02/01/2029^(b)		2,236,000		2,462,417
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028^(b)		957,000		1,013,138
Baytex Energy Corp. (Canada), 5.63%, 06/01/2024^(b)(c)		1,269,000		1,276,919
Callon Petroleum Co., 6.13%, 10/01/2024^(c)		1,470,000		1,420,387
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2024^(b)		655,000		714,831
Cheniere Energy Partners L.P., 4.50%, 10/01/2029		5,294,000		5,710,902


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Chesapeake Energy Corp., 5.88%, 02/01/2029^(b)(c)	$	1,631,000	$	1,743,205
CNX Resources Corp., 6.00%, 01/15/2029^(b)(c)		1,611,000		1,680,168
Comstock Resources, Inc., 6.75%, 03/01/2029^(b)		4,179,000		4,381,702
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 6.00%, 02/01/2029^(b)		2,285,000		2,328,461
CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029^(b)		1,269,000		1,305,471
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		1,646,000		1,714,227
EQM Midstream Partners L.P., 4.00%, 08/01/2024		1,951,000		1,999,385
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		1,089,000		1,072,684
MEG Energy Corp. (Canada), 5.88%, 02/01/2029^(b)		1,908,000		1,953,401
Murphy Oil Corp., 6.88%, 08/15/2024^(c)		1,318,000		1,346,007
Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		1,752,000		1,822,176
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(b)		1,470,000		1,523,368
Occidental Petroleum Corp., 6.95%, 07/01/2024		2,120,000		2,388,085
PDC Energy, Inc., 6.13%, 09/15/2024		1,282,000		1,304,647
Range Resources Corp., 8.25%, 01/15/2029^(b)		1,953,000		2,170,457
Renewable Energy Group, Inc., 5.88%, 06/01/2028^(b)		1,792,000		1,857,919
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029		2,215,000		2,492,872
Weatherford International Ltd., 8.75%, 09/01/2024^(b)		1,588,000		1,653,505

				51,033,108

Pharmaceuticals-1.69%
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/2024^(b)		1,050,000		1,027,687
Jazz Securities DAC, 4.38%, 01/15/2029^(b)(c)		4,950,000		5,136,343

				6,164,030

Real Estate Management & Development-0.84%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029^(b)(c)		2,930,000		3,070,054

Software-1.49%
BY Crown Parent LLC, 7.38%, 10/15/2024^(b)		1,509,000		1,536,826
CDK Global, Inc.
5.00%, 10/15/2024^(c)		1,803,000		2,003,584
5.25%, 05/15/2029^(b)		1,722,000		1,874,345

				5,414,755

Specialty Retail-3.76%
AAG FH L.P./AAG FH Finco, Inc. (Canada), 9.75%, 07/15/2024^(b)		711,000		707,505

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

172

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	Principal Amount		Value
Specialty Retail-(continued)
Bath & Body Works, Inc., 7.50%, 06/15/2029	$	1,604,000	$	1,861,643
Dell International LLC/EMC Corp., 7.13%, 06/15/2024^(b)		4,836,000		4,944,810
Lithia Motors, Inc., 3.88%, 06/01/2029^(b)(c)		2,607,000		2,736,829
Murphy Oil USA, Inc., 4.75%, 09/15/2029		1,712,000		1,812,580
Rent-A-Center, Inc., 6.38%, 02/15/2029^(b)(c)		1,515,000		1,634,306

				13,697,673

Technology Hardware, Storage & Peripherals-1.39%
Diebold Nixdorf, Inc., 8.50%, 04/15/2024^(c)		1,215,000		1,242,338
NCR Corp., 6.13%, 09/01/2029^(b)(c)		1,803,000		1,967,578
Seagate HDD Cayman, 4.88%, 03/01/2024		1,720,000		1,859,939

				5,069,855

Textiles, Apparel & Luxury Goods-0.84%
Hanesbrands, Inc., 4.63%, 05/15/2024^(b)		2,882,000		3,062,125

Wireless Telecommunication Services-2.74%
Sprint Corp., 7.13%, 06/15/2024		8,650,000		9,958,312

Total U.S. Dollar Denominated Bonds & Notes (Cost $345,635,736)				350,984,952


	Shares
Money Market Funds-2.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $7,592,648)		7,592,648		7,592,648

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.55% (Cost $353,228,384)				358,577,600


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.15%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		23,913,924	$	23,913,924
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		56,644,638		56,667,297

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $80,581,220)				80,581,221

TOTAL INVESTMENTS IN SECURITIES-120.70% (Cost $433,809,604)				439,158,821
OTHER ASSETS LESS LIABILITIES-(20.70)%				(75,304,279	)

NET ASSETS-100.00%			$	363,854,542

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $230,589,671, which represented 63.37% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	116,869,911		$	(109,277,263	)		$	-		$	-		$	7,592,648		$	1,715
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,661,538			5,224,030			(8,885,568	)			-			-			-			26

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

173

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August 31, 2021


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value August 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	4,302,260		$	90,197,392		$	(70,585,728	)		$-		$-		$	23,913,924		$	1,769	*
Invesco Private Prime Fund			1,434,103			144,329,501			(89,096,985	)		1		677			56,667,297			20,975	*

Total		$	9,397,901		$	356,620,834		$	(277,845,544	)		$1		$677		$	88,173,869		$	24,485

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

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Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-95.35%
Aerospace & Defense-2.75%
Bombardier, Inc. (Canada), 7.50%, 03/15/2025^(b)(c)	$	3,114,000	$	3,202,811
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025^(b)		554,000		576,853
Spirit AeroSystems, Inc.
5.50%, 01/15/2025^(b)(c)		911,000		954,309
7.50%, 04/15/2025^(b)(c)		2,185,000		2,316,100
Triumph Group, Inc., 7.75%, 08/15/2025		1,000,000		998,750

				8,048,823

Air Freight & Logistics-0.28%
Western Global Airlines LLC, 10.38%, 08/15/2025^(b)(c)		725,000		820,903

Airlines-2.38%
American Airlines Group, Inc., 3.75%, 03/01/2025^(b)(c)		960,000		855,696
American Airlines, Inc., 11.75%, 07/15/2025^(b)(c)		4,910,000		6,101,903

				6,957,599

Auto Components-1.16%
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025^(c)		1,210,000		1,251,805
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, 03/15/2025^(b)(c)		452,000		459,910
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(b)		785,000		810,513
GC EOS Buyer, Inc., 9.25%, 08/01/2025^(b)		805,000		875,635

				3,397,863

Automobiles-5.49%
Ford Motor Co., 9.00%, 04/22/2025		4,780,000		5,845,701
Ford Motor Credit Co. LLC
4.69%, 06/09/2025^(c)		800,000		867,584
5.13%, 06/16/2025		2,400,000		2,637,000
4.13%, 08/04/2025		2,000,000		2,137,500
3.38%, 11/13/2025		2,780,000		2,880,775
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025^(b)(c)		1,580,000		1,723,859

				16,092,419

Banks-0.44%
Freedom Mortgage Corp., 8.25%, 04/15/2025^(b)		1,270,000		1,297,191

Building Products-0.26%
JELD-WEN, Inc., 4.63%, 12/15/2025^(b)		752,000		767,293

Capital Markets-1.26%
Deutsche Bank AG (Germany), 4.50%, 04/01/2025^(c)		2,800,000		3,018,673
StoneX Group, Inc., 8.63%, 06/15/2025^(b)		609,000		659,699

				3,678,372

Chemicals-3.15%
Adams Homes, Inc., 7.50%, 02/15/2025^(b)		414,000		434,851
Consolidated Energy Finance S.A. (Switzerland), 6.88%, 06/15/2025^(b)		869,000		898,329
Koppers, Inc., 6.00%, 02/15/2025^(b)(c)		911,000		934,914


	Principal Amount		Value
Chemicals-(continued)
Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/2025^(b)(c)	$	755,000	$	776,400
OCI N.V. (Netherlands), 4.63%, 10/15/2025^(b)		790,000		828,118
Olin Corp., 9.50%, 06/01/2025^(b)(c)		906,000		1,136,803
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025^(b)		1,081,000		1,119,094
SPCM S.A. (France), 4.88%, 09/15/2025^(b)		1,000,000		1,024,165
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025^(b)		938,000		957,933
Venator Finance S.a.r.l./Venator Materials LLC
9.50%, 07/01/2025^(b)		414,000		461,598
5.75%, 07/15/2025^(b)(c)		681,000		643,545

				9,215,750

Commercial Services & Supplies-2.86%
Aptim Corp., 7.75%, 06/15/2025^(b)(c)		940,000		790,775
Covanta Holding Corp.
5.88%, 07/01/2025^(c)		655,000		677,106
5.00%, 09/01/2030		785,000		809,531
GFL Environmental, Inc. (Canada)
4.25%, 06/01/2025^(b)(c)		941,000		977,464
3.75%, 08/01/2025^(b)(c)		1,364,000		1,406,625
Intrado Corp., 8.50%, 10/15/2025^(b)(c)		1,438,000		1,382,278
KAR Auction Services, Inc., 5.13%, 06/01/2025^(b)(c)		1,734,000		1,775,182
Matthews International Corp., 5.25%, 12/01/2025^(b)(c)		543,000		557,588

				8,376,549

Communications Equipment-1.37%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)		2,554,000		2,600,611
ViaSat, Inc., 5.63%, 09/15/2025^(b)		1,373,000		1,399,286

				3,999,897

Construction & Engineering-0.33%
Tutor Perini Corp., 6.88%, 05/01/2025^(b)(c)		938,000		968,485

Construction Materials-0.89%
Associated Materials LLC/AMH New Finance, Inc., 9.00%, 09/01/2025^(b)		454,000		483,728
Picasso Finance Sub, Inc., 6.13%, 06/15/2025^(b)		976,000		1,033,340
Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 06/01/2025^(b)		544,000		552,321
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025^(b)		523,000		546,825

				2,616,214

Consumer Finance-2.61%
Ally Financial, Inc., 5.75%, 11/20/2025		2,059,000		2,351,880
Finance of America Funding LLC, 7.88%, 11/15/2025^(b)		634,000		615,861
Navient Corp., 6.75%, 06/25/2025		935,000		1,043,694

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

175

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

August 31, 2021


	Principal Amount		Value
Consumer Finance-(continued)
OneMain Finance Corp., 6.88%, 03/15/2025	$	2,350,000	$	2,664,313
SLM Corp., 4.20%, 10/29/2025		911,000		982,741

				7,658,489

Containers & Packaging-3.00%
Ball Corp., 5.25%, 07/01/2025		1,881,000		2,127,881
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025^(b)(c)		2,645,000		2,618,021
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/2025^(b)(c)		542,000		582,436
6.38%, 08/15/2025^(b)(c)		564,000		630,752
Pactiv LLC, 7.95%, 12/15/2025		502,000		570,398
Plastipak Holdings, Inc., 6.25%, 10/15/2025^(b)(c)		943,000		960,681
Sealed Air Corp., 5.50%, 09/15/2025^(b)		733,000		823,276
Trident TPI Holdings, Inc., 6.63%, 11/01/2025^(b)		473,000		480,859

				8,794,304

Diversified Financial Services-1.28%
Enact Holdings, Inc., 6.50%, 08/15/2025^(b)		1,394,000		1,507,262
Stena International S.A. (Sweden), 6.13%, 02/01/2025^(b)		709,000		733,822
United Wholesale Mortgage LLC, 5.50%, 11/15/2025^(b)		1,455,000		1,493,194

				3,734,278

Diversified Telecommunication Services-1.09%
Cincinnati Bell, Inc., 8.00%, 10/15/2025^(b)		641,000		671,277
Level 3 Financing, Inc., 5.38%, 05/01/2025		1,052,000		1,077,511
Lumen Technologies, Inc., 5.63%, 04/01/2025		1,342,000		1,454,064

				3,202,852

Electric Utilities-0.28%
DPL, Inc., 4.13%, 07/01/2025		755,000		809,171

Electrical Equipment-0.52%
Sensata Technologies B.V., 5.00%, 10/01/2025^(b)(c)		1,372,000		1,535,433

Electronic Equipment, Instruments & Components-0.28%
Brightstar Escrow Corp., 9.75%, 10/15/2025^(b)		765,000		825,244

Energy Equipment & Services-1.07%
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025^(b)		639,000		637,757
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025		454,000		464,805
Exterran Energy Solutions L.P./EES Finance Corp., 8.13%, 05/01/2025		620,000		558,809
Tervita Corp. (Canada), 11.00%, 12/01/2025^(b)		1,274,000		1,467,069

				3,128,440

Entertainment-1.54%
AMC Entertainment Holdings, Inc., 10.50%, 04/15/2025^(b)(c)		881,000		944,873
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025^(b)		800,000		823,000


	Principal Amount		Value
Entertainment-(continued)
Netflix, Inc.
5.88%, 02/15/2025	$	1,503,000	$	1,726,571
3.63%, 06/15/2025^(b)		941,000		1,009,222

				4,503,666

Equity REITs-2.83%
FelCor Lodging L.P., 6.00%, 06/01/2025		574,000		587,345
Iron Mountain, Inc., 5.25%, 07/15/2030^(b)		2,441,000		2,608,819
iStar, Inc., 4.25%, 08/01/2025		1,012,000		1,056,275
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025^(b)		1,498,000		1,611,923
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025^(b)		1,412,000		1,449,065
XHR L.P., 6.38%, 08/15/2025^(b)		911,000		966,799

				8,280,226

Food & Staples Retailing-0.70%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 5.75%, 03/15/2025		363,000		371,168
Performance Food Group, Inc., 6.88%, 05/01/2025^(b)(c)		519,000		552,086
Rite Aid Corp., 7.50%, 07/01/2025^(b)		1,101,000		1,133,749

				2,057,003

Food Products-1.31%
B&G Foods, Inc., 5.25%, 04/01/2025		1,764,000		1,812,510
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025^(b)		969,000		1,013,622
Del Monte Foods, Inc., 11.88%, 05/15/2025^(b)		907,000		1,016,974

				3,843,106

Gas Utilities-0.49%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		1,291,000		1,420,100

Health Care Providers & Services-5.33%
Air Methods Corp., 8.00%, 05/15/2025^(b)		831,000		810,474
Akumin, Inc., 7.00%, 11/01/2025^(b)(c)		951,000		899,123
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025^(b)		2,494,000		2,522,057
Community Health Systems, Inc., 6.63%, 02/15/2025^(b)		2,749,000		2,892,986
Encompass Health Corp., 5.75%, 09/15/2025		653,000		669,668
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		1,132,000		1,168,790
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(b)		1,182,000		1,245,533
Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)(c)		1,688,000		1,808,270
RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		1,460,000		1,496,044
Surgery Center Holdings, Inc., 6.75%, 07/01/2025^(b)(c)		785,000		799,970
Team Health Holdings, Inc., 6.38%, 02/01/2025^(b)(c)		1,342,000		1,283,287

				15,596,202

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

176

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

August 31, 2021


	Principal Amount		Value
Hotels, Restaurants & Leisure-12.78%
Aramark Services, Inc., 5.00%, 04/01/2025^(b)(c)	$	1,173,000	$	1,204,748
Caesars Entertainment, Inc., 6.25%, 07/01/2025^(b)		6,699,000		7,088,882
Caesars Resort Collection LLC/CRC Finco, Inc.
5.75%, 07/01/2025^(b)(c)		2,223,000		2,336,929
5.25%, 10/15/2025^(b)		3,388,000		3,440,345
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(b)		1,877,000		1,959,119
Constellation Merger Sub, Inc., 8.50%, 09/15/2025^(b)		778,000		753,688
Dave & Buster’s, Inc., 7.63%, 11/01/2025^(b)		1,022,000		1,084,597
Golden Nugget, Inc., 8.75%, 10/01/2025^(b)(c)		657,000		693,956
International Game Technology PLC, 6.50%, 02/15/2025^(b)(c)		2,400,000		2,676,000
MGM Resorts International, 5.75%, 06/15/2025^(c)		1,272,000		1,394,430
Powdr Corp., 6.00%, 08/01/2025^(b)		505,000		534,007
Sabre GLBL, Inc.
9.25%, 04/15/2025^(b)		1,459,000		1,683,321
7.38%, 09/01/2025^(b)(c)		1,625,000		1,720,469
Scientific Games International, Inc.
8.63%, 07/01/2025^(b)		1,222,000		1,320,783
5.00%, 10/15/2025^(b)		2,308,000		2,376,778
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025^(b)		386,000		417,845
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025^(b)(c)		640,000		660,832
Station Casinos LLC, 5.00%, 10/01/2025^(b)		627,000		634,838
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025^(b)		593,000		593,385
Travel + Leisure Co., 6.60%, 10/01/2025		753,000		844,301
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025^(b)		3,775,000		4,006,219

				37,425,472

Household Durables-1.79%
American Greetings Corp., 8.75%, 04/15/2025^(b)		512,000		533,450
Beazer Homes USA, Inc., 6.75%, 03/15/2025		388,000		402,482
Century Communities, Inc., 5.88%, 07/15/2025		655,000		674,244
Empire Communities Corp. (Canada), 7.00%, 12/15/2025^(b)		1,181,000		1,247,432
Meritage Homes Corp., 6.00%, 06/01/2025		726,000		833,426
New Home Co., Inc. (The), 7.25%, 10/15/2025^(b)		474,000		503,575
Newell Brands, Inc., 4.88%, 06/01/2025^(c)		943,000		1,050,812

				5,245,421


	Principal Amount		Value
Household Products-0.58%
Spectrum Brands, Inc.
5.75%, 07/15/2025	$	1,213,000	$	1,243,325
5.50%, 07/15/2030^(b)		420,000		451,802

				1,695,127

Industrial Conglomerates-1.14%
Brand Industrial Services, Inc., 8.50%, 07/15/2025^(b)(c)		1,881,000		1,897,459
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025		1,407,000		1,450,969

				3,348,428

Insurance-1.23%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025^(b)(c)		1,735,000		1,769,700
AssuredPartners, Inc., 7.00%, 08/15/2025^(b)		910,000		925,925
USI, Inc., 6.88%, 05/01/2025^(b)(c)		879,000		897,942

				3,593,567

Interactive Media & Services-0.34%
TripAdvisor, Inc., 7.00%, 07/15/2025^(b)		935,000		990,081

Machinery-0.75%
Meritor, Inc., 6.25%, 06/01/2025^(b)		565,000		600,335
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/2025^(b)		981,000		1,001,891
Wabash National Corp., 5.50%, 10/01/2025^(b)		594,000		603,792

				2,206,018

Media-2.03%
AMC Networks, Inc., 4.75%, 08/01/2025^(c)		1,504,000		1,543,480
Houghton Mifflin Harcourt Publishers, Inc., 9.00%, 02/15/2025^(b)		552,000		588,915
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025^(b)(c)		815,000		866,630
Univision Communications, Inc., 5.13%, 02/15/2025^(b)(c)		2,900,000		2,956,347

				5,955,372

Metals & Mining-1.00%
Freeport-McMoRan, Inc.
4.25%, 03/01/2030		1,092,000		1,180,725
4.63%, 08/01/2030^(c)		1,583,000		1,745,258

				2,925,983

Mortgage REITs-0.90%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025^(b)		634,000		644,182
New Residential Investment Corp., 6.25%, 10/15/2025^(b)		1,002,000		1,005,802
Starwood Property Trust, Inc., 4.75%, 03/15/2025^(c)		941,000		986,874

				2,636,858

Oil, Gas & Consumable Fuels-15.06%
Antero Resources Corp., 5.00%, 03/01/2025^(c)		1,111,000		1,135,614
Apache Corp., 4.63%, 11/15/2025		841,000		911,190

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

177

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

August 31, 2021


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025^(b)(c)	$	1,021,000	$	1,055,459
CITGO Petroleum Corp., 7.00%, 06/15/2025^(b)		2,055,000		2,108,944
Comstock Resources, Inc., 7.50%, 05/15/2025^(b)		449,000		465,287
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		909,000		929,453
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025^(b)		2,227,000		2,296,438
CVR Energy, Inc., 5.25%, 02/15/2025^(b)(c)		1,093,000		1,072,550
DCP Midstream Operating L.P., 5.38%, 07/15/2025		1,553,000		1,712,182
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025^(b)(c)		1,100,000		1,153,674
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025^(b)		1,127,000		1,196,536
EnLink Midstream Partners L.P., 4.15%, 06/01/2025		1,309,000		1,349,880
EQM Midstream Partners L.P., 6.00%, 07/01/2025^(b)		1,713,000		1,852,181
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025		975,000		956,729
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 10/01/2025^(b)		556,000		563,359
Laredo Petroleum, Inc., 9.50%, 01/15/2025		1,084,000		1,115,550
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/28/2025^(b)		534,000		549,355
MEG Energy Corp. (Canada), 6.50%, 01/15/2025^(b)		905,000		935,544
Murphy Oil Corp., 5.75%, 08/15/2025^(c)		1,079,000		1,104,626
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025^(b)(c)		1,500,000		1,522,200
New Fortress Energy, Inc., 6.75%, 09/15/2025^(b)		2,610,000		2,652,412
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025		711,000		590,308
NuStar Logistics L.P., 5.75%, 10/01/2025		1,092,000		1,175,265
Occidental Petroleum Corp.
3.50%, 06/15/2025		1,404,000		1,474,769
8.00%, 07/15/2025^(c)		831,000		1,002,394
5.88%, 09/01/2025^(c)		1,586,000		1,786,328
5.50%, 12/01/2025^(c)		1,752,000		1,955,740
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025^(b)		544,000		541,310
Range Resources Corp., 4.88%, 05/15/2025^(c)		1,473,000		1,526,396
SM Energy Co., 5.63%, 06/01/2025		640,000		642,861
Southwestern Energy Co., 6.45%, 01/23/2025		1,632,000		1,780,740
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		1,787,000		1,972,401


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025^(b)(c)	$	664,000	$	671,682
Western Midstream Operating L.P., 4.35%, 02/01/2025		2,222,000		2,337,700

				44,097,057

Paper & Forest Products-0.20%
Clearwater Paper Corp., 5.38%, 02/01/2025^(b)		555,000		591,378

Pharmaceuticals-3.98%
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(b)		6,888,000		7,051,590
5.50%, 11/01/2025^(b)(c)		3,288,000		3,367,405
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025^(b)(c)		1,195,000		1,245,847

				11,664,842

Professional Services-0.33%
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.00%, 02/01/2025^(b)(c)		940,000		964,717

Real Estate Management & Development-1.21%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(b)(c)		1,142,000		1,195,851
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025^(b)		1,076,000		1,102,862
WeWork Cos., Inc., 7.88%, 05/01/2025^(b)(c)		1,256,000		1,239,748

				3,538,461

Semiconductors & Semiconductor Equipment-0.33%
ams AG (Austria), 7.00%, 07/31/2025^(b)(c)		900,000		965,070

Software-1.75%
Ascend Learning LLC, 6.88%, 08/01/2025^(b)		489,000		497,983
PTC, Inc., 3.63%, 02/15/2025^(b)(c)		942,000		964,372
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025^(b)		3,526,000		3,670,425

				5,132,780

Specialty Retail-2.17%
Bath & Body Works, Inc., 6.63%, 10/01/2030^(b)		1,817,000		2,096,364
Carvana Co., 5.63%, 10/01/2025^(b)		936,000		974,610
Lithia Motors, Inc., 4.38%, 01/15/2031^(b)(c)		1,000,000		1,086,250
Penske Automotive Group, Inc., 3.50%, 09/01/2025^(c)		1,002,000		1,037,933
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		1,131,000		1,169,171

				6,364,328

Technology Hardware, Storage & Peripherals-0.51%
Xerox Holdings Corp., 5.00%, 08/15/2025^(b)		1,414,000		1,493,145

Textiles, Apparel & Luxury Goods-0.15%
Levi Strauss & Co., 5.00%, 05/01/2025^(c)		432,000		442,588

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

178

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

August 31, 2021


	Principal Amount		Value
Thrifts & Mortgage Finance-0.65%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025^(b)(c)	$	1,183,000	$	1,225,635
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025^(b)		671,000		687,581

				1,913,216

Trading Companies & Distributors-0.26%
Boise Cascade Co., 4.88%, 07/01/2030^(b)		725,000		773,060

Wireless Telecommunication Services-1.26%
Sprint Corp., 7.63%, 02/15/2025		3,117,000		3,693,645

Total U.S. Dollar Denominated Bonds & Notes (Cost $274,054,698)				279,282,486


	Shares
Money Market Funds-3.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $9,295,397)		9,295,397		9,295,397

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.53% (Cost $283,350,095)				288,577,883


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.50%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		19,771,183	$	19,771,183
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		46,114,314		46,132,760

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,903,942)				65,903,943

TOTAL INVESTMENTS IN SECURITIES-121.03% (Cost $349,254,037)				354,481,826
OTHER ASSETS LESS LIABILITIES-(21.03)%				(61,586,671	)

NET ASSETS-100.00%			$	292,895,155

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $191,255,368, which represented 65.30% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-			$109,039,827			$(99,744,430)			$	-		$	-			$9,295,397			$1,635
Invesco Premier U.S. Government Money Portfolio, Institutional Class			2,169,837			2,535,356			(4,705,193	)			-			-			-			16
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,309,287			69,784,496			(53,322,600	)			-			-			19,771,183			1,427	*
Invesco Private Prime Fund			1,103,113			107,776,556			(62,747,417)				1			507			46,132,760			16,986	*

Total		$	6,582,237		$	289,136,235		$	(220,519,640	)		$	1		$	507		$	75,199,340		$	20,064

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

179

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

August 31, 2021

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

180

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.10%
Aerospace & Defense-2.04%
Bombardier, Inc. (Canada), 7.13%, 06/15/2026^(b)(c)	$	1,070,000	$	1,130,187
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026^(b)		340,000		355,300
TransDigm, Inc., 6.38%, 06/15/2026		847,000		880,499

				2,365,986

Airlines-2.56%
Air Canada (Canada), 3.88%, 08/15/2026^(b)		1,080,000		1,088,111
United Airlines, Inc., 4.38%, 04/15/2026^(b)		1,800,000		1,870,884

				2,958,995

Auto Components-1.47%
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026^(c)		356,000		367,125
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026^(c)		861,000		887,639
Tenneco, Inc., 5.00%, 07/15/2026^(c)		448,000		447,440

				1,702,204

Automobiles-4.03%
Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026^(b)		360,000		303,300
Ford Motor Co., 4.35%, 12/08/2026		1,425,000		1,536,998
Ford Motor Credit Co. LLC
4.39%, 01/08/2026		1,040,000		1,116,700
2.70%, 08/10/2026		1,200,000		1,212,540
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		470,000		496,437

				4,665,975

Banks-0.47%
Freedom Mortgage Corp., 7.63%, 05/01/2026^(b)		540,000		541,547

Building Products-0.35%
PGT Innovations, Inc., 6.75%, 08/01/2026^(b)		383,000		402,322

Chemicals-2.11%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026^(b)(c)		350,000		355,721
GCP Applied Technologies, Inc., 5.50%, 04/15/2026^(b)		335,000		343,462
INEOS Quattro Finance 2 PLC (United Kingdom), 3.38%, 01/15/2026^(b)		520,000		527,150
Ingevity Corp., 4.50%, 02/01/2026^(b)		255,000		258,680
Polar US Borrower LLC/Schenectady International Group, Inc., 6.75%, 05/15/2026^(b)		270,000		273,037
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		430,000		454,187
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		223,000		231,363

				2,443,600

Commercial Services & Supplies-2.64%
Cimpress PLC (Ireland), 7.00%, 06/15/2026^(b)		550,000		575,438


	Principal Amount		Value
Commercial Services & Supplies-(continued)
CoreCivic, Inc., 8.25%, 04/15/2026^(c)	$	400,000	$	422,766
CPI CG, Inc., 8.63%, 03/15/2026^(b)		280,000		305,782
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026		355,000		382,956
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026^(b)		461,000		486,931
RR Donnelley & Sons Co., 6.13%, 11/01/2026^(b)		400,000		420,500
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)(c)		451,000		460,205

				3,054,578

Communications Equipment-0.66%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026^(c)		669,000		761,061

Construction & Engineering-0.65%
HC2 Holdings, Inc., 8.50%, 02/01/2026^(b)		320,000		319,675
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026^(b)		425,000		437,219

				756,894

Consumer Finance-2.17%
goeasy Ltd. (Canada), 4.38%, 05/01/2026^(b)		290,000		299,425
Navient Corp., 6.75%, 06/15/2026^(c)		475,000		535,563
OneMain Finance Corp., 7.13%, 03/15/2026		1,432,000		1,673,650

				2,508,638

Containers & Packaging-2.16%
Ball Corp., 4.88%, 03/15/2026^(c)		666,000		748,417
Berry Global, Inc., 4.50%, 02/15/2026^(b)(c)		274,000		279,835
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026		280,000		346,868
Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)(c)		447,000		469,909
LABL, Inc., 6.75%, 07/15/2026^(b)		628,000		660,185

				2,505,214

Distributors-1.09%
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026^(b)		500,000		491,875
Wolverine Escrow LLC, 9.00%, 11/15/2026^(b)		796,000		765,155

				1,257,030

Diversified Consumer Services-0.33%
Graham Holdings Co., 5.75%, 06/01/2026^(b)		367,000		383,073

Diversified Financial Services-1.21%
PHH Mortgage Corp., 7.88%, 03/15/2026^(b)		360,000		357,831
Verscend Escrow Corp., 9.75%, 08/15/2026^(b)(c)		986,000		1,043,928

				1,401,759

Diversified Telecommunication Services-4.40%
Cogent Communications Group, Inc., 3.50%, 05/01/2026^(b)(c)		500,000		510,625

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

181

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	Principal Amount		Value
Diversified Telecommunication Services-(continued)
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026^(b)	$	1,890,000	$	1,963,238
Level 3 Financing, Inc., 5.25%, 03/15/2026		604,000		623,479
Lumen Technologies, Inc., 5.13%, 12/15/2026^(b)(c)		1,121,000		1,160,515
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026^(b)		800,000		833,984

				5,091,841

Electric Utilities-0.67%
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026^(b)		383,000		406,583
Terraform Global Operating LLC, 6.13%, 03/01/2026^(b)		355,000		366,540

				773,123

Energy Equipment & Services-2.40%
Colgate Energy Partners III LLC, 7.75%, 02/15/2026^(b)		300,000		317,728
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/2026^(b)		270,000		277,750
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		1,840,000		1,869,900
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026^(b)(c)		309,000		316,523

				2,781,901

Entertainment-1.58%
AMC Entertainment Holdings, Inc., 10.50%, 04/24/2026^(b)		175,000		186,594
Cinemark USA, Inc., 5.88%, 03/15/2026^(b)(c)		350,000		348,688
Live Nation Entertainment, Inc., 5.63%, 03/15/2026^(b)		267,000		278,574
Netflix, Inc., 4.38%, 11/15/2026^(c)		895,000		1,013,726

				1,827,582

Equity REITs-4.12%
GEO Group, Inc. (The), 6.00%, 04/15/2026		310,000		262,337
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026^(b)		900,000		918,270
iStar, Inc., 5.50%, 02/15/2026		360,000		377,550
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 09/01/2026^(c)		476,000		519,266
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		950,000		1,007,000
RLJ Lodging Trust L.P., 3.75%, 07/01/2026^(b)(c)		500,000		505,000
VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026^(b)		1,126,000		1,184,178

				4,773,601

Food & Staples Retailing-1.61%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026^(b)		666,000		684,315


	Principal Amount		Value
Food & Staples Retailing-(continued)
Rite Aid Corp., 8.00%, 11/15/2026^(b)	$	755,000	$	779,462
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026^(b)(c)		400,000		401,500

				1,865,277

Food Products-1.30%
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026^(b)		400,000		412,388
H-Food Holdings LLC/Hearthside Finance Co., Inc., 8.50%, 06/01/2026^(b)		310,000		319,906
Lamb Weston Holdings, Inc., 4.88%, 11/01/2026^(b)		748,000		770,348

				1,502,642

Gas Utilities-0.98%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		598,000		673,497
Independence Energy Finance LLC, 7.25%, 05/01/2026^(b)		450,000		455,065

				1,128,562

Health Care Providers & Services-2.52%
Encompass Health Corp., 4.63%, 04/01/2031		360,000		386,485
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)(c)		280,000		291,474
Tenet Healthcare Corp., 4.88%, 01/01/2026^(b)		1,879,000		1,951,436
US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)		275,000		286,344

				2,915,739

Hotels, Restaurants & Leisure-4.52%
CCM Merger, Inc., 6.38%, 05/01/2026^(b)		250,000		264,063
CEC Entertainment LLC, 6.75%, 05/01/2026^(b)		580,000		575,464
IRB Holding Corp., 6.75%, 02/15/2026^(b)(c)		429,000		441,870
Life Time, Inc., 5.75%, 01/15/2026^(b)		880,000		903,100
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026		229,000		237,095
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026^(b)		400,000		413,500
MGM Resorts International, 4.63%, 09/01/2026		357,000		377,188
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		1,060,000		1,113,392
Raptor Acquisition Corp./Raptor Co-Issuer LLC (Canada), 4.88%, 11/01/2026^(b)		300,000		304,290
Travel + Leisure Co., 6.63%, 07/31/2026^(b)		530,000		599,563

				5,229,525

Household Durables-2.46%
Newell Brands, Inc., 4.70%, 04/01/2026		1,782,000		1,993,612
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026^(b)		820,000		858,975

				2,852,587

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

182

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

August 31, 2021


	Principal Amount		Value
Household Products-0.38%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026^(b)(c)	$	440,000	$	438,456

Independent Power and Renewable Electricity Producers-1.01%
Calpine Corp., 5.25%, 06/01/2026^(b)		818,000		844,585
Clearway Energy Operating LLC, 5.00%, 09/15/2026		317,000		325,873

				1,170,458

Industrial Conglomerates-1.03%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026		1,128,000		1,190,040

Insurance-1.33%
HUB International Ltd., 7.00%, 05/01/2026^(b)(c)		1,491,000		1,544,452

Interactive Media & Services-0.36%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)(c)		400,000		415,920

IT Services-1.17%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026^(b)		407,000		422,657
Square, Inc., 2.75%, 06/01/2026^(b)(c)		900,000		925,677

				1,348,334

Leisure Products-0.60%
Party City Holdings, Inc., 8.75%, 02/15/2026^(b)(c)		670,000		699,313

Life Sciences Tools & Services-1.25%
IQVIA, Inc., 5.00%, 10/15/2026^(b)		1,000,000		1,031,250
PRA Health Sciences, Inc., 2.88%, 07/15/2026^(b)		400,000		409,556

				1,440,806

Machinery-0.72%
SPX FLOW, Inc., 5.88%, 08/15/2026^(b)		221,000		227,493
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026^(b)(c)		585,000		601,936

				829,429

Media-5.48%
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026^(b)		270,000		275,076
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026^(b)		1,043,000		1,075,708
DISH DBS Corp., 7.75%, 07/01/2026^(c)		1,790,000		2,052,593
Gray Television, Inc., 5.88%, 07/15/2026^(b)(c)		629,000		649,414
Meredith Corp., 6.88%, 02/01/2026		677,000		702,387
National CineMedia LLC, 5.75%, 08/15/2026^(c)		210,000		157,763
Sinclair Television Group, Inc., 5.88%, 03/15/2026^(b)(c)		303,000		310,575
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026^(b)		275,000		280,858
Summer BC Bidco LLC, 5.50%, 10/31/2026^(b)		400,000		406,000
Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026^(b)		450,000		432,729

				6,343,103


	Principal Amount		Value
Metals & Mining-2.97%
Alcoa Nederland Holding B.V., 7.00%, 09/30/2026^(b)	$	510,000	$	533,490
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026^(b)(c)		492,000		523,953
Cleveland-Cliffs, Inc., 4.88%, 03/01/2031^(b)(c)		450,000		484,675
Constellium SE, 5.88%, 02/15/2026^(b)(c)		750,000		770,662
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026^(b)		209,000		221,008
Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026^(b)(c)		360,000		370,732
United States Steel Corp., 6.25%, 03/15/2026^(c)		512,000		527,990

				3,432,510

Mortgage REITs-0.31%
Starwood Property Trust, Inc., 3.63%, 07/15/2026^(b)		360,000		362,700

Multiline Retail-0.25%
99 Escrow Issuer, Inc., 7.50%, 01/15/2026^(b)(c)		310,000		292,563

Oil, Gas & Consumable Fuels-16.32%
Berry Petroleum Co. LLC, 7.00%, 02/15/2026^(b)		309,000		307,059
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026^(b)(c)		256,000		267,200
Buckeye Partners L.P., 3.95%, 12/01/2026		543,000		561,402
California Resources Corp., 7.13%, 02/01/2026^(b)(c)		480,000		504,134
Callon Petroleum Co., 6.38%, 07/01/2026^(c)		270,000		252,315
Centennial Resource Production LLC, 5.38%, 01/15/2026^(b)		40,000		37,759
Cheniere Energy Partners L.P.
5.63%, 10/01/2026		1,028,000		1,065,162
4.00%, 03/01/2031^(b)		1,340,000		1,412,025
CITGO Petroleum Corp., 6.38%, 06/15/2026^(b)		680,000		691,081
CNX Midstream Partners L.P./CNX Midstream Finance Corp., 6.50%, 03/15/2026^(b)		359,000		369,339
Endeavor Energy Resources L.P./EER Finance, Inc., 5.50%, 01/30/2026^(b)		415,000		430,135
EnLink Midstream Partners L.P., 4.85%, 07/15/2026		445,000		463,686
EQM Midstream Partners L.P., 4.13%, 12/01/2026		450,000		459,432
EQT Corp., 3.13%, 05/15/2026^(b)		450,000		462,938
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		319,000		307,436
Gulfport Energy Operating Corp., 8.00%, 05/17/2026		500,000		532,500
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		707,000		735,011
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031^(b)		550,000		565,813
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026^(b)		354,000		365,070

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

183

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August 31, 2021


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026^(b)	$	630,000	$	539,041
New Fortress Energy, Inc., 6.50%, 09/30/2026^(b)		1,300,000		1,308,385
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026^(b)(c)		470,000		493,401
Oasis Petroleum, Inc., 6.38%, 06/01/2026^(b)		340,000		355,300
Occidental Petroleum Corp.
5.55%, 03/15/2026		892,000		995,695
3.40%, 04/15/2026		967,000		994,801
PDC Energy, Inc., 5.75%, 05/15/2026^(c)		667,000		693,413
SM Energy Co., 6.75%, 09/15/2026^(c)		330,000		332,066
Southwestern Energy Co., 7.50%, 04/01/2026^(c)		295,000		313,069
Talos Production, Inc., 12.00%, 01/15/2026		550,000		568,598
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
5.88%, 04/15/2026		740,000		775,150
4.88%, 02/01/2031^(c)		950,000		1,034,597
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026		200,000		205,657
Western Midstream Operating L.P., 4.65%, 07/01/2026		461,000		497,534

				18,896,204

Personal Products-1.15%
Coty, Inc.
5.00%, 04/15/2026^(b)		800,000		825,776
6.50%, 04/15/2026^(b)(c)		490,000		505,925

				1,331,701

Pharmaceuticals-0.25%
Lannett Co., Inc., 7.75%, 04/15/2026^(b)(c)		310,000		291,248

Real Estate Management & Development-0.31%
Forestar Group, Inc., 3.85%, 05/15/2026^(b)(c)		360,000		363,150

Software-2.56%
ACI Worldwide, Inc., 5.75%, 08/15/2026^(b)		292,000		306,505
Banff Merger Sub, Inc., 9.75%, 09/01/2026^(b)		1,316,000		1,381,800
Boxer Parent Co., Inc., 9.13%, 03/01/2026^(b)		310,000		325,574
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/2026^(b)		56,000		59,172
Fair Isaac Corp., 5.25%, 05/15/2026^(b)		362,000		413,600
Nuance Communications, Inc., 5.63%, 12/15/2026		463,000		481,073

				2,967,724

Specialty Retail-1.45%
Guitar Center, Inc., 8.50%, 01/15/2026^(b)		310,000		330,538
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026^(b)		660,000		689,040
Specialty Building Products Holdings LLC/ SBP Finance Corp., 6.38%, 09/30/2026^(b)		630,000		663,862

				1,683,440


	Principal Amount		Value
Textiles, Apparel & Luxury Goods-1.24%
Hanesbrands, Inc., 4.88%, 05/15/2026^(b)(c)	$	809,000	$	883,832
Under Armour, Inc., 3.25%, 06/15/2026^(c)		534,000		556,052

				1,439,884

Thrifts & Mortgage Finance-0.37%
Home Point Capital, Inc., 5.00%, 02/01/2026^(b)		490,000		424,463

Tobacco-0.19%
Turning Point Brands, Inc., 5.63%, 02/15/2026^(b)		210,000		220,553

Trading Companies & Distributors-0.53%
Alta Equipment Group, Inc., 5.63%, 04/15/2026^(b)		300,000		308,625
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026^(b)(c)		293,000		305,819

				614,444

Water Utilities-0.49%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026^(b)(c)		532,000		564,641

Wireless Telecommunication Services-3.88%
Sprint Corp., 7.63%, 03/01/2026^(c)		1,194,000		1,473,635
T-Mobile USA, Inc.
2.25%, 02/15/2026^(c)		1,250,000		1,278,125
2.25%, 02/15/2026^(b)(c)		700,000		715,750
2.63%, 04/15/2026		1,000,000		1,028,750

				4,496,260

Total U.S. Dollar Denominated Bonds & Notes (Cost $109,932,437)				111,253,052


Variable Rate Senior Loan Interests-0.05%
Media-0.05%
McClatchy Co. (The), 10.00%, 07/15/2026^(d) (Cost $49,488)		53,626		52,952


	Shares
Money Market Funds-2.44%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f) (Cost $2,830,545)		2,830,545		2,830,545

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.59% (Cost $112,812,470)				114,136,549


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.80%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		8,613,013		8,613,013

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

184

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

August 31, 2021


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		20,088,994	$	20,097,030

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,710,043)				28,710,043

TOTAL INVESTMENTS IN SECURITIES-123.39% (Cost $141,522,513)				142,846,592
OTHER ASSETS LESS LIABILITIES-(23.39)%				(27,078,789	)

NET ASSETS-100.00%			$	115,767,803

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $73,410,438, which represented 63.41% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

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

^(e)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	29,526,925		$	(26,696,380	)		$	-		$	-		$	2,830,545		$	340

Invesco Premier U.S. Government Money Portfolio, Institutional Class			396,085			325,218			(721,303	)			-			-			-			2

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,511,325			32,675,800			(25,574,112	)			-			-			8,613,013			517	*

Invesco Private Prime Fund			503,790			52,818,300			(33,225,138	)			-			78			20,097,030			6,249	*



Total		$	2,411,200		$	115,346,243		$	(86,216,933	)		$	-		$	78		$	31,540,588		$	7,108

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

185

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August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.09%
Aerospace & Defense-1.54%
Moog, Inc., 4.25%, 12/15/2027^(b)	$	225,000	$	231,469
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027^(b)		400,000		439,234

				670,703

Auto Components-1.59%
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc.
5.75%, 07/15/2027^(b)(c)		183,000		191,235
5.75%, 07/15/2027^(b)		155,000		161,868
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027^(c)		315,000		338,606

				691,709

Automobiles-4.44%
Allison Transmission, Inc., 4.75%, 10/01/2027^(b)		185,000		194,158
Ford Motor Credit Co. LLC
4.27%, 01/09/2027		425,000		455,596
4.13%, 08/17/2027^(c)		600,000		642,099
3.82%, 11/02/2027^(c)		400,000		421,612
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027^(b)(c)		220,000		216,492

				1,929,957

Building Products-0.80%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027^(b)		157,000		163,483
JELD-WEN, Inc., 4.88%, 12/15/2027^(b)		178,000		185,796

				349,279

Capital Markets-0.67%
APX Group, Inc., 6.75%, 02/15/2027^(b)		275,000		293,563

Chemicals-4.31%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027^(b)		300,000		315,375
Chemours Co. (The), 5.38%, 05/15/2027^(c)		225,000		244,698
HB Fuller Co., 4.00%, 02/15/2027		145,000		150,521
Hexion, Inc., 7.88%, 07/15/2027^(b)		223,000		237,221
Methanex Corp. (Canada), 5.13%, 10/15/2027^(c)		320,000		348,920
Olin Corp., 5.13%, 09/15/2027		226,000		235,040
WR Grace & Co.-Conn, 4.88%, 06/15/2027^(b)(c)		330,000		342,787

				1,874,562

Commercial Services & Supplies-4.98%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027^(b)(c)		472,000		516,840
Brink’s Co. (The), 4.63%, 10/15/2027^(b)		275,000		289,184
CoreCivic, Inc., 4.75%, 10/15/2027		70,000		64,721
Garda World Security Corp. (Canada), 4.63%, 02/15/2027^(b)		260,000		260,975
Harsco Corp., 5.75%, 07/31/2027^(b)		226,000		234,757
Pitney Bowes, Inc., 6.88%, 03/15/2027^(b)		210,000		223,913


	Principal Amount		Value
Commercial Services & Supplies-(continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027^(b)(c)	$	455,000	$	439,644
RR Donnelley & Sons Co., 8.25%, 07/01/2027		120,000		136,945

				2,166,979

Communications Equipment-0.78%
CommScope Technologies LLC, 5.00%, 03/15/2027^(b)(c)		344,000		339,604

Construction & Engineering-1.16%
AECOM, 5.13%, 03/15/2027		452,000		505,512

Consumer Finance-1.55%
Navient Corp., 5.00%, 03/15/2027		303,000		318,597
OneMain Finance Corp., 3.50%, 01/15/2027		350,000		354,728

				673,325

Containers & Packaging-2.22%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027^(b)		450,000		466,312
Graphic Packaging International LLC, 4.75%, 07/15/2027^(b)		135,000		146,025
Pactiv LLC, 8.38%, 04/15/2027		100,000		115,805
Sealed Air Corp., 4.00%, 12/01/2027^(b)		222,000		238,445

				966,587

Distributors-0.57%
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027^(b)(c)		250,000		250,313

Diversified Consumer Services-0.98%
Sotheby’s, 7.38%, 10/15/2027^(b)(c)		400,000		424,920

Diversified Financial Services-0.40%
LPL Holdings, Inc., 4.63%, 11/15/2027^(b)		167,000		173,270

Diversified Telecommunication Services-3.27%
Cablevision Lightpath LLC, 3.88%, 09/15/2027^(b)		200,000		198,040
Frontier Communications Holdings LLC, 5.88%, 10/15/2027^(b)		521,000		555,822
Zayo Group Holdings, Inc., 4.00%, 03/01/2027^(b)		675,000		668,233

				1,422,095

Electric Utilities-3.80%
FirstEnergy Corp., Series B, 4.40%, 07/15/2027		677,000		760,632
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027^(b)(c)		256,000		277,220
Vistra Operations Co. LLC, 5.00%, 07/31/2027^(b)		593,000		616,038

				1,653,890

Electrical Equipment-0.34%
EnerSys, 4.38%, 12/15/2027^(b)		140,000		147,348

Energy Equipment & Services-2.00%
CGG S.A. (France), 8.75%, 04/01/2027^(b)		200,000		194,760

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

186

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

August 31, 2021


	Principal Amount		Value
Energy Equipment & Services-(continued)
Transocean, Inc., 11.50%, 01/30/2027^(b)	$	310,000	$	312,679
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		345,000		361,791

				869,230

Entertainment-1.67%
Live Nation Entertainment, Inc., 4.75%, 10/15/2027^(b)(c)		433,000		440,469
Scripps Escrow, Inc., 5.88%, 07/15/2027^(b)(c)		278,000		285,726

				726,195

Equity REITs-5.72%
Iron Mountain, Inc., 4.88%, 09/15/2027^(b)(c)		458,000		477,465
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.75%, 02/01/2027^(c)		344,000		396,520
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		314,000		327,530
SBA Communications Corp., 3.88%, 02/15/2027^(c)		679,000		706,520
Service Properties Trust, 5.50%, 12/15/2027^(c)		206,000		221,194
VICI Properties L.P./VICI Note Co., Inc., 3.75%, 02/15/2027^(b)		344,000		358,190

				2,487,419

Food & Staples Retailing-2.81%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027^(b)		579,000		613,740
Performance Food Group, Inc., 5.50%, 10/15/2027^(b)		484,000		504,570
Rite Aid Corp., 7.70%, 02/15/2027		110,000		105,775

				1,224,085

Gas Utilities-0.65%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		251,000		282,760

Health Care Providers & Services-3.62%
Community Health Systems, Inc., 8.00%, 12/15/2027^(b)		315,000		347,288
Legacy LifePoint Health LLC, 4.38%, 02/15/2027^(b)		275,000		274,656
Tenet Healthcare Corp., 5.13%, 11/01/2027^(b)		678,000		714,442
US Renal Care, Inc., 10.63%, 07/15/2027^(b)		227,000		238,591

				1,574,977

Hotels, Restaurants & Leisure-9.76%
Academy Ltd., 6.00%, 11/15/2027^(b)(c)		160,000		171,648
Affinity Gaming, 6.88%, 12/15/2027^(b)(c)		230,000		244,616
Boyd Gaming Corp., 4.75%, 12/01/2027^(c)		452,000		466,690
Carnival Corp., 5.75%, 03/01/2027^(b)		1,590,000		1,628,232
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027		231,000		237,064
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/2027^(b)		411,000		439,770


	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Penn National Gaming, Inc., 5.63%, 01/15/2027^(b)	$	183,000	$	189,634
Six Flags Entertainment Corp., 5.50%, 04/15/2027^(b)(c)		230,000		238,337
Travel + Leisure Co., Series J, 6.00%, 04/01/2027		185,000		204,940
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027^(b)(c)		403,000		423,710

				4,244,641

Household Durables-1.64%
Beazer Homes USA, Inc., 5.88%, 10/15/2027^(c)		166,000		175,254
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027^(b)		226,000		235,899
Meritage Homes Corp., 5.13%, 06/06/2027		135,000		152,884
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		138,000		150,013

				714,050

Household Products-1.60%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027^(b)(c)		250,000		243,504
Reynolds Group Issuer, Inc./LLC, 4.00%, 10/15/2027^(b)		452,000		452,409

				695,913

Industrial Conglomerates-1.56%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		651,000		677,043

Insurance-0.58%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/2027^(b)(c)		251,000		251,941

Interactive Media & Services-3.27%
Match Group Holdings II LLC, 5.00%, 12/15/2027^(b)		206,000		216,908
Nexstar Media, Inc., 5.63%, 07/15/2027^(b)		813,000		864,715
Twitter, Inc., 3.88%, 12/15/2027^(b)(c)		315,000		340,491

				1,422,114

Machinery-2.41%
Granite US Holdings Corp., 11.00%, 10/01/2027^(b)(c)		138,000		153,525
Park-Ohio Industries, Inc., 6.63%, 04/15/2027		157,000		155,972
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), 5.25%, 07/15/2027^(b)		700,000		740,474

				1,049,971

Media-4.41%
Belo Corp.
7.75%, 06/01/2027		90,000		106,170
7.25%, 09/15/2027		116,000		136,814
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027^(b)		567,000		584,350
Sinclair Television Group, Inc., 5.13%, 02/15/2027^(b)(c)		185,000		179,972

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

187

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

August 31, 2021


	Principal Amount		Value
Media-(continued)
Telesat Canada/Telesat LLC (Canada)
4.88%, 06/01/2027^(b)	$	217,000	$	200,601
6.50%, 10/15/2027^(b)		266,000		225,095
Terrier Media Buyer, Inc., 8.88%, 12/15/2027^(b)(c)		455,000		485,144

				1,918,146

Mortgage REITs-0.75%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027^(b)		326,000		328,037

Oil, Gas & Consumable Fuels-11.13%
Apache Corp., 4.88%, 11/15/2027		344,000		376,487
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027^(b)		157,000		209,108
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027^(b)(c)		250,000		245,925
DCP Midstream Operating L.P., 5.63%, 07/15/2027		216,000		245,776
EQM Midstream Partners L.P., 6.50%, 07/01/2027^(b)		413,000		460,002
EQT Corp., 3.90%, 10/01/2027^(c)		569,000		615,112
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		480,000		477,254
Murphy Oil Corp., 5.88%, 12/01/2027^(c)		245,000		255,106
NuStar Logistics L.P., 5.63%, 04/28/2027		246,000		261,985
Occidental Petroleum Corp.
3.00%, 02/15/2027		343,000		344,407
8.50%, 07/15/2027		224,000		282,924
Parkland Corp. (Canada), 5.88%, 07/15/2027^(b)		226,000		241,086
SM Energy Co., 6.63%, 01/15/2027^(c)		200,000		201,252
Southwestern Energy Co., 7.75%, 10/01/2027^(c)		159,000		172,316
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027^(b)		223,000		231,090
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.38%, 02/01/2027		216,000		223,560

				4,843,390

Pharmaceuticals-3.68%
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027^(b)(c)		470,000		461,244
Horizon Therapeutics USA, Inc., 5.50%, 08/01/2027^(b)		200,000		212,250
Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		917,000		929,609

				1,603,103

Professional Services-0.98%
AMN Healthcare, Inc., 4.63%, 10/01/2027^(b)		226,000		235,888
Korn Ferry, 4.63%, 12/15/2027^(b)		183,000		189,710

				425,598


	Principal Amount		Value
Software-1.01%
LogMeIn, Inc., 5.50%, 09/01/2027^(b)	$	422,000	$	438,352

Specialty Retail-1.32%
Carvana Co., 5.50%, 04/15/2027^(b)		270,000		279,013
Lithia Motors, Inc., 4.63%, 12/15/2027^(b)		170,000		180,412
Sonic Automotive, Inc., 6.13%, 03/15/2027		110,000		114,675

				574,100

Technology Hardware, Storage & Peripherals-1.57%
NCR Corp., 5.75%, 09/01/2027^(b)(c)		239,000		253,053
Presidio Holdings, Inc., 4.88%, 02/01/2027^(b)(c)		201,000		208,286
Seagate HDD Cayman, 4.88%, 06/01/2027^(c)		198,000		221,816

				683,155

Thrifts & Mortgage Finance-0.67%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027^(b)		275,000		290,125

Trading Companies & Distributors-1.88%
Herc Holdings, Inc., 5.50%, 07/15/2027^(b)		548,000		578,387
Univar Solutions USA, Inc., 5.13%, 12/01/2027^(b)		230,000		240,637

				819,024

Total U.S. Dollar Denominated Bonds & Notes (Cost $42,359,463)				42,676,985


	Shares
Money Market Funds-0.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $228,494)		228,494		228,494

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.62% (Cost $42,587,957)				42,905,479


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.36%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		3,310,687		3,310,687
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		7,721,847		7,724,936

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,035,623)				11,035,623

TOTAL INVESTMENTS IN SECURITIES-123.98% (Cost $53,623,580)				53,941,102
OTHER ASSETS LESS LIABILITIES-(23.98)%				(10,432,602	)

NET ASSETS-100.00%			$	43,508,500

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

188

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August 31, 2021

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $28,925,349, which represented 66.48% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,610,150		$	(7,381,656	)		$	-		$	-		$	228,494		$	50

Invesco Premier U.S. Government Money Portfolio, Institutional Class			41,482			74,099			(115,581	)			-			-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			137,046			16,943,867			(13,770,226	)			-			-			3,310,687			227	*

Invesco Private Prime Fund			45,688			26,881,081			(19,201,875	)			-			42			7,724,936			2,718	*


Total		$	224,216		$	51,509,197		$	(40,469,338	)		$	-		$	42		$	11,264,117		$	2,995

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

189

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.29%
Aerospace & Defense-0.81%
BWX Technologies, Inc., 4.13%, 06/30/2028^(b)	$	52,000	$	53,495
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		72,000		70,470

				123,965

Airlines-0.55%
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028^(b)		82,000		84,904

Auto Components-1.22%
ANGI Group LLC, 3.88%, 08/15/2028^(b)(c)		61,000		60,013
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028^(b)		60,000		61,979
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028^(b)		61,000		65,041

				187,033

Automobiles-1.93%
Ford Motor Co., 6.63%, 10/01/2028		75,000		89,720
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028^(b)		200,000		206,510

				296,230

Banks-0.42%
CIT Group, Inc., 6.13%, 03/09/2028		52,000		63,862

Biotechnology-0.30%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028^(b)		47,000		45,887

Capital Markets-1.74%
NFP Corp.
4.88%, 08/15/2028^(b)		40,000		40,750
6.88%, 08/15/2028^(b)		221,000		227,078

				267,828

Chemicals-3.64%
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028^(b)		70,000		71,663
Element Solutions, Inc., 3.88%, 09/01/2028^(b)		102,000		104,172
HB Fuller Co., 4.25%, 10/15/2028		41,000		41,952
Ingevity Corp., 3.88%, 11/01/2028^(b)		65,000		65,327
Innophos Holdings, Inc., 9.38%, 02/15/2028^(b)		25,000		27,116
Minerals Technologies, Inc., 5.00%, 07/01/2028^(b)		52,000		54,555
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028^(b)		150,000		151,283
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028^(b)		41,000		42,546

				558,614

Commercial Services & Supplies-3.68%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.63%, 06/01/2028^(b)		200,000		201,125
GFL Environmental, Inc. (Canada)
4.00%, 08/01/2028^(b)(c)		51,000		50,682
3.50%, 09/01/2028^(b)		100,000		99,915
Madison IAQ LLC, 4.13%, 06/30/2028^(b)		85,000		85,597
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028^(b)		133,000		127,171

				564,490


	Principal Amount		Value
Communications Equipment-1.13%
Avaya, Inc., 6.13%, 09/15/2028^(b)	$	122,000	$	128,863
ViaSat, Inc., 6.50%, 07/15/2028^(b)(c)		42,000		44,354

				173,217

Construction & Engineering-0.90%
MasTec, Inc., 4.50%, 08/15/2028^(b)		72,000		75,873
Pike Corp., 5.50%, 09/01/2028^(b)		61,000		62,067

				137,940

Consumer Finance-1.01%
FirstCash, Inc., 4.63%, 09/01/2028^(b)		71,000		73,925
Navient Corp., 4.88%, 03/15/2028		80,000		81,517

				155,442

Containers & Packaging-3.29%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)		200,000		201,750
Graham Packaging Co., Inc., 7.13%, 08/15/2028^(b)		80,000		85,381
Graphic Packaging International LLC, 3.50%, 03/15/2028^(b)		50,000		50,706
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028^(b)(c)		90,000		94,162
Silgan Holdings, Inc., 4.13%, 02/01/2028		70,000		72,533

				504,532

Diversified Consumer Services-0.67%
Adtalem Global Education, Inc., 5.50%, 03/01/2028^(b)		100,000		102,502

Diversified Financial Services-0.41%
AG Issuer LLC, 6.25%, 03/01/2028^(b)		62,000		63,473

Diversified Telecommunication Services-9.70%
Altice France Holding S.A. (Luxembourg), 6.00%, 02/15/2028^(b)(c)		200,000		198,955
Altice France S.A. (France), 5.50%, 01/15/2028^(b)		200,000		206,000
Consolidated Communications, Inc.
5.00%, 10/01/2028^(b)(c)		50,000		51,418
6.50%, 10/01/2028^(b)		97,000		106,215
Frontier Communications Holdings LLC, 5.00%, 05/01/2028^(b)		188,000		196,695
Level 3 Financing, Inc., 4.25%, 07/01/2028^(b)		143,000		144,889
Lumen Technologies, Inc., Series G, 6.88%, 01/15/2028		50,000		56,272
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028^(b)		122,000		124,593
Switch Ltd., 3.75%, 09/15/2028^(b)		91,000		92,702
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028^(b)(c)		173,000		178,949
Zayo Group Holdings, Inc., 6.13%, 03/01/2028^(b)		130,000		132,437

				1,489,125

Electric Utilities-1.97%
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028^(b)		65,000		67,927

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

190

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

August 31, 2021


	Principal Amount		Value
Electric Utilities-(continued)
PG&E Corp., 5.00%, 07/01/2028	$	140,000	$	139,151
Talen Energy Supply LLC
6.63%, 01/15/2028^(b)(c)		60,000		51,578
7.63%, 06/01/2028^(b)(c)		51,000		44,198

				302,854

Electronic Equipment, Instruments & Components-0.26%
Austin BidCo, Inc., 7.13%, 12/15/2028^(b)		40,000		40,600

Energy Equipment & Services-1.37%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028^(b)		102,000		104,040
Bristow Group, Inc., 6.88%, 03/01/2028^(b)		50,000		52,545
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		50,000		53,062

				209,647

Entertainment-2.48%
Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028^(b)		31,000		30,001
Live Nation Entertainment, Inc., 3.75%, 01/15/2028^(b)(c)		60,000		60,091
Netflix, Inc., 5.88%, 11/15/2028		234,000		290,461

				380,553

Equity REITs-3.33%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		50,000		51,444
Diversified Healthcare Trust, 4.75%, 02/15/2028		62,000		62,872
Iron Mountain, Inc.
5.25%, 03/15/2028^(b)(c)		104,000		109,330
5.00%, 07/15/2028^(b)(c)		62,000		64,867
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.50%, 01/15/2028		47,000		51,655
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028^(b)		84,000		89,565
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/2028^(b)		80,000		81,800

				511,533

Food & Staples Retailing-2.69%
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)		41,000		40,644
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)		250,000		260,625
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		43,000		45,204
United Natural Foods, Inc., 6.75%, 10/15/2028^(b)		61,000		65,956

				412,429

Food Products-2.33%
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028^(b)		53,000		55,133
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028^(b)		62,000		69,045
Post Holdings, Inc., 5.63%, 01/15/2028^(b)		116,000		122,235


	Principal Amount		Value
Food Products-(continued)
TKC Holdings, Inc., 6.88%, 05/15/2028^(b)	$	50,000	$	52,062
TreeHouse Foods, Inc., 4.00%, 09/01/2028		61,000		58,871

				357,346

Health Care Providers & Services-2.11%
Tenet Healthcare Corp., 6.13%, 10/01/2028^(b)		306,000		323,595

Hotels, Restaurants & Leisure-5.90%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028^(b)		88,000		89,430
Aramark Services, Inc., 5.00%, 02/01/2028^(b)(c)		138,000		143,667
Carnival Corp., 4.00%, 08/01/2028^(b)		300,000		301,997
Churchill Downs, Inc., 4.75%, 01/15/2028^(b)		82,000		85,858
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028		47,000		47,764
MGM Resorts International, 4.75%, 10/15/2028^(c)		87,000		91,467
Station Casinos LLC, 4.50%, 02/15/2028^(b)		81,000		81,911
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028^(b)		62,000		64,234

				906,328

Household Durables-1.52%
CP Atlas Buyer, Inc., 7.00%, 12/01/2028^(b)		74,000		75,573
M/I Homes, Inc., 4.95%, 02/01/2028		42,000		44,050
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		46,000		50,982
Williams Scotsman International, Inc., 4.63%, 08/15/2028^(b)		60,000		62,325

				232,930

Household Products-0.48%
Energizer Holdings, Inc., 4.75%, 06/15/2028^(b)		72,000		74,070

Independent Power and Renewable Electricity Producers-3.40%
Calpine Corp.
4.50%, 02/15/2028^(b)		158,000		162,937
5.13%, 03/15/2028^(b)		173,000		176,244
Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)		89,000		94,336
TerraForm Power Operating LLC, 5.00%, 01/31/2028^(b)		82,000		88,691

				522,208

Interactive Media & Services-2.15%
Cars.com, Inc., 6.38%, 11/01/2028^(b)		51,000		54,430
Match Group Holdings II LLC, 4.63%, 06/01/2028^(b)		62,000		64,818
Nexstar Media, Inc., 4.75%, 11/01/2028^(b)(c)		122,000		127,005
Rackspace Technology Global, Inc., 5.38%, 12/01/2028^(b)(c)		85,000		84,245

				330,498

Internet & Direct Marketing Retail-0.26%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/2028^(b)(c)		40,000		39,861

IT Services-3.49%
Ahead DB Holdings LLC, 6.63%, 05/01/2028^(b)		50,000		50,937
Arches Buyer, Inc., 4.25%, 06/01/2028^(b)		82,000		83,437

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

191

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

August 31, 2021


	Principal Amount		Value
IT Services-(continued)
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028^(b)	$	90,000	$	92,885
Clarivate Science Holdings Corp., 3.88%, 07/01/2028^(b)		100,000		101,788
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028^(b)		200,000		206,750

				535,797

Machinery-1.33%
ATS Automation Tooling Systems, Inc. (Canada), 4.13%, 12/15/2028^(b)		60,000		61,903
GrafTech Finance, Inc., 4.63%, 12/15/2028^(b)		50,000		51,062
Meritor, Inc., 4.50%, 12/15/2028^(b)		38,000		38,812
Titan International, Inc., 7.00%, 04/30/2028^(b).		50,000		52,323

				204,100

Media-6.38%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028^(b)		99,000		103,579
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028^(b)(c)		120,000		125,286
DISH DBS Corp., 7.38%, 07/01/2028^(c)		122,000		131,440
GCI LLC, 4.75%, 10/15/2028^(b)		104,000		109,200
iHeartCommunications, Inc., 4.75%, 01/15/2028^(b)		60,000		62,025
Lamar Media Corp., 3.75%, 02/15/2028		71,000		73,038
National CineMedia LLC, 5.88%, 04/15/2028^(b)		42,000		37,144
TEGNA, Inc., 4.63%, 03/15/2028		122,000		126,640
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028^(b)		200,000		211,340

				979,692

Metals & Mining-0.63%
Century Aluminum Co., 7.50%, 04/01/2028^(b)		30,000		31,868
Kaiser Aluminum Corp., 4.63%, 03/01/2028^(b)		62,000		64,405

				96,273

Oil, Gas & Consumable Fuels-5.35%
Apache Corp., 4.38%, 10/15/2028		121,000		130,728
CVR Energy, Inc., 5.75%, 02/15/2028^(b)		42,000		41,536
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028^(b)(c)		95,000		95,470
EnLink Midstream LLC, 5.63%, 01/15/2028^(b)		60,000		62,788
EQM Midstream Partners L.P., 5.50%, 07/15/2028		97,000		105,973
Hess Midstream Operations L.P., 5.13%, 06/15/2028^(b)		67,000		70,266
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		62,000		63,336
Laredo Petroleum, Inc., 10.13%, 01/15/2028		40,000		42,152
Murphy Oil Corp., 6.38%, 07/15/2028^(c)		70,000		73,763
Occidental Petroleum Corp., 6.38%, 09/01/2028		71,000		84,121
SM Energy Co., 6.50%, 07/15/2028		50,000		50,306

				820,439

Paper & Forest Products-0.19%
Clearwater Paper Corp., 4.75%, 08/15/2028^(b)		28,000		28,783


	Principal Amount		Value
Pharmaceuticals-4.35%
Bausch Health Cos., Inc.
5.00%, 01/30/2028^(b)	$	148,000	$	141,416
4.88%, 06/01/2028^(b)		200,000		205,750
Elanco Animal Health, Inc., 5.90%, 08/28/2028		75,000		87,909
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028^(b)		225,000		232,414

				667,489

Professional Services-1.47%
ASGN, Inc., 4.63%, 05/15/2028^(b)		67,000		70,033
KBR, Inc., 4.75%, 09/30/2028^(b)		26,000		26,498
Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/01/2028^(b)		122,000		128,405

				224,936

Real Estate Management & Development-0.21%
Forestar Group, Inc., 5.00%, 03/01/2028^(b)		31,000		32,046

Semiconductors & Semiconductor Equipment-0.63%
ON Semiconductor Corp., 3.88%, 09/01/2028^(b)		92,000		96,029

Software-2.24%
Black Knight InfoServ LLC, 3.63%, 09/01/2028^(b)		122,000		123,677
Castle US Holding Corp., 9.50%, 02/15/2028^(b)		45,000		47,126
Fair Isaac Corp., 4.00%, 06/15/2028^(b)		46,000		47,668
MicroStrategy, Inc., 6.13%, 06/15/2028^(b)(c)		60,000		61,796
PTC, Inc., 4.00%, 02/15/2028^(b)		62,000		64,170

				344,437

Specialty Retail-3.98%
Ambience Merger Sub, Inc., 4.88%, 07/15/2028^(b)		40,000		40,283
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		51,000		53,094
Bath & Body Works, Inc., 5.25%, 02/01/2028		52,000		58,315
Carvana Co., 5.88%, 10/01/2028^(b)(c)		71,000		74,195
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		66,000		67,258
Ken Garff Automotive LLC, 4.88%, 09/15/2028^(b)		30,000		30,988
Michaels Cos., Inc. (The), 5.25%, 05/01/2028^(b)		100,000		102,750
SRS Distribution, Inc., 4.63%, 07/01/2028^(b)		80,000		82,540
White Cap Buyer LLC, 6.88%, 10/15/2028^(b)		95,000		101,175

				610,598

Technology Hardware, Storage & Peripherals-1.59%
Dell, Inc., 7.10%, 04/15/2028		41,000		53,159
NCR Corp., 5.00%, 10/01/2028^(b)		86,000		89,119
Xerox Holdings Corp., 5.50%, 08/15/2028^(b)(c)		97,000		101,470

				243,748

Thrifts & Mortgage Finance-0.72%
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028^(b)		107,000		111,280

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

192

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

August 31, 2021


	Principal Amount		Value
Trading Companies & Distributors-1.50%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(b)	$	70,000	$	71,050
H&E Equipment Services, Inc., 3.88%, 12/15/2028^(b)		158,000		158,940

				229,990

Wireless Telecommunication Services-2.58%
Sprint Capital Corp., 6.88%, 11/15/2028		303,000		395,344

Total U.S. Dollar Denominated Bonds & Notes (Cost $14,938,282)				15,084,477


	Shares
Money Market Funds-0.38%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $58,424)		58,424		58,424

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.67% (Cost $14,996,706)				15,142,901


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.46%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		573,554	$	573,554
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		1,337,757		1,338,292

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,911,846)				1,911,846

TOTAL INVESTMENTS IN SECURITIES-111.13% (Cost $16,908,552)				17,054,747

OTHER ASSETS LESS LIABILITIES-(11.13)%				(1,707,640	)

NET ASSETS-100.00%			$	15,347,107

Investment Abbreviations:

CVR-Contingent Value Rights

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

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, 2021 was $12,304,896, which represented 80.18% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,809,636		$	(3,751,212	)		$	-		$	-		$	58,424		$	32

Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			107,783			(107,783	)			-			-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			3,712,871			(3,139,317	)			-			-			573,554			44	*

Invesco Private Prime Fund			-			5,879,440			(4,541,163	)			-			15			1,338,292			623	*



Total		$	-		$	13,509,730		$	(11,539,475	)		$	-		$	15		$	1,970,270		$	699

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

193

Invesco BulletShares 2021 Municipal Bond ETF (BSML)

August 31, 2021

Schedule of Investments


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-95.23%
Alaska-0.06%
Anchorage (City of), AK Municipality, Series 2007 B, Ref. GO Bonds, (INS - NATL)^(a)		5.00	%		09/01/2021	$	25	$	25,000

Arizona-1.74%
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2019 A, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.01	%		02/01/2048		600		600,000
Salt River Project Agricultural Improvement & Power District, Series 2011 A, Ref. RB^(d)		5.00	%		12/01/2026		100		101,201

									701,201

Arkansas-0.09%
University of Arkansas (Fayetteville Campus), Series 2011 A, RB^(d)(e)		4.63	%		11/01/2021		35		35,260

California-16.43%
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities), Series 2011, Ref. RB		6.13	%		07/01/2041		150		150,551
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare), Series 2009 D, VRD RB, (LOC - Citibank N.A.)^(b)(c)		0.01	%		08/01/2035		500		500,000
Bay Area Toll Authority, Series 2007 A2, VRD RB, (LOC - The Bank of Tokyo - Mitsubishi UFJ, Ltd)^(b)(c)		0.01	%		04/01/2047		150		150,000
Bay Area Toll Authority, Series 2008 E1, Ref. VRD RB^(b)		0.01	%		04/01/2045		850		850,000
Bay Area Toll Authority, Series 2019 B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.01	%		04/01/2053		250		250,000
California (State of), Series 2011, GO Bonds		5.00	%		09/01/2021		100		100,000
California (State of), Series 2011, GO Bonds^(d)(e)		5.25	%		09/01/2021		125		125,000
California (State of), Series 2011, GO Bonds^(d)(e)		5.00	%		09/14/2021		100		100,164
California (State of), Series 2011, GO Bonds		5.00	%		10/01/2021		235		235,935
California (State of), Series 2011, GO Bonds		5.00	%		10/01/2024		130		130,513
California (State of), Series 2011, GO Bonds		5.25	%		10/01/2024		75		75,311
California (State of), Series 2011, Ref. GO Bonds		5.00	%		09/01/2021		175		175,000
California (State of), Series 2011, Ref. GO Bonds^(d)(e)		5.25	%		09/14/2021		600		601,031
California (State of), Series 2011, Ref. GO Bonds^(d)(e)		5.25	%		09/14/2021		170		170,292
California (State of), Series 2013 B, Ref. GO Bonds		5.00	%		09/01/2021		5		5,000
California (State of), Series 2013, GO Bonds		5.00	%		10/01/2021		10		10,040
California (State of), Series 2014, GO Bonds		5.00	%		12/01/2021		25		25,305
California (State of), Series 2016 C, Ref. GO Bonds		5.00	%		09/01/2021		125		125,000
California (State of), Series 2016, Ref. GO Bonds^(d)(e)		5.00	%		09/14/2021		100		100,164
California (State of), Series 2019, Ref. GO Bonds		5.00	%		10/01/2021		20		20,080
California (State of) Department of Water Resources (Central Valley), Series 2017, Ref. RB		5.00	%		12/01/2021		100		101,223
California (State of) Public Works Board, Series 2011 D, RB^(d)		5.00	%		12/01/2031		140		141,663
California (State of) Public Works Board, Series 2011 G, RB^(d)(e)		5.00	%		12/01/2021		40		40,485
California (State of) Public Works Board, Series 2011 G, RB^(d)(e)		5.00	%		12/01/2021		75		75,910
California (State of) Public Works Board, Series 2014 A, RB		5.00	%		09/01/2021		160		160,000
California (State of) Public Works Board, Series 2015 E, Ref. RB		5.00	%		09/01/2021		100		100,000
California (State of) Public Works Board (Judicial Council of California), Series 2011 D, RB^(d)		5.00	%		12/01/2021		125		126,485
California State University, Series 2015 A, Ref. RB		5.00	%		11/01/2021		150		151,217
California State University, Series 2017 A, Ref. RB		5.00	%		11/01/2021		105		105,852
Cucamonga Valley Water District, Series 2011 A, Ref. RB^(d)(e)		5.25	%		09/01/2021		30		30,000
Los Angeles (City of), CA, Series 2011 B, Ref. GO Bonds		5.00	%		09/01/2021		25		25,000
Los Angeles (City of), CA, Series 2012 A, Ref. GO Bonds		5.00	%		09/01/2021		10		10,000
Orange (County of), CA Water District, Series 2003 A, VRD COP^(b)		0.01	%		08/01/2042		505		505,000
Sacramento (City of), CA Transportation Authority, Series 2015 A, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.01	%		10/01/2038		250		250,000
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2011 A, Ref. RB^(d)(e)		5.00	%		12/01/2021		40		40,485
San Francisco (City & County of), CA, Series 2011 R1, Ref. GO Bonds^(d)		5.00	%		06/15/2024		100		101,404
San Francisco (City of), CA Public Utilities Commission, Series 2011 A, RB^(d)(e)		4.50	%		11/01/2021		160		161,156
San Francisco (City of), CA Public Utilities Commission, Series 2011 A, RB^(d)(e)		5.00	%		11/01/2021		600		604,826

									6,630,092

Colorado-1.05%
Colorado (State of), Series 2018 A, COP		5.00	%		12/15/2021		75		76,062

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

194

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of), Series 2020 A, COP		5.00	%		12/15/2021	$	10	$	10,141
Colorado Springs (City of), CO, Series 2011 A, Ref. RB^(d)		5.00	%		11/15/2021		125		126,231
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00	%		12/01/2021		200		202,447
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2009, Ref. GO Bonds		5.25	%		12/15/2021		10		10,148

									425,029

Connecticut-0.91%
Connecticut (State of), Series 2013 A, GO Bonds		5.00	%		10/15/2021		45		45,266
Connecticut (State of), Series 2014 A, RB		5.00	%		09/01/2021		50		50,000
Connecticut (State of), Series 2016 G, Ref. GO Bonds		5.00	%		11/01/2021		25		25,203
Connecticut (State of), Series 2018 E, GO Bonds		5.00	%		09/15/2021		35		35,062
Connecticut (State of), Series 2018 F, Ref. GO Bonds		5.00	%		09/15/2021		10		10,018
Connecticut (State of) Health & Educational Facilities Authority (Hotchkiss School), Series 2000 A, VRD RB^(b)		0.01	%		07/01/2030		200		200,000

									365,549

District of Columbia-0.87%
District of Columbia, Series 2011 G, RB^(d)(e)		5.00	%		12/01/2021		200		202,427
District of Columbia, Series 2011 G, RB		5.00	%		12/01/2027		45		45,536
District of Columbia, Series 2011 G, RB		5.00	%		12/01/2028		100		101,190

									349,153

Florida-4.58%
Davie (Town of), FL, Series 2011, RB^(d)(e)		5.00	%		10/01/2021		15		15,059
Jacksonville (City of), FL, Series 2010 B-1, RB^(d)		5.00	%		10/01/2021		355		356,413
JEA Electric System, Series 2008 3C-1, VRD RB, (LOC - JPMorgan Chase Bank, N.A.) ^(b)(c)		0.02	%		10/01/2034		300		300,000
JEA Water & Sewer System, Series 2008 B, VRD RB^(b)		0.02	%		10/01/2041		500		500,000
Mid-Bay Bridge Authority, Series 2011 A, RB^(d)(e)		7.25	%		10/01/2021		300		301,722
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00	%		10/01/2021		105		105,413
Palm Beach (County of), FL Solid Waste Authority, Series 2011, Ref. RB		5.00	%		10/01/2031		75		75,293
Tohopekaliga Water Authority, Series 2011 A, Ref. RB^(d)(e)		5.25	%		10/01/2021		195		195,810

									1,849,710

Georgia-1.24%
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 D, VRD RB, (LOC - Truist Bank) ^(b)(c)		0.02	%		07/01/2042		400		400,000
Valdosta & Lowndes (County of), GA Hospital Authority (South Medical Center), Series 2011 B, RB^(d)(e)		5.00	%		10/01/2021		100		100,395

									500,395

Hawaii-0.61%
Hawaii (State of), Series 2011 EA, Ref. GO Bonds		5.00	%		12/01/2021		10		10,122
Hawaii (State of), Series 2011 EA, Ref. GO Bonds		5.00	%		12/01/2023		110		111,321
Hawaii (State of), Series 2012 EE, GO Bonds		5.00	%		11/01/2021		35		35,284
Hawaii (State of), Series 2012 EF, Ref. GO Bonds		5.00	%		11/01/2021		85		85,689
Hawaii (State of), Series 2015, Ref. GO Bonds		5.00	%		10/01/2021		5		5,020

									247,436

Illinois-4.78%
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2011 B, GO Bonds		5.00	%		12/01/2030		45		45,546
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2011 C, GO Bonds		5.00	%		12/01/2031		30		30,364
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		25		25,319
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		60		60,765
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		25		25,319
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		175		177,231
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		50		50,638
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		130		131,658
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		20		20,255
Chicago (City of), IL Transit Authority, Series 2011, RB^(d)(e)		5.25	%		12/01/2021		75		75,956
Cook (County of), IL, Series 2011 A, Ref. GO Bonds		5.25	%		11/15/2024		300		303,072

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

195

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Development Finance Authority (Chicago Horticultural), Series 1999, VRD RB, (LOC - BMO Harris Bank, N.A.)^(b)(c)		0.01	%		01/01/2029	$	200	$	200,000
Illinois (State of) Finance Authority (Trinity Health), Series 2011 L, RB^(d)(e)		5.00	%		12/01/2021		310		313,761
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB		5.00	%		10/01/2021		110		110,434
Illinois (State of) Toll Highway Authority, Series 2014 A, Ref. RB		5.00	%		12/01/2021		15		15,182
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds		4.00	%		12/01/2021		340		343,233

									1,928,733

Indiana-2.01%
Indiana (State of) Finance Authority, Series 2011 A, RB^(d)(e)		5.25	%		10/01/2021		60		60,247
Indiana (State of) Finance Authority (University Health), Series 2016 A, Ref. RB		5.00	%		12/01/2021		50		50,603
Indianapolis (City of), IN, Series 2008, VRD RB, (LOC - Fannie Mae)^(b)(c)		0.02	%		05/15/2038		700		700,000

									810,850

Iowa-0.50%
Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 C, Ref. VRD RB^(b)		0.01	%		11/15/2041		200		200,000

Kansas-0.05%
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2011 A, Ref. RB^(d)(e)		5.00	%		09/01/2021		20		20,000

Kentucky-0.74%
Kentucky (State of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00	%		11/01/2021		50		50,405
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2011 A, VRD RB, (LOC - PNC Bank, N.A.)^(b)(c)		0.01	%		10/01/2039		250		250,000

									300,405

Louisiana-0.99%
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-3, Ref. VRD RB,
(LOC - Bank of New York Mellon (The))^(b)(c)		0.02	%		07/01/2047		400		400,000

Maryland-2.41%
Maryland (State of) Department of Transportation, Series 2016, RB		5.00	%		11/01/2021		150		151,217
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2012 B, RB^(d)(e)		5.00	%		11/15/2021		10		10,100
Maryland (State of) Health & Higher Educational Facilities Authority (Anne Arundel Health System), Series 2009 B, VRD RB, (LOC - Bank of America, N.A.)^(b)(c)		0.02	%		07/01/2043		300		300,000
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)^(b)(c)		0.02	%		07/01/2034		400		400,000
Montgomery (County of), MD (Trinity Health), Series 2011, Ref. RB^(d)(e)		5.00	%		12/01/2021		85		86,031
Prince George’s (County of), MD, Series 2011 B, Ref. GO Bonds^(d)(e)		5.00	%		09/15/2021		25		25,044

									972,392

Massachusetts-5.66%
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds^(d)(e)		4.00	%		10/01/2021		200		200,630
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds^(d)(e)		4.25	%		10/01/2021		20		20,067
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds^(d)(e)		5.00	%		10/01/2021		100		100,395
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds^(d)(e)		5.00	%		10/01/2021		25		25,099
Massachusetts (Commonwealth of), Series 2014 A, GO Bonds^(d)(e)		4.25	%		12/01/2021		100		101,028
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds		5.00	%		10/01/2021		250		250,999
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2010 A, RB		5.00	%		12/15/2021		200		202,837
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB^(d)(e)		5.00	%		10/15/2021		200		201,172
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB^(d)(e)		5.25	%		10/15/2021		100		100,616
Massachusetts (State of) Bay Transportation Authority, Series 2017, RB		4.00	%		12/01/2021		515		520,001
Massachusetts (State of) Water Resources Authority, Series 2008 C2, Ref. VRD RB^(b)		0.01	%		11/01/2026		550		550,000
University of Massachusetts Building Authority, Series 2015-2, Ref. RB		5.00	%		11/01/2021		10		10,081

									2,282,925

Michigan-0.98%
Michigan (State of) Building Authority, Series 2011 A, Ref. RB^(d)(e)		5.20	%		10/15/2021		25		25,152
Michigan (State of) Building Authority, Series 2011, Ref. RB^(d)(e)		5.38	%		10/15/2021		45		45,284
Michigan (State of) Building Authority (Facilities Program), Series 2011 A, Ref. RB^(d)(e)		5.38	%		10/15/2021		30		30,189
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2011, Ref. RB		5.00	%		10/01/2021		50		50,199

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

196

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Michigan (State of) Finance Authority (Trinity Health Corp.), Series 2015, Ref. RB		5.00	%		12/01/2021	$	220	$	222,686
Michigan (State of) Strategic Fund (Cadillac Place Office Building), Series 2011, RB		5.25	%		10/15/2031		20		20,122

									393,632

Minnesota-1.73%
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System), Series 2009 B-2, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.01	%		11/15/2035		400		400,000
Minneapolis (City of), MN (Fairview Health), Series 2018 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02	%		11/15/2048		300		300,000

									700,000

Missouri-0.92%
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00	%		12/01/2021		145		146,532
Missouri (State of) Health & Educational Facilities Authority (Washington University), Series 2000 B, VRD RB^(b)		0.01	%		03/01/2040		200		200,000
Missouri (State of) Health & Educational Facilities Authority (Washington University), Series 2011 B, RB^(d)(e)		5.00	%		11/15/2021		25		25,249

									371,781

Nebraska-0.32%
Nebraska (State of) Investment Finance Authority, Series 2017 C, VRD RB, (CEP - GNMA)^(b)		0.02	%		09/01/2047		125		125,000
West Haymarket Joint Public Agency, Series 2011, GO Bonds^(d)(e)		4.25	%		12/15/2021		5		5,059

									130,059

Nevada-1.06%
Clark (County of), NV, Series 2016 A, Ref. GO Bonds		5.00	%		11/01/2021		425		428,433

New Jersey-0.87%
New Jersey (State of) Educational Facilities Authority, Series 2006 B, Ref. VRD RB^(b)		0.01	%		07/01/2031		200		200,000
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2009 B, VRD RB, (LOC - JP Morgan Chase Bank N.A.)^(b)(c)		0.01	%		07/01/2043		100		100,000
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB		5.25	%		12/15/2021		50		50,719

									350,719

New Mexico-0.50%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008 B, VRD RB^(b)		0.02	%		08/01/2034		200		200,000

New York-23.57%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB^(b)		0.02	%		11/01/2038		500		500,000
Dutchess (County of), NY Industrial Development Agency (Marist College Civic Facility), Series 2008 A, VRD RB, (LOC - TD Bank, N.A.)^(b)(c)		0.02	%		07/01/2038		300		300,000
Metropolitan Transportation Authority, Series 2012 F, Ref. RB		5.00	%		11/15/2021		400		403,937
Metropolitan Transportation Authority, Series 2014 C, RB		5.00	%		11/15/2021		295		297,904
Nassau (County of), NY Industrial Development Agency, Series 1999, Ref. VRD RB^(b)		0.01	%		01/01/2034		300		300,000
New York & New Jersey (States of) Port Authority, Series 2012, RB		4.00	%		12/01/2021		25		25,240
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00	%		12/01/2021		520		526,282
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00	%		10/15/2021		25		25,146
New York (City of), NY, Series 1993 E-3, GO Bonds		5.00	%		08/01/2023		10		10,039
New York (City of), NY, Series 1994 A-4, GO Bonds		5.00	%		08/01/2023		35		35,137
New York (City of), NY, Series 2010 DD, VRD RB^(b)		0.01	%		06/15/2043		550		550,000
New York (City of), NY, Series 2011 D-1, GO Bonds^(d)(e)		5.00	%		10/01/2021		50		50,198
New York (City of), NY, Series 2013 AA1, VRD RB^(b)		0.01	%		06/15/2050		300		300,000
New York (City of), NY Industrial Development Agency (Liberty 123 Wash), Series 2007, VRD RB^(b)		0.01	%		10/01/2042		435		435,000
New York (City of), NY Municipal Water Finance Authority, Series 2012 CC, Ref. RB		5.00	%		06/15/2045		10		10,139
New York (City of), NY Municipal Water Finance Authority, Series 2014 AA-6, VRD RB^(b)		0.01	%		06/15/2048		200		200,000
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB^(d)(e)		5.00	%		11/01/2021		25		25,201
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB^(d)(e)		5.00	%		11/01/2021		20		20,161
New York (City of), NY Transitional Finance Authority, Series 2012 C-4, VRD RB^(b)		0.01	%		11/01/2036		300		300,000
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00	%		11/01/2021		40		40,324
New York (City of), NY Transitional Finance Authority, Series 2018 B4, VRD RB^(b)		0.01	%		08/01/2042		260		260,000

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

197

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Water & Sewer System, Series 2016 CC, Ref. RB		5.00	%		06/15/2023	$	50	$	50,700
New York (State of) Dormitory Authority, Series 2012 A, Ref. RB		5.00	%		12/15/2021		215		218,043
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		5.00	%		10/01/2021		150		150,596
New York (State of) Dormitory Authority (Columbia University), Series 2012 A, RB		5.00	%		10/01/2021		100		100,399
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB^(b)		0.01	%		07/01/2039		300		300,000
New York (State of) Energy Research & Development Authority (Con Edison), Series 2005 A-3, VRD RB^(b)		0.02	%		05/01/2039		200		200,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.), Series 2005 A-2, VRD RB, (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02	%		05/01/2039		400		400,000
New York (State of) Municipal Bond Bank Agency, Series 2012, RB		5.00	%		12/01/2021		55		55,673
New York (State of) Power Authority, Series 2011 A, RB^(d)(e)		5.00	%		11/15/2021		10		10,100
New York (State of) Thruway Authority, Series 2012 A, Ref. RB^(d)(e)		5.00	%		09/15/2021		200		200,351
New York (State of) Thruway Authority, Series 2012 A, Ref. RB^(d)(e)		5.00	%		09/15/2021		45		45,079
New York (State of) Thruway Authority, Series 2012 A, Ref. RB^(d)(e)		5.00	%		09/15/2021		25		25,044
New York (State of) Thruway Authority, Series 2012 A, Ref. RB^(d)(e)		5.00	%		09/15/2021		90		90,158
New York (State of) Thruway Authority, Series 2012 A, Ref. RB^(d)(e)		5.00	%		09/15/2021		35		35,061
New York City Health and Hospitals Corp., Series 2008 B, VRD RB^(b)		0.02	%		02/15/2031		500		500,000
New York City Health and Hospitals Corp., Series 2008 D, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02	%		02/15/2026		200		200,000
New York City Housing Development Corp. (Sustainable Neighborhood), Series 2017 G3, VRD RB^(b)		0.02	%		11/01/2057		300		300,000
New York Liberty Development Corp. (4 World Trade Center), Series 2011, Ref. RB^(d)(e)		5.00	%		11/15/2021		55		55,547
New York State Urban Development Corp., Series 2004, VRD RB^(b)		0.02	%		03/15/2033		300		300,000
New York State Urban Development Corp., Series 2008 A-5, Ref. VRD RB^(b)		0.01	%		01/01/2030		500		500,000
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(d)		5.00	%		10/15/2021		400		402,345
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB		4.00	%		11/15/2021		85		85,679
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB		5.00	%		11/15/2021		470		474,706
Trust for Cultural Resources of The City of New York (The) (The New York Botanical), Series 2009 A, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02	%		07/01/2032		200		200,000

									9,514,189

North Carolina-1.95%
Cary (Town of), NC, Series 2006, VRD GO Bonds^(b)		0.02	%		06/01/2027		250		250,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007 C, Ref. VRD RB^(b)		0.01	%		01/15/2037		300		300,000
North Carolina (State of), Series 2011 B, Ref. RB		5.00	%		11/01/2021		235		236,902

									786,902

Ohio-2.73%
Franklin (County of), OH (Nationwide Children’s Hospital), Series 2017 B, Ref. VRD RB^(b)		0.01	%		11/01/2052		200		200,000
Lucas (County of), OH (ProMedica Healthcare System), Series 2011 A, RB^(d)(e)		6.50	%		11/15/2021		200		202,586
Ohio (State of), Series 2004 A, Ref. VRD GO Bonds, (LOC - TD Bank, N.A.)^(b)(c)		0.01	%		02/01/2023		100		100,000
Ohio (State of), Series 2010 A, Ref. GO Bonds		5.00	%		09/15/2021		50		50,089
Ohio (State of), Series 2014 A, Ref. GO Bonds		5.00	%		09/15/2021		15		15,027
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB^(b)		0.01	%		12/01/2036		535		535,000

									1,102,702

Oklahoma-0.14%
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2012, RB		4.50	%		09/01/2021		55		55,000

Oregon-0.75%
Oregon (State of) Department of Transportation, Series 2017 C, Ref. RB		5.00	%		11/15/2021		300		303,010

Pennsylvania-1.57%
Central Bradford Progress Authority (Guthrie Healthcare System), Series 2011, RB^(d)(e)		5.50	%		12/01/2021		45		45,596
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series 2019 D, Ref. VRD RB^(b)		0.04	%		06/01/2037		200		200,000
Pennsylvania (Commonwealth of), Series 2011, GO Bonds^(d)(e)		5.00	%		11/15/2021		35		35,348
Pennsylvania (Commonwealth of), Series 2011, GO Bonds^(d)(e)		5.00	%		11/15/2021		45		45,448
Pennsylvania (Commonwealth of), Series 2011, GO Bonds^(d)(e)		5.00	%		11/15/2021		250		252,488

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

198

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of), Series 2013, GO Bonds		5.00	%		10/15/2021	$	15	$	15,089
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2011 A, RB^(d)		5.00	%		12/01/2021		40		40,485

									634,454

Rhode Island-0.06%
Rhode Island Health and Educational Building Corp. (Brown University), Series 2012, RB		5.00	%		09/01/2021		25		25,000

South Carolina-1.13%
South Carolina (State of) Public Service Authority, Series 2011 B, Ref. RB^(d)		5.00	%		12/01/2021		20		20,240
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00	%		12/01/2021		20		20,242
South Carolina (State of) Public Service Authority, Series 2015 C, Ref. RB		5.00	%		12/01/2021		35		35,423
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2011 B, Ref. RB^(d)		4.00	%		12/01/2021		175		176,669
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2011 C, Ref. RB^(d)(e)		5.00	%		12/01/2021		200		202,401

									454,975

Tennessee-0.26%
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment), Series 2011 B, RB^(d)(e)		5.25	%		11/01/2021		50		50,423
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		11/01/2021		55		55,445

									105,868

Texas-6.74%
Austin (City of), TX, Series 2010, Ref. GO Bonds		5.00	%		09/01/2021		55		55,000
Austin (City of), TX, Series 2017, Ref. RB		5.00	%		11/15/2021		375		378,740
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 D, Ref. RB		5.25	%		11/01/2024		100		100,830
Dallas-Fort Worth (Cities of), TX International Airport, Series 2012 C, Ref. RB		5.00	%		11/01/2031		100		100,782
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020, Ref. RB		5.00	%		11/01/2021		300		302,403
Harris (County of), TX Flood Control District, Series 2008 A, Ref. RB		5.25	%		10/01/2021		200		200,836
Houston (City of), TX, Series 2011 D, RB^(d)(e)		5.00	%		11/15/2021		65		65,647
Houston (City of), TX, Series 2012 F, Ref. RB^(d)(e)		5.00	%		11/15/2021		55		55,547
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD RB^(b)		0.02	%		07/01/2047		350		350,000
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C-4, Ref. VRD RB, (LOC - Bank of Montreal)^(b)(c)		0.02	%		07/01/2047		400		400,000
Texas (State of), Series 2014 D, VRD GO Bonds^(b)		0.03	%		06/01/2045		280		280,000
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00	%		10/01/2021		70		70,279
Texas (State of), Series 2019, VRD GO Bonds^(b)		0.02	%		06/01/2050		300		300,000
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00	%		10/01/2021		60		60,239

									2,720,303

Utah-0.74%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 E, VRD RB^(b)		0.02	%		05/15/2051		300		300,000

Virginia-1.39%
Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB^(b)		0.01	%		12/01/2033		200		200,000
Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 B, VRD RB^(b)		0.02	%		12/01/2033		350		350,000
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB^(d)		5.00	%		09/01/2021		5		5,000
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		09/01/2021		5		5,000

									560,000

Washington-1.31%
King (County of), WA, Series 2019 A, Ref. VRD GO Bonds^(b)		0.01	%		01/01/2046		100		100,000
Tacoma (Port of), WA, Series 2008 B, VRD RB, (LOC - Bank of America, N.A.)^(b)(c)		0.02	%		12/01/2044		400		400,000
Washington (State of), Series 2013 C, RB		5.00	%		09/01/2021		30		30,000

									530,000

West Virginia-0.12%
West Virginia University, Series 2011 B, RB^(d)(e)		5.00	%		10/01/2021		50		50,198

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

199

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Wisconsin-1.67%
University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB^(b)		0.01	%		04/01/2048	$	400	$	400,000
Wisconsin (State of), Series 2011 2, Ref. GO Bonds		5.00	%		11/01/2021		35		35,283
Wisconsin (State of), Series 2011, Ref. GO Bonds		4.00	%		11/01/2021		35		35,226
Wisconsin (State of), Series 2016 1, Ref. GO Bonds		5.00	%		11/01/2021		200		201,619

									672,128

TOTAL INVESTMENTS IN SECURITIES^(f)-95.23% (Cost $38,417,969)									38,433,483
OTHER ASSETS LESS LIABILITIES-4.77%									1,925,574

NET ASSETS-100.00%								$	40,359,057

Investment Abbreviations:


CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GNMA		-Government National Mortgage Association
GO		-General Obligation
INS		-Insurer
LOC		-Letter of Credit
NATL		-National Public Finance Guarantee Corp.
RB		-Revenue Bonds
Ref.		-Refunding
VRD		-Variable Rate Demand

Notes to Schedule of Investments:

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

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2021.

^(c)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

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

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

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

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

200

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

August 31, 2021

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.66%
Arizona-1.00%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2013 A, RB^(a)(b)		5.00%		07/01/2022	$	360	$	374,641
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB		5.00%		12/01/2030		35		36,241
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB		5.00%		12/01/2031		115		119,061

								529,943

Arkansas-0.39%
Springdale School District No. 50, Series 2017, Ref. GO Bonds		4.00%		06/01/2040		200		204,886

California-15.49%
Bay Area Toll Authority (San Francisco Bay Area), Series 2012 F-1, RB^(a)(b)		5.00%		04/01/2022		75		77,146
California (State of), Series 2011, Ref. GO Bonds		5.25%		09/01/2022		530		557,317
California (State of), Series 2012, GO Bonds		5.00%		04/01/2042		100		102,733
California (State of), Series 2012, Ref. GO Bonds		5.25%		02/01/2029		180		183,832
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2022		100		105,717
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2022		145		149,144
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2022		200		212,246
California (State of) (Bid Group B), Series 2016, Ref. GO Bonds		5.00%		08/01/2022		65		67,922
California (State of) Department of Water Resources, Series 2013 AM, RB		5.00%		12/01/2022		160		169,817
California (State of) Department of Water Resources, Series 2015 O, Ref. RB^(a)		5.00%		05/01/2022		400		413,086
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2022		500		530,679
California (State of) Public Works Board, Series 2012 A, RB^(a)		5.00%		04/01/2027		50		51,416
California (State of) Public Works Board, Series 2012 G, Ref. RB		5.00%		11/01/2037		155		163,262
California (State of) Public Works Board (Department of Corrections & Rehabilitation), Series 2012, Ref. RB^(a)		5.00%		06/01/2027		100		103,636
California (State of) Public Works Board (Various Capital), Series 2012 A, RB^(a)		5.00%		04/01/2026		155		159,388
California (State of) Public Works Board (Various Capital), Series 2012 G, Ref. RB		5.00%		11/01/2030		135		142,310
California (State of) Statewide Communities Development Authority (Episcopal Communities and Services), Series 2012, Ref. RB		5.00%		05/15/2047		100		102,245
California State University, Series 2012 A, RB^(a)(b)		5.00%		11/01/2022		350		369,986
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds^(b)(c)		5.00%		08/01/2050		35		36,524
Coachella Valley Unified School District (2005 Election), Series 2012 D, GO Bonds^(a)(b)		5.00%		08/01/2022		245		256,010
Los Angeles (City of), CA, Series 2012 B, Ref. RB		5.00%		06/01/2031		145		150,098
Los Angeles (City of), CA, Series 2012 C, Ref. RB		5.00%		06/01/2025		135		139,871
Los Angeles (City of), CA Department of Water & Power, Series 2012 A, RB		5.00%		07/01/2043		200		207,745
Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB		5.00%		07/01/2022		100		104,095
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB		5.00%		07/01/2022		30		31,229
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2022		205		213,413
Metropolitan Water District of Southern California, Series 2012 G, Ref. RB		5.00%		07/01/2028		40		41,628
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB		5.00%		08/01/2022		135		140,551
Mount Diablo Unified School District (2010 Election), Series 2012 E, GO Bonds		5.00%		06/01/2037		300		312,581
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2012 A, RB^(a)(b)		5.00%		04/15/2022		1,000		1,030,526
San Diego (County of), CA Regional Transportation Commission, Series 2012 A, RB^(a)(b)		5.00%		04/01/2022		100		102,861
San Diego Unified School District, Series 2020 D-2, GO Bonds		5.00%		07/01/2022		150		156,156
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2012, Ref. RB		5.00%		05/01/2027		115		118,672
San Francisco (City of), CA Public Utilities Commission, Series 2012, RB^(a)(b)		5.00%		05/01/2022		1,000		1,032,715
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2022		100		104,448
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		07/01/2022		155		161,334
University of California, Series 2012 G, RB^(a)(b)		5.00%		05/15/2022		5		5,171
University of California, Series 2012 G, RB^(a)		5.00%		05/15/2037		10		10,346
University of California, Series 2012, RB^(a)		5.00%		05/15/2024		165		170,714
Ventura (County of), CA Public Financing Authority, Series 2013 A, RB^(a)(b)		4.00%		11/01/2022		60		62,728

								8,251,298

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

201

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-1.25%
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2022	$	100	$	106,312
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2022		500		530,744
Regional Transportation District (Fastracks), Series 2012 A, RB^(a)(b)		5.00%		11/01/2022		25		26,421

								663,477

Connecticut-0.69%
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 A-1, Ref. RB^(b)		5.00%		07/01/2042		200		208,173
South Central Connecticut Regional Water Authority, Series 2012, Ref. RB^(a)(b)		5.00%		08/01/2022		150		156,712

								364,885

District of Columbia-0.87%
District of Columbia, Series 2012 C, RB		5.00%		12/01/2026		115		121,877
District of Columbia, Series 2012 C, RB		5.00%		12/01/2029		150		158,931
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2014 A, Ref. RB		5.00%		10/01/2053		180		184,400

								465,208

Florida-8.25%
Citizens Property Insurance Corp., Series 2015 A-1, RB		5.00%		06/01/2022		100		101,202
Florida (State of), Series 2012 C, Ref. GO Bonds		4.00%		06/01/2030		100		102,812
Florida (State of) (Capital Outlay), Series 2012 C, Ref. GO Bonds		4.00%		06/01/2026		700		720,167
Florida (State of) (Capital Outlay), Series 2013 B, Ref. GO Bonds		4.00%		06/01/2026		360		370,371
Florida (State of) Municipal Power Agency (St. Lucie), Series 2012 A, RB		5.00%		10/01/2026		175		184,140
JEA Water & Sewer System, Series 2017 A, Ref. RB		3.25%		10/01/2036		100		102,283
Miami-Dade (County of), FL, Series 2012 A, Ref. RB^(a)(b)		5.00%		10/01/2022		500		526,396
Miami-Dade (County of), FL, Series 2012 B, Ref. RB^(a)(b)		5.00%		10/01/2022		100		105,279
Miami-Dade (County of), FL Expressway Authority, Series 2013 A, RB		5.00%		07/01/2029		1,000		1,038,638
Miami-Dade (County of), FL Transit System, Series 2012, RB^(a)(b)		5.00%		07/01/2022		1,000		1,040,669
Volusia County School Board, Series 2019, COP		5.00%		08/01/2022		100		104,439

								4,396,396

Georgia-1.33%
Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB		4.00%		12/01/2042		25		25,855
Georgia (State of), Series 2012 A, GO Bonds		5.00%		07/01/2024		80		83,235
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2022		50		51,827
Gwinnett County School District, Series 2010, Ref. GO Bonds		5.00%		02/01/2022		535		545,928

								706,845

Guam-3.02%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)^(d)		5.00%		10/01/2027		535		561,036
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)^(d)		5.00%		10/01/2030		1,000		1,047,056

								1,608,092

Illinois-1.92%
Chicago (City of), IL, Series 2012, RB		5.00%		11/01/2042		200		209,643
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB^(a)		5.00%		01/01/2022		215		218,488
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2022		100		105,881
Illinois (State of), Series 2013, RB		5.00%		06/15/2022		100		103,786
Illinois (State of), Series 2016 C, Ref. RB		5.00%		06/15/2022		105		108,975
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2022		100		102,382
Springfield (City of), IL, Series 2012, Ref. RB^(a)(b)		5.00%		03/01/2022		170		174,149

								1,023,304

Indiana-0.61%
Indiana (State of) Finance Authority (University Health), Series 2016 A, Ref. RB		5.00%		12/01/2022		110		116,663
Indianapolis (City of), IN Department of Public Utilities, Series 2020 A, Ref. RB		5.00%		08/15/2022		200		209,354

								326,017

Louisiana-0.19%
Louisiana State Citizens Property Insurance Corp., Series 2015, Ref. RB, (INS - AGM)^(d)		5.00%		06/01/2022		100		103,631

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

202

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-1.16%
Maryland (State of), Series 2014 B, GO Bonds^(a)(b)		5.00%		08/01/2022	$	100	$	104,475
Maryland (State of) Department of Transportation, Series 2018, RB		5.00%		10/01/2022		315		331,766
Montgomery (County of), MD, Series 2014 A, GO Bonds		5.00%		11/01/2022		90		95,167
Montgomery (County of), MD, Series 2016 A, GO Bonds		5.00%		12/01/2022		80		84,919

								616,327

Massachusetts-3.21%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)^(d)		5.50%		01/01/2022		200		203,445
Massachusetts (Commonwealth of), Series 2013 A, RB^(a)(b)		5.00%		06/15/2022		25		25,962
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds		5.00%		07/01/2022		100		104,112
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds^(a)(b)		5.00%		07/01/2022		20		20,813
Massachusetts (Commonwealth of) (Green Bonds), Series 2014 E, GO Bonds		5.00%		09/01/2031		240		251,475
Massachusetts (State of) Bay Transportation Authority, Series 2020, RB		5.00%		07/01/2022		500		520,476
Massachusetts (State of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2022		200		208,122
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB^(a)(b)		5.00%		08/15/2022		5		5,228
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB^(a)(b)		5.00%		08/15/2022		70		73,266
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB		5.00%		08/15/2024		245		256,265
Massachusetts Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2022		40		41,802

								1,710,966

Michigan-1.38%
Michigan (State of) Finance Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/01/2022		210		217,684
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2009 B, RB^(a)(b)		5.00%		06/01/2022		500		518,102

								735,786

Minnesota-0.49%
Minnesota (State of), Series 2016 D, Ref. GO Bonds		5.00%		08/01/2022		250		261,263

Missouri-0.31%
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2022		160		167,223

Nebraska-0.47%
Central Plains Energy Project (No. 3), Series 2012, RB^(b)(c)		5.00%		09/01/2042		240		251,301

Nevada-2.96%
Clark (County of), NV, Series 2012, Ref. GO Bonds		4.00%		06/01/2030		200		205,547
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2022		325		337,546
Las Vegas Valley Water District, Series 2012 B, GO Bonds		5.00%		06/01/2037		1,000		1,034,388

								1,577,481

New Jersey-2.74%
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2022		220		228,243
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB		5.25%		12/15/2022		135		143,682
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 A, RB^(a)		5.00%		06/15/2042		100		103,728
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB^(a)		4.00%		06/15/2030		55		56,619
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB^(a)		4.00%		06/15/2031		25		25,736
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB^(a)		5.00%		06/15/2038		265		274,878
New Jersey (State of) Turnpike Authority, Series 2013 A, RB^(a)(b)		5.00%		07/01/2022		100		104,067
New Jersey (State of) Turnpike Authority, Series 2013 A, RB^(a)(b)		5.00%		07/01/2022		195		202,930
New Jersey (State of) Turnpike Authority, Series 2013 A, RB^(a)(b)		5.00%		07/01/2022		210		218,540
North Hudson Sewerage Authority, Series 2012 A, COP^(a)(b)		5.00%		06/01/2022		100		103,620

								1,462,043

New York-18.52%
Long Island (City of), NY Power Authority, Series 2012 A, RB^(a)(b)		5.00%		09/01/2022		135		141,592
Long Island (City of), NY Power Authority, Series 2012 A, RB		5.00%		09/01/2037		265		277,397
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		5.00%		11/15/2027		200		211,380
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		5.00%		11/15/2031		250		264,103
Metropolitan Transportation Authority, Series 2012 D, Ref. RB		5.00%		11/15/2025		200		210,901
Metropolitan Transportation Authority, Series 2012 E, RB		4.00%		11/15/2038		185		192,252
Metropolitan Transportation Authority, Series 2014 A-2, RB		5.00%		11/15/2022		25		26,438

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

203

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority, Series 2015 A-1, RB		5.00%		11/15/2022	$	100	$	105,752
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds^(a)		5.00%		01/01/2022		600		609,770
New York & New Jersey (States of) Port Authority, Series 2012, RB		4.00%		12/01/2026		500		523,446
New York (City of), NY, Series 2012 A-1, GO Bonds^(a)(b)		5.00%		10/01/2022		100		105,290
New York (City of), NY, Series 2012 EE, RB		4.00%		06/15/2039		245		251,667
New York (City of), NY, Series 2012 F, Ref. GO Bonds		5.00%		08/01/2027		100		102,034
New York (City of), NY, Series 2012 G-1, GO Bonds^(a)(b)		5.00%		04/01/2022		300		308,565
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2022		100		104,496
New York (City of), NY Transitional Finance Authority, Series 2012 C-1, RB		5.00%		11/01/2025		100		105,681
New York (City of), NY Transitional Finance Authority, Series 2012 F1, RB		5.00%		05/01/2034		100		103,200
New York (City of), NY Transitional Finance Authority, Series 2020 A, RB		5.00%		11/01/2022		1,000		1,056,931
New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - AMBAC)^(d)		5.50%		05/15/2022		600		622,949
New York (State of) Dormitory Authority, Series 2012 D, RB		5.00%		02/15/2027		100		102,197
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2022		100		102,651
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(d)		5.00%		10/01/2022		1,000		1,053,339
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		5.00%		09/15/2022		1,000		1,051,054
New York (State of) Power Authority, Series 2011 A, RB^(a)		5.00%		11/15/2022		100		105,888
New York (State of) Thruway Authority, Series 2012 I, RB^(a)(b)		5.00%		01/01/2022		800		813,005
New York State Environmental Facilities Corp., Series 2012 D, RB		5.00%		06/15/2024		200		207,721
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2022		100		105,759
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		5.00%		10/15/2022		600		632,884
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2022		250		264,610
Utility Debt Securitization Authority, Series 2016 B, Ref. RB		5.00%		12/15/2024		100		106,298

								9,869,250

North Carolina-1.16%
North Carolina (State of) (Garvee), Series 2017, Ref. RB		5.00%		03/01/2022		100		102,443
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2007 C, Ref. RB^(a)(b)		5.00%		04/01/2022		400		411,396
North Carolina Medical Care Commission (Novant Health), Series 2013, Ref. RB		4.00%		11/01/2046		100		103,444

								617,283

Ohio-3.73%
Allen (County of), OH (Catholic Health Partners), Series 2012 A, Ref. RB^(a)(b)		5.00%		05/01/2022		100		103,258
Columbus (City of), OH, Series 2012 A, GO Bonds^(a)(b)		5.00%		08/15/2022		110		115,132
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2022		100		102,864
Hamilton (County of), OH (Christ Hospital), Series 2012, RB^(a)(b)		5.00%		06/01/2022		1,000		1,036,204
Ohio (State of), Series 2015 B, GO Bonds^(a)(b)		5.00%		06/15/2022		65		67,502
Ohio (State of) (Garvee), Series 2012 1, RB^(a)(b)		5.00%		06/15/2022		295		306,236
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2012 A, RB^(a)(b)		5.00%		01/01/2022		50		50,803
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2012 A, RB^(a)(b)		5.00%		01/01/2022		200		203,244

								1,985,243

Oklahoma-3.04%
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB^(a)(b)		5.00%		01/03/2022		95		96,567
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2022		1,500		1,524,476

								1,621,043

Oregon-0.77%
Hillsboro School District No. 1J, Series 2012, Ref. GO Bonds^(a)(b)		4.00%		06/15/2022		200		206,127
Oregon (State of) Department of Transportation, Series 2012 A, Ref. RB^(a)(b)		5.00%		11/15/2022		195		206,458

								412,585

Pennsylvania-4.30%
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB		3.25%		07/01/2032		200		203,968
Pennsylvania (Commonwealth of) , Series 2016, Ref. GO Bonds		5.00%		01/15/2022		90		91,645

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

204

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University), Series 2012, RB		5.00%		05/01/2037	$	400	$	411,947
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB^(a)(b)		5.00%		12/01/2022		105		111,398
Philadelphia (City of), PA, Series 2012, Ref. RB^(a)(b)		5.00%		11/01/2022		400		422,502
Pittsburgh (City of), PA, Series 2012 B, GO Bonds^(a)(b)		5.00%		09/01/2022		1,000		1,048,724

								2,290,184

Rhode Island-0.84%
Rhode Island Health and Educational Building Corp. (Brown University), Series 2012, RB		5.00%		09/01/2022		425		445,846

Tennessee-1.07%
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2022		400		416,381
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2022		50		52,048
Wilson (County of), TN, Series 2012, Ref. GO Bonds		5.00%		04/01/2022		100		102,870

								571,299

Texas-8.71%
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 B, RB		5.00%		11/01/2044		200		210,709
Dallas (City of), TX, Series 2012 A, Ref. RB^(a)(b)		5.00%		10/01/2022		200		210,558
Dallas (City of), TX, Series 2017, Ref. GO Bonds		5.00%		02/15/2022		100		102,225
Dallas (City of), TX Independent School District, Series 2012, Ref. GO Bonds^(a)(b)		4.00%		08/15/2022		500		518,565
Fort Worth Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2022		320		327,150
Harris (County of), TX, Series 2012 A, Ref. GO Bonds		5.00%		10/01/2024		360		379,040
Houston (City of), TX, Series 2012 D, Ref. RB^(a)(b)		4.00%		11/15/2022		170		177,841
Houston (City of), TX, Series 2012 D, Ref. RB^(a)(b)		4.00%		11/15/2022		130		135,996
Lower Colorado River Authority, Series 2012 A, Ref. RB		5.00%		05/15/2039		500		515,957
Lower Colorado River Authority, Series 2020, Ref. RB		5.00%		05/15/2022		200		206,875
Lower Colorado River Authority, Series 2021, Ref. RB		5.00%		05/15/2022		200		206,875
North Central Texas Health Facility Development Corp. (Childrens Medical Center Dallas), Series 2012, RB^(a)(b)		5.00%		08/15/2022		100		104,616
North Texas Tollway Authority, Series 2012 B, Ref. RB^(a)(b)		5.00%		01/01/2022		100		101,605
San Antonio (City of), TX, Series 2016, Ref. GO Bonds		5.00%		02/01/2022		100		102,043
San Antonio Public Facilities Corp., Series 2012, Ref. RB		4.00%		09/15/2042		500		515,054
Texas (State of), Series 2011, Ref. GO Bonds		5.00%		10/01/2022		100		100,398
Texas (State of), Series 2014 A, Ref. GO Bonds		5.00%		10/01/2022		100		105,334
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2012 A, Ref. RB^(a)(b)		5.00%		08/15/2022		250		261,663
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00%		12/15/2022		100		106,030
University of Texas Pernanent Fund (Permanent University Fund Boards), Series 2007 B, Ref. RB		5.25%		07/01/2022		240		250,327

								4,638,861

Utah-0.20%
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2022		100		104,087

Virginia-3.23%
Fairfax (County of), VA Economic Development Authority (Public Uses Complex), Series 2014, Ref. RB		5.00%		05/15/2022		200		206,918
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2012, RB		5.00%		05/15/2040		100		103,300
Hampton Roads Transportation Accountability Commission, Series 2019 A, RB		5.00%		07/01/2022		500		520,219
University of Virginia, Series 2013, RB^(a)(b)		5.00%		12/01/2022		500		530,465
Virginia (State of) College Building Authority, Series 2015 D, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		02/01/2022		355		362,266

								1,723,168

Washington-5.17%
Central Puget Sound Regional Transit Authority, Series 2012 P-1, Ref. RB		5.00%		02/01/2026		150		152,988
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2026		160		166,346
Seattle (Port of), WA, Series 2012 A, Ref. RB		5.00%		08/01/2031		1,000		1,043,255
Washington (State of), Series 2012 C, Ref. GO Bonds		5.00%		07/01/2024		320		332,940
Washington (State of), Series 2012 R, Ref. GO Bonds		5.00%		07/01/2022		200		208,191
Washington (State of), Series 2012, Ref. GO Bonds		3.00%		07/01/2028		40		40,902

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

205

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB		5.00%		09/01/2022	$	150	$	157,357
Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB		5.00%		09/01/2024		500		524,009
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB		4.00%		10/01/2034		125		130,030

								2,756,018

Wisconsin-0.19%
Wisconsin (State of), Series 2013 1, Ref. GO Bonds		5.00%		05/01/2022		100		103,275

TOTAL INVESTMENTS IN SECURITIES^(e)-98.66% (Cost $52,416,946)								52,564,514
OTHER ASSETS LESS LIABILITIES-1.34%								713,560

NET ASSETS-100.00%							$	53,278,074

Investment Abbreviations:


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

Notes to Schedule of Investments:

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

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

^(c)	Security subject to crossover refunding.

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

^(e)

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


Entities	Percentage
Assured Guaranty Municipal Corp		5.3%

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

206

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

August 31, 2021

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.94%
Alabama-0.83%
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)^(a)		5.50%		10/01/2053	$	185	$	206,995
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts		5.00%		04/01/2023		85		91,367

								298,362

Alaska-0.07%
Alaska (State of), Series 2013 B, GO Bonds		5.00%		08/01/2024		25		26,700

Arizona-0.82%
Arizona (State of) Water Infrastructure Finance Authority (Water Quality), Series 2012 A, Ref. RB^(b)(c)		5.00%		10/01/2022		30		31,584
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2023		120		127,750
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2023		100		108,945
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2023		25		27,236

								295,515

Arkansas-0.12%
Russellville (City of), AR, Series 2015, Ref. RB^(b)(c)		4.00%		07/01/2023		40		42,745

California-17.82%
Alameda (County of), CA Joint Powers Authority, Series 2013 A, RB		5.25%		12/01/2025		65		72,337
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB		5.00%		10/01/2027		95		101,959
Bay Area Toll Authority, Series 2017 A, Ref. RB		5.00%		04/01/2023		35		37,680
California (State of), Series 2003, GO Bonds		5.25%		02/01/2023		30		32,181
California (State of), Series 2013, Ref. GO Bonds		3.00%		02/01/2025		100		103,910
California (State of), Series 2013, Ref. GO Bonds		5.00%		11/01/2027		90		99,441
California (State of), Series 2013, Ref. GO Bonds		5.00%		09/01/2031		100		109,367
California (State of), Series 2013, Ref. GO Bonds		5.00%		02/01/2032		100		106,651
California (State of), Series 2014, GO Bonds		4.00%		05/01/2023		155		165,017
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2023		80		88,114
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2025		100		110,786
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2027		150		166,287
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2030		50		55,309
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2023		100		109,326
California (State of), Series 2016, GO Bonds		5.00%		09/01/2023		105		115,234
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2029		135		145,291
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2023		110		121,590
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2023		500		555,127
California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB^(b)(c)		5.00%		10/01/2023		35		38,471
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2023		135		149,630
California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB		5.00%		07/01/2026		50		54,482
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB		5.00%		11/01/2041		50		55,061
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2016 B, Ref. RB		5.00%		07/01/2023		45		48,722
California (State of) Public Works Board, Series 2013 I, RB		5.25%		11/01/2027		65		71,945
California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, RB^(b)(c)		5.00%		03/01/2023		100		107,329
California (State of) Public Works Board (Various State Universities), Series 2013 H, RB^(b)(c)		5.00%		09/01/2023		100		109,732
California State University, Series 2013 A, RB^(b)(c)		5.00%		11/01/2023		60		66,326
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2023		105		116,063
Desert Community College District (Riverside & Imperial), Series 2018, GO Bonds^(b)(c)		5.00%		08/01/2023		100		109,346
East Side Union High School District (Election of 2016), Series 2021 C, GO Bonds		3.00%		08/01/2023		275		290,027
Grossmont-Cuyamaca Community College District, Series 2018, Ref. GO Bonds		5.00%		08/01/2023		125		136,709
Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB		5.00%		07/01/2027		30		31,908

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

207

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB		5.00%		07/01/2029	$	565	$	614,123
Los Angeles Community College District (Election of 2008), Series 2013 F, GO Bonds^(b)(c)		4.00%		08/01/2023		50		53,718
Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds		5.00%		07/01/2023		100		108,984
Los Angeles Unified School District, Series 2016 A, GO Bonds		4.00%		07/01/2023		125		133,944
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2023		185		201,621
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB		5.00%		11/01/2023		30		33,161
San Bernardino Community College District, Series 2013 A, Ref. GO Bonds^(b)(c)		4.00%		08/01/2023		100		107,435
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		5.00%		11/15/2023		100		105,819
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2023		30		32,804
San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB		5.00%		05/01/2023		100		108,107
San Diego Community College District (Election of 2006), Series 2013, GO Bonds^(b)(c)		5.00%		08/01/2023		80		87,477
San Diego Unified School District, Series 2004 D-1, Ref. GO Bonds, (INS - NATL)^(a)		5.50%		07/01/2023		165		181,268
San Diego Unified School District, Series 2014 R-3, Ref. GO Bonds		5.00%		07/01/2023		100		108,945
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB		5.00%		05/01/2023		45		48,640
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2023		45		49,710
San Francisco Community College District, Series 2015, Ref. GO Bonds		5.00%		06/15/2023		100		108,581
San Jose (City of), CA Financing Authority, Series 2013 A, Ref. RB^(b)(c)		5.00%		06/01/2023		100		108,441
Tuolumne Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2023		110		117,211
University of California, Series 2013 AF, RB		5.00%		05/15/2025		90		97,351
University of California, Series 2013 AF, RB		5.00%		05/15/2026		80		86,520
University of California, Series 2013 AI, RB		5.00%		05/15/2038		25		27,002
University of California, Series 2015 I, Ref. RB		5.00%		05/15/2023		175		189,608

								6,391,828

Colorado-1.45%
Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds		4.00%		12/15/2023		185		194,196
Board of Governors of Colorado State University System, Series 2013 E, RB^(b)(c)		5.00%		03/01/2023		35		37,549
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB^(b)(c)		5.25%		01/01/2023		85		90,618
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB^(b)(c)		5.25%		01/01/2023		95		101,345
Denver (City & County of), CO, Series 2013 B, RB		5.25%		11/15/2032		5		5,528
Regional Transportation District, Series 2013 A, Ref. COP		5.00%		06/01/2025		35		37,772
University of Colorado, Series 2012 A-1, Ref. RB^(b)(c)		5.00%		06/01/2022		50		51,830

								518,838

Connecticut-1.42%
Connecticut (State of), Series 2012 A, RB		5.00%		01/01/2027		25		26,587
Connecticut (State of), Series 2012 C, Ref. GO Bonds		5.00%		06/01/2023		150		155,495
Connecticut (State of), Series 2013 A, GO Bonds		5.00%		10/15/2027		100		109,981
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2023		20		21,949
Connecticut (State of), Series 2014 E, GO Bonds		5.00%		09/01/2023		25		27,437
Connecticut (State of), Series 2016 A, GO Bonds		5.00%		03/15/2023		10		10,752
Connecticut (State of), Series 2018 F, Ref. GO Bonds		5.00%		09/15/2023		25		27,483
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2023		95		101,381
Connecticut (State of) Municipal Electric Energy Cooperative, Series 2013 A, RB		5.00%		01/01/2038		25		26,435

								507,500

District of Columbia-0.83%
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2026		50		54,134
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2027		105		113,623
District of Columbia, Series 2013 A, GO Bonds		5.00%		06/01/2028		20		21,639
District of Columbia Water & Sewer Authority, Series 2013 A, RB^(b)(c)		5.00%		10/01/2023		100		110,071

								299,467

Florida-2.64%
Florida (State of), Series 2019 A, Ref. GO Bonds		5.00%		07/01/2023		195		212,368
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2023		500		550,710
Miami-Dade (County of), FL, Series 2013 B, Ref. RB^(b)(c)		4.13%		10/01/2023		45		48,715

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

208

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Reedy Creek Improvement District, Series 2013 A, GO Bonds^(b)(c)		5.25%		06/01/2023	$	25	$	27,229
School Board of Miami-Dade County (The), Series 2013 A, COP^(b)(c)		5.00%		05/01/2023		100		107,899

								946,921

Georgia-1.67%
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2023		65		71,834
Clayton (County of), GA Water Authority, Series 2012, Ref. RB		5.00%		05/01/2023		25		25,807
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2023		35		38,419
Forsyth County School District, Series 2013, Ref. GO Bonds		5.00%		02/01/2023		20		21,389
Georgia (State of), Series 2012 C, Ref. GO Bonds		5.00%		09/01/2023		120		125,856
Georgia (State of), Series 2013 C, Ref. GO Bonds		4.00%		10/01/2023		85		88,550
Georgia (State of), Series 2013 D, GO Bonds		5.00%		02/01/2026		90		96,134
Georgia (State of), Series 2019 A, GO Bonds		5.00%		07/01/2023		50		54,482
Gwinnett (County of), GA Development Authority (Public Schools), Series 2006, COP, (INS - NATL)^(a)		5.25%		01/01/2023		50		53,430
Gwinnett County School District, Series 2010, Ref. GO Bonds		5.00%		02/01/2023		20		21,389

								597,290

Guam-0.34%
Guam (Government of) Waterworks Authority, Series 2013, RB^(b)(c)		5.50%		07/01/2023		110		120,349

Hawaii-1.23%
Hawaii (State of), Series 2016, Ref. GO Bonds		5.00%		10/01/2023		400		440,392

Illinois-4.62%
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2023		45		47,900
Chicago (City of), IL Midway International Airport, Series 2013 B, Ref. RB		5.00%		01/01/2025		35		37,187
Chicago O’Hare International Airport, Series 2013 B, Ref. RB		5.00%		01/01/2025		40		42,539
Chicago O’Hare International Airport, Series 2013 B, Ref. RB		5.25%		01/01/2029		75		79,915
Chicago O’Hare International Airport, Series 2013 D, RB		5.00%		01/01/2044		35		37,091
Chicago O’Hare International Airport, Series 2016 C, Ref. RB		5.00%		01/01/2023		90		95,800
Illinois (State of), Series 2013, GO Bonds		5.25%		07/01/2028		250		270,508
Illinois (State of), Series 2013, GO Bonds		5.25%		07/01/2029		100		108,006
Illinois (State of), Series 2013, RB		5.00%		06/15/2025		145		156,826
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2023		80		86,180
Illinois (State of), Series 2016, GO Bonds		5.00%		06/01/2023		30		32,429
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2023		175		192,406
Illinois (State of) Finance Authority, Series 2016, RB		4.00%		01/01/2023		110		115,733
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB		5.00%		07/01/2023		10		10,896
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2023		125		137,540
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2029		25		26,555
Illinois (State of) Toll Highway Authority, Series 2013 A, RB		5.00%		01/01/2038		15		15,890
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds		4.00%		12/01/2023		55		59,209
Metropolitan Water Reclamation District of Greater Chicago, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2023		50		55,369
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB		5.00%		03/01/2023		45		48,034

								1,656,013

Indiana-1.75%
Indiana (State of) Finance Authority (University Health), Series 2019, Ref. RB		5.00%		12/01/2023		150		166,394
Lake Central Multi-District School Building Corp., Series 2012 B, RB^(b)(c)		5.00%		01/15/2023		35		37,337
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB		4.00%		08/15/2044		400		424,627

								628,358

Iowa-0.43%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2023		30		32,530
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB		5.00%		08/01/2023		110		120,348

								152,878

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

209

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kansas-0.21%
Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB		5.00%		05/01/2025	$	40	$	43,166
Kansas (State of) Development Finance Authority, Series 2015 A, Ref. RB		5.00%		05/01/2026		30		32,369

								75,535

Kentucky-0.85%
Kentucky (State of) Asset Liability Commission, Series 2013 A, RB		5.25%		09/01/2023		40		43,971
Kentucky (State of) Asset Liability Commission, Series 2014 A, Ref. RB		5.00%		09/01/2023		40		43,772
Kentucky (State of) Property & Building Commission (No. 108), Series 2015 B, Ref. RB		5.00%		08/01/2023		130		142,150
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2013 C, RB^(b)(c)		4.50%		05/15/2023		15		16,112
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 A, RB		4.00%		05/15/2035		55		58,325

								304,330

Louisiana-1.24%
Louisiana (State of), Series 2012 A, GO Bonds^(b)(c)		5.00%		08/01/2022		80		83,580
Louisiana (State of), Series 2012 A-1, Ref. RB		5.00%		05/01/2023		40		41,300
Louisiana (State of), Series 2013 A, GO Bonds^(b)(c)		4.00%		05/15/2023		25		26,640
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2013 A, RB^(b)(c)		5.00%		02/01/2023		100		106,877
Louisiana (State of) University & Agricultural & Mechanical College, Series 2013, RB^(b)(c)		5.00%		07/01/2023		5		5,439
Terrebonne Levee & Conservation District, Series 2013, RB^(b)(c)		5.00%		07/01/2023		165		179,496

								443,332

Maryland-3.13%
Maryland (State of), Series 2015 B, Ref. GO Bonds		4.00%		08/01/2023		500		537,276
Maryland (State of) Department of Transportation, Series 2015, RB		5.00%		02/15/2023		100		107,120
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		05/01/2023		150		162,212
Maryland (State of) Department of Transportation (Third Issue), Series 2015, RB		5.00%		12/15/2023		140		155,592
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2023		145		160,278

								1,122,478

Massachusetts-3.34%
Massachusetts (Commonwealth of), Series 2013 A, RB		5.00%		06/15/2023		30		31,146
Massachusetts (Commonwealth of), Series 2015 A, GO Bonds		5.00%		05/01/2023		300		324,425
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2023		130		141,629
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2029		50		53,992
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds		5.00%		05/01/2032		100		107,897
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		07/01/2023		25		27,237
Massachusetts (State of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2023		85		92,571
Massachusetts (State of) Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2023		35		38,279
Massachusetts (State of) Development Finance Agency (Olin College), Series 2013 E, RB		5.00%		11/01/2038		200		219,066
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB		5.00%		08/15/2023		100		104,703
Massachusetts (State of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2023		55		58,544

								1,199,489

Michigan-1.34%
Livonia Public Schools, Series 2013 I, GO Bonds^(b)(c)		5.00%		05/01/2023		105		113,478
Michigan (State of), Series 2016, Ref. RB		5.00%		03/15/2023		175		187,744
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2023		100		107,910
Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB		5.00%		04/01/2023		40		42,996
Western Michigan University, Series 2013, Ref. RB^(b)(c)		5.25%		11/15/2023		25		27,803

								479,931

Minnesota-0.30%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 B, Ref. RB		5.00%		01/01/2023		10		10,644
Minnesota (State of), Series 2013, Ref. GO Bonds		5.00%		10/01/2023		40		44,066
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2023		50		54,673

								109,383

Missouri-0.47%
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2023		35		38,203
Metropolitan St. Louis Sewer District, Series 2013 B, RB^(b)(c)		5.00%		05/01/2023		25		27,018

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

210

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2023	$	20	$	22,020
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2023		75		82,040

								169,281

Nebraska-0.07%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2023		25		26,715

Nevada-0.73%
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2023		50		54,356
Clark County School District, Series 2016 B, Ref. GO Bonds		5.00%		06/15/2023		60		65,227
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2023		75		81,366
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds		5.00%		06/01/2023		30		32,547
Nevada (State of), Series 2015 D, Ref. GO Bonds		5.00%		04/01/2023		25		26,910

								260,406

New Jersey-5.19%
Essex (County of), NJ Improvement Authority, Series 2017, Ref. RB		2.00%		12/15/2023		35		36,493
New Jersey (State of), Series 2013, GO Bonds		4.00%		06/01/2028		265		281,744
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00%		03/01/2023		100		107,101
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00%		03/01/2029		70		74,858
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00%		03/01/2030		260		277,957
New Jersey (State of) Economic Development Authority (Rutgers University), Series 2013, RB^(b)(c)		5.00%		06/15/2023		150		162,859
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2016 B, Ref. RB		5.00%		07/01/2023		180		196,102
New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)^(a)		5.25%		12/15/2023		55		61,330
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB		5.50%		12/15/2023		150		167,912
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB		5.00%		06/15/2029		100		108,253
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(b)(c)		4.00%		05/01/2023		50		53,206
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(b)(c)		5.00%		05/01/2023		150		162,111
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB^(b)(c)		5.00%		05/01/2023		30		32,422
Rutgers The State University of New Jersey, Series 2013 L, Ref. RB^(b)(c)		5.00%		05/01/2023		30		32,422
Rutgers The State University of New Jersey, Series 2018 N, RB		4.00%		05/01/2023		100		106,099

								1,860,869

New Mexico-0.39%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB		5.00%		07/01/2023		25		27,231
New Mexico (State of), Series 2015 A, RB		5.00%		07/01/2023		55		59,920
New Mexico (State of), Series 2016 B, Ref. RB		4.00%		07/01/2023		50		53,559

								140,710

New York-19.77%
Battery Park (City of), NY Authority, Series 2013 A, RB		5.00%		11/01/2025		400		441,869
Erie (County of), NY Industrial Development Agency (The) (City School District Buffalo), Series 2013 A, RB		5.00%		05/01/2027		60		64,675
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2023		25		26,734
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		5.00%		11/15/2023		200		211,687
Metropolitan Transportation Authority, Series 2013 E, RB^(b)(c)		5.00%		11/15/2023		150		166,028
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2023		100		110,217
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2023		40		43,977
New York & New Jersey (States of) Port Authority, Series 2013 179, RB		5.00%		12/01/2025		145		160,674
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2023		50		54,010
New York (City of), NY, Series 2012 I, GO Bonds		5.00%		08/01/2023		100		104,456
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2023		50		54,663
New York (City of), NY, Series 2016 A, Ref. GO Bonds		5.00%		08/01/2023		225		245,984
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2023		445		486,502
New York (City of), NY, Series 2017 A, Ref. GO Bonds		4.00%		08/01/2023		70		75,191
New York (City of), NY Transitional Finance Authority, Series 2012 E-1, RB		5.00%		02/01/2023		200		204,043
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB		4.25%		11/01/2033		75		81,202
New York (City of), NY Transitional Finance Authority, Series 2013 F-1, RB		5.00%		02/01/2026		200		213,598
New York (City of), NY Transitional Finance Authority, Series 2014 B1, RB		5.00%		11/01/2023		150		165,735
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2023		275		303,848

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

211

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2018 A1, RB		5.00%		08/01/2023	$	105	$	114,771
New York (City of), NY Transitional Finance Authority, Series 2018 A-1, RB		5.00%		08/01/2023		200		218,612
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, Ref. RB		5.00%		07/15/2023		100		109,093
New York (City of), NY Water & Sewer System, Series 2017 CC-2, Ref. RB		5.00%		06/15/2025		200		222,225
New York (City of), NY Water & Sewer System, Series 2018 AA, Ref. RB^(b)		5.00%		06/15/2023		125		135,857
New York (City of), NY Water & Sewer System, Series 2019 BB-2, RB		5.00%		06/15/2025		100		111,113
New York (City of), NY Water & Sewer System, Series 2019 DD, RB		5.00%		06/15/2025		100		111,113
New York (State of) Dormitory Authority, Series 2012 D, RB		5.00%		02/15/2023		100		102,211
New York (State of) Dormitory Authority, Series 2012, RB		5.00%		05/15/2023		100		103,447
New York (State of) Dormitory Authority, Series 2013 A, RB^(b)(c)		5.00%		02/15/2023		250		267,703
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2023		200		214,984
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB^(b)		5.00%		03/15/2023		35		37,620
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2023		65		69,870
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		07/01/2023		125		136,061
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB^(b)		5.00%		03/15/2023		130		139,733
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		4.00%		10/01/2023		25		26,761
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2023		55		59,120
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		07/01/2023		45		48,982
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2023		60		65,940
New York State Environmental Facilities Corp. (NYC Municipal Water Fund), Series 2013 A, RB		5.00%		06/15/2026		50		54,290
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2026		25		26,861
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2029		45		48,284
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2026		200		214,887
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2029		50		53,649
New York State Urban Development Corp., Series 2013 C, RB		5.00%		03/15/2031		40		42,907
New York State Urban Development Corp., Series 2013 E, RB		5.00%		03/15/2031		200		214,533
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(b)		4.00%		10/15/2023		125		135,207
Suffolk (County of), NY Water Authority, Series 2013, Ref. RB		3.00%		06/01/2028		10		10,410
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2023		105		112,958
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB		5.00%		11/15/2025		170		183,491
Trust for Cultural Resources of The City of New York (The), Series 2016, Ref. RB^(b)		4.00%		02/01/2023		60		63,244
Trust for Cultural Resources of The City of New York (The), Series 2016, Ref. RB		4.00%		02/01/2023		130		136,928
Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2027		105		116,566
Utility Debt Securitization Authority, Series 2013 TE, RB		5.00%		12/15/2029		50		55,495
Utility Debt Securitization Authority, Series 2013, RB		5.00%		12/15/2028		100		111,015

								7,091,034

North Carolina-0.97%
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB		5.00%		02/01/2023		15		16,042
North Carolina (State of), Series 2014 C, Ref. RB		5.00%		05/01/2023		25		27,040
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2023		100		108,562
North Carolina (State of) (Garvee), Series 2017, Ref. RB		5.00%		03/01/2023		90		96,588
North Carolina State University at Raleigh, Series 2013 A, RB^(b)(c)		5.00%		10/01/2023		90		99,064

								347,296

Ohio-3.08%
Cincinnati City School District, Series 2006, Ref. GO Bonds, (INS - NATL)^(a)		5.25%		12/01/2023		10		11,135
Cleveland (City of), OH, Series 2015, RB^(b)(c)		5.00%		10/01/2023		15		16,511
Columbus (City of), OH, Series 2013 1, Ref. GO Bonds^(b)(c)		5.00%		07/01/2023		20		21,776
Columbus (City of), OH, Series 2013 1, Ref. GO Bonds^(b)(c)		5.00%		07/01/2023		25		27,220
Columbus (City of), OH, Series 2017-1, Ref. RB		4.00%		04/01/2023		125		132,700
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2023		10		11,057
Northeast Ohio Regional Sewer District, Series 2013, RB^(b)(c)		5.00%		05/15/2023		50		54,131
Ohio (State of), Series 2012 C, Ref. GO Bonds		5.00%		08/01/2023		10		10,935
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2023		25		27,437
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2023		185		203,032
Ohio (State of), Series 2016-1, RB		5.00%		12/15/2023		50		55,532
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2023		100		109,931
Ohio (State of) (Garvee), Series 2018-1, RB		5.00%		12/15/2023		115		127,723

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

212

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2016, Ref. RB		5.00%		12/01/2023	$	100	$	110,834
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB		5.00%		02/15/2023		150		160,680
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB		5.00%		12/01/2023		20		22,191

								1,102,825

Oklahoma-0.44%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2016, RB		5.00%		06/01/2023		40		43,381
Oklahoma (State of) Municipal Power Authority, Series 2019 A, Ref. RB		5.00%		01/01/2023		40		42,583
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		4.00%		01/01/2023		45		47,339
Oklahoma County Independent School District No. 89 Oklahoma City, Series 2020 A, GO Bonds		2.50%		07/01/2023		25		26,075

								159,378

Oregon-0.14%
Oregon (State of) Department of Transportation, Series 2013 A, RB^(b)(c)		5.00%		11/15/2023		25		27,665
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2023		20		22,135

								49,800

Pennsylvania-2.88%
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2013 A, Ref. RB^(b)(c)		5.00%		11/01/2023		60		66,284
Pennsylvania (Commonwealth of), First Series 2013, GO Bonds^(b)(c)		5.00%		04/01/2023		125		134,609
Pennsylvania (Commonwealth of), Series 2013, GO Bonds^(b)(c)		5.00%		04/01/2023		65		69,996
Pennsylvania (Commonwealth of), Series 2013, GO Bonds		5.00%		10/15/2023		30		33,057
Pennsylvania (Commonwealth of), Series 2015, GO Bonds		5.00%		03/15/2023		100		107,524
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds		5.00%		08/15/2023		150		164,300
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00%		01/15/2023		100		106,716
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00%		09/15/2023		235		258,034
Pennsylvania (Commonwealth of), Series 2017, Ref. GO Bonds		5.00%		01/01/2023		25		26,632
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(b)(c)		5.00%		08/15/2023		10		10,937
Westmoreland (County of), PA Municipal Authority, Series 2013, RB^(b)(c)		5.00%		08/15/2023		50		54,686

								1,032,775

South Carolina-1.41%
Charleston County School District, Series 2011 A, Ref. GO Bonds		5.00%		02/01/2023		125		133,684
Charleston Educational Excellence Finance Corp., Series 2013, Ref. RB		4.00%		12/01/2028		25		26,967
Horry County School District, Series 2016, GO Bonds		5.00%		03/01/2023		70		75,113
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048		180		197,616
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 B, Ref. RB		5.13%		12/01/2043		30		33,043
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 E, RB		5.50%		12/01/2053		20		22,136
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2023		15		16,508

								505,067

South Dakota-0.11%
South Dakota (State of) Building Authority, Series 2013 B, RB^(b)(c)		5.00%		06/01/2023		35		37,967

Tennessee-0.90%
Chattanooga (City of), TN Health Educational & Housing Facility Board (Catholic Health Initiatives), Series 2013 A, RB^(b)(c)		5.25%		01/01/2023		25		26,652
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds		5.00%		11/01/2023		25		27,617
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2013 A, GO Bonds^(b)(c)		5.00%		01/01/2023		35		37,270
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2013, Ref. GO Bonds^(b)(c)		5.00%		07/01/2023		25		27,220
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2023		100		108,965
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds^(b)(c)		5.00%		01/01/2023		15		15,973
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds^(b)(c)		5.00%		01/01/2023		60		63,892
Tennessee State School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2023		15		16,570

								324,159

Texas-9.37%
Bexar (County of), TX, Series 2013 A, GO Bonds^(b)(c)		4.00%		06/15/2023		25		26,721

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

213

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Bexar (County of), TX, Series 2013 B, GO Bonds^(b)(c)		5.00%		06/15/2023	$	400	$	434,666
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2023		200		219,067
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2023		25		27,383
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 F, Ref. RB		5.25%		11/01/2033		270		298,662
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2023		20		21,421
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2023		125		137,705
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2023		25		27,383
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB		5.00%		11/01/2023		65		71,774
Grand Parkway Transportation Corp., Series 2013 B, RB^(b)(c)		5.00%		10/01/2023		280		308,199
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB^(b)(c)		5.00%		12/01/2023		75		82,978
Houston (City of), TX, Series 2013 A, Ref. GO Bonds^(b)(c)		5.00%		03/01/2023		55		59,005
Houston (City of), TX, Series 2014 A, Ref. GO Bonds		5.00%		03/01/2023		25		26,834
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2023		185		198,571
Houston Community College System, Series 2013, GO Bonds^(b)(c)		5.00%		02/15/2023		65		69,593
Houston Community College System, Series 2013, GO Bonds^(b)(c)		5.00%		02/15/2023		135		144,539
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2026		70		74,482
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2023		345		367,089
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2025		50		53,201
Red River Education Finance Corp. (Texas Christian University), Series 2013, RB^(b)(c)		5.00%		03/15/2023		100		107,471
San Marcos Consolidated Independent School District, Series 2013, GO Bonds^(b)(c)		5.00%		08/01/2023		90		98,266
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System), Series 2013 A, RB^(b)(c)		4.00%		05/15/2023		25		26,618
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB^(b)(c)		4.00%		08/15/2023		130		139,650
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB^(b)(c)		5.00%		08/15/2023		35		38,280
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2023		135		148,722
Texas (State of) (Water Financial Assistance), Series 2018 B3, Ref. GO Bonds		5.00%		08/01/2023		75		82,010
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2023		30		32,378
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2023		25		26,877
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2023		10		10,712

								3,360,257

Utah-0.14%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016, Ref. RB		5.00%		05/15/2023		45		48,724

Virginia-1.60%
Chesapeake Bay Bridge & Tunnel District, Series 2019, RAN		5.00%		11/01/2023		100		110,146
Richmond (City of), VA, Series 2017 B, Ref. GO Bonds		5.00%		07/15/2023		35		38,196
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB^(b)(c)		5.00%		09/01/2022		100		104,821
Virginia (State of) Public School Authority, Series 2012, Ref. RB^(b)(c)		5.00%		08/01/2022		155		161,862
Virginia (State of) Public School Authority, Series 2012, Ref. RB		5.00%		08/01/2023		5		5,225
Virginia Public School Authority, Series 2015, Ref. RB		5.00%		08/01/2023		140		153,057

								573,307

Washington-2.44%
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2023		300		326,662
King (County of), WA, Series 2016 B, Ref. RB^(b)(c)		5.00%		07/01/2023		15		16,332
Washington (State of), Series 2012 R, Ref. GO Bonds		5.00%		07/01/2023		125		130,087
Washington (State of), Series 2012 R, Ref. GO Bonds		5.00%		07/01/2023		85		88,459
Washington (State of), Series 2013 A, GO Bonds		5.00%		08/01/2027		25		27,276
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2023		60		65,379
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB		5.00%		09/01/2023		200		219,325

								873,520

West Virginia-0.15%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2023		50		54,810

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

214

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-1.24%
Milwaukee (City of), WI, Series 2018 N1, GO Bonds		5.00%		02/01/2023	$	375	$	400,551
Wisconsin (State of), Series 2016 B, GO Bonds		4.00%		05/01/2023		40		42,599

								443,150


TOTAL INVESTMENTS IN SECURITIES^(d)-97.94% (Cost $34,859,968)								35,119,684
OTHER ASSETS LESS LIABILITIES-2.06%								740,405

NET ASSETS-100.00%							$	35,860,089

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

AMBAC

-American Municipal Bond Assurance Corp.

CEP	-Credit Enhancement Provider

COP	-Certificates of Participation

GO	-General Obligation

INS

-Insurer

NATL	-National Public Finance Guarantee Corp.

RAN	-Revenue Anticipation Notes

RB	-Revenue Bonds

Ref.	-Refunding

Wts.

-Warrants

Notes to Schedule of Investments:

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

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

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

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

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

215

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

August 31, 2021

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.73%
Alabama-1.04%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB		5.00%		09/01/2024	$	100	$	114,296
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2026		100		113,472
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2027		30		33,987
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts		5.00%		04/01/2024		100		112,079

								373,834


Arizona-1.93%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2015, Ref. RB		5.00%		07/01/2032		170		191,768
Chandler (City of), AZ, Series 2014, Ref. GO Bonds		5.00%		07/01/2024		150		170,483
Mesa (City of), AZ, Series 2014, Ref. RB		3.00%		07/01/2028		20		21,271
Mesa (City of), AZ, Series 2014, Ref. RB		3.25%		07/01/2029		145		154,956
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2027		40		45,304
Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB		5.00%		07/01/2024		100		113,594

								697,376


California-18.34%
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB		5.00%		05/01/2046		100		110,056
Bay Area Toll Authority, Series 2014 F, Ref. RB^(a)(b)		5.00%		04/01/2024		50		56,299
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB^(a)(b)		5.00%		10/01/2024		50		57,367
California (State of), Series 2014, GO Bonds		5.00%		10/01/2024		100		114,761
California (State of), Series 2014, GO Bonds		5.00%		12/01/2024		225		249,537
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2024		100		110,906
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2024		125		142,991
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2024		100		112,077
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2024		40		46,051
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2024		100		114,761
California (State of), Series 2019, GO Bonds		4.00%		10/01/2024		125		139,614
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		35		39,363
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2033		235		262,739
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2024		25		28,019
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2028		100		114,361
California (State of) Department of Water Resources, Series 2014 AS, RB^(a)(b)		5.00%		12/01/2024		100		115,705
California (State of) Department of Water Resources, Series 2014, RB^(a)(b)		5.00%		12/01/2024		50		57,852
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		40		46,211
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2024		30		34,652
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB		5.00%		10/01/2038		25		28,343
California (State of) Infrastructure & Economic Development Bank, Series 2017, RB		5.00%		10/01/2024		100		114,861
California (State of) Public Works Board, Series 2014 A, RB		5.00%		09/01/2026		100		113,811
California (State of) Public Works Board, Series 2014 A, RB		5.00%		09/01/2033		100		113,330
California (State of) Public Works Board, Series 2014 A, RB		4.50%		09/01/2035		100		111,001
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		70		79,313
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2024		75		85,971
California (State of) Public Works Board (Coalinga State Health), Series 2013 E, RB		5.00%		06/01/2024		125		135,565
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2039		100		112,946
California (State of) Statewide Communities Development Authority, Series 2014, Ref. RB^(a)(b)		5.00%		11/15/2024		340		392,667
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2014 B, Ref. RB		4.00%		07/01/2039		100		108,393
California State University, Series 2014 A, Ref. RB^(a)(b)		5.00%		11/01/2024		200		230,605
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		50		56,928
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB^(a)(b)		6.00%		01/15/2024		40		45,543
Fremont Union High School District, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		135		154,072
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(c)		5.00%		09/01/2044		100		110,349

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

216

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB		5.00%		07/01/2024	$	30	$	32,684
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		235		264,665
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		200		225,006
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2024		5		5,669
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2024		40		45,511
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		200		228,741
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		4.00%		08/01/2024		25		27,805
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		20		22,827
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		50		57,064
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		40		45,651
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		105		119,834
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		165		188,310
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds^(a)(b)		5.00%		08/01/2024		125		142,659
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		5		5,707
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2024		25		28,414
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2024		200		227,311
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB		5.00%		08/01/2024		70		79,644
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2024		100		113,686
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2024		15		16,920
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2024		10		11,404
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB		5.00%		05/01/2024		25		28,185
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2024		30		34,528
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds^(a)(b)		5.00%		08/01/2024		20		22,794
San Marcos Unified School District, Series 2014 C, GO Bonds^(a)(b)		5.00%		02/15/2024		25		27,994
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2037		200		224,344
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB		5.00%		04/01/2024		255		283,871
Twin Rivers Unified School District, Series 2014 A, GO Bonds^(a)(b)		5.00%		02/01/2024		5		5,576
University of California, Series 2013 AF, RB		5.00%		05/15/2024		110		118,985
University of California, Series 2014 AM, RB		5.00%		05/15/2027		35		39,511

								6,622,320

Colorado-0.65%
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB		5.00%		11/15/2024		25		28,789
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2027		25		28,759
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2024		20		23,125
Regional Transportation District, Series 2013 A, Ref. COP		5.00%		06/01/2024		110		118,752
University of Colorado, Series 2017 A-2, Ref. RB		3.25%		06/01/2037		35		36,867

								236,292


Connecticut-1.46%
Connecticut (State of), Series 2014 A, GO Bonds		5.00%		03/01/2027		100		111,832
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2026		75		85,625
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2024		90		101,381
Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB		5.00%		07/01/2024		200		226,945

								525,783


District of Columbia-0.61%
District of Columbia, Series 2014 A, Ref. RB		5.00%		12/01/2024		35		40,397
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2031		20		22,553
District of Columbia, Series 2014 C, GO Bonds		5.00%		06/01/2032		35		39,417
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2024		25		28,295
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2024		40		45,946
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2024		25		28,674
District of Columbia (Georgetown University), Series 2017, Ref. RB^(a)		5.00%		04/01/2024		15		16,811
								222,093

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

217

Invesco BulletShares 2024 Municipal Bond ETF (BSM0)–(continued)

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-3.89%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2014 A, RB		4.00%		12/01/2044	$	145	$	156,658
Florida (State of), Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		165		186,894
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2024		100		113,625
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2024		65		73,797
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB		5.00%		10/01/2044		100		113,141
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB		4.00%		11/01/2040		155		167,754
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		02/01/2040		100		110,229
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2028		90		102,125
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		110		124,452
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		3.00%		07/01/2030		25		26,478
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		4.00%		07/01/2034		25		27,450
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2024		120		137,713
School Board of Miami-Dade County (The), Series 2014 D, Ref. COP		5.00%		11/01/2028		25		28,517
School Board of Miami-Dade County (The), Series 2014 D, Ref. COP		5.00%		11/01/2030		30		34,140

								1,402,973


Georgia-1.60%
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2028		50		55,599
Atlanta (City of), GA, Series 2014 A, Ref. RB		5.00%		01/01/2030		100		111,098
Atlanta (City of), GA, Series 2015, GO Bonds		5.00%		12/01/2031		50		57,412
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2024		100		115,127
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2024		20		22,892
Georgia (State of), Series 2014 A-2, GO Bonds		5.00%		02/01/2027		20		22,298
Georgia (State of), Series 2016 A-1, GO Bonds		5.00%		02/01/2024		10		11,174
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		01/01/2024		25		27,837
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2024		25		27,837
Georgia (State of), Series 2019 A, GO Bonds		5.00%		07/01/2024		100		113,686
Georgia (State of), Series 2020 A, GO Bonds		5.00%		08/01/2024		10		11,407

								576,367

Hawaii-0.51%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2024		100		114,694
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2024		10		11,470
Hawaii (State of), Series 2016, GO Bonds		5.00%		10/01/2024		50		57,347

								183,511


Illinois-4.99%
Chicago (City of), IL, Series 2014 A, Ref. GO Bonds		5.00%		01/01/2034		100		108,443
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2024		25		27,580
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB		5.00%		01/01/2027		150		166,053
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2024		150		166,759
Chicago O’Hare International Airport, Series 2017 E, RB		5.00%		01/01/2024		60		66,704
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds .		4.00%		12/30/2024		20		22,414
Illinois (State of), Series 2013, RB		5.00%		06/15/2024		145		157,096
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2024		50		56,017
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2027		10		11,123
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2028		10		11,116
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2029		210		233,151
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2030		100		111,024
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)^(c)		4.25%		05/01/2034		20		21,801
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2024		20		22,203
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		25		28,461
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB^(a)(b)		5.00%		08/01/2024		30		34,153
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		07/01/2024		10		11,329
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2024		80		91,702
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2026		35		39,968
Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB		5.00%		01/01/2024		200		222,048
Metropolitan Water Reclamation District of Greater Chicago (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2027		30		34,553

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

218

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Illinois-(continued)
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2024	$	60	$	66,347
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB		5.00%		03/01/2024		60		66,656
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds		4.00%		02/01/2035		25		26,880

								1,803,581


Indiana-0.40%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		12/01/2024		10		11,556
Indiana (State of) Finance Authority (CWA Authority), Series 2014 A, RB		5.00%		10/01/2039		25		28,323
Indiana (State of) Finance Authority (Green Bonds), Series 2015 B, Ref. RB		5.00%		02/01/2024		20		22,348
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2024		25		28,811
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB		3.13%		12/01/2024		50		53,886

								144,924


Iowa-0.17%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2024		55		62,184

Kansas-0.25%
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		3.00%		09/01/2024		25		27,073
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		09/01/2024		55		62,827

								89,900


Kentucky-0.47%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2017 B, Ref. RB		5.00%		05/15/2024		150		169,201

Louisiana-0.84%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2014, RB^(a)(b)		5.00%		02/01/2024		70		78,177
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB		5.00%		06/01/2024		5		5,641
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		06/01/2024		150		169,450
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		15		17,282
New Orleans (City of), LA, Series 2014, Ref. RB^(a)(b)		5.00%		12/01/2024		30		34,564

								305,114


Maine-0.69%
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB		4.00%		07/01/2044		210		225,065
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB		5.00%		09/01/2024		20		22,852

								247,917


Maryland-2.96%
Baltimore (City of), MD (Wastewater), Series 2013 C, RB^(a)(b)		5.00%		01/01/2024		80		89,023
Baltimore (City of), MD (Water), Series 2013 A, RB^(a)(b)		5.00%		01/01/2024		45		50,076
Howard (County of), MD, Series 2017 B, Ref. GO Bonds		5.00%		02/15/2024		100		111,869
Maryland (State of), Series 2016, GO Bonds		4.00%		06/01/2027		120		132,323
Maryland (State of), Series 2016, GO Bonds		4.00%		06/01/2030		25		27,405
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2024		20		22,452
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2024		10		11,401
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2024		50		57,005
Maryland (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		65		74,106
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2024		35		39,290
Maryland (State of), Series 2018 B, GO Bonds		5.00%		08/01/2024		30		34,203
Maryland (State of), Series 2020 C, Ref. GO Bonds		5.00%		08/01/2024		50		57,005
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2027		25		27,953
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2029		100		111,781
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2024		45		51,506
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB		5.00%		10/01/2045		100		112,790
Montgomery (County of), MD, Series 2014 A, GO Bonds^(a)(b)		5.00%		11/01/2024		40		46,066
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds		5.00%		11/01/2024		10		11,513

								1,067,767

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

219

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-2.88%
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds		5.00%		08/01/2024	$	200	$	228,019
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		4.00%		03/01/2041		30		32,477
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2024		45		51,131
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2024		175		201,473
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB		5.00%		06/15/2024		25		28,325
Massachusetts (State of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2024		10		11,360
Massachusetts (State of) College Building Authority (Green Bonds), Series 2014 B, RB^(a)(b)		5.00%		05/01/2024		285		321,652
Massachusetts (State of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB		5.00%		10/01/2046		20		22,727
Massachusetts (State of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2024		25		28,502
Massachusetts Clean Water Trust (The), Series 2006, Ref. RB		5.00%		08/01/2024		100		114,041

								1,039,707


Michigan-2.60%
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2024		225		253,327
Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB		5.00%		04/01/2024		160		178,842
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB		5.00%		08/01/2028		35		39,717
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB		5.00%		08/01/2031		85		96,295
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2024		150		172,141
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2030		20		22,658
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2032		20		22,561
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2031		30		33,860
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2024		20		22,997
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2024		85		95,572

								937,970


Minnesota-0.61%
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB		5.00%		01/01/2029		100		110,752
Western Minnesota Municipal Power Agency, Series 2014 A, RB^(a)(b)		5.00%		01/01/2024		100		111,279

								222,031


Mississippi-0.05%
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2024		15		17,194

Missouri-1.74%
Curators of the University of Missouri (The), Series 2014 A, Ref. RB		5.00%		11/01/2024		15		17,254
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2024		30		33,875
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB		5.00%		06/01/2026		10		11,268
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB		5.00%		06/01/2027		25		28,148
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB		4.00%		06/01/2033		50		54,569
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2024		90		101,619
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2024		25		28,432
St Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)^(c)		5.00%		07/01/2024		310		351,576

								626,741


Nebraska-0.06%
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB		4.00%		02/01/2039		10		10,885
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2024		10		11,153

								22,038


Nevada-1.04%
Clark (County of), NV, Series 2016, Ref. RB		5.00%		07/01/2024		70		79,452
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2029		100		113,503
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2024		30		33,945
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2024		75		84,862
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2033		30		34,384
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2039		25		28,436

								374,582

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

220

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New Jersey-4.26%
New Jersey (State of), Series 2014, GO Bonds		5.00	%		06/01/2024	$	100	$	112,856
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB		5.00	%		03/01/2024		125		134,029
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB		5.00	%		06/15/2031		185		207,450
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB		5.00	%		06/15/2026		75		84,614
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB		5.00	%		06/15/2032		130		148,592
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00	%		12/15/2024		25		28,767
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00	%		06/15/2026		100		112,819
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00	%		06/15/2038		200		222,739
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00	%		12/15/2024		25		28,767
New Jersey (State of) Turnpike Authority, Series 2014 A, RB^(a)(b)		5.00	%		07/01/2024		100		113,633
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00	%		01/01/2027		100		113,199
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00	%		01/01/2030		125		141,347
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00	%		01/01/2033		35		39,439
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00	%		01/01/2034		45		50,694

									1,538,945


New Mexico-0.28%
New Mexico (State of) Finance Authority, Series 2014 B1, Ref. RB		5.00	%		06/15/2027		15		16,923
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00	%		07/01/2024		25		28,376
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB		4.00	%		07/01/2024		50		55,341

									100,640


New York-16.46%
Erie (County of), NY Industrial Development Agency (The), Series 2021, Ref. RB		5.00	%		05/01/2024		200		225,363
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB		5.00	%		05/01/2024		5		5,634
Metropolitan Transportation Authority, Series 2014 C, RB		5.00	%		11/15/2024		100		114,444
Metropolitan Transportation Authority, Series 2014 D-1, RB		5.25	%		11/15/2044		100		112,757
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00	%		11/15/2024		15		17,267
New York & New Jersey (States of) Port Authority, Series 2014, RB		5.00	%		09/01/2028		25		28,485
New York & New Jersey (States of) Port Authority, Series 2014, RB		5.00	%		09/01/2033		100		113,844
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00	%		05/01/2024		130		146,597
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00	%		10/15/2024		125		143,538
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00	%		07/15/2024		20		22,742
New York (City of), NY, Series 2013 G, GO Bonds		5.00	%		08/01/2025		50		55,779
New York (City of), NY, Series 2013 I, GO Bonds		5.00	%		08/01/2024		25		27,321
New York (City of), NY, Series 2014 DD, Ref. RB		3.25	%		06/15/2028		10		10,782
New York (City of), NY, Series 2014 DD, Ref. RB		5.00	%		06/15/2036		65		73,469
New York (City of), NY, Series 2014 I, GO Bonds		5.00	%		03/01/2036		15		16,676
New York (City of), NY, Series 2014, Ref. RB		5.00	%		06/15/2045		10		11,211
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00	%		08/01/2024		25		28,495
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00	%		08/01/2024		5		5,699
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00	%		08/01/2024		10		11,398
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00	%		08/01/2024		10		11,398
New York (City of), NY, Series 2019 BB-2, RB		5.00	%		06/15/2026		200		231,465
New York (City of), NY, Series 2020 GG, RB		5.00	%		06/15/2026		75		86,799
New York (City of), NY Transitional Finance Authority, Series 2013, RB		5.00	%		05/01/2024		25		27,027
New York (City of), NY Transitional Finance Authority, Series 2014 B1, RB		5.00	%		11/01/2024		200		225,363
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00	%		08/01/2029		10		11,363
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00	%		11/01/2029		100		112,510
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00	%		08/01/2032		15		17,026
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB		5.00	%		02/01/2031		15		16,695
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00	%		11/01/2024		80		92,102
New York (City of), NY Transitional Finance Authority, Series 2018 A-1, RB		5.00	%		08/01/2024		50		57,005
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB		5.00	%		05/01/2024		35		39,499
New York (City of), NY Water & Sewer System, Series 2014 DD, Ref. RB		5.00	%		06/15/2028		200		226,418
New York (State of) Dormitory Authority, Series 2013 A, RB		5.00	%		07/01/2024		5		5,433
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00	%		03/15/2024		25		28,066
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00	%		02/15/2028		15		16,733

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

221

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00	%		03/15/2028	$	55	$	61,593
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00	%		03/15/2033		100		111,798
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00	%		03/15/2030		50		55,926
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00	%		03/15/2032		15		16,774
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00	%		03/15/2024		10		11,227
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB^(a)		5.00	%		02/15/2024		25		27,974
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00	%		07/01/2024		20		22,682
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB		5.00	%		10/01/2024		55		62,101
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00	%		10/01/2024		490		560,209
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00	%		03/15/2024		150		168,397
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00	%		07/01/2024		10		11,359
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00	%		07/01/2024		100		113,594
New York (State of) Thruway Authority, Series 2014 J, RB		5.00	%		01/01/2036		300		331,662
New York State Environmental Facilities Corp., Series 2013 A, RB		5.00	%		06/15/2024		130		141,302
New York State Environmental Facilities Corp., Series 2014, Ref. RB		5.00	%		06/15/2024		25		28,355
New York State Environmental Facilities Corp., Series 2017, Ref. RB		5.00	%		06/15/2024		100		113,419
New York State Urban Development Corp., Series 2014, Ref. RB		5.00	%		03/15/2029		150		167,697
New York State Urban Development Corp., Series 2014, Ref. RB		5.00	%		03/15/2030		200		223,487
New York State Urban Development Corp., Series 2014, Ref. RB		5.00	%		03/15/2031		200		223,433
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00	%		03/15/2024		275		308,728
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		3.00	%		10/15/2024		10		10,867
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		4.00	%		10/15/2024		20		22,376
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)		5.00	%		10/15/2024		330		379,456
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00	%		10/15/2024		20		22,997
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)^(c)		4.00	%		02/01/2024		200		217,543
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00	%		11/15/2024		10		11,519
Utility Debt Securitization Authority, Series 2016 B, Ref. RB		5.00	%		06/15/2024		135		140,211

									5,943,089


North Carolina-1.59%
Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds		4.00	%		02/01/2024		155		169,461
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00	%		12/01/2024		105		121,341
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB		5.00	%		02/01/2024		50		55,792
North (State of) Carolina Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB		5.00	%		10/01/2031		45		51,394
North Carolina (State of), Series 2014 C, Ref. RB		5.00	%		05/01/2024		10		11,288
North Carolina (State of), Series 2017 B, Ref. RB		5.00	%		05/01/2024		25		28,220
North Carolina (State of), Series 2019 B, GO Bonds		5.00	%		06/01/2024		10		11,327
North Carolina (State of), Series 2020 A, GO Bonds		5.00	%		06/01/2024		100		113,269
Wake (County of), NC, Series 2010 C, Ref. GO Bonds		5.00	%		03/01/2024		10		11,211

									573,303


Ohio-1.96%
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00	%		04/01/2024		100		112,493
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		4.00	%		12/01/2024		30		33,532
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB^(a)(b)		5.00	%		12/01/2024		195		225,349
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00	%		09/01/2024		10		11,436
Ohio (State of), Series 2017 A, GO Bonds		5.00	%		03/15/2030		40		44,752
Ohio (State of), Series 2017 A, GO Bonds		5.00	%		03/15/2033		205		229,074
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00	%		09/15/2024		20		22,906
Ohio (State of) (Garvee), Series 2016 I, RB		5.00	%		12/15/2024		5		5,781
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB		5.00	%		12/01/2024		10		11,553
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00	%		06/01/2024		10		11,327

									708,203


Oklahoma-0.25%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00	%		09/01/2024		15		16,649
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00	%		07/01/2026		55		62,196
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00	%		07/01/2027		10		11,285

									90,130

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

222

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Oregon-0.71%
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		06/15/2024	$	10	$	11,345
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		06/15/2024		15		17,017
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		06/15/2024		30		34,008
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB		5.00	%		11/15/2024		25		28,790
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB^(a)(b)		5.00	%		11/15/2024		25		28,838
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		4.00	%		11/15/2024		20		22,432
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00	%		11/15/2024		35		40,373
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB^(a)(b)		5.00	%		11/15/2024		30		34,605
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds^(a)(b)		5.00	%		06/15/2024		35		39,707

									257,115


Pennsylvania-4.86%
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)^(c)		5.00	%		06/01/2024		60		67,961
Erie (City & County of), PA City Water Authority, Series 2014, Ref. RB^(a)(b)		5.00	%		12/01/2024		125		144,234
Pennsylvania (Commonwealth of), Series 2013, GO Bonds		5.00	%		10/15/2024		90		99,293
Pennsylvania (Commonwealth of), Series 2015, GO Bonds		5.00	%		03/15/2024		150		168,184
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds		5.00	%		08/15/2024		200		228,058
Pennsylvania (Commonwealth of), Series 2016, GO Bonds		5.00	%		09/15/2024		175		200,200
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00	%		09/15/2024		100		114,400
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB		5.00	%		08/15/2024		65		74,160
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25	%		12/01/2039		325		374,027
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00	%		10/01/2024		150		171,941
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00	%		08/01/2024		100		113,664

									1,756,122


Rhode Island-0.24%
Rhode Island (State of), Series 2014 D, Ref. GO Bonds		5.00	%		08/01/2024		75		85,507

South Carolina-1.14%
Horry County School District, Series 2016, GO Bonds		5.00	%		03/01/2024		50		56,038
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00	%		12/01/2024		50		57,570
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00	%		12/01/2026		130		148,899
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00	%		12/01/2028		30		34,211
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00	%		12/01/2030		100		113,491

									410,209


South Dakota-0.01%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB		4.13	%		07/01/2041		5		5,439

Tennessee-0.56%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds		5.00	%		07/01/2024		25		27,212
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		4.00	%		07/01/2024		50		55,356
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		11/01/2024		55		63,282
Tennessee State School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		11/01/2024		50		57,530

									203,380


Texas-10.98%
Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB^(a)(b)		5.00	%		08/15/2024		250		285,072
Austin (City of), TX, Series 2015, Ref. GO Bonds		5.00	%		09/01/2024		35		40,015
Austin (City of), TX, Series 2017, Ref. RB		5.00	%		11/15/2024		5		5,763
Bexar (County of), TX, Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		06/15/2024		85		96,432
Board of Regents of the University of Texas System, Series 2017 C, Ref. RB		5.00	%		08/15/2024		35		39,899
Board of Regents of The University of Texas System, Series 2010 B, Ref. RB		5.00	%		08/15/2024		10		11,400
Board of Regents of The University of Texas System, Series 2016 I, Ref. RB		5.00	%		08/15/2024		35		39,899
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00	%		02/15/2024		100		111,738
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00	%		02/15/2026		140		156,140
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00	%		02/15/2027		125		139,247

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

223

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00	%		12/01/2024	$	30	$	34,616
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00	%		12/01/2024		120		138,463
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		08/15/2024		40		45,650
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00	%		08/15/2033		35		38,521
Dallas Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00	%		12/01/2024		45		51,924
Dallas Area Rapid Transit, Series 2014 A, Ref. RB^(a)(b)		5.00	%		12/01/2024		65		75,002
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB		5.00	%		11/01/2024		500		574,951
Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds^(a)(b)		5.00	%		02/15/2024		30		33,561
Harris (County of), TX, Series 2016 A, Ref. RB		5.00	%		08/15/2024		20		22,831
Houston (City of), TX, Series 2014 D, Ref. RB		5.00	%		11/15/2024		35		40,354
Houston (City of), TX, Series 2014 D, Ref. RB		5.00	%		11/15/2028		55		63,108
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00	%		02/15/2033		10		10,832
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		02/15/2024		105		117,517
Irving Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		02/15/2024		50		55,869
Mansfield Independent School District, Series 2014, GO Bonds^(a)(b)		4.00	%		02/15/2024		10		10,942
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00	%		01/01/2024		125		138,873
North Texas Tollway Authority, Series 2019 B, Ref. RB		5.00	%		01/01/2024		30		33,322
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00	%		07/01/2024		15		17,030
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		02/15/2024		135		151,023
San Antonio (City of), TX, Series 2015, Ref. RB		5.00	%		02/01/2024		70		78,127
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)		5.00	%		10/01/2024		100		114,767
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00	%		04/01/2024		65		73,116
Texas (State of), Series 2014, GO Bonds^(a)(b)		5.00	%		04/01/2024		100		112,487
Texas (State of), Series 2014, GO Bonds		5.00	%		04/01/2026		20		22,493
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		4.00	%		04/01/2024		50		54,956
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		04/01/2024		65		73,116
Texas (State of), Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		04/01/2024		75		84,365
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00	%		10/01/2024		10		11,466
Texas (State of) (Water Financial Assistance), Series 2018 B3, Ref. GO Bonds		5.00	%		08/01/2024		30		34,175
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB		5.00	%		10/01/2024		75		86,046
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00	%		10/01/2024		20		22,945
Texas (State of) Water Development Board, Series 2017 A, RB		5.00	%		04/15/2024		35		39,397
Texas (State of) Water Development Board, Series 2018 B, RB		5.00	%		10/15/2024		30		34,449
United Independent School District, Series 2014, GO Bonds^(a)(b)		5.00	%		08/15/2024		50		57,094
University of Houston, Series 2017 A, Ref. RB		5.00	%		02/15/2024		275		307,135
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		08/15/2024		45		51,313
White Settlement Independent School District, Series 2014, Ref. GO Bonds^(a)(b)		5.00	%		08/15/2024		110		125,432

									3,962,873


Utah-0.50%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB		4.00	%		05/15/2047		110		119,646
Utah (State of), Series 2018, GO Bonds		5.00	%		07/01/2024		15		17,048
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00	%		06/15/2024		40		45,320

									182,014


Virginia-1.44%
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds		5.00	%		10/01/2024		10		11,479
Virginia (Commonwealth of), Series 2013 B, GO Bonds		4.00	%		06/01/2024		100		106,829
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00	%		03/15/2024		35		39,243
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00	%		09/15/2024		10		11,440
Virginia (State of) College Building Authority, Series 2015 D, RB, (CEP - Colorado Higher Education Intercept Program)		5.00	%		02/01/2024		65		72,647

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

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	Interest Rate			Maturity Date		Principal Amount (000)		Value
Virginia-(continued)
Virginia (State of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00	%		09/01/2024	$	25	$	27,073
Virginia (State of) Public Building Authority, Series 2014 C, Ref. RB		5.00	%		08/01/2024		175		199,517
Virginia College Building Authority (21st Century College), Series 2020, RB		5.00	%		02/01/2024		10		11,176
Virginia Commonwealth Transportation Board, Series 2017 A, Ref. RB		5.00	%		05/15/2024		35		39,511

									518,915


Washington-2.79%
Energy Northwest, Series 2014 C, Ref. RB		5.00	%		07/01/2027		150		169,616
Seattle (City of), WA, Series 2015, Ref. RB		5.00	%		05/01/2024		150		169,322
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2024		200		230,702
Washington (State of), Series 2014 D, GO Bonds		5.00	%		02/01/2028		200		222,449
Washington (State of), Series 2014 R, Ref. GO Bonds		4.00	%		07/01/2026		45		49,648
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00	%		07/01/2024		20		22,725
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00	%		08/01/2024		75		85,507
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00	%		10/01/2038		25		28,302
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00	%		10/01/2041		25		28,277

									1,006,548


West Virginia-0.03%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00	%		09/01/2024		10		11,407

Wisconsin-0.89%
Wisconsin (State of), Series 2013, Ref. GO Bonds		5.00	%		05/01/2024		30		32,437
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00	%		11/01/2024		25		28,773
Wisconsin (State of), Series 2016 D, GO Bonds		4.00	%		05/01/2026		20		21,984
Wisconsin (State of), Series 2016, Ref. GO Bonds		5.00	%		11/01/2024		20		23,019
Wisconsin (State of), Series 2018 A, GO Bonds		5.00	%		05/01/2024		100		108,124
Wisconsin (State of) Department of Transportation, Series 2014 A2, Ref. RB		5.00	%		07/01/2027		25		28,406
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00	%		07/01/2024		70		79,495

									322,238


TOTAL INVESTMENTS IN SECURITIES^(d)-98.73% (Cost $35,272,692)									35,647,477
OTHER ASSETS LESS LIABILITIES-1.27%									458,701

NET ASSETS-100.00%								$	36,106,178

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

CEP	-Credit Enhancement Provider

COP	-Certificates of Participation

GO	-General Obligation

INS

-Insurer

RB	-Revenue Bonds

Ref.	-Refunding

Wts.

-Warrants

Notes to Schedule of Investments:

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

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

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

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

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

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Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.69%
Alaska-0.29%
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB		5.00%		09/01/2032	$	100	$	114,186

Arizona-2.73%
Arizona (State of) Transportation Board, Seris 2016, Ref. RB		5.00%		07/01/2025		200		235,651
Arizona State University, Series 2015 D, RB		5.00%		07/01/2041		25		29,103
Arizona State University, Series 2015 D, RB		5.00%		07/01/2046		125		145,410
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2025		65		76,586
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2045		500		579,871

								1,066,621

California-15.93%
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2030		60		70,900
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2031		100		115,549
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2032		75		88,559
California (State of), Series 2015, GO Bonds		5.00%		03/01/2027		100		116,309
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2027		100		116,309
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2027		100		118,000
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2029		100		117,915
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2035		150		176,168
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2025		50		59,346
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2025		155		183,432
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2025		50		59,517
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2025		200		239,431
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB^(a)		5.00%		10/01/2025		100		119,227
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB^(a)(b)		5.00%		08/15/2025		100		118,498
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2027		150		175,273
California (State of) Statewide Communities Development Authority (Beverly Community Hospital Association), Series 2015, RB		5.00%		02/01/2045		200		209,692
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2031		150		177,831
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2043		160		188,816
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		50		58,915
Chino Basin Regional Financing Authority, Series 2020 B, RN		4.00%		11/01/2025		200		228,414
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2028		65		75,000
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2029		45		51,907
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2025		200		235,776
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		200		233,707
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB		5.00%		10/01/2034		400		470,612
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		40		47,214
Metropolitan Water District of Southern California, Series 2015 A, RB		4.00%		07/01/2045		200		223,300
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2025		100		118,119
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB		5.00%		11/01/2025		100		119,330
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2025		40		46,538
Pasadena (City of), CA, Series 2015 A, Ref. COP		4.00%		02/01/2038		200		218,316
San Diego (County of), CA Water Authority, Series 2015, Ref. RB		5.00%		05/01/2029		100		117,088
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2025		120		141,542
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2028		65		76,532
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP		3.00%		04/01/2031		65		69,392
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2027		250		292,520
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2025		100		117,867
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2028		115		135,114
San Francisco Bay Area Rapid Transit District, Series 2015 D, Ref. GO Bonds		5.00%		08/01/2029		65		76,617
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2025		100		118,000
University of California, Series 2015 I, Ref. RB		5.00%		05/15/2030		95		111,196

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

226

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	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB		4.00%		08/01/2045	$	200	$	222,981
Ventura County Community College District, Series 2015, Ref. GO Bonds		3.13%		08/01/2031		150		161,933

								6,218,702

Colorado-0.26%
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds		5.00%		12/01/2040		10		11,768
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds		5.00%		12/15/2031		50		59,442
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2025		25		29,870

								101,080

Connecticut-2.26%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2027		200		232,350
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2028		210		243,696
Connecticut (State of), Series 2015 A, RB		5.00%		08/01/2033		95		111,089
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB		5.00%		07/01/2025		250		294,878

								882,013

Delaware-0.59%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2025		200		231,782

District of Columbia-0.59%
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2034		50		58,209
District of Columbia Water & Sewer Authority, Series 2015 B, RB		5.00%		10/01/2037		145		170,469

								228,678

Florida-3.69%
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2025		45		53,097
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2025		75		88,495
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2025		15		17,661
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2025		50		59,316
Hillsborough (County of), FL, Series 2015, Ref. RB		5.00%		11/01/2025		130		153,472
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2027		75		88,840
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2029		30		35,442
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2030		50		53,360
Jacksonville (City of), FL, Series 2015, Ref. RB		3.25%		10/01/2032		100		107,280
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		210		242,361
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2040		15		17,108
Miami-Dade (County of), FL Water & Sewer System, Series 2017 A, RB		5.00%		10/01/2032		10		11,796
Miami-Dade (County of), FL Water & Sewer System, Series 2017 A, RB		5.00%		10/01/2034		10		11,756
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB		5.00%		10/01/2028		100		116,504
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2030		20		23,464
School Board of Miami-Dade County (The), Series 2015 A, Ref. COP		5.00%		05/01/2028		200		232,822
School Board of Miami-Dade County (The), Series 2015 A, Ref. COP		5.00%		05/01/2030		25		28,974
School District of Broward County, Series 2015 B, Ref. COP		5.00%		07/01/2030		70		81,632
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB^(a)(b)		5.00%		04/15/2025		15		17,471

								1,440,851

Georgia-2.65%
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2040		205		237,599
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2025		60		71,294
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB^(a)(b)		5.25%		02/15/2025		100		114,669
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB^(a)(b)		5.50%		02/15/2025		100		115,332
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2025		50		58,718
Metropolitan Atlanta Rapid Transit Authority, Series 2015 A, RB		5.00%		07/01/2041		200		232,938
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2025		170		201,626

								1,032,176

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

227

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	Interest Rate		Maturity Date		Principal Amount (000)		Value
Hawaii-1.98%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2027	$	150	$	177,613
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2025		130		154,570
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2027		250		296,021
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2025		125		145,529

								773,733

Illinois-5.40%
Chicago (City of), IL, Series 2015 A, GO Bonds		5.50%		01/01/2033		100		114,133
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2029		25		28,703
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2030		25		28,694
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2031		300		344,217
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2032		235		269,552
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2033		135		154,849
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2025		50		59,443
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2025		75		88,110
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2025		25		29,306
Illinois (State of), Series 2020 D, GO Bonds		5.00%		10/01/2025		45		52,751
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2025		100		115,280
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2025		475		552,813
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		4.13%		11/15/2037		40		44,697
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2028		20		23,249
Illinois (State of) Finance Authority (University of Chicago), Series 2015 A, RB		5.00%		10/01/2035		15		17,654
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2039		10		11,381
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2037		15		17,480
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB		5.00%		03/01/2028		20		23,080
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB		5.00%		03/01/2029		65		74,888
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB		5.00%		03/01/2031		20		23,035
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB, (INS - AGM)^(c)		5.00%		03/01/2040		30		34,373

								2,107,688

Indiana-1.25%
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB		4.00%		11/01/2051		125		138,686
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		02/01/2025		300		348,537

								487,223

Kansas-0.66%
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2033		200		235,314
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2025		20		22,935

								258,249

Kentucky-0.30%
Louisville (City of) & Jefferson (County of), KY Sewer District, Seris 2016 A, RB		3.00%		05/15/2047		110		116,567

Louisiana-1.35%
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB^(a)(b)		5.00%		02/01/2025		100		116,174
Louisiana (State of), Series 2015 A, Ref. RB		5.00%		05/01/2041		150		172,170
Louisiana (State of) Public Facilities Authority (Lafayette General Health System), Series 2016 A, Ref. RB^(a)(b)		5.00%		11/01/2025		200		238,775

								527,119

Maryland-1.94%
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2025		130		151,714
Maryland (State of) Department of Transportation, Series 2018, RB		5.00%		10/01/2025		100		119,125
Maryland (State of) Health & Higher Educational Facilities Authority (John Hopkins Health System (The)), Series 2015 A, Ref. RB		4.00%		05/15/2040		75		82,798
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB		5.00%		07/01/2040		100		113,200
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2025		100		117,910
Montgomery (County of), MD, Series 2016 A, GO Bonds		5.00%		12/01/2025		150		173,227

								757,974

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

228

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	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-4.49%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2029	$	35	$	41,023
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2030		40		46,887
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		4.50%		07/01/2034		85		97,367
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		50		58,976
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		3.00%		04/01/2044		295		311,898
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2046		150		166,879
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2025		50		57,909
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2025		250		298,326
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB^(a)(b)		5.00%		08/15/2025		70		82,979
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2029		200		235,820
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037		200		234,682
University of Massachusetts Building Authority, Series 2015 1, RB		5.00%		11/01/2040		100		117,774

								1,750,520

Michigan-1.83%
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2030		10		11,843
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2032		375		442,750
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2038		30		35,232
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB		5.00%		11/01/2044		100		116,395
Michigan (State of) Finance Authority (Great Lakes Water), Series 2014 C-3, RB, (INS - AGM)^(c)		5.00%		07/01/2025		60		68,193
Michigan (State of) Finance Authority (Trinity Health Corp.), Series 2015, Ref. RB		5.00%		12/01/2025		35		40,988

								715,401

Mississippi-0.31%
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2025		100		118,855

Missouri-0.75%
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, RB		4.00%		01/01/2045		10		10,901
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2025		250		282,107

								293,008

Nebraska-0.22%
Public Power Generation Agency (Whelan Energy Center Unit), Series 2015, Ref. RB		5.00%		01/01/2028		75		85,842

Nevada-1.48%
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040		210		244,810
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2025		170		199,074
Nevada (State of), Series 2015 B, Ref. GO Bonds		5.00%		11/01/2025		115		134,284

								578,168

New Jersey-3.03%
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2025		180		210,504
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2025		250		292,519
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2025		200		235,316
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2025		100		112,768
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.25%		06/15/2031		100		117,299
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB		5.00%		01/01/2025		70		80,719
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2045		115		131,539

								1,180,664

New York-17.33%
Metropolitan Transportation Authority, Series 2015 C-1, Ref. RB		5.00%		11/15/2029		265		311,105
Metropolitan Transportation Authority (Green Bonds), Series 2017 A2, Ref. RB		5.00%		11/15/2025		200		237,016
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2027		75		87,577
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2030		70		81,488
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		10/15/2030		100		118,201
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2028		200		230,951
New York (City of), NY, Series 2015 FF, Ref. RB		5.00%		06/15/2029		90		105,503
New York (City of), NY, Series 2015 FF, Ref. RB		5.00%		06/15/2039		200		232,728
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2025		110		130,036

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

229

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2015 A1, RB		5.00%		08/01/2037	$	85	$	99,360
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2031		300		352,720
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00%		11/01/2032		180		213,234
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2040		200		233,197
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2025		100		119,376
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2025		50		59,688
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2025		100		111,790
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2025		200		233,518
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2030		100		115,744
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2032		85		98,285
New York (State of) Dormitory Authority, Series 2015 B, RB^(a)		5.00%		02/15/2025		105		122,215
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2027		40		46,283
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2031		200		236,375
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2033		175		206,366
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2044		90		102,935
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		4.00%		03/15/2027		150		171,470
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2025		100		118,319
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)^(c)		5.00%		10/01/2025		200		237,263
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2025		100		116,759
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB		5.00%		07/01/2043		200		230,351
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2025		110		127,122
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2028		200		230,123
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2033		95		112,116
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		4.00%		11/15/2045		210		229,785
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2033		150		176,753
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2025		100		118,044
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB^(a)(b)		5.00%		10/15/2024		120		137,984
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB		5.00%		11/15/2034		405		479,077
Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		06/15/2027		260		305,861
Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2036		75		88,883

								6,765,601

North Carolina-1.69%
Charlotte (City of), NC, Series 2015, Ref. RB		5.00%		07/01/2025		110		129,885
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2025		100		117,248
North Carolina (State of) (Vehicle-Garvee), Series 2015, RB		5.00%		03/01/2027		150		173,460
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB^(a)(b)		5.00%		10/01/2025		200		238,094

								658,687

Ohio-1.83%
Bowling Green State University, Series 2016 A, RB		5.00%		06/01/2042		100		116,374
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2025		25		28,838
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds		5.00%		07/01/2025		150		176,738
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2025		100		116,777
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2032		150		174,914
Ohio (State of) (Garvee), Series 2018 1, RB		5.00%		12/15/2025		85		101,731

								715,372

Oklahoma-0.30%
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB		5.00%		06/01/2025		100		117,069

Pennsylvania-4.23%
Pennsylvania (Commonwealth of), Series 2015, GO Bonds		5.00%		03/15/2025		95		110,722
Pennsylvania (Commonwealth of), Series 2015, GO Bonds		5.00%		03/15/2028		500		583,902
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00%		09/15/2025		120		142,355
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB		5.00%		09/01/2045		35		39,736

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

230

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB		5.00%		09/01/2039	$	100	$	113,804
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB		5.00%		08/15/2040		100		115,514
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2027		200		237,432
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2030		150		177,141
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)^(c)		5.00%		08/15/2038		110		128,135

								1,648,741

South Carolina-1.21%
Charleston (City of), SC, Series 2015, RB^(a)(b)		5.00%		01/01/2025		200		231,634
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2050		210		240,712

								472,346

Tennessee-0.53%
Jackson (City of), TN (Jackson-Madison County Hospital), Series 2015, Ref. RB		4.00%		04/01/2041		25		27,280
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds^(a)(b)		5.00%		07/01/2025		40		47,205
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2025		10		11,571
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2025		5		5,891
Tennessee (State of) School Bond Authority, Series 2015 B, RB^(a)(b)		5.00%		11/01/2025		10		11,916
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2025		85		101,392

								205,255

Texas-10.37%
Austin (City of), TX, Series 2015, Ref. GO Bonds		2.95%		09/01/2027		180		197,364
Corpus Christi (City of), TX, Series 2015, RB		5.00%		07/15/2040		100		116,016
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2025		75		83,843
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB		5.00%		12/01/2034		50		59,253
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		70		83,230
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2029		155		183,810
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2025		200		238,974
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds		5.00%		08/15/2028		115		135,436
Metropolitan Transit Authority of Harris County, Series 2016 A, Ref. RB		5.00%		11/01/2025		130		155,010
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2029		200		235,809
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2032		100		114,631
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2033		200		229,120
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2035		115		131,498
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2025		145		164,491
Rockwall Independent School District, Series 2016, GO Bonds^(a)(b)		5.00%		02/15/2025		175		203,625
SA Energy Acquisition Public Facility Corp., Series 2007, RB		5.50%		08/01/2025		100		118,910
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB		5.00%		03/01/2029		150		173,668
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		150		178,956
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2028		100		118,990
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2035		200		235,306
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2030		305		362,161
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2040		115		135,725
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		100		117,485
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00%		12/15/2025		100		118,604
Texas State University System, Series 2017 A, Ref. RB		5.00%		03/15/2025		135		157,185

								4,049,100

Utah-0.60%
Utah (State of) Transit Authority, Series 2015 A, Ref. RB^(a)(b)		5.00%		06/15/2025		140		164,927
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2037		60		67,960

								232,887

Vermont-0.06%
University of Vermont & State Agricultural College, Series 2015, Ref. RB		5.00%		10/01/2045		20		23,174

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

231

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Virginia-1.34%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.00%		10/01/2025	$	75	$	86,270
Virginia (State of) College Building Authority (21st Century College), Series 2020, RB		5.00%		02/01/2025		130		150,984
Virginia (State of) Commonwealth Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2025		120		140,652
Virginia College Building Authority, Series 2015 A, RB^(a)(b)		5.00%		02/01/2025		40		46,470
Virginia Public School Authority, Series 2014, Ref. RB		4.00%		08/01/2025		90		99,837

								524,213

Washington-3.98%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB		5.00%		11/01/2029		75		88,950
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB		5.00%		11/01/2030		30		35,553
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB		5.00%		11/01/2036		75		88,338
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2029		100		117,616
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2032		75		88,118
King (County of), WA, Series 2015, Ref. GO Bonds^(a)(b)		5.00%		01/01/2025		115		133,189
King (County of), WA, Series 2015, Ref. RB^(a)(b)		5.00%		01/01/2025		40		46,254
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2031		200		235,403
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2026		15		17,346
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2029		115		132,527
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2033		200		230,051
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2025		250		295,644
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB		5.00%		03/01/2038		40		45,503

								1,554,492

Wisconsin-1.24%
Wisconsin (State of), Series 2015, Ref. GO Bonds		5.00%		05/01/2027		165		192,865
Wisconsin (State of), Series 2017 A, GO Bonds		5.00%		05/01/2027		250		292,221

								485,086

TOTAL INVESTMENTS IN SECURITIES^(d)-98.69% (Cost $38,034,188)								38,519,123
OTHER ASSETS LESS LIABILITIES-1.31%								512,893

NET ASSETS-100.00%							$	39,032,016

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

BAM	-Build America Mutual Assurance Co.

CEP	-Credit Enhancement Provider

COP	-Certificates of Participation

GO	-General Obligation

INS

-Insurer

RB	-Revenue Bonds

Ref.	-Refunding

RN	-Revenue Notes

Notes to Schedule of Investments:

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

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

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

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

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

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Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

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Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.59%
Alabama-0.51%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB		5.00%		09/01/2026	$	20	$	24,491
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.^(a)(b)		5.00%		08/01/2026		60		73,351
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		3.63%		09/01/2041		20		21,937

								119,779

Arizona-1.02%
Arizona State University (Green Bonds), Series 2016 B, RB		5.00%		07/01/2042		200		238,697

California-18.62%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(c)		4.00%		10/01/2037		100		113,189
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB		4.00%		12/01/2034		25		28,891
Anaheim City School District, Series 2016, GO Bonds		3.00%		08/01/2046		100		104,441
California (State of), Series 2016, GO Bonds		5.00%		09/01/2029		25		30,462
California (State of), Series 2016, GO Bonds		3.00%		09/01/2046		5		5,240
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		420		510,378
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2033		100		121,464
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2026		130		160,295
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2036		100		120,678
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		15		18,158
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		60		73,796
California (State of), Series 2018, Ref. GO Bonds		5.00%		08/01/2026		50		61,179
California (State of), Series 2020, GO Bonds		3.00%		03/01/2026		100		111,807
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00%		10/01/2046		20		23,532
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB		4.00%		03/01/2039		55		61,223
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2039		70		79,593
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2026		10		11,944
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health System), Series 2016 A, Ref. RB		4.00%		10/01/2047		25		28,285
California (State of) Health Facilities Financing Authority (Providence St. Joseph Healthcare), Series 2016 A, Ref. RB		3.00%		10/01/2047		30		31,460
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB^(a)(b)		5.00%		11/15/2026		40		49,325
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		5.00%		11/15/2046		60		72,181
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB		5.00%		10/15/2047		200		234,500
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2026		35		40,939
California (State of) Public Works Board, Series 2016 A, Ref. RB		4.00%		11/01/2032		220		256,130
California (State of) Public Works Board, Series 2016 C, Ref. RB		5.00%		11/01/2026		25		30,769
California (State of) Public Works Board, Series 2017 B, Ref. RB		5.00%		10/01/2026		30		36,830
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		100		119,335
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		100		118,930
Central Unified School District (Election of 2016), Series 2018 B, GO Bonds		4.00%		08/01/2048		200		224,730
Fresno Unified School District, Series 2002 A, Ref. GO Bonds, (INS - NATL)^(c)		6.00%		08/01/2026		30		33,602
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds		3.00%		08/01/2045		5		5,228
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)^(c)		3.50%		08/01/2037		45		48,652
Imperial Irrigation District Electric System, Series 2016 C, Ref. RB		5.00%		11/01/2038		25		29,607
Irvine Ranch Water District, Series 2016, RB		5.25%		02/01/2046		30		36,484
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2026		120		145,654
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2041		50		59,033
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		100		117,784
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2026		5		6,005
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		2.00%		07/01/2029		45		47,243
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		3.00%		07/01/2032		170		185,434

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

233

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB		5.00%		07/01/2026	$	150	$	183,295
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		5.00%		08/01/2041		100		119,928
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2035		20		22,413
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		30		35,738
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB		4.00%		05/15/2026		20		22,702
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2037		60		72,407
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2041		15		17,872
San Diego Unified School District, Series 2016 1, Ref. GO Bonds		4.00%		07/01/2032		20		23,030
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds		5.00%		07/01/2029		30		36,498
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2026		35		42,412
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2032		40		48,932
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)^(c)		3.38%		08/01/2040		80		84,399
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		25		29,803
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)^(c)		3.00%		08/01/2034		20		21,651

								4,355,490

Colorado-1.95%
Colorado (State of) Higher Education, Series 2014 A, Ref. COP		5.00%		11/01/2026		30		36,579
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP		5.38%		06/01/2043		215		258,491
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB		5.00%		11/15/2032		10		12,066
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds		4.00%		12/01/2026		25		28,807
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2031		10		12,210
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2038		90		109,012

								457,165

Connecticut-1.44%
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2026		25		29,757
Connecticut (State of), Series 2016 A, RB		5.00%		09/01/2026		100		122,402
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2026		130		159,308
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2026		20		24,190

								335,657

District of Columbia-1.57%
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2030		50		60,331
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2032		175		210,611
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2041		15		18,186
District of Columbia, Series 2016 E, Ref. GO Bonds		5.00%		06/01/2031		35		42,897
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2030		15		18,014
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2031		15		18,007

								368,046

Florida-4.57%
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2035		100		114,541
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2028		75		91,204
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2029		40		48,593
Miami-Dade (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2026		100		118,632
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		30		36,306
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		65		78,525
Miami-Dade (County of), FL, Series 2016 A, Ref. RB		5.00%		10/01/2041		100		119,927
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB		5.00%		07/01/2029		125		149,954
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB		5.00%		07/01/2026		10		11,770
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2033		10		12,025
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2034		10		12,004
Orange (County of), FL School Board, Series 2017, Ref. COP		5.00%		08/01/2026		50		60,880
Port St. Lucie (City of), FL, Series 2016, Ref. RB		5.00%		09/01/2029		20		24,326
School Board of Miami-Dade County (The), Series 2015 D, Ref. COP		5.00%		02/01/2028		25		29,662
School District of Broward County, Series 2015 A, Ref. COP		5.00%		07/01/2026		55		64,666
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2026		10		12,009

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

234

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2027	$	25	$	29,986
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2028		25		29,911
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2032		20		23,789

								1,068,710

Georgia-1.88%
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)^(c)		5.25%		10/01/2032		70		86,233
Main Street Natural Gas, Inc., Series 2007 A, RB		5.50%		09/15/2026		170		208,366
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2030		35		42,265
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		50		60,294
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB^(a)(b)		5.00%		05/01/2026		35		42,396

								439,554

Hawaii-0.97%
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		5.00%		10/01/2026		85		104,256
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2026		100		122,654

								226,910

Illinois-5.52%
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2038		100		115,529
Chicago O’Hare International Airport, Series 2015 B, Ref. RB		5.00%		01/01/2026		90		103,879
Chicago O’Hare International Airport, Series 2016 C, Ref. RB		5.00%		01/01/2029		10		11,852
Chicago O’Hare International Airport, Series 2016 C, Ref. RB		5.00%		01/01/2034		20		23,582
Chicago O’Hare International Airport, Series 2016 C, Ref. RB		5.00%		01/01/2038		100		117,602
Chicago O’Hare International Airport, Series 2017 E, RB		5.00%		01/01/2026		30		35,873
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2026		100		122,637
Illinois (State of), Series 2016, GO Bonds		4.00%		01/01/2031		85		94,120
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2026		400		482,509
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		4.00%		07/01/2026		15		17,338
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2036		55		64,833
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		60		71,036
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2026		25		29,669

								1,290,459

Indiana-0.36%
Indiana University, Seris 2016 A, Ref. RB		5.00%		06/01/2028		25		30,192
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2026		45		54,966

								85,158

Iowa-0.70%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2026		45		55,061
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB		5.00%		12/01/2041		90		109,115

								164,176

Kentucky-0.72%
Kentucky (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		07/01/2028		20		24,027
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB		5.00%		10/01/2029		20		24,030
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB		5.00%		10/01/2030		100		119,858

								167,915

Louisiana-0.76%
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB		5.00%		06/01/2026		150		178,663

Maryland-1.83%
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2026		40		48,922
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2026		65		79,498
Maryland (State of), Series 2018 B, GO Bonds		5.00%		08/01/2026		25		30,576
Maryland (State of) Department of Transportation, Series 2018, RB		5.00%		10/01/2028		75		91,877
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2026		100		122,936

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

235

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-(continued)
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2026	$	25	$	30,812
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2026		20		22,382

								427,003

Massachusetts-4.96%
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2034		60		72,175
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		3.00%		09/01/2046		400		420,388
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2026		25		30,482
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2026		90		110,870
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2026		20		24,386
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2026		70		83,570
Massachusetts (State of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2026		300		369,755
Massachusetts (State of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2046		40		48,487

								1,160,113

Michigan-2.58%
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2026		115		138,662
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2032		20		24,198
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2033		40		48,352
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		04/15/2035		35		42,171
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		4.00%		11/15/2046		165		184,207
Michigan (State of) Hospital Finance Authority, Series 2010, Ref. RB		5.00%		11/15/2047		45		54,009
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)^(c)		4.00%		05/01/2045		20		21,839
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2026		75		90,714

								604,152

Minnesota-0.25%
University of Minnesota, Series 2016 A, RB		5.00%		04/01/2041		50		59,299

Missouri-0.34%
Hazelwood School District, Series 2017 A, Ref. GO Bonds		3.00%		03/01/2029		35		37,999
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds		5.00%		02/01/2026		35		42,034

								80,033

Nevada-1.13%
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2026		10		12,279
Clark County School District, Series 2015 C, Ref. GO Bonds		5.00%		06/15/2026		25		29,745
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2026		95		114,813
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2041		40		47,520
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2026		20		24,247
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2028		30		36,277

								264,881

New Jersey-3.69%
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB		5.00%		11/01/2026		200		244,083
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2043		280		333,842
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2034		240		284,145

								862,070

New Mexico-1.24%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2026		240		289,615

New York-15.15%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB		5.00%		05/01/2026		10		11,906
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB		5.00%		05/01/2030		20		24,363
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)^(c)		5.25%		11/15/2026		350		431,511
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2037		100		118,551
Metropolitan Transportation Authority, Series 2016 C-1, RB		5.00%		11/15/2056		125		146,162
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2030		75		89,978

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

236

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2026	$	160	$	194,743
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2026		65		76,081
New York & New Jersey (States of) Port Authority, Series 2016 198, Ref. RB		5.25%		11/15/2056		100		121,396
New York & New Jersey (States of) Port Authority, Series 2016, Ref. RB		5.00%		11/15/2046		25		29,670
New York (City of), NY, Series 2016 A-1, GO Bonds		4.00%		08/01/2035		25		28,629
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2026		240		286,835
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2029		55		65,680
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2031		25		29,830
New York (City of), NY, Series 2016 CC1, Ref. RB		5.00%		06/15/2038		100		121,825
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2026		70		85,536
New York (City of), NY, Series 2016, Ref. RB		5.00%		06/15/2037		415		505,574
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB		5.00%		05/01/2040		35		41,643
New York (City of), NY Transitional Finance Authority, Series 2016 E-1, RB		5.00%		02/01/2030		90		107,303
New York (City of), NY Transitional Finance Authority, Series 2016 E-1, RB		5.00%		02/01/2037		35		41,493
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2028		10		11,930
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2030		15		17,852
New York (City of), NY Transitional Finance Authority, Series 2016, RB		4.00%		05/01/2030		15		17,243
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2026		30		36,957
New York (City of), NY Water & Sewer System, Series 2016 CC, Ref. RB		4.00%		06/15/2046		100		112,759
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2033		40		48,587
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB		5.00%		02/15/2026		35		42,181
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2026		100		120,518
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		10		12,012
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2026		50		60,259
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2026		45		53,597
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2026		15		18,128
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2026		60		73,188
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2026		5		6,043
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2026		35		42,297
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2026		125		152,054
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2026		20		24,386
New York State Environmental Facilities Corp., Series 2016, Ref. RB		5.00%		06/15/2029		25		30,346
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2028		25		29,994
New York State Urban Development Corp., Series 2016 A, Ref. RB		4.00%		03/15/2036		40		45,218
Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2032		25		30,188

								3,544,446

North Carolina-1.17%
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2026		85		103,498
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2026		25		30,441
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2026		20		24,266
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2026		15		18,322
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2044		55		66,141
North Carolina Eastern Municipal Power Agency, Series 1993 B, Ref. RB^(a)		6.00%		01/01/2026		25		30,968

								273,636

Ohio-2.29%
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2030		25		30,152
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2026		35		42,877
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2029		30		36,252
Miami University, Series 2017, Ref. RB		5.00%		09/01/2041		50		59,913
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2031		70		84,104
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2026		5		6,112
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2031		85		101,300
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2033		50		59,348
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2034		40		47,872

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

237

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2026	$	40	$	48,621
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		12/01/2026		15		18,542

								535,093

Oklahoma-0.52%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		5.00%		09/01/2026		50		60,897
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2026		10		12,113
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2029		15		18,428
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB		5.00%		09/01/2026		25		29,425

								120,863

Pennsylvania-4.06%
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB		3.00%		10/01/2037		100		105,262
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2026		35		40,873
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		5.00%		02/01/2029		300		357,386
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2026		30		36,306
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2028		150		183,063
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2030		65		74,932
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2032		80		97,760
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2036		45		53,861

								949,443

Rhode Island-0.46%
Rhode (State of) Island Turnpike & Bridge Authority, Series 2016 A, Ref. RB		5.00%		10/01/2040		40		47,137
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2026		50		60,612

								107,749

South Carolina-0.86%
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		150		178,969
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		4.00%		12/01/2056		20		22,417

								201,386

Tennessee-1.12%
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2026		50		59,931
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2016, Ref. GO Bonds^(a)(b)		5.00%		07/01/2026		100		121,877
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2026		35		43,096
Tennessee Energy Acquisition Corp., Series 2006 A, RB		5.25%		09/01/2026		30		35,989

								260,893

Texas-9.33%
Bexar (County of), TX, Series 2017, Ref. GO Bonds		5.00%		06/15/2030		60		72,545
Board of Regents of The University of Texas System, Series 2016 D, RB		5.00%		08/15/2026		135		164,866
Board of Regents of The University of Texas System (Green Bonds), Series 2016 B, RB		5.00%		08/15/2026		35		42,743
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2026		160		190,527
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2026		30		35,563
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		5		6,020
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2026		25		30,833
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2026		60		72,932
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		20		23,942
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		70		83,591
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		45		53,562
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		50		60,295
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2026		25		28,107

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

238

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2046	$	100	$	104,125
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2051		200		207,805
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/01/2026		30		36,371
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2026		35		42,980
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2031		15		18,013
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2026		200		241,601
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2037		30		35,818
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2026		35		42,988
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2029		30		34,518
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2030		75		89,004
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2036		395		464,625

								2,183,374

Utah-0.54%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB		3.00%		05/15/2047		95		99,339
Utah (State of) Transit Authority, Series 2016, Ref. RB		3.00%		12/15/2028		25		27,416

								126,755

Virginia-1.49%
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2026		20		24,032
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds		5.00%		06/01/2026		25		29,421
Virginia (State of) College Building Authority, Series 2016 A, RB		4.00%		02/01/2030		10		11,424
Virginia (State of) College Building Authority (21st Century College), Series 2019 C, Ref. RB		5.00%		02/01/2026		35		42,051
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2026		200		241,252

								348,180

Washington-2.92%
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2028		50		60,564
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		15		18,419
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		50		61,195
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2030		10		11,031
University of Washington, Series 2016 A, Ref. RB		5.25%		12/01/2046		200		241,122
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		10		11,943
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		40		48,791
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2032		10		12,171
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2028		35		42,730
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		08/01/2030		25		30,494
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		07/01/2032		30		35,759
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2026		90		108,218

								682,437

Wisconsin-2.07%
Wisconsin (State of), Series 2018 A, RB		5.00%		06/01/2026		200		243,315
Wisconsin (State of), Series 2019 A, Ref. RB		5.00%		05/01/2026		60		72,458
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB		5.00%		07/01/2026		20		24,343
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB^(a)(b)		3.13%		05/15/2026		25		27,997
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.50%		11/15/2039		100		116,359

								484,472

TOTAL INVESTMENTS IN SECURITIES^(d)-98.59% (Cost $22,493,317)								23,062,272
OTHER ASSETS LESS LIABILITIES-1.41%								328,932

NET ASSETS-100.00%							$	23,391,204

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

239

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

August 31, 2021

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

BAM	-Build America Mutual Assurance Co.

CEP	-Credit Enhancement Provider

COP	-Certificates of Participation

GO	-General Obligation

INS

-Insurer

NATL	-National Public Finance Guarantee Corp.

RB	-Revenue Bonds

Ref.	-Refunding

Wts.

-Warrants

Notes to Schedule of Investments:

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

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

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

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

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

240

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

August 31, 2021

Schedule of Investments


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.81%
Arizona-2.06%
Arizona (State of), Series 2019 A, Ref. COP^(a)		5.00	%		10/01/2027	$	100	$	126,097
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00	%		01/01/2027		200		247,245

									373,342

California-18.89%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00	%		04/01/2056		10		11,449
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00	%		04/01/2027		25		31,004
Beverly Hills Unified School District, Series 2019 A, GO Bonds		3.00	%		08/01/2044		150		160,007
California (State of), Series 2017, Ref. GO Bonds		5.00	%		08/01/2027		15		18,321
California (State of), Series 2017, Ref. GO Bonds		5.00	%		11/01/2030		50		63,091
California (State of), Series 2019, Ref. GO Bonds		5.00	%		04/01/2027		200		249,528
California (State of), Series 2019, Ref. GO Bonds		5.00	%		10/01/2027		100		126,514
California (State of), Series 2020, GO Bonds		3.00	%		03/01/2027		370		420,428
California (State of), Series 2020, GO Bonds		5.00	%		11/01/2027		75		95,101
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-1, RB		5.00	%		11/01/2027		135		171,276
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00	%		11/15/2040		50		58,166
East Bay Municipal Utility District Water System Revenue, Series 2017 B, Ref. RB		5.00	%		06/01/2031		25		31,117
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds		5.00	%		08/01/2046		180		219,386
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00	%		08/01/2041		55		62,751
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00	%		05/15/2027		30		37,521
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00	%		07/01/2044		300		362,736
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00	%		07/01/2027		45		54,133
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00	%		07/01/2042		200		245,735
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00	%		07/01/2027		10		12,591
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00	%		07/01/2027		10		12,558
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00	%		08/01/2047		45		51,322
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00	%		03/01/2042		10		12,076
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00	%		06/01/2038		200		250,515
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB		1.80	%		11/15/2027		250		263,581
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds		5.00	%		08/01/2047		90		109,710
San Jose Unified School District, Series 2018 E, GO Bonds		4.00	%		08/01/2042		100		115,026
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB		4.00	%		07/01/2047		20		22,868
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB		5.00	%		01/01/2046		130		158,017

									3,426,528

Colorado-0.96%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50	%		12/01/2027		85		110,325
Colorado (State of), Series 2020 A, COP		5.00	%		12/15/2027		10		12,651
Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00	%		11/01/2027		40		50,638

									173,614

Connecticut-1.14%
Connecticut (State of), Series 2016 A, RB		5.00	%		09/01/2027		25		30,448
Connecticut (State of), Series 2016 B, Ref. GO Bonds		5.00	%		05/15/2027		25		30,221
Connecticut (State of), Series 2020 A, RB		5.00	%		05/01/2027		20		24,936
University of Connecticut, Series 2017 A, RB		5.00	%		01/15/2033		100		121,262

									206,867


District of Columbia-4.06%
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB		5.00	%		07/01/2035		600		736,147

Florida-3.92%
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00	%		07/01/2027		40		48,836

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

241

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Florida (State of), Series 2016 A, Ref. RB		5.00	%		07/01/2027	$	45	$	54,916
Miami (City of), FL Health Facilities Authority (Miami Jewish Health), Series 2017, Ref. RB		5.13	%		07/01/2046		100		101,347
Miami-Dade (County of), FL, Series 2017 A, RB		3.38	%		10/01/2047		40		43,836
Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB		5.00	%		10/01/2027		45		56,686
Orange (County of), FL School Board, Series 2016 B, Ref. COP		5.00	%		08/01/2027		10		12,230
School Board of Miami-Dade County (The), Series 2016 B, Ref. COP		5.00	%		08/01/2027		20		24,211
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00	%		07/01/2047		305		368,207

									710,269

Georgia-5.50%
Atlanta (City of), GA, Series 2018, Ref. RB		5.00	%		11/01/2041		55		68,154
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00	%		12/01/2027		200		247,151
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00	%		01/01/2027		540		669,811
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00	%		07/01/2027		10		12,365

									997,481

Hawaii-1.10%
Hawaii (State of), Series 2016 FB, GO Bonds		5.00	%		04/01/2027		10		12,050
Hawaii (State of), Series 2017 FK, GO Bonds		5.00	%		05/01/2027		35		43,616
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00	%		10/01/2027		50		63,018
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00	%		03/01/2027		65		80,703

									199,387

Idaho-0.48%
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RB		5.00	%		07/15/2027		70		87,221

Illinois-6.63%
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00	%		01/01/2038		200		248,857
Chicago O’Hare International Airport, Series 2017 C, Ref. RB		5.00	%		01/01/2041		100		120,133
Illinois (State of), Series 2016, Ref. GO Bonds		5.00	%		02/01/2027		100		121,357
Illinois (State of), Series 2017 C, GO Bonds		5.00	%		11/01/2029		100		121,317
Illinois (State of), Series 2017 D, GO Bonds		5.00	%		11/01/2027		200		246,392
Illinois (State of) Finance Authority, Series 2017, RB		5.00	%		01/01/2027		95		117,554
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00	%		07/01/2030		25		30,703
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB		5.00	%		10/01/2048		25		30,690
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00	%		01/01/2027		135		166,410

									1,203,413

Indiana-0.54%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00	%		06/01/2027		40		49,225
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB		5.00	%		10/01/2027		40		49,066

									98,291

Kansas-0.06%
Johnson (County of), KS Public Building Commission, Series 2018 A, RB		4.00	%		09/01/2027		10		11,693

Louisiana-1.18%
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)^(b)		5.00	%		12/01/2042		50		61,850
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00	%		08/01/2027		100		121,608
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00	%		09/01/2027		25		31,422

									214,880

Maryland-2.96%
Maryland (State of), Series 2017 A, GO Bonds		5.00	%		03/15/2027		15		18,691
Maryland (State of), Series 2017 A, GO Bonds		5.00	%		08/01/2027		25		31,484
Maryland (State of), Series 2017 A, GO Bonds		5.00	%		08/01/2029		15		18,857
Maryland (State of), Series 2019 A, GO Bonds		5.00	%		08/01/2027		245		308,543
Maryland (State of) Department of Transportation, Series 2017, RB		5.00	%		09/01/2030		20		24,819
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB		5.00	%		05/15/2045		110		133,928

									536,322

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

242

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Massachusetts-3.75%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)^(b)		5.50	%		01/01/2027	$	50	$	62,259
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00	%		10/01/2027		15		18,967
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00	%		07/01/2027		30		37,674
Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00	%		07/01/2027		465		561,589

									680,489

Michigan-0.85%
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00	%		12/01/2037		125		154,965

Minnesota-0.27%
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00	%		01/01/2027		30		36,927
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00	%		10/01/2027		10		12,658

									49,585

Mississippi-0.07%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00	%		10/01/2027		10		12,631

Missouri-1.79%
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00	%		06/01/2027		200		248,657
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)^(b)		5.50	%		07/01/2027		60		76,711

									325,368

Nebraska-0.17%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00	%		02/01/2027		25		29,925

New Jersey-2.32%
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		4.00	%		11/01/2027		75		88,947
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		5.00	%		11/01/2027		100		124,867
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00	%		07/01/2029		100		125,290
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00	%		07/01/2030		25		31,276
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00	%		07/01/2041		25		28,012
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00	%		07/01/2036		20		22,820

									421,212

New Mexico-0.63%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, Ref. RB		4.00	%		08/01/2039		100		113,808

New York-17.52%
Albany (County of), NY, Series 2018, GO Bonds		5.00	%		04/01/2027		45		54,156
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00	%		02/15/2039		200		240,048
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00	%		02/15/2042		450		536,903
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00	%		11/15/2047		100		120,037
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00	%		11/15/2027		205		255,189
Metropolitan Transportation Authority (Green Bonds), Series 2017 C1, Ref. RB		5.00	%		11/15/2027		50		62,244
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00	%		07/15/2027		70		87,724
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.25	%		11/15/2057		100		124,270
New York (City of), NY, Series 2008 J9, GO Bonds		5.00	%		08/01/2027		35		42,578
New York (City of), NY, Series 2017, Ref. RB		5.00	%		06/15/2037		140		171,509
New York (City of), NY, Series 2018 DD, Ref. RB		5.00	%		06/15/2032		15		18,787
New York (City of), NY Transitional Finance Authority, Series 2017 A, RB		3.50	%		02/01/2038		45		49,512
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00	%		08/01/2037		25		30,844
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00	%		11/01/2027		35		43,698
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00	%		11/01/2031		35		43,064
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00	%		05/01/2036		100		122,417
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00	%		04/01/2027		35		41,108
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00	%		03/15/2027		60		73,527
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00	%		02/15/2032		140		171,225
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00	%		02/15/2041		150		184,195

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

243

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00	%		01/15/2027	$	35	$	42,879
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00	%		03/15/2027		195		242,799
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB		5.00	%		08/01/2027		35		43,069
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00	%		07/01/2046		100		116,996
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00	%		07/01/2027		30		37,655
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00	%		03/15/2027		40		48,050
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00	%		03/15/2033		20		24,396
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00	%		11/15/2027		10		12,461
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00	%		11/15/2047		10		12,182
Utility Debt Securitization Authority, Series 2017, RB		5.00	%		12/15/2039		100		125,240

									3,178,762

North Carolina-0.60%
Mecklenburg (County of), NC, Series 2017 A, GO Bonds		4.00	%		04/01/2029		40		47,179
North Carolina (State of), Series 2017 B, Ref. RB		5.00	%		05/01/2027		20		25,012
North Carolina (State of), Series 2017 B, Ref. RB		5.00	%		05/01/2029		30		37,107

									109,298

Ohio-1.88%
Franklin (County of), OH (Trinity Health Credit), Series 2017, RB		4.00	%		12/01/2046		145		165,013
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00	%		12/01/2027		20		25,124
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00	%		09/15/2027		10		12,609
Ohio (State of), Series 2017 U, Ref. GO Bonds		5.00	%		05/01/2027		10		12,481
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00	%		12/01/2027		50		63,438
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00	%		12/01/2029		20		24,954
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00	%		12/01/2031		30		37,175

									340,794

Oklahoma-0.65%
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB		5.00	%		09/01/2027		95		117,634

Oregon-1.17%
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		06/15/2029		70		87,592
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		06/15/2031		100		124,100

									211,692

Pennsylvania-3.59%
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		5.00	%		02/15/2045		100		118,553
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00	%		09/15/2027		100		122,489
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00	%		09/15/2027		40		48,995
Pennsylvania (Commonwealth of), Series 2017, Ref. GO Bonds		5.00	%		01/01/2027		195		240,486
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00	%		07/15/2027		35		43,816
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00	%		06/01/2027		15		18,063
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00	%		07/01/2035		50		58,334

									650,736

Rhode Island-0.16%
Rhode Island Health and Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		4.00	%		09/01/2037		25		28,729

South Carolina-0.40%
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00	%		11/01/2031		10		11,596
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00	%		10/01/2039		50		61,486

									73,082

South Dakota-0.19%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB		4.00	%		07/01/2042		30		33,818

Tennessee-0.17%
Tennessee Energy Acquisition Corp., Series 2006 C, RB		5.00	%		02/01/2027		25		30,120

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

244

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas-7.06%
Bexar (County of), TX Hospital District, Series 2018, GO Bonds		5.00	%		02/15/2048	$	75	$	89,439
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		08/15/2029		45		56,037
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		08/15/2030		40		49,685
Houston (City of), TX, Series 2017 B, Ref. RB		5.00	%		11/15/2027		50		63,188
Metropolitan Transit Authority of Harris County, Series 2016 A, Ref. RB		5.00	%		11/01/2027		175		215,581
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00	%		01/01/2048		30		35,941
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00	%		08/01/2027		30		37,662
San Antonio (City of), TX, Series 2017, RB		5.00	%		02/01/2047		140		168,970
San Antonio (City of), TX, Series 2018, Ref. RB		5.00	%		02/01/2027		150		185,612
Texas (State of), Series 2017, Ref. GO Bonds		5.00	%		10/01/2032		65		81,181
Texas (State of), Series 2017, Ref. GO Bonds		5.00	%		10/01/2033		175		218,139
Texas (State of) Water Development Board, Series 2016, RB		5.00	%		04/15/2027		25		30,727
Texas (State of) Water Development Board, Series 2017 A, RB		4.00	%		10/15/2032		15		17,802
Texas A&M University, Series 2017 E, Ref. RB		5.00	%		05/15/2027		25		31,204

									1,281,168

Virginia-1.51%
University of Virginia, Series 2017 A, Ref. RB		5.00	%		04/01/2039		160		195,180
Virginia (State of) College Building Authority, Series 2016 A, RB		5.00	%		02/01/2027		50		60,000
Virginia (State of) College Building Authority, Series 2019 A, RB		5.00	%		02/01/2027		5		6,187
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB		5.00	%		03/15/2027		10		12,436

									273,803

Washington-2.76%
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00	%		07/01/2027		35		43,794
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2027		100		123,379
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2035		25		30,730
Washington (State of), Series 2017 A, GO Bonds		5.00	%		08/01/2033		10		12,430
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00	%		08/01/2027		20		25,161
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00	%		08/01/2029		35		43,701
Washington (State of), Series 2017 D, GO Bonds		5.00	%		02/01/2040		80		97,223
Washington (State of), Series 2017 F, Ref. GO Bonds		5.00	%		08/01/2030		30		37,442
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00	%		08/01/2027		10		12,580
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00	%		08/01/2032		60		74,644

									501,084

Wisconsin-1.82%
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00	%		11/01/2027		20		24,870
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00	%		11/01/2032		10		12,295
Wisconsin (State of), Series 2017, Ref. GO Bonds		5.00	%		11/01/2027		235		292,511

									329,676

TOTAL INVESTMENTS IN SECURITIES^(c)-98.81% (Cost $17,600,092)									17,923,834
OTHER ASSETS LESS LIABILITIES-1.19%									215,679

NET ASSETS-100.00%								$	18,139,513

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

245

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

August 31, 2021

Investment Abbreviations:


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

Notes to Schedule of Investments:

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

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

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

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

246

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

August 31, 2021

Schedule of Investments


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-96.81%
Arizona-1.17%
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00	%		01/01/2037	$	175	$	216,404

Arkansas-0.21%
Fort Smith (City of), AR, Series 2018, Ref. RB		5.00	%		10/01/2034		30		37,768

California-13.86%
California (State of), Series 2017, Ref. GO Bonds		5.00	%		08/01/2028		105		131,606
California (State of), Series 2019, Ref. GO Bonds		5.00	%		11/01/2037		200		254,724
California (State of), Series 2020, Ref. GO Bonds		5.00	%		11/01/2028		100		129,936
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2018, Ref. RB		4.00	%		03/01/2048		120		136,451
California State University, Series 2018 A, Ref. RB		5.00	%		11/01/2043		195		245,025
Chaffey Community College District, Series 2019 A, GO Bonds		3.00	%		06/01/2046		185		196,797
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00	%		07/01/2043		200		250,358
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00	%		07/01/2031		55		70,705
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00	%		12/01/2043		150		187,024
Orange County Sanitation District, Series 2017 A, Ref. RB		5.00	%		02/01/2028		100		124,135
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00	%		10/01/2043		200		232,915
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00	%		11/01/2028		85		107,439
San Leandro Unified School District, Series 2020 A, GO Bonds, (INS - BAM)^(a)		4.00	%		08/01/2043		150		174,373
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)^(a)		2.13	%		08/01/2050		100		96,475
Santa Barbara Unified School District (Election of 2016), Series 2019 B, GO Bonds		4.00	%		08/01/2044		50		57,982
University of California, Series 2018 O, Ref. RB		5.00	%		05/15/2038		125		156,588

									2,552,533

Colorado-2.11%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50	%		12/01/2028		50		66,737
University of Colorado, Series 2017 A-2, Ref. RB		5.00	%		06/01/2031		40		50,638
University of Colorado, Series 2017 A-2, Ref. RB		4.00	%		06/01/2038		230		270,456

									387,831

Connecticut-2.20%
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00	%		02/15/2028		100		127,127
Connecticut (State of), Series 2021 A, GO Bonds		4.00	%		01/15/2028		230		277,462

									404,589

District of Columbia-1.72%
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00	%		06/01/2030		30		38,166
District of Columbia, Series 2020 A, RB		5.00	%		03/01/2028		25		31,874
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00	%		10/01/2049		200		246,078

									316,118

Florida-3.12%
Central Florida Expressway Authority, Series 2018, RB		5.00	%		07/01/2048		20		24,429
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(a)		5.00	%		07/01/2028		20		25,682
Gainesville (City of), FL, Series 2017 A, RB		5.00	%		10/01/2028		85		107,138
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP		5.00	%		07/01/2028		35		43,451
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00	%		10/01/2028		25		31,631
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00	%		04/01/2028		15		18,944
Miami-Dade (County of), FL Transit System, Series 2018, RB		4.00	%		07/01/2045		175		201,350
Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB		5.00	%		10/01/2028		40		50,255
Sarasota County Public Hospital District (Sarasota Memorial Hospital), Series 1998 B, Ref. RB, (INS - NATL)^(a)		5.50	%		07/01/2028		40		49,044
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB		4.00	%		05/01/2048		20		22,660

									574,584

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

247

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Georgia-2.90%
Georgia (State of), Series 2018 A, GO Bonds		3.25	%		07/01/2037	$	200	$	227,962
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00	%		06/01/2028		50		64,151
Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4), Series 2019, RB		5.00	%		01/01/2056		200		242,382

									534,495

Hawaii-0.06%
Hawaii (State of), Series 2018 FT, GO Bonds		3.25	%		01/01/2035		10		11,070

Illinois-4.69%
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00	%		11/15/2028		50		63,978
Illinois (State of), Series 2017 D, GO Bonds		5.00	%		11/01/2028		100		122,177
Illinois (State of), Series 2018 A, GO Bonds		4.63	%		05/01/2037		90		105,565
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00	%		10/01/2033		120		147,086
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00	%		01/01/2039		250		306,620
Regional Transportation Authority, Series 2017 A, Ref. RB		5.00	%		07/01/2028		75		93,790
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00	%		01/01/2040		5		6,058
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00	%		01/01/2048		15		17,971

									863,245

Indiana-1.20%
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB		5.00	%		02/01/2033		175		220,575

Louisiana-0.16%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority
(Bossier City), Series 2018, RB		4.00	%		12/01/2043		25		29,154

Maryland-2.59%
Maryland (State of), Series 2018, GO Bonds		5.00	%		08/01/2031		125		159,517
Maryland (State of), Series 2018, GO Bonds		4.00	%		08/01/2032		200		240,871
Maryland (State of), Series 2020 A, GO Bonds		5.00	%		03/15/2028		60		76,837

									477,225

Massachusetts-5.15%
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00	%		05/01/2028		55		70,625
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00	%		05/01/2028		210		269,659
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00	%		11/01/2028		200		260,034
Massachusetts (State of) Health & Educational Facilities Authority (Institute of Technology), Series 1998 I, RB		5.20	%		01/01/2028		90		115,429
Massachusetts (State of) School Building Authority, Series 2018 A, RB		4.00	%		02/15/2043		200		232,438

									948,185

Minnesota-1.04%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00	%		01/01/2028		40		48,893
Minnesota (State of), Series 2018 A, GO Bonds		5.00	%		08/01/2034		10		12,794
Minnesota (State of), Series 2019 A, GO Bonds		5.00	%		08/01/2028		100		129,297

									190,984

Missouri-0.16%
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00	%		03/01/2030		25		30,012

Nevada-1.70%
Clark (County of), NV, Series 2018 B, GO Bonds		5.00	%		12/01/2033		50		63,501
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00	%		07/01/2028		100		128,412
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB		5.00	%		07/01/2043		100		121,442

									313,355

New Jersey-6.04%
New Jersey (State of), Series 2020 A, GO Bonds		5.00	%		06/01/2028		195		248,416
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		3.25	%		06/15/2039		220		237,248
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		3.50	%		06/15/2046		150		162,140
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.25	%		06/15/2043		200		250,261

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

248

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00	%		01/01/2030	$	60	$	75,624
South Jersey Port Corp., Series 2017 A, RB		5.00	%		01/01/2049		115		138,219

									1,111,908

New York-20.28%
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00	%		11/15/2032		200		246,528
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00	%		11/15/2035		70		86,434
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		4.00	%		11/15/2046		145		165,488
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		4.00	%		11/15/2035		150		174,971
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00	%		07/15/2030		150		191,398
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00	%		07/15/2036		100		124,851
New York (City of), NY, Series 2018 F-1, GO Bonds		5.00	%		04/01/2033		90		112,802
New York (City of), NY, Series 2018 F-1, GO Bonds		5.00	%		04/01/2043		100		122,940
New York (City of), NY, Series 2019 DD-1, RB		4.00	%		06/15/2049		200		231,005
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00	%		11/01/2028		200		257,612
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00	%		05/01/2036		75		93,920
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00	%		07/15/2035		150		189,321
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00	%		11/01/2028		175		226,538
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00	%		03/15/2038		150		186,783
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00	%		07/01/2039		120		151,473
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00	%		03/15/2045		100		123,331
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00	%		03/15/2039		275		346,879
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00	%		03/15/2028		25		31,950
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB		5.00	%		03/15/2038		250		311,306
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00	%		10/01/2038		235		295,381
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00	%		11/15/2028		50		65,028

									3,735,939

North Carolina-1.39%
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00	%		05/01/2028		200		256,819

Ohio-3.11%
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds		5.00	%		02/15/2028		15		18,586
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00	%		04/01/2030		25		32,227
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00	%		04/01/2034		25		31,786
Miami Valley Career Technology Center, Series 2018, GO Bonds		3.75	%		12/01/2047		35		39,418
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB		3.25	%		11/15/2040		30		33,306
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00	%		09/01/2028		65		84,011
Ohio (State of) (Cleveland Clinic Health System), Series 2017, Ref. RB		4.00	%		01/01/2036		125		146,125
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB		5.00	%		02/15/2030		150		187,826

									573,285

Oregon-0.69%
University of Oregon, Series 2018 A, RB		5.00	%		04/01/2048		105		127,373

Pennsylvania-4.07%
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds		5.00	%		01/15/2028		200		246,386
Pennsylvania (Commonwealth of), Series 2020, GO Bonds		5.00	%		05/01/2028		200		255,618
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB		5.00	%		12/01/2048		200		248,548

									750,552

South Carolina-0.43%
Spartanburg Regional Health Services District, Series 2017 A, Ref. RB		4.00	%		04/15/2043		70		80,012

Tennessee-0.61%
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2017, GO Bonds		4.00	%		07/01/2028		95		113,008

Texas-9.25%
Dallas (City of), TX, Series 2018 C, RB		4.00	%		10/01/2043		150		177,918
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00	%		02/15/2028		20		24,982
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00	%		10/01/2033		60		75,536
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00	%		03/01/2028		110		135,741

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

249

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

August 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Houston (City of), TX, Series 2018 B, Ref. RB		5.00	%		07/01/2028	$	50	$	64,091
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds		5.00	%		08/15/2028		150		187,808
Texas (State of) Water Development Board, Series 2018 A, RB		5.00	%		10/15/2028		20		25,520
Texas (State of) Water Development Board, Series 2018 B, RB		5.00	%		04/15/2030		200		258,372
Texas (State of) Water Development Board, Series 2018 B, RB		5.00	%		04/15/2049		150		189,700
Texas (State of) Water Development Board (State Water Implementation Fund), Series 2018 A, RB		5.00	%		10/15/2031		75		94,961
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00	%		12/15/2028		250		318,868
Texas Water Development Board, Series 2018 A, RB		4.00	%		04/15/2048		130		150,689

									1,704,186

Utah-0.13%
Salt Lake (City of), UT (Salt Lake City International Airport), Series 2018 B, RB		5.00	%		07/01/2048		20		24,633

Virginia-1.30%
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB		5.00	%		03/15/2028		190		239,441

Washington-3.38%
Energy Northwest, Series 2017 A, Ref. RB		5.00	%		07/01/2028		100		124,988
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2028		200		259,413
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00	%		08/01/2028		45		56,373
Washington (State of), Series 2018 C, GO Bonds		5.00	%		02/01/2041		40		49,494
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2036		105		132,382

									622,650

West Virginia-2.09%
West Virginia (State of), Series 2018 B, GO Bonds		5.00	%		06/01/2037		125		157,281
West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB		4.00	%		06/01/2051		200		226,876

									384,157

TOTAL INVESTMENTS IN SECURITIES^(b)-96.81% (Cost $17,469,841)									17,832,090
OTHER ASSETS LESS LIABILITIES-3.19%									587,230

NET ASSETS-100.00%								$	18,419,320


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

Notes to Schedule of Investments:

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

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

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

250

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

August 31, 2021

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.81%
Alabama-1.02%
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB		3.00%		12/01/2050	$	100	$	107,076
University of Alabama (The), Series 2019 A, Ref. RB		4.00%		07/01/2034		45		53,765

								160,841

Arizona-1.26%
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2029		30		38,840
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds		5.00%		07/01/2029		125		158,953

								197,793

California-14.28%
California (State of), Series 2019, GO Bonds		5.00%		04/01/2032		65		84,399
California (State of), Series 2019, GO Bonds		4.00%		10/01/2044		175		210,307
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2029		75		99,534
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2032		25		32,461
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2032		50		65,771
California (State of), Series 2020, GO Bonds		5.00%		03/01/2029		130		170,266
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2019, RB		4.00%		11/15/2045		100		116,797
California State University, Series 2019 A, RB		5.00%		11/01/2049		100		128,110
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB		5.00%		06/01/2049		200		254,509
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2036		100		130,073
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2045		100		126,037
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2049		100		125,777
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		70		89,489
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2029		65		85,959
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2037		40		51,287
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		160		205,709
Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		08/01/2049		125		147,914
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2039		50		63,443
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2030		20		26,155
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00%		08/01/2044		25		29,862

								2,243,859

Colorado-1.36%
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2029		30		38,675
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB		4.00%		11/15/2043		5		5,908
Colorado (State of) Health Facilities Authority (Adventhealth Obligated), Series 2019, Ref. RB		4.00%		11/15/2038		30		35,867
Colorado (State of) Health Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB		3.25%		08/01/2049		100		107,275
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2029		20		26,463

								214,188

Connecticut-1.25%
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2029		25		32,100
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2039		125		157,561
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2029		5		6,512

								196,173

District of Columbia-4.74%
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2031		100		129,821
District of Columbia, Series 2019 A, RB		5.00%		03/01/2029		30		39,165
District of Columbia, Series 2019 C, Ref. RB		3.00%		10/01/2029		30		35,002
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2034		50		65,272
District of Columbia, Series 2020 A, RB		5.00%		03/01/2029		90		117,495

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

251

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB		4.00%		10/01/2049	$	150	$	172,745
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 B, Ref. RB, (INS - AGM)^(a)		3.00%		10/01/2050		175		185,546

								745,046

Florida-3.59%
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB		5.00%		03/01/2039		100		116,879
Gainesville (City of), FL, Series 2019 A, RB		5.00%		10/01/2047		100		125,436
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2029		100		130,077
Palm Beach County School District, Series 2018 C, Ref. COP		5.00%		08/01/2029		150		190,888

								563,280

Georgia-3.72%
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta), Series 2019 A, RB .		3.00%		07/01/2046		50		53,437
Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB		4.00%		06/15/2049		100		115,981
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2029		100		128,461
Gwinnett County School District, Series 2019, GO Bonds		5.00%		02/01/2041		45		57,093
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB		4.00%		07/01/2043		200		230,178

								585,150

Hawaii-0.69%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2029		25		32,470
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2034		60		76,507

								108,977

Illinois-6.28%
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2035		100		127,020
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds		4.00%		11/01/2035		100		116,045
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds		4.00%		11/01/2037		75		86,527
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		07/01/2037		170		217,729
Illinois (State of) Toll Highway Authority, Series 2019 A, RB		5.00%		01/01/2044		300		374,148
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2029		50		64,898

								986,367

Indiana-1.57%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2029		50		65,733
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2039		45		57,184
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2054		100		123,361

								246,278

Iowa-0.29%
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2029		35		45,890

Kansas-0.78%
University of Kansas Hospital Authority, Series 2019 A, RB		5.00%		09/01/2048		100		123,232

Louisiana-1.92%
East Baton Rouge Sewerage Commission, Series 2019 A, Ref. RB		4.00%		02/01/2045		100		116,571
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2036		110		140,266
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2029		35		45,092

								301,929

Maryland-1.83%
Baltimore (City of), MD (Wastewater), Series 2019 A, RB		4.00%		07/01/2044		100		117,875
Maryland (State of), Series 2019, GO Bonds		5.00%		03/15/2031		80		103,835
Maryland (State of), Series 2020 A, GO Bonds		5.00%		03/15/2029		30		39,379
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2029		20		26,552

								287,641

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

252

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-3.07%
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2029	$	40	$	50,644
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2029		45		59,430
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2031		70		90,149
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2036		60		76,495
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2029		15		19,735
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2029		10		13,256
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds		5.00%		03/01/2029		15		19,659
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2029		10		13,207
Massachusetts (State of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB		4.00%		06/01/2049		100		113,047
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2034		20		26,056

								481,678

Michigan-1.93%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)^(a)		5.25%		05/01/2029		55		72,998
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB		5.00%		07/01/2048		80		100,290
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB		5.00%		04/15/2036		100		129,244

								302,532

Minnesota-0.54%
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2033		65		84,873

Mississippi-0.19%
Mississippi (State of), Series 2019 B, GO Bonds		4.00%		10/01/2037		25		30,208

Missouri-0.38%
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2029		50		60,376

Nebraska-0.20%
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2029		15		19,001
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2033		10		12,840

								31,841

Nevada-0.37%
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2031		25		32,426
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2032		20		25,895

								58,321

New Jersey-2.42%
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2029		125		162,804
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group), Series 2019, RB		3.00%		07/01/2049		25		26,688
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2029		150		190,475

								379,967

New York-16.08%
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB		5.00%		11/01/2038		100		130,360
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)^(a)		5.00%		11/15/2044		100		125,782
New York & New Jersey (States of) Port Authority, Series 2019 217, RB		4.00%		11/01/2039		20		23,734
New York (City of), NY, Series 2019 A-1, GO Bonds		5.00%		08/01/2039		100		126,830
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2029		30		38,824
New York (City of), NY, Series 2019 FF-2, Ref. RB		5.00%		06/15/2038		50		64,206
New York (City of), NY, Series 2019, Ref. RB		5.00%		06/15/2040		95		121,474
New York (City of), NY, Series 2019, Ref. RB		5.00%		06/15/2040		35		45,349
New York (City of), NY Transitional Finance Authority, Series 2019 A-2, RB		5.00%		05/01/2037		285		364,351
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB		4.00%		05/01/2041		40		47,307
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB		4.00%		05/01/2042		95		112,073
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		4.00%		11/01/2045		95		111,518
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB		5.00%		11/01/2035		15		19,306
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00%		11/01/2040		30		35,566
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2035		100		127,728
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2037		35		44,388
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2038		100		126,469

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

253

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2019, RB		5.00%		07/01/2039	$	325	$	418,559
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2029		50		65,394
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2029		25		32,994
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB		5.00%		06/15/2044		35		44,692
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2040		110		140,721
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2029		25		33,266
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB		5.00%		11/15/2049		100		124,944

								2,525,835

North Carolina-2.49%
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2029		50		65,740
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2032		15		19,429
North Carolina (State of), Series 2019 A, RB		4.00%		05/01/2034		100		120,845
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)^(a)		4.00%		01/01/2041		160		185,253

								391,267

Ohio-3.71%
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2029		50		64,571
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2031		20		26,122
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2037		55		70,641
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2038		150		192,232
Ohio (State of), Series 2019, RB		5.00%		12/15/2029		50		66,371
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2037		85		110,925
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		40		51,374

								582,236

Oregon-1.45%
Multnomah (County of), OR, Series 2021 A, GO Bonds		5.00%		06/15/2029		15		19,763
Oregon (State of), Series 2019 A, GO Bonds		5.00%		05/01/2033		60		77,845
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2034		100		129,842

								227,450

Pennsylvania-4.88%
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2038		100		117,912
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2039		85		99,988
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB		4.00%		07/15/2036		100		118,590
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2029		90		118,320
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2031		35		45,030
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2037		100		126,381
Philadelphia (City of), PA, Series 2019 B, RB		5.00%		11/01/2044		110		140,102

								766,323

Rhode Island-0.84%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB		5.00%		09/01/2029		100		131,381

Texas-10.18%
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2033		100		129,903
Collin County Community College District, Series 2020 A, GO Bonds		5.00%		08/15/2031		100		131,778
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2032		60		77,144
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2031		25		30,420
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2029		75		95,471
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2036		75		95,518
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2029		35		44,613
Lower Colorado River Authority, Series 2019, Ref. RB		5.00%		05/15/2032		20		25,692
North Texas Tollway Authority, Series 2019 A, Ref. RB		5.00%		01/01/2038		125		156,927

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

254

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2019 A, Ref. RB		4.00%		01/01/2039	$	75	$	88,450
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB		5.00%		07/01/2032		25		31,454
Texas (State of) Water Development Board, Series 2019 A, RB		4.00%		10/15/2049		100		118,443
Texas (State of) Water Development Board, Series 2019, RB		5.00%		04/15/2032		135		177,410
Texas (State of) Water Development Board, Series 2019, RB		4.00%		10/15/2036		125		152,131
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant
Express Managed Lanes), Series 2019 A, Ref. RB		5.00%		12/31/2033		90		115,186
Travis (County of), TX, Series 2019 A, GO Bonds		5.00%		03/01/2032		100		128,806

								1,599,346

Utah-0.62%
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2029		75		97,743

Vermont-1.47%
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB		4.00%		11/01/2050		200		231,580

Virginia-1.14%
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2029		10		13,115
Virginia College Building Authority (21st Century College), Series 2017 E, Ref. RB		5.00%		02/01/2029		100		126,456
Virginia College Building Authority (21st Century College), Series 2019 C, Ref. RB		5.00%		02/01/2029		30		39,089

								178,660

Washington-2.27%
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		35		46,422
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2029		35		46,278
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		50		65,158
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2035		35		45,111
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		60		76,562
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2035		60		76,343

								355,874

TOTAL INVESTMENTS IN SECURITIES^(b)-98.81% (Cost $15,269,179)								15,524,135
OTHER ASSETS LESS LIABILITIES-1.19%								186,879

NET ASSETS-100.00%							$	15,711,014

Investment Abbreviations:


AGM		-Assured Guaranty Municipal Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

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

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

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

255

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

August 31, 2021

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.59%
California-15.57%
Antelope Valley Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2050	$	45	$	48,419
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2030		90		120,638
California (State of), Series 2020, GO Bonds		5.00%		03/01/2030		25		33,453
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2030		40		50,769
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2030		60		81,412
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2036		100		121,854
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB .		4.00%		08/15/2050		100		117,822
California (State of) Public Works Board, Series 2019 C, RB		5.00%		11/01/2030		60		79,108
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB		5.50%		11/15/2030		50		67,278
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2030		75		95,274
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2033		130		173,167
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2030		60		79,036
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2043		100		128,402

								1,196,632

Colorado-2.89%
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2033		25		33,264
Colorado (State of), Series 2020 A, COP		4.00%		12/15/2038		100		121,486
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2030		50		67,576

								222,326

Connecticut-1.69%
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2030		100		129,717

Delaware-1.61%
Delaware (State of), Series 2020 A, GO Bonds		4.00%		01/01/2032		100		123,967

District of Columbia-3.41%
Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		205		262,242

Florida-1.20%
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2034		50		65,661
School District of Broward County, Series 2020 A, COP		5.00%		07/01/2033		20		26,189

								91,850

Georgia-0.56%
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		4.00%		09/01/2035		35		42,934

Illinois-3.35%
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB		4.00%		08/15/2040		100		119,808
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2030		15		19,859
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2039		100		118,001

								257,668

Maryland-3.88%
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2030		100		126,922
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2030		130		170,813

								297,735

Massachusetts-4.25%
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2030		25		32,345
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds		3.00%		03/01/2049		160		171,520
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds		2.75%		03/01/2050		15		15,469
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)^(a)		3.00%		10/01/2045		100		107,071

								326,405

Michigan-1.17%
University of Michigan, Series 2020 A, Ref. RB		4.00%		04/01/2045		75		89,983

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

256

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-1.37%
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2020, RB		3.00%		06/01/2053	$	100	$	105,512

Nevada-0.87%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2030		50		66,911

New Jersey-3.02%
Gloucester County Improvement Authority (The) (Rowan University), Series 2021, RB, (INS - BAM)^(a)		4.00%		07/01/2051		100		116,638
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB		4.00%		06/15/2050		100		115,662

								232,300

New York-29.13%
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		100		116,975
New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB		5.00%		09/01/2030		100		131,495
New York (City of), NY, Series 2019 L-6, GO Bonds		5.00%		04/01/2030		20		25,888
New York (City of), NY, Series 2020 D-1, GO Bonds		4.00%		03/01/2041		125		147,435
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2043		100		126,590
New York (City of), NY, Series 2020 EE, Ref. RB		5.00%		06/15/2030		70		94,151
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2041		50		65,127
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2046		100		107,247
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2033		115		149,865
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2037		200		238,536
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2041		90		114,179
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2047		100		116,601
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		15		18,818
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		4.00%		11/15/2055		100		117,028
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2038		200		238,132
New York State Urban Development Corp., Series 2020 A, RB		4.00%		03/15/2049		40		46,830
New York State Urban Development Corp., Series 2020, Ref. RB		4.00%		03/15/2042		200		236,033
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		115		147,268

								2,238,198

North Carolina-1.82%
Brunswick (County of), NC, Series 2020, RB		3.00%		04/01/2050		100		107,257
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2030		25		32,759

								140,016

Ohio-2.25%
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2050		135		172,675

Oregon-0.86%
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2030		50		65,945

Pennsylvania-1.52%
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB		4.00%		04/15/2045		100		116,805

Tennessee-1.63%
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2054		100		125,270

Texas-8.71%
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		25		32,414
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020, Ref. RB		4.00%		11/01/2045		100		119,169
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds		4.00%		10/01/2037		160		195,841
Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)^(a)		4.40%		05/01/2030		125		153,749
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2030		125		168,179

								669,352

Virginia-2.87%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2030		65		87,192
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2031		100		133,549

								220,741

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

257

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

August 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-3.46%
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2033	$	55	$	72,857
Washington (State of), Series 2020 C, GO Notes		5.00%		02/01/2034		50		65,260
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2050		100		127,593

								265,710

Wisconsin-1.50%
Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020, Ref. RB		4.00%		01/01/2045		100		114,953

TOTAL INVESTMENTS IN SECURITIES^(b)-98.59% (Cost $7,443,132)								7,575,847
OTHER ASSETS LESS LIABILITIES-1.41%								108,423

NET ASSETS-100.00%							$	7,684,270


Investment Abbreviations:
AGM		-Assured Guaranty Municipal Corp.
AMBAC		-American Municipal Bond Assurance Corp.
BAM		-Build America Mutual Assurance Co.
CEP		-Credit Enhancement Provider
COP		-Certificates of Participation
GO		-General Obligation
INS		-Insurer
RB		-Revenue Bonds
Ref.		-Refunding

Notes to Schedule of Investments:

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

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

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

258

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)

August 31, 2021

Schedule of Investments


	Principal
	Amount		Value
U.S. Treasury Securities-77.12%
U.S. Treasury Bills-77.12%^(a)
0.04%, 10/21/2021	$	5,800,000	$	5,799,597
0.04%, 11/18/2021		1,900,000		1,899,825

				7,699,422

Total U.S. Treasury Securities (Cost $7,699,477)				7,699,422


U.S. Dollar Denominated Bonds & Notes-22.23%
Brazil-2.03%
Itau Unibanco Holding S.A., 6.20%, 12/21/2021^(b)		200,000		203,052

Chile-1.00%
Chile Government International Bond, 3.25%, 09/14/2021		100,000		100,078

China-3.01%
Alibaba Group Holding Ltd., 3.13%, 11/28/2021		100,000		100,216
Sinopec Group Overseas Development (2016) Ltd., 2.00%, 09/29/2021^(b)		200,000		200,212

				300,428

Indonesia-4.05%
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.50%, 11/22/2021^(b)		400,000		404,500

Malaysia-2.01%
RHB Bank Bhd., 2.50%, 10/06/2021^(b)		200,000		200,374


	Principal
	Amount		Value
Turkey-4.03%
Turkiye Is Bankasi A.S., 5.38%, 10/06/2021^(b)	$	200,000	$	201,098
Turkiye Vakiflar Bankasi T.A.O., 5.50%, 10/27/2021^(b)		200,000		201,489

				402,587

United Arab Emirates-6.10%
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021^(b)		200,000		203,200
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021^(b)		200,000		202,917
Unity 1 Sukuk Ltd., 3.86%, 11/30/2021^(b)		200,000		202,360

				608,477

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,207,539)				2,219,496


	Shares
Money Market Funds-0.38%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $37,864)		37,864		37,864

TOTAL INVESTMENTS IN SECURITIES-99.73% (Cost $9,944,880)				9,956,782
OTHER ASSETS LESS LIABILITIES-0.27%				27,189

NET ASSETS-100.00%			$	9,983,971

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)

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, 2021 was $2,019,202, which represented 20.22% of the Fund’s Net Assets.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	15,901,275		$	(15,863,411	)		$	-		$	-		$	37,864		$	192
Invesco Premier U.S. Government Money Portfolio, Institutional Class			31,602			6,501			(38,103	)			-			-			-			-

Total		$	31,602		$	15,907,776		$	(15,901,514	)		$	-		$	-		$	37,864		$	192

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

259

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

August 31, 2021

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.58%
Australia-0.50%
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)	$	200,000	$	192,084

Brazil-7.88%
Banco Bradesco S.A.
5.75%, 03/01/2022^(a)		200,000		204,910
5.75%, 03/01/2022^(a)		200,000		204,910
Banco BTG Pactual S.A., 5.75%, 09/28/2022^(a)		200,000		208,440
Banco do Brasil S.A.
5.88%, 01/26/2022^(a)		200,000		203,250
5.88%, 01/26/2022^(a)		200,000		203,250
3.88%, 10/10/2022		200,000		205,852
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022^(a)		200,000		205,510
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		150,000		153,937
Cielo USA, Inc., 3.75%, 11/16/2022^(a)(b)		92,571		94,658
Embraer S.A., 5.15%, 06/15/2022		100,000		103,006
Itau Unibanco Holding S.A.
5.65%, 03/19/2022^(a)		200,000		203,250
5.65%, 03/19/2022^(a)		200,000		203,250
5.50%, 08/06/2022^(a)		200,000		207,612
5.50%, 08/06/2022^(a)		200,000		207,612
NBM US Holdings, Inc.
7.00%, 05/14/2026^(a)		200,000		213,070
7.00%, 05/14/2026^(a)		200,000		213,070

				3,035,587

Chile-0.79%
Banco del Estado de Chile
3.88%, 02/08/2022^(a)		150,000		152,412
3.88%, 02/08/2022^(a)		150,000		152,413

				304,825

China-8.93%
Azure Nova International Finance Ltd., 3.50%, 03/21/2022^(a)		200,000		202,735
Beijing Gas Singapore Capital Corp., 2.75%, 05/31/2022^(a)		200,000		202,676
China Cinda Finance 2017 I Ltd., 3.65%, 03/09/2022^(a)		200,000		202,027
China Construction Bank Corp., 3.00%, 12/04/2022^(a)		200,000		205,980
China South City Holdings Ltd., 11.50%, 02/12/2022^(a)		200,000		181,221
China Southern Power Grid International Finance BVI Co. Ltd.
2.75%, 05/08/2022^(a)		200,000		202,597
2.75%, 05/08/2022^(a)		200,000		202,597
China State Construction Finance Cayman II Ltd., 3.38%, 11/29/2022^(a)		200,000		204,957
CNPC General Capital Ltd., 3.95%, 04/19/2022^(a)		200,000		203,972
Export-Import Bank of China (The), 2.63%, 03/14/2022^(a)		200,000		202,274


	Principal Amount		Value
China-(continued)
Industrial & Commercial Bank of China Ltd.
2.88%, 10/12/2022^(a)	$	200,000	$	204,945
2.96%, 11/08/2022		200,000		205,421
RKPF Overseas 2019 A Ltd., 7.88%, 02/01/2023^(a)		200,000		206,787
Sinopec Group Overseas Development (2012) Ltd., 3.90%, 05/17/2022^(a)		200,000		204,543
Sinopec Group Overseas Development (2017) Ltd.
3.00%, 04/12/2022^(a)		200,000		202,897
2.50%, 09/13/2022^(a)		200,000		203,876
State Grid Overseas Investment BVI Ltd., 2.75%, 05/04/2022^(a)		200,000		202,805

				3,442,310

Colombia-2.54%
Banco Davivienda S.A.
5.88%, 07/09/2022^(a)		200,000		206,961
5.88%, 07/09/2022^(a)		200,000		206,961
Bancolombia S.A., 5.13%, 09/11/2022		100,000		103,309
Grupo Aval Ltd.
4.75%, 09/26/2022^(a)		200,000		205,840
4.75%, 09/26/2022^(a)		250,000		257,300

				980,371

Hong Kong-0.53%
Bocom Leasing Management Hong Kong Co. Ltd., 4.00%, 01/22/2022^(a)		200,000		202,204

India-7.82%
Axis Bank Ltd.
3.00%, 08/08/2022^(a)		200,000		203,987
3.00%, 08/08/2022^(a)		200,000		203,987
Bank of Baroda, 3.50%, 04/04/2022^(a)		200,000		202,993
Bharat Petroleum Corp. Ltd.
4.38%, 01/24/2022^(a)		200,000		202,737
4.63%, 10/25/2022^(a)		200,000		208,162
Canara Bank, 3.25%, 08/10/2022^(a)		200,000		203,975
ICICI Bank Ltd., 3.25%, 09/09/2022^(a)		200,000		204,751
JSW Steel Ltd., 5.25%, 04/13/2022^(a)		200,000		204,500
Reliance Industries Ltd.
5.40%, 02/14/2022^(a)		250,000		255,143
5.40%, 02/14/2022^(a)		500,000		510,285
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/2022^(a)		200,000		205,572
5.95%, 10/24/2022^(a)		200,000		205,572
State Bank of India, 3.25%, 01/24/2022^(a)		200,000		202,028

				3,013,692

Indonesia-10.16%
Indika Energy Capital IV Pte Ltd.
8.25%, 10/22/2025^(a)		250,000		263,625
8.25%, 10/22/2025^(a)		250,000		263,625
Indonesia Government International Bond
3.70%, 01/08/2022^(a)		200,000		202,263
3.70%, 01/08/2022^(a)		200,000		202,263
3.75%, 04/25/2022^(a)		500,000		511,148
3.75%, 04/25/2022^(a)		400,000		408,918

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

260

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

August 31, 2021


	Principal Amount		Value
Indonesia-(continued)
Medco Platinum Road Pte. Ltd.
6.75%, 01/30/2025^(a)	$	200,000	$	209,040
6.75%, 01/30/2025^(a)		200,000		209,040
Perusahaan Penerbit SBSN Indonesia III
3.40%, 03/29/2022^(a)		200,000		203,302
3.40%, 03/29/2022^(a)		200,000		203,302
3.30%, 11/21/2022^(a)		200,000		206,841
3.30%, 11/21/2022^(a)		400,000		413,682
PT Pertamina (Persero)
4.88%, 05/03/2022^(a)		200,000		205,993
4.88%, 05/03/2022^(a)		400,000		411,986

				3,915,028

Ireland-0.81%
Park Aerospace Holdings Ltd.
5.25%, 08/15/2022^(a)		200,000		207,949
5.25%, 08/15/2022^(a)		100,000		103,974

				311,923

Malaysia-3.74%
CIMB Bank Bhd., 3.26%, 03/15/2022^(a)		200,000		202,834
IOI Investment L Bhd., 4.38%, 06/27/2022^(a)		200,000		204,290
Petronas Capital Ltd.
3.13%, 03/18/2022^(a)		200,000		202,849
3.13%, 03/18/2022^(a)		200,000		202,849
7.88%, 05/22/2022^(a)		200,000		210,521
7.88%, 05/22/2022^(a)		200,000		210,521
SSG Resources Ltd., 4.25%, 10/04/2022^(a)		200,000		205,995

				1,439,859

Mexico-5.36%
America Movil S.A.B. de C.V., 3.13%, 07/16/2022		1,000,000		1,021,420
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander
4.13%, 11/09/2022^(a)		300,000		311,628
4.13%, 11/09/2022^(a)		400,000		415,504
Mexico Government International Bond, 8.00%, 09/24/2022		200,000		216,550
Petroleos Mexicanos, 4.88%, 01/24/2022		100,000		101,167

				2,066,269

Peru-2.13%
Banco BBVA Peru S.A.
5.00%, 08/26/2022^(a)		100,000		103,854
5.00%, 08/26/2022^(a)		300,000		311,560
Orazul Energy Egenor S.C.A., 5.63%, 04/28/2027^(a)		200,000		202,860
Southern Copper Corp., 3.50%, 11/08/2022		100,000		103,515
Volcan Cia Minera S.A.A., Class B, 5.38%, 02/02/2022^(a)		100,000		99,993

				821,782

Philippines-0.54%
Union Bank of the Philippines, 3.37%, 11/29/2022^(a)		200,000		207,095


	Principal Amount		Value
Poland-3.21%
Powszechna Kasa Oszczednosci Bank Polski S.A. Via PKO Finance AB
4.63%, 09/26/2022^(a)	$	200,000	$	208,449
4.63%, 09/26/2022^(a)		200,000		208,449
Republic of Poland Government International Bond, 5.00%, 03/23/2022		800,000		821,622

				1,238,520

Russia-9.65%
Gazprom Neft OAO Via GPN Capital S.A.
4.38%, 09/19/2022^(a)		200,000		207,164
4.38%, 09/19/2022^(a)		200,000		207,164
Gazprom PJSC Via Gaz Capital S.A.
6.51%, 03/07/2022^(a)		200,000		205,975
4.95%, 07/19/2022^(a)		200,000		207,165
Rosneft Oil Co. Via Rosneft International Finance DAC
4.20%, 03/06/2022^(a)		200,000		203,259
4.20%, 03/06/2022^(a)		200,000		203,259
Russian Foreign Bond - Eurobond
4.50%, 04/04/2022^(a)		600,000		614,338
4.50%, 04/04/2022^(a)		200,000		204,779
Sberbank of Russia Via SB Capital S.A.
6.13%, 02/07/2022^(a)		200,000		204,778
6.13%, 02/07/2022^(a)		200,000		204,778
5.13%, 10/29/2022^(a)		200,000		208,382
5.13%, 10/29/2022^(a)		200,000		208,382
Severstal OAO Via Steel Capital S.A., 5.90%, 10/17/2022^(a)		200,000		211,388
Vnesheconombank Via VEB Finance PLC, 6.03%, 07/05/2022^(a)		200,000		208,690
VTB Bank OJSC Via VTB Capital S.A.
6.95%, 10/17/2022^(a)		200,000		210,325
6.95%, 10/17/2022^(a)		200,000		210,325

				3,720,151

South Africa-3.73%
MTN (Mauritius) Investments Ltd., 5.37%, 02/13/2022^(a)		200,000		203,202
Republic of South Africa Government International Bond, 5.88%, 05/30/2022		600,000		624,072
Sasol Financing International Ltd., 4.50%, 11/14/2022		200,000		205,279
Transnet SOC Ltd.
4.00%, 07/26/2022^(a)		200,000		202,518
4.00%, 07/26/2022^(a)		200,000		202,518

				1,437,589

Supranational-4.99%
Asian Development Bank
2.00%, 02/16/2022		200,000		201,732
1.88%, 02/18/2022		200,000		201,619
0.63%, 04/07/2022		550,000		551,773
1.88%, 07/19/2022		450,000		457,108
1.88%, 08/10/2022		100,000		101,682
1.75%, 09/13/2022		400,000		406,879

				1,920,793

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

261

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

August 31, 2021


	Principal Amount		Value
Tanzania-0.67%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022	$	250,000	$	259,649

Thailand-2.94%
Bangkok Bank PCL, 3.88%, 09/27/2022^(a)		200,000		206,795
Kasikornbank PCL, 2.38%, 04/06/2022^(a)		200,000		202,095
PTT Global Chemical PCL, 4.25%, 09/19/2022^(a)		500,000		517,326
Siam Commercial Bank PCL (The), 3.20%, 07/26/2022^(a)		200,000		204,533

				1,130,749

Turkey-10.12%
Hazine Mustesarligi Varlik Kiralama A.S.
5.80%, 02/21/2022^(a)		400,000		407,504
5.80%, 02/21/2022^(a)		200,000		203,752
QNB Finansbank A.S.
4.88%, 05/19/2022^(a)		200,000		204,491
4.88%, 05/19/2022^(a)		200,000		204,491
T.C. Ziraat Bankasi A.S.
5.13%, 05/03/2022^(a)		200,000		203,925
5.13%, 05/03/2022^(a)		200,000		203,925
Turkey Government International Bond
5.13%, 03/25/2022		200,000		203,989
6.25%, 09/26/2022		600,000		624,874
Turkiye Garanti Bankasi A.S.
5.25%, 09/13/2022^(a)		200,000		206,490
5.25%, 09/13/2022^(a)		200,000		206,490
Turkiye Ihracat Kredi Bankasi A.S., 4.25%, 09/18/2022^(a)		200,000		203,848
Turkiye Is Bankasi A.S.
5.50%, 04/21/2022^(a)		200,000		204,580
6.00%, 10/24/2022^(a)		200,000		205,950
Turkiye Vakiflar Bankasi T.A.O., 5.63%, 05/30/2022^(a)		200,000		205,010
Yapi ve Kredi Bankasi A.S.
5.75%, 02/24/2022^(a)		200,000		204,092
5.50%, 12/06/2022^(a)		200,000		205,567

				3,898,978

United Arab Emirates-8.49%
Abu Dhabi Government International Bond
2.50%, 10/11/2022^(a)		800,000		819,608
2.50%, 10/11/2022^(a)		800,000		819,608
BOS Funding Ltd., 4.23%, 03/07/2022^(a)		200,000		203,336
DIB Sukuk Ltd., 3.66%, 02/14/2022^(a)		400,000		405,624
Emirates NBD Bank PJSC, 3.25%, 11/14/2022^(a)		200,000		206,175


	Principal Amount		Value
United Arab Emirates-(continued)
First Abu Dhabi Bank PJSC, 3.00%, 03/30/2022^(a)	$	200,000	$	203,382
MDGH - GMTN B.V.
5.50%, 03/01/2022^(a)		200,000		205,175
5.50%, 03/01/2022^(a)		400,000		410,350

				3,273,258

United Kingdom-1.13%
Jaguar Land Rover Automotive PLC
7.75%, 10/15/2025^(a)		200,000		218,210
7.75%, 10/15/2025^(a)		200,000		218,210

				436,420

United States-1.92%
JBS USA Food Co.
7.00%, 01/15/2026^(a)		200,000		210,870
7.00%, 01/15/2026^(a)		200,000		210,870
5.75%, 01/15/2028^(a)		200,000		211,410
Pilgrim’s Pride Corp., 5.88%, 09/30/2027^(a)		100,000		106,852

				740,002

Total U.S. Dollar Denominated Bonds & Notes (Cost $37,736,386)				37,989,138

	Shares
Money Market Funds-1.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $701,175)		701,175		701,175

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.40% (Cost $38,437,561)				38,690,313


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.00%
Invesco Private Government Fund, 0.02%^(c)(d)(e) (Cost $400)		400		400

TOTAL INVESTMENTS IN SECURITIES-100.40% (Cost $38,437,961)				38,690,713
OTHER ASSETS LESS LIABILITIES-(0.40)%				(153,229	)

NET ASSETS-100.00%			$	38,537,484

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

262

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

August 31, 2021

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, 2021 was $31,268,620, which represented 81.14% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,679,120		$	(2,977,945	)		$	-		$	-		$	701,175		$	50
Invesco Premier U.S. Government Money Portfolio, Institutional Class			68,228			26,232			(94,460	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			1,301,220			(1,300,820	)			-			-			400			8	*
Invesco Private Prime Fund			-			2,161,134			(2,161,139	)			-			5			-			120	*

Total		$	68,228		$	7,167,706		$	(6,534,364	)		$	-		$	5		$	701,575		$	178

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

263

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

August 31, 2021

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.69%
Brazil-9.06%
Banco Bradesco S.A., 2.85%, 01/27/2023^(a)	$	200,000	$	204,452
Banco do Brasil S.A.
5.88%, 01/19/2023^(a)		200,000		211,752
5.88%, 01/19/2023^(a)		200,000		211,752
4.88%, 04/19/2023^(a)		200,000		211,161
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/2023^(a)		200,000		219,794
Brazilian Government International Bond, 2.63%, 01/05/2023		400,000		412,260
Embraer Overseas Ltd., 5.70%, 09/16/2023^(a).		61,000		65,164
Gerdau Trade, Inc., 4.75%, 04/15/2023^(a)		200,000		212,552
Itau Unibanco Holding S.A.
2.90%, 01/24/2023^(a)		200,000		204,500
5.13%, 05/13/2023^(a)		200,000		209,750
5.13%, 05/13/2023^(a)		500,000		524,375
Petrobras Global Finance B.V., 4.38%, 05/20/2023^(b)		150,000		159,187

				2,846,699

Chile-2.83%
Banco de Credito e Inversiones S.A., 4.00%, 02/11/2023^(a)		200,000		209,252
Falabella S.A., 3.75%, 04/30/2023^(a)		200,000		208,752
Inversiones CMPC S.A.
4.38%, 05/15/2023^(a)		200,000		209,752
4.38%, 05/15/2023^(a)		250,000		262,190

				889,946

China-7.72%
China Government International Bond
3.25%, 10/19/2023^(a)		290,000		307,967
0.40%, 10/21/2023^(a)		250,000		249,972
China Great Wall International Holdings III Ltd., 4.38%, 05/25/2023^(a)		200,000		208,614
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/2023^(a)		200,000		209,670
CNPC General Capital Ltd.
3.40%, 04/16/2023^(a)		200,000		208,431
3.40%, 04/16/2023^(a)		200,000		208,431
Industrial & Commercial Bank of China Ltd., 1.00%, 09/09/2023^(a)		200,000		201,424
Sinopec Group Overseas Development (2013) Ltd., 4.38%, 10/17/2023^(a)		200,000		214,948
State Grid Overseas Investment (2013) Ltd., 3.13%, 05/22/2023^(a)		200,000		208,516
State Grid Overseas Investment BVI Ltd., 3.75%, 05/02/2023^(a)		200,000		210,049
Sunac China Holdings Ltd., 6.50%, 07/09/2023^(a)		200,000		199,756

				2,427,778

Colombia-1.61%
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		200,000		209,411


	Principal Amount		Value
Colombia-(continued)
Colombia Government International Bond, 2.63%, 03/15/2023	$	100,000	$	101,796
Termocandelaria Power Ltd., 7.88%, 01/30/2029^(a)		185,000		194,940

				506,147

Egypt-1.99%
Egypt Government International Bond
5.58%, 02/21/2023^(a)		300,000		314,282
4.55%, 11/20/2023^(a)		300,000		311,532

				625,814

Hong Kong-0.64%
BOSCI BVI Ltd., 1.25%, 09/10/2023^(a)		200,000		200,182

Hungary-2.08%
Hungary Government International Bond
5.38%, 02/21/2023		400,000		429,452
5.75%, 11/22/2023		200,000		223,113

				652,565

India-5.19%
Bharti Airtel International Netherlands B.V., 5.13%, 03/11/2023^(a)		200,000		210,499
Export-Import Bank of India, 4.00%, 01/14/2023^(a)		200,000		208,023
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		400,000		392,000
Indian Oil Corp. Ltd., 5.75%, 08/01/2023^(a)		200,000		217,354
Shriram Transport Finance Co. Ltd., 5.10%, 07/16/2023^(a)		200,000		204,759
Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023^(a)		400,000		397,748

				1,630,383

Indonesia-9.05%
Indonesia Government International Bond
2.95%, 01/11/2023		500,000		516,855
3.38%, 04/15/2023^(a)		400,000		418,804
3.38%, 04/15/2023^(a)		400,000		418,804
5.38%, 10/17/2023^(a)		200,000		220,480
5.38%, 10/17/2023^(a)		200,000		220,480
Perusahaan Penerbit SBSN Indonesia III
3.75%, 03/01/2023^(a)		500,000		523,362
3.75%, 03/01/2023^(a)		200,000		209,345
PT Pertamina (Persero), 4.30%, 05/20/2023^(a)		300,000		317,250

				2,845,380

Ireland-0.68%
Avolon Holdings Funding Ltd., 5.13%, 10/01/2023^(a)		100,000		107,843
Park Aerospace Holdings Ltd., 4.50%, 03/15/2023^(a)		100,000		104,974

				212,817

Mexico-4.04%
Alpek S.A.B. de C.V., 5.38%, 08/08/2023^(a)		200,000		216,252
Fresnillo PLC, 5.50%, 11/13/2023^(a)		200,000		220,793
Mexico Government International Bond, 4.00%, 10/02/2023^(b)		68,000		73,225

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

264

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

August 31, 2021


	Principal Amount		Value
Mexico-(continued)
Petroleos Mexicanos
3.50%, 01/30/2023	$	200,000	$	203,550
4.63%, 09/21/2023^(b)		100,000		104,133
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)(b)		200,000		200,755
Unifin Financiera S.A.B. de C.V., SOFOM, E.N.R., 7.25%, 09/27/2023^(a)(b)		250,000		250,944

				1,269,652

Peru-2.47%
Banco de Credito del Peru, 4.25%, 04/01/2023^(a)		200,000		209,750
Banco Internacional del Peru SAA Interbank
3.38%, 01/18/2023^(a)		200,000		204,000
3.38%, 01/18/2023^(a)		100,000		102,000
Gas Natural de Lima y Callao S.A., 4.38%, 04/01/2023^(a)		250,000		260,600

				776,350

Philippines-1.99%
BDO Unibank, Inc., 2.95%, 03/06/2023^(a)		400,000		414,260
Rizal Commercial Banking Corp., 4.13%, 03/16/2023^(a)		200,000		209,749

				624,009

Poland-1.39%
Republic of Poland Government International Bond, 3.00%, 03/17/2023		420,000		437,702

Qatar-6.68%
Ooredoo International Finance Ltd., 3.25%, 02/21/2023^(a)		400,000		415,661
Qatar Government International Bond, 3.88%, 04/23/2023^(a)		1,200,000		1,268,748
SoQ Sukuk A QSC, 3.24%, 01/18/2023^(a)		400,000		416,236

				2,100,645

Russia-9.82%
Gazprom Neft OAO Via GPN Capital S.A., 6.00%, 11/27/2023^(a)		500,000		552,883
Lukoil International Finance B.V.
4.56%, 04/24/2023^(a)		200,000		211,639
4.56%, 04/24/2023^(a)		500,000		529,097
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023^(a)		200,000		212,286
Russian Foreign Bond - Eurobond
4.88%, 09/16/2023^(a)		400,000		434,022
4.88%, 09/16/2023^(a)		600,000		651,034
Vnesheconombank Via VEB Finance PLC, 5.94%, 11/21/2023^(a)		450,000		493,884

				3,084,845

South Africa-1.94%
Eskom Holdings SOC Ltd., 6.75%, 08/06/2023^(a)		200,000		209,111
Growthpoint Properties International Pty. Ltd., 5.87%, 05/02/2023^(a)		375,000		400,628

				609,739

Supranational-5.76%
Asian Development Bank 1.63%, 01/24/2023		500,000		510,353


	Principal Amount		Value
Supranational-(continued)
2.75%, 03/17/2023	$	400,000	$	415,989
0.25%, 07/14/2023		335,000		335,046
0.25%, 10/06/2023		300,000		299,920
Asian Infrastructure Investment Bank (The), 0.25%, 09/29/2023		250,000		249,734

				1,811,042

Thailand-1.35%
Bangkok Bank PCL, 5.00%, 10/03/2023^(a)		200,000		217,786
Siam Commercial Bank PCL (The), 2.75%, 05/16/2023^(a)		200,000		206,867

				424,653

Turkey-10.25%
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		200,000		205,311
5.00%, 04/06/2023^(a)		500,000		513,278
KOC Holding A.S.
5.25%, 03/15/2023^(a)		200,000		207,180
5.25%, 03/15/2023^(a)		200,000		207,180
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		200,000		205,304
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		200,000		199,300
Turkey Government International Bond
3.25%, 03/23/2023		200,000		201,228
7.25%, 12/23/2023		500,000		542,336
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023^(a)		200,000		210,190
Turkiye Vakiflar Bankasi T.A.O., 5.75%, 01/30/2023^(a)		200,000		207,550
Yapi ve Kredi Bankasi A.S.
6.10%, 03/16/2023^(a)		100,000		104,410
6.10%, 03/16/2023^(a)		400,000		417,640

				3,220,907

United Arab Emirates-9.78%
Abu Dhabi Government International Bond
0.75%, 09/02/2023^(a)		600,000		603,559
0.75%, 09/02/2023^(a)		575,000		578,411
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/2023^(a)		200,000		208,749
ADCB Finance Cayman Ltd.
4.50%, 03/06/2023^(a)		200,000		210,938
4.00%, 03/29/2023^(a)		200,000		210,573
AHB Sukuk Co. Ltd., 4.38%, 09/19/2023^(a)		200,000		214,581
DP World Crescent Ltd., 3.91%, 05/31/2023^(a).		400,000		418,948
Fab Sukuk Co. Ltd., 3.63%, 03/05/2023^(a)		200,000		209,118
MDGH - GMTN B.V., 2.75%, 05/11/2023^(a)		200,000		208,145
SIB Sukuk Co. III Ltd., 4.23%, 04/18/2023^(a)		200,000		210,335

				3,073,357

United Kingdom-1.32%
Avon Products, Inc., 6.50%, 03/15/2023^(b)		200,000		213,258
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)(b)		200,000		201,250

				414,508

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

265

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

August 31, 2021


	Principal Amount		Value
United States-1.05%
JBS USA LUX S.A./JBS USA Finance, Inc.
6.75%, 02/15/2028^(a)	$	200,000	$	219,500
6.75%, 02/15/2028^(a)		100,000		109,750

				329,250

Total U.S. Dollar Denominated Bonds & Notes (Cost $30,496,978)				31,014,370

	Shares
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $43,213)		43,213		43,213

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.83% (Cost $30,540,191)				31,057,583


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.69%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		347,484	$	347,484
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		810,471		810,795

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,158,279)				1,158,279

TOTAL INVESTMENTS IN SECURITIES-102.52% (Cost $31,698,470)				32,215,862
OTHER ASSETS LESS LIABILITIES-(2.52)%				(790,968	)

NET ASSETS-100.00%			$	31,424,894

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, 2021 was $25,585,233, which represented 81.42% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,663,723		$	(3,620,510	)		$	-		$	-		$	43,213		$	41
Invesco Premier U.S. Government Money Portfolio, Institutional Class			96,114			52,162			(148,276	)			-			-			-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			147,005			4,477,348			(4,276,869	)			-			-			347,484			47	*
Invesco Private Prime Fund			49,015			6,830,930			(6,069,166	)			-			16			810,795			491	*

Total		$	292,134		$	15,024,163		$	(14,114,821	)		$	-		$	16		$	1,201,492		$	580

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

266

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

August 31, 2021

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.56%
Brazil-9.66%
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)	$	150,000	$	155,510
Banco do Brasil S.A., 4.75%, 03/20/2024^(a)		200,000		213,950
Banco Votorantim S.A., 4.50%, 09/24/2024^(a)		200,000		209,759
Brazilian Government International Bond, 8.88%, 04/15/2024		300,000		369,078
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		200,000		229,550
CSN Inova Ventures
6.75%, 01/28/2028^(a)		200,000		220,130
6.75%, 01/28/2028^(a)		200,000		220,130
GTL Trade Finance, Inc./Gerdau Holdings, Inc., 5.89%, 04/29/2024^(a)		200,000		224,352
Petrobras Global Finance B.V., 6.25%, 03/17/2024		290,000		327,351
Rio Oil Finance Trust, Series 2014-1, 9.25%, 07/06/2024^(a)		102,584		113,076

				2,282,886

Cayman Islands-0.84%
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 6.50%, 09/15/2024^(a)(b)		200,000		198,500

Chile-0.92%
Empresa Nacional del Petroleo, 4.38%, 10/30/2024^(a)		200,000		217,210

China-7.18%
Agricultural Bank of China Ltd., 0.85%, 01/19/2024^(a)		200,000		200,829
Alibaba Group Holding Ltd., 3.60%, 11/28/2024		200,000		215,749
China Construction Bank Corp., 0.86%, 04/22/2024^(a)		200,000		200,935
Export-Import Bank of China (The)
3.63%, 07/31/2024^(a)		200,000		216,835
3.63%, 07/31/2024^(a)		200,000		216,835
State Grid Overseas Investment (2014) Ltd.
4.13%, 05/07/2024^(a)		200,000		217,519
4.13%, 05/07/2024^(a)		200,000		217,519
Tencent Holdings Ltd., 3.28%, 04/11/2024^(a)		200,000		212,218

				1,698,439

Colombia-2.79%
Colombia Government International Bond
4.00%, 02/26/2024		200,000		209,853
8.13%, 05/21/2024		200,000		234,065
SURA Asset Management S.A., 4.88%, 04/17/2024^(a)		200,000		215,802

				659,720

Egypt-4.54%
Egypt Government International Bond
6.20%, 03/01/2024^(a)		800,000		860,711
5.75%, 05/29/2024^(a)		200,000		213,433

				1,074,144

Hong Kong-0.96%
King Power Capital Ltd., 5.63%, 11/03/2024^(a)		200,000		226,586


	Principal Amount		Value
Hungary-1.42%
Hungary Government International Bond, 5.38%, 03/25/2024	$	300,000	$	336,146

India-7.37%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024^(a)		600,000		655,500
Bharti Airtel International Netherlands B.V.
5.35%, 05/20/2024^(a)		200,000		219,308
5.35%, 05/20/2024^(a)		200,000		219,308
Indian Oil Corp. Ltd., 4.75%, 01/16/2024^(a)		200,000		215,467
JSW Steel Ltd., 5.95%, 04/18/2024^(a)		200,000		215,125
ONGC Videsh Ltd., 4.63%, 07/15/2024^(a)		200,000		217,430

				1,742,138

Indonesia-10.13%
Indonesia Government International Bond
5.88%, 01/15/2024^(a)		200,000		224,876
5.88%, 01/15/2024^(a)		200,000		224,876
4.45%, 02/11/2024		200,000		218,460
Perusahaan Penerbit SBSN Indonesia III
3.90%, 08/20/2024^(a)		200,000		217,531
3.90%, 08/20/2024^(a)		200,000		217,531
4.35%, 09/10/2024^(a)		400,000		440,012
4.35%, 09/10/2024^(a)		200,000		220,006
PT Perusahaan Gas Negara Tbk
5.13%, 05/16/2024^(a)		200,000		221,250
5.13%, 05/16/2024^(a)		200,000		221,250
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a).		200,000		189,106

				2,394,898

Ireland-1.39%
Park Aerospace Holdings Ltd.
5.50%, 02/15/2024^(a)		200,000		219,563
5.50%, 02/15/2024^(a)		100,000		109,781

				329,344

Mexico-9.60%
Alfa S.A.B. de C.V., 5.25%, 03/25/2024^(a)		200,000		217,510
Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa
4.13%, 06/06/2024^(a)		150,000		160,689
4.13%, 06/06/2024^(a)		150,000		160,689
Cemex S.A.B. de C.V.
5.45%, 11/19/2029^(a)(c)		200,000		219,602
5.45%, 11/19/2029^(a)		200,000		219,602
Comision Federal de Electricidad
4.88%, 01/15/2024^(a)		200,000		216,822
4.88%, 01/15/2024^(a)		400,000		433,644
Grupo Bimbo S.A.B. de C.V.
3.88%, 06/27/2024^(a)		200,000		215,995
3.88%, 06/27/2024^(a)		200,000		215,994
Petroleos Mexicanos, 4.88%, 01/18/2024^(c)		200,000		209,154

				2,269,701

Philippines-3.92%
Philippine Government International Bond, 4.20%, 01/21/2024^(c)		300,000		325,082
Philippine National Bank, 3.28%, 09/27/2024^(a)		200,000		209,830

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

267

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

August 31, 2021


	Principal Amount		Value
Philippines-(continued)
Power Sector Assets and Liabilities Management Corp.
7.39%, 12/02/2024^(a)	$	200,000	$	241,173
7.39%, 12/02/2024^(a)		125,000		150,733

				926,818

Poland-1.83%
Republic of Poland Government International Bond, 4.00%, 01/22/2024		400,000		433,868

Qatar-4.07%
Qatar Government International Bond, 3.38%, 03/14/2024^(a)		500,000		535,148
QNB Finance Ltd., 3.50%, 03/28/2024^(a)		400,000		425,986

				961,134

Singapore-0.86%
BOC Aviation USA Corp., 1.63%, 04/29/2024^(a)		200,000		202,171

South Africa-3.61%
MTN (Mauritius) Investments Ltd.
4.76%, 11/11/2024^(a)		200,000		212,680
4.76%, 11/11/2024^(a)		200,000		212,680
Republic of South Africa Government International Bond, 4.67%, 01/17/2024		200,000		215,275
Sasol Financing USA LLC, 5.88%, 03/27/2024		200,000		213,706

				854,341

Supranational-5.98%
Asian Development Bank
2.63%, 01/30/2024		550,000		580,447
1.50%, 10/18/2024		500,000		515,924
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/2024		100,000		105,146
Black Sea Trade & Development Bank, 3.50%, 06/25/2024^(a)		200,000		212,550

				1,414,067

Turkey-9.77%
Coca-Cola Icecek A.S., 4.22%, 09/19/2024^(a)		200,000		211,078
Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, 11/25/2024^(a)		200,000		203,792
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024^(a)		200,000		209,234
Turkey Government International Bond
5.75%, 03/22/2024		200,000		208,973
6.35%, 08/10/2024		400,000		423,729
5.60%, 11/14/2024		400,000		415,818
Turkiye Is Bankasi A.S., 6.13%, 04/25/2024^(a)		400,000		417,992
Turkiye Vakiflar Bankasi T.A.O., 8.13%, 03/28/2024^(a)		200,000		219,194

				2,309,810

United Arab Emirates-9.84%
Abu Dhabi Government International Bond
2.13%, 09/30/2024^(a)		200,000		208,908
2.13%, 09/30/2024^(a)		400,000		417,816


	Principal Amount		Value
United Arab Emirates-(continued)
Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024^(a)	$	200,000	$	216,504
DAE Funding LLC, 1.55%, 08/01/2024^(a)		200,000		199,850
EMG Sukuk Ltd., 4.56%, 06/18/2024^(a)		200,000		213,964
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/2024^(a)		200,000		215,990
MAF Global Securities Ltd., 4.75%, 05/07/2024^(a)		200,000		217,209
MDGH - GMTN B.V.
3.00%, 04/19/2024^(a)		200,000		212,398
2.50%, 11/07/2024^(a)		200,000		210,268
Sharjah Sukuk Ltd., 3.76%, 09/17/2024^(a)		200,000		213,424

				2,326,331

Vietnam-1.88%
Vietnam Government International Bond
4.80%, 11/19/2024^(a)		200,000		222,630
4.80%, 11/19/2024^(a)		200,000		222,630

				445,260

Total U.S. Dollar Denominated Bonds & Notes (Cost $22,450,442)				23,303,512

	Shares
Money Market Funds-1.24%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $294,311)		294,311		294,311

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.80% (Cost $22,744,753)				23,597,823

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.42%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		171,432		171,432
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		399,848		400,008

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $571,440)				571,440

TOTAL INVESTMENTS IN SECURITIES-102.22% (Cost $23,316,193)				24,169,263
OTHER ASSETS LESS LIABILITIES-(2.22)%				(525,739	)

NET ASSETS-100.00%			$	23,643,524

Investment Abbreviations:

PIK-Pay-in-Kind

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

268

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

August 31, 2021

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, 2021 was $17,745,688, which represented 75.06% of the Fund’s Net Assets.

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

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,147,404		$	(1,853,093	)		$	-		$	-		$	294,311		$	24
Invesco Premier U.S. Government Money Portfolio, Institutional Class			50,313			29,665			(79,978	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			170,775			1,939,124			(1,938,467	)			-			-			171,432			28	*
Invesco Private Prime Fund			56,925			3,456,771			(3,113,711	)			-			23			400,008			289	*

Total		$	278,013		$	7,572,964		$	(6,985,249	)		$	-		$	23		$	865,751		$	341

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

269

Statements of Assets and Liabilities

August 31, 2021


	Invesco			Invesco			Invesco			Invesco
	BulletShares			BulletShares			BulletShares			BulletShares
	2021 Corporate			2022 Corporate			2023 Corporate			2024 Corporate
	Bond ETF			Bond ETF			Bond ETF			Bond ETF
	(BSCL)			(BSCM)			(BSCN)			(BSCO)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,591,720,448		$	2,358,908,299		$	2,088,546,471		$	1,611,082,150
Affiliated investments in securities, at value			16,217,060			83,696,258			68,545,185			74,162,578
Cash			1,027,228			5,156			158			-
Deposits with brokers:
Cash segregated as collateral			-			-			-			3,401,681
Receivable for:
Dividends and interest			8,171,006			17,543,337			15,106,722			14,156,409
Securities lending			-			5,307			5,570			5,903
Investments sold			1,015,000			-			-			-
Fund shares sold			-			9,700,693			-			3,234,750

Total assets			1,618,150,742			2,469,859,050			2,172,204,106			1,706,043,471


Liabilities:
Due to custodian			-			-			-			-
Payable for:
Investments purchased			1,024,244			9,689,572			189,231			3,234,750
Collateral upon return of securities loaned			-			67,249,338			66,609,825			67,234,573
Collateral upon receipt of securities in-kind			-			-			-			3,401,681
Fund shares repurchased			-			-			-			-
Accrued unitary management fees			141,105			202,509			174,705			134,649
Other payables			-			-			-			-

Total liabilities			1,165,349			77,141,419			66,973,761			74,005,653

Net Assets		$	1,616,985,393		$	2,392,717,631		$	2,105,230,345		$	1,632,037,818


Net assets consist of:
Shares of beneficial interest		$	1,614,275,747		$	2,364,239,732		$	2,062,301,534		$	1,582,660,749
Distributable earnings (loss)			2,709,646			28,477,899			42,928,811			49,377,069

Net Assets		$	1,616,985,393		$	2,392,717,631		$	2,105,230,345		$	1,632,037,818

Shares outstanding (unlimited amount authorized, $0.01 par value)			76,650,000			111,000,000			97,050,000			73,650,000
Net asset value		$	21.10		$	21.56		$	21.69		$	22.16

Market price		$	21.10		$	21.57		$	21.71		$	22.18

Unaffiliated investments in securities, at cost		$	1,590,941,633		$	2,334,580,205		$	2,050,413,518		$	1,564,017,296

Affiliated investments in securities, at cost		$	16,217,060		$	83,696,258		$	68,545,185		$	74,162,577

^(a)Includes securities on loan with an aggregate value of:		$	-		$	65,148,430		$	64,630,447		$	65,184,275

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

270


Invesco			Invesco			Invesco			Invesco			Invesco			Invesco				Invesco BulletShares
BulletShares			BulletShares			BulletShares			BulletShares			BulletShares			BulletShares				2021 High Yield
2025 Corporate			2026 Corporate			2027 Corporate			2028 Corporate			2029 Corporate			2030 Corporate				Corporate
Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF				Bond ETF
(BSCP)			(BSCQ)			(BSCR)			(BSCS)			(BSCT)			(BSCU)				(BSJL)

	$	1,047,307,753		$	574,133,581		$	350,005,959		$	223,102,144		$	110,311,570		$	26,504,080			$	534,980,126
		67,577,496			63,720,331			44,216,707			19,934,263			6,159,172			3,126,136				10,747,666
		-			-			-			56,868			550,524			-				-

		469,350			1,677,052			-			-			-			-				-

		8,679,554			4,484,413			2,883,839			2,129,704			1,081,877			181,901				2,113,632
		5,638			6,173			5,853			1,507			525			272				-
		-			-			-			-			-			-				6,898,117
		220,269			1,545,375			-			-			-			-				-

		1,124,260,060			645,566,925			397,112,358			245,224,486			118,103,668			29,812,389				554,739,541



		-			-			-			-			-			-				3,088

		220,269			1,545,375			-			-			-			-				-
		66,617,453			63,411,630			43,784,732			19,277,961			5,885,107			3,118,794				-
		469,350			1,677,052			-			-			-			-				-
		-			-			-			-			-			-				6,900,988
		88,264			47,751			29,667			21,228			9,541			2,269				199,819
		-			-			-			-			-			-				37,247

		67,395,336			66,681,808			43,814,399			19,299,189			5,894,648			3,121,063				7,141,142

	$	1,056,864,724		$	578,885,117		$	353,297,959		$	225,925,297		$	112,209,020		$	26,691,326			$	547,598,399



	$	1,027,005,824		$	561,814,793		$	340,520,628		$	222,114,293		$	111,393,502		$	26,838,092			$	622,575,652
		29,858,900			17,070,324			12,777,331			3,811,004			815,518			(146,766	)			(74,977,253	)

	$	1,056,864,724		$	578,885,117		$	353,297,959		$	225,925,297		$	112,209,020		$	26,691,326			$	547,598,399

		47,400,000			26,850,000			16,050,000			9,750,001			5,250,001			1,350,001				23,800,000
	$	22.30		$	21.56		$	22.01		$	23.17		$	21.37		$	19.77			$	23.01

	$	22.31		$	21.58		$	22.04		$	23.18		$	21.39		$	19.79			$	23.01

	$	1,019,074,771		$	557,084,287		$	337,200,775		$	219,321,063		$	109,521,375		$	26,643,428			$	534,592,233

	$	67,577,496		$	63,720,330		$	44,216,707		$	19,934,263		$	6,159,172		$	3,126,136			$	10,747,666

	$	64,483,028		$	61,571,099		$	42,446,248		$	18,645,273		$	5,697,013		$	3,023,157			$	-

271

Statements of Assets and Liabilities–(continued)

August 31, 2021


	Invesco				Invesco				Invesco			Invesco
	BulletShares				BulletShares				BulletShares			BulletShares
	2022 High Yield				2023 High Yield				2024 High Yield			2025 High Yield
	Corporate				Corporate				Corporate			Corporate
	Bond ETF				Bond ETF				Bond ETF			Bond ETF
	(BSJM)				(BSJN)				(BSJO)			(BSJP)
Assets:
Unaffiliated investments in securities, at value^(a)		$	859,796,057			$	666,892,765			$	350,984,952		$	279,282,486
Affiliated investments in securities, at value			132,001,903				123,987,628				88,173,869			75,199,340
Cash			86,408				-				854,526			-
Deposits with brokers:
Cash segregated as collateral			844,646				2,690,057				111,567			137,894
Receivable for:
Dividends and interest			13,638,870				9,758,991				5,382,837			4,609,420
Securities lending			23,670				15,487				20,138			11,790
Investments sold			6,980,834				-				-			-
Fund shares sold			7,793,054				7,638,093				106,095			2,591,979
Other assets			-				-				-			-

Total assets			1,021,165,442				810,983,021				445,633,984			361,832,909


Liabilities:
Payable for:
Investments purchased			7,932,417				7,551,371				960,621			2,794,728
Collateral upon return of securities loaned			93,667,785				122,735,083				80,581,220			65,903,942
Collateral upon receipt of securities in-kind			844,646				2,690,057				111,567			137,893
Fund shares repurchased			6,988,410				-				-			-
Accrued unitary management fees			320,902				238,198				126,034			101,191
Other payables			123,332				-				-			-

Total liabilities			109,877,492				133,214,709				81,779,442			68,937,754

Net Assets		$	911,287,950			$	677,768,312			$	363,854,542		$	292,895,155


Net assets consist of:
Shares of beneficial interest		$	946,872,698			$	689,454,160			$	363,239,802		$	290,260,131
Distributable earnings (loss)			(35,584,748	)			(11,685,848	)			614,740			2,635,024

Net Assets		$	911,287,950			$	677,768,312			$	363,854,542		$	292,895,155

Shares outstanding (unlimited amount authorized, $0.01 par value)			39,100,000				26,700,000				14,500,000			11,900,000
Net asset value		$	23.31			$	25.38			$	25.09		$	24.61

Market price		$	23.29			$	25.38			$	25.10		$	24.63

Unaffiliated investments in securities, at cost		$	852,402,715			$	657,960,007			$	345,635,736		$	274,054,698

Affiliated investments in securities, at cost		$	132,001,903			$	123,987,628			$	88,173,868		$	75,199,339

^(a)Includes securities on loan with an aggregate value of:		$	89,861,377			$	118,479,240			$	77,561,666		$	63,357,055

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

272


Invesco			Invesco		Invesco
BulletShares			BulletShares		BulletShares		Invesco		Invesco		Invesco		Invesco
2026 High Yield			2027 High Yield		2028 High Yield		BulletShares		BulletShares		BulletShares		BulletShares
Corporate			Corporate		Corporate		2021 Municipal		2022 Municipal		2023 Municipal		2024 Municipal
Bond ETF			Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF
(BSJQ)			(BSJR)		(BSJS)		(BSML)		(BSMM)		(BSMN)		(BSMO)

$	111,306,004		$	42,676,985	$	15,084,477	$	38,433,483	$	52,564,514	$	35,119,684	$	35,647,477
	31,540,588			11,264,117		1,970,270		-		-		-		-
	467			3,326		-		1,617,367		42,445		88,463		58,900
	-			-		2,651,725		-		-		-		-
	1,679,499			613,052		208,215		314,377		679,249		397,880		405,325
	2,922			1,389		532		-		-		-		-
	-			-		-		-		-		-		-
	2,570,081			-		-		-		-		2,567,415		-
	-			-		-		-		-		236		-

	147,099,561			54,558,869		19,915,219		40,365,227		53,286,208		38,173,678		36,111,702

	2,582,641			-		-		-		-		2,308,496		-
	28,710,043			11,035,623		1,911,846		-		-		-		-


	-			-		2,651,725		-		-		-		-
	-			-		-		-		-		-		-
	39,074			14,746		4,541		6,170		8,134		5,093		5,524
	-			-		-		-		-		-		-

	31,331,758			11,050,369		4,568,112		6,170		8,134		2,313,589		5,524

$	115,767,803		$	43,508,500	$	15,347,107	$	40,359,057	$	53,278,074	$	35,860,089	$	36,106,178



$	116,360,663		$	43,024,982	$	15,121,891	$	40,343,544	$	53,129,136	$	35,600,368	$	35,731,222
	(592,860	)		483,518		225,216		15,513		148,938		259,721		374,956

$	115,767,803		$	43,508,500	$	15,347,107	$	40,359,057	$	53,278,074	$	35,860,089	$	36,106,178

	4,500,001			1,700,001		600,001		1,600,001		2,100,001		1,400,001		1,400,001
$	25.73		$	25.59	$	25.58	$	25.22	$	25.37	$	25.61	$	25.79

$	25.74		$	25.61	$	25.61	$	25.26	$	25.44	$	25.69	$	25.87

$	109,981,925		$	42,359,463	$	14,938,282	$	38,417,969	$	52,416,946	$	34,859,968	$	35,272,692

$	31,540,588		$	11,264,117	$	1,970,270	$	-	$	-	$	-	$	-

$	27,725,645		$	10,637,047	$	1,844,486	$	-	$	-	$	-	$	-

273

Statements of Assets and Liabilities–(continued)

August 31, 2021


	Invesco			Invesco			Invesco			Invesco
	BulletShares			BulletShares			BulletShares			BulletShares
	2025 Municipal			2026 Municipal			2027 Municipal			2028 Municipal
	Bond ETF			Bond ETF			Bond ETF			Bond ETF
	(BSMP)			(BSMQ)			(BSMR)			(BSMS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	38,519,123		$	23,062,272		$	17,923,834		$	17,832,090
Affiliated investments in securities, at value			-			-			-			-
Cash			77,047			81,967			59,147			350,259
Deposits with brokers:
Cash segregated as collateral			-			-			-			-
Receivable for:
Dividends and interest			441,653			250,547			159,310			181,219
Securities lending			-			-			-			-
Investments sold			-			-			-			-
Fund shares sold			-			-			-			2,637,403
Other assets			-			-			-			-

Total assets			39,037,823			23,394,786			18,142,291			21,000,971


Liabilities:
Payable for:
Investments purchased			-			-			-			2,579,230
Collateral upon return of securities loaned			-			-			-			-
Collateral upon receipt of securities in-kind			-			-			-			-
Accrued unitary management fees			5,807			3,582			2,778			2,421

Total liabilities			5,807			3,582			2,778			2,581,651

Net Assets		$	39,032,016		$	23,391,204		$	18,139,513		$	18,419,320


Net assets consist of:
Shares of beneficial interest		$	38,547,081		$	22,822,249		$	17,815,586		$	18,034,693
Distributable earnings			484,935			568,955			323,927			384,627

Net Assets		$	39,032,016		$	23,391,204		$	18,139,513		$	18,419,320

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,500,001			900,001			700,001			700,001
Net asset value		$	26.02		$	25.99		$	25.91		$	26.31

Market price		$	26.08		$	26.07		$	25.95		$	26.36

Unaffiliated investments in securities, at cost		$	38,034,188		$	22,493,317		$	17,600,092		$	17,469,841

Affiliated investments in securities, at cost		$	-		$	-		$	-		$	-

^(a)Includes securities on loan with an aggregate value of:		$	-		$	-		$	-		$	-

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

274


				Invesco		Invesco		Invesco		Invesco
Invesco		Invesco		BulletShares		BulletShares		BulletShares		BulletShares
BulletShares		BulletShares		2021 USD		2022 USD		2023 USD		2024 USD
2029 Municipal		2030 Municipal		Emerging Markets		Emerging Markets		Emerging Markets		Emerging Markets
Bond ETF		Bond ETF		Debt ETF		Debt ETF		Debt ETF		Debt ETF
(BSMT)		(BSMU)		(BSAE)		(BSBE)		(BSCE)		(BSDE)

$	15,524,135	$	7,575,847	$	9,918,918	$	37,989,138	$	31,014,370	$	23,303,512
	-		-		37,864		701,575		1,201,492		865,751
	35,430		37,530		-		313		-		-
	-		-		-		-		-		211,029
	153,543		72,073		29,649		479,251		373,840		279,696
	-		-		-		45		1,208		123
	-		-		-		206,144		-		188,893
	-		-		-		-		-		200,985
	3		-		-		-		-		-

	15,713,111		7,685,450		9,986,431		39,376,466		32,590,910		25,049,989



	-		-		-		829,090		-		618,180
	-		-		-		400		1,158,279		571,440
	-		-		-		-		-		211,029
	2,097		1,180		2,460		9,492		7,737		5,816

	2,097		1,180		2,460		838,982		1,166,016		1,406,465

$	15,711,014	$	7,684,270	$	9,983,971	$	38,537,484	$	31,424,894	$	23,643,524


$	15,455,454	$	7,550,499	$	9,978,531	$	38,431,391	$	30,984,093	$	23,407,834
	255,560		133,771		5,440		106,093		440,801		235,690


$	15,711,014	$	7,684,270	$	9,983,971	$	38,537,484	$	31,424,894	$	23,643,524

	600,001		300,001		400,001		1,500,001		1,200,001		900,001
$	26.18	$	25.61	$	24.96	$	25.69	$	26.19	$	26.27

$	26.24	$	25.69	$	24.96	$	25.71	$	26.23	$	26.28

$	15,269,179	$	7,443,132	$	9,907,016	$	37,736,386	$	30,496,978	$	22,450,442

$	-	$	-	$	37,864	$	701,575	$	1,201,492	$	865,751

$	-	$	-	$	-	$	386	$	1,108,460	$	554,925

275

Statements of Operations

For the year ended August 31, 2021


	Invesco				Invesco				Invesco				Invesco
	BulletShares				BulletShares				BulletShares				BulletShares
	2021 Corporate				2022 Corporate				2023 Corporate				2024 Corporate
	Bond ETF				Bond ETF				Bond ETF				Bond ETF
	(BSCL)				(BSCM)				(BSCN)				(BSCO)
Investment income:
Unaffiliated interest income		$	26,731,429			$	41,137,915			$	31,561,387			$	27,810,600
Affiliated dividend income			46,854				5,304				2,874				2,285
Securities lending income			8,011				50,545				29,463				40,347

Total investment income			26,786,294				41,193,764				31,593,724				27,853,232


Expenses:
Unitary management fees			1,942,646				2,255,531				1,704,103				1,324,569
Tax expenses			-				-				-				-

Total expenses			1,942,646				2,255,531				1,704,103				1,324,569

Less: Waivers			(54,028	)			(15,487	)			(6,321	)			(4,414	)

Net expenses			1,888,618				2,240,044				1,697,782				1,320,155

Net investment income			24,897,676				38,953,720				29,895,942				26,533,077


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			4,394,750				7,231,463				6,175,340				4,452,645
Affiliated investment securities			371				211				441				325
In-kind redemptions			1,621,214				1,212,910				-				497,816

Net realized gain (loss)			6,016,335				8,444,584				6,175,781				4,950,786

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(24,934,954	)			(32,655,200	)			(19,730,169	)			(11,912,020	)
Affiliated investment securities			-				-				-				1

Change in net unrealized appreciation (depreciation)			(24,934,954	)			(32,655,200	)			(19,730,169	)			(11,912,019	)

Net realized and unrealized gain (loss)			(18,918,619	)			(24,210,616	)			(13,554,388	)			(6,961,233	)

Net increase in net assets resulting from operations		$	5,979,057			$	14,743,104			$	16,341,554			$	19,571,844

^(a)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

276


																		Invesco
Invesco			Invesco			Invesco			Invesco			Invesco			Invesco			BulletShares
BulletShares			BulletShares			BulletShares			BulletShares			BulletShares			BulletShares			2021 High Yield
2025 Corporate			2026 Corporate			2027 Corporate			2028 Corporate			2029 Corporate			2030 Corporate			Corporate
Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF
(BSCP)			(BSCQ)			(BSCR)			(BSCS)			(BSCT)			(BSCU)^(a)			(BSJL)

$	17,254,550		$	8,720,098		$	6,560,191		$	4,601,425		$	1,649,242		$	337,474		$	24,370,190
	1,216			532			260			151			75			15			5,411
	45,592			25,351			39,333			13,605			3,274			1,560			59,908

	17,301,358			8,745,981			6,599,784			4,615,181			1,652,591			339,049			24,435,509


	887,857			414,454			292,720			197,650			79,609			16,986			3,392,319
	-			-			-			-			-			142			-


	887,857			414,454			292,720			197,650			79,609			17,128			3,392,319

	(1,584	)		(919	)		(483	)		(349	)		(113	)		(23	)		(19,763	)

	886,273			413,535			292,237			197,301			79,496			17,105			3,372,556

	16,415,085			8,332,446			6,307,547			4,417,880			1,573,095			321,944			21,062,953



	2,101,572			407,001			253,570			132,884			23,932			(7,618	)		203,370
	443			70			186			60			13			5			943
	973,646			-			784,817			5,251,705			232,918			(24,676	)		3,482,493

	3,075,661			407,071			1,038,573			5,384,649			256,863			(32,289	)		3,686,806

	(9,762,540	)		(3,582,824	)		(1,788,979	)		(4,510,779	)		(527,945	)		(139,348	)		(5,267,139	)
	-			1			-			-			-			-			(268	)

	(9,762,540	)		(3,582,823	)		(1,788,979	)		(4,510,779	)		(527,945	)		(139,348	)		(5,267,407	)

	(6,686,879	)		(3,175,752	)		(750,406	)		873,870			(271,082	)		(171,637	)		(1,580,601	)

$	9,728,206		$	5,156,694		$	5,557,141		$	5,291,750		$	1,302,013		$	150,307		$	19,482,352

277

Statements of Operations–(continued)

For the year ended August 31, 2021


	Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)				Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
Investment income:
Unaffiliated interest income		$	31,946,762			$	23,105,282			$	11,919,084			$	10,389,023
Affiliated dividend income			6,590				3,371				1,741				1,651
Securities lending income			157,956				107,557				143,676				87,871

Total investment income			32,111,308				23,216,210				12,064,501				10,478,545


Expenses:
Unitary management fees			3,331,748				2,221,906				1,083,424				891,527
Tax expenses			-				-				-				-

Total expenses			3,331,748				2,221,906				1,083,424				891,527

Less: Waivers			(14,185	)			(8,276	)			(3,488	)			(2,256	)

Net expenses			3,317,563				2,213,630				1,079,936				889,271

Net investment income			28,793,745				21,002,580				10,984,565				9,589,274


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			4,188,321				1,399,551				747,400				981,608
Affiliated investment securities			1,453				1,281				677				507
In-kind redemptions			2,309,152				3,366,556				1,260,581				625,309

Net realized gain (loss)			6,498,926				4,767,388				2,008,658				1,607,424

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			3,725,228				5,272,950				4,818,812				4,250,843
Affiliated investment securities			(79	)			-				1				1

Change in net unrealized appreciation (depreciation)			3,725,149				5,272,950				4,818,813				4,250,844

Net realized and unrealized gain (loss)			10,224,075				10,040,338				6,827,471				5,858,268

Net increase in net assets resulting from operations		$	39,017,820			$	31,042,918			$	17,812,036			$	15,447,542

^(a)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

278


Invesco			Invesco			Invesco
BulletShares			BulletShares			BulletShares			Invesco			Invesco		Invesco		Invesco
2026 High Yield			2027 High Yield			2028 High Yield			BulletShares			BulletShares		BulletShares		BulletShares
Corporate			Corporate			Corporate			2021 Municipal			2022 Municipal		2023 Municipal		2024 Municipal
Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF		Bond ETF		Bond ETF
(BSJQ)			(BSJR)			(BSJS)^(a)			(BSML)			(BSMM)		(BSMN)		(BSMO)

$	3,682,632		$	1,212,970		$	449,139		$	201,642		$	262,468	$	192,499	$	212,899
	342			50			32			-			-		-		-
	14,402			7,561			2,182			-			-		-		-

	3,697,376			1,220,581			451,353			201,642			262,468		192,499		212,899



	321,736			109,833			40,806			63,922			79,317		47,341		44,851
	-			-			1,287			2			530		237		8

	321,736			109,833			42,093			63,924			79,847		47,578		44,859

	(423	)		(61	)		(49	)		-			-		-		-

	321,313			109,772			42,044			63,924			79,847		47,578		44,859

	3,376,063			1,110,809			409,309			137,718			182,621		144,921		168,040




	270,925			199,446			69,610			(1	)		1,488		-		-
	78			42			15			-			-		-		-
	1,317,559			642,828			-			-			-		-		-

	1,588,562			842,316			69,625			(1	)		1,488		-		-


	424,868			(299,086	)		146,195			(76,931	)		16,790		81,231		159,288
	-			-			-			-			-		-		-

	424,868			(299,086	)		146,195			(76,931	)		16,790		81,231		159,288

	2,013,430			543,230			215,820			(76,932	)		18,278		81,231		159,288

$	5,389,493		$	1,654,039		$	625,129		$	60,786		$	200,899	$	226,152	$	327,328

279

Statements of Operations–(continued)

For the year ended August 31, 2021


	Invesco			Invesco			Invesco			Invesco
	BulletShares			BulletShares			BulletShares			BulletShares
	2025 Municipal			2026 Municipal			2027 Municipal			2028 Municipal
	Bond ETF			Bond ETF			Bond ETF			Bond ETF
	(BSMP)			(BSMQ)			(BSMR)			(BSMS)
Investment income:
Unaffiliated interest income		$	257,424		$	282,241		$	208,123		$	163,807
Affiliated dividend income			-			-			-			-
Securities lending income			-			-			-			-

Total investment income			257,424			282,241			208,123			163,807


Expenses:
Unitary management fees			45,224			36,211			30,894			18,071
Tax expenses			68			2			-			141

Total expenses			45,292			36,213			30,894			18,212

Less: Waivers			-			-			-			-

Net expenses			45,292			36,213			30,894			18,212

Net investment income			212,132			246,028			177,229			145,595


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			-			-			-			22,293
Affiliated investment securities			-			-			-			-

Net realized gain (loss)			-			-			-			22,293

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities			203,443			393,082			358,743			221,968

Net realized and unrealized gain (loss)			203,443			393,082			358,743			244,261

Net increase in net assets resulting from operations		$	415,575		$	639,110		$	535,972		$	389,856

^(a)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

280


				Invesco			Invesco			Invesco			Invesco
Invesco		Invesco		BulletShares			BulletShares			BulletShares			BulletShares
BulletShares		BulletShares		2021 USD			2022 USD			2023 USD			2024 USD
2029 Municipal		2030 Municipal		Emerging Markets			Emerging Markets			Emerging Markets			Emerging Markets
Bond ETF		Bond ETF		Debt ETF			Debt ETF			Debt ETF			Debt ETF
(BSMT)		(BSMU)^(a)		(BSAE)			(BSBE)			(BSCE)			(BSDE)

$	148,092	$	95,220	$	270,685		$	646,086		$	602,577		$	627,559
	-		-		192			50			42			24
	-		-		-			649			5,226			1,272

	148,092		95,220		270,877			646,785			607,845			628,855



	16,857		10,073		29,191			68,704			61,099			53,608
	4		-		-			-			-			-

	16,861		10,073		29,191			68,704			61,099			53,608

	-		-		(137	)		(67	)		(99	)		(57	)

	16,861		10,073		29,054			68,637			61,000			53,551

	131,231		85,147		241,823			578,148			546,845			575,304



	-		-		(2,560	)		(98,747	)		26,322			(74,750	)
	-		-		-			5			16			23

	-		-		(2,560	)		(98,742	)		26,338			(74,727	)

	121,793		132,715		(174,091	)		(129,853	)		(14,530	)		243,021

	121,793		132,715		(176,651	)		(228,595	)		11,808			168,294

$	253,024	$	217,862	$	65,172		$	349,553		$	558,653		$	743,598

281

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco BulletShares 2021						Invesco BulletShares 2022
	Corporate Bond ETF (BSCL)						Corporate Bond ETF (BSCM)
	2021			2020			2021			2020
Operations:
Net investment income	$	24,897,676		$	44,017,949		$	38,953,720		$	42,543,772
Net realized gain (loss)		6,016,335			3,914,230			8,444,584			7,779,852
Change in net unrealized appreciation (depreciation)		(24,934,954	)		5,442,347			(32,655,200	)		26,312,413

Net increase in net assets resulting from operations		5,979,057			53,374,526			14,743,104			76,636,037


Distributions to Shareholders from:
Distributable earnings		(29,310,039	)		(45,210,380	)		(46,268,999	)		(44,102,171	)


Shareholder Transactions:
Proceeds from shares sold		156,074,701			574,470,776			423,707,708			769,119,905
Value of shares repurchased		(548,470,787	)		(170,441,189	)		(39,024,348	)		(131,081,123	)
Transaction fees		-			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(392,396,086	)		404,029,587			384,683,360			638,038,782

Net increase (decrease) in net assets		(415,727,068	)		412,193,733			353,157,465			670,572,648


Net assets:
Beginning of period		2,032,712,461			1,620,518,728			2,039,560,166			1,368,987,518

End of period	$	1,616,985,393		$	2,032,712,461		$	2,392,717,631		$	2,039,560,166


Changes in Shares Outstanding:
Shares sold		7,350,000			27,000,000			19,500,000			35,700,000
Shares repurchased		(25,950,000	)		(8,100,000	)		(1,800,000	)		(6,150,000	)
Shares outstanding, beginning of period		95,250,000			76,350,000			93,300,000			63,750,000

Shares outstanding, end of period		76,650,000			95,250,000			111,000,000			93,300,000

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

282


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)
2021			2020			2021			2020			2021			2020			2021			2020

$	29,895,942		$	28,478,963		$	26,533,077		$	22,728,427		$	16,415,085		$	12,501,392		$	8,332,446		$	5,606,420
	6,175,781			283,883			4,950,786			(946,246	)		3,075,661			1,566,047			407,071			(29,218	)
	(19,730,169	)		30,381,610			(11,912,019	)		35,559,432			(9,762,540	)		22,194,705			(3,582,823	)		13,439,884

	16,341,554			59,144,456			19,571,844			57,341,613			9,728,206			36,262,144			5,156,694			19,017,086



	(30,085,257	)		(28,952,201	)		(26,664,545	)		(22,970,429	)		(16,430,389	)		(12,735,015	)		(8,346,892	)		(5,773,325	)



	777,896,291			555,967,612			560,546,865			530,671,776			444,128,487			332,520,312			288,393,196			159,454,420
	-			(69,240,676	)		(6,667,299	)		(55,489,981	)		(13,395,279	)		(34,774,432	)		-			(11,750,028	)
	-			-			-			-			-			-			-			55,068


	777,896,291			486,726,936			553,879,566			475,181,795			430,733,208			297,745,880			288,393,196			147,759,460

	764,152,588			516,919,191			546,786,865			509,552,979			424,031,025			321,273,009			285,202,998			161,003,221



	1,341,077,757			824,158,566			1,085,250,953			575,697,974			632,833,699			311,560,690			293,682,119			132,678,898

$	2,105,230,345		$	1,341,077,757		$	1,632,037,818		$	1,085,250,953		$	1,056,864,724		$	632,833,699		$	578,885,117		$	293,682,119



	35,700,000			25,950,000			25,200,000			24,600,000			19,800,000			15,300,000			13,350,000			7,650,000
	-			(3,300,000	)		(300,000	)		(2,700,000	)		(600,000	)		(1,650,000	)		-			(600,000	)
	61,350,000			38,700,000			48,750,000			26,850,000			28,200,000			14,550,000			13,500,000			6,450,000

	97,050,000			61,350,000			73,650,000			48,750,000			47,400,000			28,200,000			26,850,000			13,500,000

283

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco BulletShares 2027 Corporate Bond ETF (BSCR)						Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
	2021			2020			2021			2020
Operations:
Net investment income	$	6,307,547		$	3,996,644		$	4,417,880		$	2,628,318
Net realized gain (loss)		1,038,573			50,292			5,384,649			709,008
Change in net unrealized appreciation (depreciation)		(1,788,979	)		9,841,463			(4,510,779	)		5,742,085

Net increase (decrease) in net assets resulting from operations		5,557,141			13,888,399			5,291,750			9,079,411


Distributions to Shareholders from:
Distributable earnings		(6,317,457	)		(4,062,137	)		(4,423,119	)		(2,657,051	)


Shareholder Transactions:
Proceeds from shares sold		129,091,514			152,675,975			179,514,747			95,862,123
Value of shares repurchased		(6,649,169	)		(3,336,772	)		(83,476,574	)		(9,855,620	)
Transaction fees		-			40,755			-			106,411

Net increase (decrease) in net assets resulting from share transactions		122,442,345			149,379,958			96,038,173			86,112,914

Net increase (decrease) in net assets		121,682,029			159,206,220			96,906,804			92,535,274


Net assets:
Beginning of period		231,615,930			72,409,710			129,018,493			36,483,219

End of period	$	353,297,959		$	231,615,930		$	225,925,297		$	129,018,493


Changes in Shares Outstanding:
Shares sold		5,850,000			7,200,000			7,800,000			4,350,000
Shares repurchased		(300,000	)		(150,000	)		(3,600,000	)		(450,000	)
Shares outstanding, beginning of period		10,500,000			3,450,000			5,550,001			1,650,001

Shares outstanding, end of period		16,050,000			10,500,000			9,750,001			5,550,001

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

^(b)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

284


Invesco BulletShares 2029 Corporate Bond ETF (BSCT)						Invesco BulletShares 2030 Corporate Bond ETF (BSCU)			Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)						Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
2021			2020^(a)			2021^(b)			2021			2020			2021			2020

$	1,573,095		$	372,465		$	321,944		$	21,062,953		$	42,164,434		$	28,793,745		$	29,668,069
	256,863			1,696			(32,289	)		3,686,806			(77,344,552	)		6,498,926			(51,423,855	)
	(527,945	)		1,318,140			(139,348	)		(5,267,407	)		(120,964	)		3,725,149			1,891,106

	1,302,013			1,692,301			150,307			19,482,352			(35,301,082	)		39,017,820			(19,864,680	)



	(1,573,383	)		(372,494	)		(321,891	)		(21,175,640	)		(43,521,860	)		(28,853,162	)		(29,866,686	)



	92,949,080			24,465,583			29,758,141			112,827,585			424,390,137			370,106,748			357,749,225
	(6,283,657	)		-			(2,895,231	)		(555,730,078	)		(201,879,059	)		(146,596,765	)		(142,145,426	)
	-			29,577			-			-			-			-			-

	86,665,423			24,495,160			26,862,910			(442,902,493	)		222,511,078			223,509,983			215,603,799

	86,394,053			25,814,967			26,691,326			(444,595,781	)		143,688,136			233,674,641			165,872,433



	25,814,967			-			-			992,194,180			848,506,044			677,613,309			511,740,876

$	112,209,020		$	25,814,967		$	26,691,326		$	547,598,399		$	992,194,180		$	911,287,950		$	677,613,309



	4,350,000			1,200,001			1,500,001			4,900,000			17,600,000			15,900,000			15,000,000
	(300,000	)		-			(150,000	)		(24,100,000	)		(9,100,000	)		(6,300,000	)		(6,500,000	)
	1,200,001			-			-			43,000,000			34,500,000			29,500,000			21,000,000

	5,250,001			1,200,001			1,350,001			23,800,000			43,000,000			39,100,000			29,500,000

285

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco						Invesco
	BulletShares						BulletShares
	2023 High Yield						2024 High Yield
	Corporate Bond ETF (BSJN)						Corporate Bond ETF (BSJO)
	2021			2020			2021			2020
Operations:
Net investment income	$	21,002,580		$	16,749,316		$	10,984,565		$	6,914,444
Net realized gain (loss)		4,767,388			(21,798,181	)		2,008,658			(5,822,561	)
Change in net unrealized appreciation (depreciation)		5,272,950			3,694,568			4,818,813			(315,939	)

Net increase (decrease) in net assets resulting from operations		31,042,918			(1,354,297	)		17,812,036			775,944


Distributions to Shareholders from:
Distributable earnings		(20,999,182	)		(16,901,342	)		(10,965,021	)		(6,970,883	)


Shareholder Transactions:
Proceeds from shares sold		356,384,219			225,232,589			216,734,030			124,971,617
Value of shares repurchased		(78,566,520	)		(60,935,200	)		(34,967,274	)		(41,923,673	)
Transaction fees		-			174,480			-			126,656

Net increase in net assets resulting from share transactions		277,817,699			164,471,869			181,766,756			83,174,600

Net increase in net assets		287,861,435			146,216,230			188,613,771			76,979,661


Net assets:
Beginning of period		389,906,877			243,690,647			175,240,771			98,261,110

End of period	$	677,768,312		$	389,906,877		$	363,854,542		$	175,240,771


Changes in Shares Outstanding:
Shares sold		14,100,000			8,900,000			8,700,000			5,100,000
Shares repurchased		(3,100,000	)		(2,600,000	)		(1,400,000	)		(1,800,000	)
Shares outstanding, beginning of period		15,700,000			9,400,000			7,200,000			3,900,000

Shares outstanding, end of period		26,700,000			15,700,000			14,500,000			7,200,000

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

^(b)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

286


Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)								Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)								Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)								Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
2021				2020				2021				2020				2021				2020^(a)				2021^(b)

	$	9,589,274			$	5,625,814			$	3,376,063			$	2,582,580			$	1,110,809			$	647,475			$	409,309
		1,607,424				(3,283,617	)			1,588,562				(1,561,684	)			842,316				(640,975	)			69,625
		4,250,844				(631,688	)			424,868				482,883				(299,086	)			616,608				146,195

		15,447,542				1,710,509				5,389,493				1,503,779				1,654,039				623,108				625,129



		(9,582,533	)			(5,677,725	)			(3,368,135	)			(2,614,898	)			(1,108,627	)			(634,455	)			(401,200	)



		168,529,604				88,216,937				79,461,306				83,092,040				43,271,940				31,101,013				15,123,178
		(12,252,198	)			(29,485,331	)			(40,495,105	)			(32,958,978	)			(20,234,276	)			(11,216,921	)			-
		-				109,821				-				56,606				-				52,679				-

		156,277,406				58,841,427				38,966,201				50,189,668				23,037,664				19,936,771				15,123,178

		162,142,415				54,874,211				40,987,559				49,078,549				23,583,076				19,925,424				15,347,107



		130,752,740				75,878,529				74,780,244				25,701,695				19,925,424				-				-

	$	292,895,155			$	130,752,740			$	115,767,803			$	74,780,244			$	43,508,500			$	19,925,424			$	15,347,107



		6,900,000				3,700,000				3,100,000				3,300,000				1,700,000				1,300,001				600,001
		(500,000	)			(1,300,000	)			(1,600,000	)			(1,300,000	)			(800,000	)			(500,000	)			-
		5,500,000				3,100,000				3,000,001				1,000,001				800,001				-				-

		11,900,000				5,500,000				4,500,001				3,000,001				1,700,001				800,001				600,001

287

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco BulletShares 2021 Municipal						Invesco BulletShares 2022 Municipal
	Bond ETF (BSML)						Bond ETF (BSMM)
	2021			2020^(a)			2021			2020^(a)
Operations:
Net investment income	$	137,718		$	116,507		$	182,621		$	124,169
Net realized gain (loss)		(1	)		-			1,488			890
Change in net unrealized appreciation (depreciation)		(76,931	)		92,445			16,790			130,778

Net increase in net assets resulting from operations		60,786			208,952			200,899			255,837


Distributions to Shareholders from:
Distributable earnings		(139,034	)		(118,503	)		(182,980	)		(123,778	)


Shareholder Transactions:
Proceeds from shares sold		15,145,638			25,125,540			25,352,296			27,667,555
Transaction fees		37,864			37,814			63,381			44,864

Net increase in net assets resulting from share transactions		15,183,502			25,163,354			25,415,677			27,712,419

Net increase in net assets		15,105,254			25,253,803			25,433,596			27,844,478


Net assets:
Beginning of period		25,253,803			-			27,844,478			-

End of period	$	40,359,057		$	25,253,803		$	53,278,074		$	27,844,478


Changes in Shares Outstanding:
Shares sold		600,000			1,000,001			1,000,000			1,100,001
Shares outstanding, beginning of period		1,000,001			-			1,100,001			-

Shares outstanding, end of period		1,600,001			1,000,001			2,100,001			1,100,001

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

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

288


Invesco BulletShares 2023 Municipal Bond ETF (BSMN)						Invesco BulletShares 2024 Municipal Bond ETF (BSMO)						Invesco BulletShares 2025 Municipal Bond ETF (BSMP)						Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
2021			2020^(a)			2021			2020^(a)			2021			2020^(a)			2021			2020^(a)

$	144,921		$	107,747		$	168,040		$	122,951		$	212,132		$	131,855		$	246,028		$	163,233
	-			1,102			-			70			-			178			-			-
	81,231			178,485			159,288			215,497			203,443			281,492			393,082			175,873

	226,152			287,334			327,328			338,518			415,575			413,525			639,110			339,106



	(145,216	)		(107,428	)		(167,869	)		(123,875	)		(213,149	)		(131,372	)		(246,078	)		(164,122	)



	20,443,722			15,104,416			23,126,510			12,547,750			28,476,221			10,000,025			10,232,808			12,564,798
	51,109			-			57,816			-			71,191			-			25,582			-

	20,494,831			15,104,416			23,184,326			12,547,750			28,547,412			10,000,025			10,258,390			12,564,798

	20,575,767			15,284,322			23,343,785			12,762,393			28,749,838			10,282,178			10,651,422			12,739,782



	15,284,322			-			12,762,393			-			10,282,178			-			12,739,782			-

$	35,860,089		$	15,284,322		$	36,106,178		$	12,762,393		$	39,032,016		$	10,282,178		$	23,391,204		$	12,739,782



	800,000			600,001			900,000			500,001			1,100,000			400,001			400,000			500,001
	600,001			-			500,001			-			400,001			-			500,001			-

	1,400,001			600,001			1,400,001			500,001			1,500,001			400,001			900,001			500,001

289

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco						Invesco
	BulletShares						BulletShares
	2027 Municipal						2028 Municipal
	Bond ETF (BSMR)						Bond ETF (BSMS)
	2021			2020^(a)			2021			2020^(a)
Operations:
Net investment income	$	177,229		$	85,718		$	145,595		$	85,066
Net realized gain (loss)		-			-			22,293			-
Change in net unrealized appreciation (depreciation)		358,743			(35,001	)		221,968			140,281

Net increase in net assets resulting from operations		535,972			50,717			389,856			225,347


Distributions to Shareholders from:
Distributable earnings		(177,044	)		(85,718	)		(145,891	)		(84,808	)
Return of capital		-			(8,108	)		-			-

Total distributions to shareholders		(177,044	)		(93,826	)		(145,891	)		(84,808	)


Shareholder Transactions:
Proceeds from shares sold		2,569,911			15,221,804			13,002,285			5,000,025
Transaction fees		6,425			25,554			32,506			-

Net increase in net assets resulting from share transactions		2,576,336			15,247,358			13,034,791			5,000,025

Net increase (decrease) in net assets		2,935,264			15,204,249			13,278,756			5,140,564


Net assets:
Beginning of period		15,204,249			-			5,140,564			-

End of period	$	18,139,513		$	15,204,249		$	18,419,320		$	5,140,564


Changes in Shares Outstanding:
Shares sold		100,000			600,001			500,000			200,001
Shares outstanding, beginning of period		600,001			-			200,001			-

Shares outstanding, end of period		700,001			600,001			700,001			200,001

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

^(b)	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

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

290


Invesco BulletShares 2029 Municipal Bond ETF (BSMT)						Invesco BulletShares 2030 Municipal Bond ETF (BSMU)			Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)						Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
2021			2020^(a)			2021^(b)			2021			2020			2021			2020

$	131,231		$	88,406		$	85,147		$	241,823		$	383,358		$	578,148		$	415,415
	-			-			-			(2,560	)		(4,806	)		(98,742	)		(47,334	)
	121,793			133,163			132,715			(174,091	)		(43,564	)		(129,853	)		37,062

	253,024			221,569			217,862			65,172			334,988			349,553			405,143



	(130,877	)		(88,142	)		(84,091	)		(240,645	)		(383,358	)		(579,190	)		(436,417	)
	-			-			-			-			(5,139	)		-			-

	(130,877	)		(88,142	)		(84,091	)		(240,645	)		(388,497	)		(579,190	)		(436,417	)



	10,429,342			5,000,025			7,550,499			-			-			28,433,558			-
	26,073			-			-			-			-			-			-

	10,455,415			5,000,025			7,550,499			-			-			28,433,558			-

	10,577,562			5,133,452			7,684,270			(175,473	)		(53,509	)		28,203,921			(31,274	)



	5,133,452			-			-			10,159,444			10,212,953			10,333,563			10,364,837

$	15,711,014		$	5,133,452		$	7,684,270		$	9,983,971		$	10,159,444		$	38,537,484		$	10,333,563



	400,000			200,001			300,001			-			-			1,100,000			-
	200,001			-			-			400,001			400,001			400,001			400,001

	600,001			200,001			300,001			400,001			400,001			1,500,001			400,001

291

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco BulletShares						Invesco BulletShares
	2023 USD Emerging						2024 USD Emerging
	Markets Debt ETF						Markets Debt ETF
	(BSCE)						(BSDE)
	2021			2020			2021			2020
Operations:
Net investment income	$	546,845		$	410,827		$	575,304		$	496,277
Net realized gain (loss)		26,338			(85,056	)		(74,727	)		(514,321	)
Change in net unrealized appreciation (depreciation)		(14,530	)		87,867			243,021			54,147

Net increase in net assets resulting from operations		558,653			413,638			743,598			36,103


Distributions to Shareholders from:
Distributable earnings		(544,840	)		(453,757	)		(576,659	)		(543,136	)


Shareholder Transactions:
Proceeds from shares sold		20,985,133			-			7,884,663			7,925,466
Value of shares repurchased		-			-			-			(2,434,008	)
Transaction fees		-			-			-			32,173

Net increase in net assets resulting from share transactions		20,985,133			-			7,884,663			5,523,631

Net increase (decrease) in net assets		20,998,946			(40,119	)		8,051,602			5,016,598


Net assets:
Beginning of period		10,425,948			10,466,067			15,591,922			10,575,324

End of period	$	31,424,894		$	10,425,948		$	23,643,524		$	15,591,922


Changes in Shares Outstanding:
Shares sold		800,000			-			300,000			300,000
Shares repurchased		-			-			-			(100,000	)
Shares outstanding, beginning of period		400,001			400,001			600,001			400,001

Shares outstanding, end of period		1,200,001			400,001			900,001			600,001

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

292

Financial Highlights

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)


	Years Ended August 31,												Three Months Ended August 31, 2018				Years Ended May 31,
	2021				2020				2019				Three Months Ended August 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.34			$	21.22			$	20.74			$	20.76			$	21.31			$	21.14

Net investment income^(a)			0.27				0.51				0.57				0.13				0.50				0.52
Net realized and unrealized gain (loss) on investments			(0.21	)			0.14				0.49				(0.00	)^(b)			(0.53	)			0.16

Total from investment operations			0.06				0.65				1.06				0.13				(0.03	)			0.68

Distributions to shareholders from:
Net investment income			(0.26	)			(0.52	)			(0.58	)			(0.15	)			(0.50	)			(0.50	)
Net realized gains			(0.04	)			(0.01	)			(0.00	)^(b)			-				(0.02	)			(0.01	)

Total distributions			(0.30	)			(0.53	)			(0.58	)			(0.15	)			(0.52	)			(0.51	)

Net asset value at end of period		$	21.10			$	21.34			$	21.22			$	20.74			$	20.76			$	21.31

Market price at end of period		$	21.10	^(c)		$	21.36	^(c)		$	21.28	^(c)		$	20.81	^(c)		$	20.79	^(c)		$	21.36

Net Asset Value Total Return^(d)			0.32	%			3.10	%			5.19	%			0.62	%			(0.15	)%			3.28	%
Market Price Total Return^(d)			0.23	%			2.92	%			5.12	%			0.81	%			(0.25	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,616,985			$	2,032,712			$	1,620,519			$	995,661			$	921,704			$	667,988
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.22	%			0.24	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.22	%
Net investment income			1.28	%			2.42	%			2.73	%			2.57	%^(e)			2.36	%			2.44	%
Portfolio turnover rate^(f)			11	%			18	%			6	%			3	%			7	%			5	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	Annualized.

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

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

293

Financial Highlights–(continued)

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)


	Years Ended August 31,												Three Months Ended August 31, 2018				Years Ended May 31,
	2021				2020				2019				Three Months Ended August 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.86			$	21.47			$	20.69			$	20.69			$	21.33			$	21.08

Net investment income^(a)			0.37				0.54				0.61				0.15				0.54				0.55
Net realized and unrealized gain (loss) on investments			(0.22	)			0.41				0.79				0.01				(0.64	)			0.25

Total from investment operations			0.15				0.95				1.40				0.16				(0.10	)			0.80

Distributions to shareholders from:
Net investment income			(0.38	)			(0.55	)			(0.62	)			(0.16	)			(0.53	)			(0.54	)
Net realized gains			(0.07	)			(0.01	)			-				-				(0.01	)			(0.01	)

Total distributions			(0.45	)			(0.56	)			(0.62	)			(0.16	)			(0.54	)			(0.55	)

Net asset value at end of period		$	21.56			$	21.86			$	21.47			$	20.69			$	20.69			$	21.33

Market price at end of period		$	21.57	^(b)		$	21.85	^(b)		$	21.53	^(b)		$	20.74	^(b)		$	20.74	^(b)		$	21.37

Net Asset Value Total Return^(c)			0.69	%			4.51	%			6.89	%			0.78	%			(0.50	)%			3.82	%
Market Price Total Return^(c)			0.78	%			4.18	%			6.93	%			0.77	%			(0.45	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,392,718			$	2,039,560			$	1,368,988			$	825,429			$	760,420			$	518,404
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%			0.24	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%
Net investment income			1.73	%			2.49	%			2.91	%			2.80	%^(d)			2.58	%			2.63	%
Portfolio turnover rate^(e)			16	%			19	%			4	%			0	%^(f)			8	%			10	%

^(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.

^(f)	Amount represents less than 0.5%.

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

294

Financial Highlights–(continued)

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)


	Years Ended August 31,												Three Months Ended August 31, 2018				Years Ended May 31,
	2021				2020				2019				Three Months Ended August 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.86			$	21.30			$	20.27			$	20.27			$	20.97			$	20.82

Net investment income^(a)			0.38				0.56				0.64				0.15				0.58				0.61
Net realized and unrealized gain (loss) on investments			(0.16	)			0.57				1.03				0.02				(0.68	)			0.19

Total from investment operations			0.22				1.13				1.67				0.17				(0.10	)			0.80

Distributions to shareholders from:
Net investment income			(0.39	)			(0.57	)			(0.64	)			(0.17	)			(0.56	)			(0.60	)
Net realized gains			(0.00	)^(b)			(0.00	)^(c)			(0.00	)^(c)			-				(0.04	)			(0.05	)

Total distributions			(0.39	)			(0.57	)			(0.64	)			(0.17	)			(0.60	)			(0.65	)

Net asset value at end of period		$	21.69			$	21.86			$	21.30			$	20.27			$	20.27			$	20.97

Market price at end of period		$	21.71	^(d)		$	21.88	^(d)		$	21.35	^(d)		$	20.31	^(d)		$	20.30	^(d)		$	21.03

Net Asset Value Total Return^(b)			1.01	%			5.43	%			8.44	%			0.84	%			(0.50	)%			3.92	%
Market Price Total Return^(b)			1.02	%			5.28	%			8.47	%			0.88	%			(0.65	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,105,230			$	1,341,078			$	824,159			$	383,069			$	349,603			$	188,736
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.21	%			0.24	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(e)			0.22	%			0.24	%
Net investment income			1.75	%			2.63	%			3.11	%			3.00	%^(e)			2.80	%			2.92	%
Portfolio turnover rate^(f)			12	%			9	%			6	%			0	%^(g)			7	%			15	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)	Annualized.

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

^(g)	Amount represents less than 0.5%.

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

295

Financial Highlights–(continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)


	Years Ended August 31,												Three Months Ended August 31, 2018				Years Ended May 31,
	2021				2020				2019				Three Months Ended August 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.26			$	21.44			$	20.15			$	20.13			$	20.88			$	20.74

Net investment income^(a)			0.44				0.58				0.68				0.17				0.64				0.64
Net realized and unrealized gain (loss) on investments			(0.09	)			0.83				1.30				0.03				(0.76	)			0.15

Total from investment operations			0.35				1.41				1.98				0.20				(0.12	)			0.79

Distributions to shareholders from:
Net investment income			(0.45	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)			(0.62	)
Net realized gains			-				-				-				-				-				(0.03	)

Total distributions			(0.45	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)			(0.65	)

Net asset value at end of period		$	22.16			$	22.26			$	21.44			$	20.15			$	20.13			$	20.88

Market price at end of period		$	22.18	^(b)		$	22.28	^(b)		$	21.50	^(b)		$	20.20	^(b)		$	20.18	^(b)		$	20.92

Net Asset Value Total Return^(c)			1.59	%			6.72	%			10.08	%			1.01	%			(0.62	)%			3.88	%
Market Price Total Return^(c)			1.59	%			6.51	%			10.11	%			1.01	%			(0.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,632,038			$	1,085,251			$	575,698			$	311,363			$	292,963			$	162,864
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.21	%			0.24	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%			0.24	%
Net investment income			2.00	%			2.70	%			3.29	%			3.29	%^(d)			3.10	%			3.12	%
Portfolio turnover rate^(e)			7	%			6	%			5	%			2	%			5	%			18	%

^(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.

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

296

Financial Highlights–(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)


	Years Ended August 31,												Three Months Ended August 31, 2018				Years Ended May 31,
	2021				2020				2019				Three Months Ended August 31, 2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.44			$	21.41			$	19.89			$	19.84			$	20.67			$	20.65

Net investment income^(a)			0.41				0.60				0.70				0.17				0.64				0.62
Net realized and unrealized gain (loss) on investments .			(0.13	)			1.05				1.51				0.07				(0.85	)			0.05

Total from investment operations			0.28				1.65				2.21				0.24				(0.21	)			0.67

Distributions to shareholders from:
Net investment income			(0.42	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)			(0.59	)
Net realized gains			-				-				-				-				-				(0.06	)

Total distributions			(0.42	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)			(0.65	)

Net asset value at end of period		$	22.30			$	22.44			$	21.41			$	19.89			$	19.84			$	20.67

Market price at end of period		$	22.31	^(b)		$	22.45	^(b)		$	21.44	^(b)		$	19.96	^(b)		$	19.85	^(b)		$	20.71

Net Asset Value Total Return^(c)			1.25	%			7.86	%			11.39	%			1.19	%			(1.04	)%			3.29	%
Market Price Total Return^(c)			1.25	%			7.75	%			11.14	%			1.50	%			(1.19	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,056,865			$	632,834			$	311,561			$	116,344			$	104,181			$	68,198
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%			0.24	%
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(d)			0.22	%
Net investment income			1.85	%			2.77	%			3.42	%			3.38	%^(d)			3.14	%			3.04	%
Portfolio turnover rate^(e)			8	%			9	%			3	%			1	%			14	%			18	%

^(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.

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

297

Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)


	Years Ended August 31,												Three Months Ended August 31, 2018				Year Ended May 31, 2018				For the Period September 14, 2016^(a) Through May 31, 2017
	2021				2020				2019				Three Months Ended August 31, 2018				Year Ended May 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	21.75			$	20.57			$	18.84			$	18.82			$	19.66			$	19.88

Net investment income^(b)			0.43				0.57				0.66				0.16				0.61				0.41
Net realized and unrealized gain (loss) on investments			(0.18	)			1.20				1.71				0.04				(0.89	)			(0.32	)

Total from investment operations			0.25				1.77				2.37				0.20				(0.28	)			0.09

Distributions to shareholders from:
Net investment income			(0.44	)			(0.58	)			(0.66	)			(0.18	)			(0.59	)			(0.31	)
Net realized gains			-				(0.02	)			(0.00	)^(c)			-				(0.00	)^(c)			-

Total distributions			(0.44	)			(0.60	)			(0.66	)			(0.18	)			(0.59	)			(0.31	)

Transaction fees^(b)			-				0.01				0.02				-				0.03				-

Net asset value at end of period		$	21.56			$	21.75			$	20.57			$	18.84			$	18.82			$	19.66

Market price at end of period		$	21.58	^(d)		$	21.78	^(d)		$	20.62	^(d)		$	18.88	^(d)		$	18.81	^(d)		$	19.69

Net Asset Value Total Return^(e)			1.16	%			8.85	%			13.05	%			1.07	%			(1.28	)%			0.49	%
Market Price Total Return^(e)			1.11	%			8.73	%			13.07	%			1.34	%			(1.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	578,885			$	293,682			$	132,679			$	53,693			$	53,638			$	26,538
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(f)			0.21	%			0.24	%^(f)
Expenses, prior to Waivers			0.10	%			0.10	%			0.10	%			0.10	%^(f)			0.22	%
Net investment income			2.01	%			2.76	%			3.42	%			3.41	%^(f)			3.16	%			3.00	%^(f)
Portfolio turnover rate^(g)			2	%			7	%			4	%			0	%			0	%^(h)			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.

298

Financial Highlights—(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)


	Years Ended August 31,												Three Months Ended August 31, 2018				For the Period September 27, 2017^(a) Through May 31, 2018
	2021				2020				2019				Three Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.06			$	20.99			$	19.13			$	19.10			$	19.99

Net investment income^(b)			0.47				0.60				0.71				0.17				0.44
Net realized and unrealized gain (loss) on investments			(0.05	)			1.08				1.84				0.04				(1.03	)

Total from investment operations			0.42				1.68				2.55				0.21				(0.59	)

Distributions to shareholders from:
Net investment income			(0.47	)			(0.61	)			(0.72	)			(0.19	)			(0.34	)
Net realized gains			-				(0.01	)			-				-				-

Total distributions			(0.47	)			(0.62	)			(0.72	)			(0.19	)			(0.34	)

Transaction fees^(b)			-				0.01				0.03				0.01				0.04

Net asset value at end of period		$	22.01			$	22.06			$	20.99			$	19.13			$	19.10

Market price at end of period^(c)		$	22.04			$	22.07			$	21.05			$	19.16			$	19.09

Net Asset Value Total Return^(d)			1.94	%			8.25	%			13.87	%			1.16	%			(2.77	)%
Market Price Total Return^(d)			2.04	%			7.98	%			14.01	%			1.37	%			(2.82	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	353,298			$	231,616			$	72,410			$	25,822			$	22,924
Ratio to average net assets of:
Expenses, after Waivers			0.10	%			0.10	%			0.11	%^(e)			0.10	%^(f)			0.19	%^(f)
Expenses, prior to Waivers			0.10	%			0.10	%			0.11	%^(e)			0.10	%^(f)			0.20	%^(f)
Net investment income			2.15	%			2.83	%			3.64	%^(e)			3.60	%^(f)			3.35	%^(f)
Portfolio turnover rate^(g)			2	%			7	%			3	%			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

299

Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)


	Years Ended August 31,												For the Period August 7, 2018^(a) Through August 31, 2018
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.25			$	22.11			$	20.06			$	20.00

Net investment income^(b)			0.52				0.64				0.77				0.05
Net realized and unrealized gain (loss) on investments			(0.09	)^(c)			1.12				1.97				0.01

Total from investment operations			0.43				1.76				2.74				0.06

Distributions to shareholders from:
Net investment income			(0.51	)			(0.65	)			(0.76	)			-
Net realized gains			-				(0.00	)^(d)			-				-

Total distributions			(0.51	)			(0.65	)			(0.76	)			-

Transaction fees^(b)			-				0.03				0.07				-

Net asset value at end of period		$	23.17			$	23.25			$	22.11			$	20.06

Market price at end of period^(e)		$	23.18			$	23.25			$	22.17			$	20.09

Net Asset Value Total Return^(f)			1.90	%			8.33	%			14.38	%			0.30	%^(g)
Market Price Total Return^(f)			1.95	%			8.03	%			14.51	%			0.45	%^(g)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	225,925			$	129,018			$	36,483			$	6,018
Ratio to average net assets of:
Expenses			0.10	%			0.10	%			0.12	%^(h)			0.10	%⁽ⁱ⁾
Net investment income			2.24	%			2.89	%			3.74	%^(h)			3.91	%⁽ⁱ⁾
Portfolio turnover rate^(j)			2	%			3	%			1	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	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%.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

⁽ⁱ⁾	Annualized.

^(j)	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.

300

Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)


	Year Ended August 31, 2021				For the Period September 10, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	21.51			$	20.00

Net investment income^(b)			0.42				0.51
Net realized and unrealized gain (loss) on investments			(0.14	)			1.47

Total from investment operations			0.28				1.98

Distributions to shareholders from:
Net investment income			(0.42	)			(0.51	)

Transaction fees^(b)			-				0.04

Net asset value at end of period		$	21.37			$	21.51

Market price at end of period^(c)		$	21.39			$	21.51

Net Asset Value Total Return^(d)			1.31	%			10.29	%^(e)
Market Price Total Return^(d)			1.41	%			10.28	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	112,209			$	25,815
Ratio to average net assets of:
Expenses			0.10	%			0.10	%^(f)
Net investment income			1.98	%			2.55	%^(f)
Portfolio turnover rate^(g)			0	%^(h)			1	%

^(a)	Commencement of investment operations.

^(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 (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.

^(f)	Annualized.

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

^(h)	Amount represents less than 0.5%.

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

301

Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)


	For the Period September 14, 2020^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	20.00

Net investment income^(b)			0.36
Net realized and unrealized gain (loss) on investments			(0.27	)

Total from investment operations			0.09

Distributions to shareholders from:
Net investment income			(0.32	)

Net asset value at end of period		$	19.77

Market price at end of period^(c)		$	19.79

Net Asset Value Total Return^(d)			0.45	%^(e)
Market Price Total Return^(d)			0.55	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	26,691
Ratio to average net assets of:
Expenses			0.10	%^(f)
Net investment income			1.89	%^(f)
Portfolio turnover rate^(g)			3	%

^(a)	Commencement of investment operations.

^(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 (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.

^(f)	Annualized.

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

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

302

Financial Highlights–(continued)

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)


													Three Months Ended
	Years Ended August 31,												August 31,				Years Ended May 31,
	2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	23.07			$	24.59			$	24.73			$	24.62			$	25.17			$	23.85

Net investment income^(a)			0.60				1.01				1.30				0.30				1.25				1.33
Net realized and unrealized gain (loss) on investments			(0.09	)			(1.48	)			(0.13	)			0.14				(0.53	)			1.24

Total from investment operations			0.51				(0.47	)			1.17				0.44				0.72				2.57

Distributions to shareholders from:
Net investment income			(0.57	)			(1.05	)			(1.28	)			(0.33	)			(1.23	)			(1.25	)
Net realized gains			-				-				(0.03	)			-				(0.04	)			-

Total distributions			(0.57	)			(1.05	)			(1.31	)			(0.33	)			(1.27	)			(1.25	)

Net asset value at end of period		$	23.01			$	23.07			$	24.59			$	24.73			$	24.62			$	25.17

Market price at end of period		$	23.01	^(b)		$	23.09	^(b)		$	24.67	^(b)		$	24.78	^(b)		$	24.58	^(b)		$	25.24

Net Asset Value Total Return^(c)			2.21	%			(1.91	)%			4.89	%			1.81	%			2.92	%			11.02	%
Market Price Total Return^(c)			2.13	%			(2.13	)%			5.01	%			2.18	%			2.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	547,598			$	992,194			$	848,506			$	457,526			$	391,478			$	168,624
Ratio to average net assets of:
Expenses, after Waivers			0.42	%			0.41	%			0.42	%^(d)			0.41	%^(e)			0.43	%			0.44	%
Expenses, prior to Waivers			0.42	%			0.42	%			0.42	%^(d)			0.42	%^(e)
Net investment income			2.61	%			4.30	%			5.31	%			4.87	%^(e)			5.04	%			5.44	%
Portfolio turnover rate^(f)			31	%			68	%			52	%			14	%			33	%			50	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

303

Financial Highlights–(continued)

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)


													Three Months Ended
	Years Ended August 31,												August 31,				Years Ended May 31,
	2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.97			$	24.37			$	24.56			$	24.54			$	25.46			$	23.97

Net investment income^(a)			0.84				1.07				1.32				0.33				1.36				1.36
Net realized and unrealized gain (loss) on investments			0.35				(1.40	)			(0.17	)			0.06				(0.91	)			1.39

Total from investment operations			1.19				(0.33	)			1.15				0.39				0.45				2.75

Distributions to shareholders from:
Net investment income			(0.85	)			(1.07	)			(1.34	)			(0.37	)			(1.37	)			(1.26	)

Net asset value at end of period		$	23.31			$	22.97			$	24.37			$	24.56			$	24.54			$	25.46

Market price at end of period		$	23.29	^(b)		$	22.97	^(b)		$	24.43	^(b)		$	24.61	^(b)		$	24.49	^(b)		$	25.52

Net Asset Value Total Return^(c)			5.28	%			(1.28	)%			4.90	%			1.59	%			1.79	%			11.74	%
Market Price Total Return^(c)			5.19	%			(1.50	)%			4.94	%			2.00	%			1.35	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	911,288			$	677,613			$	511,741			$	243,192			$	208,598			$	129,836
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(d)			0.41	%			0.42	%			0.42	%^(e)			0.43	%			0.44	%
Expenses, prior to Waivers			0.42	%^(d)			0.42	%			0.42	%
Net investment income			3.63	%			4.59	%			5.45	%			5.34	%^(e)			5.47	%			5.50	%
Portfolio turnover rate^(f)			42	%			63	%			27	%			17	%			29	%			17	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.

304

Financial Highlights–(continued)

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)


													Three Months Ended
	Years Ended August 31,												August 31,				Years Ended May 31,
	2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.83			$	25.92			$	26.14			$	25.98			$	26.95			$	25.58

Net investment income^(a)			1.00				1.26				1.45				0.35				1.43				1.43
Net realized and unrealized gain (loss) on investments			0.57				(1.09	)			(0.22	)			0.20				(0.93	)			1.27

Total from investment operations			1.57				0.17				1.23				0.55				0.50				2.70

Distributions to shareholders from:
Net investment income			(1.02	)			(1.27	)			(1.47	)			(0.39	)			(1.43	)			(1.33	)
Net realized gains			-				-				(0.02	)			-				(0.04	)			-

Total distributions			(1.02	)			(1.27	)			(1.49	)			(0.39	)			(1.47	)			(1.33	)

Transaction fees^(a)			-				0.01				0.04				-				-				-

Net asset value at end of period		$	25.38			$	24.83			$	25.92			$	26.14			$	25.98			$	26.95

Market price at end of period		$	25.38	^(b)		$	24.81	^(b)		$	25.98	^(b)		$	26.22	^(b)		$	25.93	^(b)		$	27.03

Net Asset Value Total Return^(c)			6.43	%			0.84	%			5.06	%			2.14	%			1.90	%			10.80	%
Market Price Total Return^(c)			6.51	%			0.54	%			4.97	%			2.65	%			1.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	677,768			$	389,907			$	243,691			$	112,421			$	101,314			$	37,725
Ratio to average net assets of:
Expenses, after Waivers			0.42	%^(d)			0.41	%			0.42	%			0.42	%^(e)			0.43	%			0.44	%
Expenses, prior to Waivers			0.42	%^(d)			0.42	%
Net investment income			3.97	%			5.10	%			5.64	%			5.39	%^(e)			5.45	%			5.45	%
Portfolio turnover rate^(f)			39	%			47	%			19	%			6	%			18	%			14	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.

305

Financial Highlights–(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)


																					For the Period
																					September 14, 2016^(a)
													Three Months Ended								Through
	Years Ended August 31,												August 31,				Year Ended May 31,				May 31,
	2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.34			$	25.20			$	24.85			$	24.67			$	25.67			$	24.98

Net investment income^(b)			1.06				1.17				1.34				0.33				1.30				0.91
Net realized and unrealized gain (loss) on investments			0.75				(0.87	)			0.39				0.21				(1.02	)			0.48

Total from investment operations			1.81				0.30				1.73				0.54				0.28				1.39

Distributions to shareholders from:
Net investment income			(1.06	)			(1.18	)			(1.37	)			(0.36	)			(1.27	)			(0.70	)
Net realized gains			-				-				(0.05	)			-				(0.05	)			-

Total distributions			(1.06	)			(1.18	)			(1.42	)			(0.36	)			(1.32	)			(0.70	)

Transaction fees^(b)			-				0.02				0.04				-				0.04				-

Net asset value at end of period		$	25.09			$	24.34			$	25.20			$	24.85			$	24.67			$	25.67

Market price at end of period		$	25.10	^(c)		$	24.34	^(c)		$	25.22	^(c)		$	24.92	^(c)		$	24.71	^(c)		$	25.65

Net Asset Value Total Return^(d)			7.60	%			1.45	%			7.44	%			2.22	%			1.21	%			5.67	%
Market Price Total Return^(d)			7.64	%			1.38	%			7.22	%			2.34	%			1.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	363,855			$	175,241			$	98,261			$	47,210			$	41,936			$	23,103
Ratio to average net assets of:
Expenses, after Waivers			0.42	%			0.42	%			0.42	%^(e)			0.42	%^(f)			0.44	%			0.42	%^(f)
Expenses, prior to Waivers			0.42	%			0.42	%			0.43	%^(e)
Net investment income			4.26	%			4.84	%			5.43	%^(e)			5.30	%^(f)			5.14	%			5.10	%^(f)
Portfolio turnover rate^(g)			52	%			34	%			22	%			8	%			24	%			7	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

306

Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)


														For the Period
														September 27, 2017^(a)
										Three Months Ended				Through
	Years Ended August 31,									August 31,				May 31,
	2021			2020			2019			2018				2018
Per Share Operating Performance:
Net asset value at beginning of period	$	23.77		$	24.48		$	24.28			$	23.96			$	25.01

Net investment income^(b)		1.10			1.27			1.43				0.38				0.90
Net realized and unrealized gain (loss) on investments		0.85			(0.71	)		0.15				0.31				(1.29	)

Total from investment operations		1.95			0.56			1.58				0.69				(0.39	)

Distributions to shareholders from:
Net investment income		(1.11	)		(1.29	)		(1.43	)			(0.38	)			(0.73	)

Transaction fees^(b)		-			0.02			0.05				0.01				0.07

Net asset value at end of period	$	24.61		$	23.77		$	24.48			$	24.28			$	23.96

Market price at end of period^(c)	$	24.63		$	23.74		$	24.53			$	24.31			$	24.03

Net Asset Value Total Return^(d)		8.37	%		2.58	%		7.06	%			2.94	%			(1.31	)%
Market Price Total Return^(d)		8.60	%		2.26	%		7.15	%			2.76	%			(1.03	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	292,895		$	130,753		$	75,879			$	21,856			$	14,374
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.42	%^(e)			0.42	%^(f)			0.42	%^(f)
Expenses, prior to Waivers		0.42	%		0.42	%		0.43	%^(e)
Net investment income		4.52	%		5.42	%		5.98	%^(e)			6.33	%^(f)			5.50	%^(f)
Portfolio turnover rate^(g)		57	%		26	%		14	%			9	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

307

Financial Highlights–(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)


										For the Period
										August 7, 2018^(a)
										Through
	Years Ended August 31,									August 31,
	2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period	$	24.93		$	25.70		$	25.14			$	25.00

Net investment income^(b)		1.12			1.24			1.45				0.09
Net realized and unrealized gain (loss) on investments		0.80			(0.74	)		0.51				0.05

Total from investment operations		1.92			0.50			1.96				0.14

Distributions to shareholders from:
Net investment income		(1.12	)		(1.28	)		(1.51	)			-
Net realized gains		-			(0.02	)		-				-

Total distributions		(1.12	)		(1.30	)		(1.51	)			-

Transaction fees^(b)		-			0.03			0.11				-

Net asset value at end of period	$	25.73		$	24.93		$	25.70			$	25.14

Market price at end of period^(c)	$	25.74		$	24.88		$	25.75			$	25.15

Net Asset Value Total Return^(d)		7.86	%		2.31	%		8.62	%			0.56	%^(e)
Market Price Total Return^(d)		8.12	%		1.91	%		8.80	%			0.60	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	115,768		$	74,780		$	25,702			$	5,029
Ratio to average net assets of:
Expenses, after Waivers		0.42	%		0.42	%		0.44	%^(f)			0.42	%^(g)
Expenses, prior to Waivers		0.42	%		0.42	%		0.45	%^(f)
Net investment income		4.41	%		5.07	%		5.79	%^(f)			5.54	%^(g)
Portfolio turnover rate^(h)		37	%		35	%		48	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.

308

Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)


	Year Ended August 31, 2021				For the Period September 10, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.91			$	25.00

Net investment income^(b)			1.08				1.15
Net realized and unrealized gain (loss) on investments			0.70				(0.27	)

Total from investment operations			1.78				0.88

Distributions to shareholders from:
Net investment income			(1.10	)			(1.06	)

Transaction fees^(b)			-				0.09

Net asset value at end of period		$	25.59			$	24.91

Market price at end of period^(c)		$	25.61			$	24.84

Net Asset Value Total Return^(d)			7.29	%			4.12	%^(e)
Market Price Total Return^(d)			7.68	%			3.84	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	43,509			$	19,925
Ratio to average net assets of:
Expenses, after Waivers			0.42	%			0.41	%^(f)
Expenses, prior to Waivers			0.42	%			0.42	%^(f)
Net investment income			4.25	%			4.90	%^(f)
Portfolio turnover rate^(g)			33	%			56	%

^(a)	Commencement of investment operations.

^(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 (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.

^(f)	Annualized.

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

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

309

Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)


	For the Period September 14, 2020^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			1.03
Net realized and unrealized gain on investments			0.51

Total from investment operations			1.54

Distributions to shareholders from:
Net investment income			(0.96	)

Net asset value at end of period		$	25.58

Market price at end of period^(c)		$	25.61

Net Asset Value Total Return^(d)			6.25	%^(e)
Market Price Total Return^(d)			6.37	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	15,347
Ratio to average net assets of:
Expenses			0.43	%^(f)
Net investment income			4.21	%^(f)
Portfolio turnover rate^(g)			33	%

^(a)	Commencement of investment operations.

^(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 (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.

^(f)	Annualized.

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

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

310

Financial Highlights–(continued)

Invesco BulletShares 2021 Municipal Bond ETF (BSML)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.25			$	25.00

Net investment income^(b)			0.10				0.21
Net realized and unrealized gain (loss) on investments			(0.06	)			0.19

Total from investment operations			0.04				0.40

Distributions to shareholders from:
Net investment income			(0.10	)			(0.22	)

Transaction fees^(b)			0.03				0.07

Net asset value at end of period		$	25.22			$	25.25

Market price at end of period^(c)		$	25.26			$	25.35

Net Asset Value Total Return^(d)			0.29	%			1.90	%^(e)
Market Price Total Return^(d)			0.04	%			2.30	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	40,359			$	25,254
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			0.39	%			0.88	%^(f)
Portfolio turnover rate^(g)			57	%			2	%

^(a)	Commencement of investment operations.

^(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 (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 1.94%. The market price total return from Fund Inception to August 31, 2020 was 2.30%.

^(f)	Annualized.

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

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

311

Financial Highlights–(continued)

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.31			$	25.00

Net investment income^(b)			0.10				0.24
Net realized and unrealized gain on investments			0.03				0.24

Total from investment operations			0.13				0.48

Distributions to shareholders from:
Net investment income			(0.11	)			(0.26	)

Transaction fees^(b)			0.04				0.09

Net asset value at end of period		$	25.37			$	25.31

Market price at end of period^(c)		$	25.44			$	25.40

Net Asset Value Total Return^(d)			0.66	%			2.30	%^(e)
Market Price Total Return^(d)			0.58	%			2.65	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	53,278			$	27,844
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			0.41	%			1.02	%^(f)
Portfolio turnover rate^(g)			1	%			5	%

^(a)	Commencement of investment operations.

^(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 (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 2.38%. The market price total return from Fund Inception to August 31, 2020 was 2.65%.

^(f)	Annualized.

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

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

312

Financial Highlights–(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.47			$	25.00

Net investment income^(b)			0.14				0.26
Net realized and unrealized gain on investments			0.09				0.47

Total from investment operations			0.23				0.73

Distributions to shareholders from:
Net investment income			(0.14	)			(0.26	)

Transaction fees^(b)			0.05				-

Net asset value at end of period		$	25.61			$	25.47

Market price at end of period^(c)		$	25.69			$	25.53

Net Asset Value Total Return^(d)			1.12	%			2.94	%^(e)
Market Price Total Return^(d)			1.19	%			3.18	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,860			$	15,284
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			0.55	%			1.08	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%.

^(f)	Annualized.

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

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

313

Financial Highlights–(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.52			$	25.00

Net investment income^(b)			0.17				0.30
Net realized and unrealized gain on investments			0.22				0.52

Total from investment operations			0.39				0.82

Distributions to shareholders from:
Net investment income			(0.18	)			(0.30	)

Transaction fees^(b)			0.06				-

Net asset value at end of period		$	25.79			$	25.52

Market price at end of period^(c)		$	25.87			$	25.62

Net Asset Value Total Return^(d)			1.77	%			3.30	%^(e)
Market Price Total Return^(d)			1.69	%			3.71	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	36,106			$	12,762
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			0.67	%			1.26	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

^(f)	Annualized.

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

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

314

Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.71			$	25.00

Net investment income^(b)			0.22				0.33
Net realized and unrealized gain on investments			0.25				0.71

Total from investment operations			0.47				1.04

Distributions to shareholders from:
Net investment income			(0.23	)			(0.33	)

Transaction fees^(b)			0.07				-

Net asset value at end of period		$	26.02			$	25.71

Market price at end of period^(c)		$	26.08			$	25.78

Net Asset Value Total Return^(d)			2.12	%			4.19	%^(e)
Market Price Total Return^(d)			2.08	%			4.48	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	39,032			$	10,282
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			0.84	%			1.39	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

^(f)	Annualized.

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

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

315

Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.48			$	25.00

Net investment income^(b)			0.31				0.40
Net realized and unrealized gain on investments			0.49				0.48

Total from investment operations			0.80				0.88

Distributions to shareholders from:
Net investment income			(0.32	)			(0.40	)

Transaction fees^(b)			0.03				-

Net asset value at end of period		$	25.99			$	25.48

Market price at end of period^(c)		$	26.07			$	25.54

Net Asset Value Total Return^(d)			3.27	%			3.58	%^(e)
Market Price Total Return^(d)			3.34	%			3.83	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	23,391			$	12,740
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			1.22	%			1.70	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

^(f)	Annualized.

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

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

316

Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.34			$	25.00

Net investment income^(b)			0.26				0.37
Net realized and unrealized gain on investments			0.57				0.26

Total from investment operations			0.83				0.63

Distributions to shareholders from:
Net investment income			(0.27	)			(0.36	)
Return of capital			-				(0.04	)

Total distributions			(0.27	)			(0.40	)

Transaction fees^(b)			0.01				0.11

Net asset value at end of period		$	25.91			$	25.34

Market price at end of period^(c)		$	25.95			$	25.42

Net Asset Value Total Return^(d)			3.32	%			3.02	%^(e)
Market Price Total Return^(d)			3.15	%			3.34	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	18,140			$	15,204
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			1.03	%			1.58	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.

^(f)	Annualized.

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

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

317

Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.70			$	25.00

Net investment income^(b)			0.38				0.43
Net realized and unrealized gain on investments			0.55				0.69

Total from investment operations			0.93				1.12

Distributions to shareholders from:
Net investment income			(0.40	)			(0.42	)

Transaction fees^(b)			0.08				-

Net asset value at end of period		$	26.31			$	25.70

Market price at end of period^(c)		$	26.36			$	25.76

Net Asset Value Total Return^(d)			3.95	%			4.56	%^(e)
Market Price Total Return^(d)			3.91	%			4.80	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	18,419			$	5,141
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			1.45	%			1.80	%^(f)
Portfolio turnover rate^(g)			4	%			0	%

^(a)	Commencement of investment operations.

^(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 (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)	Annualized.

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

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

318

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)


	Year Ended August 31, 2021				For the Period September 23, 2019^(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.67			$	25.00

Net investment income^(b)			0.36				0.44
Net realized and unrealized gain on investments			0.47				0.67

Total from investment operations			0.83				1.11

Distributions to shareholders from:
Net investment income			(0.39	)			(0.44	)

Transaction fees^(b)			0.07				-

Net asset value at end of period		$	26.18			$	25.67

Market price at end of period^(c)		$	26.24			$	25.70

Net Asset Value Total Return^(d)			3.52	%			4.52	%^(e)
Market Price Total Return^(d)			3.63	%			4.64	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	15,711			$	5,133
Ratio to average net assets of:
Expenses			0.18	%			0.18	%^(f)
Net investment income			1.40	%			1.88	%^(f)
Portfolio turnover rate^(g)			0	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)	Annualized.

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

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

319

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)


	For the Period September 14, 2020^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.37
Net realized and unrealized gain on investments			0.59

Total from investment operations			0.96

Distributions to shareholders from:
Net investment income			(0.35	)

Net asset value at end of period		$	25.61

Market price at end of period^(c)		$	25.69

Net Asset Value Total Return^(d)			3.87	%^(e)
Market Price Total Return^(d)			4.19	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	7,684
Ratio to average net assets of:
Expenses			0.18	%^(f)
Net investment income			1.52	%^(f)
Portfolio turnover rate^(g)			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

^(f)	Annualized.

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

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

320

Financial Highlights–(continued)

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)


	Years Ended August 31,								For the Period October 2, 2018^(a) Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.40			$	25.53			$	25.00

Net investment income^(b)			0.60				0.96				0.88
Net realized and unrealized gain (loss) on investments			(0.44	)			(0.12	)			0.58

Total from investment operations			0.16				0.84				1.46

Distributions to shareholders from:
Net investment income			(0.60	)			(0.95	)			(0.88	)
Net realized gains			-				(0.01	)			(0.01	)
Return of capital			-				(0.01	)			(0.04	)

Total distributions			(0.60	)			(0.97	)			(0.93	)

Net asset value at end of period		$	24.96			$	25.40			$	25.53

Market price at end of period^(c)		$	24.96			$	25.44			$	25.58

Net Asset Value Total Return^(d)			0.63	%			3.37	%			5.98	%^(e)
Market Price Total Return^(d)			0.48	%			3.34	%			6.18	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,984			$	10,159			$	10,213
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.32	%^(f)
Net investment income			2.40	%			3.77	%			3.84	%^(f)
Portfolio turnover rate^(g)			16	%			13	%			13	%

^(a)	Commencement of investment operations.

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 6.62%. The market price total return from Fund Inception to August 31, 2019 was 6.70%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

^(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.

321

Financial Highlights–(continued)

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)


	Years Ended August 31,								For the Period October 2, 2018^(a) Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.83			$	25.91			$	25.00

Net investment income^(b)			0.63				1.04				0.95
Net realized and unrealized gain (loss) on investments			(0.03	)			(0.03	)			0.92

Total from investment operations			0.60				1.01				1.87

Distributions to shareholders from:
Net investment income			(0.74	)			(1.04	)			(0.96	)
Net realized gains			-				(0.05	)			-

Total distributions			(0.74	)			(1.09	)			(0.96	)

Net asset value at end of period		$	25.69			$	25.83			$	25.91

Market price at end of period^(c)		$	25.71			$	25.90			$	25.95

Net Asset Value Total Return^(d)			2.35	%			4.01	%			7.63	%^(e)
Market Price Total Return^(d)			2.14	%			4.14	%			7.79	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,537			$	10,334			$	10,365
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.32	%^(f)
Net investment income			2.44	%			4.03	%			4.11	%^(f)
Portfolio turnover rate^(g)			27	%			7	%			15	%

^(a)	Commencement of investment operations.

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

^(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.

322

Financial Highlights–(continued)

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)


	Years Ended August 31,								For the Period October 2, 2018^(a) Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.06			$	26.17			$	25.00

Net investment income^(b)			0.68				1.03				0.98
Net realized and unrealized gain (loss) on investments			0.23				(0.01	)			1.17

Total from investment operations			0.91				1.02				2.15

Distributions to shareholders from:
Net investment income			(0.78	)			(1.03	)			(0.98	)
Net realized gains			-				(0.10	)			-

Total distributions			(0.78	)			(1.13	)			(0.98	)

Net asset value at end of period		$	26.19			$	26.06			$	26.17

Market price at end of period^(c)		$	26.23			$	26.13			$	26.19

Net Asset Value Total Return^(d)			3.55	%			4.05	%			8.79	%^(e)
Market Price Total Return^(d)			3.42	%			4.25	%			8.87	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	31,425			$	10,426			$	10,466
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.32	%^(f)
Net investment income			2.60	%			3.97	%			4.24	%^(f)
Portfolio turnover rate^(g)			19	%			11	%			16	%

^(a)	Commencement of investment operations.

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

323

Financial Highlights–(continued)

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)


	Years Ended August 31,								For the Period October 2, 2018^(a) Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.99			$	26.44			$	25.00

Net investment income^(b)			0.81				1.01				1.05
Net realized and unrealized gain (loss) on investments			0.29				(0.41	)			1.46

Total from investment operations			1.10				0.60				2.51

Distributions to shareholders from:
Net investment income			(0.82	)			(1.02	)			(1.07	)
Net realized gains			-				(0.10	)			-

Total distributions			(0.82	)			(1.12	)			(1.07	)

Transaction fees^(b)			-				0.07				-

Net asset value at end of period		$	26.27			$	25.99			$	26.44

Market price at end of period^(c)		$	26.28			$	26.05			$	26.53

Net Asset Value Total Return^(d)			4.31	%			2.65	%			10.29	%^(e)
Market Price Total Return^(d)			4.11	%			2.57	%			10.66	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	23,644			$	15,592			$	10,575
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.32	%^(f)
Net investment income			3.11	%			3.91	%			4.52	%^(f)
Portfolio turnover rate^(g)			22	%			39	%			10	%

^(a)	Commencement of investment operations.

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

324

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2021

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)		“BulletShares 2021 Corporate Bond ETF”

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)		“BulletShares 2022 Corporate Bond ETF”

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)		“BulletShares 2023 Corporate Bond ETF”

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)		“BulletShares 2024 Corporate Bond ETF”

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)		“BulletShares 2025 Corporate Bond ETF”

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)		“BulletShares 2026 Corporate Bond ETF”

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)		“BulletShares 2027 Corporate Bond ETF”

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)		“BulletShares 2028 Corporate Bond ETF”

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)		“BulletShares 2029 Corporate Bond ETF”

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)		“BulletShares 2030 Corporate Bond ETF”

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)		“BulletShares 2021 High Yield Corporate Bond ETF”

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)		“BulletShares 2022 High Yield Corporate Bond ETF”

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)		“BulletShares 2023 High Yield Corporate Bond ETF”

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)		“BulletShares 2024 High Yield Corporate Bond ETF”

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)		“BulletShares 2025 High Yield Corporate Bond ETF”

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)		“BulletShares 2026 High Yield Corporate Bond ETF”

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)		“BulletShares 2027 High Yield Corporate Bond ETF”

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)		“BulletShares 2028 High Yield Corporate Bond ETF”

Invesco BulletShares 2021 Municipal Bond ETF (BSML)		“BulletShares 2021 Municipal Bond ETF”

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)		“BulletShares 2022 Municipal Bond ETF”

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)		“BulletShares 2023 Municipal Bond ETF”

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)		“BulletShares 2024 Municipal Bond ETF”

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)		“BulletShares 2025 Municipal Bond ETF”

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)		“BulletShares 2026 Municipal Bond ETF”

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)		“BulletShares 2027 Municipal Bond ETF”

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)		“BulletShares 2028 Municipal Bond ETF”

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)		“BulletShares 2029 Municipal Bond ETF”

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)		“BulletShares 2030 Municipal Bond ETF”

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)		“BulletShares 2021 USD Emerging Markets Debt ETF”

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)		“BulletShares 2022 USD Emerging Markets Debt ETF”

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)		“BulletShares 2023 USD Emerging Markets Debt ETF”

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)		“BulletShares 2024 USD Emerging Markets Debt ETF”

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

325

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

BulletShares 2021 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2021 Index

BulletShares 2022 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2022 Index

BulletShares 2023 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2023 Index

BulletShares 2024 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2024 Index

BulletShares 2025 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2025 Index

BulletShares 2026 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2026 Index

BulletShares 2027 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2027 Index

BulletShares 2028 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2028 Index

BulletShares 2029 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2029 Index

BulletShares 2030 Corporate Bond ETF		Nasdaq BulletShares^® USD Corporate Bond 2030 Index

BulletShares 2021 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2021 Index

BulletShares 2022 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2022 Index

BulletShares 2023 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2023 Index

BulletShares 2024 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2024 Index

BulletShares 2025 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2025 Index

BulletShares 2026 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2026 Index

BulletShares 2027 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2027 Index

BulletShares 2028 High Yield Corporate Bond ETF		Nasdaq BulletShares^® USD High Yield Corporate Bond 2028 Index

BulletShares 2021 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2021 Index

BulletShares 2022 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2022 Index

BulletShares 2023 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2023 Index

BulletShares 2024 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2024 Index

BulletShares 2025 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2025 Index

BulletShares 2026 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2026 Index

BulletShares 2027 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2027 Index

BulletShares 2028 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2028 Index

BulletShares 2029 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2029 Index

BulletShares 2030 Municipal Bond ETF		Invesco BulletShares^® Municipal Bond 2030 Index

BulletShares 2021 USD Emerging Markets Debt ETF		Nasdaq BulletShares^® USD Emerging Markets Debt 2021 Index

BulletShares 2022 USD Emerging Markets Debt ETF		Nasdaq BulletShares^® USD Emerging Markets Debt 2022 Index

BulletShares 2023 USD Emerging Markets Debt ETF		Nasdaq BulletShares^® USD Emerging Markets Debt 2023 Index

BulletShares 2024 USD Emerging Markets Debt ETF		Nasdaq BulletShares^® USD Emerging Markets Debt 2024 Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

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

326

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of

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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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 costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

G.	Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates

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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.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished

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trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

Changing Global Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Fund may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may

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occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund (except 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, BulletShares 2028 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) is non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations

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in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Investment Grade Securities Risk. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

U.S. Treasury Obligations Risk. Certain Funds will invest in obligations issued or guaranteed by the U.S. Treasury.

U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

BulletShares 2021 Corporate Bond ETF		0.10%

BulletShares 2022 Corporate Bond ETF		0.10%

BulletShares 2023 Corporate Bond ETF		0.10%

BulletShares 2024 Corporate Bond ETF		0.10%

BulletShares 2025 Corporate Bond ETF		0.10%

BulletShares 2026 Corporate Bond ETF		0.10%

BulletShares 2027 Corporate Bond ETF		0.10%

BulletShares 2028 Corporate Bond ETF		0.10%

BulletShares 2029 Corporate Bond ETF		0.10%

BulletShares 2030 Corporate Bond ETF		0.10%

BulletShares 2021 High Yield Corporate Bond ETF		0.42%

BulletShares 2022 High Yield Corporate Bond ETF		0.42%

BulletShares 2023 High Yield Corporate Bond ETF		0.42%

BulletShares 2024 High Yield Corporate Bond ETF		0.42%

BulletShares 2025 High Yield Corporate Bond ETF		0.42%

BulletShares 2026 High Yield Corporate Bond ETF		0.42%

BulletShares 2027 High Yield Corporate Bond ETF		0.42%

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		Unitary Management Fees (as a % of average daily net assets)

BulletShares 2028 High Yield Corporate Bond ETF		0.42%

BulletShares 2021 Municipal Bond ETF		0.18%

BulletShares 2022 Municipal Bond ETF		0.18%

BulletShares 2023 Municipal Bond ETF		0.18%

BulletShares 2024 Municipal Bond ETF		0.18%

BulletShares 2025 Municipal Bond ETF		0.18%

BulletShares 2026 Municipal Bond ETF		0.18%

BulletShares 2027 Municipal Bond ETF		0.18%

BulletShares 2028 Municipal Bond ETF		0.18%

BulletShares 2029 Municipal Bond ETF		0.18%

BulletShares 2030 Municipal Bond ETF		0.18%

BulletShares 2021 USD Emerging Markets Debt ETF		0.29%

BulletShares 2022 USD Emerging Markets Debt ETF		0.29%

BulletShares 2023 USD Emerging Markets Debt ETF		0.29%

BulletShares 2024 USD Emerging Markets Debt ETF		0.29%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2021, the Adviser waived fees for each Fund in the following amounts:



BulletShares 2021 Corporate Bond ETF	$	54,028

BulletShares 2022 Corporate Bond ETF		15,487

BulletShares 2023 Corporate Bond ETF		6,321

BulletShares 2024 Corporate Bond ETF		4,414

BulletShares 2025 Corporate Bond ETF		1,584

BulletShares 2026 Corporate Bond ETF		919

BulletShares 2027 Corporate Bond ETF		483

BulletShares 2028 Corporate Bond ETF		349

BulletShares 2029 Corporate Bond ETF		113

BulletShares 2030 Corporate Bond ETF*		23

BulletShares 2021 High Yield Corporate Bond ETF		19,763

BulletShares 2022 High Yield Corporate Bond ETF		14,185

BulletShares 2023 High Yield Corporate Bond ETF		8,276

BulletShares 2024 High Yield Corporate Bond ETF		3,488

BulletShares 2025 High Yield Corporate Bond ETF		2,256

BulletShares 2026 High Yield Corporate Bond ETF		423

BulletShares 2027 High Yield Corporate Bond ETF		61

BulletShares 2028 High Yield Corporate Bond ETF*		49

BulletShares 2021 Municipal Bond ETF		-

BulletShares 2022 Municipal Bond ETF		-

BulletShares 2023 Municipal Bond ETF		-

BulletShares 2024 Municipal Bond ETF		-

BulletShares 2025 Municipal Bond ETF		-

BulletShares 2026 Municipal Bond ETF		-

BulletShares 2027 Municipal Bond ETF		-

BulletShares 2028 Municipal Bond ETF		-

BulletShares 2029 Municipal Bond ETF		-

BulletShares 2030 Municipal Bond ETF*		-

BulletShares 2021 USD Emerging Markets Debt ETF		137

BulletShares 2022 USD Emerging Markets Debt ETF		67

333



BulletShares 2023 USD Emerging Markets Debt ETF	$	99

BulletShares 2024 USD Emerging Markets Debt ETF		57

*	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares^®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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 fiscal year ended August 31, 2021, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

BulletShares 2021 Corporate Bond ETF		$	4,516,628		$	-		$	-

BulletShares 2022 Corporate Bond ETF			6,400,211			2,865,502			19,552

BulletShares 2023 Corporate Bond ETF			7,813,222			5,935,268			188,165

BulletShares 2024 Corporate Bond ETF			1,937,227			3,640,505			40,279

BulletShares 2025 Corporate Bond ETF			5,132,123			3,787,161			18,510

BulletShares 2026 Corporate Bond ETF			2,468,314			1,031,864			62,640

BulletShares 2027 Corporate Bond ETF			-			3,475,759			69,189

BulletShares 2028 Corporate Bond ETF			208,295			-			-

BulletShares 2030 Corporate Bond ETF**			302,397			196,396			1,200

BulletShares 2021 High Yield Corporate Bond ETF			28,260,109			4,633,851			(11,689	)

BulletShares 2022 High Yield Corporate Bond ETF			54,723,446			10,636,858			(2,154	)

BulletShares 2023 High Yield Corporate Bond ETF			16,771,049			12,229,718			149,412

BulletShares 2024 High Yield Corporate Bond ETF			2,704,438			8,122,017			158,049

BulletShares 2025 High Yield Corporate Bond ETF			1,386,351			47,118,111			1,053,567

BulletShares 2026 High Yield Corporate Bond ETF			-			8,236,652			239,955

BulletShares 2027 High Yield Corporate Bond ETF			1,429,160			5,472,939			113,605

BulletShares 2028 High Yield Corporate Bond ETF**			495,804			2,908,236			98,413

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

**	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

NOTE 5–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

334

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2021, for each Fund (except for BulletShares 2021 Municipal Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF and BulletShares 2030 Municipal Bond ETF ). As of August 31, 2021, all of the securities in BulletShares 2021 Municipal Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF and BulletShares 2030 Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

BulletShares 2021 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	867,772,827	$	-	$	867,772,827

U.S. Treasury Securities		-		723,947,621		-		723,947,621

Money Market Funds		16,217,060		-		-		16,217,060

Total Investments	$	16,217,060	$	1,591,720,448	$	-	$	1,607,937,508


BulletShares 2022 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	2,358,908,299	$	-	$	2,358,908,299

Money Market Funds		16,446,920		67,249,338		-		83,696,258


Total Investments	$	16,446,920	$	2,426,157,637	$	-	$	2,442,604,557


BulletShares 2023 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	2,088,546,471	$	-	$	2,088,546,471

Money Market Funds		1,935,360		66,609,825		-		68,545,185


Total Investments	$	1,935,360	$	2,155,156,296	$	-	$	2,157,091,656


BulletShares 2024 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	1,611,082,150	$	-	$	1,611,082,150

Money Market Funds		6,928,004		67,234,574		-		74,162,578


Total Investments	$	6,928,004	$	1,678,316,724	$	-	$	1,685,244,728


BulletShares 2025 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	1,047,307,753	$	-	$	1,047,307,753

Money Market Funds		960,043		66,617,453		-		67,577,496


Total Investments	$	960,043	$	1,113,925,206	$	-	$	1,114,885,249


BulletShares 2026 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	574,133,581	$	-	$	574,133,581

Money Market Funds		308,700		63,411,631		-		63,720,331


Total Investments	$	308,700	$	637,545,212	$	-	$	637,853,912


BulletShares 2027 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	350,005,959	$	-	$	350,005,959

Money Market Funds		431,975		43,784,732		-		44,216,707


Total Investments	$	431,975	$	393,790,691	$	-	$	394,222,666

335


	Level 1		Level 2		Level 3		Total

BulletShares 2028 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	223,102,144	$	-	$	223,102,144

Money Market Funds		656,302		19,277,961		-		19,934,263


Total Investments	$	656,302	$	242,380,105	$	-	$	243,036,407


BulletShares 2029 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	110,311,570	$	-	$	110,311,570

Money Market Funds		274,065		5,885,107		-		6,159,172


Total Investments	$	274,065	$	116,196,677	$	-	$	116,470,742


BulletShares 2030 Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	26,504,080	$	-	$	26,504,080

Money Market Funds		7,342		3,118,794		-		3,126,136


Total Investments	$	7,342	$	29,622,874	$	-	$	29,630,216


BulletShares 2021 High Yield Corporate Bond ETF

Investments in Securities

U.S. Treasury Securities	$	-	$	423,330,540	$	-	$	423,330,540

U.S. Dollar Denominated Bonds & Notes		-		111,649,586		-		111,649,586

Money Market Funds		10,747,666		-		-		10,747,666


Total Investments	$	10,747,666	$	534,980,126	$	-	$	545,727,792


BulletShares 2022 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	859,796,057	$	-	$	859,796,057

Money Market Funds		38,334,118		93,667,785		-		132,001,903


Total Investments	$	38,334,118	$	953,463,842	$	-	$	991,797,960


BulletShares 2023 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	666,892,765	$	-	$	666,892,765

Money Market Funds		1,252,545		122,735,083		-		123,987,628


Total Investments	$	1,252,545	$	789,627,848	$	-	$	790,880,393


BulletShares 2024 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	350,984,952	$	-	$	350,984,952

Money Market Funds		7,592,648		80,581,221		-		88,173,869


Total Investments	$	7,592,648	$	431,566,173	$	-	$	439,158,821


BulletShares 2025 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	279,282,486	$	-	$	279,282,486

Money Market Funds		9,295,397		65,903,943		-		75,199,340


Total Investments	$	9,295,397	$	345,186,429	$	-	$	354,481,826


BulletShares 2026 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	111,253,052	$	-	$	111,253,052

Variable Rate Senior Loan Interests		-		-		52,952		52,952

Money Market Funds		2,830,545		28,710,043		-		31,540,588


Total Investments	$	2,830,545	$	139,963,095	$	52,952	$	142,846,592


BulletShares 2027 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	42,676,985	$	-	$	42,676,985

Money Market Funds		228,494		11,035,623		-		11,264,117


Total Investments	$	228,494	$	53,712,608	$	-	$	53,941,102

336


	Level 1		Level 2		Level 3		Total

BulletShares 2028 High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	15,084,477	$	-	$	15,084,477

Money Market Funds		58,424		1,911,846		-		1,970,270


Total Investments	$	58,424	$	16,996,323	$	-	$	17,054,747


BulletShares 2021 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Treasury Securities	$	-	$	7,699,422	$	-	$	7,699,422

U.S. Dollar Denominated Bonds & Notes		-		2,219,496		-		2,219,496

Money Market Funds		37,864		-		-		37,864


Total Investments	$	37,864	$	9,918,918	$	-	$	9,956,782


BulletShares 2022 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	37,989,138	$	-	$	37,989,138

Money Market Funds		701,175		400		-		701,575


Total Investments	$	701,175	$	37,989,538	$	-	$	38,690,713


BulletShares 2023 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	31,014,370	$	-	$	31,014,370

Money Market Funds		43,213		1,158,279		-		1,201,492


Total Investments	$	43,213	$	32,172,649	$	-	$	32,215,862


BulletShares 2024 USD Emerging Markets Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	23,303,512	$	-	$	23,303,512

Money Market Funds		294,311		571,440		-		865,751


Total Investments	$	294,311	$	23,874,952	$	-	$	24,169,263

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2021 and 2020:


	2021						2020
			Ordinary						Ordinary
	Ordinary		Income-Tax-		Long-Term		Ordinary		Income-Tax-		Long-Term		Return of
	Income*		Exempt		Capital Gains		Income*		Exempt		Capital Gains		Capital

BulletShares 2021 Corporate Bond ETF	$	25,932,204	$	-	$	3,377,835	$	44,713,442	$	-	$	496,938	$	-

BulletShares 2022 Corporate Bond ETF		40,608,701		-		5,660,298		43,554,971		-		547,200		-

BulletShares 2023 Corporate Bond ETF		29,870,427		-		214,830		28,952,201		-		-		-

BulletShares 2024 Corporate Bond ETF		26,533,077		-		131,468		22,970,429		-		-		-

BulletShares 2025 Corporate Bond ETF		16,430,389		-		-		12,735,015		-		-		-

BulletShares 2026 Corporate Bond ETF		8,335,193		-		11,699		5,742,051		-		31,274		-

BulletShares 2027 Corporate Bond ETF		6,317,457		-		-		4,052,856		-		9,281		-

BulletShares 2028 Corporate Bond ETF		4,421,688		-		1,431		2,657,051		-		-		-

BulletShares 2029 Corporate Bond ETF		1,573,383		-		-		372,494		-		-		-

BulletShares 2030 Corporate Bond ETF**		321,891		-		-		-		-		-		-

BulletShares 2021 High Yield Corporate Bond ETF		21,175,640		-		-		43,521,860		-		-		-

BulletShares 2022 High Yield Corporate Bond ETF		28,853,162		-		-		29,866,686		-		-		-

BulletShares 2023 High Yield Corporate Bond ETF		20,999,182		-		-		16,901,342		-		-		-

BulletShares 2024 High Yield Corporate Bond ETF		10,965,021		-		-		6,970,883		-		-		-

337


	2021						2020
			Ordinary						Ordinary
	Ordinary		Income-Tax-		Long-Term		Ordinary		Income-Tax-		Long-Term		Return of
	Income*		Exempt		Capital Gains		Income*		Exempt		Capital Gains		Capital

BulletShares 2025 High Yield Corporate Bond ETF	$	9,582,533	$	-	$	-	$	5,677,725	$	-	$	-	$	-

BulletShares 2026 High Yield Corporate Bond ETF		3,368,135		-		-		2,599,729		-		15,169		-

BulletShares 2027 High Yield Corporate Bond ETF		1,108,627		-		-		634,455		-		-		-

BulletShares 2028 High Yield Corporate Bond ETF**		401,200		-		-		-		-		-		-

BulletShares 2021 Municipal Bond ETF		1,316		137,718		-		2,040		116,463		-		-

BulletShares 2022 Municipal Bond ETF		-		182,862		118		-		123,778		-		-

BulletShares 2023 Municipal Bond ETF		-		145,216		-		-		107,428		-		-

BulletShares 2024 Municipal Bond ETF		-		167,869		-		1,128		122,747		-		-

BulletShares 2025 Municipal Bond ETF		649		212,500		-		-		131,372		-		-

BulletShares 2026 Municipal Bond ETF		50		246,028		-		944		163,178		-		-

BulletShares 2027 Municipal Bond ETF		-		177,044		-		8		85,710		-		8,108

BulletShares 2028 Municipal Bond ETF		-		145,891		-		-		84,808		-		-

BulletShares 2029 Municipal Bond ETF		-		130,877		-		-		88,142		-		-

BulletShares 2030 Municipal Bond ETF**		-		84,091		-		-		-		-		-

BulletShares 2021 USD Emerging Markets Debt ETF		240,645		-		-		383,358		-		-		5,139

BulletShares 2022 USD Emerging Markets Debt ETF		579,190		-		-		436,417		-		-		-

BulletShares 2023 USD Emerging Markets Debt ETF		544,840		-		-		453,757		-		-		-

BulletShares 2024 USD Emerging Markets Debt ETF		576,659		-		-		543,136		-		-		-

*	Includes short-term capital gain distributions, if any.

**	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

Tax Components of Net Assets at Fiscal Year-end:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Undistributed Tax-Exempt Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets

BulletShares 2021 Corporate Bond ETF	$	268,898	$	1,663,734	$	-	$	777,014		$	-		$	1,614,275,747	$	1,616,985,393

BulletShares 2022 Corporate Bond ETF		2,152,291		3,719,732		-		22,605,876			-			2,364,239,732		2,392,717,631

BulletShares 2023 Corporate Bond ETF		25,515		4,771,987		-		38,131,309			-			2,062,301,534		2,105,230,345

BulletShares 2024 Corporate Bond ETF		-		2,312,570		-		47,064,499			-			1,582,660,749		1,632,037,818

BulletShares 2025 Corporate Bond ETF		259,055		1,372,404		-		28,227,441			-			1,027,005,824		1,056,864,724

BulletShares 2026 Corporate Bond ETF		-		34,029		-		17,036,295			-			561,814,793		578,885,117

BulletShares 2027 Corporate Bond ETF		-		-		-		12,798,460			(21,129	)		340,520,628		353,297,959

BulletShares 2028 Corporate Bond ETF		-		32,112		-		3,778,892			-			222,114,293		225,925,297

BulletShares 2029 Corporate Bond ETF		14,335		10,988		-		790,195			-			111,393,502		112,209,020

BulletShares 2030 Corporate Bond ETF		195		-		-		(139,348	)		(7,613	)		26,838,092		26,691,326

BulletShares 2021 High Yield Corporate Bond ETF		-		-		-		387,077			(75,364,330	)		622,575,652		547,598,399

BulletShares 2022 High Yield Corporate Bond ETF		-		-		-		7,234,932			(42,819,680	)		946,872,698		911,287,950

BulletShares 2023 High Yield Corporate Bond ETF		3,398		-		-		8,849,216			(20,538,462	)		689,454,160		677,768,312

BulletShares 2024 High Yield Corporate Bond ETF		19,544		-		-		5,323,640			(4,728,444	)		363,239,802		363,854,542

338


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Undistributed Tax-Exempt Income		Net Unrealized Appreciation (Depreciation)- Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets

BulletShares 2025 High Yield Corporate Bond ETF	$	6,741	$	-	$	-	$	5,211,916	$	(2,583,633	)	$	290,260,131	$	292,895,155

BulletShares 2026 High Yield Corporate Bond ETF		7,251		-		-		1,323,964		(1,924,075	)		116,360,663		115,767,803

BulletShares 2027 High Yield Corporate Bond ETF		157,441		21,609		-		304,468		-			43,024,982		43,508,500

BulletShares 2028 High Yield Corporate Bond ETF		79,021		-		-		146,195		-			15,121,891		15,347,107

BulletShares 2021 Municipal Bond ETF		-		-		-		15,513		-			40,343,544		40,359,057

BulletShares 2022 Municipal Bond ETF		-		1,370		-		147,568		-			53,129,136		53,278,074

BulletShares 2023 Municipal Bond ETF		-		-		5		259,716		-			35,600,368		35,860,089

BulletShares 2024 Municipal Bond ETF		-		-		171		374,785		-			35,731,222		36,106,178

BulletShares 2025 Municipal Bond ETF		-		-		-		484,935		-			38,547,081		39,032,016

BulletShares 2026 Municipal Bond ETF		-		-		-		568,955		-			22,822,249		23,391,204

BulletShares 2027 Municipal Bond ETF		-		-		185		323,742		-			17,815,586		18,139,513

BulletShares 2028 Municipal Bond ETF		18,860		3,433		85		362,249		-			18,034,693		18,419,320

BulletShares 2029 Municipal Bond ETF		-		-		604		254,956		-			15,455,454		15,711,014

BulletShares 2030 Municipal Bond ETF		-		-		1,056		132,715		-			7,550,499		7,684,270

BulletShares 2021 USD Emerging Markets Debt ETF		1,178		-		-		11,902		(7,640	)		9,978,531		9,983,971

BulletShares 2022 USD Emerging Markets Debt ETF		-		-		-		252,752		(146,659	)		38,431,391		38,537,484

BulletShares 2023 USD Emerging Markets Debt ETF		2,005		-		-		517,392		(78,596	)		30,984,093		31,424,894

BulletShares 2024 USD Emerging Markets Debt ETF		-		-		-		853,070		(617,380	)		23,407,834		23,643,524

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, 2021:


	No expiration
	Short-Term		Long-Term		Total*

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		21,129		-		21,129

BulletShares 2028 Corporate Bond ETF		-		-		-

BulletShares 2029 Corporate Bond ETF		-		-		-

BulletShares 2030 Corporate Bond ETF		7,613		-		7,613

BulletShares 2021 High Yield Corporate Bond ETF		29,912,825		45,451,505		75,364,330

BulletShares 2022 High Yield Corporate Bond ETF		22,000,041		20,819,639		42,819,680

BulletShares 2023 High Yield Corporate Bond ETF		11,933,268		8,605,194		20,538,462

BulletShares 2024 High Yield Corporate Bond ETF		3,112,307		1,616,137		4,728,444

BulletShares 2025 High Yield Corporate Bond ETF		1,770,446		813,187		2,583,633

BulletShares 2026 High Yield Corporate Bond ETF		1,663,345		260,730		1,924,075

BulletShares 2027 High Yield Corporate Bond ETF		-		-		-

BulletShares 2028 High Yield Corporate Bond ETF		-		-		-

339


	No expiration
	Short-Term		Long-Term		Total*

BulletShares 2021 Municipal Bond ETF	$	-	$	-	$	-

BulletShares 2022 Municipal Bond ETF		-		-		-

BulletShares 2023 Municipal Bond ETF		-		-		-

BulletShares 2024 Municipal Bond ETF		-		-		-

BulletShares 2025 Municipal Bond ETF		-		-		-

BulletShares 2026 Municipal Bond ETF		-		-		-

BulletShares 2027 Municipal Bond ETF		-		-		-

BulletShares 2028 Municipal Bond ETF		-		-		-

BulletShares 2029 Municipal Bond ETF		-		-		-

BulletShares 2030 Municipal Bond ETF		-		-		-

BulletShares 2021 USD Emerging Markets Debt ETF		-		7,640		7,640

BulletShares 2022 USD Emerging Markets Debt ETF		146,659		-		146,659

BulletShares 2023 USD Emerging Markets Debt ETF		29,532		49,064		78,596

BulletShares 2024 USD Emerging Markets Debt ETF		478,714		138,666		617,380

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7—Investment Transactions

For the fiscal year ended August 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

BulletShares 2021 Corporate Bond ETF	$	128,487,622	$	1,325,285,141

BulletShares 2022 Corporate Bond ETF		339,750,651		347,036,186

BulletShares 2023 Corporate Bond ETF		223,266,974		203,003,134

BulletShares 2024 Corporate Bond ETF		104,861,760		89,582,422

BulletShares 2025 Corporate Bond ETF		75,199,523		66,184,630

BulletShares 2026 Corporate Bond ETF		13,193,741		10,252,718

BulletShares 2027 Corporate Bond ETF		9,322,933		7,131,555

BulletShares 2028 Corporate Bond ETF		5,518,226		3,719,203

BulletShares 2029 Corporate Bond ETF		1,033,429		181,234

BulletShares 2030 Corporate Bond ETF*		6,740,534		613,703

BulletShares 2021 High Yield Corporate Bond ETF		170,544,961		550,667,135

BulletShares 2022 High Yield Corporate Bond ETF		321,202,365		315,919,132

BulletShares 2023 High Yield Corporate Bond ETF		211,594,925		200,551,538

BulletShares 2024 High Yield Corporate Bond ETF		129,742,943		131,996,421

BulletShares 2025 High Yield Corporate Bond ETF		115,810,044		120,052,906

BulletShares 2026 High Yield Corporate Bond ETF		27,968,337		29,746,779

BulletShares 2027 High Yield Corporate Bond ETF		8,612,606		8,508,554

BulletShares 2028 High Yield Corporate Bond ETF*		8,349,874		3,360,600

BulletShares 2021 Municipal Bond ETF		27,635,036		15,410,000

BulletShares 2022 Municipal Bond ETF		24,955,028		256,703

BulletShares 2023 Municipal Bond ETF		20,906,331		-

BulletShares 2024 Municipal Bond ETF		23,766,218		-

BulletShares 2025 Municipal Bond ETF		28,919,348		-

BulletShares 2026 Municipal Bond ETF		10,644,634		-

BulletShares 2027 Municipal Bond ETF		3,040,839		-

BulletShares 2028 Municipal Bond ETF		13,051,664		377,014

BulletShares 2029 Municipal Bond ETF		10,628,892		-

BulletShares 2030 Municipal Bond ETF*		7,539,179		-

BulletShares 2021 USD Emerging Markets Debt ETF		998,733		8,987,690

BulletShares 2022 USD Emerging Markets Debt ETF		5,785,148		6,288,562

340


	Purchases		Sales

BulletShares 2023 USD Emerging Markets Debt ETF	$	6,123,258	$	4,125,111

BulletShares 2024 USD Emerging Markets Debt ETF		4,228,871		4,078,329

*	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

For the fiscal year ended August 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	Cost of		Value of
	Securities		Securities
	Received		Delivered

BulletShares 2021 Corporate Bond ETF	$	15,010,363	$	138,736,568

BulletShares 2022 Corporate Bond ETF		378,237,484		38,243,483

BulletShares 2023 Corporate Bond ETF		773,179,450		-

BulletShares 2024 Corporate Bond ETF		556,385,771		6,204,860

BulletShares 2025 Corporate Bond ETF		440,763,235		13,268,728

BulletShares 2026 Corporate Bond ETF		287,180,200		-

BulletShares 2027 Corporate Bond ETF		128,100,176		6,492,331

BulletShares 2028 Corporate Bond ETF		177,721,651		82,710,539

BulletShares 2029 Corporate Bond ETF		91,968,283		6,234,508

BulletShares 2030 Corporate Bond ETF*		23,471,681		2,834,316

BulletShares 2021 High Yield Corporate Bond ETF		43,364,597		417,347,914

BulletShares 2022 High Yield Corporate Bond ETF		350,464,706		142,576,478

BulletShares 2023 High Yield Corporate Bond ETF		351,648,035		76,576,565

BulletShares 2024 High Yield Corporate Bond ETF		213,005,006		34,362,009

BulletShares 2025 High Yield Corporate Bond ETF		165,110,806		12,031,716

BulletShares 2026 High Yield Corporate Bond ETF		78,194,167		39,732,867

BulletShares 2027 High Yield Corporate Bond ETF		42,397,687		19,820,597

BulletShares 2028 High Yield Corporate Bond ETF*		9,932,006		-

BulletShares 2021 Municipal Bond ETF		-		-

BulletShares 2022 Municipal Bond ETF		-		-

BulletShares 2023 Municipal Bond ETF		-		-

BulletShares 2024 Municipal Bond ETF		-		-

BulletShares 2025 Municipal Bond ETF		-		-

BulletShares 2026 Municipal Bond ETF		-		-

BulletShares 2027 Municipal Bond ETF		-		-

BulletShares 2028 Municipal Bond ETF		-		-

BulletShares 2029 Municipal Bond ETF		-		-

BulletShares 2030 Municipal Bond ETF*		-		-

BulletShares 2021 USD Emerging Markets Debt ETF		-		-

BulletShares 2022 USD Emerging Markets Debt ETF		22,947,590		-

BulletShares 2023 USD Emerging Markets Debt ETF		19,033,744		-

BulletShares 2024 USD Emerging Markets Debt ETF		7,816,127		-

*	For the period September 14, 2020 (commencement of investment operations) through August 31, 2021.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)		Cost

BulletShares 2021 Corporate Bond ETF	$	795,324	$	(18,310	)	$	777,014	$	1,607,160,494

BulletShares 2022 Corporate Bond ETF		24,383,234		(1,777,358	)		22,605,876		2,419,998,681

BulletShares 2023 Corporate Bond ETF		38,220,289		(88,980	)		38,131,309		2,118,960,347

BulletShares 2024 Corporate Bond ETF		47,327,434		(262,935	)		47,064,499		1,638,180,229

BulletShares 2025 Corporate Bond ETF		29,387,852		(1,160,411	)		28,227,441		1,086,657,808

341


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

BulletShares 2026 Corporate Bond ETF	$	17,330,822	$	(294,527	)	$	17,036,295		$	620,817,617

BulletShares 2027 Corporate Bond ETF		13,118,431		(319,971	)		12,798,460			381,424,206

BulletShares 2028 Corporate Bond ETF		4,064,710		(285,818	)		3,778,892			239,257,515

BulletShares 2029 Corporate Bond ETF		935,497		(145,302	)		790,195			115,680,547

BulletShares 2030 Corporate Bond ETF		117,684		(257,032	)		(139,348	)		29,769,564

BulletShares 2021 High Yield Corporate Bond ETF		387,893		(816	)		387,077			545,340,715

BulletShares 2022 High Yield Corporate Bond ETF		8,337,318		(1,102,386	)		7,234,932			984,563,028

BulletShares 2023 High Yield Corporate Bond ETF		10,452,208		(1,602,992	)		8,849,216			782,031,177

BulletShares 2024 High Yield Corporate Bond ETF		6,304,098		(980,458	)		5,323,640			433,835,181

BulletShares 2025 High Yield Corporate Bond ETF		5,630,041		(418,125	)		5,211,916			349,269,910

BulletShares 2026 High Yield Corporate Bond ETF		1,742,963		(418,999	)		1,323,964			141,522,628

BulletShares 2027 High Yield Corporate Bond ETF		557,253		(252,785	)		304,468			53,636,634

BulletShares 2028 High Yield Corporate Bond ETF		219,321		(73,126	)		146,195			16,908,552

BulletShares 2021 Municipal Bond ETF		15,660		(147	)		15,513			38,417,970

BulletShares 2022 Municipal Bond ETF		154,258		(6,690	)		147,568			52,416,946

BulletShares 2023 Municipal Bond ETF		261,026		(1,310	)		259,716			34,859,968

BulletShares 2024 Municipal Bond ETF		382,169		(7,384	)		374,785			35,272,692

BulletShares 2025 Municipal Bond ETF		510,448		(25,513	)		484,935			38,034,188

BulletShares 2026 Municipal Bond ETF		587,280		(18,325	)		568,955			22,493,317

BulletShares 2027 Municipal Bond ETF		370,574		(46,832	)		323,742			17,600,092

BulletShares 2028 Municipal Bond ETF		379,296		(17,047	)		362,249			17,469,841

BulletShares 2029 Municipal Bond ETF		283,468		(28,512	)		254,956			15,269,179

BulletShares 2030 Municipal Bond ETF		135,029		(2,314	)		132,715			7,443,132

BulletShares 2021 USD Emerging Markets Debt ETF		11,957		(55	)		11,902			9,944,880

BulletShares 2022 USD Emerging Markets Debt ETF		292,080		(39,328	)		252,752			38,437,961

BulletShares 2023 USD Emerging Markets Debt ETF		543,021		(25,629	)		517,392			31,698,470

BulletShares 2024 USD Emerging Markets Debt ETF		861,590		(8,520	)		853,070			23,316,193

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, paydowns, distributions, taxable overdistributions, foreign taxes and hybrid securities, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2021, the reclassifications were as follows:


	Undistributed Net		Undistributed Net		Shares of
	Investment Income		Realized Gain (Loss)		Beneficial Interest

BulletShares 2021 Corporate Bond ETF		$22,553		$(1,643,767)		$1,621,214

BulletShares 2022 Corporate Bond ETF		340,594		(1,553,504)		1,212,910

BulletShares 2023 Corporate Bond ETF		-		1		(1)

BulletShares 2024 Corporate Bond ETF		131,468		(629,284)		497,816

BulletShares 2025 Corporate Bond ETF		15,302		(988,949)		973,647

BulletShares 2026 Corporate Bond ETF		11,699		(11,699)		-

BulletShares 2027 Corporate Bond ETF		9,910		(784,817)		774,907

BulletShares 2028 Corporate Bond ETF		5,239		(5,256,944)		5,251,705

BulletShares 2029 Corporate Bond ETF		288		(233,207)		232,919

BulletShares 2030 Corporate Bond ETF		142		24,676		(24,818)

BulletShares 2021 High Yield Corporate Bond ETF		78,374		(3,470,860)		3,392,486

BulletShares 2022 High Yield Corporate Bond ETF		45,263		(2,265,992)		2,220,729

BulletShares 2023 High Yield Corporate Bond ETF		-		(3,364,813)		3,364,813

BulletShares 2024 High Yield Corporate Bond ETF		-		(1,260,581)		1,260,581

BulletShares 2025 High Yield Corporate Bond ETF		-		(624,199)		624,199

BulletShares 2026 High Yield Corporate Bond ETF		3,707		(1,321,266)		1,317,559

342


	Undistributed Net			Undistributed Net				Shares of
	Investment Income			Realized Gain (Loss)				Beneficial Interest

BulletShares 2027 High Yield Corporate Bond ETF		$	-		$	(642,828	)		$	642,828

BulletShares 2028 High Yield Corporate Bond ETF			1,287			-				(1,287	)

BulletShares 2021 Municipal Bond ETF			1,316			-				(1,316	)

BulletShares 2022 Municipal Bond ETF			176			(1,008	)			832

BulletShares 2023 Municipal Bond ETF			-			(1,102	)			1,102

BulletShares 2024 Municipal Bond ETF			-			-				-

BulletShares 2025 Municipal Bond ETF			649			(178	)			(471	)

BulletShares 2026 Municipal Bond ETF			50			-				(50	)

BulletShares 2027 Municipal Bond ETF			-			-				-

BulletShares 2028 Municipal Bond ETF			135			-				(135	)

BulletShares 2029 Municipal Bond ETF			-			-				-

BulletShares 2030 Municipal Bond ETF			-			-				-

BulletShares 2021 USD Emerging Markets Debt ETF			-			-				-

BulletShares 2022 USD Emerging Markets Debt ETF			1,042			(583	)			(459	)

BulletShares 2023 USD Emerging Markets Debt ETF			-			-				-

BulletShares 2024 USD Emerging Markets Debt ETF			1,355			(1,180	)			(175	)

NOTE 9–Trustees’ and Officer’s Fees

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

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in the each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”).

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

343

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the thirty-two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirty-two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated 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, 2021, 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 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 2029 Corporate Bond ETF ⁽⁴⁾		-

Invesco BulletShares 2030 Corporate Bond ETF ⁽⁷⁾		-

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⁾		-

Invesco BulletShares 2027 High Yield Corporate Bond ETF ⁽⁴⁾		-

Invesco BulletShares 2028 High Yield Corporate Bond ETF ⁽⁷⁾		-

Invesco BulletShares 2021 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2022 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2023 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2024 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2025 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2026 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2027 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2028 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2029 Municipal Bond ETF ⁽⁵⁾		-

Invesco BulletShares 2030 Municipal Bond ETF ⁽⁷⁾		-

Invesco BulletShares 2021 USD Emerging Markets Debt ETF ⁽⁶⁾		-

Invesco BulletShares 2022 USD Emerging Markets Debt ETF ⁽⁶⁾		-

Invesco BulletShares 2023 USD Emerging Markets Debt ETF ⁽⁶⁾		-

Invesco BulletShares 2024 USD Emerging Markets Debt ETF ⁽⁶⁾		-

344

Report of Independent Registered Public Accounting Firm–(continued)

⁽¹⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets for each of the two years in the period ended August 31, 2021 and the financial highlights for each of the three years in the period ended August 31, 2021, for the three months ended August 31, 2018 and for the year ended May 31, 2018

⁽²⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets for each of the two years in the period ended August 31, 2021 and the financial highlights for each of the three years in the period ended August 31, 2021, for the three months ended August 31, 2018 and for the period September 27, 2017 (commencement of investment operations) through May 31, 2018

⁽³⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets for each of the two years in the period ended August 31, 2021 and the financial highlights for each of the three years in the period ended August 31, 2021 and for the period August 7, 2018 (commencement of investment operations) through August 31, 2018

⁽⁴⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets and the financial highlights for the year ended August 31, 2021 and for the period September 10, 2019 (commencement of investment operations) through August 31, 2020

⁽⁵⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets and the financial highlights for the year ended August 31, 2021 and for the period September 23, 2019 (commencement of investment operations) through August 31, 2020

⁽⁶⁾ Statement of operations for the year ended August 31, 2021,statement of changes in net assets for each of the two years in the period ended August 31, 2021 and the financial highlights for each of the two years in the period ended August 31, 2021 and for the period October 2, 2018 (commencement of investment operations) through August 31, 2019

⁽⁷⁾ Statements of operations and changes in net assets and the financial highlights for the period September 14, 2020 (commencement of investment operations) through August 31, 2021

The financial statements and financial highlights of the Predecessor Funds listed in the table above as of and for the year or period ended May 31, 2017 (not presented herein, other than 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

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, 2021 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 25, 2021

345

Report of Independent Registered Public Accounting Firm–(continued)

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.

346

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2021.

In addition to the fees and expenses which the Invesco BulletShares 2022 High Yield Corporate Bond ETF and Invesco BulletShares 2023 High Yield Corporate Bond ETF (the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly are included in the Portfolios’ total returns.

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, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

Actual		$	1,000.00		$	1,001.40		0.10	%		$	0.50

Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
Actual			1,000.00			1,003.00		0.10				0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51

347

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
Actual		$	1,000.00		$	1,003.20		0.10	%		$	0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Actual			1,000.00			1,005.80		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
Actual			1,000.00			1,011.40		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Actual			1,000.00			1,013.20		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
Actual			1,000.00			1,015.50		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
Actual			1,000.00			1,021.20		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
Actual			1,000.00			1,024.90		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
Actual			1,000.00			1,025.90		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
Actual			1,000.00			1,006.40		0.42				2.12
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			1,020.60		0.42				2.14
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			1,023.90		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			1,030.00		0.42				2.15
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			1,029.10		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			1,030.50		0.42				2.15
Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42				2.14
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
Actual			1,000.00			1,028.20		0.42				2.15
Hypothetical (5% return before expenses)			1,000.00			1,023.09		0.42				2.14

348

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
Actual		$	1,000.00		$	1,029.60		0.44	%		$	2.25
Hypothetical (5% return before expenses)			1,000.00			1,022.99		0.44				2.24
Invesco BulletShares 2021 Municipal Bond ETF (BSML)
Actual			1,000.00			1,000.30		0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
Actual			1,000.00			1,002.60		0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
Actual			1,000.00			1,005.90		0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
Actual			1,000.00			1,010.60		0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
Actual			1,000.00			1,017.10		0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
Actual			1,000.00			1,024.00		0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
Actual			1,000.00			1,028.10		0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
Actual			1,000.00			1,034.90		0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
Actual			1,000.00			1,035.30		0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Actual			1,000.00			1,040.40		0.18				0.93
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.18				0.92
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)
Actual			1,000.00			997.90		0.29				1.46
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
Actual			1,000.00			1,004.90		0.29				1.47
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
Actual			1,000.00			1,010.20		0.29				1.47
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48

349

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
Actual		$	1,000.00		$	1,015.10		0.29	%		$	1.47
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, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 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.

350

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2021:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains

Invesco BulletShares 2021 Corporate Bond ETF		0	%		0	%		0	%		0	%		96	%		73	%		0	%		$	3,377,835		$	1,034,528

Invesco BulletShares 2022 Corporate Bond ETF		0	%		3	%		0	%		0	%		91	%		81	%		0	%		$	5,660,298		$	1,109,214

Invesco BulletShares 2023 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		83	%		0	%		$	214,830		$	-

Invesco BulletShares 2024 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		83	%		0	%		$	131,468		$	-

Invesco BulletShares 2025 Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		89	%		0	%		$	-		$	15,304

Invesco BulletShares 2026 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		85	%		0	%		$	11,699		$	-

Invesco BulletShares 2027 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		90	%		0	%		$	-		$	-

Invesco BulletShares 2028 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		85	%		0	%		$	1,431		$	-

351

Tax Information–(continued)


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains

Invesco BulletShares 2029 Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		89	%		0	%		$	-		$	288

Invesco BulletShares 2030 Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		88	%		0	%		$	-		$	-

Invesco BulletShares 2021 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		78	%		0	%		$	-		$	-

Invesco BulletShares 2022 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		84	%		0	%		$	-		$	-

Invesco BulletShares 2023 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		87	%		0	%		$	-		$	-

Invesco BulletShares 2024 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		82	%		0	%		$	-		$	-

Invesco BulletShares 2025 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		86	%		0	%		$	-		$	-

352

Tax Information–(continued)


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains

Invesco BulletShares 2026 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		90	%		0	%		$	-		$	3,707

Invesco BulletShares 2027 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		89	%		88	%		0	%			-		$	-

Invesco BulletShares 2028 High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%		87	%		91	%		0	%			-		$	-

Invesco BulletShares 2021 Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		99	%			-		$	-

Invesco BulletShares 2022 Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			118		$	-

Invesco BulletShares 2023 Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			-		$	-

Invesco BulletShares 2024 Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			-		$	-

Invesco BulletShares 2025 Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			-		$	-

353

Tax Information–(continued)


	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*	Qualified Interest Income*	Tax-Exempt Income*	Long Term Capital Gains		Qualified Short Term Gains

Invesco BulletShares 2026 Municipal Bond ETF	0%	0%	0%	0%	0%	0%	100%	$	-	$	-

Invesco BulletShares 2027 Municipal Bond ETF	0%	0%	0%	0%	0%	0%	100%		-	$	-

Invesco BulletShares 2028 Municipal Bond ETF	0%	0%	0%	0%	0%	0%	100%		-	$	-

Invesco BulletShares 2029 Municipal Bond ETF	0%	0%	0%	0%	0%	0%	100%		-	$	-

Invesco BulletShares 2030 Municipal Bond ETF	0%	0%	0%	0%	0%	0%	100%		-	$	-

Invesco BulletShares 2021 USD Emerging Markets Debt ETF	0%	0%	0%	0%	100%	3%	0%		-	$	-

Invesco BulletShares 2022 USD Emerging Markets Debt ETF	0%	0%	0%	0%	100%	4%	0%		-	$	-

354

Tax Information–(continued)


	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*	Qualified Interest Income*	Tax-Exempt Income*	Long Term Capital Gains		Qualified Short Term Gains

Invesco BulletShares 2023 USD Emerging Markets Debt ETF	0%	0%	0%	0%	99%	1%	0%	$	-	$	-

Invesco BulletShares 2024 USD Emerging Markets Debt ETF	0%	0%	0%	0%	100%	7%	0%		-	$	-

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

355

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.

As of August 31, 2021


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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	231	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.	231	None.

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

356

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

Edmund P. Giambastiani, Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

231

Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

357

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

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

231

Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds(2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999- 2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

358

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
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	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	231	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010- 2015, 2017), NorthPointe Christian Schools.

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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	231	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

359

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

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.

231

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Council Member, NewYork- Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Board Member, 100 Women in Finance (2015- 2020); Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011- 2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

360

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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	231	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); 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).	231	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

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

361

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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); 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.	231	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.

362

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	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO and Fund Administration, InvescoAdvisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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

363

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); 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).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

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

364

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
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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).

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

365

Approval of Investment Advisory Contracts

At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 39 series (each, a “Fund” and collectively, the “Funds”):


Invesco BulletShares 2021 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2021 USD Emerging Markets Debt ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2022 USD Emerging Markets Debt ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2023 USD Emerging Markets Debt ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF		Invesco BulletShares 2024 USD Emerging Markets Debt ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF		Invesco BulletShares 2025 USD Emerging Markets Debt ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Value ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco RAFI Strategic Developed ex-US ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI Strategic Emerging Markets ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco RAFI Strategic US ETF
Invesco BulletShares 2021 Municipal Bond ETF		Invesco RAFI Strategic US Small Company ETF
Invesco BulletShares 2022 Municipal Bond ETF		Invesco Russell 1000 Dynamic Multifactor ETF
Invesco BulletShares 2023 Municipal Bond ETF		Invesco Russell 2000 Dynamic Multifactor ETF
Invesco BulletShares 2024 Municipal Bond ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

366

Approval of Investment Advisory Contracts–(continued)

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

●

0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF and Invesco BulletShares 2029 Corporate Bond ETF;

●

0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF;

●

0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Municipal Bond ETF, Invesco BulletShares 2022 Municipal Bond ETF, Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF and Invesco BulletShares 2030 Municipal Bond ETF;

●

0.19% of the Fund’s average daily net assets for Invesco RAFI Strategic US ETF;

●

0.23% of the Fund’s average daily net assets for each of Invesco RAFI Strategic Developed ex-US ETF and Invesco RAFI Strategic US Small Company ETF;

●

0.29% of the Fund’s average daily net assets for each of 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 BulletShares 2025 USD Emerging Markets Debt ETF and Invesco Russell 1000 Dynamic Multifactor ETF;

●

0.35% of the Fund’s average daily net assets for Invesco RAFI Strategic Emerging Markets ETF;

●

0.39% of the Fund’s average daily net assets for Invesco Russell 2000 Dynamic Multifactor ETF; and

●

0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF and Invesco BulletShares 2027 High Yield Corporate Bond ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco BulletShares 2021 Corporate Bond ETF

Invesco BulletShares 2022 Corporate Bond ETF

Invesco BulletShares 2023 Corporate Bond ETF

367

Approval of Investment Advisory Contracts–(continued)

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco BulletShares 2024 Corporate Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2021 High Yield Corporate Bond ETF

Invesco BulletShares 2022 High Yield Corporate Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2021 Municipal Bond ETF

N/A

Invesco BulletShares 2022 Municipal Bond ETF

N/A

Invesco BulletShares 2023 Municipal Bond ETF

N/A

Invesco BulletShares 2024 Municipal Bond ETF

N/A

Invesco BulletShares 2025 Municipal Bond ETF

N/A

Invesco BulletShares 2026 Municipal Bond ETF

N/A

Invesco BulletShares 2027 Municipal Bond ETF

N/A

Invesco BulletShares 2028 Municipal Bond ETF

N/A

Invesco BulletShares 2029 Municipal Bond ETF

N/A

Invesco BulletShares 2030 Municipal Bond ETF

N/A

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 BulletShares 2025 USD Emerging Markets Debt ETF

Invesco Investment Grade Defensive ETF

Invesco Investment Grade Value ETF

Invesco RAFI^TMStrategic Developed ex-US ETF

Invesco RAFI^TMStrategic Emerging Markets ETF

Invesco RAFI^TMStrategic US ETF

Invesco RAFI^TMStrategic US Small Company ETF

Invesco Russell 1000^® Dynamic Multifactor ETF

Invesco Russell 2000^® Dynamic Multifactor ETF

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the indexes, the

368

Approval of Investment Advisory Contracts–(continued)

distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. (The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco 2025 USD Emerging Markets Debt ETF, because the Fund had not yet commenced operations as of December 31, 2020.) The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

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 reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

369

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-AR-1

invesco.com/ETFs


		Invesco Annual Report to Shareholders
		August 31, 2021
		DEF		Invesco Defensive Equity ETF

		ISDX		Invesco RAFI^TMStrategic Developed ex-US ETF

		ISEM		Invesco RAFI^TMStrategic Emerging Markets ETF

		IUS		Invesco RAFI^TMStrategic US ETF

		IUSS		Invesco RAFI^TMStrategic US Small Company ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			5

Liquidity Risk Management Program			20

Schedules of Investments

Invesco Defensive Equity ETF (DEF)			21

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)			23

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)			32

Invesco RAFI^TM Strategic US ETF (IUS)			38

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)			44

Statements of Assets and Liabilities			56

Statements of Operations			57

Statements of Changes in Net Assets			58

Financial Highlights			60

Notes to Financial Statements			65

Report of Independent Registered Public Accounting Firm			76

Fund Expenses			77

Tax Information			79

Trustees and Officers			80

Approval of Investment Advisory Contracts			90


		2

The Market Environment

Domestic Equity

Despite a September selloff, US equity markets posted gains in the third quarter of 2020 as the US Federal Reserve (the Fed) extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new coronavirus (COVID-19) infections in many regions, combined with optimism about progress on a COVID-19 vaccine, further boosted stocks. October 2020 saw increased volatility as COVID-19 infection rates rose to record highs in the US and Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

US equity markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the fourth quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter. However, stocks were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at calendar year-end to 1.63%¹ at the August 31, 2021 fiscal year-end. Approval of a third COVID-19 vaccine in February 2021 boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April.

at a 6.4% annualized rate for the first quarter of 2021. Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. For both June and July, the Consumer Price Index (CPI) reported a 5.4% increase over the last 12 months, the biggest 12-month increase since August 2008.² Even with evidence of higher prices, the Fed declined to raise interest rates at its July Federal Open Market Committee (FOMC) meeting. Despite ending the period on an up month, the US stock market saw continued volatility in August due to increasing COVID-19 infection rates in the US and abroad, as well as continued concerns over inflation. For the fiscal year ended August 31, 2021, the S&P 500 Index returned 31.17%.³

¹	Source: Bloomberg LP

²	Source: Bureau of Labor Statistics, July 13, 2021

³	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended August 31, 2021, global equity markets posted gains as good news about coronavirus (COVID-19) vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Sectors that had been severely affected by the pandemic, including energy and financials, were among the fourth quarter’s top performers. Emerging market equities posted robust gains amplified by US dollar weakness.

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Despite continued concerns about inflation, the US benefited from the rebound of growth stocks and strong first-quarter earnings growth. European and UK equity markets also performed well, followed by Asia ex-Japan, while the Japanese equity market lagged due to slower progress on their vaccine rollout. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.


		3

The Market Environment (continued)

Global Equity (continued)

At the end of the fiscal year, global equity markets were positive as economic data was strong across developed markets amid the spread of the Delta variant across the globe. Emerging market equities were impacted by Chinese regulatory changes but managed to rebound by the end of August. Overall, developed market equities and emerging market equities had robust returns for the fiscal year.


		4


DEF		Management’s Discussion of Fund Performance
DEF		Invesco Defensive Equity ETF (DEF)

As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Defensive Equity Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is comprised of a subset of securities from the S&P 500^® Index. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. Instead of the traditional approach to defensive equity portfolios that focuses solely on low beta stocks, the Index, using a rules-based quantitative approach, is designed to measure the performance of approximately 100 equal-weighted securities selected from the S&P 500^® Index based on (i) the probability of delivering the required revenue growth to support the current stock price, (ii) beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and (iii) down market volatility (a measurement that represents a security’s volatility during adverse market conditions). For each security in the S&P 500^® Index, the probability of delivering the required revenue growth to support the current stock price is calculated. The securities in the top 80% based on their probability scores are eligible for inclusion in the Index. Of those securities, the 75% with the lowest beta are further evaluated and those that rank in the bottom 50% on down market volatility are eligible for inclusion in the Index. Of these securities, the 100 securities with a higher probability of delivering the required revenue growth to support their current stock prices while minimizing any differences in industry exposure relative to the S&P 500^® Index are 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 23.36%. On a net asset value (“NAV”) basis, the Fund returned 23.61%. During the same time period, the Index returned 24.31%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to daily compounding of 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 31.17%. The Benchmark Index is an unmanaged index weighted by market capitalization and 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 health care, consumer staples and communication services sectors and most underweight in the information technology and financials sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the consumer staples sector and the Fund’s underweight allocation to and security selection in the financials sector. For the fiscal year ended August 31, 2021, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. The consumer staples sector was the only sector which detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Arista Networks, Inc., an information technology company (portfolio average weight of 0.76%), and Garmin Ltd., a consumer discretionary company (portfolio average weight of 0.97%). Positions that detracted most significantly from the Fund’s return during the period included Clorox Co. (The), a consumer staples company (portfolio average weight of 0.94%), and Campbell Soup Co., a consumer staples company (portfolio average weight of 0.74%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Health Care			23.90
Industrials			14.66
Consumer Discretionary			11.20
Financials			11.09
Consumer Staples			10.14
Information Technology			10.10
Real Estate			5.09
Utilities			4.94
Communication Services			4.83
Materials			4.04
Money Market Funds Plus Other Assets Less Liabilities			0.01


		5

Invesco Defensive Equity ETF (DEF) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Danaher Corp.			1.27
PerkinElmer, Inc.			1.23
Agilent Technologies, Inc.			1.18
Thermo Fisher Scientific, Inc.			1.17
Garmin Ltd.			1.16
Charter Communications, Inc., Class A			1.14
Cooper Cos., Inc. (The)			1.14
Quest Diagnostics, Inc.			1.13
Costco Wholesale Corp.			1.13
Ball Corp.			1.12
Total			11.67

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2021


	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		24.31	%		14.13	%		48.66	%		14.64	%		98.02	%		13.33	%		249.37	%		9.97	%		304.45	%
S&P 500^® Index		31.17			18.07			64.61			18.02			128.95			16.34			354.24			10.41			329.18
Fund
NAV Return		23.61			13.49			46.18			13.96			92.17			12.67			229.74			9.27			268.27
Market Price Return		23.36			13.43			45.94			13.99			92.46			12.66			229.28			9.26			267.95


		6

Invesco Defensive Equity ETF (DEF) (continued)

Guggenheim Defensive Equity ETF (the “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 the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2023. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. 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, 2021.


		7


ISDX		Management’s Discussion of Fund Performance
ISDX		Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)

As an index fund, the Invesco RAFI^TM Strategic Developed ex-US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as developed market countries (excluding the U.S.). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 35.15%. On a net asset value (“NAV”) basis, the Fund returned 34.94%. During the same time period, the Index returned 35.07%. 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, which were partially offset by revenue from the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE^® Index (the “Benchmark Index”) returned 26.12%. The Benchmark Index is an unmanaged index weighted by market capitalization and based

on the average performance of approximately 900 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 equities markets in developed countries around the world, excluding the U.S.

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 energy and materials sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position to and security selection within the consumer discretionary, materials, and energy sectors. For the fiscal year ended August 31, 2021, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and materials sectors, respectively. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 2.14%), and Royal Dutch Shell PLC, Class A, an energy company (portfolio average weight of 2.30%). Positions that detracted most significantly from the Fund’s return during the period included Bayer AG, a health care company (portfolio average weight of 0.37%), and Barrick Gold Corp., a materials company (portfolio average weight of 0.24%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Industrials			16.38
Consumer Discretionary			13.54
Materials			13.40
Energy			11.18
Consumer Staples			10.89
Health Care			7.73
Information Technology			7.13
Communication Services			6.79
Financials			6.31
Utilities			5.49
Real Estate			0.75
Money Market Funds Plus Other Assets Less Liabilities			0.41


		8

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Royal Dutch Shell PLC, Class A			2.54
Samsung Electronics Co. Ltd.			1.82
Toyota Motor Corp.			1.47
BP PLC			1.35
Enbridge, Inc.			1.32
TotalEnergies SE			1.24
Nestle S.A.			1.24
Brookfield Asset Management, Inc., Class A			1.12
Volkswagen AG, Preference Shares			1.09
Roche Holding AG			1.07
Total			14.26

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Strategic Developed ex-US Index (Net)		35.07	%		9.97	%		32.58	%
MSCI EAFE^® Index (Net)		26.12			9.84			32.12
Fund
NAV Return		34.94			10.00			32.69
Market Price Return		35.15			10.01			32.70


		9

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX) (continued)

Fund Inception: September 12, 2018

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 the 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:

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

-	Net returns reflect reinvested dividends net of withholding taxes.


		10


ISEM		Management’s Discussion of Fund Performance
ISEM		Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)

As an index fund, the Invesco RAFI^TM Strategic Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Emerging Markets Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as emerging market countries.

Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as emerging market countries. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 26.13%. On a net asset value (“NAV”) basis, the Fund returned 26.70%. During the same time period, the Index returned 26.94%. 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 that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period, all of which was partially offset by the Fund holding cash for distribution during a period of market decline in September 2020.

During this same time period, the MSCI Emerging Markets Index (the “Benchmark Index”) returned 21.12%. The Benchmark Index

is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,383 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 emerging market equities.

Relative to the Benchmark Index, the Fund was most overweight in the energy and materials sectors and most underweight in the consumer discretionary and information technology sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight position and security selection in the consumer discretionary sector.

For the fiscal year ended August 31, 2021, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and energy sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the communication services sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 3.11%), and PetroChina Co. Ltd., H Shares, an energy company (portfolio average weight of 5.56%). Positions that detracted most significantly from the Fund’s return during the period included Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 4.89%) and China Life Insurance Co. Ltd., H Shares, a financials company (portfolio average weight of 2.99%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Energy			26.03
Financials			15.22
Information Technology			12.55
Materials			10.24
Consumer Discretionary			7.74
Industrials			7.46
Communication Services			6.41
Consumer Staples			5.55
Utilities			4.09
Real Estate			3.27
Health Care			1.33
Money Market Funds Plus Other Assets Less Liabilities			0.11


		11

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
PetroChina Co. Ltd., H Shares			7.40
China Petroleum & Chemical Corp., H Shares			5.05
China Life Insurance Co. Ltd., H Shares			3.24
Ping An Insurance (Group) Co. of China Ltd., H Shares			3.21
Taiwan Semiconductor Manufacturing Co. Ltd.			2.82
Gazprom PJSC			2.63
Petroleo Brasileiro S.A., Preference Shares			2.21
Hon Hai Precision Industry Co. Ltd.			1.91
Alibaba Group Holding Ltd.			1.91
China Shenhua Energy Co. Ltd., H Shares			1.87
Total			32.25

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Strategic Emerging Markets Index (Net)		26.94	%		8.80	%		28.43	%
MSCI Emerging Markets Index (Net)		21.12			11.81			39.26
Fund
NAV Return		26.70			8.32			26.75
Market Price Return		26.13			8.23			26.44


		12

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM) (continued)

Fund Inception: September 12, 2018

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% 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 Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		13


IUS		Management’s Discussion of Fund Performance
IUS		Invesco RAFI^TM Strategic US ETF (IUS)

As an index fund, the Invesco RAFI^TM Strategic US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities within the top 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 39.25%. On a net asset value (“NAV”) basis, the Fund returned 39.47%. During the same time period, the Index returned 39.82%. 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 that the Fund incurred during the period.

During this same time period, the Russell 1000^® Index (the “Benchmark Index”) returned 32.25%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 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 overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in the energy and industrials sectors and most underweight in the information technology and financials sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the consumer discretionary sector as well as the overweight allocation to and security selection in the energy sector.

For the fiscal year ended August 31, 2021, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 2.56%), and Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.15%). Positions that detracted most significantly from the Fund’s return during the period included Amgen, Inc., a health care company (portfolio average weight of 0.40%), and Merck & Co., Inc., a health care company (portfolio average weight of 0.54%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Information Technology			21.87
Health Care			15.41
Communication Services			12.76
Consumer Discretionary			10.57
Industrials			9.27
Consumer Staples			8.81
Financials			7.93
Energy			6.30
Materials			3.78
Sector Types Each Less Than 3%			3.16
Money Market Funds Plus Other Assets Less Liabilities			0.14


		14

Invesco RAFI^TM Strategic U.S. ETF (IUS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Apple, Inc.			5.61
Alphabet, Inc., Class A			3.62
Microsoft Corp.			3.29
Berkshire Hathaway, Inc., Class B			3.00
AT&T, Inc.			1.97
Amazon.com, Inc.			1.65
Exxon Mobil Corp.			1.62
Facebook, Inc., Class A			1.55
Intel Corp.			1.41
UnitedHealth Group, Inc.			1.30
Total			25.02

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Strategic US Index		39.82	%		17.88	%		62.90	%
Russell 1000^® Index		32.25			18.80			66.73
Fund
NAV Return		39.47			17.68			62.10
Market Price Return		39.25			17.71			62.22


		15

Invesco RAFI^TM Strategic U.S. ETF (IUS) (continued)

Fund Inception: September 12, 2018

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% 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 Fund.


		16


IUSS		Management’s Discussion of Fund Performance
IUSS		Invesco RAFI^TM Strategic US Small Company ETF (IUSS)

As an index fund, the Invesco RAFI^TM Strategic US Small Company ETF (“the Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Small Company 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 (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, small-business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked greater than 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 68.09%. On a net asset value (“NAV”) basis, the Fund returned 68.57%. During the same time period, the Index returned 68.80%. 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 that the Fund incurred.

During this same time period, the Russell 2000^® Index (the “Benchmark Index”) returned 47.08%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,000 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 overall U.S. small cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the industrials and consumer discretionary sectors and most underweight in the health care and financials sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the consumer discretionary sector.

For the fiscal year ended August 31, 2021, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included GameStop Corp., Class A, a consumer discretionary company (portfolio average weight of 1.72%), and SM Energy Co., an energy company (portfolio average weight of 0.36%). GameStop’s stock price increased drastically in early 2021 as retail investors leveraged social media to drive coordinated buying within the stock. Positions that detracted most significantly from the Fund’s return during the period included Oasis Petroleum Inc., an energy company (no longer held at fiscal year-end), and Gulfport Energy Corp., an energy company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Industrials			22.58
Consumer Discretionary			16.26
Information Technology			15.70
Health Care			11.22
Financials			6.96
Materials			6.51
Real Estate			4.98
Energy			4.82
Consumer Staples			4.21
Communication Services			3.39
Utilities			3.33
Money Market Funds Plus Other Assets Less Liabilities			0.04


		17

Invesco RAFI^TM Strategic U.S. Small Company ETF (IUSS) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Moderna, Inc.			0.50
Peabody Energy Corp.			0.46
Veritiv Corp.			0.32
MercadoLibre, Inc.			0.31
Amkor Technology, Inc.			0.30
lululemon athletica, inc.			0.29
Credit Acceptance Corp.			0.29
Tempur Sealy International, Inc.			0.29
Catalent, Inc.			0.28
First Solar, Inc.			0.27
Total			3.31

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Strategic US Small Company Index		68.80	%		17.52	%		61.43	%
Russell 2000^® Index		47.08			11.41			37.78
Fund
NAV Return		68.57			17.33			60.67
Market Price Return		68.09			17.32			60.62


		18

Invesco RAFI^TM Strategic U.S. Small Company ETF (IUSS) (continued)

Fund Inception: September 12, 2018

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 the 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:

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


		19

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

●

Each Fund’s investment strategy remained appropriate for an open-end fund;

●

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Funds did not breach the 15% limit on Illiquid Investments; and

●

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

Invesco Defensive Equity ETF (DEF)

August 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-4.83%
AT&T, Inc.		97,978	$	2,686,557
Charter Communications, Inc., Class A^(b)		4,214		3,441,405
Comcast Corp., Class A		50,531		3,066,221
T-Mobile US, Inc.^(b)		19,166		2,626,125
Verizon Communications, Inc.		49,492		2,722,060

				14,542,368

Consumer Discretionary-11.20%
AutoZone, Inc.^(b)		2,060		3,191,249
Dollar General Corp.		13,866		3,090,870
Dollar Tree, Inc.^(b)		28,733		2,601,486
Domino’s Pizza, Inc.		6,394		3,304,995
Garmin Ltd.		19,998		3,488,251
Genuine Parts Co.		22,006		2,688,913
Home Depot, Inc. (The)		9,239		3,013,577
McDonald’s Corp.		12,274		2,914,584
O’Reilly Automotive, Inc.^(b)		5,367		3,188,427
Tractor Supply Co.		15,701		3,049,919
Yum! Brands, Inc.		24,191		3,169,747

				33,702,018

Consumer Staples-10.14%
Campbell Soup Co.		61,904		2,583,254
Church & Dwight Co., Inc.		33,402		2,794,411
Clorox Co. (The)		16,070		2,700,564
Conagra Brands, Inc.		75,704		2,507,316
Constellation Brands, Inc., Class A		12,026		2,539,170
Costco Wholesale Corp.		7,473		3,403,877
General Mills, Inc.		45,465		2,628,332
JM Smucker Co. (The)		20,773		2,568,997
Kellogg Co.		43,860		2,769,320
Procter & Gamble Co. (The)		21,120		3,007,277
Walmart, Inc.		20,311		3,008,059

				30,510,577

Financials-11.09%
Allstate Corp. (The)		21,229		2,871,859
Arthur J. Gallagher & Co.		19,725		2,832,905
BlackRock, Inc.		3,267		3,081,729
CME Group, Inc., Class A		13,217		2,666,133
Everest Re Group Ltd.		11,047		2,926,350
Intercontinental Exchange, Inc.		25,632		3,063,793
Moody’s Corp.		8,374		3,188,568
Nasdaq, Inc.		16,812		3,291,454
Progressive Corp. (The)		29,974		2,887,695
S&P Global, Inc.		7,388		3,278,942
T. Rowe Price Group, Inc.		14,629		3,274,994

				33,364,422

Health Care-23.90%
Abbott Laboratories		26,057		3,292,823
AbbVie, Inc.		24,982		3,017,326
Agilent Technologies, Inc.		20,288		3,559,935
AmerisourceBergen Corp.		24,220		2,959,926
Amgen, Inc.		11,859		2,674,560
Becton, Dickinson and Co.		11,682		2,940,360
Bristol-Myers Squibb Co.		43,445		2,904,733
Cardinal Health, Inc.		48,213		2,530,700


	Shares		Value
Health Care-(continued)
Cooper Cos., Inc. (The)		7,608	$	3,429,002
Danaher Corp.		11,794		3,823,143
DaVita, Inc.^(b)		23,568		3,081,987
Gilead Sciences, Inc.		41,140		2,994,169
Humana, Inc.		6,729		2,728,071
IQVIA Holdings, Inc.^(b)		11,857		3,079,619
Johnson & Johnson		17,174		2,973,335
McKesson Corp.		14,940		3,049,852
Medtronic PLC		23,077		3,080,318
Merck & Co., Inc.		38,394		2,929,078
PerkinElmer, Inc.		20,079		3,710,599
Quest Diagnostics, Inc.		22,275		3,404,288
Thermo Fisher Scientific, Inc.		6,354		3,526,152
UnitedHealth Group, Inc.		7,077		2,945,943
Zoetis, Inc.		16,078		3,288,916

				71,924,835

Industrials-14.66%
Copart, Inc.^(b)		23,206		3,349,090
Cummins, Inc.		11,093		2,617,726
Dover Corp.		18,896		3,294,706
Expeditors International of Washington, Inc.		22,939		2,859,117
Fastenal Co.		53,684		2,998,251
Fortive Corp.		39,749		2,936,259
General Dynamics Corp.		14,720		2,948,563
J.B. Hunt Transport Services, Inc.		17,199		3,051,103
Leidos Holdings, Inc.		26,909		2,640,042
Lockheed Martin Corp.		7,308		2,629,418
Masco Corp.		48,654		2,954,271
Northrop Grumman Corp.		7,604		2,795,991
Stanley Black & Decker, Inc.		13,774		2,662,101
Trane Technologies PLC		15,602		3,096,997
Xylem, Inc.		24,031		3,275,666

				44,109,301

Information Technology-10.10%
Amphenol Corp., Class A		41,710		3,196,237
Arista Networks, Inc.^(b)		7,851		2,901,180
Broadridge Financial Solutions, Inc.		17,860		3,075,849
Cisco Systems, Inc.		52,293		3,086,333
Fidelity National Information Services, Inc.		19,579		2,501,609
Fiserv, Inc.^(b)		25,585		3,013,657
Motorola Solutions, Inc.		13,582		3,316,996
Oracle Corp.		33,647		2,998,957
Paychex, Inc.		27,430		3,139,912
TE Connectivity Ltd.		20,985		3,152,367

				30,383,097

Materials-4.04%
Air Products and Chemicals, Inc.		9,557		2,575,707
Ball Corp.		35,136		3,371,651
Linde PLC (United Kingdom)		9,792		3,080,465
Sherwin-Williams Co. (The)		10,277		3,120,817

				12,148,640

Real Estate-5.09%
Alexandria Real Estate Equities, Inc.		14,948		3,084,819
Digital Realty Trust, Inc.		17,574		2,880,554
Duke Realty Corp.		57,870		3,038,754

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

Invesco Defensive Equity ETF (DEF)–(continued)

August 31, 2021


	Shares		Value
Real Estate-(continued)
Mid-America Apartment Communities, Inc.		16,855	$	3,242,396
Prologis, Inc.		22,858		3,078,058

				15,324,581

Utilities-4.94%
Evergy, Inc.		44,878		3,071,899
Eversource Energy		34,482		3,128,552
Exelon Corp.		60,933		2,986,936
WEC Energy Group, Inc.		30,651		2,895,906
Xcel Energy, Inc.		40,723		2,799,706

				14,882,999

Total Common Stocks & Other Equity Interests
(Cost $265,904,021)				300,892,838


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $242,808)		242,808	$	242,808

TOTAL INVESTMENTS IN SECURITIES-100.07% (Cost $266,146,829)				301,135,646
OTHER ASSETS LESS LIABILITIES-(0.07)%				(215,636	)

NET ASSETS-100.00%			$	300,920,010

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)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	6,552,111		$	(6,309,303	)		$	-			$	-		$	242,808		$	62
Invesco Premier U.S. Government Money Portfolio, Institutional Class			116,684			341,857			(458,541	)			-				-			-			2

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,654,316			7,105,145			(8,759,461	)			-				-			-			127	*
Invesco Private Prime Fund			551,445			12,205,203			(12,756,697	)			(23	)			72			-			589	*

Total		$	2,322,445		$	26,204,316		$	(28,284,002	)		$	(23	)		$	72		$	242,808		$	780

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)

August 31, 2021

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.59%
Australia-5.69%
AGL Energy Ltd.		40,148	$	189,257
Ampol Ltd.		8,008		161,299
Aristocrat Leisure Ltd.		2,453		81,876
Aurizon Holdings Ltd.		55,797		154,146
BHP Group Ltd.		69,164		2,305,518
BHP Group PLC		82,383		2,559,545
BlueScope Steel Ltd.		10,755		198,079
Boral Ltd.^(a)		15,557		69,356
Brambles Ltd.		23,466		207,688
Coles Group Ltd.		25,669		339,184
Computershare Ltd.		5,492		66,228
Crown Resorts Ltd.^(a)(b)		7,129		48,507
CSL Ltd.		1,373		313,019
Downer EDI Ltd.		23,929		113,850
Endeavour Group Ltd.		18,788		100,238
Fortescue Metals Group Ltd.		15,102		231,783
Glencore PLC^(a)		418,163		1,884,177
Incitec Pivot Ltd.		51,282		101,195
JB Hi-Fi Ltd.		1,791		59,937
Lendlease Corp. Ltd.^(b)		18,232		159,099
Metcash Ltd.^(b)		35,477		105,788
Newcrest Mining Ltd.		8,742		158,066
OceanaGold Corp.^(a)		35,557		66,407
Orica Ltd.		8,272		79,620
Origin Energy Ltd.		68,936		224,199
Orora Ltd.		26,116		65,086
Qantas Airways Ltd.^(a)		38,960		144,932
Ramsay Health Care Ltd.		2,686		135,255
Rio Tinto Ltd.		25,154		2,060,089
Rio Tinto PLC		23,692		1,754,862
Santos Ltd.		32,689		144,539
Sonic Healthcare Ltd.		4,373		138,707
South32 Ltd.		138,355		317,507
Tabcorp Holdings Ltd.		25,423		89,000
Telstra Corp. Ltd.		302,386		848,636
Treasury Wine Estates Ltd.		9,317		86,002
Wesfarmers Ltd.		17,547		768,813
Woolworths Group Ltd.		18,788		573,278

				17,104,767

Austria-0.37%
ams AG^(a)		3,552		72,238
ANDRITZ AG		1,333		76,569
Mondi PLC		8,387		231,429
OMV AG		4,377		242,479
UNIQA Insurance Group AG		11,361		105,411
Verbund AG		731		80,035
voestalpine AG^(b)		4,682		212,232
Wienerberger AG		1,942		76,201

				1,096,594

Belgium-0.87%
Anheuser-Busch InBev S.A./N.V.		29,312		1,798,925
Etablissements Franz Colruyt N.V.		1,046		58,515
Groupe Bruxelles Lambert S.A		1,258		144,194
Proximus SADP^(b)		4,870		95,459
Solvay S.A., Class A		1,553		203,398


	Shares		Value
Belgium-(continued)
UCB S.A.		1,336	$	152,788
Umicore S.A.		2,415		158,903

				2,612,182

Brazil-0.06%
Yara International ASA		3,609		181,002

Burkina Faso-0.03%
Endeavour Mining PLC		3,819		93,174

Canada-14.75%
Aecon Group, Inc.		6,328		103,209
Agnico Eagle Mines Ltd.		5,024		288,642
Alamos Gold, Inc., Class A		14,000		110,347
Alimentation Couche-Tard, Inc., Class B		49,720		2,005,876
AltaGas Ltd.		15,981		319,582
ARC Resources Ltd.		21,054		150,118
Atco Ltd., Class I		6,611		222,084
B2Gold Corp.		36,583		141,277
Barrick Gold Corp.		58,316		1,170,335
Baytex Energy Corp.^(a)		60,651		104,633
BCE, Inc.		18,761		976,911
BlackBerry Ltd.^(a)		10,056		114,435
Boyd Group Services, Inc.		422		82,249
Brookfield Asset Management, Inc., Class A		60,425		3,356,333
BRP, Inc.		2,201		184,124
CAE, Inc.^(a)		5,097		146,942
Cameco Corp.		3,885		71,665
Canaccord Genuity Group, Inc.		7,087		84,518
Canadian National Railway Co.		12,784		1,501,322
Canadian Natural Resources Ltd.		56,929		1,880,889
Canadian Pacific Railway Ltd.		10,174		697,965
Canadian Solar, Inc.^(a)		2,171		80,262
Canadian Tire Corp. Ltd., Class A		3,042		462,204
Canfor Corp.^(a)		3,548		76,034
Capital Power Corp.		5,103		175,222
Cascades, Inc.		9,589		118,985
CCL Industries, Inc., Class B		3,633		207,058
Celestica, Inc.^(a)		20,921		198,175
Cenovus Energy, Inc.^(b)		69,090		572,447
Centerra Gold, Inc.		21,170		157,981
CGI, Inc., Class A^(a)		7,970		711,192
Chartwell Retirement Residences		5,910		60,239
CI Financial Corp.		9,876		191,401
Cogeco Communications, Inc.		1,037		95,202
Cogeco, Inc.		862		62,274
Constellation Software, Inc.		164		277,500
Crescent Point Energy Corp.		49,134		176,138
Dollarama, Inc.		3,823		174,049
Emera, Inc.		9,624		453,611
Empire Co. Ltd., Class A		19,649		634,416
Enbridge, Inc.		100,735		3,957,973
Enerflex Ltd.		9,660		58,633
Enerplus Corp.		16,088		94,976
Fairfax Financial Holdings Ltd.		1,919		848,102
Finning International, Inc.		8,870		230,515
Franco-Nevada Corp.		1,814		264,208
George Weston Ltd.		6,822		734,216
Gibson Energy, Inc.		8,658		155,942
Gildan Activewear, Inc.		4,898		187,990

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Canada-(continued)
Hudbay Minerals, Inc.		10,969	$	67,013
Hydro One Ltd.^(c)		12,856		319,454
iA Financial Corp., Inc.		8,229		455,586
IAMGOLD Corp.^(a)		36,423		86,471
IGM Financial, Inc.		2,808		102,240
Imperial Oil Ltd.^(b)		11,337		299,563
Intact Financial Corp.		4,571		621,561
Inter Pipeline Ltd.		14,091		223,021
Interfor Corp.		3,107		65,870
Keyera Corp.^(b)		9,833		236,400
Kinross Gold Corp.		51,149		307,222
Kirkland Lake Gold Ltd.		8,841		351,989
Linamar Corp.		3,190		180,447
Loblaw Cos. Ltd.		12,232		860,446
Magna International, Inc.		15,326		1,208,348
Maple Leaf Foods, Inc.		3,813		83,040
Martinrea International, Inc.		9,829		93,961
MEG Energy Corp.^(a)		22,544		143,437
Methanex Corp.		4,231		154,823
Metro, Inc.		12,019		611,294
Mullen Group Ltd.		5,869		61,539
NFI Group, Inc.		4,272		102,840
North West Co., Inc. (The)		2,364		66,992
Northland Power, Inc.		5,962		196,933
Nutrien Ltd.		29,045		1,762,950
Onex Corp.		5,294		370,348
Open Text Corp.		7,126		390,290
Pan American Silver Corp.^(b)		4,358		112,981
Parkland Corp.		10,872		324,099
Pembina Pipeline Corp.		26,335		801,314
Precision Drilling Corp.^(a)		2,356		76,386
Premium Brands Holdings Corp.		989		105,361
Quebecor, Inc., Class B		4,374		108,965
Restaurant Brands International, Inc.		5,996		384,628
Ritchie Bros. Auctioneers, Inc.		1,887		118,045
Rogers Communications, Inc., Class B		9,190		467,482
Russel Metals, Inc.		3,868		104,991
Saputo, Inc.		7,791		218,813
Secure Energy Services, Inc.^(a)		18,309		61,288
Shaw Communications, Inc., Class B		7,617		223,811
Shopify, Inc., Class A^(a)		169		257,661
SNC-Lavalin Group, Inc.		8,603		232,563
Spin Master Corp.^(a)(c)		2,119		80,960
SSR Mining, Inc.		5,067		84,527
Stantec, Inc.		3,696		178,095
Stella-Jones, Inc.		2,423		82,719
Suncor Energy, Inc.		95,869		1,787,420
Superior Plus Corp.		7,253		85,178
Teck Resources Ltd., Class B		37,084		834,915
TELUS Corp.		21,100		485,401
TFI International, Inc.		2,021		227,985
Thomson Reuters Corp.		2,738		319,421
Torex Gold Resources, Inc.^(a)		4,705		52,499
Toromont Industries Ltd.		1,505		126,341
Tourmaline Oil Corp.		12,423		331,699
TransAlta Corp.		17,230		168,530
Transcontinental, Inc., Class A		6,648		128,472
Vermilion Energy, Inc.^(a)		17,703		117,959
West Fraser Timber Co. Ltd.		2,348		181,017
Wheaton Precious Metals Corp.		5,904		265,660


	Shares		Value
Canada-(continued)
Whitecap Resources, Inc.		23,819	$	101,975
WSP Global, Inc.		2,737		356,797
Yamana Gold, Inc.		42,958		189,353

				44,339,790

Chile-0.08%
Antofagasta PLC^(b)		3,667		73,480
Lundin Mining Corp.		20,632		166,539

				240,019

China-0.44%
NXP Semiconductors N.V		4,956		1,066,184
Topsports International Holdings Ltd.^(c)		68,000		89,882
Wilmar International Ltd.		50,566		155,634

				1,311,700

Colombia-0.07%
Millicom International Cellular S.A., SDR^(a)		2,953		111,404
Parex Resources, Inc.^(a)		7,221		111,088

				222,492

Denmark-1.26%
AP Moller - Maersk A/S, Class B		216		612,700
Carlsberg A/S, Class B		1,636		285,528
Coloplast A/S, Class B		631		109,276
Dfds A/S^(a)		1,017		58,116
DSV Panalpina A/S		525		133,753
H Lundbeck A/S		2,834		83,695
ISS A/S^(a)		6,699		153,708
Novo Nordisk A/S, Class B		14,509		1,445,637
Novozymes A/S, Class B		1,544		124,699
Orsted A/S^(c)		908		144,275
Pandora A/S		1,313		157,147
Rockwool International A/S, Class B		161		85,179
Tryg A/S		3,597		89,042
Vestas Wind Systems A/S		7,575		305,773

				3,788,528

Finland-1.01%
Elisa OYJ		1,351		86,501
Fortum OYJ		8,206		249,144
Huhtamaki OYJ		1,444		77,064
Kesko OYJ, Class B^(b)		5,231		215,876
Kone OYJ, Class B		2,708		224,533
Neste OYJ		2,777		168,954
Nokia OYJ^(a)		102,626		615,416
Nokian Renkaat OYJ		1,846		70,189
Outokumpu OYJ^(a)		14,562		100,904
Sampo OYJ, Class A		8,008		413,476
Stora Enso OYJ, Class R		14,103		275,939
UPM-Kymmene OYJ		9,022		366,680
Valmet OYJ^(b)		1,448		58,048
Wartsila OYJ Abp		8,246		116,857

				3,039,581

France-7.78%
Air France-KLM^(a)(b)		15,898		74,035
Air Liquide S.A.		4,769		854,681
Airbus SE^(a)		5,388		735,883
Alstom S.A.		2,855		122,675
Arkema S.A.		1,174		155,769
Atos SE		3,170		164,500

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
France-(continued)
Bollore S.A.		23,480	$	138,862
Bouygues S.A.		10,221		427,477
Bureau Veritas S.A.		2,480		82,293
Capgemini SE		2,178		488,880
Carrefour S.A.		33,643		669,179
Casino Guichard Perrachon S.A.^(a)(b)		5,523		160,187
Cie de Saint-Gobain		12,141		879,832
Cie Generale des Etablissements Michelin S.C.A		3,635		588,073
Criteo S.A., ADR^(a)		2,658		99,755
Danone S.A.		8,446		616,849
Dassault Systemes SE		1,945		110,907
Eiffage S.A.		3,209		333,426
Electricite de France S.A.		20,323		275,289
Elis S.A.^(a)		5,309		93,880
ENGIE S.A.		79,696		1,141,345
EssilorLuxottica S.A.		2,211		433,935
Faurecia SE		5,053		243,603
Hermes International		63		92,551
Kering S.A.		347		276,081
Korian S.A.		2,224		86,216
Legrand S.A.		1,964		224,700
L’Oreal S.A.		1,213		567,457
LVMH Moet Hennessy Louis Vuitton SE		1,171		866,431
Nexity S.A.		1,427		73,545
Orange S.A.		78,660		893,258
Orpea S.A.		677		85,191
Pernod Ricard S.A.		1,548		325,175
Publicis Groupe S.A.		4,144		271,592
Rallye S.A.^(a)(b)		18,243		130,933
Renault S.A.^(a)		17,081		634,135
Rexel S.A.^(a)		9,544		199,581
Rubis S.C.A		1,977		76,570
Safran S.A.		3,413		428,109
Sanofi		18,361		1,899,098
SCOR SE		8,985		275,659
SEB S.A.		357		56,133
Sodexo S.A.^(a)		2,099		173,493
SPIE S.A.		3,886		92,112
Suez S.A.		9,123		211,616
Teleperformance		293		129,495
Thales S.A.		1,595		161,809
TotalEnergies SE		84,738		3,735,584
Ubisoft Entertainment S.A.^(a)(b)		958		60,977
Valeo		9,473		269,272
Veolia Environnement S.A.		14,974		513,490
Vinci S.A.		9,514		1,020,768
Vivendi SE^(b)		12,829		489,454
Wendel SE		761		110,404
Worldline S.A.^(a)(c)		707		62,819

				23,385,023

Germany-8.33%
adidas AG		1,147		406,802
Aurubis AG		1,064		90,281
BASF SE		21,404		1,655,452
Bayer AG		22,351		1,243,886
Bayerische Motoren Werke AG		11,067		1,049,958
Beiersdorf AG		659		79,931
Brenntag SE		2,154		217,248


	Shares		Value
Germany-(continued)
CECONOMY AG^(a)		19,490	$	91,338
Continental AG^(a)		3,377		453,730
Covestro AG^(c)		5,017		325,135
Daimler AG		25,942		2,187,113
Deutsche Lufthansa AG^(a)(b)		21,058		210,920
Deutsche Post AG		8,915		627,003
Deutsche Telekom AG		83,097		1,766,439
E.ON SE		50,271		663,330
Evonik Industries AG		10,476		353,679
Freenet AG		3,167		78,134
Fresenius Medical Care AG & Co. KGaA		4,116		316,012
Fresenius SE & Co. KGaA		15,799		821,530
FUCHS PETROLUB SE, Preference Shares		1,432		72,451
GEA Group AG		2,633		121,559
Hannover Rueck SE		1,394		256,623
HeidelbergCement AG		3,995		347,090
Henkel AG & Co. KGaA, Preference Shares		5,318		519,412
HOCHTIEF AG		1,107		88,598
Infineon Technologies AG		7,031		299,330
Jungheinrich AG, Preference Shares		1,311		70,786
K+S AG^(a)		8,906		126,893
KION Group AG		764		81,727
Knorr-Bremse AG		670		80,395
LANXESS AG		1,864		135,850
Merck KGaA		2,734		649,343
METRO AG		10,161		135,299
MTU Aero Engines AG		408		93,604
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		4,362		1,274,151
ProSiebenSat.1 Media SE		5,900		112,584
Rheinmetall AG		1,060		103,656
RWE AG		10,888		425,297
Salzgitter AG^(a)		2,023		76,036
SAP SE		6,936		1,043,592
Schaeffler AG, Preference Shares		23,640		202,876
Siemens AG		10,895		1,811,345
Siemens Healthineers AG^(c)		1,982		137,806
Symrise AG		664		94,529
Telefonica Deutschland Holding AG		39,356		110,430
thyssenkrupp AG^(a)		22,969		255,791
TUI AG^(a)(b)		24,449		106,395
Uniper SE		5,753		228,386
United Internet AG		1,787		77,228
Volkswagen AG, Preference Shares		13,771		3,272,330

				25,049,313

Hong Kong-1.44%
AIA Group Ltd.		150,245		1,795,634
CK Hutchison Holdings Ltd.		93,330		681,013
CLP Holdings Ltd.		35,857		358,462
HKT Trust & HKT Ltd.		74,732		101,854
Hong Kong & China Gas Co. Ltd. (The)		93,007		149,723
Jardine Matheson Holdings Ltd.		4,346		236,075
Melco Resorts & Entertainment Ltd., ADR^(a)		14,544		200,125
PCCW Ltd.		137,767		71,918
Swire Pacific Ltd., Class A		39,010		264,335
Techtronic Industries Co. Ltd.		6,161		136,650
WH Group Ltd.^(b)		286,022		248,240
Yue Yuen Industrial Holdings Ltd.^(a)		36,208		73,465

				4,317,494

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Indonesia-0.03%
First Pacific Co. Ltd.		238,976	$	89,109

Ireland-0.50%
CRH PLC		12,790		680,013
Flutter Entertainment PLC^(a)		833		161,817
ICON PLC^(a)		855		218,683
Kerry Group PLC, Class A		1,025		150,277
Kingspan Group PLC		780		89,110
Smurfit Kappa Group PLC		3,637		208,569

				1,508,469

Israel-0.45%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		67,985		80,850
Check Point Software Technologies Ltd.^(a)		3,910		491,213
ICL Group Ltd.		10,473		74,173
Teva Pharmaceutical Industries Ltd., ADR^(a)		75,618		712,322

				1,358,558

Italy-1.79%
A2A S.p.A.		37,497		82,330
Assicurazioni Generali S.p.A		69,968		1,426,395
Enel S.p.A.		160,359		1,460,797
Eni S.p.A.		109,881		1,355,979
Ferrari N.V.		414		89,775
Hera S.p.A.		17,599		76,098
Leonardo S.p.A.^(a)		16,501		134,363
Prysmian S.p.A.		4,021		151,274
Saipem S.p.A.^(a)(b)		35,200		83,395
Telecom Italia S.p.A.		859,613		388,946
Unipol Gruppo S.p.A.		23,176		137,392

				5,386,744

Japan-22.77%
Advantest Corp.		772		66,898
Aeon Co. Ltd.^(b)		26,338		699,925
AGC, Inc.		6,473		313,457
Air Water, Inc.^(b)		5,287		85,374
Aisin Corp.^(b)		7,568		289,673
Ajinomoto Co., Inc.		8,048		237,645
Alfresa Holdings Corp.^(b)		12,203		193,386
Alps Alpine Co. Ltd.^(b)		10,544		110,757
Amada Co. Ltd.		8,820		89,597
ANA Holdings, Inc.^(a)		4,512		107,009
Asahi Group Holdings Ltd.		7,119		331,391
Asahi Kasei Corp.		31,008		320,636
Astellas Pharma, Inc.		32,910		556,289
Bandai Namco Holdings, Inc.		1,634		113,648
Bridgestone Corp.		17,138		789,977
Brother Industries Ltd.^(b)		5,704		117,237
Canon, Inc.^(b)		28,107		668,136
Chubu Electric Power Co., Inc.^(b)		37,019		447,827
Chugai Pharmaceutical Co. Ltd.		2,203		86,387
Chugoku Electric Power Co., Inc. (The)^(b)		16,979		158,570
Coca-Cola Bottlers Japan Holdings, Inc.		5,279		73,712
COMSYS Holdings Corp.		2,340		63,005
Cosmo Energy Holdings Co. Ltd.		7,269		144,771
Dai Nippon Printing Co. Ltd.		8,822		210,071
Daicel Corp.		11,552		93,165
Daiichi Sankyo Co. Ltd.		11,988		285,296
Daikin Industries Ltd.		2,003		499,656
Daito Trust Construction Co. Ltd.^(b)		2,190		240,808


	Shares		Value
Japan-(continued)
Daiwa House Industry Co. Ltd.		17,492	$	534,345
Denka Co. Ltd.		1,825		64,123
Denso Corp.		8,278		580,952
Dentsu Group, Inc.		5,716		212,282
DIC Corp.		3,340		96,223
East Japan Railway Co.		8,612		582,521
Ebara Corp.		2,125		105,999
Eisai Co. Ltd.		2,469		204,199
Electric Power Development Co. Ltd.^(b)		10,918		163,382
ENEOS Holdings, Inc.		265,400		1,029,373
FANUC Corp.		1,565		341,747
Fast Retailing Co. Ltd.		259		170,969
Fuji Electric Co. Ltd.		2,169		94,077
FUJIFILM Holdings Corp.		5,656		466,854
Fujikura Ltd.^(a)		16,368		94,459
Fujitsu Ltd.		2,912		538,081
Furukawa Electric Co. Ltd.		3,659		78,802
H2O Retailing Corp.^(b)		8,134		63,970
Hakuhodo DY Holdings, Inc.		6,782		106,860
Hankyu Hanshin Holdings, Inc.		5,355		160,611
Hanwa Co. Ltd.		4,201		126,191
Haseko Corp.^(b)		7,776		107,870
Hino Motors Ltd.		10,703		92,845
Hitachi Construction Machinery Co. Ltd.^(b)		2,076		59,619
Hitachi Ltd.		25,181		1,394,742
Hitachi Metals Ltd.^(a)		3,762		72,768
Hokkaido Electric Power Co., Inc.		22,580		105,850
Hokuriku Electric Power Co.		14,229		77,064
Honda Motor Co. Ltd.^(b)		59,511		1,810,356
Hoya Corp.		1,781		288,241
Idemitsu Kosan Co. Ltd.^(b)		14,209		341,192
IHI Corp.^(a)		5,951		132,497
Iida Group Holdings Co. Ltd.		2,820		71,771
Isetan Mitsukoshi Holdings Ltd.^(b)		16,913		113,615
Isuzu Motors Ltd.^(b)		17,959		227,553
ITOCHU Corp.		33,476		1,008,912
Iwatani Corp.		1,158		64,087
J. Front Retailing Co. Ltd.		8,414		72,836
Japan Airlines Co. Ltd.^(a)		4,544		96,828
Japan Tobacco, Inc.		24,796		481,317
JFE Holdings, Inc.		30,411		494,116
JGC Holdings Corp.		7,720		64,931
JSR Corp.^(b)		2,843		98,726
JTEKT Corp.		10,425		94,419
Kajima Corp.		16,783		217,388
Kamigumi Co. Ltd.		3,045		65,911
Kaneka Corp.		1,656		68,661
Kanematsu Corp.		4,708		60,682
Kansai Electric Power Co., Inc. (The)^(b)		44,880		451,415
Kao Corp.		5,459		330,243
Kawasaki Heavy Industries Ltd.^(a)(b)		6,871		146,476
KDDI Corp.		16,876		517,678
Keio Corp.		1,019		54,911
Keyence Corp.		455		273,886
Kinden Corp.		3,667		62,185
Kintetsu Group Holdings Co. Ltd.^(a)		3,621		123,930
Kirin Holdings Co. Ltd.		16,896		306,669
Kobe Steel Ltd.^(b)		29,725		189,400
Koito Manufacturing Co. Ltd.		1,345		82,394
Komatsu Ltd.		15,444		374,291

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Japan-(continued)
Konica Minolta, Inc.^(b)		26,307	$	133,858
K’s Holdings Corp.^(b)		6,436		70,593
Kubota Corp.		12,527		259,354
Kuraray Co. Ltd.		11,874		111,866
Kyocera Corp.		6,648		414,275
Kyushu Electric Power Co., Inc.^(b)		34,632		264,800
Kyushu Railway Co.^(a)		3,433		77,841
Lawson, Inc.^(b)		1,607		77,527
Lixil Corp.^(b)		7,612		222,069
Makita Corp.		2,222		127,827
Marubeni Corp.^(b)		86,872		692,382
Mazda Motor Corp.^(a)		43,284		376,263
Medipal Holdings Corp.		11,669		223,374
MEIJI Holdings Co. Ltd.^(b)		2,533		155,863
MINEBEA MITSUMI, Inc.		5,003		129,014
Mitsubishi Chemical Holdings Corp.^(b)		59,103		519,586
Mitsubishi Corp.		61,279		1,846,848
Mitsubishi Electric Corp.		43,127		591,004
Mitsubishi Estate Co. Ltd.		15,538		243,409
Mitsubishi Gas Chemical Co., Inc.		3,984		75,249
Mitsubishi Heavy Industries Ltd.		16,491		436,668
Mitsubishi Materials Corp.^(b)		8,309		170,627
Mitsubishi Motors Corp.^(a)(b)		38,841		99,348
Mitsui & Co. Ltd.^(b)		50,473		1,115,956
Mitsui Chemicals, Inc.^(b)		5,753		198,993
Mitsui Fudosan Co. Ltd.		15,295		351,398
Mitsui Mining & Smelting Co. Ltd.		2,344		71,263
Mitsui OSK Lines Ltd.^(b)		3,845		297,492
MS&AD Insurance Group Holdings, Inc.^(b)		20,634		667,703
Murata Manufacturing Co. Ltd.		4,620		383,486
Nagase & Co. Ltd.		4,724		78,045
Nagoya Railroad Co. Ltd.^(a)		5,195		91,501
NEC Corp.		7,123		374,758
Nexon Co. Ltd.		2,609		47,734
NGK Insulators Ltd.		4,999		83,044
NGK Spark Plug Co. Ltd.		5,167		79,579
NH Foods Ltd.		2,847		110,527
NHK Spring Co. Ltd.		9,633		69,271
Nidec Corp.		1,905		218,834
Nikon Corp.^(b)		11,533		121,671
Nintendo Co. Ltd.		684		329,361
Nippon Electric Glass Co. Ltd.		3,153		67,445
Nippon Express Co. Ltd.		1,054		71,859
Nippon Light Metal Holdings Co. Ltd.		3,671		64,525
Nippon Paper Industries Co. Ltd.		9,708		108,161
Nippon Steel Corp.		40,549		829,730
Nippon Steel Trading Corp.		1,878		85,985
Nippon Suisan Kaisha Ltd.		13,219		72,918
Nippon Telegraph & Telephone Corp.^(b)		45,211		1,208,261
Nippon Yusen K.K.		4,786		386,417
Nissan Motor Co. Ltd.^(a)		206,107		1,085,317
Nisshin Seifun Group, Inc.		4,387		72,039
Nissin Foods Holdings Co. Ltd.^(b)		961		74,879
Nitori Holdings Co. Ltd.^(b)		633		118,579
Nitto Denko Corp.		2,672		203,331
Nomura Real Estate Holdings, Inc.		2,679		68,645
Nomura Research Institute Ltd.		3,762		141,597
NSK Ltd.		13,012		91,437
NTN Corp.^(a)(b)		23,004		52,767
NTT Data Corp.		10,690		192,763


	Shares		Value
Japan-(continued)
Obayashi Corp.		27,294	$	225,090
Odakyu Electric Railway Co. Ltd.^(b)		2,991		69,806
Oji Holdings Corp.		29,623		155,314
Olympus Corp.		5,758		121,151
Omron Corp.		1,852		174,984
Ono Pharmaceutical Co. Ltd.		4,158		100,071
ORIX Corp.		49,994		933,576
Osaka Gas Co. Ltd.		11,583		217,511
Otsuka Corp.		1,158		60,082
Otsuka Holdings Co. Ltd.		6,866		292,552
Pan Pacific International Holdings Corp.		4,055		77,402
Panasonic Corp.		75,785		905,060
Persol Holdings Co. Ltd.^(b)		3,945		92,359
Rakuten Group, Inc.		14,089		147,738
Recruit Holdings Co. Ltd.		7,033		416,116
Renesas Electronics Corp.^(a)(b)		7,927		85,793
Ricoh Co. Ltd.^(b)		20,898		213,051
Rohm Co. Ltd.		1,538		148,676
Santen Pharmaceutical Co. Ltd.		5,057		75,491
Secom Co. Ltd.		3,145		238,895
Seibu Holdings, Inc.^(a)		7,249		87,495
Seiko Epson Corp.		7,606		141,929
Sekisui Chemical Co. Ltd.		9,090		155,885
Sekisui House Ltd.		17,412		347,574
Seven & i Holdings Co. Ltd.^(b)		17,806		780,410
Sharp Corp.^(b)		4,874		64,463
Shikoku Electric Power Co., Inc.^(b)		12,036		84,469
Shimano, Inc.		464		136,421
Shimizu Corp.		22,603		162,538
Shin-Etsu Chemical Co. Ltd.		3,036		503,098
Shionogi & Co. Ltd.		3,494		221,102
Shiseido Co. Ltd.		2,236		148,436
Showa Denko K.K		3,982		88,694
SMC Corp.		372		238,756
Softbank Corp.		44,195		592,767
Sojitz Corp.^(b)		66,526		195,593
Sompo Holdings, Inc.^(b)		12,554		551,709
Sony Group Corp.		16,118		1,666,671
Stanley Electric Co. Ltd.		2,508		62,734
Subaru Corp.^(b)		23,823		441,612
SUMCO Corp.		3,488		73,754
Sumitomo Chemical Co. Ltd.		58,229		295,756
Sumitomo Corp.		53,021		750,238
Sumitomo Electric Industries Ltd.		28,455		380,876
Sumitomo Forestry Co. Ltd.		4,160		81,488
Sumitomo Heavy Industries Ltd.^(b)		3,872		101,505
Sumitomo Metal Mining Co. Ltd.		3,939		151,450
Sumitomo Realty & Development Co. Ltd.		4,447		143,781
Sumitomo Rubber Industries Ltd.		7,874		94,537
Suntory Beverage & Food Ltd.		2,614		104,812
Suzuken Co. Ltd.		4,369		130,044
Suzuki Motor Corp.		8,860		383,562
Sysmex Corp.		692		78,863
Taiheiyo Cement Corp.		5,868		134,709
Taisei Corp.		6,480		203,200
Taisho Pharmaceutical Holdings Co. Ltd.		1,110		64,866
Takashimaya Co. Ltd.^(b)		8,752		87,632
Takeda Pharmaceutical Co. Ltd.		27,329		915,196
TDK Corp.		2,027		213,475
Teijin Ltd.		8,096		116,657

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Japan-(continued)
Terumo Corp.		4,040	$	169,050
TIS, Inc.		2,404		68,054
Tobu Railway Co. Ltd.		4,445		116,162
Toho Holdings Co. Ltd.		4,934		85,736
Tohoku Electric Power Co., Inc.^(b)		37,491		287,342
Tokio Marine Holdings, Inc.		23,347		1,142,698
Tokyo Electric Power Co. Holdings, Inc.^(a)		231,160		608,094
Tokyo Electron Ltd.		888		381,842
Tokyo Gas Co. Ltd.		15,937		306,961
Tokyu Corp.		12,118		167,111
Tokyu Fudosan Holdings Corp.^(b)		19,721		114,348
Toppan, Inc.		11,224		193,095
Toray Industries, Inc.		45,197		305,181
Toshiba Corp.^(b)		11,688		508,012
Tosoh Corp.		7,008		127,453
TOTO Ltd.		1,568		85,494
Toyo Seikan Group Holdings Ltd.		9,576		133,538
Toyo Suisan Kaisha Ltd.		1,572		65,178
Toyota Boshoku Corp.^(b)		3,474		65,489
Toyota Industries Corp.		2,804		237,112
Toyota Motor Corp.		50,773		4,433,048
Toyota Tsusho Corp.		8,276		366,491
Trend Micro, Inc.		1,379		75,691
Tsuruha Holdings, Inc.		579		72,994
Ube Industries Ltd.^(b)		4,658		94,084
Unicharm Corp.		2,384		106,419
West Japan Railway Co.		4,608		252,337
Yakult Honsha Co. Ltd.		1,379		79,582
Yamada Holdings Co. Ltd.		29,220		125,806
Yamaha Corp.		1,311		77,448
Yamaha Motor Co. Ltd.		6,600		168,214
Yamato Holdings Co. Ltd.		2,681		68,331
Yamazaki Baking Co. Ltd.^(b)		4,446		73,048
Yaskawa Electric Corp.		1,564		76,591
Yokogawa Electric Corp.		4,108		64,428
Yokohama Rubber Co. Ltd. (The)		3,638		62,157
Z Holdings Corp.		37,754		246,401

				68,456,009

Luxembourg-0.27%
Aperam S.A.		1,154		70,782
ArcelorMittal S.A.		22,502		754,242

				825,024

Netherlands-2.02%
Aalberts N.V.		1,104		68,940
Akzo Nobel N.V.		3,749		462,023
ASM International N.V.		290		112,490
ASML Holding N.V.		982		816,658
EXOR N.V.		11,134		927,905
Heineken Holding N.V.		2,137		198,026
Heineken N.V.^(b)		2,449		267,989
Koninklijke Ahold Delhaize N.V.		41,697		1,406,251
Koninklijke BAM Groep N.V.^(a)		25,886		85,438
Koninklijke DSM N.V.		1,628		346,400
Koninklijke KPN N.V.		70,354		225,396
Koninklijke Philips N.V.		10,518		484,720
Randstad N.V.		3,112		228,863
SBM Offshore N.V.		3,987		72,621


	Shares		Value
Netherlands-(continued)
Signify N.V.		2,390	$	133,785
Wolters Kluwer N.V.		2,134		245,409

				6,082,914

New Zealand-0.12%
Contact Energy Ltd.		11,671		66,949
Fletcher Building Ltd.		18,152		95,695
Meridian Energy Ltd.		29,775		110,025
Spark New Zealand Ltd.		29,130		99,953

				372,622

Norway-0.47%
Equinor ASA		25,909		549,826
Gjensidige Forsikring ASA		5,483		128,047
Mowi ASA		5,041		134,865
Norsk Hydro ASA		32,761		225,874
Orkla ASA		12,181		108,694
Telenor ASA		15,896		278,192

				1,425,498

Portugal-0.14%
Galp Energia SGPS S.A.		16,970		173,760
Jeronimo Martins SGPS S.A.		6,040		127,982
Sonae SGPS S.A.		111,772		121,650

				423,392

Russia-0.30%
Coca-Cola HBC AG^(a)		2,751		99,536
Evraz PLC		9,471		76,955
VEON Ltd., ADR^(a)		326,374		714,759

				891,250

Singapore-0.22%
ComfortDelGro Corp. Ltd.		64,246		77,376
Jardine Cycle & Carriage Ltd.		4,933		71,258
Keppel Corp. Ltd.		35,900		138,785
Singapore Technologies Engineering Ltd.		22,029		61,906
Singapore Telecommunications Ltd.		184,814		318,763

				668,088

South Africa-0.28%
Anglo American PLC		19,669		830,762

South Korea-5.60%
CJ CheilJedang Corp.		292		114,211
CJ Corp.		1,648		144,268
DB Insurance Co. Ltd.		3,337		168,944
Doosan Co. Ltd.		1,064		82,132
Doosan Heavy Industries & Construction Co. Ltd.^(a)		11,394		205,386
Doosan Infracore Co. Ltd.^(a)		2,265		23,051
E-MART, Inc.		1,237		190,972
GS Engineering & Construction Corp.		2,530		97,648
GS Holdings Corp.		3,072		112,605
Hankook Tire & Technology Co. Ltd.		2,014		80,946
Hanwha Corp.		10,488		314,789
Hanwha Life Insurance Co. Ltd.		39,243		112,877
Hanwha Solutions Corp.^(a)		2,578		90,606
Hyundai Engineering & Construction Co. Ltd.		2,966		141,975
Hyundai Glovis Co. Ltd.		443		74,123
Hyundai Heavy Industries Holdings Co. Ltd.		2,439		137,364
Hyundai Marine & Fire Insurance Co. Ltd.		6,024		133,006
Hyundai Mobis Co. Ltd.		1,740		416,447

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
South Korea-(continued)
Hyundai Motor Co.		4,775	$	875,146
Hyundai Steel Co.		4,704		206,912
Kia Corp.		7,088		520,237
Korea Electric Power Corp.		31,033		642,367
Korea Gas Corp.^(a)		3,553		110,931
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		1,056		107,927
Korea Zinc Co. Ltd.		175		80,297
Korean Air Lines Co. Ltd.^(a)		3,519		94,997
KT Corp., ADR		15,245		213,735
KT&G Corp.		2,472		173,975
LG Chem Ltd.		416		271,963
LG Corp.		1,256		103,236
LG Display Co. Ltd.^(a)		14,276		252,411
LG Electronics, Inc.		3,413		417,996
LG Household & Health Care Ltd.		61		76,865
LG Uplus Corp.		9,477		114,841
LOTTE Chemical Corp.		566		122,041
LOTTE Shopping Co. Ltd.		1,094		101,432
LS Corp.		1,007		57,843
LX International Corp.		2,185		52,295
NAVER Corp.		400		151,451
POSCO		3,070		892,311
Posco International Corp.		4,015		78,780
Samsung C&T Corp.		1,875		215,080
Samsung Electro-Mechanics Co. Ltd.		702		111,707
Samsung Electronics Co. Ltd.		82,857		5,481,161
Samsung Fire & Marine Insurance Co. Ltd.		1,203		234,489
Samsung SDI Co. Ltd.		254		173,722
Samsung SDS Co. Ltd.		464		69,033
SK Hynix, Inc.		8,438		775,063
SK Innovation Co. Ltd.^(a)		1,464		315,036
SK Telecom Co. Ltd.		1,040		267,299
SK, Inc.		3,267		742,468
S-Oil Corp.		1,186		97,278

				16,843,675

Spain-1.80%
Acciona S.A.		450		73,093
ACS Actividades de Construccion y Servicios S.A.^(b)		14,520		391,824
Amadeus IT Group S.A.^(a)		3,024		184,624
Endesa S.A.		6,590		158,384
Ferrovial S.A.		4,835		139,947
Grifols S.A.		3,988		97,401
Iberdrola S.A.		98,170		1,216,212
Industria de Diseno Textil S.A.		8,294		283,048
Mapfre S.A.		59,008		127,192
Naturgy Energy Group S.A.		8,374		215,495
Red Electrica Corp. S.A.		8,084		161,177
Repsol S.A.		73,099		837,442
Telefonica S.A.^(b)		310,805		1,534,151

				5,419,990

Sweden-1.58%
Alfa Laval AB		2,227		90,228
Assa Abloy AB, Class B		7,281		232,455
Atlas Copco AB, Class A		5,028		344,798
Boliden AB		4,378		152,494
Electrolux AB, Series B^(b)		5,893		149,122
Epiroc AB, Class A		4,213		92,344


	Shares		Value
Sweden-(continued)
Essity AB, Class B		7,641	$	244,833
Getinge AB, Class B		1,871		76,671
H & M Hennes & Mauritz AB, Class B^(a)(b)		10,422		208,666
Hexagon AB, Class B		10,120		175,136
Holmen AB, Class B		1,308		66,394
Husqvarna AB, Class B		5,857		78,478
ICA Gruppen AB^(b)		1,917		95,266
Lundin Energy AB		4,019		122,636
Peab AB, Class B		4,539		54,224
Sandvik AB		8,647		220,213
Securitas AB, Class B		8,200		135,976
Skanska AB, Class B		7,632		219,543
SKF AB, Class B		6,215		158,277
SSAB AB, Class A^(a)		22,290		121,221
Svenska Cellulosa AB S.C.A., Class B		8,177		144,114
Swedish Match AB		11,227		103,554
Tele2 AB, Class B		8,345		124,953
Telefonaktiebolaget LM Ericsson, Class B		32,816		388,611
Telia Co. AB		63,688		273,076
Trelleborg AB, Class B		3,706		89,962
Volvo AB, Class B		25,447		574,827

				4,738,072

Switzerland-5.30%
ABB Ltd.		19,662		728,055
Adecco Group AG		4,718		262,566
Alcon, Inc.		4,186		344,732
Aryzta AG^(a)		56,258		78,425
Barry Callebaut AG		35		89,176
Chocoladefabriken Lindt & Spruengli AG, PC		17		199,869
Cie Financiere Richemont S.A.		4,956		546,429
Clariant AG^(a)(b)		3,668		77,200
DKSH Holding AG		885		68,931
Dufry AG^(a)		1,613		87,231
Geberit AG		203		169,571
Georg Fischer AG		68		111,570
Givaudan S.A.		46		230,741
Helvetia Holding AG		1,067		122,186
Holcim Ltd.^(a)		12,095		689,219
IWG PLC^(a)		12,363		50,891
Kuehne + Nagel International AG, Class R		443		162,054
Logitech International S.A., Class R		755		77,177
Lonza Group AG		281		237,733
Nestle S.A		29,439		3,719,524
Novartis AG		31,446		2,910,656
Partners Group Holding AG		102		180,828
Roche Holding AG		8,033		3,224,863
Schindler Holding AG, PC		602		194,391
SGS S.A		56		175,938
SIG Combibloc Group AG^(a)		2,427		74,290
Sika AG^(b)		683		246,120
Sonova Holding AG, Class A		292		112,522
STMicroelectronics N.V		5,160		229,514
Swatch Group AG (The), BR		887		250,012
Swisscom AG		456		267,512

				15,919,926

Taiwan-0.07%
Sea Ltd., ADR^(a)		630		213,142

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Turkey-0.04%
Eldorado Gold Corp.^(a)		12,893	$	112,845

United Kingdom-12.10%
Admiral Group PLC		2,023		100,536
Ashtead Group PLC		2,240		175,411
Associated British Foods PLC		5,374		146,440
AstraZeneca PLC		7,961		932,822
B&M European Value Retail S.A.		10,670		82,087
Babcock International Group PLC^(a)(b)		30,727		153,548
BAE Systems PLC^(b)		58,104		454,525
Balfour Beatty PLC		21,880		86,121
Barratt Developments PLC		17,425		177,221
Beazley PLC^(a)		14,918		80,378
Bellway PLC		1,841		89,160
Berkeley Group Holdings PLC		1,993		132,398
BP PLC		991,224		4,050,910
British American Tobacco PLC		46,503		1,746,554
BT Group PLC^(a)		322,628		753,941
Bunzl PLC		5,222		189,443
Burberry Group PLC		4,264		109,122
Centrica PLC^(a)		543,122		388,386
CNH Industrial N.V		17,466		288,649
Coca-Cola Europacific Partners PLC		4,544		262,371
Compass Group PLC^(a)		21,099		435,708
Croda International PLC		727		91,529
DCC PLC		2,338		198,852
Diageo PLC		17,683		850,308
Direct Line Insurance Group PLC		40,475		172,125
Dixons Carphone PLC		86,779		166,604
Drax Group PLC		13,644		77,889
DS Smith PLC		22,218		135,275
easyJet PLC^(a)		5,560		60,910
Entain PLC^(a)		3,904		103,858
Experian PLC		5,557		245,036
Firstgroup PLC^(a)		102,251		127,002
GlaxoSmithKline PLC		79,758		1,604,793
Hays PLC^(a)		35,628		78,061
Imperial Brands PLC		27,458		582,519
Inchcape PLC		12,084		152,918
InterContinental Hotels Group PLC^(a)		1,565		99,787
International Consolidated Airlines Group S.A.^(a)		122,503		268,673
Intertek Group PLC		1,106		80,216
ITV PLC^(a)		66,005		105,192
J Sainsbury PLC		91,157		381,383
John Wood Group PLC^(a)		34,544		118,758
Johnson Matthey PLC^(b)		4,509		182,380
Just Group PLC^(a)		47,030		60,518
Kingfisher PLC		58,917		284,039
Man Group PLC		30,562		91,104
Marks & Spencer Group PLC^(a)		103,650		256,054
Meggitt PLC^(a)		12,437		141,929
Melrose Industries PLC		95,096		219,531
Micro Focus International PLC		21,634		132,612
National Grid PLC		81,868		1,060,571
Next PLC		1,594		173,525
Pearson PLC^(b)		15,735		166,226
Persimmon PLC		4,628		187,257
Petrofac Ltd.^(a)(b)		38,070		55,171
Reckitt Benckiser Group PLC		6,986		532,546


	Shares		Value
United Kingdom-(continued)
RELX PLC		16,910	$	507,804
Rentokil Initial PLC		10,450		83,472
Rolls-Royce Holdings PLC^(a)(b)		135,339		213,939
Royal Dutch Shell PLC, Class A		387,100		7,626,799
Royal Mail PLC		28,586		194,898
Sage Group PLC (The)		9,000		91,931
Severn Trent PLC		2,917		110,881
Smith & Nephew PLC		8,230		158,005
Smiths Group PLC^(b)		4,932		97,912
SSE PLC		20,442		459,276
Subsea 7 S.A.		10,023		76,243
Tate & Lyle PLC		8,026		77,939
Taylor Wimpey PLC		69,159		174,084
Tesco PLC		329,242		1,156,134
Travis Perkins PLC^(a)		5,592		138,643
Unilever PLC		32,215		1,793,831
Vodafone Group PLC		1,378,997		2,314,612
Weir Group PLC (The)^(a)		2,417		58,262
WM Morrison Supermarkets PLC		118,134		471,488
WPP PLC		36,124		489,003

				36,376,038

United States-1.43%
Atlassian Corp. PLC, Class A^(a)		517		189,770
Bausch Health Cos., Inc.^(a)		9,657		280,925
Constellium SE^(a)		8,134		164,470
Ferguson PLC		2,631		380,377
QIAGEN N.V.^(a)		1,304		72,147
Schneider Electric SE		5,637		1,006,781
Spotify Technology S.A.^(a)		904		211,843
Stellantis N.V.		47,223		943,865
Swiss Re AG		10,546		970,041
Tenaris S.A.		8,828		88,954

				4,309,173

Zambia-0.13%
First Quantum Minerals Ltd.		18,108		376,590

Total Common Stocks & Other Equity Interests (Cost $258,773,881)				299,409,549

Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $177,555)		177,555		177,555

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.65% (Cost $258,951,436)				299,587,104

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.35%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		6,627,619		6,627,619

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

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2021


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		15,472,557	$	15,478,746

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,106,365)				22,106,365

TOTAL INVESTMENTS IN SECURITIES-107.00% (Cost $281,057,801)				321,693,469
OTHER ASSETS LESS LIABILITIES-(7.00)%				(21,033,518	)

NET ASSETS-100.00%			$	300,659,951

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

PC-Participation Certificate

SDR-Swedish Depository Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $1,160,331, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,784,600		$	(8,607,045	)		$	-		$	-		$	177,555		$	71

Invesco Premier U.S. Government Money Portfolio, Institutional Class			202,131			397,850			(599,981	)			-			-			-			3
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,545,303			49,924,538			(46,842,222	)			-			-			6,627,619			825	*

Invesco Private Prime Fund			1,181,207			74,281,647			(59,984,982	)			-			874			15,478,746			7,248	*


Total		$	4,928,641		$	133,388,635		$	(116,034,230	)		$	-		$	874		$	22,283,920		$	8,147

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)

August 31, 2021

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Brazil-7.38%
Ambev S.A.		25,100	$	83,837
Americanas S.A.^(a)		699		5,647
B3 S.A. - Brasil, Bolsa, Balcao		14,800		40,675
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares		9,200		22,427
Banco Pan S.A., Preference Shares		3,400		12,485
BB Seguridade Participacoes S.A.		4,487		16,705
Braskem S.A., Class A, Preference Shares^(a)		3,307		42,627
BRF S.A.^(a)		6,907		31,597
CCR S.A.		7,926		18,965
Centrais Eletricas Brasileiras S.A.		2,678		19,684
Cia Brasileira de Distribuicao		3,400		18,815
Cia de Saneamento Basico do Estado de Sao Paulo		2,634		18,589
Cia de Saneamento do Parana, Preference Shares		16,200		12,373
Cia Energetica de Minas Gerais, Preference Shares		13,643		36,003
Cia Paranaense de Energia, Class B, Preference Shares		22,900		30,596
Cia Siderurgica Nacional S.A.		1,718		11,698
Cogna Educacao^(a)		30,943		19,402
Cosan S.A.		3,992		17,194
EDP - Energias do Brasil S.A.		3,233		11,645
Embraer S.A.^(a)		7,310		33,440
Equatorial Energia S.A.		3,865		19,213
Gerdau S.A., Preference Shares		8,309		45,963
IRB Brasil Resseguros S.A.		11,200		11,682
Klabin S.A.^(a)		4,100		21,070
Lojas Americanas S.A., Preference Shares		3,886		4,524
Lojas Renner S.A.		1,601		11,902
M Dias Branco S.A.		2,300		14,210
Marfrig Global Foods S.A.		3,300		13,208
Metalurgica Gerdau S.A., Preference Shares		13,900		35,106
Natura & Co. Holding S.A.^(a)		1,200		12,099
Neoenergia S.A.		6,000		19,478
Pagseguro Digital Ltd., Class A^(a)(b)		619		36,812
Petrobras Distribuidora S.A.		9,000		47,799
Petroleo Brasileiro S.A., Preference Shares		116,261		617,464
Suzano S.A.^(a)		1,900		22,639
Telefonica Brasil S.A., ADR		26,455		223,809
TIM S.A.		7,937		19,317
Ultrapar Participacoes S.A.		11,207		31,610
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		4,497		16,242
Vale S.A.		17,467		336,679

				2,065,230

Chile-0.70%
Cencosud S.A.		15,334		28,889
Colbun S.A.		76,423		12,632
Embotelladora Andina S.A., Class B, Preference Shares		6,584		15,624
Empresas CMPC S.A.		7,489		16,612
Empresas COPEC S.A.		2,922		27,144
Enel Americas S.A.		169,541		23,790
Enel Chile S.A.		251,583		12,823


	Shares		Value
Chile-(continued)
Falabella S.A.		5,733	$	22,675
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		669		34,947

				195,136

China-49.62%
360 DigiTech, Inc., ADR^(a)		804		18,331
51job, Inc., ADR^(a)		249		19,123
AAC Technologies Holdings, Inc.		3,249		18,110
Agile Group Holdings Ltd.		9,798		11,238
Air China Ltd., H Shares^(a)		55,880		37,506
Alibaba Group Holding Ltd.^(a)		25,100		534,122
Aluminum Corp. of China Ltd., H Shares^(a)		152,288		110,437
Angang Steel Co. Ltd., H Shares		117,695		90,042
Anhui Conch Cement Co. Ltd., H Shares		27,107		146,734
ANTA Sports Products Ltd.		644		13,249
Autohome, Inc., ADR		355		15,712
BAIC Motor Corp. Ltd., H Shares^(b)(c)		245,704		89,722
Baidu, Inc., ADR^(a)		1,786		280,438
BBMG Corp., H Shares		366,404		65,956
Beijing Enterprises Holdings Ltd.		7,859		27,081
Beijing North Star Co. Ltd., H Shares		67,727		11,582
BEST, Inc., ADR^(a)(b)		21,632		28,122
BYD Co. Ltd., H Shares		3,150		106,683
China Aoyuan Group Ltd.		12,000		7,190
China BlueChemical Ltd., H Shares		37,470		11,611
China Coal Energy Co. Ltd., H Shares		84,147		60,156
China Communications Services Corp. Ltd., H Shares		52,000		27,680
China Conch Venture Holdings Ltd.		3,845		15,721
China Datang Corp. Renewable Power Co. Ltd., H Shares		53,000		15,401
China Eastern Airlines Corp. Ltd., H Shares^(a)		57,360		21,978
China Feihe Ltd.^(c)		5,000		9,052
China Galaxy Securities Co. Ltd., H Shares		55,500		31,185
China Gas Holdings Ltd.		5,215		15,121
China Jinmao Holdings Group Ltd.		66,427		21,609
China Longyuan Power Group Corp. Ltd., H Shares		36,185		73,790
China Mengniu Dairy Co. Ltd.^(a)		7,389		44,416
China Molybdenum Co. Ltd., H Shares		78,614		61,457
China National Building Material Co. Ltd., H Shares		59,747		81,738
China Oilfield Services Ltd., H Shares		35,440		30,986
China Overseas Land & Investment Ltd.		27,393		63,047
China Pacific Insurance (Group) Co. Ltd., H Shares		120,219		338,521
China Petroleum & Chemical Corp., H Shares		2,918,148		1,414,546
China Power International Development Ltd.		67,713		27,338
China Railway Group Ltd., H Shares		660,620		316,832
China Railway Signal & Communication Corp. Ltd., H Shares^(c)		75,263		27,290
China Reinsurance Group Corp., H Shares		1,129,423		117,628
China Resources Beer Holdings Co. Ltd.		1,819		14,969
China Resources Cement Holdings Ltd.		15,410		15,118
China Resources Gas Group Ltd.		2,723		16,526
China Resources Land Ltd.		14,182		52,790
China Resources Pharmaceutical Group Ltd.^(c)		29,516		15,370

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)–(continued)

August 31, 2021


	Shares		Value
China-(continued)
China Resources Power Holdings Co. Ltd.		28,456	$	69,957
China Shenhua Energy Co. Ltd., H Shares		236,312		523,224
China Southern Airlines Co. Ltd., H Shares^(a)		59,313		34,548
China Taiping Insurance Holdings Co. Ltd.		58,603		85,599
China Tower Corp. Ltd., H Shares^(c)		1,421,607		186,444
China Vanke Co. Ltd., H Shares		135,400		365,600
China Yongda Automobiles Services Holdings Ltd.		9,931		16,651
CIFI Holdings Group Co. Ltd.		22,347		15,056
CITIC Securities Co. Ltd., H Shares		36,500		92,454
COSCO SHIPPING Development Co. Ltd., H Shares		125,000		26,359
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares		28,160		11,007
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a)(b)		47,219		89,249
COSCO SHIPPING Ports Ltd.		16,000		13,310
Country Garden Holdings Co. Ltd.^(b)		69,397		76,737
CSPC Pharmaceutical Group Ltd.		12,944		16,427
Daqo New Energy Corp., ADR^(a)		180		11,036
Datang International Power Generation Co. Ltd., H Shares		254,721		43,887
Dongfang Electric Corp. Ltd., H Shares		29,800		40,845
Dongfeng Motor Group Co. Ltd., H Shares		113,547		124,389
DouYu International Holdings Ltd., ADR^(a)		2,334		9,990
ENN Energy Holdings Ltd.		1,802		35,658
FinVolution Group, ADR		2,192		13,349
Fosun International Ltd.		20,703		26,194
Fuyao Glass Industry Group Co. Ltd., H Shares^(c)		6,185		38,093
GDS Holdings Ltd., ADR^(a)		242		14,152
Geely Automobile Holdings Ltd.		16,926		61,155
GF Securities Co. Ltd., H Shares		37,000		65,842
GOME Retail Holdings Ltd.^(a)		85,525		9,237
Great Wall Motor Co. Ltd., H Shares		32,159		148,031
Guangdong Investment Ltd.		14,070		19,538
Guangshen Railway Co. Ltd., H Shares^(a)		126,726		22,975
Guangzhou Automobile Group Co. Ltd., H Shares		83,945		84,513
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares		11,482		29,320
Guangzhou R&F Properties Co. Ltd., H Shares		23,828		20,343
Harbin Electric Co. Ltd., H Shares		52,000		17,116
Hello Group, Inc., ADR		4,130		54,268
Hengan International Group Co. Ltd.		3,544		20,551
Hisense Home Appliances Group Co. Ltd., H Shares		10,973		12,881
Hollysys Automation Technologies Ltd.		1,035		20,338
Huadian Power International Corp. Ltd., H Shares^(b)		244,322		82,934
Huaneng Power International, Inc., H Shares		375,188		180,904
Huatai Securities Co. Ltd., H Shares^(c)		15,800		22,672
Huazhu Group Ltd., ADR^(a)		275		13,280
HUYA, Inc., ADR^(a)		1,372		14,667
iQIYI, Inc., ADR^(a)(b)		2,481		22,478
Jiangsu Expressway Co. Ltd., H Shares		33,219		34,469
Jiangxi Copper Co. Ltd., H Shares		34,319		69,809
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		1,065		52,398
JOYY, Inc., ADR		728		46,082
Kaisa Group Holdings Ltd.		26,000		8,658


	Shares		Value
China-(continued)
Kingboard Holdings Ltd.		5,006	$	24,620
Kunlun Energy Co. Ltd.		32,756		34,705
Legend Holdings Corp., H Shares^(c)		35,952		57,968
Lenovo Group Ltd.		72,895		80,793
LexinFintech Holdings Ltd., ADR^(a)		1,963		13,662
Longfor Group Holdings Ltd.^(c)		5,826		25,245
Maanshan Iron & Steel Co. Ltd., H Shares		56,091		32,094
Meituan, B Shares^(a)(c)		1,461		46,775
Metallurgical Corp. of China Ltd., H Shares		853,302		340,121
New China Life Insurance Co. Ltd., H Shares		45,348		133,525
New Oriental Education & Technology Group, Inc., ADR^(a)		5,917		13,372
People’s Insurance Co. Group of China Ltd. (The), H Shares		378,492		116,798
PetroChina Co. Ltd., H Shares		4,727,960		2,072,987
PICC Property & Casualty Co. Ltd., H Shares		85,441		77,231
Pinduoduo, Inc., ADR^(a)		1,361		136,127
Ping An Insurance (Group) Co. of China Ltd., H Shares		115,883		899,964
Qingdao Port International Co. Ltd., H Shares^(c).		29,539		15,230
Qudian, Inc., ADR^(a)		12,801		21,762
Red Star Macalline Group Corp. Ltd., H Shares^(a)(c)		53,085		32,353
Seazen Group Ltd.^(a)		17,908		15,888
Shandong Chenming Paper Holdings Ltd., H Shares		38,502		21,980
Shandong Gold Mining Co. Ltd., H Shares^(c)		14,189		22,951
Shanghai Electric Group Co. Ltd., H Shares		193,592		55,011
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		3,695		23,707
Shanghai Industrial Holdings Ltd.		7,000		10,891
Shanghai Jin Jiang Capital Co. Ltd., H Shares		70,900		13,948
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		29,379		58,325
Shenzhen Expressway Co. Ltd., H Shares		18,772		18,006
Shenzhen International Holdings Ltd.		9,217		12,017
Shenzhou International Group Holdings Ltd.		759		16,551
Shimao Group Holdings Ltd.		11,567		23,915
Sino Biopharmaceutical Ltd.		12,853		10,759
Sino-Ocean Group Holding Ltd.		113,931		23,439
Sinopec Engineering Group Co. Ltd., H Shares		21,207		11,262
Sinopec Shanghai Petrochemical Co. Ltd., H Shares		206,062		44,512
Sinopharm Group Co. Ltd., H Shares		44,617		114,621
Sinotrans Ltd., H Shares		81,815		33,347
Sinotruk Hong Kong Ltd.		5,500		10,834
Sogou, Inc., ADR^(a)		1,851		16,344
Sohu.com Ltd., ADR^(a)		634		14,836
Sun Art Retail Group Ltd.		16,769		10,155
Sunac China Holdings Ltd.		18,312		46,855
Sunny Optical Technology Group Co. Ltd.		696		21,048
TAL Education Group, ADR^(a)		1,726		9,182
Tencent Holdings Ltd.		4,704		291,046
Tencent Music Entertainment Group, ADR^(a)		6,740		59,582
Tianneng Power International Ltd.		8,000		10,698
Tingyi Cayman Islands Holding Corp.		9,885		17,591
Tsingtao Brewery Co. Ltd., H Shares		1,984		16,250
Vipshop Holdings Ltd., ADR^(a)		3,951		58,435
Want Want China Holdings Ltd.		18,656		12,689
Weibo Corp., ADR^(a)		745		37,637

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)–(continued)

August 31, 2021


	Shares		Value
China-(continued)
Weichai Power Co. Ltd., H Shares		53,368	$	134,632
WuXi AppTec Co. Ltd., H Shares^(c)		1,028		20,488
Xiaomi Corp., B Shares^(a)(c)		30,400		97,720
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		20,400		38,978
Xinyuan Real Estate Co. Ltd., ADR		10,009		22,821
Yangzijiang Shipbuilding Holdings Ltd.		15,475		18,868
Yanzhou Coal Mining Co. Ltd., H Shares		44,412		77,548
Yiren Digital Ltd., ADR^(a)		3,656		12,321
Yuexiu Property Co. Ltd.		8,800		8,249
Yum China Holdings, Inc.		1,836		113,024
Zhengqi Holdings Co. Ltd., Rts., TBA^(a)(d)		1,142		0
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares^(b)		11,800		14,793
Zhongsheng Group Holdings Ltd.		1,500		12,536
Zhuzhou CRRC Times Electric Co. Ltd., H Shares^(a)		4,200		25,300
Zijin Mining Group Co. Ltd., H Shares		63,189		90,022
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		31,200		29,726
ZTE Corp., H Shares		19,050		66,992
ZTO Express Cayman, Inc., ADR		2,996		84,517

				13,896,107

Colombia-0.07%
Grupo de Inversiones Suramericana S.A.		3,585		18,291

Czech Republic-0.13%
CEZ A.S.		1,142		35,991

Greece-0.38%
Hellenic Telecommunications Organization S.A.		1,043		20,518
Motor Oil Hellas Corinth Refineries S.A.^(a)		1,068		17,650
OPAP S.A.		838		13,137
Public Power Corp. S.A.^(a)		1,650		19,536
Star Bulk Carriers Corp.		882		20,348
Tsakos Energy Navigation Ltd.		2,095		15,922

				107,111

Hong Kong-0.09%
Nine Dragons Paper Holdings Ltd.		10,182		13,930
Skyworth Group Ltd.^(a)		39,409		12,313

				26,243

Hungary-0.24%
Gedeon Richter PLC		539		16,145
MOL Hungarian Oil & Gas PLC		6,248		51,203

				67,348

India-3.73%
Dr. Reddy’s Laboratories Ltd., ADR		547		35,123
ICICI Bank Ltd., ADR		14,139		277,407
Infosys Ltd., ADR		15,369		366,090
Reliance Infrastructure Ltd., GDR^(a)(c)		9,476		28,428
Tata Motors Ltd., ADR^(a)(b)		3,865		76,063
Tata Steel Ltd., GDR^(c)		4,880		98,088
Vedanta Ltd., ADR		4,308		70,910
Wipro Ltd., ADR		7,427		69,368
WNS (Holdings) Ltd., ADR^(a)		279		23,140

				1,044,617

Indonesia-1.04%
PT Adaro Energy Tbk		186,321		16,460


	Shares		Value
Indonesia-(continued)
PT Astra International Tbk		134,209	$	49,167
PT Bank Mandiri (Persero) Tbk		119,000		50,896
PT Bank Rakyat Indonesia (Persero) Tbk		199,200		54,889
PT Indah Kiat Pulp & Paper Corp. Tbk		19,400		10,746
PT Indofood Sukses Makmur Tbk^(a)		36,998		16,018
PT Perusahaan Gas Negara Tbk^(a)		170,734		12,390
PT Telkom Indonesia (Persero) Tbk		272,657		64,998
PT United Tractors Tbk		11,657		16,407

				291,971

Kuwait-0.16%
Agility Public Warehousing Co. KSC		5,153		17,114
Mobile Telecommunications Co. KSCP		13,553		27,529

				44,643

Malaysia-1.07%
Axiata Group Bhd		33,202		33,066
DRB-Hicom Bhd		30,900		12,414
Genting Bhd		26,582		32,292
Genting Malaysia Bhd		23,900		17,076
IJM Corp. Bhd		33,100		14,969
Kuala Lumpur Kepong Bhd		2,500		12,846
MISC Bhd		16,432		28,460
Petronas Chemicals Group Bhd		11,312		22,586
Sime Darby Bhd		77,322		43,897
Telekom Malaysia Bhd		9,974		14,660
Tenaga Nasional Bhd		26,398		66,424

				298,690

Mexico-3.94%
Alfa S.A.B. de C.V., Class A		55,045		38,730
Arca Continental S.A.B. de C.V.		4,561		29,445
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander		10,054		11,750
Cemex S.A.B. de C.V., ADR^(a)		20,142		165,164
Coca-Cola FEMSA S.A.B. de C.V., ADR		2,559		148,166
El Puerto de Liverpool S.A.B. de C.V., Series C-1		7,756		34,465
Fomento Economico Mexicano, S.A.B. de C.V., ADR		3,813		330,625
Gruma S.A.B. de C.V., Class B		1,185		13,563
Grupo Bimbo S.A.B. de C.V., Series A		11,268		28,576
Grupo Financiero Banorte S.A.B. de C.V., Class O		10,843		71,737
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		14,534		13,947
Grupo Mexico S.A.B. de C.V., Class B		10,546		49,232
Grupo Televisa S.A.B., ADR		4,359		57,234
Industrias Penoles S.A.B. de C.V.^(a)		800		11,361
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		9,593		16,980
Orbia Advance Corp. S.A.B. de C.V.		6,739		19,283
Wal-Mart de Mexico S.A.B. de C.V., Series V		17,260		61,548

				1,101,806

Peru-0.07%
Cia de Minas Buenaventura S.A.A., ADR^(a)		2,678		20,085

Philippines-0.12%
Ayala Corp.		1,083		17,252
International Container Terminal Services, Inc.		4,580		17,132

				34,384

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)–(continued)

August 31, 2021


	Shares		Value
Poland-1.12%
Cyfrowy Polsat S.A.		1,562	$	14,915
Enea S.A.^(a)		5,737		14,894
Grupa Lotos S.A.		1,175		17,873
KGHM Polska Miedz S.A.		533		24,821
Orange Polska S.A.^(a)		7,014		15,168
PGE Polska Grupa Energetyczna S.A.^(a)		13,331		35,131
Polski Koncern Naftowy ORLEN S.A.		4,380		84,996
Polskie Gornictwo Naftowe i Gazownictwo S.A.		13,366		21,993
Powszechny Zaklad Ubezpieczen S.A.^(a)		5,926		62,838
Tauron Polska Energia S.A.^(a)		23,265		22,051

				314,680

Russia-8.98%
Aeroflot PJSC^(a)		14,160		13,393
Alrosa PJSC		17,194		34,226
Bashneft PJSC, Preference Shares		2,990		43,802
Federal Grid Co. Unified Energy System PJSC		4,435,199		11,933
Gazprom PJSC		176,537		737,433
Inter RAO UES PJSC		437,817		27,583
Lenta PLC, GDR^(a)		6,496		20,523
Lukoil PJSC		4,942		422,477
Magnit PJSC		756		57,274
MMC Norilsk Nickel PJSC		255		83,743
Mobile TeleSystems PJSC		8,183		36,756
Nizhnekamskneftekhim PJSC, Preference Shares		15,731		25,712
Novatek PJSC		1,738		41,150
Novolipetsk Steel PJSC		6,650		22,413
PhosAgro PJSC		194		12,886
Polymetal International PLC		995		19,874
Polyus PJSC		83		14,964
Rosneft Oil Co. PJSC		26,413		192,531
Rostelecom PJSC		14,250		18,373
RusHydro PJSC		1,071,670		12,049
Severstal PAO		951		22,314
Sistema PJSFC		50,361		20,881
Surgutneftegas PJSC		707,858		326,797
Tatneft PJSC		16,965		112,220
TCS Group Holding PLC, GDR^(c)		170		15,086
Transneft PJSC, Preference Shares		24		51,771
X5 Retail Group N.V., GDR^(c)		2,843		94,689
Yandex N.V., Class A^(a)		292		22,276

				2,515,129

South Africa-2.33%
Aspen Pharmacare Holdings Ltd.^(a)		1,304		17,679
Barloworld Ltd.		2,271		16,947
Bid Corp. Ltd.^(a)		1,464		32,375
Bidvest Group Ltd. (The)		1,842		26,105
Capitec Bank Holdings Ltd.		172		22,565
Discovery Ltd.^(a)		1,611		14,341
Exxaro Resources Ltd.		2,083		26,570
Foschini Group Ltd. (The)^(a)		1,415		14,605
Gold Fields Ltd.^(b)		1,863		17,578
Impala Platinum Holdings Ltd.		955		14,716
Motus Holdings Ltd.		2,228		14,252
Mr Price Group Ltd.		865		13,032
Old Mutual Ltd.		67,419		71,591
Pick n Pay Stores Ltd.		3,521		14,315
Remgro Ltd.		3,879		32,397
Sanlam Ltd.		12,810		57,067


	Shares		Value
South Africa-(continued)
Sappi Ltd.^(a)		7,585	$	23,088
Sasol Ltd.^(a)		7,155		110,800
Shoprite Holdings Ltd.		2,764		35,130
Sibanye Stillwater Ltd.		4,409		17,953
SPAR Group Ltd. (The)		1,639		23,526
Tiger Brands Ltd.		879		11,299
Woolworths Holdings Ltd.^(a)		5,828		25,645

				653,576

Switzerland-0.05%
Mediclinic International PLC^(a)		3,520		15,209

Taiwan-16.32%
Acer, Inc.		22,169		20,158
ASE Technology Holding Co. Ltd.		16,457		76,307
Asia Cement Corp.		14,028		22,728
Asustek Computer, Inc.		4,360		50,973
AU Optronics Corp.		75,784		48,128
Catcher Technology Co. Ltd.		6,100		36,758
Chailease Holding Co. Ltd.		2,100		20,194
Cheng Shin Rubber Industry Co. Ltd.		10,108		13,586
Chicony Electronics Co. Ltd.		5,000		14,163
China Airlines Ltd.^(a)		23,401		14,566
China Development Financial Holding Corp.		184,439		94,504
China Life Insurance Co. Ltd.		81,541		85,032
China Life Insurance Co. Ltd., H Shares		541,733		906,911
China Steel Corp.		53,512		73,664
Chunghwa Telecom Co. Ltd.		16,419		66,355
Compal Electronics, Inc.		94,252		77,882
Delta Electronics, Inc.		4,239		41,375
Eva Airways Corp.		22,716		15,738
Evergreen Marine Corp. Taiwan Ltd.		4,000		19,629
Far Eastern New Century Corp.		37,520		40,683
Far EasTone Telecommunications Co. Ltd.		8,180		18,182
Formosa Chemicals & Fibre Corp.		23,552		71,471
Formosa Plastics Corp.		20,272		74,977
Foxconn Technology Co. Ltd.		8,653		20,701
Fubon Financial Holding Co. Ltd.		34,000		104,281
General Interface Solution Holding Ltd.		4,000		15,516
Hon Hai Precision Industry Co. Ltd.		133,589		535,060
Hotai Motor Co. Ltd.		792		16,661
Innolux Corp.		77,264		48,092
Inventec Corp.		36,325		31,851
Largan Precision Co. Ltd.		260		25,143
Lite-On Technology Corp.		13,514		29,843
MediaTek, Inc.		2,174		70,679
Mercuries & Associates Holding Ltd.		27,518		22,590
Mercuries Life Insurance Co. Ltd.^(a)		73,539		24,625
Micro-Star International Co. Ltd.		3,040		14,315
Nan Ya Plastics Corp.		24,667		79,750
Nanya Technology Corp.		5,468		13,101
Novatek Microelectronics Corp.		889		14,403
Pegatron Corp.		38,819		90,767
Pou Chen Corp.		24,628		29,282
Powertech Technology, Inc.		4,877		19,798
President Chain Store Corp.		2,402		24,745
Qisda Corp.		14,000		15,029
Quanta Computer, Inc.		23,874		67,538
Radiant Opto-Electronics Corp.		3,000		10,717
Realtek Semiconductor Corp.		780		15,592
Shin Kong Financial Holding Co. Ltd.		109,000		37,365

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)–(continued)

August 31, 2021


	Shares		Value
Taiwan-(continued)
Silicon Motion Technology Corp., ADR		202	$	15,081
Sino-American Silicon Products, Inc.		2,586		18,009
Synnex Technology International Corp.		11,879		23,061
Taiwan Cement Corp.		22,481		39,302
Taiwan Mobile Co. Ltd.		6,381		23,255
Taiwan Semiconductor Manufacturing Co. Ltd.		35,652		789,880
Teco Electric and Machinery Co. Ltd.		12,556		14,136
TPK Holding Co. Ltd.		8,240		11,715
Unimicron Technology Corp.		4,000		21,289
Uni-President Enterprises Corp.		26,385		68,834
United Microelectronics Corp.		38,003		86,528
Walsin Lihwa Corp.		20,141		19,514
Winbond Electronics Corp.		11,000		11,709
Wistron Corp.		63,194		62,479
WPG Holdings Ltd.		25,406		44,370
Yageo Corp.^(a)		1,150		19,897
Zhen Ding Technology Holding Ltd.		5,101		18,277

				4,568,744

Tanzania-0.06%
AngloGold Ashanti Ltd.		973		16,407

Thailand-1.25%
Advanced Info Service PCL, NVDR		3,623		21,132
Airports of Thailand PCL, NVDR		6,173		12,209
Charoen Pokphand Foods PCL, NVDR		22,949		19,223
CP ALL PCL, NVDR		16,792		33,863
Indorama Ventures PCL, NVDR		9,882		13,413
IRPC PCL, NVDR		119,858		14,800
PTT Exploration & Production PCL, NVDR		9,150		31,652
PTT Global Chemical PCL, NVDR		15,229		30,238
PTT PCL, NVDR		98,586		116,991
Siam Cement PCL (The), NVDR		1,928		25,721
Thai Beverage PCL		28,581		14,449
Thai Oil PCL, NVDR		10,283		15,871

				349,562


	Shares		Value
Turkey-0.61%
BIM Birlesik Magazalar A.S.		2,594	$	22,416
Eregli Demir ve Celik Fabrikalari TAS		19,772		44,659
Is Yatirim Menkul Degerler A.S.		6,101		11,197
Turk Hava Yollari AO^(a)		13,026		19,865
Turkcell Iletisim Hizmetleri A.S.		13,859		27,320
Turkiye Petrol Rafinerileri A.S.^(a)		2,381		29,124
Turkiye Vakiflar Bankasi T.A.O., Class D^(a)		35,427		15,297

				169,878

United Arab Emirates-0.22%
Aldar Properties PJSC		16,372		18,497
Emaar Properties PJSC		38,373		43,877

				62,374

United States-0.21%
JBS S.A.		9,671		58,881

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $27,765,877)				27,972,093

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.45%
Invesco Private Government Fund, 0.02%^(e)(f)(g).		122,013		122,013
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		284,582		284,696

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $406,709)				406,709

TOTAL INVESTMENTS IN SECURITIES-101.34% (Cost $28,172,586)				28,378,802
OTHER ASSETS LESS LIABILITIES-(1.34)%				(376,273	)

NET ASSETS-100.00%			$	28,002,529

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

TBA-To Be Announced

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

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)–(continued)

August 31, 2021

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $943,664, which represented 3.37% of the Fund’s Net Assets.

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

^(e)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,609,045		$	(2,609,045	)		$	-		$	-		$	-		$	10

Invesco Premier U.S. Government Money Portfolio, Institutional Class			15,111			260,468			(275,579	)			-			-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			78,501			2,183,948			(2,140,436	)			-			-			122,013			22	*

Invesco Private Prime Fund			26,168			2,789,873			(2,531,362	)			-			17			284,696			217	*


Total		$	119,780		$	7,843,334		$	(7,556,422	)		$	-		$	17		$	406,709		$	249

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

Invesco RAFI^TM Strategic US ETF (IUS)

August 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-12.76%
Activision Blizzard, Inc.		1,796	$	147,937
Alphabet, Inc., Class A^(b)		2,251		6,514,281
Altice USA, Inc., Class A^(b)		5,579		153,088
AT&T, Inc.		129,116		3,540,361
Charter Communications, Inc., Class A^(b)		1,170		955,492
Comcast Corp., Class A		31,870		1,933,872
Discovery, Inc., Class A^(b)(c)		6,937		200,063
DISH Network Corp., Class A^(b)		4,012		174,883
Electronic Arts, Inc.		1,118		162,345
Facebook, Inc., Class A^(b)		7,334		2,782,373
Fox Corp., Class A		5,874		219,923
Interpublic Group of Cos., Inc. (The)		3,276		121,965
Liberty Global PLC, Class C (United Kingdom)^(b)		11,152		323,185
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		3,501		172,774
Lumen Technologies, Inc.		26,206		322,334
Meredith Corp.^(b)		1,616		69,504
Netflix, Inc.^(b)		327		186,125
News Corp., Class A		4,374		98,284
Nexstar Media Group, Inc., Class A		458		68,586
Omnicom Group, Inc.		1,808		132,382
Sinclair Broadcast Group, Inc., Class A		2,032		60,980
Take-Two Interactive Software, Inc.^(b)		277		44,658
Telephone & Data Systems, Inc.		3,141		63,825
T-Mobile US, Inc.^(b)		5,249		719,218
Twitter, Inc.^(b)		1,729		111,520
Verizon Communications, Inc.		42,106		2,315,830
ViacomCBS, Inc., Class B		6,730		278,958
Walt Disney Co. (The)^(b)		6,083		1,102,848

				22,977,594

Consumer Discretionary-10.57%
Adient PLC^(b)		1,379		54,250
Advance Auto Parts, Inc.		545		110,553
Amazon.com, Inc.^(b)		855		2,967,525
Aptiv PLC^(b)		960		146,102
Aramark		2,350		81,756
Asbury Automotive Group, Inc.^(b)		244		45,443
Autoliv, Inc. (Sweden)		635		56,128
AutoNation, Inc.^(b)		925		100,908
AutoZone, Inc.^(b)		125		193,644
Bath & Body Works, Inc.		1,192		80,436
Bed Bath & Beyond, Inc.^(b)(c)		2,709		74,606
Best Buy Co., Inc.		2,983		347,549
Booking Holdings, Inc.^(b)		112		257,563
BorgWarner, Inc.		1,949		83,183
Brunswick Corp.		591		57,250
Capri Holdings Ltd.^(b)		987		55,775
CarMax, Inc.^(b)		1,151		144,117
Chipotle Mexican Grill, Inc.^(b)		45		85,650
Core-Mark Holding Co., Inc.		1,339		61,594
D.R. Horton, Inc.		2,170		207,495
Dana, Inc.		1,980		46,055
Darden Restaurants, Inc.		601		90,541
Dick’s Sporting Goods, Inc.		1,097		154,469
Dollar General Corp.		1,841		410,377
Dollar Tree, Inc.^(b)		1,940		175,648
eBay, Inc.		6,582		505,103


	Shares		Value
Consumer Discretionary-(continued)
Foot Locker, Inc.		1,141	$	64,683
Ford Motor Co.^(b)		97,597		1,271,689
Gap, Inc. (The)		1,745		46,644
Garmin Ltd.		498		86,866
General Motors Co.^(b)		19,782		969,516
Gentex Corp.		1,457		44,876
Genuine Parts Co.		1,169		142,840
Goodyear Tire & Rubber Co. (The)^(b)		5,244		83,065
Group 1 Automotive, Inc.		458		75,771
Hanesbrands, Inc.		3,502		65,417
Harley-Davidson, Inc.		1,389		54,907
Hasbro, Inc.		738		72,553
Hilton Worldwide Holdings, Inc.^(b)		701		87,527
Home Depot, Inc. (The)		4,665		1,521,630
Kohl’s Corp.		2,824		162,098
Lear Corp.		683		109,239
Leggett & Platt, Inc.		930		45,003
Lennar Corp., Class A		3,183		341,568
Lithia Motors, Inc., Class A		255		84,481
LKQ Corp.^(b)		2,364		124,559
Lowe’s Cos., Inc.		4,749		968,274
Macy’s, Inc.^(b)		7,909		177,082
Marriott International, Inc., Class A^(b)		974		131,626
Marriott Vacations Worldwide Corp.^(b)		301		45,014
McDonald’s Corp.		2,113		501,753
Mohawk Industries, Inc.^(b)		556		109,955
Murphy USA, Inc.		506		78,572
Newell Brands, Inc.		3,982		101,183
NIKE, Inc., Class B		3,509		578,073
NVR, Inc.^(b)		20		103,599
ODP Corp. (The)^(b)		1,565		73,821
O’Reilly Automotive, Inc.^(b)		345		204,958
Penske Automotive Group, Inc.		634		57,016
Polaris, Inc.		510		61,078
PulteGroup, Inc.		2,405		129,533
PVH Corp.^(b)		857		89,805
Qurate Retail, Inc., Class A		12,184		134,389
Ralph Lauren Corp.		594		68,981
Ross Stores, Inc.		1,274		150,842
Service Corp. International		1,271		79,768
Signet Jewelers Ltd.		866		68,587
Starbucks Corp.		2,813		330,499
Tapestry, Inc.^(b)		1,683		67,859
Target Corp.		3,533		872,580
Taylor Morrison Home Corp., Class A^(b)		2,266		63,652
Tenneco, Inc., Class A^(b)		5,187		80,917
Tesla, Inc.^(b)		428		314,888
Thor Industries, Inc.		511		57,963
TJX Cos., Inc. (The)		5,087		369,927
Toll Brothers, Inc.		1,699		108,838
Tractor Supply Co.		605		117,521
Tri Pointe Homes, Inc.^(b)		2,159		51,319
Ulta Beauty, Inc.^(b)		237		91,792
VF Corp.		1,769		135,275
Victoria’s Secret & Co.^(b)		393		26,056
Wayfair, Inc., Class A^(b)(c)		239		67,099
Whirlpool Corp.		696		154,185

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

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2021


	Shares		Value
Consumer Discretionary-(continued)
Williams-Sonoma, Inc.		481	$	89,803
Yum! Brands, Inc.		466		61,060

				19,023,794

Consumer Staples-8.81%
Altria Group, Inc.		13,233		664,694
Archer-Daniels-Midland Co.		5,297		317,820
BJ’s Wholesale Club Holdings, Inc.^(b)		1,807		102,385
Brown-Forman Corp., Class B		760		53,367
Bunge Ltd.		1,831		138,625
Campbell Soup Co.		1,384		57,754
Casey’s General Stores, Inc.		270		55,231
Church & Dwight Co., Inc.		922		77,134
Clorox Co. (The)		650		109,232
Coca-Cola Co. (The)		16,018		901,974
Colgate-Palmolive Co.		3,443		268,382
Conagra Brands, Inc.		3,935		130,327
Constellation Brands, Inc., Class A		787		166,167
Costco Wholesale Corp.		2,906		1,323,654
Estee Lauder Cos., Inc. (The), Class A		713		242,769
General Mills, Inc.		4,168		240,952
Herbalife Nutrition Ltd.^(b)		1,171		60,119
Hershey Co. (The)		780		138,606
Hormel Foods Corp.		2,599		118,358
Ingredion, Inc.		677		59,481
JM Smucker Co. (The)		1,068		132,080
Kellogg Co.		1,988		125,522
Keurig Dr Pepper, Inc.		3,806		135,760
Kimberly-Clark Corp.		2,045		281,821
Kraft Heinz Co. (The)		11,240		404,528
Kroger Co. (The)		21,810		1,003,914
McCormick & Co., Inc.		964		83,184
Molson Coors Beverage Co., Class B		3,030		144,016
Mondelez International, Inc., Class A		8,188		508,229
Monster Beverage Corp.^(b)		847		82,642
Nomad Foods Ltd. (United Kingdom)^(b)		1,717		45,312
PepsiCo, Inc.		6,763		1,057,666
Performance Food Group Co.^(b)		2,469		123,993
Philip Morris International, Inc.		6,516		671,148
Post Holdings, Inc.^(b)		721		80,687
Procter & Gamble Co. (The)		12,905		1,837,543
Rite Aid Corp.^(b)(c)		5,224		92,674
SpartanNash Co.		2,322		49,923
Spectrum Brands Holdings, Inc.		562		43,870
Sysco Corp.		4,079		324,892
Tyson Foods, Inc., Class A		4,742		372,342
United Natural Foods, Inc.^(b)		3,337		122,802
US Foods Holding Corp.^(b)		3,399		115,566
Walgreens Boots Alliance, Inc.		14,080		714,560
Walmart, Inc.		14,068		2,083,471

				15,865,176

Energy-6.30%
Antero Resources Corp.^(b)		5,129		70,370
APA Corp.		3,518		68,531
Baker Hughes Co., Class A		9,648		219,781
Cabot Oil & Gas Corp.		3,215		51,086
Cheniere Energy, Inc.^(b)		1,116		97,605
Chevron Corp.		22,253		2,153,423
Cimarex Energy Co.		766		49,193
ConocoPhillips		11,247		624,546


	Shares		Value
Energy-(continued)
Devon Energy Corp.		4,347	$	128,454
DT Midstream, Inc.^(b)		870		40,429
EOG Resources, Inc.		4,504		304,110
Exxon Mobil Corp.		53,503		2,916,984
Halliburton Co.		8,319		166,214
Helmerich & Payne, Inc.		1,897		51,067
Hess Corp.		1,251		86,006
HollyFrontier Corp.		3,631		117,390
Kinder Morgan, Inc.		22,616		367,962
Marathon Petroleum Corp.		11,481		680,479
NOV, Inc.^(b)		5,584		73,541
Occidental Petroleum Corp.		16,786		431,232
ONEOK, Inc.		3,649		191,645
Ovintiv, Inc.		5,450		148,567
PBF Energy, Inc., Class A^(b)		4,665		48,516
Phillips 66		7,759		551,587
Pioneer Natural Resources Co.		1,270		190,081
Schlumberger N.V.		13,172		369,343
Targa Resources Corp.		3,303		145,068
TechnipFMC PLC (United Kingdom)^(b)		11,619		77,034
Valero Energy Corp.		7,860		521,197
Williams Cos., Inc. (The)		10,919		269,590
World Fuel Services Corp.		3,907		126,431

				11,337,462

Financials-7.93%
Affiliated Managers Group, Inc.		466		79,271
Alleghany Corp.^(b)		179		121,128
Allstate Corp. (The)		4,808		650,426
American Express Co.		3,475		576,711
Aon PLC, Class A^(c)		901		258,461
Apollo Global Management, Inc.		871		52,068
Arch Capital Group Ltd.^(b)		4,147		170,442
Arthur J. Gallagher & Co.		801		115,040
Assurant, Inc.		768		130,644
AXIS Capital Holdings Ltd.		1,258		64,372
Berkshire Hathaway, Inc., Class B^(b)		18,894		5,399,338
Blackstone, Inc., Class A		3,046		382,974
Brown & Brown, Inc.		951		55,206
Cboe Global Markets, Inc.		778		98,145
Chubb Ltd.		4,792		881,345
Cincinnati Financial Corp.		1,161		143,267
Everest Re Group Ltd.		648		171,655
Fidelity National Financial, Inc.		2,821		137,749
First American Financial Corp.		1,368		96,485
Franklin Resources, Inc.		2,482		80,516
Globe Life, Inc.		1,149		110,384
Hanover Insurance Group, Inc. (The)		527		74,470
Hartford Financial Services Group, Inc. (The)		4,690		315,262
Janus Henderson Group PLC		2,020		87,587
Kemper Corp.		822		56,389
Lazard Ltd., Class A		1,023		48,490
Loews Corp.		3,804		212,530
LPL Financial Holdings, Inc.		469		69,342
Markel Corp.^(b)		119		151,160
Marsh & McLennan Cos., Inc.		1,850		290,820
MGIC Investment Corp.		4,081		62,317
Moody’s Corp.		392		149,262
Mr. Cooper Group, Inc.^(b)		1,492		58,009
MSCI, Inc.		142		90,110

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

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2021


	Shares		Value
Financials-(continued)
Nasdaq, Inc.		484	$	94,758
Old Republic International Corp.		4,221		109,746
OneMain Holdings, Inc.		1,787		103,342
Progressive Corp. (The)		5,202		501,161
Radian Group, Inc.		2,707		63,966
Raymond James Financial, Inc.		1,239		173,336
Reinsurance Group of America, Inc.		1,868		216,352
S&P Global, Inc.		537		238,331
StoneX Group, Inc.^(b)		2,813		196,038
T. Rowe Price Group, Inc.		1,094		244,914
Travelers Cos., Inc. (The)		3,290		525,446
Unum Group		5,155		137,226
W.R. Berkley Corp.		1,295		97,526
Willis Towers Watson PLC		587		129,563

				14,273,080

Health Care-15.41%
Abbott Laboratories		5,531		698,952
AbbVie, Inc.		8,498		1,026,388
Agilent Technologies, Inc.		906		158,976
Align Technology, Inc.^(b)		79		56,011
AmerisourceBergen Corp.		5,196		635,003
Amgen, Inc.		3,161		712,900
Anthem, Inc.		2,662		998,596
Avantor, Inc.^(b)		2,475		97,614
Baxter International, Inc.		2,333		177,821
Becton, Dickinson and Co.		1,439		362,196
Biogen, Inc.^(b)		2,218		751,702
Bio-Rad Laboratories, Inc., Class A^(b)		106		85,311
Boston Scientific Corp.^(b)		4,187		189,043
Bristol-Myers Squibb Co.		17,589		1,176,001
Cardinal Health, Inc.		12,624		662,634
Centene Corp.^(b)		8,363		526,702
Cerner Corp.		1,908		145,676
Cigna Corp.		4,830		1,022,270
Community Health Systems, Inc.^(b)		5,439		66,954
Cooper Cos., Inc. (The)		138		62,198
CVS Health Corp.		21,951		1,896,347
Danaher Corp.		1,528		495,316
DaVita, Inc.^(b)		1,658		216,817
DENTSPLY SIRONA, Inc.		1,109		68,425
Edwards Lifesciences Corp.^(b)		1,059		124,094
Elanco Animal Health, Inc.^(b)		1,527		50,971
Eli Lilly and Co.		2,098		541,892
Encompass Health Corp.		564		44,246
Gilead Sciences, Inc.		9,836		715,864
HCA Healthcare, Inc.		1,999		505,707
Henry Schein, Inc.^(b)		1,077		81,410
Hologic, Inc.^(b)		1,344		106,378
Humana, Inc.		1,292		523,803
Illumina, Inc.^(b)		255		116,576
Intuitive Surgical, Inc.^(b)		154		162,248
IQVIA Holdings, Inc.^(b)		661		171,682
Jazz Pharmaceuticals PLC^(b)		320		42,147
Johnson & Johnson		11,545		1,998,786
Laboratory Corp. of America Holdings^(b		589		178,691
McKesson Corp.		5,709		1,165,435
Medtronic PLC		6,029		804,751
Merck & Co., Inc.		13,527		1,031,975
Mettler-Toledo International, Inc.^(b)		54		83,853


	Shares		Value
Health Care-(continued)
Molina Healthcare, Inc.^(b)		544	$	146,211
PerkinElmer, Inc.		359		66,343
Perrigo Co. PLC		1,681		68,837
Pfizer, Inc.		33,569		1,546,524
Quest Diagnostics, Inc.		1,115		170,405
Regeneron Pharmaceuticals, Inc.^(b)		821		552,861
ResMed, Inc.		286		83,092
STERIS PLC		293		62,998
Stryker Corp.		905		250,776
Tenet Healthcare Corp.^(b)		2,231		168,106
Thermo Fisher Scientific, Inc.		1,290		715,886
UnitedHealth Group, Inc.		5,605		2,333,193
Universal Health Services, Inc., Class B		916		142,676
Vertex Pharmaceuticals, Inc.^(b)		777		155,625
Viatris, Inc.		11,160		163,271
Waters Corp.^(b)		235		97,295
Zimmer Biomet Holdings, Inc.		845		127,130
Zoetis, Inc.		752		153,829

				27,745,420

Industrials-9.27%
3M Co.		2,870		558,904
A.O. Smith Corp.		709		51,558
Acuity Brands, Inc.		269		49,639
AECOM^(b)		1,594		104,503
AGCO Corp.		506		69,636
AMETEK, Inc.		666		90,556
Avis Budget Group, Inc.^(b)(c)		829		75,232
Booz Allen Hamilton Holding Corp.		838		68,641
Builders FirstSource, Inc.^(b)		1,093		58,246
C.H. Robinson Worldwide, Inc.		1,154		103,929
CACI International, Inc., Class A^(b)		230		59,234
Carlisle Cos., Inc.		385		81,135
Caterpillar, Inc.		2,714		572,301
Cintas Corp.		285		112,794
CSX Corp.		10,638		346,054
Cummins, Inc.		1,101		259,814
Deere & Co.		1,250		472,538
Dover Corp.		640		111,590
Eaton Corp. PLC		2,621		441,272
EMCOR Group, Inc.		558		67,797
Emerson Electric Co.		3,174		334,857
Equifax, Inc.		251		68,337
Expeditors International of Washington, Inc.		710		88,494
Fastenal Co.		1,860		103,881
FedEx Corp.		1,819		483,290
Fluor Corp.^(b)(c)		4,268		71,105
Fortive Corp.		1,484		109,623
Fortune Brands Home & Security, Inc.		701		68,256
General Dynamics Corp.		2,187		438,078
General Electric Co.		6,450		679,895
GXO Logistics, Inc.^(b)		655		53,572
Honeywell International, Inc.		3,184		738,401
Howmet Aerospace, Inc.		1,920		60,960
Hubbell, Inc.		294		60,596
Huntington Ingalls Industries, Inc.		406		82,893
IHS Markit Ltd.		1,501		181,021
Illinois Tool Works, Inc.		1,111		258,707
Ingersoll Rand, Inc.^(b)		1,317		69,827
J.B. Hunt Transport Services, Inc.		430		76,282

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

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2021


	Shares		Value
Industrials-(continued)
Jacobs Engineering Group, Inc.		812	$	109,588
Johnson Controls International PLC		6,718		502,506
Kansas City Southern		383		107,497
Knight-Swift Transportation Holdings, Inc.		1,566		81,322
L3Harris Technologies, Inc.		1,451		338,098
Leidos Holdings, Inc.		1,119		109,785
Lockheed Martin Corp.		1,761		633,608
ManpowerGroup, Inc.		1,079		131,012
Masco Corp.		1,738		105,531
MasTec, Inc.^(b)		416		38,039
MSC Industrial Direct Co., Inc., Class A		529		44,547
Nielsen Holdings PLC		2,502		53,693
Norfolk Southern Corp.		1,283		325,292
Northrop Grumman Corp.		1,129		415,133
Old Dominion Freight Line, Inc.		282		81,419
Oshkosh Corp.		511		58,550
Owens Corning		916		87,524
PACCAR, Inc.		2,915		238,651
Parker-Hannifin Corp.		597		177,112
Pentair PLC		742		57,253
Quanta Services, Inc.		1,201		122,622
Raytheon Technologies Corp.		9,539		808,526
Republic Services, Inc.		1,106		137,288
Robert Half International, Inc.		665		68,761
Rockwell Automation, Inc.		397		129,204
Roper Technologies, Inc.		282		136,285
Rush Enterprises, Inc., Class A		952		41,983
Ryder System, Inc.		1,309		104,052
Schneider National, Inc., Class B		2,005		45,193
Science Applications International Corp.		663		55,845
Sensata Technologies Holding PLC^(b)		816		48,291
Snap-on, Inc.		315		70,859
Southwest Airlines Co.^(b)		823		40,969
Stanley Black & Decker, Inc.		824		159,254
Textron, Inc.		1,767		128,408
Trane Technologies PLC		883		175,276
TransDigm Group, Inc.^(b)		224		136,073
TransUnion		441		53,595
Trinity Industries, Inc.^(c)		1,832		53,183
Uber Technologies, Inc.^(b)		969		37,927
Union Pacific Corp.		3,218		697,791
United Parcel Service, Inc., Class B		3,773		738,112
United Rentals, Inc.^(b)		491		173,151
Univar Solutions, Inc.^(b)		1,954		46,134
Verisk Analytics, Inc.		441		88,976
W.W. Grainger, Inc.		254		110,160
Wabtec Corp.		1,484		133,248
Waste Connections, Inc.		933		120,553
Waste Management, Inc.		1,753		271,908
Watsco, Inc.		193		53,735
WESCO International, Inc.^(b)		626		73,255
XPO Logistics, Inc.^(b)		663		57,621
Xylem, Inc.		593		80,832

				16,678,678

Information Technology-21.87%
Accenture PLC, Class A		2,510		844,766
Adobe, Inc.^(b)		894		593,348
Advanced Micro Devices, Inc.^(b)		1,101		121,903
Akamai Technologies, Inc.^(b)		696		78,822


	Shares		Value
Information Technology-(continued)
Alliance Data Systems Corp.		685	$	67,205
Amdocs Ltd.		1,103		84,964
Amphenol Corp., Class A		2,142		164,141
Analog Devices, Inc.		1,299		211,630
ANSYS, Inc.^(b)		157		57,361
Apple, Inc.		66,463		10,091,077
Applied Materials, Inc.		2,458		332,150
Arista Networks, Inc.^(b)		167		61,711
Arrow Electronics, Inc.^(b)		1,635		198,195
Autodesk, Inc.^(b)		294		91,166
Automatic Data Processing, Inc.		1,477		308,752
Avnet, Inc.		2,715		109,849
Broadcom, Inc.		1,870		929,783
Broadridge Financial Solutions, Inc.		367		63,205
Cadence Design Systems, Inc.^(b)		537		87,789
CDW Corp.		838		168,111
Cisco Systems, Inc.		24,838		1,465,939
Citrix Systems, Inc.		922		94,846
Cognizant Technology Solutions Corp., Class A		4,202		320,655
CommScope Holding Co., Inc.^(b)		2,902		45,852
Corning, Inc.		4,601		183,994
Dell Technologies, Inc., Class C^(b)		6,177		602,010
DXC Technology Co.^(b)		4,343		159,475
Fiserv, Inc.^(b)		3,351		394,714
FleetCor Technologies, Inc.^(b)		414		108,998
Flex Ltd.^(b)		5,954		110,625
Fortinet, Inc.^(b)		357		112,505
Gartner, Inc.^(b)		226		69,775
GoDaddy, Inc., Class A^(b)		831		60,921
Hewlett Packard Enterprise Co.		20,576		318,105
HP, Inc.		16,953		504,182
Insight Enterprises, Inc.^(b)		475		48,873
Intel Corp.		47,034		2,542,658
International Business Machines Corp.		7,827		1,098,441
Intuit, Inc.		413		233,803
Jabil, Inc.		2,795		172,675
Juniper Networks, Inc.		3,581		103,777
Keysight Technologies, Inc.^(b)		583		104,579
KLA Corp.		497		168,960
Lam Research Corp.		438		264,911
Marvell Technology, Inc.		2,168		132,660
Mastercard, Inc., Class A		1,650		571,279
Microchip Technology, Inc.		765		120,380
Micron Technology, Inc.^(b)		6,501		479,124
Microsoft Corp.		19,602		5,917,452
Motorola Solutions, Inc.		563		137,496
NCR Corp.^(b)		1,302		55,309
NetApp, Inc.		1,433		127,437
NortonLifeLock, Inc.		13,445		357,099
NVIDIA Corp.		2,168		485,307
ON Semiconductor Corp.^(b)		1,666		73,904
Oracle Corp.		13,182		1,174,912
Palo Alto Networks, Inc.^(b)		292		134,624
Paychex, Inc.		1,012		115,844
PayPal Holdings, Inc.^(b)		1,763		508,908
Qorvo, Inc.^(b)		513		96,459
QUALCOMM, Inc.		4,541		666,119
salesforce.com, inc.^(b)		1,778		471,650
Sanmina Corp.^(b)		1,229		48,521
Seagate Technology Holdings PLC		1,967		172,289

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

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2021


	Shares		Value
Information Technology-(continued)
ServiceNow, Inc.^(b)		197	$	126,797
Skyworks Solutions, Inc.		719		131,908
Square, Inc., Class A^(b)		321		86,050
SS&C Technologies Holdings, Inc.		1,168		88,371
SYNNEX Corp.		1,025		130,247
Synopsys, Inc.^(b)		370		122,929
TE Connectivity Ltd.		1,666		250,266
Teradyne, Inc.		472		57,320
Texas Instruments, Inc.		3,064		584,948
Trimble, Inc.^(b)		685		64,541
VeriSign, Inc.^(b)		243		52,551
Visa, Inc., Class A		4,851		1,111,364
VMware, Inc., Class A^(b)(c)		1,094		162,864
Western Digital Corp.^(b)		2,319		146,561
Western Union Co. (The)		3,041		65,807
Workday, Inc., Class A^(b)		238		65,012
Xerox Holdings Corp.		4,551		102,443
Xilinx, Inc.		895		139,253
Zebra Technologies Corp., Class A^(b)		126		73,983

				39,367,189

Materials-3.78%
Air Products and Chemicals, Inc.		799		215,339
Albemarle Corp.		431		102,035
Alcoa Corp.^(b)		2,052		91,047
Amcor PLC		14,479		186,055
Avery Dennison Corp.		354		79,788
Ball Corp.		1,424		136,647
Berry Global Group, Inc.^(b)		1,341		90,075
Celanese Corp.		744		117,998
CF Industries Holdings, Inc.		1,718		78,032
Chemours Co. (The)		1,574		52,745
Commercial Metals Co.		1,631		53,203
Corteva, Inc.		6,080		267,338
Crown Holdings, Inc.		810		88,930
Domtar Corp.^(b)		1,009		55,324
Dow, Inc.		7,240		455,396
DuPont de Nemours, Inc.		5,511		407,924
Eastman Chemical Co.		1,059		119,836
Ecolab, Inc.		723		162,935
FMC Corp.		591		55,335
Freeport-McMoRan, Inc.		4,201		152,874
Graphic Packaging Holding Co.		3,938		80,808
Huntsman Corp.		2,289		60,498
International Flavors & Fragrances, Inc.		692		104,838
International Paper Co.		3,949		237,295
Linde PLC (United Kingdom)		2,685		844,674
LyondellBasell Industries N.V., Class A		2,850		285,998
Martin Marietta Materials, Inc.		244		93,025
Mosaic Co. (The)		3,462		111,407
Newmont Corp.		4,762		276,148
Nucor Corp.		2,411		283,437
Olin Corp.		1,223		60,954
Packaging Corp. of America		574		87,076
PPG Industries, Inc.		929		148,222
Reliance Steel & Aluminum Co.		716		107,429
RPM International, Inc.		647		53,242
Sherwin-Williams Co. (The)		992		301,241
Sonoco Products Co.		827		54,003
Steel Dynamics, Inc.		1,783		120,335


	Shares		Value
Materials-(continued)
Ternium S.A., ADR (Mexico)		3,078	$	167,382
United States Steel Corp.		3,019		80,758
Vulcan Materials Co.		490		91,106
WestRock Co.		3,484		181,307

				6,800,039

Real Estate-0.75%
American Tower Corp.		1,108		323,724
CBRE Group, Inc., Class A^(b)		1,913		184,222
Equinix, Inc.		215		181,342
Iron Mountain, Inc.		1,892		90,343
Jones Lang LaSalle, Inc.^(b)		532		128,973
Public Storage		682		220,702
SBA Communications Corp., Class A		304		109,127
Weyerhaeuser Co.		3,114		112,104

				1,350,537

Utilities-2.41%
AES Corp. (The)		5,141		122,716
Alliant Energy Corp.		1,191		72,401
Ameren Corp.		1,655		145,177
American Electric Power Co., Inc.		3,736		334,634
Atmos Energy Corp.		722		70,402
CenterPoint Energy, Inc.		5,312		133,278
CMS Energy Corp.		1,551		99,466
Consolidated Edison, Inc.		3,076		232,084
DTE Energy Co.		1,677		201,810
Edison International		3,477		201,110
Entergy Corp.		1,950		215,689
Evergy, Inc.		2,369		162,158
Eversource Energy		2,341		212,399
Exelon Corp.		11,322		555,004
FirstEnergy Corp.		4,563		177,364
MDU Resources Group, Inc.		1,929		62,056
NiSource, Inc.		3,813		93,990
NRG Energy, Inc.		3,314		151,350
OGE Energy Corp.		1,813		64,198
Pinnacle West Capital Corp.		1,019		78,361
Public Service Enterprise Group, Inc.		4,050		258,957
UGI Corp.		1,928		89,286
Vistra Corp.		10,153		193,821
WEC Energy Group, Inc.		1,962		185,370
Xcel Energy, Inc.		3,275		225,156

				4,338,237

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $140,528,388)				179,757,206

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.56%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		303,264		303,264

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

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

August 31, 2021


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		707,332	$	707,615

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,010,879)				1,010,879

TOTAL INVESTMENTS IN SECURITIES-100.42% (Cost $141,539,267)				180,768,085
OTHER ASSETS LESS LIABILITIES-(0.42)%				(758,572	)

NET ASSETS-100.00%			$	180,009,513

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,578,073		$	(3,578,073	)		$	-		$	-		$	-		$	34

Invesco Premier U.S. Government Money Portfolio, Institutional Class			11,956			619,890			(631,846	)			-			-			-			2
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,089,743			9,834,455			(10,620,934	)			-			-			303,264			149	*
Invesco Private Prime Fund			363,253			12,380,486			(12,036,275	)			-			151			707,615			1,121	*


Total		$	1,464,952		$	26,412,904		$	(26,867,128	)		$	-		$	151		$	1,010,879		$	1,306

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)

August 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-3.39%
Advantage Solutions, Inc.^(b)		491	$	4,277
AMC Networks, Inc., Class A^(b)(c)		1,497		71,152
Angi, Inc., Class A^(b)		3,107		33,058
ATN International, Inc.		252		11,489
Bandwidth, Inc., Class A^(b)(c)		58		5,968
Cable One, Inc.		25		52,490
Cardlytics, Inc.^(b)		39		3,540
Cargurus, Inc., (Acquired 07/05/2019 -06/18/2021; Cost $13,329)^(b)(d)		501		15,220
Cars.com, Inc.^(b)		1,233		15,684
Cincinnati Bell, Inc.^(b)		1,253		19,409
Cogent Communications Holdings, Inc.		255		18,508
comScore, Inc.^(b)		1,279		4,963
Consolidated Communications Holdings, Inc.^(b)		3,190		29,571
E.W. Scripps Co. (The), Class A		1,276		23,657
Entercom Communications Corp.^(b)		5,370		19,063
EverQuote, Inc., Class A^(b)		109		2,146
Globalstar, Inc.^(b)		1,773		3,528
Gravity Co. Ltd., ADR (South Korea)^(b)		40		4,012
Gray Television, Inc.		3,096		70,403
iClick Interactive Asia Group Ltd., ADR (China)^(b)		263		1,265
iHeartMedia, Inc., Class A^(b)(c)		2,493		62,026
Iridium Communications, Inc.^(b)		811		36,098
John Wiley & Sons, Inc., Class A^(c)		769		44,679
Liberty Latin America Ltd., Class A (Chile)^(b)		2,797		39,885
Lions Gate Entertainment Corp., Class A^(b)(c)		4,100		52,972
Madison Square Garden Sports Corp., Class A^(b)		78		14,101
Magnite, Inc.^(b)(c)		141		4,092
Manchester United PLC, Class A (United Kingdom)^(c)		1,344		23,171
New York Times Co. (The), Class A		1,112		56,467
ORBCOMM, Inc.^(b)		577		6,630
Pinterest, Inc., Class A^(b)		928		51,569
QuinStreet, Inc.^(b)		502		8,991
Roku, Inc.^(b)		89		31,364
Scholastic Corp.		797		26,492
Sirius XM Holdings, Inc.		12,404		77,773
Snap, Inc., Class A^(b)		492		37,446
Spok Holdings, Inc.		504		4,995
TechTarget, Inc.^(b)		87		7,358
TEGNA, Inc.		4,028		71,376
TripAdvisor, Inc.^(b)		1,162		40,670
TrueCar, Inc.^(b)		1,878		7,888
United States Cellular Corp.^(b)		957		30,576
WideOpenWest, Inc.^(b)		690		14,642
World Wrestling Entertainment, Inc., Class A		637		33,194
Yelp, Inc.^(b)		982		37,817
Zillow Group, Inc., Class C^(b)		450		43,096
Zynga, Inc., Class A^(b)		5,521		48,861

				1,323,632

Consumer Discretionary-16.26%
1-800-Flowers.com, Inc., Class A^(b)		819		26,011
2U, Inc.^(b)(c)		420		15,553
Abercrombie & Fitch Co., Class A^(b)		1,603		57,323
Accel Entertainment, Inc.^(b)		180		2,074


	Shares		Value
Consumer Discretionary-(continued)
Acushnet Holdings Corp.		355	$	17,736
Adtalem Global Education, Inc.^(b)		1,123		41,551
American Axle & Manufacturing Holdings, Inc.^(b).		6,280		55,704
American Eagle Outfitters, Inc.^(c)		1,782		54,387
American Public Education, Inc.^(b)		373		9,810
America’s Car-Mart, Inc.^(b)		62		8,018
Arko Corp.^(b)		740		7,652
Bally’s Corp.^(b)		253		12,711
Beazer Homes USA, Inc.^(b)		1,566		29,300
Big Lots, Inc.		1,416		68,903
Biglari Holdings, Inc., Class B^(b)		40		6,994
BJ’s Restaurants, Inc.^(b)		298		12,742
Bloomin’ Brands, Inc.^(b)		1,348		36,113
Bluegreen Vacations Holding Corp.^(b)		761		17,419
Boot Barn Holdings, Inc.^(b)		193		17,231
Boyd Gaming Corp.^(b)		629		38,602
Bright Horizons Family Solutions, Inc.^(b)		318		46,352
Brinker International, Inc.^(b)		582		31,003
Buckle, Inc. (The)		454		17,583
Burlington Stores, Inc.^(b)		264		79,065
Caesars Entertainment, Inc.^(b)		396		40,245
Caleres, Inc.		1,280		31,475
Callaway Golf Co.^(b)		611		17,145
Camping World Holdings, Inc., Class A		1,846		73,729
Carrols Restaurant Group, Inc.		2,295		9,524
Carter’s, Inc.		730		74,737
Carvana Co.^(b)		45		14,763
Cato Corp. (The), Class A		696		12,013
Cavco Industries, Inc.^(b)		96		24,528
Century Communities, Inc.		612		42,901
Cheesecake Factory, Inc. (The)^(b)		497		23,185
Chegg, Inc.^(b)		370		30,791
Chewy, Inc., Class A^(b)(c)		573		50,493
Chico’s FAS, Inc.^(b)		3,880		20,060
Children’s Place, Inc. (The)^(b)		225		19,539
Choice Hotels International, Inc.		138		16,472
Churchill Downs, Inc.		162		34,101
Chuy’s Holdings, Inc.^(b)		179		5,775
Citi Trends, Inc.^(b)		173		14,902
Columbia Sportswear Co.		402		41,008
Conn’s, Inc.^(b)		1,220		30,012
Cooper-Standard Holdings, Inc.^(b)		980		22,814
Cracker Barrel Old Country Store, Inc.		296		42,500
Crocs, Inc.^(b)		336		47,987
Dave & Buster’s Entertainment, Inc.^(b)		695		26,007
Deckers Outdoor Corp.^(b)		178		74,484
Denny’s Corp.^(b)		461		7,625
Designer Brands, Inc., Class A^(b)		1,549		22,460
Dillard’s, Inc., Class A^(c)		447		85,136
Dine Brands Global, Inc.^(b)		171		14,145
Domino’s Pizza, Inc.		199		102,861
Dorman Products, Inc.^(b)		259		24,310
DraftKings, Inc., Class A^(b)(c)		646		38,301
El Pollo Loco Holdings, Inc.^(b)		262		4,753
Ethan Allen Interiors, Inc.		482		11,578
Etsy, Inc.^(b)		399		86,288
Everi Holdings, Inc.^(b)		415		9,441
Expedia Group, Inc.^(b)		420		60,690

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Consumer Discretionary-(continued)
Express, Inc.^(b)		3,418	$	20,269
Farfetch Ltd., Class A (United Kingdom)^(b)		358		14,986
Fiesta Restaurant Group, Inc.^(b)		646		7,758
Five Below, Inc.^(b)		221		47,031
Fiverr International Ltd. (Israel)^(b)(c)		18		3,231
Floor & Decor Holdings, Inc., Class A^(b)		418		51,539
Fossil Group, Inc.^(b)		1,646		22,056
Fox Factory Holding Corp.^(b)		113		17,365
Franchise Group, Inc.		487		16,913
frontdoor, inc.^(b)		358		15,616
Funko, Inc., Class A^(b)		352		7,019
GameStop Corp., Class A^(b)(c)		309		67,436
Genesco, Inc.^(b)		573		35,543
Gentherm, Inc.^(b)		301		25,832
G-III Apparel Group Ltd.^(b)		1,305		40,364
Golden Entertainment, Inc.^(b)		201		9,592
GoPro, Inc., Class A^(b)(c)		1,196		11,924
Graham Holdings Co., Class B		127		78,335
Grand Canyon Education, Inc.^(b)		528		47,066
Green Brick Partners, Inc.^(b)		659		16,468
Groupon, Inc.^(b)(c)		352		8,719
GrowGeneration Corp.^(b)(c)		42		1,344
Guess?, Inc.		917		22,182
H&R Block, Inc.		3,496		89,672
Haverty Furniture Cos., Inc., (Acquired 06/19/2019 - 06/17/2020; Cost $7,192)^(d).		452		16,105
Helen of Troy Ltd.^(b)(c)		248		59,319
Hibbett, Inc.		322		30,812
Hilton Grand Vacations, Inc.^(b)		577		25,209
Hooker Furniture Corp.		288		8,974
Houghton Mifflin Harcourt Co.^(b)		2,365		31,857
Hyatt Hotels Corp., Class A^(b)(c)		953		70,131
Installed Building Products, Inc.		182		22,601
International Game Technology PLC^(b)(c)		2,041		43,861
iRobot Corp.^(b)(c)		305		24,742
Jack in the Box, Inc.		212		22,463
Johnson Outdoors, Inc., Class A		96		11,020
KB Home		2,060		88,642
Kontoor Brands, Inc.		549		29,624
Lands’ End, Inc.^(b)		343		11,611
Laureate Education, Inc., Class A^(b)		4,214		67,129
La-Z-Boy, Inc.		875		30,634
LCI Industries		335		47,456
Levi Strauss & Co., Class A		3,216		84,291
LGI Homes, Inc.^(b)		217		34,792
Liquidity Services, Inc.^(b)		143		3,489
Lovesac Co. (The)^(b)		43		2,432
lululemon athletica, inc.^(b)		287		114,849
M.D.C. Holdings, Inc.		794		41,486
M/I Homes, Inc.^(b)		647		41,660
Malibu Boats, Inc., Class A^(b)		180		12,888
MarineMax, Inc.^(b)		548		26,644
Mattel, Inc.^(b)		2,626		56,065
MercadoLibre, Inc. (Argentina)^(b)		65		121,384
Meritage Homes Corp.^(b)		808		90,124
Modine Manufacturing Co.^(b)		1,451		18,050
Monarch Casino & Resort, Inc.^(b)		74		4,689
Monro, Inc.		426		24,244
Motorcar Parts of America, Inc.^(b)		418		8,285
Movado Group, Inc.		418		15,106


	Shares		Value
Consumer Discretionary-(continued)
National Vision Holdings, Inc.^(b)		674	$	40,426
Noodles & Co.^(b)		298		3,752
Nordstrom, Inc.^(b)(c)		2,172		62,141
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		552		39,954
Overstock.com, Inc.^(b)		348		25,108
Oxford Industries, Inc.		214		19,324
Papa John’s International, Inc.		238		30,352
Party City Holdco, Inc.^(b)		2,494		16,984
Patrick Industries, Inc.		397		32,399
Peloton Interactive, Inc., Class A^(b)(c)		626		62,719
Penn National Gaming, Inc.^(b)		976		79,154
Perdoceo Education Corp.^(b)		1,532		16,821
PetMed Express, Inc.^(c)		273		7,518
Planet Fitness, Inc., Class A^(b)		302		24,553
PlayAGS, Inc.^(b)		414		3,391
Pool Corp.		161		79,582
Porch Group, Inc.^(b)		12		240
Purple Innovation, Inc.^(b)		254		6,198
Quotient Technology, Inc.^(b)		847		6,149
RealReal, Inc. (The)^(b)(c)		40		498
Red Robin Gourmet Burgers, Inc.^(b)		295		7,222
Red Rock Resorts, Inc., Class A^(b)		580		27,150
Regis Corp.^(b)		445		2,412
Rent-A-Center, Inc.		860		54,249
Revolve Group, Inc.^(b)		221		12,699
RH^(b)		69		48,346
Ruth’s Hospitality Group, Inc.^(b)		349		7,151
Sally Beauty Holdings, Inc.^(b)		2,371		44,077
Scientific Games Corp.^(b)		222		16,062
SeaWorld Entertainment, Inc.^(b)		179		8,805
Shake Shack, Inc., Class A^(b)		129		11,191
Shoe Carnival, Inc.		291		11,139
Shutterstock, Inc.		132		15,214
Skechers U.S.A., Inc., Class A^(b)		1,772		89,362
Skyline Champion Corp.^(b)		489		30,670
Sleep Number Corp.^(b)		403		37,282
Smith & Wesson Brands, Inc.		959		23,141
Sonic Automotive, Inc., Class A		1,632		82,481
Sonos, Inc.^(b)		786		31,228
Stamps.com, Inc.^(b)		157		51,637
Standard Motor Products, Inc.		421		18,057
Steven Madden Ltd.		858		34,723
Stitch Fix, Inc., Class A^(b)		448		18,776
Stoneridge, Inc.^(b)		331		7,712
Strategic Education, Inc.		580		45,402
Stride, Inc.^(b)		747		25,577
Sturm Ruger & Co., Inc.		263		20,564
Tempur Sealy International, Inc.		2,488		111,214
Terminix Global Holdings, Inc.^(b)		1,262		52,537
Texas Roadhouse, Inc.		556		52,820
TopBuild Corp.^(b)		324		70,888
Travel + Leisure Co.		1,020		55,855
Tupperware Brands Corp.^(b)(c)		705		16,828
Under Armour, Inc., Class A^(b)(c)		3,220		74,511
Unifi, Inc.^(b)		348		8,088
Universal Electronics, Inc.^(b)		255		12,883
Urban Outfitters, Inc.^(b)		1,142		37,709
Vail Resorts, Inc.^(b)		242		73,774
Veoneer, Inc. (Sweden)^(b)		783		28,031
Vera Bradley, Inc.^(b)		633		7,254

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Consumer Discretionary-(continued)
Vista Outdoor, Inc.^(b)		859	$	35,090
Visteon Corp.^(b)		317		33,501
Wendy’s Co. (The)		2,228		51,289
Wingstop, Inc.		65		11,175
Winmark Corp.		36		7,547
Winnebago Industries, Inc.		562		39,126
Wolverine World Wide, Inc.		1,451		52,033
WW International, Inc.^(b)		274		5,932
Wyndham Hotels & Resorts, Inc.		693		50,381
Wynn Resorts Ltd.^(b)		319		32,439
XL Fleet Corp.^(b)(c)		10		68
XPEL, Inc.^(b)(e)		23		1,748
YETI Holdings, Inc.^(b)		245		24,338
Zumiez, Inc.^(b)		430		17,282

				6,343,476

Consumer Staples-4.21%
Alico, Inc.		72		2,688
Andersons, Inc. (The)		2,595		78,836
B&G Foods, Inc.^(c)		1,614		49,001
Beyond Meat, Inc.^(b)(c)		43		5,145
Boston Beer Co., Inc. (The), Class A^(b)(c)		34		19,387
Calavo Growers, Inc.		206		9,666
Cal-Maine Foods, Inc.		703		25,420
Celsius Holdings, Inc.^(b)		15		1,226
Central Garden & Pet Co., Class A^(b)		940		39,170
Chefs’ Warehouse, Inc. (The)^(b)		453		13,694
Coca-Cola Consolidated, Inc.		121		49,145
Coty, Inc., Class A^(b)		4,233		41,356
Darling Ingredients, Inc.^(b)		1,339		99,756
Edgewell Personal Care Co.		935		39,551
elf Beauty, Inc.^(b)		226		6,995
Energizer Holdings, Inc.		1,157		45,516
Farmer Brothers Co.^(b)		420		3,108
Flowers Foods, Inc.		3,353		80,908
Fresh Del Monte Produce, Inc.		1,502		49,386
Freshpet, Inc.^(b)		42		5,382
Grocery Outlet Holding Corp.^(b)(c)		1,098		28,581
Hain Celestial Group, Inc. (The)^(b)		1,245		46,575
Hostess Brands, Inc.^(b)(c)		2,104		33,580
Ingles Markets, Inc., Class A		1,028		69,791
Inter Parfums, Inc.		123		8,922
J&J Snack Foods Corp.		126		20,634
John B. Sanfilippo & Son, Inc.		203		17,253
Lamb Weston Holdings, Inc.		941		61,306
Lancaster Colony Corp.		173		30,663
Medifast, Inc.		73		16,637
MGP Ingredients, Inc.		77		5,028
National Beverage Corp.		165		7,681
Natural Grocers by Vitamin Cottage, Inc.		500		6,045
Nu Skin Enterprises, Inc., Class A		1,058		53,556
Pilgrim’s Pride Corp.^(b)		1,225		34,104
PriceSmart, Inc.		523		44,251
Primo Water Corp.		2,723		48,361
Sanderson Farms, Inc.		345		67,793
Seaboard Corp.		7		29,782
Seneca Foods Corp., Class A^(b)		485		23,750
Simply Good Foods Co. (The)^(b)(c)		603		21,479
Sprouts Farmers Market, Inc.^(b)(c)		3,140		78,186
SunOpta, Inc. (Canada)^(b)		948		8,940


	Shares		Value
Consumer Staples-(continued)
Tattooed Chef, Inc.^(b)(c)		30	$	635
Tootsie Roll Industries, Inc.^(c)		427		13,515
TreeHouse Foods, Inc.^(b)		1,494		55,980
Turning Point Brands, Inc.		150		7,464
Universal Corp.		744		37,646
USANA Health Sciences, Inc.^(b)		181		17,562
Utz Brands, Inc.^(c)		108		2,097
Vector Group Ltd.		1,867		28,042
WD-40 Co.		61		14,617
Weis Markets, Inc.		673		38,327

				1,644,119

Energy-4.82%
Arch Resources, Inc.^(b)(c)		651		49,274
Archrock, Inc.		4,411		33,876
Berry Corp.		4,579		27,474
Bonanza Creek Energy, Inc.		508		19,751
Bristow Group, Inc.^(b)		179		5,649
Cactus, Inc., Class A		494		18,530
Callon Petroleum Co.^(b)(c)		1,456		49,752
Centennial Resource Development, Inc., Class A^(b)		7,495		38,224
ChampionX Corp.^(b)		1,062		24,776
Clean Energy Fuels Corp.^(b)(c)		1,135		9,001
Comstock Resources, Inc.^(b)		4,385		25,915
CONSOL Energy, Inc.^(b)		1,591		36,323
Continental Resources, Inc.^(c)		1,288		50,593
Core Laboratories N.V		348		9,591
CVR Energy, Inc.		3,626		52,214
Delek US Holdings, Inc.		4,281		73,248
DHT Holdings, Inc.^(c)		6,827		37,753
DMC Global, Inc.^(b)		132		5,302
Dorian LPG Ltd.		1,457		19,262
Dril-Quip, Inc.^(b)		567		13,778
Exterran Corp.^(b)		2,480		9,846
Frank’s International N.V.^(b)		2,981		8,585
Golar LNG Ltd. (Cameroon)^(b)		2,314		26,033
Green Plains, Inc.^(b)		1,113		39,066
Helix Energy Solutions Group, Inc.^(b)		6,104		22,951
International Seaways, Inc.		1,232		21,190
Kosmos Energy Ltd. (Ghana)^(b)		10,894		25,710
Laredo Petroleum, Inc.^(b)		581		31,391
Liberty Oilfield Services, Inc., Class A^(b)		929		9,494
Magnolia Oil & Gas Corp., Class A		2,856		44,782
Matador Resources Co.		1,699		48,846
Nabors Industries Ltd.^(b)		620		52,291
Navigator Holdings Ltd.^(b)		843		7,418
Newpark Resources, Inc.^(b)		4,272		11,193
NexTier Oilfield Solutions, Inc.^(b)		4,615		16,614
Nordic American Tankers Ltd.^(c)		5,057		11,985
Oceaneering International, Inc.^(b)		2,055		25,277
Oil States International, Inc.^(b)		3,602		21,108
Par Pacific Holdings, Inc.^(b)		2,601		42,890
Patterson-UTI Energy, Inc.		8,146		63,213
PDC Energy, Inc.		2,187		91,307
Peabody Energy Corp.^(b)		11,331		181,069
ProPetro Holding Corp.^(b)		2,416		18,700
Range Resources Corp.^(b)		4,649		67,968
Renewable Energy Group, Inc.^(b)(c)		890		43,094
REX American Resources Corp.^(b)		105		8,900

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

Invesco RAFI^TMStrategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Energy-(continued)
RPC, Inc.^(b)(c)		3,659	$	14,014
Scorpio Tankers, Inc. (Monaco)		1,820		29,502
Select Energy Services, Inc., Class A^(b)		3,559		19,041
SFL Corp. Ltd. (Norway)		2,967		23,825
SM Energy Co.		4,289		81,920
Southwestern Energy Co.^(b)		12,541		57,062
Talos Energy, Inc.^(b)		867		10,751
Teekay Corp. (Bermuda)^(b)(c)		11,569		35,054
Texas Pacific Land Corp.		21		28,555
Tidewater, Inc.^(b)		983		11,305
US Silica Holdings, Inc.^(b)		1,586		13,925
W&T Offshore, Inc.^(b)		1,441		4,698

				1,880,859

Financials-6.96%
AMERISAFE, Inc.		302		17,380
Ares Management Corp., Class A		279		21,533
Argo Group International Holdings Ltd.		807		42,690
Artisan Partners Asset Management, Inc., Class A		1,003		52,116
AssetMark Financial Holdings, Inc.^(b)		163		4,380
B. Riley Financial, Inc.		186		12,191
BGC Partners, Inc., Class A		8,633		44,460
Blucora, Inc.^(b)		858		14,080
Brightsphere Investment Group, Inc.		901		24,498
BRP Group, Inc., Class A^(b)		185		6,965
Cannae Holdings, Inc.^(b)		262		8,363
Carlyle Group, Inc. (The)		930		45,923
Citizens, Inc.^(b)(c)		1,258		7,510
Cohen & Steers, Inc.		202		17,717
Compass Diversified Holdings		1,323		37,666
Cowen, Inc., Class A		982		35,391
Crawford & Co., Class A		888		8,853
Credit Acceptance Corp.^(b)(c)		194		112,458
Diamond Hill Investment Group, Inc.		64		11,714
Donegal Group, Inc., Class A		581		8,750
Donnelley Financial Solutions, Inc.^(b)		540		18,009
eHealth, Inc.^(b)		161		6,223
Employers Holdings, Inc.		779		32,071
Encore Capital Group, Inc.^(b)		841		41,386
Enova International, Inc.^(b)		1,482		48,876
Erie Indemnity Co., Class A		248		43,918
Essent Group Ltd.		1,781		83,850
Evercore, Inc., Class A		543		75,825
EZCORP, Inc., Class A^(b)		2,378		16,384
FactSet Research Systems, Inc.		228		86,690
Federated Hermes, Inc., Class B		1,858		62,856
FirstCash, Inc.		698		59,812
Focus Financial Partners, Inc., Class A^(b)		440		22,827
Goosehead Insurance, Inc., Class A		59		8,660
Green Dot Corp., Class A^(b)		774		40,434
Greenhill & Co., Inc.		452		6,663
Hamilton Lane, Inc., Class A		154		13,255
Heritage Insurance Holdings, Inc.		1,944		13,608
Hilltop Holdings, Inc.		1,166		39,026
Houlihan Lokey, Inc.		713		64,313
James River Group Holdings Ltd.		1,464		53,861
Kinsale Capital Group, Inc.		125		22,731
LendingClub Corp.^(b)		1,333		41,403
LendingTree, Inc.^(b)		75		12,497


	Shares		Value
Financials-(continued)
MarketAxess Holdings, Inc.		101	$	48,068
Mercury General Corp.		676		40,364
Moelis & Co., Class A		1,026		63,561
Morningstar, Inc.		118		31,623
NMI Holdings, Inc., Class A^(b)		1,219		27,513
Open Lending Corp., Class A^(b)		29		1,072
Oppenheimer Holdings, Inc., Class A		283		13,185
Palomar Holdings, Inc.^(b)		98		8,800
PennyMac Mortgage Investment Trust		3,680		71,429
Piper Sandler Cos		353		50,451
PJT Partners, Inc., Class A		408		32,224
PRA Group, Inc.^(b)		775		32,550
ProAssurance Corp.		1,321		33,686
PROG Holdings, Inc.		1,273		60,238
RLI Corp.		368		40,197
Safety Insurance Group, Inc.		330		26,832
Santander Consumer USA Holdings, Inc.		2,329		97,189
SEI Investments Co.		1,448		90,949
Selective Insurance Group, Inc.		1,034		86,411
SiriusPoint Ltd. (Bermuda)^(b)		1,326		13,008
State Auto Financial Corp.		511		25,846
Stewart Information Services Corp.		696		43,813
Tradeweb Markets, Inc., Class A		1,054		91,709
Trupanion, Inc.^(b)		68		6,227
United Fire Group, Inc.		744		19,314
United Insurance Holdings Corp.		1,300		4,953
Universal Insurance Holdings, Inc.		1,686		24,009
Virtu Financial, Inc., Class A		2,733		66,904
Virtus Investment Partners, Inc.		39		12,195
Walker & Dunlop, Inc.		30		3,332
Waterstone Financial, Inc.		445		9,025
Westwood Holdings Group, Inc.		225		5,013
White Mountains Insurance Group Ltd.		37		41,470
WisdomTree Investments, Inc.		1,269		8,007
World Acceptance Corp.^(b)(c)		175		33,227

				2,714,210

Health Care-11.22%
10X Genomics, Inc., Class A^(b)		23		4,046
ABIOMED, Inc.^(b)		145		52,774
Acadia Healthcare Co., Inc.^(b)		1,164		76,964
Acadia Pharmaceuticals, Inc.^(b)		207		3,625
Acceleron Pharma, Inc.^(b)		12		1,607
Accuray, Inc.^(b)(c)		939		3,822
AdaptHealth Corp.^(b)		382		9,183
Addus HomeCare Corp.^(b)		154		13,848
Akebia Therapeutics, Inc.^(b)		62		182
Alkermes PLC^(b)		1,098		34,323
Allscripts Healthcare Solutions, Inc.^(b)		2,518		38,676
Amedisys, Inc.^(b)		160		29,352
AMN Healthcare Services, Inc.^(b)		456		51,765
Amneal Pharmaceuticals, Inc.^(b)		3,650		20,586
Amphastar Pharmaceuticals, Inc.^(b)		458		9,004
AnaptysBio, Inc.^(b)		98		2,510
AngioDynamics, Inc.^(b)		338		9,565
ANI Pharmaceuticals, Inc.^(b)		123		3,731
Anika Therapeutics, Inc.^(b)		136		5,866
Antares Pharma, Inc.^(b)		648		2,553
Apollo Medical Holdings, Inc.^(b)(c)		322		24,443
Arcus Biosciences, Inc.^(b)(c)		141		4,113

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Health Care-(continued)
Arrowhead Pharmaceuticals, Inc.^(b)		59	$	3,960
AtriCure, Inc.^(b)		79		5,816
Atrion Corp.		13		9,023
Avanos Medical, Inc.^(b)		492		16,236
Avid Bioservices, Inc.^(b)		101		2,448
AxoGen, Inc.^(b)		75		1,280
BioLife Solutions, Inc.^(b)		51		2,976
BioMarin Pharmaceutical, Inc.^(b)		905		76,210
BioNTech SE, ADR (Germany)^(b)		42		13,826
Bio-Techne Corp.		104		51,911
Blueprint Medicines Corp.^(b)		185		17,255
Brookdale Senior Living, Inc.^(b)		7,591		55,414
Bruker Corp.		539		47,599
Cardiovascular Systems, Inc.^(b)		110		3,937
CareDx, Inc.^(b)		61		4,470
Castle Biosciences, Inc.^(b)		44		3,376
Catalent, Inc.^(b)		825		107,613
Change Healthcare, Inc.^(b)		1,906		41,608
Charles River Laboratories International, Inc.^(b).		223		98,981
Chemed Corp.		130		61,971
Codexis, Inc.^(b)(c)		61		1,648
Coherus Biosciences, Inc.^(b)		825		13,184
Collegium Pharmaceutical, Inc.^(b)		309		6,344
Computer Programs & Systems, Inc.^(b)		209		7,434
CONMED Corp.		151		19,832
Corcept Therapeutics, Inc.^(b)		703		14,960
CorVel Corp.^(b)		65		10,713
Covetrus, Inc.^(b)		1,551		35,037
Cross Country Healthcare, Inc.^(b)		543		11,810
CryoLife, Inc.^(b)		188		4,933
CryoPort, Inc.^(b)(c)		44		2,797
CytomX Therapeutics, Inc.^(b)		30		154
Denali Therapeutics, Inc.^(b)		141		7,501
DexCom, Inc.^(b)		140		74,119
Dicerna Pharmaceuticals, Inc.^(b)		278		5,721
Eagle Pharmaceuticals, Inc.^(b)		171		9,126
Emergent BioSolutions, Inc.^(b)		698		44,030
Enanta Pharmaceuticals, Inc.^(b)		122		6,978
Endo International PLC^(b)		5,706		13,067
Ensign Group, Inc. (The)		525		42,877
Envista Holdings Corp.^(b)		1,665		71,245
Evolent Health, Inc., Class A^(b)(c)		794		19,501
Exact Sciences Corp.^(b)(c)		350		36,533
Exelixis, Inc.^(b)		1,854		35,541
FibroGen, Inc.^(b)		379		4,408
Fluidigm Corp.^(b)		337		2,430
Fulgent Genetics, Inc.^(b)(c)		84		7,664
Glaukos Corp.^(b)		101		6,023
Global Cord Blood Corp. (Hong Kong)^(b)		578		2,861
Globus Medical, Inc., Class A^(b)		571		46,594
Guardant Health, Inc.^(b)		85		10,818
Haemonetics Corp.^(b)		496		31,124
Halozyme Therapeutics, Inc.^(b)		326		13,689
Hanger, Inc.^(b)		552		13,182
Health Catalyst, Inc.^(b)(c)		52		2,840
HealthEquity, Inc.^(b)		303		19,444
HealthStream, Inc.^(b)		279		8,479
Heska Corp.^(b)		23		6,102
Hill-Rom Holdings, Inc.		733		106,710
Horizon Therapeutics PLC^(b)		782		84,526


	Shares		Value
Health Care-(continued)
ICU Medical, Inc.^(b)		170	$	33,890
IDEXX Laboratories, Inc.^(b)		154		103,759
Incyte Corp.^(b)		615		47,041
Inmode Ltd.^(b)		58		7,591
Innoviva, Inc.^(b)		1,074		16,389
Inogen, Inc.^(b)		114		6,748
Inovalon Holdings, Inc., Class A^(b)		646		26,389
Inspire Medical Systems, Inc.^(b)		5		1,118
Insulet Corp.^(b)		69		20,549
Integer Holdings Corp.^(b)		336		33,193
Integra LifeSciences Holdings Corp.^(b)		567		42,655
Intersect ENT, Inc.^(b)		14		381
Invacare Corp.^(b)		1,341		11,345
Ionis Pharmaceuticals, Inc.^(b)		1,032		41,032
iRhythm Technologies, Inc.^(b)		57		2,725
Ironwood Pharmaceuticals, Inc.^(b)		744		9,746
Joint Corp. (The)^(b)		20		2,043
Jounce Therapeutics, Inc.^(b)		45		280
Lannett Co., Inc.^(b)(c)		1,796		6,322
Lantheus Holdings, Inc.^(b)		383		10,100
LeMaitre Vascular, Inc.		84		4,756
LHC Group, Inc.^(b)		274		51,172
Ligand Pharmaceuticals, Inc.^(b)		235		31,091
LivaNova PLC^(b)		234		19,349
Magellan Health, Inc.^(b)		618		58,475
Masimo Corp.^(b)		182		49,420
MEDNAX, Inc.^(b)		1,297		41,647
Medpace Holdings, Inc.^(b)		158		28,811
Meridian Bioscience, Inc.^(b)		362		7,327
Merit Medical Systems, Inc.^(b)		395		28,349
Mesa Laboratories, Inc.		27		7,207
MiMedx Group, Inc.^(b)(c)		65		959
Moderna, Inc.^(b)		518		195,125
ModivCare, Inc.^(b)		235		46,356
Myriad Genetics, Inc.^(b)		700		25,046
Natera, Inc.^(b)		3		355
National HealthCare Corp.		333		24,592
National Research Corp.		79		4,266
Natus Medical, Inc.^(b)		413		10,953
Neogen Corp.^(b)		343		15,017
NeoGenomics, Inc.^(b)		295		14,343
Neurocrine Biosciences, Inc.^(b)		307		29,226
Nevro Corp.^(b)		41		5,002
NextGen Healthcare, Inc.^(b)		610		9,309
NGM Biopharmaceuticals, Inc.^(b)		16		349
Novavax, Inc.^(b)(c)		93		22,184
Novocure Ltd.^(b)		48		6,442
NuVasive, Inc.^(b)		485		30,138
Omnicell, Inc.^(b)		215		33,383
OPKO Health, Inc.^(b)		4,473		17,266
OptimizeRx Corp.^(b)		13		860
Option Care Health, Inc.^(b)		1,054		28,195
OraSure Technologies, Inc.^(b)(c)		587		6,428
Organogenesis Holdings, Inc.^(b)		39		665
Orthofix Medical, Inc.^(b)		246		10,430
OrthoPediatrics Corp.^(b)		26		1,823
Owens & Minor, Inc.		2,650		98,792
Pacific Biosciences of California, Inc.^(b)		68		2,129
Pacira BioSciences, Inc.^(b)		172		10,198
Patterson Cos., Inc.		1,304		39,955

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Health Care-(continued)
Pennant Group, Inc. (The)^(b)		139	$	4,249
Penumbra, Inc.^(b)		42		11,548
Personalis, Inc.^(b)		23		487
PetIQ, Inc.^(b)(c)		238		6,176
Phibro Animal Health Corp., Class A		459		11,149
Phreesia, Inc.^(b)		69		4,937
Premier, Inc., Class A		1,220		45,360
Prestige Consumer Healthcare, Inc.^(b)		735		42,182
Progyny, Inc.^(b)		50		2,794
PTC Therapeutics, Inc.^(b)		36		1,571
Quanterix Corp.^(b)		23		1,174
Quidel Corp.^(b)(c)		341		43,972
R1 RCM, Inc.^(b)		361		7,119
RadNet, Inc.^(b)		699		21,956
REGENXBIO, Inc.^(b)		44		1,421
Repligen Corp.^(b)		102		28,864
Sangamo Therapeutics, Inc.^(b)		783		7,760
Sarepta Therapeutics, Inc.^(b)		204		15,936
Seagen, Inc.^(b)		370		62,012
Select Medical Holdings Corp.		2,130		73,634
Shockwave Medical, Inc.^(b)		1		214
SI-BONE, Inc.^(b)		11		269
Simulations Plus, Inc.		36		1,595
SmileDirectClub, Inc.^(b)(c)		3,398		18,689
STAAR Surgical Co.^(b)		38		5,870
Supernus Pharmaceuticals, Inc.^(b)		578		15,912
Surgalign Holdings, Inc.^(b)		1,636		2,487
Surgery Partners, Inc.^(b)		293		14,416
SurModics, Inc.^(b)		62		3,724
Syneos Health, Inc.^(b)		941		87,306
Tabula Rasa HealthCare, Inc.^(b)		108		3,381
Tactile Systems Technology, Inc.^(b)		54		2,402
Tandem Diabetes Care, Inc.^(b)		96		10,768
Taro Pharmaceutical Industries Ltd.^(b)		114		7,731
Teladoc Health, Inc.^(b)(c)		325		46,937
Teleflex, Inc.		197		77,906
Tivity Health, Inc.^(b)		504		11,718
Translate Bio, Inc.^(b)		426		15,932
Travere Therapeutics, Inc.^(b)		138		3,013
Ultragenyx Pharmaceutical, Inc.^(b)		15		1,444
United Therapeutics Corp.^(b)		422		90,679
US Physical Therapy, Inc.		96		11,270
Vanda Pharmaceuticals, Inc.^(b)		468		7,834
Varex Imaging Corp.^(b)		495		14,439
Veeva Systems, Inc., Class A^(b)		227		75,359
Veracyte, Inc.^(b)		111		5,340
Vericel Corp.^(b)		56		3,034
Vocera Communications, Inc.^(b)(c)		149		7,225
West Pharmaceutical Services, Inc.		218		98,453
Xencor, Inc.^(b)		178		6,029
Zynex, Inc.^(b)(c)		41		550

				4,377,340

Industrials-22.58%
AAON, Inc.		214		14,576
AAR Corp.^(b)		691		23,390
ABM Industries, Inc.		1,811		89,681
ACCO Brands Corp.		3,662		34,313
Advanced Drainage Systems, Inc.		319		36,414
Aerojet Rocketdyne Holdings, Inc.		1,011		41,977


	Shares		Value
Industrials-(continued)
AeroVironment, Inc.^(b)		102	$	10,441
Air Transport Services Group, Inc.^(b)		1,688		46,234
Alamo Group, Inc.		149		23,096
Alaska Air Group, Inc.^(b)		453		25,975
Albany International Corp., Class A		305		23,891
Allegiant Travel Co.^(b)		48		9,237
Allegion PLC		632		91,002
Allison Transmission Holdings, Inc.		2,089		77,251
Altra Industrial Motion Corp.		817		47,844
AMERCO		125		82,644
Ameresco, Inc., Class A^(b)		110		7,606
American Airlines Group, Inc.^(b)(c)		1,039		20,718
American Woodmark Corp.^(b)		304		21,420
API Group Corp.^(b)(e)		2,654		61,546
Apogee Enterprises, Inc.		691		29,699
Applied Industrial Technologies, Inc.		563		50,000
ArcBest Corp.		535		35,701
Arcosa, Inc.		862		43,807
Argan, Inc.		316		14,631
Armstrong World Industries, Inc.		327		33,985
ASGN, Inc.^(b)		701		78,645
Astec Industries, Inc.		336		20,543
Astronics Corp.^(b)		808		10,795
Atkore, Inc.^(b)		430		39,891
Atlas Air Worldwide Holdings, Inc.^(b)		1,145		83,780
Axon Enterprise, Inc.^(b)		137		24,916
AZZ, Inc.		461		24,687
Barnes Group, Inc.		741		35,323
Barrett Business Services, Inc.		120		9,300
Beacon Roofing Supply, Inc.^(b)		1,388		71,454
Bloom Energy Corp., Class A^(b)(c)		110		2,356
Boise Cascade Co.		1,115		64,503
Brady Corp., Class A		640		34,131
BrightView Holdings, Inc.^(b)		1,207		18,503
Brink’s Co. (The)		688		53,774
BWX Technologies, Inc.		725		41,637
Casella Waste Systems, Inc., Class A^(b)		210		15,538
CBIZ, Inc.^(b)		748		25,514
Chart Industries, Inc.^(b)		244		45,965
Cimpress PLC (Ireland)^(b)		625		59,362
CIRCOR International, Inc.^(b)		249		8,902
Clarivate PLC (United Kingdom)^(b)(c)		1,080		27,205
Clean Harbors, Inc.^(b)		676		69,371
Colfax Corp.^(b)		1,542		74,278
Columbus McKinnon Corp.		312		14,368
Comfort Systems USA, Inc.		576		43,764
Construction Partners, Inc.^(b)		449		15,028
Copart, Inc.^(b)		674		97,272
CoreCivic, Inc.^(b)		6,820		66,290
Cornerstone Building Brands, Inc.^(b)		1,456		24,199
Costamare, Inc. (Monaco)		1,603		23,051
CoStar Group, Inc.^(b)		1,070		90,672
Covanta Holding Corp.		2,775		55,639
CRA International, Inc.		124		11,531
Crane Co.		769		78,261
CSW Industrials, Inc.		103		13,677
Curtiss-Wright Corp.		578		70,389
Deluxe Corp.		905		34,707
Donaldson Co., Inc.		1,180		79,945
Douglas Dynamics, Inc.		298		11,843

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Industrials-(continued)
Ducommun, Inc.^(b)		178	$	9,381
DXP Enterprises, Inc.^(b)		516		15,470
Dycom Industries, Inc.^(b)		657		49,492
Echo Global Logistics, Inc.^(b)		812		26,699
Encore Wire Corp.		301		25,588
Energy Recovery, Inc.^(b)		118		2,411
Enerpac Tool Group Corp.		476		11,976
EnerSys		647		54,730
Ennis, Inc.		526		10,210
EnPro Industries, Inc.		311		26,594
ESCO Technologies, Inc.		228		20,547
Evoqua Water Technologies Corp.^(b)		772		30,046
Exponent, Inc.		238		27,822
Federal Signal Corp.		634		25,759
Flowserve Corp.		1,885		73,270
Forrester Research, Inc.^(b)		103		4,898
Forward Air Corp.		298		26,275
Franklin Electric Co., Inc.		342		29,063
FTI Consulting, Inc.^(b)		524		73,208
FuelCell Energy, Inc.^(b)(c)		3		19
Gates Industrial Corp. PLC^(b)		939		15,381
GATX Corp.		658		60,325
Genco Shipping & Trading Ltd.		940		18,321
Generac Holdings, Inc.^(b)		181		79,093
Gibraltar Industries, Inc.^(b)		278		20,755
Global Industrial Co.		178		6,851
GMS, Inc.^(b)		963		47,582
Gorman-Rupp Co. (The)		204		7,154
Graco, Inc.		868		68,069
GrafTech International Ltd.		2,626		29,070
Granite Construction, Inc.		1,473		59,715
Great Lakes Dredge & Dock Corp.^(b)		975		14,732
Greenbrier Cos., Inc. (The)		1,040		45,864
Griffon Corp.		1,210		29,282
H&E Equipment Services, Inc.		752		25,606
Harsco Corp.^(b)		1,076		19,626
Healthcare Services Group, Inc.		1,074		28,096
Heartland Express, Inc.		910		15,270
HEICO Corp.		366		46,416
Heidrick & Struggles International, Inc.		299		12,923
Helios Technologies, Inc.		236		19,262
Herc Holdings, Inc.^(b)		494		64,936
Heritage-Crystal Clean, Inc.^(b)		192		5,672
Herman Miller, Inc.		1,020		42,871
Hexcel Corp.^(b)(c)		1,122		63,629
Hillenbrand, Inc.		1,198		55,611
HNI Corp.		907		34,366
Hub Group, Inc., Class A^(b)		731		51,316
Huron Consulting Group, Inc.^(b)		420		20,735
Hyster-Yale Materials Handling, Inc.		285		16,704
IAA, Inc.^(b)		893		47,436
ICF International, Inc.		328		30,720
IDEX Corp.		414		92,736
IES Holdings, Inc.^(b)		314		15,355
Insperity, Inc.		721		79,555
Insteel Industries, Inc.		280		10,360
Interface, Inc.		1,338		19,240
ITT, Inc.		862		82,468
JELD-WEN Holding, Inc.^(b)		1,698		46,763
JetBlue Airways Corp.^(b)		1,581		23,921


	Shares		Value
Industrials-(continued)
John Bean Technologies Corp.		244	$	35,597
Kadant, Inc.		97		20,285
Kaman Corp.		359		14,030
KAR Auction Services, Inc.^(b)		3,926		66,389
KBR, Inc.		2,160		84,110
Kelly Services, Inc., Class A		2,257		43,876
Kennametal, Inc.		1,139		42,348
Kforce, Inc.		406		23,719
Kimball International, Inc., Class B		829		10,338
Kirby Corp.^(b)		1,217		65,219
Korn Ferry		786		55,562
Kratos Defense & Security Solutions, Inc.^(b)		660		16,315
Landstar System, Inc.		444		74,605
Lawson Products, Inc.^(b)		96		5,064
LB Foster Co., Class A^(b)		385		6,564
Lennox International, Inc.		234		78,432
Lincoln Electric Holdings, Inc.		594		82,928
Lindsay Corp.		64		10,544
Luxfer Holdings PLC (United Kingdom)		264		5,636
Lydall, Inc.^(b)		347		21,507
Lyft, Inc., Class A^(b)		182		8,665
Macquarie Infrastructure Corp.		2,495		99,426
Manitowoc Co., Inc. (The)^(b)		973		23,595
ManTech International Corp., Class A		600		47,502
Marten Transport Ltd.		1,221		19,035
Masonite International Corp.^(b)		360		43,085
Matrix Service Co.^(b)		1,175		13,254
Matson, Inc.		796		63,019
Matthews International Corp., Class A		778		28,809
Maxar Technologies, Inc.		1,117		35,509
McGrath RentCorp.		302		21,074
Mercury Systems, Inc.^(b)		438		22,066
Meritor, Inc.^(b)		2,459		58,327
Middleby Corp. (The)^(b)		437		79,945
Moog, Inc., Class A		841		66,809
MRC Global, Inc.^(b)		3,976		32,603
MSA Safety, Inc.		217		35,336
Mueller Industries, Inc.		857		38,231
Mueller Water Products, Inc., Class A		1,787		29,700
MYR Group, Inc.^(b)		364		37,860
National Presto Industries, Inc.		85		7,101
NN, Inc.^(b)		1,212		6,593
Nordson Corp.		337		80,408
NOW, Inc.^(b)		3,360		25,805
NV5 Global, Inc.^(b)(c)		109		11,516
nVent Electric PLC		2,577		88,546
Omega Flex, Inc.		24		3,648
PAE, Inc.^(b)		4,258		28,486
Park Aerospace Corp.		324		4,724
Park-Ohio Holdings Corp.		340		8,765
Parsons Corp.^(b)		1,620		57,397
PGT Innovations, Inc.^(b)		632		13,417
Pitney Bowes, Inc.		5,687		42,482
Powell Industries, Inc.		259		6,553
Primoris Services Corp.		1,582		40,657
Proto Labs, Inc.^(b)		204		15,129
Quanex Building Products Corp.		663		15,620
Raven Industries, Inc.^(b)		246		14,354
RBC Bearings, Inc.^(b)		142		32,876
Regal Beloit Corp.		619		92,491

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Industrials-(continued)
Resideo Technologies, Inc.^(b)		2,328	$	75,055
Resources Connection, Inc.		902		14,252
REV Group, Inc.		676		10,992
Rexnord Corp.		986		59,909
Rollins, Inc.		1,725		67,137
Saia, Inc.^(b)		172		41,302
Shyft Group, Inc. (The)		251		11,046
Simpson Manufacturing Co., Inc.		367		41,526
SiteOne Landscape Supply, Inc.^(b)		210		42,021
SkyWest, Inc.^(b)		427		19,920
SP Plus Corp.^(b)		572		18,527
Spirit AeroSystems Holdings, Inc., Class A		938		36,807
Spirit Airlines, Inc.^(b)		352		8,635
SPX Corp.^(b)		399		24,930
SPX FLOW, Inc.		446		35,916
Standex International Corp.		157		15,581
Steelcase, Inc., Class A		3,851		54,261
Stericycle, Inc.^(b)		903		62,849
Sunrun, Inc.^(b)		264		11,682
Team, Inc.^(b)		1,473		6,599
Tennant Co.		231		17,089
Terex Corp.		1,109		56,614
Tetra Tech, Inc.		539		77,530
Textainer Group Holdings Ltd. (China)^(b)		1,401		46,541
Thermon Group Holdings, Inc.^(b)		491		8,200
Timken Co. (The)		1,057		77,732
Titan Machinery, Inc.^(b)		670		19,242
Toro Co. (The)		701		77,068
TPI Composites, Inc.^(b)(c)		338		12,273
Trex Co., Inc.^(b)		221		24,257
TriMas Corp.^(b)		690		22,156
TriNet Group, Inc.^(b)		658		60,589
Triumph Group, Inc.^(b)		333		6,147
TrueBlue, Inc.^(b)		1,237		33,807
Tutor Perini Corp.^(b)		3,376		48,682
UFP Industries, Inc.		938		70,425
UniFirst Corp.		246		56,351
United Airlines Holdings, Inc.^(b)(c)		1,612		74,974
Universal Logistics Holdings, Inc.		243		5,314
Upwork, Inc.^(b)		154		6,885
US Ecology, Inc.^(b)		534		19,144
Valmont Industries, Inc.		252		62,713
Veritiv Corp.^(b)		1,396		125,179
Vertiv Holdings Co.		1,049		29,550
Viad Corp.^(b)		206		8,897
Vicor Corp.^(b)		56		6,909
Wabash National Corp.		1,743		27,086
Watts Water Technologies, Inc., Class A		296		50,785
Welbilt, Inc.^(b)		721		16,871
Werner Enterprises, Inc.		1,206		56,875
WillScot Mobile Mini Holdings Corp.^(b)		1,018		30,133
Woodward, Inc.		559		67,605

				8,811,389

Information Technology-15.70%
3D Systems Corp.^(b)		393		11,963
8x8, Inc.^(b)		150		3,623
A10 Networks, Inc.^(b)		580		8,056
ACI Worldwide, Inc.^(b)		1,001		32,262
ACM Research, Inc., Class A^(b)		33		2,942


	Shares		Value
Information Technology-(continued)
ADTRAN, Inc.		482	$	9,958
Advanced Energy Industries, Inc.		265		23,898
Agilysys, Inc.^(b)		62		3,523
Alarm.com Holdings, Inc.^(b)		157		13,240
Alpha & Omega Semiconductor Ltd.^(b)		298		8,657
Altair Engineering, Inc., Class A^(b)		142		10,507
Alteryx, Inc., Class A^(b)		174		12,871
Ambarella, Inc.^(b)		90		9,321
Amkor Technology, Inc.		4,221		115,951
Anaplan, Inc.^(b)		100		5,998
AppFolio, Inc., Class A^(b)		57		6,732
Appian Corp.^(b)		56		6,003
Applied Optoelectronics, Inc.^(b)(c)		406		2,976
Arlo Technologies, Inc.^(b)		669		4,148
Aspen Technology, Inc.^(b)		234		30,303
AudioCodes Ltd. (Israel)		139		4,351
Avalara, Inc.^(b)		99		17,790
Avaya Holdings Corp.^(b)		2,160		43,567
Avid Technology, Inc.^(b)		83		2,142
Axcelis Technologies, Inc.^(b)		317		15,758
Badger Meter, Inc.		147		15,742
Belden, Inc.		782		44,770
Benchmark Electronics, Inc.		1,253		33,869
Benefitfocus, Inc.^(b)		216		2,607
Black Knight, Inc.^(b)		798		60,385
Blackbaud, Inc.^(b)		322		22,440
Blackline, Inc.^(b)(c)		89		9,710
Bottomline Technologies (DE), Inc.^(b)		353		14,921
Box, Inc., Class A^(b)		769		19,825
Brightcove, Inc.^(b)		215		2,442
Brooks Automation, Inc.		274		23,279
CalAmp Corp.^(b)		388		4,400
Calix, Inc.^(b)		151		7,037
Cambium Networks Corp.^(b)		32		1,199
Cantaloupe, Inc.^(b)(c)		132		1,352
Casa Systems, Inc.^(b)		457		3,217
CDK Global, Inc.		636		26,458
Cerence, Inc.^(b)(c)		308		33,400
Ceridian HCM Holding, Inc.^(b)		315		35,390
CEVA, Inc.^(b)		119		5,742
ChannelAdvisor Corp.^(b)		162		4,150
Ciena Corp.^(b)		1,719		98,207
Cirrus Logic, Inc.^(b)		655		54,804
Cloudera, Inc.^(b)		3,803		60,582
Cloudflare, Inc., Class A^(b)		143		17,266
CMC Materials, Inc.		277		36,736
Cognex Corp.		725		64,250
Coherent, Inc.^(b)		118		29,815
Cohu, Inc.^(b)		348		12,417
CommVault Systems, Inc.^(b)		286		23,157
Comtech Telecommunications Corp.		577		14,725
Conduent, Inc.^(b)		7,884		57,553
Cornerstone OnDemand, Inc.^(b)		280		16,044
Coupa Software, Inc.^(b)		56		13,709
Cree, Inc.^(b)(c)		298		25,324
Crowdstrike Holdings, Inc., Class A^(b)		138		38,778
CSG Systems International, Inc.		568		27,383
CTS Corp.		339		11,892
Daktronics, Inc.^(b)		1,199		7,302
Datadog, Inc., Class A^(b)		177		24,391

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Information Technology-(continued)
Diebold Nixdorf, Inc.^(b)		1,768	$	19,236
Digi International, Inc.^(b)		442		9,715
Digimarc Corp.^(b)(c)		5		146
Digital Turbine, Inc.^(b)(c)		72		4,208
Diodes, Inc.^(b)		577		55,871
DocuSign, Inc.^(b)		294		87,095
Dolby Laboratories, Inc., Class A		900		89,199
Dropbox, Inc., Class A^(b)		3,164		100,330
DSP Group, Inc.^(b)		218		4,774
Dynatrace, Inc.^(b)		236		16,220
Ebix, Inc.		441		12,692
EchoStar Corp., Class A^(b)		3,360		90,720
Elastic N.V.^(b)		61		9,733
Enphase Energy, Inc.^(b)		163		28,318
Entegris, Inc.		540		64,876
Envestnet, Inc.^(b)		390		31,149
EPAM Systems, Inc.^(b)		134		84,797
ePlus, Inc.^(b)		209		22,618
Euronet Worldwide, Inc.^(b)		513		68,347
Everbridge, Inc.^(b)(c)		52		8,162
EVERTEC, Inc.		373		17,251
Evo Payments, Inc., Class A^(b)		114		2,900
ExlService Holdings, Inc.^(b)		296		36,449
Extreme Networks, Inc.^(b)		1,087		11,772
F5 Networks, Inc.^(b)		501		101,989
Fabrinet (Thailand)^(b)		399		41,105
Fair Isaac Corp.^(b)		133		61,145
FARO Technologies, Inc.^(b)		103		7,101
Fastly, Inc., Class A^(b)		140		6,104
FireEye, Inc.^(b)		883		16,062
First Solar, Inc.^(b)		1,138		106,972
Five9, Inc.^(b)		52		8,228
FormFactor, Inc.^(b)		636		24,728
Genpact Ltd.		1,961		101,737
Grid Dynamics Holdings, Inc.^(b)		377		10,092
Guidewire Software, Inc.^(b)		364		43,119
Hackett Group, Inc. (The)		351		6,880
Harmonic, Inc.^(b)		1,075		9,933
HubSpot, Inc.^(b)		39		26,694
Ichor Holdings Ltd.^(b)		220		9,748
II-VI, Inc.^(b)(c)		1,052		66,255
Impinj, Inc.^(b)(c)		43		2,507
Infinera Corp.^(b)(c)		1,002		8,487
Inseego Corp.^(b)(c)		301		2,528
InterDigital, Inc.		368		26,537
IPG Photonics Corp.^(b)		241		41,134
Itron, Inc.^(b)		365		30,664
J2 Global, Inc.^(b)		509		70,089
Jack Henry & Associates, Inc.		541		95,422
Knowles Corp.^(b)		1,429		28,580
Kulicke & Soffa Industries, Inc. (Singapore)		534		37,481
Lattice Semiconductor Corp.^(b)		301		18,698
Limelight Networks, Inc.^(b)(c)		1,550		4,185
Littelfuse, Inc.		196		55,938
LivePerson, Inc.^(b)(c)		93		5,961
LiveRamp Holdings, Inc.^(b)		613		30,037
Lumentum Holdings, Inc.^(b)		938		81,268
MACOM Technology Solutions Holdings, Inc.^(b)		190		11,535
MagnaChip Semiconductor Corp. (South Korea)^(b)		304		5,548


	Shares		Value
Information Technology-(continued)
Manhattan Associates, Inc.^(b)		159	$	25,915
Marathon Digital Holdings, Inc.^(b)(c)		32		1,299
Maximus, Inc.		849		73,939
MaxLinear, Inc.^(b)		300		15,669
Medallia, Inc.^(b)		245		8,274
Methode Electronics, Inc.		514		23,937
MicroStrategy, Inc., Class A^(b)(c)		51		35,409
Mimecast Ltd.^(b)		230		16,056
MiX Telematics Ltd., ADR (South Africa)		131		1,720
MKS Instruments, Inc.		383		56,370
Model N, Inc.^(b)		78		2,645
Momentive Global, Inc.^(b)		418		8,197
MongoDB, Inc.^(b)(c)		13		5,094
Monolithic Power Systems, Inc.		109		53,947
N-able, Inc.^(b)(c)		440		5,953
National Instruments Corp.		1,378		57,628
Net 1 UEPS Technologies, Inc. (South Africa)^(b).		281		1,245
NETGEAR, Inc.^(b)		704		25,154
NetScout Systems, Inc.^(b)		1,781		48,835
New Relic, Inc.^(b)		193		15,434
nLight, Inc.^(b)		176		4,859
Novanta, Inc.^(b)		122		18,693
Nuance Communications, Inc.^(b)		1,079		59,399
Nutanix, Inc., Class A^(b)		438		16,167
Okta, Inc.^(b)		71		18,716
OneSpan, Inc.^(b)		225		4,336
Onto Innovation, Inc.^(b)		388		28,762
Opera Ltd., ADR (Norway)^(b)		1,681		17,499
OSI Systems, Inc.^(b)		282		27,901
PagerDuty, Inc.^(b)		148		6,334
PAR Technology Corp.^(b)(c)		31		2,106
Paya Holdings, Inc., Class A^(b)		92		888
Paycom Software, Inc.^(b)		81		39,601
Paylocity Holding Corp.^(b)		77		20,728
PC Connection, Inc.		639		30,934
PDF Solutions, Inc.^(b)		214		4,819
Pegasystems, Inc.		91		12,524
Perficient, Inc.^(b)		218		25,990
Photronics, Inc.^(b)		1,705		25,694
Ping Identity Holding Corp.^(b)		216		5,605
Plantronics, Inc.^(b)		642		19,119
Plexus Corp.^(b)		537		49,313
Power Integrations, Inc.		308		33,461
Progress Software Corp.		471		21,930
PROS Holdings, Inc.^(b)		93		4,021
PTC, Inc.^(b)		317		41,736
Pure Storage, Inc., Class A^(b)		2,212		57,136
Q2 Holdings, Inc.^(b)		88		7,752
QAD, Inc., Class A		95		8,266
Qualys, Inc.^(b)		251		29,462
Rambus, Inc.^(b)		1,251		29,774
Rapid7, Inc.^(b)		60		7,291
Repay Holdings Corp.^(b)(c)		984		22,642
Ribbon Communications, Inc.^(b)		1,847		12,061
RingCentral, Inc., Class A^(b)		67		16,901
Rogers Corp.^(b)		142		30,162
Sabre Corp.^(b)(c)		1,250		14,038
SailPoint Technologies Holding, Inc.^(b)(c)		222		10,403
ScanSource, Inc.^(b)		1,456		51,805
Semtech Corp.^(b)		462		32,303

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Information Technology-(continued)
Silicon Laboratories, Inc.^(b)		234	$	36,883
SiTime Corp.^(b)		22		4,683
SMART Global Holdings, Inc.^(b)		290		14,053
Smartsheet, Inc., Class A^(b)		140		11,140
SolarEdge Technologies, Inc.^(b)		134		38,831
SolarWinds Corp.		391		6,674
Splunk, Inc.^(b)		330		50,447
Sprout Social, Inc., Class A^(b)		48		5,837
SPS Commerce, Inc.^(b)		137		18,568
StoneCo.Ltd., Class A (Brazil)^(b)		286		13,310
Stratasys Ltd.^(b)(c)		762		16,048
SunPower Corp.^(b)(c)		39		840
Super Micro Computer, Inc.^(b)		1,100		40,194
Switch, Inc., Class A		964		23,917
Synaptics, Inc.^(b)		282		53,518
Teledyne Technologies, Inc.^(b)		209		96,846
Tenable Holdings, Inc.^(b)		141		6,256
Teradata Corp.^(b)		1,051		57,479
Trade Desk, Inc. (The), Class A^(b)		568		45,468
TTEC Holdings, Inc.		147		15,503
TTM Technologies, Inc.^(b)		3,062		42,868
Tucows, Inc., Class A^(b)		57		4,224
Tufin Software Technologies Ltd. (Israel)^(b)		58		638
Twilio, Inc., Class A^(b)		245		87,455
Tyler Technologies, Inc.^(b)		115		55,856
Ultra Clean Holdings, Inc.^(b)		394		18,219
Universal Display Corp.		111		23,154
Upland Software, Inc.^(b)		138		5,379
Varonis Systems, Inc.^(b)(c)		61		4,210
Veeco Instruments, Inc.^(b)		433		9,868
Velodyne Lidar, Inc.^(b)(c)		22		145
Verint Systems, Inc.^(b)		1,075		47,988
Verra Mobility Corp.^(b)		677		10,500
ViaSat, Inc.^(b)		1,473		76,066
Viavi Solutions, Inc.^(b)		1,864		30,365
Vishay Intertechnology, Inc.		2,423		53,233
Vonage Holdings Corp.^(b)		1,549		21,841
WEX, Inc.^(b)		418		76,732
Workiva, Inc.^(b)(c)		55		7,715
Xperi Holding Corp.		1,790		38,252
Yext, Inc.^(b)		338		4,570
Zendesk, Inc.^(b)		110		13,596
Zoom Video Communications, Inc., Class A^(b)		242		70,059
Zscaler, Inc.^(b)		48		13,360
Zuora, Inc., Class A^(b)		319		5,417

				6,126,335

Materials-6.51%
AdvanSix, Inc.^(b)		660		24,090
Allegheny Technologies, Inc.^(b)		2,652		47,365
American Vanguard Corp.		498		7,634
AptarGroup, Inc.		540		72,792
Arconic Corp.^(b)		1,416		48,838
Ashland Global Holdings, Inc.		914		83,274
Avient Corp.		1,189		61,935
Axalta Coating Systems Ltd.^(b)		2,399		73,265
Balchem Corp.		187		26,259
Cabot Corp.		1,028		54,895
Carpenter Technology Corp.		1,132		37,752
Century Aluminum Co.^(b)		999		12,807


	Shares		Value
Materials-(continued)
Chase Corp.		66	$	7,557
Clearwater Paper Corp.^(b)		992		32,230
Cleveland-Cliffs, Inc.^(b)(c)		2,815		66,068
Coeur Mining, Inc.^(b)		1,989		14,022
Compass Minerals International, Inc.		515		34,469
Eagle Materials, Inc.		418		65,559
Ecovyst, Inc.		927		12,060
Element Solutions, Inc.		2,327		52,893
Ferro Corp.^(b)		543		11,294
Ferroglobe PLC^(b)		2,083		17,310
Forterra, Inc.^(b)		469		10,806
GCP Applied Technologies, Inc.^(b)		560		13,350
Glatfelter Corp.		1,268		20,034
Gold Resource Corp.		1,468		2,525
Greif, Inc., Class A		1,252		79,277
H.B. Fuller Co.		843		56,961
Hawkins, Inc.		320		12,122
Haynes International, Inc.		283		11,108
Hecla Mining Co.		3,858		23,727
Ingevity Corp.^(b)		432		34,728
Innospec, Inc.		318		29,765
Intrepid Potash, Inc.^(b)		198		6,140
Kaiser Aluminum Corp.		276		34,848
Koppers Holdings, Inc.^(b)		599		19,707
Kraton Corp.^(b)		915		38,540
Livent Corp.^(b)		538		13,380
Louisiana-Pacific Corp.		1,328		84,248
Materion Corp.		300		21,909
Mercer International, Inc. (Germany)		1,045		11,892
Mesabi Trust		122		4,035
Minerals Technologies, Inc.		565		44,432
Myers Industries, Inc.		464		10,579
Neenah, Inc.		353		17,788
NewMarket Corp.		120		41,968
O-I Glass, Inc.^(b)		4,858		73,502
Orion Engineered Carbons S.A. (Germany)^(b)		1,098		19,402
Quaker Chemical Corp.		115		29,799
Ranpak Holdings Corp.^(b)		526		16,148
Rayonier Advanced Materials, Inc.^(b)		3,381		23,870
Resolute Forest Products, Inc.		1,968		24,108
Royal Gold, Inc.		454		50,544
Schnitzer Steel Industries, Inc., Class A		539		25,500
Schweitzer-Mauduit International, Inc., Class A		622		23,804
Scotts Miracle-Gro Co. (The)		337		52,852
Sealed Air Corp.		1,505		91,850
Sensient Technologies Corp.		440		38,214
Silgan Holdings, Inc.		1,531		64,960
Stepan Co.		279		32,799
Summit Materials, Inc., Class A^(b)		1,658		55,825
SunCoke Energy, Inc.		4,126		28,676
TimkenSteel Corp.^(b)		1,260		17,237
Tredegar Corp.		1,283		17,038
Trinseo S.A.		801		41,596
Tronox Holdings PLC, Class A		1,956		41,330
Valvoline, Inc.		1,601		48,286
Venator Materials PLC^(b)		2,822		9,228
Verso Corp., Class A		1,619		30,842
W.R. Grace & Co.		688		47,912
Warrior Met Coal, Inc.		1,766		39,541

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021


	Shares		Value
Materials-(continued)
Westlake Chemical Corp.		541	$	47,256
Worthington Industries, Inc.		653		37,841

				2,538,197

Real Estate-4.98%
Alexander & Baldwin, Inc.		759		15,848
Alexander’s, Inc.		35		9,320
American Homes 4 Rent, Class A		1,611		67,565
Americold Realty Trust		1,582		58,123
Armada Hoffler Properties, Inc.		1,332		17,889
Camden Property Trust		578		86,723
CatchMark Timber Trust, Inc., Class A		580		6,693
Centerspace		222		22,462
Community Healthcare Trust, Inc.		150		7,276
CorePoint Lodging, Inc.^(b)		1,001		14,474
CoreSite Realty Corp.		333		49,407
Corporate Office Properties Trust		1,385		39,029
CubeSmart		894		47,829
Cushman & Wakefield PLC^(b)		4,201		76,206
CyrusOne, Inc.		972		74,825
Diversified Healthcare Trust		13,297		49,864
EastGroup Properties, Inc.		202		36,413
Empire State Realty Trust, Inc., Class A		3,463		35,565
Equity LifeStyle Properties, Inc.		853		72,565
eXp World Holdings, Inc.^(c)		342		15,681
Forestar Group, Inc.^(b)		102		2,121
Franklin Street Properties Corp.		2,660		12,768
Gaming and Leisure Properties, Inc.		1,978		97,515
GEO Group, Inc. (The)^(c)		11,702		90,690
Gladstone Commercial Corp.		422		9,550
Healthcare Realty Trust, Inc.		1,407		42,252
Highwoods Properties, Inc.		1,478		67,530
Independence Realty Trust, Inc.		979		20,050
Lamar Advertising Co., Class A		841		95,731
Life Storage, Inc.		366		45,545
Marcus & Millichap, Inc.^(b)		203		7,962
National Storage Affiliates Trust		627		35,896
New Senior Investment Group, Inc.		2,018		17,617
Newmark Group, Inc., Class A		3,244		44,183
Office Properties Income Trust		1,402		37,195
Outfront Media, Inc.^(b)		2,035		50,387
Piedmont Office Realty Trust, Inc., Class A		2,621		46,706
PotlatchDeltic Corp.		622		32,313
PS Business Parks, Inc.		284		44,653
Rayonier, Inc.		1,061		39,024
RE/MAX Holdings, Inc., Class A		246		8,239
Realogy Holdings Corp.^(b)		4,561		80,046
Redfin Corp.^(b)(c)		210		10,200
RMR Group, Inc. (The), Class A		319		14,782
Saul Centers, Inc.		302		13,916
St. Joe Co. (The)		144		6,663
Sun Communities, Inc.		322		64,880
Tanger Factory Outlet Centers, Inc.^(c)		1,657		27,705
UMH Properties, Inc.		663		15,713
Uniti Group, Inc.		2,889		37,759
Universal Health Realty Income Trust		83		4,916
Urstadt Biddle Properties, Inc., Class A		801		15,283

				1,943,547


	Shares		Value
Utilities-3.33%
ALLETE, Inc.		899	$	60,611
American States Water Co.		263		24,251
Avangrid, Inc.		1,354		73,996
Avista Corp.		1,330		55,660
Black Hills Corp.		1,148		80,739
California Water Service Group		462		29,360
Chesapeake Utilities Corp.		168		21,958
Hawaiian Electric Industries, Inc.		1,949		84,976
IDACORP, Inc.		713		75,115
MGE Energy, Inc.		338		27,222
Middlesex Water Co.		104		11,379
National Fuel Gas Co.		1,586		82,171
New Jersey Resources Corp.		1,449		54,106
Northwest Natural Holding Co.		555		28,555
NorthWestern Corp.		967		61,501
ONE Gas, Inc.		654		46,970
Ormat Technologies, Inc.^(c)		520		36,988
Otter Tail Corp.		606		33,251
PNM Resources, Inc.		1,355		67,072
Portland General Electric Co.		1,785		91,660
SJW Group		365		25,305
South Jersey Industries, Inc.		1,973		48,950
Southwest Gas Holdings, Inc.		1,371		96,395
Spire, Inc.		1,039		69,301
Unitil Corp.		238		11,805

				1,299,297

Total Common Stocks & Other Equity Interests (Cost $34,240,768)				39,002,401


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(f)(g) (Cost $34,048)		34,048		34,048

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $34,274,816)				39,036,449


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.73%
Invesco Private Government Fund, 0.02%^(f)(g)(h)		731,400		731,400
Invesco Private Prime Fund, 0.11%^(f)(g)(h)		1,892,074		1,892,831

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,624,231)				2,624,231

TOTAL INVESTMENTS IN SECURITIES-106.78% (Cost $36,899,047)				41,660,680
OTHER ASSETS LESS LIABILITIES-(6.78)%				(2,643,853	)

NET ASSETS-100.00%			$	39,016,827

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

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)–(continued)

August 31, 2021

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)	Restricted security. The aggregate value of these securities at August 31, 2021 was $31,325, which represented less than 1% of the Fund’s Net Assets.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $63,294, which represented less than 1% of the Fund’s Net Assets.

^(f)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,300,118		$	(1,266,070	)		$-		$ -		$	34,048		$	6

Invesco Premier U.S. Government Money Portfolio, Institutional Class			63,744			60,572			(124,316	)		-		-			-			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			943,582			9,940,024			(10,152,206	)		-		-			731,400			180	*

Invesco Private Prime Fund			317,504			15,000,797			(13,425,598	)		-		128			1,892,831			1,579	*


Total		$	1,324,830		$	26,301,511		$	(24,968,190	)		$-		$128		$	2,658,279		$	1,765

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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

Statements of Assets and Liabilities

August 31, 2021


	Invesco Defensive Equity ETF (DEF)			Invesco RAFI^TMStrategic Developed ex-US ETF (ISDX)		Invesco RAFI^TMStrategic Emerging Markets ETF (ISEM)		Invesco RAFI^TMStrategic US ETF (IUS)		Invesco RAFI^TMStrategic US Small Company ETF (IUSS)
Assets:
Unaffiliated investments in securities, at value^(a)	$	300,892,838		$	299,409,549	$	27,972,093	$	179,757,206	$	39,002,401
Affiliated investments in securities, at value		242,808			22,283,920		406,709		1,010,879		2,658,279
Foreign currencies, at value		-			12,708		78,153		-		-
Receivable for:
Dividends		383,118			898,700		38,924		329,622		25,125
Securities lending		22			7,179		124		522		339
Investments sold		4,861,922			70		-		-		43,405
Investments sold - affiliated broker		-			-		-		-		47,389
Fund shares sold		-			-		-		962,618		-
Foreign tax reclaims		3,497			212,842		258		-		-

Total assets		306,384,205			322,824,968		28,496,261		182,060,847		41,776,938


Liabilities:
Due to custodian		-			-		75,883		58,917		-
Payable for:
Investments purchased		339,268			103		3,067		953,062		43,100
Investments purchased - affiliated broker		24,795			-		-		-		85,252
Collateral upon return of securities loaned		-			22,106,365		406,709		1,010,879		2,624,231
Fund shares repurchased		4,866,094			-		-		-		-
Accrued unitary management fees		-			58,549		8,073		28,476		7,528
Accrued advisory fees		125,919			-		-		-		-
Accrued trustees’ and officer’s fees		15,500			-		-		-		-
Accrued expenses		92,619			-		-		-		-

Total liabilities		5,464,195			22,165,017		493,732		2,051,334		2,760,111

Net Assets	$	300,920,010		$	300,659,951	$	28,002,529	$	180,009,513	$	39,016,827


Net assets consist of:
Shares of beneficial interest	$	317,728,205		$	260,776,305	$	27,693,624	$	143,501,561	$	36,033,600
Distributable earnings (loss)		(16,808,195	)		39,883,646		308,905		36,507,952		2,983,227

Net Assets	$	300,920,010		$	300,659,951	$	28,002,529	$	180,009,513	$	39,016,827

Shares outstanding (unlimited amount authorized, $0.01 par value)		4,330,000			9,750,001		950,001		4,675,001		1,000,001
Net asset value	$	69.50		$	30.84	$	29.48	$	38.50	$	39.02

Market price	$	69.47		$	30.85	$	29.50	$	38.52	$	38.99

Unaffiliated investments in securities, at cost	$	265,904,021		$	258,773,881	$	27,765,877	$	140,528,388	$	34,240,768

Affiliated investments in securities, at cost	$	242,808		$	22,283,920	$	406,709	$	1,010,879	$	2,658,279

Foreign currencies, at cost	$	-		$	12,921	$	76,261	$	-	$	-

^(a)Includes securities on loan with an aggregate value of:	$	-		$	20,919,046	$	349,297	$	994,328	$	2,563,967

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

Statements of Operations

For the year ended August 31, 2021


	Invesco Defensive Equity ETF (DEF)			Invesco RAFI^TMStrategic Developed ex-US ETF (ISDX)			Invesco RAFI^TMStrategic Emerging Markets ETF (ISEM)			Invesco RAFI^TMStrategic US ETF (IUS)			Invesco RAFI^TMStrategic US Small Company ETF (IUSS)
Investment income:
Unaffiliated dividend income	$	4,247,679		$	9,436,491		$	1,036,890		$	2,966,190		$	325,203
Affiliated dividend income		64			74			10			36			6
Non-cash dividend income		-			476,277			9,095			47,429			-
Securities lending income		6,348			97,182			2,295			27,568			34,605
Foreign withholding tax		-			(905,898	)		(97,911	)		(103	)		(268	)

Total investment income		4,254,091			9,104,126			950,379			3,041,120			359,546


Expenses:
Unitary management fees		-			664,562			84,735			307,127			80,714
Advisory fees		1,330,523			-			-			-			-
Accounting & administration fees		31,284			-			-			-			-
Custodian & transfer agent fees		5,182			-			-			-			-
Trustees’ and officer’s fees		12,954			-			-			-			-
Tax expenses		1,650			344			855			-			-
Other expenses		86,824			-			-			-			-

Total expenses		1,468,417			664,906			85,590			307,127			80,714

Less: Waivers		(220	)		(218	)		(26	)		(95	)		(11	)

Net expenses		1,468,197			664,688			85,564			307,032			80,703

Net investment income		2,785,894			8,439,438			864,815			2,734,088			278,843


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(4,179,136	)		84,820			(253,909	)		(1,563,950	)		(248,066	)
Affiliated investment securities		72			874			17			151			128
In-kind redemptions		57,479,200			20,542,613			1,920,324			20,109,717			11,768,848
Foreign currencies		-			(19,029	)		(1,011	)		-			-

Net realized gain		53,300,136			20,609,278			1,665,421			18,545,918			11,520,910

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,327,708	)		53,872,282			2,633,035			31,020,286			4,753,479
Affiliated investment securities		(23	)		-			-			-			-
Foreign currencies		-			(6,786	)		1,382			-			-

Change in net unrealized appreciation (depreciation)		(4,327,731	)		53,865,496			2,634,417			31,020,286			4,753,479

Net realized and unrealized gain		48,972,405			74,474,774			4,299,838			49,566,204			16,274,389

Net increase in net assets resulting from operations	$	51,758,299		$	82,914,212		$	5,164,653		$	52,300,292		$	16,553,232

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

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Defensive Equity ETF (DEF)						Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)
	2021			2020			2021			2020
Operations:
Net investment income	$	2,785,894		$	3,873,136		$	8,439,438		$	5,916,837
Net realized gain (loss)		53,300,136			(1,001,701	)		20,609,278			(1,760,890	)
Change in net unrealized appreciation (depreciation)		(4,327,731	)		15,395,389			53,865,496			(2,427,464	)

Net increase (decrease) in net assets resulting from operations		51,758,299			18,266,824			82,914,212			1,728,483


Distributions to Shareholders from:
Distributable earnings		(3,462,014	)		(3,269,976	)		(6,362,180	)		(6,252,168	)


Shareholder Transactions:
Proceeds from shares sold		312,404,475			266,472,439			36,923,981			36,888,443
Value of shares repurchased		(367,515,698	)		(218,786,765	)		(62,848,497	)		(17,278,105	)

Net increase (decrease) in net assets resulting from share transactions		(55,111,223	)		47,685,674			(25,924,516	)		19,610,338

Net increase (decrease) in net assets		(6,814,938	)		62,682,522			50,627,516			15,086,653


Net assets:
Beginning of year		307,734,948			245,052,426			250,032,435			234,945,782

End of year	$	300,920,010		$	307,734,948		$	300,659,951		$	250,032,435


Changes in Shares Outstanding:
Shares sold		5,090,000			4,950,000			1,150,000			1,750,000
Shares repurchased		(6,160,000	)		(4,150,000	)		(2,100,000	)		(850,000	)
Shares outstanding, beginning of year		5,400,000			4,600,000			10,700,001			9,800,001

Shares outstanding, end of year		4,330,000			5,400,000			9,750,001			10,700,001

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


Invesco RAFI^TMStrategic Emerging Markets ETF (ISEM)						Invesco RAFI^TM Strategic US ETF (IUS)						Invesco RAFI^TM Strategic US Small Company ETF (IUSS)
2021			2020			2021			2020			2021			2020

$	864,815		$	670,048		$	2,734,088		$	2,654,781		$	278,843		$	276,408
	1,665,421			(535,107	)		18,545,918			4,531,351			11,520,910			105,646
	2,634,417			(205,952	)		31,020,286			11,519,964			4,753,479			1,360,895

	5,164,653			(71,011	)		52,300,292			18,706,096			16,553,232			1,742,949



	(684,037	)		(569,630	)		(2,673,899	)		(2,563,760	)		(267,722	)		(296,297	)



	7,674,500			-			43,067,428			31,758,289			23,591,813			8,272,407
	(4,528,345	)		(4,269,423	)		(55,897,486	)		(21,875,480	)		(30,027,449	)		(5,276,381	)

	3,146,155			(4,269,423	)		(12,830,058	)		9,882,809			(6,435,636	)		2,996,026

	7,626,771			(4,910,064	)		36,796,335			26,025,145			9,849,874			4,442,678



	20,375,758			25,285,822			143,213,178			117,188,033			29,166,953			24,724,275

$	28,002,529		$	20,375,758		$	180,009,513		$	143,213,178		$	39,016,827		$	29,166,953



	250,000			-			1,150,000			1,250,000			600,000			400,000
	(150,000	)		(200,000	)		(1,575,000	)		(850,000	)		(850,000	)		(250,000	)
	850,001			1,050,001			5,100,001			4,700,001			1,250,001			1,100,001

	950,001			850,001			4,675,001			5,100,001			1,000,001			1,250,001

Financial Highlights

Invesco Defensive Equity ETF (DEF)


	Years Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of year	$	56.99		$	53.27		$	49.47		$	43.25		$	39.08

Net investment income^(a)		0.64			0.75			0.68			0.58			0.67
Net realized and unrealized gain on investments		12.66			3.62			3.73			6.40			4.35

Total from investment operations		13.30			4.37			4.41			6.98			5.02

Distributions to shareholders from:
Net investment income		(0.79	)		(0.65	)		(0.61	)		(0.76	)		(0.85	)

Net asset value at end of year	$	69.50		$	56.99		$	53.27		$	49.47		$	43.25

Market price at end of year	$	69.47	^(b)	$	57.08	^(b)	$	53.30	^(b)	$	49.53	^(b)	$	43.25

Net Asset Value Total Return^(c)		23.61	%		8.22	%		9.27	%		16.25	%		13.08	%
Market Price Total Return^(c)		23.36	%		8.34	%		9.20	%		16.39	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	300,920		$	307,735		$	245,052		$	190,471		$	175,171
Ratio to average net assets of:
Expenses, after Waivers		0.55	%		0.53	%		0.55	%		0.59	%		0.61	%
Expenses, prior to Waivers		0.55	%		0.53	%		0.55	%		0.59	%		0.63	%
Net investment income		1.05	%		1.42	%		1.37	%		1.25	%		1.67	%
Portfolio turnover rate^(d)		121	%		136	%		145	%		136	%		194	%

^(a)	Based on average shares outstanding.

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

^(c)

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

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

Financial Highlights–(continued)

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)


	Years Ended August 31,								For the Period September 10, 2018^(a)Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.37			$	23.97			$	25.00

Net investment income^(b)			0.82				0.59				0.70
Net realized and unrealized gain (loss) on investments			7.26				(0.56	)			(1.24	)

Total from investment operations			8.08				0.03				(0.54	)

Distributions to shareholders from:
Net investment income			(0.61	)			(0.63	)			(0.49	)

Net asset value at end of period		$	30.84			$	23.37			$	23.97

Market price at end of period^(c)		$	30.85			$	23.34			$	23.94

Net Asset Value Total Return^(d)			34.94	%			0.43	%			(2.10	)%^(e)
Market Price Total Return^(d)			35.15	%			0.41	%			(2.22	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	300,660			$	250,032			$	234,946
Ratio to average net assets of:
Expenses			0.23	%			0.23	%			0.24	%^(f)
Net investment income			2.92	%			2.56	%			2.97	%^(f)
Portfolio turnover rate^(g)			18	%			26	%			47	%

(a)	Commencement of investment operations.

^(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 (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (2.10)%. The market price total return from Fund Inception to August 31, 2019 was (2.22)%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

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

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

Financial Highlights–(continued)

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)


	Years Ended August 31,								For the Period September 10, 2018^(a)Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.97			$	24.08			$	25.00

Net investment income^(b)			0.99				0.67				1.06
Net realized and unrealized gain (loss) on investments			5.30				(0.20	)^(c)			(1.60	)

Total from investment operations			6.29				0.47				(0.54	)

Distributions to shareholders from:
Net investment income			(0.78	)			(0.58	)			(0.38	)

Net asset value at end of period		$	29.48			$	23.97			$	24.08

Market price at end of period^(d)		$	29.50			$	24.09			$	24.09

Net Asset Value Total Return^(e)			26.70	%			2.03	%^(c)			(2.22	)%^(f)
Market Price Total Return^(e)			26.13	%			2.48	%			(2.19	)%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,003			$	20,376			$	25,286
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.39	%^(g)
Net investment income			3.57	%			2.84	%			4.35	%^(g)
Portfolio turnover rate^(h)			30	%			19	%^(c)			22	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)

Amount includes the effect of the Adviser pay-in for an economic loss of $0.07 per share. Had the pay-in not been made, the net asset value total return would have been 1.73%. In addition, the portfolio turnover calculation includes the value of securities purchased and sold related to this transaction.

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

^(e)

^(f)	The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (1.95)%. The market price total return from Fund Inception to August 31, 2019 was (2.19)%.

^(g)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%.

^(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.

Financial Highlights–(continued)

Invesco RAFI^TM Strategic US ETF (IUS)


	Years Ended August 31,								For the Period September 10, 2018^(a)Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	28.08			$	24.93			$	25.00

Net investment income^(b)			0.56				0.54				0.58
Net realized and unrealized gain (loss) on investments			10.40				3.13				(0.26	)

Total from investment operations			10.96				3.67				0.32

Distributions to shareholders from:
Net investment income			(0.54	)			(0.52	)			(0.39	)

Net asset value at end of period		$	38.50			$	28.08			$	24.93

Market price at end of period^(c)		$	38.52			$	28.14			$	24.94

Net Asset Value Total Return^(d)			39.47	%			15.17	%			1.45	%^(e)
Market Price Total Return^(d)			39.25	%			15.38	%			1.50	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	180,010			$	143,213			$	117,188
Ratio to average net assets of:
Expenses			0.19	%			0.19	%			0.20	%^(f)
Net investment income			1.69	%			2.09	%			2.41	%^(f)
Portfolio turnover rate^(g)			15	%			15	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

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

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

Financial Highlights–(continued)

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)


	Years Ended August 31,								For the Period September 10, 2018^(a)Through August 31,
	2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.33			$	22.48			$	25.00

Net investment income^(b)			0.26				0.24				0.23
Net realized and unrealized gain (loss) on investments			15.67				0.87				(2.55	)

Total from investment operations			15.93				1.11				(2.32	)

Distributions to shareholders from:
Net investment income			(0.24	)			(0.26	)			(0.20	)

Net asset value at end of period		$	39.02			$	23.33			$	22.48

Market price at end of period^(c)		$	38.99			$	23.38			$	22.48

Net Asset Value Total Return^(d)			68.57	%			5.13	%			(9.20	)%^(e)
Market Price Total Return^(d)			68.09	%			5.36	%			(9.20	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	39,017			$	29,167			$	24,724
Ratio to average net assets of:
Expenses			0.23	%			0.23	%			0.28	%^(f)
Net investment income			0.79	%			1.07	%			1.05	%^(f)
Portfolio turnover rate^(g)			39	%			28	%			20	%

^(a)	Commencement of investment operations.

^(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 (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (9.34)%. The market price total return from Fund Inception to August 31, 2019 was (9.31)%.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%.

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

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

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2021

NOTE 1–Organization


Full Name		Short Name
Invesco Defensive Equity ETF (DEF)		“Defensive Equity ETF”
Invesco RAFI^TMStrategic Developed ex-US ETF (ISDX)		“RAFI^TMStrategic Developed ex-US ETF”
Invesco RAFI^TMStrategic Emerging Markets ETF (ISEM)		“RAFI^TMStrategic Emerging Markets ETF”
Invesco RAFI^TMStrategic US ETF (IUS)		“RAFI^TMStrategic US ETF”
Invesco RAFI^TMStrategic US Small Company ETF (IUSS)		“RAFI^TMStrategic US Small Company ETF”

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index
Defensive Equity ETF		Invesco Defensive Equity Index
RAFI^TMStrategic Developed ex-US ETF		Invesco Strategic Developed ex-US Index
RAFI^TMStrategic Emerging Markets ETF		Invesco Strategic Emerging Markets Index
RAFI^TMStrategic US ETF		Invesco Strategic US Index
RAFI^TMStrategic US Small Company ETF		Invesco Strategic US Small Company Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

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.

Dividends and Distributions to Shareholders - Each Fund (except Defensive Equity ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Defensive Equity ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year or period-end.

Expenses - Each Fund (except Defensive Equity ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of each Fund (except Defensive Equity ETF), including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Defensive Equity ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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 is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

China Exposure Risk. Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

From time to time, certain companies in which a Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.

Non-Diversified Fund Risk. Because each Fund (except Defensive Equity ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Small-and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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. 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, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least August 31, 2023.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

RAFI^TMStrategic Developed ex-US ETF		0.23%

RAFI^TMStrategic Emerging Markets ETF		0.35%

RAFI^TMStrategic US ETF		0.19%

RAFI^TMStrategic US Small Company ETF		0.23%

For the fiscal year ended August 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Defensive Equity ETF	$	220

RAFI^TMStrategic Developed ex-US ETF		218

RAFI^TMStrategic Emerging Markets ETF		26

RAFI^TMStrategic US ETF		95

RAFI^TMStrategic US Small Company ETF		11

The offering costs excluded from the Expense Cap for Defensive Equity ETF, as applicable, are: (a) initial legal fees pertaining to the Fund’s Shares offered for sale; (b) initial SEC and state registration fees; and (c) initial fees paid to be listed on an exchange.

The fees waived and/or expenses borne by the Adviser for Defensive Equity ETF pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For the fiscal year ended August 31, 2021, there were no amounts available for potential recapture by the Adviser.

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

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

For the fiscal year ended August 31, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Defensive Equity ETF	$	12,255

RAFI^TM Strategic Emerging Markets ETF		33

RAFI^TM Strategic US ETF		346

RAFI^TM Strategic US Small Company ETF		642

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

For the fiscal year ended August 31, 2021, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains

RAFI^TM Strategic US Small Company ETF		$	699		$	-		$	-

NOTE 5–Additional Valuation Information

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

The following is a summary of the tiered valuation input levels, as of August 31, 2021, for each Fund (except for Defensive Equity ETF). As of August 31, 2021, all of the securities in Defensive Equity ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

RAFI^TM Strategic Developed ex-US ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	299,409,549		$	-		$	-		$	299,409,549

Money Market Funds			177,555			22,106,365			-			22,283,920


Total Investments		$	299,587,104		$	22,106,365		$	-		$	321,693,469


	Level 1			Level 2			Level 3			Total

RAFI^TMStrategic Emerging Markets ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	27,943,665		$	28,428		$	0		$	27,972,093

Money Market Funds			-			406,709			-			406,709


Total Investments		$	27,943,665		$	435,137		$	0		$	28,378,802


RAFI^TMStrategic US ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	179,757,206		$	-		$	-		$	179,757,206

Money Market Funds			-			1,010,879			-			1,010,879


Total Investments		$	179,757,206		$	1,010,879		$	-		$	180,768,085


RAFI^TMStrategic US Small Company ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	39,002,401		$	-		$	-		$	39,002,401

Money Market Funds			34,048			2,624,231			-			2,658,279


Total Investments		$	39,036,449		$	2,624,231		$	-		$	41,660,680

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2021 and 2020:


	2021		2020
	Ordinary Income*		Ordinary Income*

Defensive Equity ETF	$	3,462,014	$	3,269,976
RAFI^TMStrategic Developed ex-US ETF		6,362,180		6,252,168

RAFI^TMStrategic Emerging Markets ETF		684,037		569,630
RAFI^TMStrategic US ETF		2,673,899		2,563,760

RAFI^TMStrategic US Small Company ETF		267,722		296,297

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation- Investments			Net Unrealized Appreciation - Foreign Currencies			Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Defensive Equity ETF		$	1,827,884		$	-		$	(8,184	)		$	33,278,023		$	-		$	(51,905,918	)		$	317,728,205		$	300,920,010
RAFI^TMStrategic Developed ex-US ETF			4,397,045			675,373			-				39,552,234			4,638			(4,745,644	)			260,776,305			300,659,951
RAFI^TMStrategic Emerging Markets ETF			505,456			-			-				84,418			2,112			(283,081	)			27,693,624			28,002,529
RAFI^TMStrategic US ETF			566,505			-			-				39,126,682			-			(3,185,235	)			143,501,561			180,009,513
RAFI^TMStrategic US Small Company ETF			32,991			-			-				4,720,063			-			(1,769,827	)			36,033,600			39,016,827

The following table presents available capital loss carryforwards for each Fund as of August 31, 2021:


	No expiration
	Short-Term		Long-Term		Total*
Defensive Equity ETF	$	51,529,011	$	376,907	$	51,905,918
RAFI^TMStrategic Developed ex-US ETF		2,187,226		2,558,418		4,745,644
RAFI^TMStrategic Emerging Markets ETF		-		283,081		283,081


	No expiration
	Short-Term		Long-Term		Total*
RAFI^TMStrategic US ETF	$	1,916,415	$	1,268,820	$	3,185,235
RAFI^TMStrategic US Small Company ETF		1,537,844		231,983		1,769,827

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions


	Purchases		Sales
Defensive Equity ETF	$	318,927,464	$	319,833,781
RAFI^TMStrategic Developed ex-US ETF		55,474,899		51,919,128
RAFI^TMStrategic Emerging Markets ETF		11,122,537		7,166,399
RAFI^TMStrategic US ETF		24,302,145		23,909,445
RAFI^TMStrategic US Small Company ETF		13,820,175		13,598,899

For the fiscal year ended August 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Defensive Equity ETF	$	311,537,248	$	366,037,964
RAFI^TMStrategic Developed ex-US ETF		33,281,691		61,279,757
RAFI^TMStrategic Emerging Markets ETF		4,559,801		5,155,883
RAFI^TMStrategic US ETF		42,632,422		55,676,223
RAFI^TMStrategic US Small Company ETF		23,224,164		29,823,616


	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation			Cost
Defensive Equity ETF		$	38,345,550		$	(5,067,527	)		$	33,278,023		$	267,857,623
RAFI^TMStrategic Developed ex-US ETF			51,978,471			(12,426,237	)			39,552,234			282,141,235
RAFI^TMStrategic Emerging Markets ETF			3,507,861			(3,423,443	)			84,418			28,294,384
RAFI^TMStrategic US ETF			41,626,549			(2,499,867	)			39,126,682			141,641,403
RAFI^TMStrategic US Small Company ETF			6,214,839			(1,494,776	)			4,720,063			36,940,617

NOTE 8–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 (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2021, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Defensive Equity ETF		$	-			$	(55,707,137	)		$	55,707,137
RAFI^TMStrategic Developed ex-US ETF			51,428				(20,438,642	)			20,387,214
RAFI^TMStrategic Emerging Markets ETF			18,139				(1,920,768	)			1,902,629
RAFI^TMStrategic US ETF			(368	)			(20,007,200	)			20,007,568
RAFI^TMStrategic US Small Company ETF			1,843				(11,722,617	)			11,720,774

NOTE 9–Trustees’ and Officer’s Fees

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

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

NOTE 11–Subsequent Event

On September 13, 2021, RAFI^TM Strategic Developed ex-US ETF, RAFI^TM Strategic Emerging Markets ETF, RAFI^TM Strategic US ETF and RAFI^TM Strategic US Small Company ETF changed their classification from “non-diversified” to “diversified” and therefore are now required to meet certain diversification requirements under the Investment Company Act of 1940.

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 RAFI^TM Strategic Developed ex-US ETF, Invesco RAFI^TM Strategic Emerging Markets ETF, Invesco RAFI^TM Strategic US ETF and Invesco RAFI^TM Strategic US Small Company 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 RAFI^TM Strategic Developed ex-US ETF, Invesco RAFI^TM Strategic Emerging Markets ETF, Invesco RAFI^TM Strategic US ETF and Invesco RAFI^TM Strategic US Small Company ETF (five of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the periods ended after August 31, 2017 indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021, and each of the financial highlights for each of the periods ended after August 31, 2017 indicated therein, in conformity with accounting principles generally accepted in the United States of America.

The financial statements and financial highlights of Invesco Defensive Equity ETF (Predecessor Fund Guggenheim Defensive Equity ETF) as of and for the year ended August 31, 2017 (not presented herein, other than 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.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 25, 2021

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust (excluding Invesco Defensive Equity ETF), you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). As a shareholder of Invesco Defensive Equity ETF, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Defensive Equity ETF (DEF)
Actual		$	1,000.00		$	1,201.00		0.56	%		$	3.11
Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85
Invesco RAFI^TMStrategic Developed ex-US ETF (ISDX)
Actual			1,000.00			1,089.70		0.23				1.21
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.23				1.17
Invesco RAFI^TMStrategic Emerging Markets ETF (ISEM)
Actual			1,000.00			1,034.10		0.35				1.79
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco RAFI^TMStrategic US ETF (IUS)
Actual			1,000.00			1,170.90		0.19				1.04
Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco RAFI^TMStrategic US Small Company ETF (IUSS)
Actual		$	1,000.00		$	1,142.80		0.23	%		$	1.24
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.23				1.17

⁽¹⁾

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 year ended August 31, 2021:


	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*

Invesco Defensive Equity ETF		0	%		100	%		100	%		0	%		0	%

Invesco RAFI^TMStrategic Developed ex-US ETF		0	%		76	%		0	%		0	%		0	%

Invesco RAFI^TMStrategic Emerging Markets ETF		0	%		75	%		0	%		0	%		0	%

Invesco RAFI^TMStrategic US ETF		0	%		100	%		100	%		0	%		0	%

Invesco RAFI^TMStrategic US Small Company ETF		5	%		95	%		93	%		0	%		0	%

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

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes Per Share		Foreign Source Income Per Share

Invesco RAFI^TMStrategic Developed ex-US ETF		$0.0696		$0.9726

Invesco RAFI^TMStrategic Emerging Markets ETF		0.1018		1.0861

Trustees and Officers

As of August 31, 2021


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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	231	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.	231	None.

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

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

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

231

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

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

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

231

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

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
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	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	231	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010- 2015, 2017), NorthPointe Christian Schools.

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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	231	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2019

231

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

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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	231	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); 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).	231	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

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

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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); 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.

231

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.

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	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO and Fund Administration, InvescoAdvisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); 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).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

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

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
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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).

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

Approval of Investment Advisory Contracts

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees and expenses paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Fund. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Fund.

The Trustees also reviewed information on the performance of the Fund and its underlying index for the one-year, three-year, five-year, ten-year and since-inception (December 15, 2006) periods ended December 31, 2020, including reports for each of those periods on the correlation and tracking error between the Fund’s performance and the performance of its underlying index. In reviewing the tracking error report, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Fund was created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each period, the correlation and tracking error for the Fund were within the targeted range set forth in the Trust’s registration statement and concluded that the Fund was correlated to its underlying index and that the tracking error for the Fund was within an acceptable range given the Fund’s circumstances.

The Trustees considered the services 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.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to the Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (the “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least August 31, 2023.

The Trustees compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the Fund’s contractual advisory fee and net expense ratio were lower than the median net advisory fees and net expense ratios of its ETF peer funds, open-end index peer fund and open-end actively-managed peer funds.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Fund. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Fund and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Fund requires substantially more labor and expense.

Approval of Investment Advisory Contracts–(continued)

Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund, as well as the fees waived and expenses reimbursed by the Adviser for the Fund. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

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 reviewed the Fund’s asset size, advisory fee, expense ratio and the Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap 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 then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for the Fund and is paid a licensing fee. The Board concluded that the Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Approval of Investment Advisory Contracts


Invesco BulletShares 2021 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2021 USD Emerging Markets Debt ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2022 USD Emerging Markets Debt ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2023 USD Emerging Markets Debt ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF		Invesco BulletShares 2024 USD Emerging Markets Debt ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF		Invesco BulletShares 2025 USD Emerging Markets Debt ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Value ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco RAFI Strategic Developed ex-US ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI Strategic Emerging Markets ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco RAFI Strategic US ETF
Invesco BulletShares 2021 Municipal Bond ETF		Invesco RAFI Strategic US Small Company ETF
Invesco BulletShares 2022 Municipal Bond ETF		Invesco Russell 1000 Dynamic Multifactor ETF
Invesco BulletShares 2023 Municipal Bond ETF		Invesco Russell 2000 Dynamic Multifactor ETF
Invesco BulletShares 2024 Municipal Bond ETF

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

Approval of Investment Advisory Contracts–(continued)

0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF;

0.19% of the Fund’s average daily net assets for Invesco RAFI Strategic US ETF;

0.23% of the Fund’s average daily net assets for each of Invesco RAFI Strategic Developed ex-US ETF and Invesco RAFI Strategic US Small Company ETF;

0.35% of the Fund’s average daily net assets for Invesco RAFI Strategic Emerging Markets ETF;

0.39% of the Fund’s average daily net assets for Invesco Russell 2000 Dynamic Multifactor ETF; and


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2021 Corporate Bond ETF	X	X	X

Invesco BulletShares 2022 Corporate Bond ETF	X		X

Invesco BulletShares 2023 Corporate Bond ETF	X		X

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median

Invesco BulletShares 2024 Corporate Bond ETF	X			X

Invesco BulletShares 2025 Corporate Bond ETF	X			X

Invesco BulletShares 2026 Corporate Bond ETF	X			X

Invesco BulletShares 2027 Corporate Bond ETF	X			X

Invesco BulletShares 2028 Corporate Bond ETF	X			X

Invesco BulletShares 2029 Corporate Bond ETF	X			X

Invesco BulletShares 2021 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2022 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2023 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2024 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2025 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2026 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2027 High Yield Corporate Bond ETF			X	X

Invesco BulletShares 2021 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2022 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2023 Municipal Bond ETF			N/A	X

Invesco BulletShares 2024 Municipal Bond ETF			N/A	X

Invesco BulletShares 2025 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2026 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2027 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2028 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2029 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2030 Municipal Bond ETF	X		N/A	X

Invesco BulletShares 2021 USD Emerging Markets Debt ETF	X		X	X

Invesco BulletShares 2022 USD Emerging Markets Debt ETF	X		X	X

Invesco BulletShares 2023 USD Emerging Markets Debt ETF	X		X	X

Invesco BulletShares 2024 USD Emerging Markets Debt ETF	X		X	X

Invesco BulletShares 2025 USD Emerging Markets Debt ETF	X			X

Invesco Investment Grade Defensive ETF	X		X	X

Invesco Investment Grade Value ETF	X		X	X

Invesco RAFI^TMStrategic Developed ex-US ETF	X		X	X

Invesco RAFI^TMStrategic Emerging Markets ETF	X			X

Invesco RAFI^TMStrategic US ETF	X		X	X

Invesco RAFI^TMStrategic US Small Company ETF	X			X

Invesco Russell 1000^®Dynamic Multifactor ETF	X		X	X

Invesco Russell 2000^®Dynamic Multifactor ETF				X

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

Approval of Investment Advisory Contracts—(continued)

distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2021 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SIFT-AR-2	invesco.com/ETFs

Invesco Annual Report to Shareholders

August 31, 2021

IIGD Invesco Investment Grade Defensive ETF

IIGV Invesco Investment Grade Value ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			10

Schedules of Investments

Invesco Investment Grade Defensive ETF (IIGD)			11

Invesco Investment Grade Value ETF (IIGV)			15

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			21

Financial Highlights			22

Notes to Financial Statements			24

Report of Independent Registered Public Accounting Firm			32

Fund Expenses			33

Tax Information			34

Trustees and Officers			35

Approval of Investment Advisory Contracts			45


		2

The Market Environment

Fixed Income

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,² its highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021 as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Federal Reserve policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.²

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply

¹	Source: US Bureau of Labor Statistics

²	Source: US Department of the Treasury

³	Source: Bureau of Economic Analysis


		3


IIGD		Management’s Discussion of Fund Performance
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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser.

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 under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index.

The Index Provider assigns a quality score (“Quality Score”) to each eligible bond, which is calculated based on such bond’s maturity and credit rating. With respect to the maturity factor, each bond is scored based on the number of years remaining to maturity, with bonds having fewer years to maturity receiving higher scores. With respect to the credit rating factor, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally-weighted average of the numerical scores of each agency that has rated the bond. The maturity and credit scores for each bond are standardized across the universe of eligible bonds, and the Quality Score for each bond is computed as an equally-weighted combination of these two factors.

All eligible securities are ranked by Quality Score. Initially, bonds with Quality Scores in the top 40% of eligible securities are selected for inclusion in the Index. At each monthly Index rebalance, any new eligible security with a Quality Score in the top 30% of eligible securities is added to the Index, and current Index constituents with a Quality Score in the top 50% of eligible securities remain in the Index, provided that they satisfy all other

eligibility criteria. Index constituents are equally-weighted. 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 0.32%. On a net asset value (“NAV”) basis, the Fund returned 0.24%. During the same time period, the Index returned 0.49%. 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, as well as rebalance-related trading and sampling costs.

During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,300 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 banks industry and most underweight in the electrical equipment industry during the fiscal year ended August 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the health care providers & services industry, followed by its overweight allocation to the interactive media & services industry.

For the fiscal year ended August 31, 2021, the banks industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and insurance industries, respectively. The health care providers & services industry detracted the most from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Regions Financial Corp., 3.80% coupon, due 04/18/2023, a banks company (no longer held at fiscal year-end), and Midwest Connector Capital Co. LLC, 3.90% coupon, due 04/01/2024, an oil, gas & consumable fuels company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return during this period included Ascension Health, 2.53% coupon, due 11/15/2029, a health care equipment & supplies company (portfolio average weight of 0.8%), and Alphabet, Inc., 1.10% coupon, due 08/15/2030, an interactive media & services company (portfolio average weight of 0.60%).


		4

Invesco Investment Grade Defensive ETF (IIGD) (continued)


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			40.68
Utilities			10.41
Information Technology			9.88
Health Care			9.00
Industrials			8.36
Energy			6.04
Consumer Discretionary			3.80
Consumer Staples			3.70
Sector Types Each Less Than 3%			4.48
Money Market Funds Plus Other Assets Less Liabilities			3.65

Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2021
AAA			1.47
AA			17.52
A			60.13
BBB			15.62
Not Rated			1.61
Money Market Funds Plus Other Assets Less Liabilities			3.65

Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage.


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
DuPont de Nemours, Inc., 4.21%, 11/15/2023			0.92
Charles Schwab Corp. (The), 0.75%, 03/18/2024			0.85
Duke Energy Carolinas LLC, 3.95%, 11/15/2028			0.82
Ross Stores, Inc., 4.60%, 04/15/2025			0.82
QUALCOMM, Inc., 3.25%, 05/20/2027			0.81
Amazon.com, Inc., 3.15%, 08/22/2027			0.81
NSTAR Electric Co., 3.20%, 05/15/2027			0.81
ConocoPhillips, 4.95%, 03/15/2026			0.81
Blackstone Holdings Finance Co. LLC, 1.63%, 08/05/2028			0.81
Berkshire Hathaway, Inc., 3.13%, 03/15/2026			0.81
Total			8.27

*	Excluding money market fund holdings.


		5

Invesco Investment Grade Defensive ETF (IIGD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco Investment Grade Defensive Index		0.49	%		4.98	%		15.70	%		5.05	%		16.51	%
iBoxx USD Liquid Investment Grade Index		2.66			8.80			28.77			8.70			29.51
Fund
NAV Return		0.24			4.79			15.05			4.87			15.87
Market Price Return		0.32			4.78			15.05			4.90			16.00

Fund Inception: July 25, 2018

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 the 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:

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


		6


IIGV		Management’s Discussion of Fund Performance
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. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser.

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) have an average credit rating that is higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. and Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million in face value 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 under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index.

The Index Provider assigns a quality adjusted value score (“QAV Score”) to each eligible bond, which is calculated based on a combination of value and quality factors or characteristics. With respect to value, a value score (“Value Score”) is assigned to each eligible bond based on the bond’s option adjusted spread (“OAS”). Specifically, the Value Score for each bond is calculated as its percentile ranked OAS within its sector and credit rating category. With respect to credit rating category, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally-weighted average of the numerical scores of each agency that has rated the bond. The bond is then assigned to one of six credit rating categories, as established by the Index Provider. Bonds are also separately ranked by OAS solely within their credit rating category. If fewer than three bonds are available within a sector or credit rating category, then the Value Score for all bonds in the grouping is replaced with the percentile rank based on credit rating only. If fewer than three bonds are available within a credit rating category, then the bonds

in that credit rating category are removed from Index eligibility. The Value Scores are then standardized.

The Index Provider also calculates a quality score (“Quality Score”) for each eligible bond, which is calculated based on such bond’s maturity and credit rating. With respect to the maturity factor, each bond is scored based on the number of years remaining to maturity, with bonds having fewer years to maturity receiving higher scores. With respect to the credit rating factor, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally weighted average of the numerical scores of each agency that has rated the bond. The maturity and credit scores for each bond are standardized across the universe of eligible bonds, and the Quality Score for each bond is computed as an equally weighted combination of these two factors. Once a Value Score and Quality Score are assigned to eligible bonds, the QAV Score is calculated as a weighted-average combination of the two scores, with 90% and 10% weights applied to the Value Score and Quality Score, respectively. All eligible securities are ranked by QAV Score. Initially, bonds with QAV Scores in the top 40% of eligible securities are selected for inclusion in the Index. At each monthly Index rebalance, any new eligible security with a QAV Score in the top 30% of eligible securities is added to the Index, and current Index constituents with a QAV Score in the top 50% of eligible securities remain in the Index, provided that they satisfy all other eligibility criteria. Index constituents are equally-weighted. 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.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 1.68%. On a net asset value (“NAV”) basis, the Fund returned 1.71%. During the same time period, the Index returned 2.11%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to rebalance-related trading, sampling costs as well as fees and operating expenses that the Fund incurred during the period.


		7

Invesco Investment Grade Value ETF (IIGV) (continued)

Relative to the Benchmark Index, the Fund was most overweight in the capital markets industry and most underweight in the insurance industry during the fiscal year ended August 31, 2021. 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 electric utilities industry.

For the fiscal year ended August 31, 2021, the industrial conglomerates industry contributed most significantly to the Fund’s return, followed by the airlines and oil, gas & consumable fuels industries, respectively. The electric utilities and chemicals industries detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included General Electric Co., 3.62% coupon, due 05/01/2030, an industrial conglomerates company (portfolio average weight of 0.60%), and Southwest Airlines Co., 5.13% coupon, due 06/15/2027, an airlines company (portfolio average weight of 0.60%). Positions that detracted most significantly from the Fund’s return during this period included DTE Electric Co., 2.25% coupon, due 03/01/2030, an electric utilities company (no longer held at fiscal year-end), and Eversource Energy, 1.65% coupon, due 08/15/2030, an electric utilities company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			21.12
Industrials			10.92
Utilities			10.60
Health Care			10.07
Energy			8.56
Real Estate			8.04
Consumer Staples			7.32
Information Technology			7.11
Consumer Discretionary			5.25
Communication Services			4.64
Materials			4.14
Money Market Funds Plus Other Assets Less Liabilities			2.23


Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2021
AA			8.99
A			38.74
BBB			48.28
BB			1.26
Not Rated			0.5
Money Market Funds Plus Other Assets Less Liabilities			2.23


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Metropolitan Life Global Funding I, 3.45%, 12/18/2026			0.70
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028			0.65
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031			0.65
Lam Research Corp., 4.00%, 03/15/2029			0.65
VeriSign, Inc., 2.70%, 06/15/2031			0.65
Ares Capital Corp., 4.25%, 03/01/2025			0.64
NVIDIA Corp., 2.85%, 04/01/2030			0.63
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024			0.63
Adobe, Inc., 2.30%, 02/01/2030			0.63
Raytheon Technologies Corp., 3.50%, 03/15/2027			0.63
Total			6.46

*	Excluding money market fund holdings.


		8

Invesco Investment Grade Value ETF (IIGV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Invesco Investment Grade Value Index		2.11	%		7.83	%		25.37	%		7.87	%		26.47	%
iBoxx USD Liquid Investment Grade Index		2.66			8.80			28.77			8.70			29.51
Fund
NAV Return		1.71			6.98			22.43			7.03			23.43
Market Price Return		1.68			7.02			22.56			7.05			23.52

Fund Inception: July 25, 2018

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 the 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:

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


		9

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

•

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

•

Each Fund’s investment strategy remained appropriate for an open-end fund;

•

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

•

The Funds did not breach the 15% limit on Illiquid Investments; and

•

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		10

Invesco Investment Grade Defensive ETF (IIGD)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.35%
Aerospace & Defense-1.55%
Lockheed Martin Corp., 3.55%, 01/15/2026	$	709,000	$	784,446
Precision Castparts Corp., 3.25%, 06/15/2025^(b)		670,000		727,572

				1,512,018

Air Freight & Logistics-0.73%
United Parcel Service, Inc., 3.90%, 04/01/2025^(b)		650,000		718,049

Banks-14.67%
Bank of America Corp., 4.20%, 08/26/2024		620,000		679,825
BBVA USA
2.50%, 08/27/2024		650,000		684,565
3.88%, 04/10/2025		650,000		717,068
Citibank N.A., 3.65%, 01/23/2024		700,000		750,749
Fifth Third Bancorp, 3.65%, 01/25/2024		675,000		722,610
Fifth Third Bank N.A., 3.95%, 07/28/2025		700,000		785,288
Huntington Bancshares, Inc., 2.63%, 08/06/2024		740,000		778,232
Huntington National Bank (The), 3.55%, 10/06/2023		650,000		691,115
JPMorgan Chase & Co., 3.88%, 09/10/2024		620,000		675,169
KeyBank N.A., 3.30%, 06/01/2025		600,000		654,965
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025^(b)		646,000		691,255
Truist Bank
3.20%, 04/01/2024		669,000		714,096
2.15%, 12/06/2024		700,000		732,289
1.50%, 03/10/2025		700,000		717,169
Truist Financial Corp.
3.75%, 12/06/2023		674,000		723,162
4.00%, 05/01/2025		639,000		708,653
1.20%, 08/05/2025^(b)		717,000		727,230
U.S. Bank N.A., 2.05%, 01/21/2025		700,000		730,651
US Bancorp, 1.45%, 05/12/2025		696,000		712,357
Wells Fargo & Co., 3.00%, 04/22/2026		670,000		725,465

				14,321,913

Beverages-1.47%
Coca-Cola Co. (The), 1.45%, 06/01/2027		710,000		724,524
PepsiCo, Inc., 2.25%, 03/19/2025		680,000		716,034

				1,440,558

Biotechnology-1.61%
Biogen, Inc., 4.05%, 09/15/2025		710,000		789,750
Gilead Sciences, Inc., 3.65%, 03/01/2026		712,000		785,485

				1,575,235

Capital Markets-8.27%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		680,000		730,994
Bank of New York Mellon Corp. (The), 1.60%, 04/24/2025		750,000		771,351
Charles Schwab Corp. (The), 0.75%, 03/18/2024		821,000		826,734
CME Group, Inc., 3.00%, 03/15/2025		681,000		729,929
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		658,000		713,040


	Principal Amount		Value
Capital Markets-(continued)
Morgan Stanley
3.88%, 01/27/2026	$	630,000	$	702,932
Series F, 3.88%, 04/29/2024		658,000		712,976
National Securities Clearing Corp., 0.40%, 12/07/2023^(c)		650,000		651,829
S&P Global, Inc., 4.00%, 06/15/2025		710,000		787,723
State Street Corp., 3.55%, 08/18/2025		646,000		714,082
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		670,000		737,562

				8,079,152

Chemicals-1.73%
DuPont de Nemours, Inc., 4.21%, 11/15/2023		830,000		894,361
Linde, Inc., 3.20%, 01/30/2026		724,000		790,599

				1,684,960

Communications Equipment-0.73%
Cisco Systems, Inc., 2.50%, 09/20/2026^(b)		665,000		714,796

Consumer Finance-1.52%
American Express Co., 3.00%, 10/30/2024		700,000		749,591
American Express Credit Corp., 3.30%, 05/03/2027		660,000		731,662

				1,481,253

Diversified Financial Services-6.08%
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025^(b)		709,000		783,907
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		723,000		791,440
Blackstone Holdings Finance Co. LLC, 1.63%, 08/05/2028^(c)		800,000		792,272
ERAC USA Finance LLC
2.70%, 11/01/2023^(c)		693,000		722,409
3.80%, 11/01/2025^(c)		620,000		682,726
MidAmerican Energy Co., 3.65%, 04/15/2029		612,000		695,689
National Rural Utilities Cooperative Finance
Corp., 3.40%, 02/07/2028		649,000		717,811
Nuveen LLC, 4.00%, 11/01/2028^(c)		654,000		751,698

				5,937,952

Electric Utilities-6.10%
Duke Energy Carolinas LLC, 3.95%, 11/15/2028		701,000		804,528
Entergy Arkansas LLC, 3.50%, 04/01/2026		617,000		679,119
Entergy Louisiana LLC, 0.62%, 11/17/2023		721,000		721,338
Evergy, Inc., 2.45%, 09/15/2024		700,000		731,643
Florida Power & Light Co., 2.85%, 04/01/2025		737,000		786,448
NSTAR Electric Co., 3.20%, 05/15/2027^(b)		722,000		793,855
Southern California Edison Co., Series E, 3.70%, 08/01/2025		665,000		727,969
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		659,000		715,831

				5,960,731

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


		11

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2021


	Principal Amount		Value
Electrical Equipment-0.57%
Emerson Electric Co., 0.88%, 10/15/2026^(b)	$	564,000	$	557,130

Energy Equipment & Services-0.74%
Schlumberger Investment S.A., 3.65%, 12/01/2023		682,000		725,691

Equity REITs-0.79%
Federal Realty Investment Trust, 3.95%, 01/15/2024		724,000		775,463

Food & Staples Retailing-0.70%
Walmart, Inc., 3.70%, 06/26/2028		600,000		685,712

Food Products-0.81%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		739,000		787,142

Gas Utilities-1.50%
ONE Gas, Inc., 1.10%, 03/11/2024		721,000		721,102
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		710,000		742,052

				1,463,154

Health Care Equipment & Supplies-2.93%
Abbott Laboratories, 3.75%, 11/30/2026		604,000		683,717
Ascension Health, Series B, 2.53%, 11/15/2029		704,000		745,443
Medtronic, Inc., 3.50%, 03/15/2025		653,000		713,521
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029		686,000		722,904

				2,865,585

Health Care Providers & Services-1.50%
McKesson Corp., 3.80%, 03/15/2024		630,000		675,749
UnitedHealth Group, Inc., 3.75%, 07/15/2025		711,000		789,992

				1,465,741

Industrial Conglomerates-0.80%
Honeywell International, Inc., 2.50%, 11/01/2026^(b)		736,000		785,405

Insurance-10.14%
Allstate Corp. (The), 0.75%, 12/15/2025		732,000		727,616
Athene Global Funding, 0.95%, 01/08/2024^(b)(c)		721,000		725,609
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		718,000		790,064
Equitable Financial Life Global Funding, 1.80%, 03/08/2028^(c)		731,000		735,022
Five Corners Funding Trust, 4.42%, 11/15/2023^(c)		668,000		724,175
GA Global Funding Trust, 1.00%, 04/08/2024^(c)		720,000		725,392
MassMutual Global Funding II, 2.75%, 06/22/2024^(c)		700,000		741,949
MetLife, Inc., Series D, 4.37%, 09/15/2023		727,000		785,105
Metropolitan Life Global Funding I, 3.45%, 12/18/2026^(c)		650,000		721,662
New York Life Global Funding, 0.85%, 01/15/2026^(c)		581,000		577,431
Northwestern Mutual Global Funding, 0.80%, 01/14/2026^(c)		581,000		575,262
Nuveen Finance LLC, 4.13%, 11/01/2024^(c)		669,000		738,148


	Principal Amount		Value
Insurance-(continued)
Pacific Life Global Funding II, 0.50%, 09/23/2023^(c)	$	600,000	$	601,652
Principal Life Global Funding II, 3.00%, 04/18/2026^(c)		677,000		728,831

				9,897,918

Interactive Media & Services-0.56%
Alphabet, Inc., 1.10%, 08/15/2030		574,000		546,287

Internet & Direct Marketing Retail-0.81%
Amazon.com, Inc., 3.15%, 08/22/2027		717,000		793,990

IT Services-1.55%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		718,000		786,868
Visa, Inc., 3.15%, 12/14/2025		664,000		725,149

				1,512,017

Machinery-3.91%
Caterpillar Financial Services Corp., 0.45%, 05/17/2024		730,000		730,627
Caterpillar, Inc., 3.40%, 05/15/2024		687,000		736,661
Deere & Co., 2.75%, 04/15/2025		731,000		779,081
Illinois Tool Works, Inc., 2.65%, 11/15/2026		730,000		785,089
John Deere Capital Corp., 3.45%, 03/13/2025		720,000		789,341

				3,820,799

Media-0.73%
Sky Ltd. (United Kingdom), 3.75%, 09/16/2024^(c)		650,000		708,942

Multiline Retail-0.74%
Target Corp., 2.25%, 04/15/2025		690,000		725,639

Multi-Utilities-2.81%
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023		721,000		720,984
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024		690,000		723,109
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		680,000		719,309
WEC Energy Group, Inc., 0.55%, 09/15/2023 .		576,000		576,320

				2,739,722

Oil, Gas & Consumable Fuels-5.30%
Chevron Corp., 1.55%, 05/11/2025		755,000		774,649
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026^(c)		650,000		714,611
Chevron USA, Inc., 0.69%, 08/12/2025		727,000		723,035
ConocoPhillips, 4.95%, 03/15/2026		684,000		793,375
EOG Resources, Inc., 4.15%, 01/15/2026		698,000		783,059
Exxon Mobil Corp., 2.99%, 03/19/2025		658,000		704,315
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024^(c)		650,000		681,479

				5,174,523

Paper & Forest Products-0.67%
Georgia-Pacific LLC, 0.63%, 05/15/2024^(b)(c)		649,000		650,516

Pharmaceuticals-2.96%
Astrazeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024		720,000		721,056

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


		12

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2021


	Principal Amount		Value
Pharmaceuticals-(continued)
Johnson & Johnson, 2.45%, 03/01/2026	$	673,000	$	718,196
Merck & Co., Inc., 2.75%, 02/10/2025		673,000		717,496
Pfizer, Inc., 3.00%, 12/15/2026		665,000		733,332

				2,890,080

Road & Rail-0.80%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		733,000		779,177

Semiconductors & Semiconductor Equipment-4.58%
Applied Materials, Inc., 3.30%, 04/01/2027		650,000		719,295
Intel Corp., 3.70%, 07/29/2025		612,000		674,622
KLA Corp., 4.65%, 11/01/2024		650,000		721,573
QUALCOMM, Inc., 3.25%, 05/20/2027		720,000		795,654
Texas Instruments, Inc., 1.38%, 03/12/2025		762,000		777,716
Xilinx, Inc., 2.95%, 06/01/2024		739,000		779,353

				4,468,213

Software-2.21%
Microsoft Corp., 2.40%, 08/08/2026		670,000		716,658
Oracle Corp., 2.50%, 04/01/2025		689,000		723,065
salesforce.com, inc., 3.70%, 04/11/2028		630,000		717,236

				2,156,959

Specialty Retail-1.52%
Ross Stores, Inc., 4.60%, 04/15/2025		709,000		796,198
TJX Cos., Inc. (The), 2.25%, 09/15/2026		650,000		686,558

				1,482,756

Technology Hardware, Storage & Peripherals-0.81%
Apple, Inc., 3.25%, 02/23/2026		720,000		788,941

Textiles, Apparel & Luxury Goods-0.73%
VF Corp., 2.40%, 04/23/2025		680,000		711,855


	Principal Amount		Value
Tobacco-0.72%
Philip Morris International, Inc., 2.88%,
05/01/2024	$	669,000	$	707,920

Total U.S. Dollar Denominated Bonds & Notes (Cost $93,419,814)				94,093,894

	Shares
Money Market Funds-1.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $1,647,212)		1,647,212		1,647,212

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.04% (Cost $95,067,026)				95,741,106

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.45%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,596,333		1,596,333
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		3,723,288		3,724,778

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,321,111)				5,321,111

TOTAL INVESTMENTS IN SECURITIES-103.49% (Cost $100,388,137)				101,062,217
OTHER ASSETS LESS LIABILITIES-(3.49)%				(3,407,438	)

NET ASSETS-100.00%			$	97,654,779

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $13,951,615, which represented 14.29% of the Fund’s Net Assets.

^(d)


	Value August 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 8,048,098		$ (6,400,886)		$-		$ -		$1,647,212		$ 78
Invesco Premier U.S. Government Money Portfolio, Institutional Class		648,673		934,288		(1,582,961)		-		-		-		2

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


		13

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

August 31, 2021


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	810,727		$	17,282,184		$	(16,496,578)			$	-		$	-		$	1,596,333		$	177	*
Invesco Private Prime Fund			270,242			27,464,028			(24,009,548	)			-			56			3,724,778			2,365	*

Total		$	1,729,642		$	53,728,598		$	(48,489,973)			$	-		$	56		$	6,968,323		$	2,622

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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


		14

Invesco Investment Grade Value ETF (IIGV)

August 31, 2021

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.77%
Aerospace & Defense-3.51%
General Dynamics Corp., 3.75%, 05/15/2028	$	280,000	$	319,265
L3Harris Technologies, Inc.
4.40%, 06/15/2028		275,000		317,907
4.40%, 06/15/2028		280,000		323,687
Raytheon Technologies Corp. 3.50%, 03/15/2027		315,000		348,452
4.13%, 11/16/2028		275,000		316,699
Textron, Inc., 3.00%, 06/01/2030		300,000		320,938

				1,946,948

Air Freight & Logistics-0.48%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028^(b)		230,000		263,798

Airlines-1.07%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/2028^(c)		250,000		278,304
Southwest Airlines Co., 5.13%, 06/15/2027		270,000		315,926

				594,230

Auto Components-0.58%
Lear Corp., 3.80%, 09/15/2027		286,000		318,736

Automobiles-0.58%
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025^(c)		300,000		319,125

Banks-1.99%
Bank of America Corp., 4.20%, 08/26/2024		150,000		164,474
Citigroup, Inc., 4.45%, 09/29/2027		280,000		320,762
PNC Bank N.A., 4.05%, 07/26/2028		250,000		289,854
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030		310,000		325,876

				1,100,966

Beverages-1.11%
Constellation Brands, Inc., 2.25%, 08/01/2031		300,000		300,609
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028		270,000		317,148

				617,757

Biotechnology-1.77%
Biogen, Inc., 4.05%, 09/15/2025		300,000		333,697
Gilead Sciences, Inc., 3.65%, 03/01/2026		289,000		318,828
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		340,000		327,441

				979,966

Building Products-1.19%
Carlisle Cos., Inc., 2.75%, 03/01/2030^(b)		320,000		335,475
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		296,000		322,309

				657,784

Capital Markets-6.99%
Apollo Management Holdings L.P., 4.87%, 02/15/2029^(c)		288,000		337,354
Ares Capital Corp., 4.25%, 03/01/2025		330,000		356,100
BlackRock, Inc., 1.90%, 01/28/2031		320,000		322,753
Cboe Global Markets, Inc., 3.65%, 01/12/2027		295,000		329,567
FMR LLC, 7.57%, 06/15/2029^(c)		200,000		283,192


	Principal Amount		Value
Capital Markets-(continued)
Franklin Resources, Inc., 1.60%, 10/30/2030	$	330,000	$	319,462
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		300,000		325,094
Jefferies Group LLC/Jefferies Group Capital
Finance, Inc., 4.15%, 01/23/2030		285,000		323,435
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029^(c)		290,000		327,081
Morgan Stanley, 3.88%, 01/27/2026		290,000		323,572
Northern Trust Corp., 1.95%, 05/01/2030		330,000		337,098
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		265,000		291,722

				3,876,430

Chemicals-1.76%
Dow Chemical Co. (The), 7.38%, 11/01/2029		240,000		335,479
International Flavors & Fragrances, Inc., 2.30%, 11/01/2030^(c)		320,000		324,506
PPG Industries, Inc., 3.75%, 03/15/2028		280,000		318,645

				978,630

Commercial Services & Supplies-0.59%
Cintas Corp. No. 2, 3.70%, 04/01/2027		290,000		325,641

Construction Materials-1.20%
Eagle Materials, Inc., 2.50%, 07/01/2031		330,000		333,085
Vulcan Materials Co., 3.50%, 06/01/2030		300,000		334,264

				667,349

Containers & Packaging-0.60%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031^(b)		320,000		333,870

Diversified Consumer Services-0.58%
Block Financial LLC, 3.88%, 08/15/2030		295,000		322,561

Diversified Financial Services-3.41%
Blue Owl Finance LLC, 3.13%, 06/10/2031^(c)		320,000		321,938
ERAC USA Finance LLC, 3.80%, 11/01/2025^(c)		302,000		332,554
GE Capital Funding LLC, 4.40%, 05/15/2030		200,000		234,555
National Rural Utilities Cooperative Finance
Corp., 3.40%, 02/07/2028		290,000		320,748
Nuveen LLC, 4.00%, 11/01/2028^(c)		295,000		339,069
Pine Street Trust I, 4.57%, 02/15/2029^(c)		300,000		344,989

				1,893,853

Diversified Telecommunication Services-1.16%
AT&T, Inc., 4.30%, 02/15/2030		280,000		325,338
Verizon Communications, Inc., 2.55%, 03/21/2031		310,000		320,603

				645,941

Electric Utilities-6.48%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		345,000		342,459
American Electric Power Co., Inc., Series J, 4.30%, 12/01/2028		275,000		317,421
Baltimore Gas and Electric Co., 2.25%, 06/15/2031		320,000		327,064
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031^(b)		310,000		318,349
Entergy Texas, Inc., 1.75%, 03/15/2031		300,000		289,204

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


		15

Invesco Investment Grade Value ETF (IIGV)–(continued)

August 31, 2021


	Principal Amount		Value
Electric Utilities-(continued)
Exelon Corp., 4.05%, 04/15/2030	$	295,000	$	338,666
Georgia Power Co., Series B, 2.65%, 09/15/2029		300,000		318,107
Jersey Central Power & Light Co., 4.30%, 01/15/2026^(c)		300,000		334,151
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028^(c)		320,000		363,259
Progress Energy, Inc., 7.75%, 03/01/2031		220,000		316,623
Southern California Edison Co., Series E, 3.70%, 08/01/2025		300,000		328,407

				3,593,710

Electronic Equipment, Instruments & Components-0.60%
Amphenol Corp., 2.80%, 02/15/2030		315,000		334,317

Energy Equipment & Services-0.57%
Schlumberger Holdings Corp., 3.90%, 05/17/2028^(c)		284,000		317,803

Entertainment-0.59%
Walt Disney Co. (The), 2.65%, 01/13/2031^(b)		310,000		329,557
Equity REITs-8.04%
American Tower Corp., 3.80%, 08/15/2029		290,000		323,906
AvalonBay Communities, Inc., 2.30%, 03/01/2030		320,000		329,404
Boston Properties L.P., 3.25%, 01/30/2031		295,000		318,142
Camden Property Trust, 2.80%, 05/15/2030		300,000		320,273
Crown Castle International Corp., 2.25%, 01/15/2031		300,000		298,033
Equinix, Inc., 3.20%, 11/18/2029		310,000		333,863
ERP Operating L.P., 3.00%, 07/01/2029		300,000		324,802
Prologis L.P., 2.25%, 04/15/2030		328,000		338,383
Public Storage, 1.85%, 05/01/2028^(b)		330,000		337,680
Realty Income Corp., 3.25%, 01/15/2031		290,000		320,611
Regency Centers L.P., 3.70%, 06/15/2030		305,000		342,784
Simon Property Group L.P., 2.45%, 09/13/2029		326,000		336,797
Sun Communities Operating L.P., 2.70%, 07/15/2031		200,000		203,903
Ventas Realty L.P., 4.40%, 01/15/2029		290,000		334,306

				4,462,887

Food & Staples Retailing-2.38%
Costco Wholesale Corp., 1.60%, 04/20/2030		320,000		317,976
Mars, Inc., 3.20%, 04/01/2030^(c)		305,000		337,641
Sysco Corp., 5.95%, 04/01/2030		260,000		335,501
Walmart, Inc., 3.70%, 06/26/2028		290,000		331,427

				1,322,545

Food Products-2.08%
Campbell Soup Co., 4.15%, 03/15/2028		275,000		313,610
Cargill, Inc., 2.13%, 04/23/2030^(c)		300,000		307,977
Hormel Foods Corp., 1.80%, 06/11/2030		320,000		321,156
Ingredion, Inc., 2.90%, 06/01/2030		200,000		211,606

				1,154,349

Gas Utilities-1.73%
Atmos Energy Corp., 1.50%, 01/15/2031		300,000		287,936


	Principal Amount		Value
Gas Utilities-(continued)
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029	$	307,000	$	339,628
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		320,000		334,446

				962,010

Health Care Equipment & Supplies-2.99%
Ascension Health, Series B, 2.53%, 11/15/2029		310,000		328,249
Boston Scientific Corp., 2.65%, 06/01/2030		305,000		317,938
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		300,000		325,387
Providence St. Joseph Health Obligated Group,
Series 19-A, 2.53%, 10/01/2029		310,000		326,677
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031		350,000		361,335

				1,659,586

Health Care Providers & Services-2.92%
AmerisourceBergen Corp., 2.70%, 03/15/2031		320,000		332,584
CommonSpirit Health, 3.35%, 10/01/2029		300,000		326,136
Health Care Service Corp., 2.20%, 06/01/2030^(c)		315,000		319,932
Quest Diagnostics, Inc., 2.95%, 06/30/2030		300,000		321,371
Sutter Health, Series 20-A, 2.29%, 08/15/2030		310,000		317,649

				1,617,672

Hotels, Restaurants & Leisure-0.60%
Booking Holdings, Inc., 4.63%, 04/13/2030		280,000		335,254

Household Durables-0.57%
NVR, Inc., 3.00%, 05/15/2030		300,000		318,503

Household Products-0.58%
Procter & Gamble Co. (The), 3.00%, 03/25/2030		290,000		322,048

Industrial Conglomerates-1.77%
3M Co., 2.38%, 08/26/2029^(b)		310,000		326,848
General Electric Co., 3.63%, 05/01/2030^(b)		290,000		326,413
Roper Technologies, Inc., 1.75%, 02/15/2031		340,000		329,563

				982,824

Insurance-8.73%
Aflac, Inc., 3.60%, 04/01/2030		280,000		318,315
Athene Holding Ltd., 4.13%, 01/12/2028		291,000		326,719
Berkshire Hathaway Finance Corp., 1.45%, 10/15/2030		340,000		333,090
Brighthouse Financial, Inc., 3.70%, 06/22/2027^(b)		304,000		333,760
Equitable Financial Life Global Funding, 1.80%, 03/08/2028^(c)		330,000		331,816
F&G Global Funding, 1.75%, 06/30/2026^(c)		200,000		203,460
Fidelity National Financial, Inc., 3.40%, 06/15/2030		300,000		324,520
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		268,000		315,363
Metropolitan Life Global Funding I, 3.45%, 12/18/2026^(c)		350,000		388,587
New York Life Global Funding, 0.85%, 01/15/2026^(c)		340,000		337,911

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


		16

Invesco Investment Grade Value ETF (IIGV)–(continued)

August 31, 2021


	Principal Amount		Value
Insurance-(continued)
Northwestern Mutual Global Funding, 0.80%, 01/14/2026^(c)	$	330,000	$	326,741
Principal Financial Group, Inc., 2.13%, 06/15/2030		330,000		333,134
Reinsurance Group of America, Inc., 3.90%, 05/15/2029^(b)		280,000		316,399
Sammons Financial Group, Inc., 3.35%, 04/16/2031^(c)		320,000		333,576
Willis North America, Inc., 2.95%, 09/15/2029		300,000		318,774

				4,842,165

Interactive Media & Services-0.58%
Alphabet, Inc., 1.10%, 08/15/2030		340,000		323,584

IT Services-3.47%
Amdocs Ltd., 2.54%, 06/15/2030^(b)		320,000		324,327
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		310,000		320,108
Fiserv, Inc., 3.50%, 07/01/2029		290,000		318,969
International Business Machines Corp., 3.50%, 05/15/2029		250,000		280,407
PayPal Holdings, Inc., 2.85%, 10/01/2029		295,000		318,420
VeriSign, Inc., 2.70%, 06/15/2031^(b)		350,000		360,484

				1,922,715

Life Sciences Tools & Services-1.19%
Agilent Technologies, Inc., 2.30%, 03/12/2031		330,000		334,550
PerkinElmer, Inc., 3.30%, 09/15/2029		301,000		326,740

				661,290

Machinery-1.11%
Cummins, Inc., 1.50%, 09/01/2030^(b)		300,000		290,279
Parker-Hannifin Corp., 3.25%, 06/14/2029		300,000		326,491

				616,770

Media-2.31%
Comcast Corp., 4.15%, 10/15/2028		280,000		325,228
Fox Corp., 4.71%, 01/25/2029		280,000		329,957
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		250,000		299,639
ViacomCBS, Inc., 7.88%, 07/30/2030		230,000		327,732

				1,282,556

Multi-Utilities-1.80%
Ameren Corp., 3.50%, 01/15/2031^(b)		305,000		337,914
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		300,000		329,410
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		340,000		331,179

				998,503

Oil, Gas & Consumable Fuels-7.99%
Cameron LNG LLC, 2.90%, 07/15/2031^(c)		300,000		323,342
Chevron Corp., 1.55%, 05/11/2025		323,000		331,406
Chevron Phillips Chemical Co. LLC/Chevron
Phillips Chemical Co. L.P., 3.40%, 12/01/2026^(c)		225,000		247,365
Colonial Enterprises, Inc., 3.25%, 05/15/2030^(c)		302,000		330,810
ConocoPhillips, 6.95%, 04/15/2029		240,000		325,146
Exxon Mobil Corp., 2.99%, 03/19/2025		310,000		331,820


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(c)	$	325,000	$	334,937
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024^(c)		335,000		351,224
ONEOK, Inc., 4.55%, 07/15/2028		285,000		325,395
Phillips 66, 2.15%, 12/15/2030^(b)		300,000		295,927
Phillips 66 Partners L.P., 3.15%, 12/15/2029		300,000		316,070
Pioneer Natural Resources Co., 1.90%, 08/15/2030		300,000		289,805
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/2030^(c)		305,000		317,900
Valero Energy Corp., 3.40%, 09/15/2026		290,000		312,519

				4,433,666

Paper & Forest Products-0.58%
Georgia-Pacific LLC, 2.30%, 04/30/2030^(c)		310,000		320,263

Personal Products-0.60%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		310,000		330,286

Pharmaceuticals-1.20%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029 .		300,000		337,286
Viatris, Inc., 2.70%, 06/22/2030^(b)(c)		320,000		327,798

				665,084

Road & Rail-0.57%
Union Pacific Corp., 3.95%, 09/10/2028		274,000		313,280

Semiconductors & Semiconductor Equipment-1.29%
Lam Research Corp., 4.00%, 03/15/2029		311,000		360,646
NVIDIA Corp., 2.85%, 04/01/2030		325,000		352,251

				712,897

Software-1.16%
Adobe, Inc., 2.30%, 02/01/2030		335,000		349,895
ServiceNow, Inc., 1.40%, 09/01/2030		310,000		294,557

				644,452

Specialty Retail-1.19%
AutoZone, Inc., 4.00%, 04/15/2030		290,000		332,659
Best Buy Co., Inc., 1.95%, 10/01/2030		330,000		326,340

				658,999

Technology Hardware, Storage & Peripherals-0.59%
Apple, Inc., 3.25%, 02/23/2026		300,000		328,726

Textiles, Apparel & Luxury Goods-1.15%
NIKE, Inc., 2.85%, 03/27/2030^(b)		290,000		317,437
Ralph Lauren Corp., 2.95%, 06/15/2030		300,000		321,468

				638,905

Tobacco-0.57%
Altria Group, Inc., 4.80%, 02/14/2029		273,000		317,200

Trading Companies & Distributors-0.63%
Air Lease Corp., 2.88%, 01/15/2026		330,000		347,199

Water Utilities-0.59%
American Water Capital Corp., 3.75%, 09/01/2028		287,000		326,312

Total U.S. Dollar Denominated Bonds & Notes
(Cost $53,908,466)				54,241,502

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


		17

Invesco Investment Grade Value ETF (IIGV)–(continued)

August 31, 2021


	Shares		Value
Money Market Funds-0.77%
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%^(d)(e)
(Cost $427,245)		427,245	$	427,245

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.54%
(Cost $54,335,711)				54,668,747

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.50%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,248,805		1,248,805


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,912,714	$	2,913,879

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,162,684)				4,162,684

TOTAL INVESTMENTS IN SECURITIES-106.04%
(Cost $58,498,395)				58,831,431
OTHER ASSETS LESS LIABILITIES-(6.04)%				(3,349,863	)

NET ASSETS-100.00%			$	55,481,568

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $9,664,605, which represented 17.42% of the Fund’s Net Assets.

^(d)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$	-		$	3,149,711		$	(2,722,466)			$	-		$	-		$	427,245		$	41
Invesco Premier U.S. Government
Money Portfolio, Institutional Class			65,733			354,393			(420,126	)			-			-			-			2
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			9,636,669			(8,387,864	)			-			-			1,248,805			105	*
Invesco Private Prime Fund			-			15,392,177			(12,478,307	)			-			9			2,913,879			1,344	*

Total		$	65,733		$	28,532,950		$	(24,008,763	)		$	-		$	9		$	4,589,929		$	1,492

^* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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


		18

Statements of Assets and Liabilities

August 31, 2021


	Invesco Investment			Invesco Investment
	Grade Defensive			Grade Value
	ETF (IIGD)			ETF (IIGV)
Assets:
Unaffiliated investments in securities, at value^(a)		$	94,093,894		$	54,241,502
Affiliated investments in securities, at value			6,968,323			4,589,929
Cash			-			289,025
Receivable for:
Dividends and interest			725,393			446,341
Securities lending			556			355
Investments sold			4,839,454			2,655,551

Total assets			106,627,620			62,222,703


Liabilities:
Payable for:
Investments purchased			3,641,026			2,572,334
Collateral upon return of securities loaned			5,321,111			4,162,684
Accrued unitary management fees			10,704			6,117

Total liabilities			8,972,841			6,741,135

Net Assets		$	97,654,779		$	55,481,568


Net assets consist of:
Shares of beneficial interest		$	96,288,664		$	54,792,827
Distributable earnings			1,366,115			688,741

Net Assets		$	97,654,779		$	55,481,568

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,650,001			2,000,001
Net asset value		$	26.75		$	27.74

Market price		$	26.76		$	27.76

Unaffiliated investments in securities, at cost		$	93,419,814		$	53,908,466

Affiliated investments in securities, at cost		$	6,968,323		$	4,589,929

^(a)Includes securities on loan with an aggregate value of:		$	5,160,092		$	3,718,776

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


		19

Statements of Operations

For the year ended August 31, 2021


	Invesco Investment Grade Defensive ETF (IIGD)				Invesco Investment Grade Value ETF (IIGV)
Investment income:
Unaffiliated interest income		$	1,186,961			$	900,154
Affiliated dividend income			80				43
Securities lending income			5,998				2,311

Total investment income			1,193,039				902,508


Expenses:
Unitary management fees			115,474				56,113

Less: Waivers			(232	)			(125	)

Net expenses			115,242				55,988

Net investment income			1,077,797				846,520


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities			918,264				434,799
Affiliated investment securities			56				9
In-kind redemptions			508,670				522,077

Net realized gain			1,426,990				956,885

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities			(2,282,557	)			(1,159,226	)

Net realized and unrealized gain (loss)			(855,567	)			(202,341	)

Net increase in net assets resulting from operations		$	222,230			$	644,179

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


		20

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Investment Grade Defensive ETF (IIGD)						Invesco Investment Grade Value ETF (IIGV)
	2021			2020			2021			2020
Operations:
Net investment income	$	1,077,797		$	1,500,778		$	846,520		$	1,108,446
Net realized gain		1,426,990			1,306,254			956,885			1,355,267
Change in net unrealized appreciation (depreciation)		(2,282,557	)		1,920,469			(1,159,226	)		309,388

Net increase in net assets resulting from operations		222,230			4,727,501			644,179			2,773,101


Distributions to Shareholders from:
Distributable earnings		(2,419,050	)		(1,567,509	)		(1,572,468	)		(1,350,305	)


Shareholder Transactions:
Proceeds from shares sold		43,032,852			21,277,639			32,143,312			13,794,077
Value of shares repurchased		(26,828,170	)		(6,571,405	)		(16,742,758	)		(16,446,175	)
Transaction fees		-			36,426			-			6,776

Net increase (decrease) in net assets resulting from share transactions		16,204,682			14,742,660			15,400,554			(2,645,322	)

Net increase (decrease) in net assets		14,007,862			17,902,652			14,472,265			(1,222,526	)


Net assets:
Beginning of year		83,646,917			65,744,265			41,009,303			42,231,829

End of year	$	97,654,779		$	83,646,917		$	55,481,568		$	41,009,303


Changes in Shares Outstanding:
Shares sold		1,600,000			800,000			1,150,000			500,000
Shares repurchased		(1,000,000	)		(250,000	)		(600,000	)		(600,000	)
Shares outstanding, beginning of year		3,050,001			2,500,001			1,450,001			1,550,001

Shares outstanding, end of year		3,650,001			3,050,001			2,000,001			1,450,001

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


		21

Financial Highlights

Invesco Investment Grade Defensive ETF (IIGD)


	Years Ended August 31,												For the Period July 23, 2018^(a)Through August 31,
	2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	27.43			$	26.30			$	25.16			$	25.00

Net investment income^(b)			0.33				0.53				0.66				0.08
Net realized and unrealized gain (loss) on investments			(0.27	)			1.14				1.03				0.13

Total from investment operations			0.06				1.67				1.69				0.21

Distributions to shareholders from:
Net investment income			(0.33	)			(0.53	)			(0.78	)			(0.05	)
Net realized gains			(0.41	)			(0.02	)			(0.01	)			-

Total distributions			(0.74	)			(0.55	)			(0.79	)			(0.05	)

Transaction fees^(b)			-				0.01				0.24				-

Net asset value at end of period		$	26.75			$	27.43			$	26.30			$	25.16

Market price at end of period^(c)		$	26.76			$	27.41			$	26.37			$	25.17

Net Asset Value Total Return^(d)			0.21	%			6.50	%			7.81	%			0.83	%^(e)
Market Price Total Return^(d)			0.32	%			6.13	%			8.05	%			0.87	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$97,655				$83,647				$65,744				$6,291
Ratio to average net assets of:
Expenses, after Waivers			0.13	%			0.13	%			0.15	%^(f)			0.12	%^(g)
Expenses, prior to Waivers			0.13	%			0.13	%			0.15	%^(f)			0.13	%^(g)
Net investment income			1.21	%			1.98	%			2.57	%^(f)			3.16	%^(g)
Portfolio turnover rate^(h)			53	%			74	%			71	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.


		22

Financial Highlights–(continued)

Invesco Investment Grade Value ETF (IIGV)


	Years Ended August 31,												For the Period July 23, 2018^(a)Through August 31,
	2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	28.28			$	27.25			$	25.23			$	25.00

Net investment income^(b)			0.55				0.73				0.86				0.10
Net realized and unrealized gain (loss) on investments			(0.07	)			1.19				1.95				0.19

Total from investment operations			0.48				1.92				2.81				0.29

Distributions to shareholders from:
Net investment income			(0.54	)			(0.73	)			(0.95	)			(0.06	)
Net realized gains			(0.48	)			(0.16	)			(0.02	)			-

Total distributions			(1.02	)			(0.89	)			(0.97	)			(0.06	)

Transaction fees^(b)			-				0.00	^(c)			0.18				-

Net asset value at end of period		$	27.74			$	28.28			$	27.25			$	25.23

Market price at end of period^(d)		$	27.76			$	28.32			$	27.32			$	25.23

Net Asset Value Total Return^(e)			1.74	%			7.25	%			12.23	%			1.14	%^(f)
Market Price Total Return^(e)			1.68	%			7.13	%			12.51	%			1.14	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$55,482				$41,009				$42,232				$6,307
Ratio to average net assets of:
Expenses, after Waivers			0.13	%			0.13	%			0.15	%^(g)			0.13	%^(h)
Expenses, prior to Waivers			0.13	%			0.13	%			0.16	%^(g)			0.13	%^(h)
Net investment income			1.96	%			2.69	%			3.31	%^(g)			3.76	%^(h)
Portfolio turnover rate⁽ⁱ⁾			63	%			178	%			112	%			16	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(h)	Annualized.

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

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


		23

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2021

NOTE 1–Organization


Full Name		Short Name
Invesco Investment Grade Defensive ETF (IIGD)		“Investment Grade Defensive ETF”
Invesco Investment Grade Value ETF (IIGV)		“Investment Grade Value ETF”

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index
Investment Grade Defensive ETF		Invesco Investment Grade Defensive Index
Investment Grade Value ETF		Invesco Investment Grade Value Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:


		24


		25

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.

Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.	Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for


		26

international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the


		27

Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

Changing U.S. Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of


		28

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)
Investment Grade Defensive ETF		0.13%
Investment Grade Value ETF		0.13%

For the fiscal year ended August 31, 2021, the Adviser waived fees for each Fund in the following amounts:


Investment Grade Defensive ETF	$	232
Investment Grade Value ETF		125

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.

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.


		29



Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total
Investment Grade Defensive ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	94,093,894		$	-		$	94,093,894
Money Market Funds			1,647,212			5,321,111			-			6,968,323

Total Investments		$	1,647,212		$	99,415,005		$	-		$	101,062,217

Investment Grade Value ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	54,241,502		$	-		$	54,241,502
Money Market Funds			427,245			4,162,684			-			4,589,929

Total Investments		$	427,245		$	58,404,186		$	-		$	58,831,431

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2021 and 2020:


	2021				2020
	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Investment Grade Defensive ETF	$	2,079,051	$	339,999	$	1,563,804	$ 3,705
Investment Grade Value ETF		1,366,473		205,995		1,302,800	47,505

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation- Investments		Shares of Beneficial Interest		Total Net Assets
Investment Grade Defensive ETF		$152,850		$539,992		$673,273		$96,288,664		$97,654,779
Investment Grade Value ETF		189,398		172,031		327,312		54,792,827		55,481,568

The Funds did not have any capital loss carryforwards as of August 31, 2021.

NOTE 6–Investment Transactions


	Purchases		Sales
Investment Grade Defensive ETF	$	46,771,275	$	49,578,542
Investment Grade Value ETF		26,985,457		27,849,974


		30

For the fiscal year ended August 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Investment Grade Defensive ETF	$	42,612,618	$	26,377,096
Investment Grade Value ETF		31,874,376		16,533,757


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost
Investment Grade Defensive ETF		$881,482		$(208,209	)		$673,273		$100,388,944
Investment Grade Value ETF		587,140		(259,828	)		327,312		58,504,119

NOTE 7–Reclassification of Permanent Differences


	Undistributed Net Investment Income	Undistributed Net Realized Gain (Loss)	Shares of Beneficial Interest
Investment Grade Defensive ETF	$1,255	$(509,925)	$508,670
Investment Grade Value ETF	1,958	(523,932)	521,974

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital


		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 Investment Grade Defensive ETF and Invesco Investment Grade Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the three years in the period ended August 31, 2021 and 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, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021, and each of the financial highlights for each of the three years in the period ended August 31, 2021 and 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

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 25, 2021


		32

Calculating your ongoing Fund expenses

Example

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, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2021			Ending Account Value August 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Investment Grade Defensive ETF (IIGD)
Actual		$	1,000.00		$	1,008.30		0.13	%		$	0.66
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.13				0.66
Invesco Investment Grade Value ETF (IIGV)
Actual			1,000.00			1,024.00		0.13				0.66
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.13				0.66

⁽¹⁾


		33

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 year ended August 31, 2021:


	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*	Qualified Interest Income*	Long Term Capital Gains	Qualified Short Term Gains
Invesco Investment Grade Defensive ETF	0%	0%	0%	0%	75%	99%	$339,999	$1,001,254
Invesco Investment Grade Value ETF	0%	0%	0%	0%	76%	100%	205,995	519,953

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


		34

Trustees and Officers

As of August 31, 2021


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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	231	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.	231	None.

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


		35

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

Edmund P. Giambastiani, Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

231

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


		36

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

Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

231

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her 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
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	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	231	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010- 2015, 2017), NorthPointe Christian Schools.

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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	231	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her 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)

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

Joanne Pace–1958
c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, IL 60515

Trustee

Since 2019

231

Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Council Member, NewYork— Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Board Member, 100 Women in Finance (2015- 2020); Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011- 2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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


		39

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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	231	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); 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).	231	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).


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

231

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.


		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	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO and Fund Administration, InvescoAdvisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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


		42

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); 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).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

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


		43

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
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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).

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.


		44

Approval of Investment Advisory Contracts


Invesco BulletShares 2021 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2021 USD Emerging Markets Debt ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2022 USD Emerging Markets Debt ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2023 USD Emerging Markets Debt ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF		Invesco BulletShares 2024 USD Emerging Markets Debt ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF		Invesco BulletShares 2025 USD Emerging Markets Debt ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Value ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco RAFI Strategic Developed ex-US ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI Strategic Emerging Markets ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco RAFI Strategic US ETF
Invesco BulletShares 2021 Municipal Bond ETF		Invesco RAFI Strategic US Small Company ETF
Invesco BulletShares 2022 Municipal Bond ETF		Invesco Russell 1000 Dynamic Multifactor ETF
Invesco BulletShares 2023 Municipal Bond ETF		Invesco Russell 2000 Dynamic Multifactor ETF
Invesco BulletShares 2024 Municipal Bond ETF


		45

Approval of Investment Advisory Contracts–(continued)

●

0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF;

●

0.19% of the Fund’s average daily net assets for Invesco RAFI Strategic US ETF;

●

0.23% of the Fund’s average daily net assets for each of Invesco RAFI Strategic Developed ex-US ETF and Invesco RAFI Strategic US Small Company ETF;

●

0.35% of the Fund’s average daily net assets for Invesco RAFI Strategic Emerging Markets ETF;

●

0.39% of the Fund’s average daily net assets for Invesco Russell 2000 Dynamic Multifactor ETF; and

●


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco BulletShares 2021 Corporate Bond ETF	X	X	X
Invesco BulletShares 2022 Corporate Bond ETF	X		X
Invesco BulletShares 2023 Corporate Bond ETF	X		X


		46

Approval of Investment Advisory Contracts–(continued)


Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco BulletShares 2024 Corporate Bond ETF	X		X
Invesco BulletShares 2025 Corporate Bond ETF	X		X
Invesco BulletShares 2026 Corporate Bond ETF	X		X
Invesco BulletShares 2027 Corporate Bond ETF	X		X
Invesco BulletShares 2028 Corporate Bond ETF	X		X
Invesco BulletShares 2029 Corporate Bond ETF	X		X
Invesco BulletShares 2021 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2022 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2023 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2024 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2025 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2026 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2027 High Yield Corporate Bond ETF		X	X
Invesco BulletShares 2021 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2022 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2023 Municipal Bond ETF		N/A	X
Invesco BulletShares 2024 Municipal Bond ETF		N/A	X
Invesco BulletShares 2025 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2026 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2027 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2028 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2029 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2030 Municipal Bond ETF	X	N/A	X
Invesco BulletShares 2021 USD Emerging Markets Debt ETF	X	X	X
Invesco BulletShares 2022 USD Emerging Markets Debt ETF	X	X	X
Invesco BulletShares 2023 USD Emerging Markets Debt ETF	X	X	X
Invesco BulletShares 2024 USD Emerging Markets Debt ETF	X	X	X
Invesco BulletShares 2025 USD Emerging Markets Debt ETF	X		X
Invesco Investment Grade Defensive ETF	X	X	X
Invesco Investment Grade Value ETF	X	X	X
Invesco RAFI^TMStrategic Developed ex-US ETF	X	X	X
Invesco RAFI^TMStrategic Emerging Markets ETF	X		X
Invesco RAFI^TMStrategic US ETF	X	X	X
Invesco RAFI^TMStrategic US Small Company ETF	X		X
Invesco Russell 1000^®Dynamic Multifactor ETF	X	X	X
Invesco Russell 2000^®Dynamic Multifactor ETF			X

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


		47

Approval of Investment Advisory Contracts–(continued)

distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.


		48

(This Page Intentionally Left Blank)

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-3

invesco.com/ETFs


				Invesco Annual Report to Shareholders
				August 31, 2021
				IMFL		Invesco International Developed Dynamic Multifactor ETF

				OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF

				OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF

Table of Contents



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			10

Schedules of Investments

Invesco International Developed Dynamic Multifactor ETF (IMFL)			11

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)			21

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)			28

Statements of Assets and Liabilities			39

Statements of Operations			40

Statements of Changes in Net Assets			41

Financial Highlights			42

Notes to Financial Statements			45

Report of Independent Registered Public Accounting Firm			55

Fund Expenses			57

Tax Information			58

Trustees and Officers			59

Approval of Investment Advisory Contracts			69


		2

The Market Environment

Domestic Equity

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021. Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets

continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. For both June and July, the Consumer Price Index (CPI) reported a 5.4% increase over the last 12 months, the biggest 12-month increase since August 2008.² Even with evidence of higher prices, the Fed declined to raise interest rates at its July Federal Open Market Committee (FOMC) meeting. Despite ending the period on an up month, the US stock market saw continued volatility in August due to increasing COVID-19 infection rates in the US and abroad, as well as continued concerns over inflation. For the fiscal year ended August 31, 2021, the S&P 500 Index returned 31.17%.³

¹	Source: Bloomberg LP

²	Source: Bureau of Labor Statistics, July 13, 2021

³	Source: Lipper Inc.

Global Equity


		3


IMFL		Management’s Discussion of Fund Performance
IMFL		Invesco International Developed Dynamic Multifactor ETF (IMFL)

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks are taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large-capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal period from the Fund’s inception (February 24, 2021) through August 31, 2021, on a market price basis, the Fund returned 7.90%. On a net asset value (“NAV”) basis, the Fund returned 9.41%. During the same time period, the Index returned 9.70%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, 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 during the period.

During this same time period, the Benchmark Index returned 7.77%. The Benchmark Index is an unmanaged index weighted by market capitalization. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index in part 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 industrials and materials sectors and most underweight in the health care and consumer staples sectors during the fiscal

period ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the industrials sector.

For the fiscal period ended August 31, 2021, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and materials sectors, respectively. No sector 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, 2021, included Nippon Yusen K.K., an industrials company (portfolio average weight of 0.73%) and Mitsui OSK Lines Ltd., an industrials company (portfolio average weight of 0.48%). Positions that detracted most significantly from the Fund’s return during the period included ThyssenKrupp AG, a materials company (portfolio average weight of 0.45%) and Valeo, a consumer discretionary company (portfolio average weight of 0.33%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Industrials			24.37
Consumer Discretionary			17.46
Financials			16.29
Materials			15.45
Information Technology			8.94
Health Care			3.56
Communication Services			3.36
Real Estate			3.33
Sector Types Each Less Than 3%			6.81
Money Market Funds Plus Other Assets Less Liabilities			0.43

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Nippon Yusen K.K.			1.29
Mitsui OSK Lines Ltd.			0.84
Canadian Natural Resources Ltd.			0.77
Canadian Tire Corp. Ltd., Class A			0.71
Porsche Automobil Holding SE, Preference Shares			0.57
M&G PLC			0.56
Kingfisher PLC			0.55
Publicis Groupe S.A.			0.53
Mineral Resources Ltd.			0.52
Kinnevik AB, Class B			0.52
Total			6.86

*	Excluding money market fund holdings


		4

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021

Fund Inception

Index

Cumulative

FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)

9.70

FTSE Developed ex US Index (Net)

7.77

Fund

NAV Return

9.41

Market Price Return

7.90

Fund Inception: February 24, 2021

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.34% 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.

-	Net returns reflect reinvested dividends net of withholding taxes.


		5


OMFL		Management’s Discussion of Fund Performance
OMFL		Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

As an index fund, the Invesco Russell 1000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell Company (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000^® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 51.93%. On a net asset value (“NAV”) basis, the Fund returned 52.12%. During the same time period, the Index returned 52.61%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, 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 during the period, the effects of which were compounded during a time period of high return.

During this same time period, the Benchmark Index returned 32.25%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in the industrials and materials sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the

consumer discretionary sector along with its security selection and overweight position in the financials sector.

For the fiscal year ended August 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Bath & Body Works, Inc., a consumer discretionary company (portfolio average weight of 0.62%) and Discover Financial Services, a financials company (portfolio average weight of 0.45%). Positions that detracted most significantly from the Fund’s return during the period included SolarEdge Technologies Inc., an information technology company (no longer held at fiscal year-end) and Peloton Interactive, Inc., Class A, a consumer discretionary company (portfolio average weight of 0.12%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Financials			20.41
Information Technology			17.04
Industrials			16.88
Consumer Discretionary			15.70
Materials			10.15
Health Care			6.19
Real Estate			3.66
Communication Services			3.25
Sector Types Each Less Than 3%			6.65
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Dell Technologies, Inc., Class C			1.23
HP, Inc.			1.16
Synchrony Financial			0.76
Ally Financial, Inc.			0.75
Nucor Corp.			0.73
Quanta Services, Inc.			0.71
Discover Financial Services			0.68
NetApp, Inc.			0.68
Capital One Financial Corp.			0.67
Ford Motor Co.			0.62
Total			7.99

*	Excluding money market fund holdings


		6

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Russell 1000^® Invesco Dynamic Multifactor Index		52.61	%		21.43	%		79.04	%		20.96	%		106.51	%
Russell 1000^® Index		32.25			18.42			66.05			18.19			89.09
Fund
NAV Return		52.12			21.11			77.66			20.61			104.26
Market Price Return		51.93			21.12			77.66			20.61			104.27

Oppenheimer Russell 1000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 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 the 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:

-	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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		7


OMFS		Management’s Discussion of Fund Performance
OMFS		Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

As an index fund, the Invesco Russell 2000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell Company (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000^® Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2021, on a market price basis, the Fund returned 63.95%. On a net asset value (“NAV”) basis, the Fund returned 64.12%. During the same time period, the Index returned 64.64%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, 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 during the period, the effects of which were compounded during a time period of high return.

During this same time period, the Benchmark Index returned 47.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary and industrials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the consumer discretionary sector along

with its underweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2021, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the financials and industrials sectors, respectively. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2021, included Owens & Minor, Inc., a health care company (portfolio average weight 0.88%) and Tupperware Brands Corp., a consumer discretionary company (portfolio average weight of 0.68%). Positions that detracted most significantly from the Fund’s return during the period included AMC Entertainment Holdings, Inc., Class A, a communication services company (no longer held at fiscal year-end) and Mallinckrodt PLC, a health care company (no longer held at fiscal year-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2021
Industrials			20.60
Financials			19.92
Consumer Discretionary			19.88
Health Care			10.67
Information Technology			8.56
Materials			6.17
Energy			5.39
Communication Services			3.67
Sector Types Each Less Than 3%			5.10
Money Market Funds Plus Other Assets Less Liabilities			0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2021
Security
Veritiv Corp.			0.73
LendingClub Corp.			0.62
Hibbett, Inc.			0.55
Signet Jewelers Ltd.			0.52
MYR Group, Inc.			0.51
IDT Corp., Class B			0.50
Tupperware Brands Corp.			0.48
Community Health Systems, Inc.			0.47
Pitney Bowes, Inc.			0.46
Textainer Group Holdings Ltd.			0.46
Total			5.30

*	Excluding money market fund holdings


		8

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2021


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Russell 2000^® Invesco Dynamic Multifactor Index		64.64	%		14.20	%		48.93	%		15.49	%		73.15	%
Russell 2000^® Index		47.08			10.75			35.83			13.36			61.25
Fund
NAV Return		64.12			13.70			46.98			14.98			70.23
Market Price Return		63.95			13.69			46.96			14.97			70.20

Oppenheimer Russell 2000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% 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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.


		9

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

●

Each Fund’s investment strategy remained appropriate for an open-end fund;

●

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Funds did not breach the 15% limit on Illiquid Investments; and

●

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.


		10

Invesco International Developed Dynamic Multifactor ETF (IMFL)

August 31, 2021

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.57%
Australia-5.79%
Afterpay Ltd.^(a)		1,463	$	143,908
ALS Ltd.		20,989		195,736
Ansell Ltd.		7,206		189,542
Aristocrat Leisure Ltd.		6,676		222,831
Australia & New Zealand Banking Group Ltd.		2,273		46,265
Bank of Queensland Ltd.		7,256		50,167
Beach Energy Ltd.		43,361		33,275
Bendigo & Adelaide Bank Ltd.		10,555		77,450
BHP Group Ltd.		1,372		45,734
BHP Group PLC		11,848		368,104
BlueScope Steel Ltd.		17,816		328,125
Boral Ltd.^(a)		12,126		54,060
carsales.com Ltd.		5,073		93,061
Charter Hall Group		15,556		203,052
Commonwealth Bank of Australia		414		30,294
Computershare Ltd.		8,882		107,108
Crown Resorts Ltd.^(a)		5,084		34,593
CSR Ltd.		14,049		55,959
Domino’s Pizza Enterprises Ltd.		2,288		262,098
Downer EDI Ltd.		34,846		165,792
Fortescue Metals Group Ltd.		10,433		160,124
Glencore PLC^(a)		76,175		343,233
Goodman Group		5,176		87,498
Harvey Norman Holdings Ltd.		50,788		199,697
IDP Education Ltd.		2,940		61,926
IGO Ltd.		18,119		127,788
Iluka Resources Ltd.		50,868		371,769
Incitec Pivot Ltd.		22,678		44,750
JB Hi-Fi Ltd.		8,023		268,495
Macquarie Group Ltd.		1,548		188,642
Mineral Resources Ltd.		17,479		701,449
National Australia Bank Ltd.		1,358		27,522
NEXTDC Ltd.^(a)		3,707		35,871
Oil Search Ltd.		17,536		47,933
OZ Minerals Ltd.		19,939		343,472
Qantas Airways Ltd.^(a)		8,586		31,940
Qube Holdings Ltd.		22,554		52,088
Ramsay Health Care Ltd.		558		28,098
REA Group Ltd.		555		62,263
Reece Ltd.		6,174		94,216
Rio Tinto Ltd.		981		80,343
Rio Tinto PLC		1,266		93,772
Santos Ltd.		41,510		183,542
SEEK Ltd.		6,835		162,549
Seven Group Holdings Ltd.^(b)		4,459		69,251
Sonic Healthcare Ltd.		6,410		203,318
South32 Ltd.		43,196		99,129
Star Entertainment Group Ltd. (The)^(a)		27,625		82,374
Stockland		84,771		286,232
Suncorp Group Ltd.		5,655		51,579
Tabcorp Holdings Ltd.		16,154		56,551
Washington H Soul Pattinson & Co. Ltd.		2,029		53,117
Wesfarmers Ltd.		2,448		107,258
Westpac Banking Corp.		2,539		47,912


	Shares		Value
Australia-(continued)
WiseTech Global Ltd.		2,823	$	99,735
Worley Ltd.		21,161		162,079

				7,824,669

Austria-0.77%
ams AG^(a)		15,429		313,784
ANDRITZ AG		1,411		81,049
Erste Group Bank AG		1,642		65,631
Mondi PLC		4,760		131,347
OMV AG		3,301		182,871
Verbund AG		415		45,437
voestalpine AG		4,872		220,844

				1,040,963

Belgium-1.03%
Ackermans & van Haaren N.V.		195		35,909
Ageas S.A./N.V.		13,047		652,247
Groupe Bruxelles Lambert S.A.		689		78,974
KBC Group N.V.		899		75,708
Sofina S.A.		462		204,186
Solvay S.A., Class A		223		29,207
Telenet Group Holding N.V.		795		30,237
UCB S.A.		601		68,732
Umicore S.A.		1,580		103,961
Warehouses De Pauw C.V.A.		2,531		116,342

				1,395,503

Brazil-0.07%
Yara International ASA		1,905		95,542

Canada-4.84%
Agnico Eagle Mines Ltd.		1,300		74,688
Alimentation Couche-Tard, Inc., Class B		1,254		50,591
Bank of Montreal		799		79,391
Bank of Nova Scotia (The)		1,664		102,910
Brookfield Asset Management Reinsurance Partners Ltd., Class A^(a)		6		366
Brookfield Asset Management, Inc., Class A		998		55,434
Canadian Imperial Bank of Commerce		875		100,501
Canadian Natural Resources Ltd.		31,543		1,042,156
Canadian Pacific Railway Ltd.		1,283		88,017
Canadian Tire Corp. Ltd., Class A^(b)		6,288		955,404
Canopy Growth Corp.^(a)		978		16,802
Cenovus Energy, Inc.		5,522		45,753
CGI, Inc., Class A^(a)		953		85,040
Constellation Software, Inc.		34		57,531
Dollarama, Inc.		968		44,070
Fairfax Financial Holdings Ltd.		163		72,038
Great-West Lifeco, Inc.		2,459		75,950
Hydro One Ltd.^(c)		1,408		34,987
IGM Financial, Inc.		1,926		70,126
Imperial Oil Ltd.		1,654		43,704
Intact Financial Corp.		542		73,701
Magna International, Inc.		7,833		617,578
Manulife Financial Corp.		24,701		480,278
National Bank of Canada		4,515		357,799
Nutrien Ltd.		4,137		251,104
Pembina Pipeline Corp.		3,563		108,414
Power Corp. of Canada		16,706		575,618
Restaurant Brands International, Inc.		2,225		142,728

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


		11

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
Canada-(continued)
Royal Bank of Canada		333	$	34,152
Shaw Communications, Inc., Class B		2,431		71,430
Shopify, Inc., Class A^(a)		26		39,640
Sun Life Financial, Inc.		8,632		443,742
Teck Resources Ltd., Class B		9,632		216,856
Wheaton Precious Metals Corp.		885		39,822

				6,548,321

Chile-0.08%
Antofagasta PLC		5,571		111,633

China-2.14%
AAC Technologies Holdings, Inc.		6,500		36,230
BOC Hong Kong Holdings Ltd.		12,000		36,413
Chow Tai Fook Jewellery Group Ltd.		52,600		106,588
ESR Cayman Ltd.^(a)(c)		38,800		118,236
Kerry Logistics Network Ltd.^(b)		71,730		228,268
Lee & Man Paper Manufacturing Ltd.		175,744		154,337
Lenovo Group Ltd.		584,017		647,293
MicroPort Scientific Corp.^(b)		12,000		74,293
Minth Group Ltd.		45,242		187,894
MMG Ltd.^(a)		197,002		95,495
Nexteer Automotive Group Ltd.		108,387		122,081
SITC International Holdings Co. Ltd.		59,135		257,758
Tingyi Cayman Islands Holding Corp.		18,000		32,031
Uni-President China Holdings Ltd.		27,501		26,061
Want Want China Holdings Ltd.		60,000		40,811
Wharf Holdings Ltd. (The)		35,776		120,981
Wilmar International Ltd.		41,300		127,115
Xinyi Glass Holdings Ltd.		114,000		479,315

				2,891,200

Denmark-1.46%
Ambu A/S, Class B^(b)		1,243		39,284
AP Moller - Maersk A/S, Class A		54		146,146
AP Moller - Maersk A/S, Class B		74		209,907
Demant A/S^(a)		1,002		56,781
DSV Panalpina A/S		735		187,254
Genmab A/S^(a)		308		145,790
GN Store Nord A/S		2,352		176,927
Pandora A/S		5,019		600,701
Rockwool International A/S, Class B		312		165,067
Vestas Wind Systems A/S		6,046		244,053

				1,971,910

Finland-1.53%
Fortum OYJ		4,389		133,255
Huhtamaki OYJ		1,639		87,470
Kesko OYJ, Class B		15,738		649,485
Kone OYJ, Class B		389		32,254
Metso Outotec OYJ		25,689		274,256
Neste OYJ		1,558		94,789
Nokian Renkaat OYJ		3,222		122,508
Nordea Bank Abp		7,979		93,595
Sampo OYJ, Class A		1,114		57,519
Stora Enso OYJ, Class R		17,602		344,400
UPM-Kymmene OYJ		1,653		67,183
Wartsila OYJ Abp		8,313		117,806

				2,074,520

France-4.61%
Adevinta ASA, Class B^(a)		1,855		37,290


	Shares		Value
France-(continued)
ALD S.A.^(c)		2,516	$	35,343
Arkema S.A.		1,418		188,144
Atos SE		1,136		58,950
AXA S.A.		3,884		109,028
BNP Paribas S.A.		757		48,013
Bollore S.A.		17,146		101,402
Bouygues S.A.		1,167		48,808
Capgemini SE		2,024		454,313
Carrefour S.A.		2,147		42,705
Cie de Saint-Gobain		6,009		435,459
Cie Generale des Etablissements Michelin S.C.A.		1,627		263,217
Cie Plastic Omnium S.A.		2,920		87,965
CNP Assurances		10,725		183,512
Credit Agricole S.A.		6,199		89,348
Edenred		550		31,164
Eiffage S.A.		1,028		106,813
Electricite de France S.A.		2,306		31,236
ENGIE S.A.		2,014		28,843
Eurazeo SE		696		71,561
Faurecia SE		3,600		173,555
Iliad S.A.		170		36,523
Imerys S.A.		3,108		143,819
Ipsen S.A.		1,153		115,255
La Francaise des Jeux SAEM^(c)		2,191		113,309
Legrand S.A.		842		96,333
Publicis Groupe S.A.		10,951		717,713
Remy Cointreau S.A.		208		40,955
Renault S.A.^(a)		12,401		460,389
Rexel S.A.^(a)		25,198		526,933
Safran S.A		338		42,397
Sartorius Stedim Biotech		102		61,840
SCOR SE		2,040		62,587
SEB S.A.		364		57,234
Sodexo S.A.^(a)		308		25,458
SOITEC^(a)		642		153,389
Suez S.A.		8,043		186,564
Technip Energies N.V.^(a)		5,618		73,381
Teleperformance		281		124,191
Valeo		10,253		291,444
Veolia Environnement S.A.		2,503		85,833
Vivendi SE^(b)		1,495		57,037
Wendel SE		619		89,803
Worldline S.A.^(a)(c)		591		52,512

				6,241,568

Germany-5.33%
Allianz SE		146		34,293
Aroundtown S.A.		4,929		37,738
BASF SE		495		38,285
Bayerische Motoren Werke AG		1,040		98,668
Bechtle AG		1,080		78,049
Brenntag SE		4,868		490,975
Continental AG^(a)		1,221		164,052
Covestro AG^(c)		5,533		358,576
CTS Eventim AG & Co. KGaA^(a)		635		40,942
Daimler AG		3,837		323,489
Deutsche Bank AG^(a)		7,793		96,850
Deutsche Post AG		3,235		227,522
Deutsche Wohnen SE		647		40,143

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


		12

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
Germany-(continued)
Evonik Industries AG		1,191	$	40,209
Evotec SE^(a)		1,202		59,736
Fresenius SE & Co. KGaA		1,073		55,795
GEA Group AG		2,158		99,629
HeidelbergCement AG		3,245		281,929
Hella GmbH & Co. KGaA^(a)		943		67,391
HelloFresh SE^(a)		3,769		406,116
HOCHTIEF AG		591		47,301
Infineon Technologies AG		2,850		121,333
KION Group AG		1,422		152,115
LANXESS AG		3,964		288,900
LEG Immobilien SE		239		38,087
Merck KGaA		438		104,028
METRO AG		2,375		31,624
MTU Aero Engines AG		105		24,089
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		295		86,170
Porsche Automobil Holding SE, Preference
Shares		7,627		772,123
ProSiebenSat.1 Media SE		21,081		402,267
Puma SE		533		64,680
Rheinmetall AG		1,241		121,356
RWE AG		2,362		92,262
Sartorius AG, Preference Shares		347		228,566
Siemens AG		334		55,529
TeamViewer AG^(a)(c)		486		16,184
thyssenkrupp AG^(a)		57,997		645,876
Traton SE		2,027		59,819
United Internet AG		1,167		50,434
Volkswagen AG, Preference Shares		184		43,723
Wacker Chemie AG		1,039		183,176
Zalando SE^(a)(c)		4,900		542,559

				7,212,588

Hong Kong-1.42%
AIA Group Ltd.		3,800		45,415
ASM Pacific Technology Ltd.		10,700		127,398
Bank of East Asia Ltd. (The)		16,352		27,417
CK Asset Holdings Ltd.		13,500		88,006
CK Hutchison Holdings Ltd.		12,500		91,210
CLP Holdings Ltd.		3,000		29,991
Hong Kong Exchanges & Clearing Ltd.		2,000		126,213
Hongkong Land Holdings Ltd.		6,000		25,200
Huabao International Holdings Ltd.		69,251		165,440
Hutchison Port Holdings Trust, Class U		676,338		138,649
Johnson Electric Holdings Ltd.		14,500		33,261
Kerry Properties Ltd.		24,018		81,837
Man Wah Holdings Ltd.		56,800		106,189
Mapletree North Asia Commercial Trust^(c)		42,700		31,427
Melco International Development Ltd.^(a)		20,111		29,220
Sino Land Co. Ltd.		38,000		55,993
Sun Hung Kai Properties Ltd.		2,000		28,184
Swire Pacific Ltd., Class A		7,229		48,984
Techtronic Industries Co. Ltd.		17,000		377,057
Vinda International Holdings Ltd.		13,000		38,278
Vitasoy International Holdings Ltd.		8,000		20,675
VTech Holdings Ltd.		3,566		34,641
WH Group Ltd.^(b)(c)		58,000		50,339
Yue Yuen Industrial Holdings Ltd.^(a)		58,009		117,699

				1,918,723


	Shares		Value
Indonesia-0.14%
First Pacific Co. Ltd.		314,124	$	117,130
Golden Agri-Resources Ltd.		408,166		69,793

				186,923

Ireland-1.00%
AIB Group PLC^(a)		105,019		316,743
CRH PLC		5,748		305,906
Flutter Entertainment PLC^(a)		692		134,427
Glanbia PLC		2,284		40,739
Kingspan Group PLC		1,456		166,339
Smurfit Kappa Group PLC		6,802		390,177

				1,354,331

Israel-1.52%
Ashtrom Group Ltd.		5,066		110,689
Bank Hapoalim BM		9,192		79,160
Bank Leumi Le-Israel BM		15,953		131,956
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		44,113		52,461
Big Shopping Centers Ltd.^(a)		395		58,083
Fattal Holdings 1998 Ltd.^(a)(b)		675		61,416
Harel Insurance Investments & Financial Services Ltd.		13,362		131,378
ICL Group Ltd.		18,321		129,755
Israel Discount Bank Ltd., Class A^(a)		39,455		204,064
Maytronics Ltd.		2,478		56,889
Melisron Ltd.^(a)		733		59,258
Mizrahi Tefahot Bank Ltd.		2,296		76,468
Nice Ltd.^(a)		771		225,205
Nova Ltd.^(a)		1,570		157,747
Paz Oil Co. Ltd.^(a)		363		36,586
Phoenix Holdings Ltd. (The)		16,164		172,752
Sapiens International Corp. N.V.		1,213		34,905
Shikun & Binui Ltd.^(a)		8,397		49,013
Teva Pharmaceutical Industries Ltd.^(a)		3,917		37,559
Tower Semiconductor Ltd.^(a)		6,280		185,082

				2,050,426

Italy-1.86%
A2A S.p.A.		57,428		126,091
Amplifon S.p.A.		2,712		141,757
Assicurazioni Generali S.p.A.		9,648		196,688
Atlantia S.p.A.^(a)		1,911		35,812
Banca Mediolanum S.p.A.		9,554		99,134
Buzzi Unicem S.p.A.		1,509		40,044
Davide Campari-Milano N.V.		2,490		34,419
DiaSorin S.p.A.		163		37,184
FinecoBank Banca Fineco S.p.A.^(a)		21,795		401,742
Intesa Sanpaolo S.p.A.		34,048		96,360
Italgas S.p.A.		4,837		32,055
Leonardo S.p.A.^(a)		13,468		109,667
Mediobanca Banca di Credito Finanziario S.p.A.^(a)		28,863		340,032
Moncler S.p.A.		1,740		111,326
Nexi S.p.A.^(a)(c)		3,641		75,839
Pirelli & C S.p.A.^(c)		6,979		41,801
Poste Italiane S.p.A.^(c)		6,465		87,649
PRADA S.p.A.		11,800		69,792
Prysmian S.p.A.		9,847		370,454

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


		13

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
Italy-(continued)
Snam S.p.A.		5,975	$	35,294
Telecom Italia S.p.A., RSP		62,250		30,047

				2,513,187

Japan-31.76%
Activia Properties, Inc.		20		84,016
Advance Residence Investment Corp.		12		40,907
Advantest Corp.		3,200		277,298
Aeon Co. Ltd.		5,800		154,133
Aeon Mall Co. Ltd.		2,500		38,185
AGC, Inc.		6,881		333,214
Air Water, Inc.		3,732		60,264
Aisin Corp.		4,656		178,213
Ajinomoto Co., Inc.		1,900		56,104
Alps Alpine Co. Ltd.		15,088		158,489
Amada Co. Ltd.		7,175		72,886
As One Corp.		300		44,648
Asahi Group Holdings Ltd.		1,500		69,825
Asahi Kasei Corp.		28,000		289,532
Asics Corp.		5,900		125,400
Astellas Pharma, Inc.		2,100		35,497
Azbil Corp.		3,500		152,125
Bandai Namco Holdings, Inc.		1,700		118,239
Bank of Kyoto Ltd. (The)		2,109		93,490
BayCurrent Consulting, Inc.		500		248,953
Benefit One, Inc.		1,500		60,281
Bic Camera, Inc.		4,650		45,332
Bridgestone Corp.		1,200		55,314
Brother Industries Ltd.		5,032		103,425
Capcom Co. Ltd.		4,100		114,573
Casio Computer Co. Ltd.		2,300		35,570
COMSYS Holdings Corp.		2,233		60,124
Concordia Financial Group Ltd.		17,251		67,051
Cosmo Energy Holdings Co. Ltd.		8,275		164,807
Cosmos Pharmaceutical Corp.		200		35,463
CyberAgent, Inc.		8,400		154,528
Daido Steel Co. Ltd.		1,139		52,046
Daifuku Co. Ltd.		1,100		97,324
Dai-ichi Life Holdings, Inc.		20,600		406,806
Daiichi Sankyo Co. Ltd.		1,600		38,078
Daiichikosho Co. Ltd.		813		27,529
Daikin Industries Ltd.		300		74,836
Daio Paper Corp.		2,600		48,800
Daito Trust Construction Co. Ltd.		629		69,164
Daiwa House Industry Co. Ltd.		5,600		171,069
Daiwa House REIT Investment Corp.		17		50,369
Daiwa Securities Group, Inc.		11,076		62,760
Denka Co. Ltd.		7,859		276,131
Denso Corp.		2,500		175,451
DIC Corp.		2,691		77,526
Disco Corp.		300		87,520
DMG Mori Co. Ltd.		4,712		84,324
Dowa Holdings Co. Ltd.		3,550		156,076
Ebara Corp.		10,560		526,750
Eisai Co. Ltd.		500		41,353
ENEOS Holdings, Inc.		43,300		167,942
Fancl Corp.		1,100		37,297
FANUC Corp.		400		87,348
Food & Life Cos. Ltd.		4,300		185,136
Fuji Electric Co. Ltd.		8,734		378,823


	Shares		Value
Japan-(continued)
Fuji Kyuko Co. Ltd.		700	$	28,768
FUJIFILM Holdings Corp.		900		74,287
Fujitsu General Ltd.		1,600		40,066
Fujitsu Ltd.		1,600		295,649
Fukuoka Financial Group, Inc.		7,475		138,328
Furukawa Electric Co. Ltd.		4,569		98,400
Fuyo General Lease Co. Ltd.		607		41,992
GLP J-REIT		69		125,426
GMO internet, Inc.		3,200		83,539
GMO Payment Gateway, Inc.		600		79,028
GS Yuasa Corp.		10,187		239,329
GungHo Online Entertainment, Inc.		2,425		47,304
H.U. Group Holdings, Inc.		1,300		38,458
Hakuhodo DY Holdings, Inc.		13,500		212,712
Hamamatsu Photonics K.K.		700		40,907
Haseko Corp.		3,810		52,853
Hino Motors Ltd.		28,676		248,755
Hirogin Holdings, Inc.		5,175		29,818
Hirose Electric Co. Ltd.		300		50,055
Hisamitsu Pharmaceutical Co., Inc.		800		32,114
Hitachi Construction Machinery Co. Ltd.		2,800		80,411
Hitachi Ltd.		5,300		293,560
Hitachi Metals Ltd.^(a)		3,400		65,765
Hitachi Transport System Ltd.		2,015		84,463
Honda Motor Co. Ltd.		2,900		88,220
Horiba Ltd.		708		50,719
Hoya Corp.		300		48,553
Hulic Co. Ltd.		2,508		29,449
Ibiden Co. Ltd.		4,200		227,089
Idemitsu Kosan Co. Ltd.		1,355		32,537
IHI Corp.^(a)		10,741		239,145
Iida Group Holdings Co. Ltd.		5,536		140,894
Industrial & Infrastructure Fund Investment Corp.		26		52,350
INPEX Corp.		5,100		35,188
IR Japan Holdings Ltd.		300		35,937
Isuzu Motors Ltd.		33,282		421,705
ITOCHU Corp.		6,600		198,913
Iwatani Corp.		3,800		210,304
Iyo Bank Ltd. (The)		6,375		34,179
Izumi Co. Ltd.		2,625		85,660
Japan Aviation Electronics Industry Ltd.		2,950		43,259
Japan Logistics Fund, Inc.		34		109,248
Japan Metropolitan Fund Investment Corp.		145		141,093
Japan Post Insurance Co. Ltd.		6,338		115,095
Japan Prime Realty Investment Corp.		13		48,694
JFE Holdings, Inc.		17,401		282,731
JGC Holdings Corp.		14,625		123,007
JSR Corp.		7,400		256,972
JTEKT Corp.		20,451		185,224
JustSystems Corp.		600		35,500
Kajima Corp.		13,325		172,597
Kakaku.com, Inc.		1,100		34,344
Kaneka Corp.		5,866		243,215
Kansai Electric Power Co., Inc. (The)		3,551		35,717
Kansai Paint Co. Ltd.		1,200		31,141
Kawasaki Heavy Industries Ltd.^(a)		6,463		137,778
Keio Corp.		500		26,943
Kenedix Office Investment Corp.		5		36,774
Kikkoman Corp.		1,800		135,336

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


		14

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
Japan-(continued)
Kobe Steel Ltd.		16,495	$	105,102
Koei Tecmo Holdings Co. Ltd.		1,600		68,524
Koito Manufacturing Co. Ltd.		4,900		300,173
Komatsu Ltd.		11,700		283,554
Konami Holdings Corp.		2,900		184,253
Konica Minolta, Inc.		23,226		118,181
K’s Holdings Corp.		2,300		25,228
Kubota Corp.		7,600		157,348
Kurita Water Industries Ltd.		1,800		84,544
Kyocera Corp.		500		31,158
Kyoritsu Maintenance Co. Ltd.		1,606		53,139
Kyowa Exeo Corp.		1,225		30,798
Kyowa Kirin Co. Ltd.		1,800		58,902
Kyudenko Corp.		1,040		37,440
Kyushu Electric Power Co., Inc.		3,726		28,489
LaSalle Logiport REIT		28		48,935
Lasertec Corp.		1,100		241,007
Lixil Corp.		23,225		677,554
M3, Inc.		800		53,894
Mabuchi Motor Co. Ltd.		1,209		42,369
Makita Corp.		2,000		115,056
Marubeni Corp.		23,151		184,517
Mazda Motor Corp.^(a)		12,176		105,845
Medipal Holdings Corp.		1,665		31,872
MINEBEA MITSUMI, Inc.		10,900		281,082
MISUMI Group, Inc.		2,800		111,251
Mitsubishi Chemical Holdings Corp.		10,451		91,877
Mitsubishi Corp.		2,700		81,374
Mitsubishi Electric Corp.		4,800		65,778
Mitsubishi Estate Co. Ltd.		3,600		56,395
Mitsubishi Gas Chemical Co., Inc.		15,875		299,842
Mitsubishi Heavy Industries Ltd.		2,336		61,855
Mitsubishi Logistics Corp.		2,800		79,902
Mitsubishi Materials Corp.		1,257		25,813
Mitsubishi UFJ Financial Group, Inc.		9,900		53,564
Mitsui & Co. Ltd.		6,700		148,137
Mitsui Chemicals, Inc.		6,225		215,319
Mitsui Fudosan Co. Ltd.		4,300		98,791
Mitsui Mining & Smelting Co. Ltd.		7,262		220,782
Mitsui OSK Lines Ltd.		14,731		1,139,755
Miura Co. Ltd.		1,500		67,449
Mizuho Financial Group, Inc.		5,300		74,439
MonotaRO Co. Ltd.		2,400		53,151
Mori Hills REIT Investment Corp.		24		34,844
Morinaga Milk Industry Co. Ltd.		1,025		64,751
MS&AD Insurance Group Holdings, Inc.		1,900		61,483
Murata Manufacturing Co. Ltd.		1,200		99,607
Nabtesco Corp.		4,800		190,497
Nagase & Co. Ltd.		5,225		86,322
NEC Corp.		7,600		399,854
NET One Systems Co. Ltd.		3,200		101,657
Nexon Co. Ltd.		2,600		47,570
NGK Insulators Ltd.		4,839		80,386
NGK Spark Plug Co. Ltd.		5,179		79,764
NH Foods Ltd.		4,334		168,255
Nidec Corp.		500		57,437
Nifco, Inc.		5,625		177,925
Nihon M&A Center, Inc.		3,900		116,794
Nihon Unisys Ltd.		1,413		38,521
Nintendo Co. Ltd.		100		48,152


	Shares		Value
Japan-(continued)
Nippon Electric Glass Co. Ltd.		9,100	$	194,657
Nippon Express Co. Ltd.		2,232		152,173
Nippon Kayaku Co. Ltd.		3,075		34,092
Nippon Prologis REIT, Inc.		12		43,310
Nippon Sanso Holdings Corp.		4,700		114,227
Nippon Steel Corp.		19,687		402,843
Nippon Yusen K.K		21,688		1,751,070
Nipro Corp.		2,260		26,352
Nissan Chemical Corp.		3,800		213,417
Nissan Motor Co. Ltd.^(a)		18,900		99,523
Nitori Holdings Co. Ltd.		200		37,466
Nitto Denko Corp.		4,100		311,997
NOF Corp.		1,800		99,782
NOK Corp.		2,725		33,436
Nomura Holdings, Inc.		28,100		136,484
Nomura Real Estate Holdings, Inc.		5,066		129,809
Nomura Real Estate Master Fund, Inc.		89		137,478
NSK Ltd.		13,175		92,582
NTT Data Corp.		7,600		137,043
Obayashi Corp.		4,976		41,036
Odakyu Electric Railway Co. Ltd.		1,100		25,673
Oji Holdings Corp.		15,044		78,876
OKUMA Corp.		2,310		110,811
Olympus Corp.		5,100		107,306
Omron Corp.		2,300		217,313
Ono Pharmaceutical Co. Ltd.		2,700		64,981
Open House Co. Ltd.		7,909		385,875
ORIX Corp.		19,900		371,608
ORIX JREIT, Inc.		44		78,540
Osaka Gas Co. Ltd.		1,675		31,454
OSG Corp.		2,037		36,657
Otsuka Holdings Co. Ltd.		1,500		63,913
Pan Pacific International Holdings Corp.		2,400		45,811
Panasonic Corp.		41,700		498,001
Penta-Ocean Construction Co. Ltd.		23,676		150,642
Persol Holdings Co. Ltd.		14,240		333,381
Rakuten Group, Inc.		11,500		120,590
Recruit Holdings Co. Ltd.		1,100		65,083
Renesas Electronics Corp.^(a)		14,100		152,602
RENOVA, Inc.^(a)		1,700		64,141
Resona Holdings, Inc.		47,001		182,126
Resorttrust, Inc.		2,313		40,066
Ricoh Co. Ltd.		10,330		105,312
Rinnai Corp.		500		53,841
Rohm Co. Ltd.		2,100		203,004
Ryohin Keikaku Co. Ltd.		4,300		92,294
Sankyu, Inc.		630		29,418
Sanwa Holdings Corp.		17,335		230,691
SBI Holdings, Inc.		10,400		252,758
SCREEN Holdings Co. Ltd.		2,000		171,855
SCSK Corp.		900		56,936
Secom Co. Ltd.		300		22,788
Sega Sammy Holdings, Inc.		2,859		38,672
Seiko Epson Corp.		8,925		166,541
Seino Holdings Co. Ltd.		3,575		44,159
Sekisui Chemical Co. Ltd.		9,557		163,894
Sekisui House Ltd.		4,300		85,836
Sekisui House Reit, Inc.		71		60,750
Seven & i Holdings Co. Ltd.		900		39,446
SG Holdings Co. Ltd.		7,400		201,536

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


		15

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
Japan-(continued)
Sharp Corp.		7,238	$	95,729
Shimadzu Corp.		2,600		116,794
Shimamura Co. Ltd.		505		44,589
Shimano, Inc.		400		117,604
Shin-Etsu Chemical Co. Ltd.		600		99,427
Shinko Electric Industries Co. Ltd.		2,600		87,684
Shionogi & Co. Ltd.		1,100		69,609
Ship Healthcare Holdings, Inc.		2,192		55,828
Shizuoka Bank Ltd. (The)		4,300		33,739
Showa Denko K.K.		1,467		32,676
SMC Corp.		100		64,182
SMS Co. Ltd.		1,100		39,000
Sojitz Corp.		16,503		48,521
Sompo Holdings, Inc.		9,300		408,706
Sony Group Corp.		600		62,043
Stanley Electric Co. Ltd.		5,300		132,572
Subaru Corp.		1,400		25,952
SUMCO Corp.		10,975		232,067
Sumitomo Bakelite Co. Ltd.		3,425		148,086
Sumitomo Chemical Co. Ltd.		79,327		402,917
Sumitomo Corp.		7,800		110,369
Sumitomo Dainippon Pharma Co. Ltd.		2,600		46,670
Sumitomo Electric Industries Ltd.		17,736		237,400
Sumitomo Forestry Co. Ltd.		9,237		180,940
Sumitomo Heavy Industries Ltd.		8,307		217,769
Sumitomo Metal Mining Co. Ltd.		8,400		322,971
Sumitomo Mitsui Financial Group, Inc.		4,300		148,774
Sumitomo Mitsui Trust Holdings, Inc.		2,100		68,777
Sumitomo Realty & Development Co. Ltd.		4,500		145,494
Sumitomo Rubber Industries Ltd.		2,906		34,890
Suzuken Co. Ltd.		1,088		32,384
Suzuki Motor Corp.		9,400		406,940
Sysmex Corp.		600		68,378
T&D Holdings, Inc.		44,901		545,629
Taiheiyo Cement Corp.		8,735		200,525
Taisei Corp.		2,875		90,154
Taiyo Yuden Co. Ltd.		4,925		279,738
Takara Holdings, Inc.		12,138		157,443
Takeda Pharmaceutical Co. Ltd.		800		26,790
TDK Corp.		2,800		294,884
TechnoPro Holdings, Inc.		2,121		56,973
Teijin Ltd.		2,313		33,329
Terumo Corp.		800		33,475
THK Co. Ltd.		1,600		37,182
TIS, Inc.		4,800		135,882
Toda Corp.		7,576		55,444
Toho Gas Co. Ltd.		700		32,687
Tokai Carbon Co. Ltd.		7,425		98,676
Tokai Rika Co. Ltd.		3,157		46,007
Tokio Marine Holdings, Inc.		1,000		48,944
Tokuyama Corp.		4,375		87,611
Tokyo Century Corp.		2,300		131,686
Tokyo Electric Power Co. Holdings, Inc.^(a)		8,850		23,281
Tokyo Electron Ltd.		300		129,001
Tokyo Ohka Kogyo Co. Ltd.		1,400		88,058
Tokyo Tatemono Co. Ltd.		9,475		145,325
Tokyu Fudosan Holdings Corp.		17,101		99,157
Toppan, Inc.		2,483		42,717
Toray Industries, Inc.		58,217		393,095
Toshiba Corp.		1,600		69,543


	Shares		Value
Japan-(continued)
Tosoh Corp.		16,558	$	301,137
TOTO Ltd.		3,500		190,834
Toyo Seikan Group Holdings Ltd.		3,775		52,642
Toyo Tire Corp.		8,135		144,839
Toyoda Gosei Co. Ltd.		3,450		73,484
Toyota Boshoku Corp.		2,475		46,657
Toyota Industries Corp.		1,900		160,668
Toyota Tsusho Corp.		15,072		667,443
Trend Micro, Inc.		1,100		60,377
TS Tech Co. Ltd.		1,872		25,406
Ube Industries Ltd.		3,615		73,017
Ulvac, Inc.		3,713		200,757
United Urban Investment Corp.		63		89,230
USS Co. Ltd.		1,500		24,863
Yamaha Corp.		1,200		70,890
Yamaha Motor Co. Ltd.		21,767		554,775
Yamato Holdings Co. Ltd.		13,800		351,720
Yamato Kogyo Co. Ltd.		1,718		65,054
Yaskawa Electric Corp.^(b)		3,300		161,606
Yokogawa Electric Corp.		11,700		183,498
Yokohama Rubber Co. Ltd. (The)		5,025		85,854
Z Holdings Corp.		20,900		136,404
Zenkoku Hosho Co. Ltd.		1,911		91,149
Zensho Holdings Co. Ltd.		1,218		30,212
Zeon Corp.		13,175		175,091
ZOZO, Inc.		2,000		76,370

				42,954,750

Jordan-0.03%
Hikma Pharmaceuticals PLC		1,225		42,788

Luxembourg-0.76%
ArcelorMittal S.A.		17,315		580,380
Eurofins Scientific SE		2,101		297,814
L’Occitane International S.A.		31,563		107,342
RTL Group S.A.		693		43,070

				1,028,606

Macau-0.01%
Galaxy Entertainment Group Ltd.^(a)		3,000		19,229

Mexico-0.03%
Fresnillo PLC		3,207		37,692

Netherlands-2.42%
Aalberts N.V.		3,862		241,166
Adyen N.V.^(a)(c)		106		342,162
Aegon N.V.		42,315		209,493
Akzo Nobel N.V.		1,077		132,728
Argenx SE^(a)(b)		377		127,190
ASM International N.V.		1,146		444,529
ASR Nederland N.V.^(b)		5,969		272,825
Euronext N.V.^(c)		795		92,203
EXOR N.V.		2,939		244,936
IMCD N.V.		654		128,811
ING Groep N.V.		14,510		200,402
Koninklijke DSM N.V.		164		34,895
NN Group N.V.		4,153		215,559
Randstad N.V.		1,796		132,082
Signify N.V.^(c)		8,033		449,663

				3,268,644

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


		16

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
New Zealand-0.64%
Contact Energy Ltd.		8,231	$	47,216
Fisher & Paykel Healthcare Corp. Ltd.		1,411		32,873
Fletcher Building Ltd.		28,181		148,565
Infratil Ltd.		19,967		105,052
Mercury NZ Ltd.		9,433		44,152
Meridian Energy Ltd.		6,650		24,573
Ryman Healthcare Ltd.		15,094		164,458
SKYCITY Entertainment Group Ltd.^(a)(b)		53,271		122,233
Spark New Zealand Ltd.		13,012		44,648
Xero Ltd.^(a)		1,189		131,929

				865,699

Norway-0.66%
Aker ASA, Class A		1,217		87,794
Aker BP ASA		5,552		144,773
Norsk Hydro ASA		59,365		409,298
Scatec ASA^(c)		3,381		69,831
Schibsted ASA, Class A		1,526		81,337
Schibsted ASA, Class B		1,003		46,617
TOMRA Systems ASA		864		53,039

				892,689

Poland-1.02%
Dino Polska S.A.^(a)(c)		1,169		99,106
KGHM Polska Miedz S.A.		8,319		387,400
LPP S.A.		44		160,426
Polski Koncern Naftowy ORLEN S.A.		7,902		153,343
Polskie Gornictwo Naftowe i Gazownictwo S.A.		177,420		291,931
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		17,318		190,196
Powszechny Zaklad Ubezpieczen S.A.^(a)		6,290		66,698
Santander Bank Polska S.A.^(a)		472		37,230

				1,386,330

Portugal-0.07%
EDP-Energias de Portugal S.A.		18,346		100,746

Russia-0.37%
Coca-Cola HBC AG^(a)		1,567		56,696
Evraz PLC		44,510		361,661
Polymetal International PLC		3,886		77,441

				495,798

Saudi Arabia-0.03%
Delivery Hero SE^(a)(c)		261		37,773

Singapore-0.94%
Ascendas REIT		24,600		55,597
BOC Aviation Ltd.^(c)		14,800		110,943
ComfortDelGro Corp. Ltd.		25,605		30,838
DBS Group Holdings Ltd.		1,500		33,421
Frasers Logistics & Commercial Trust^(c)		217,900		242,993
Genting Singapore Ltd.		60,179		34,226
Jardine Cycle & Carriage Ltd.		2,414		34,870
Keppel DC REIT		32,200		59,847
Mapletree Commercial Trust		19,500		29,429
Mapletree Industrial Trust		28,210		61,240
Mapletree Logistics Trust		47,700		71,988
Oversea-Chinese Banking Corp. Ltd.		12,300		104,519
SATS Ltd.^(a)		12,651		38,279
Sembcorp Industries Ltd.		24,877		35,695
Singapore Exchange Ltd.		5,000		36,800
Singapore Technologies Engineering Ltd.		18,900		53,113


	Shares		Value
Singapore-(continued)
United Overseas Bank Ltd.		5,400	$	102,693
Venture Corp. Ltd.		9,100		129,623

				1,266,114

South Africa-0.27%
Anglo American PLC		8,588		362,732

South Korea-7.37%
Alteogen, Inc.^(a)		599		43,913
Celltrion Pharm, Inc.^(a)		360		53,684
Celltrion, Inc.^(a)		115		29,061
CJ CheilJedang Corp.		728		284,745
CJ CheilJedang Corp., Preference Shares		178		30,935
Daewoo Engineering & Construction Co. Ltd.^(a)		14,859		94,194
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		3,673		88,859
DGB Financial Group, Inc.		11,200		87,904
DL E&C Co. Ltd.^(a)		483		58,737
DL Holdings Co. Ltd.		555		34,608
Dongsuh Cos., Inc.		882		21,984
Doosan Bobcat, Inc.^(a)		1,033		38,622
Doosan Heavy Industries & Construction Co. Ltd.^(a)		26,758		482,334
Doosan Infracore Co. Ltd.^(a)		5,641		57,410
E-MART, Inc.		408		62,989
Fila Holdings Corp.		2,246		86,977
Green Cross Corp.		145		48,148
GS Engineering & Construction Corp.		6,098		235,358
Hana Financial Group, Inc.		6,723		261,220
Hankook Tire & Technology Co. Ltd.		7,197		289,258
Hanwha Aerospace Co. Ltd.		4,610		202,380
Hanwha Corp.		5,633		169,070
Hanwha Life Insurance Co. Ltd.		36,669		105,473
Hanwha Solutions Corp.^(a)		3,496		122,870
HDC Hyundai Development Co-Engineering & Construction, Class E		1,240		31,977
HMM Co. Ltd.^(a)		2,688		97,370
Hyundai Engineering & Construction Co. Ltd.		3,551		169,978
Hyundai Glovis Co. Ltd.		1,716		287,122
Hyundai Mobis Co. Ltd.		811		194,103
Hyundai Motor Co.		853		156,335
Hyundai Motor Co., Second Pfd.		305		26,121
Hyundai Steel Co.		10,084		443,559
Hyundai Wia Corp.		2,100		165,725
Kakao Corp.		544		72,724
KB Financial Group, Inc.		881		40,196
Kia Corp.		5,821		427,243
Korea Aerospace Industries Ltd.		2,098		59,441
Korea Investment Holdings Co. Ltd.		5,126		421,327
Korean Air Lines Co. Ltd.^(a)		4,791		129,336
Kumho Petrochemical Co. Ltd.		1,355		227,304
LG Chem Ltd.		91		59,492
LG Corp.		637		52,358
LG Display Co. Ltd.^(a)		17,012		300,786
LG Electronics, Inc.		4,657		570,351
LG Electronics, Inc., Preference Shares		938		56,549
LG Innotek Co. Ltd.		1,071		198,599
LOTTE Chemical Corp.		291		62,745
LOTTE Fine Chemical Co. Ltd.		1,061		64,148
LOTTE Shopping Co. Ltd.		449		41,630
LS Corp.		2,306		132,459

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


		17

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
South Korea-(continued)
LX Holdings Corp.^(a)		309	$	2,630
Mando Corp.^(a)		4,132		216,320
Mirae Asset Securities Co. Ltd.		44,593		339,221
NAVER Corp.		176		66,639
POSCO		760		220,898
POSCO Chemical Co. Ltd.		286		38,357
Posco International Corp.		6,555		128,618
Samsung Electro-Mechanics Co. Ltd.		613		97,545
Samsung Engineering Co. Ltd.^(a)		2,830		54,552
Samsung Life Insurance Co. Ltd.		2,810		180,555
Samsung SDI Co. Ltd.		168		114,903
Samsung Securities Co. Ltd.		1,040		44,356
Seegene, Inc.		523		29,681
Shin Poong Pharmaceutical Co. Ltd.		727		44,268
SK Chemicals Co. Ltd.		217		50,533
SK Innovation Co. Ltd.^(a)		1,568		337,415
SK, Inc.		1,946		442,254
SKC Co. Ltd.		593		81,576

				9,970,032

Spain-1.93%
Acciona S.A.		515		83,651
ACS Actividades de Construccion y Servicios S.A.		24,948		673,224
Amadeus IT Group S.A.^(a)		417		25,459
Banco Bilbao Vizcaya Argentaria S.A.		78,293		512,660
Banco Santander S.A.		36,160		133,498
Bankinter S.A.		21,575		126,399
CaixaBank S.A.		157,958		490,767
EDP Renovaveis S.A.		1,313		34,904
Enagas S.A.		1,735		39,456
Endesa S.A.		2,001		48,092
Iberdrola S.A.		3,339		41,366
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros		21,575		45,614
Mapfre S.A.		19,555		42,151
Naturgy Energy Group S.A.		1,120		28,822
Red Electrica Corp. S.A.		2,957		58,956
Repsol S.A.		11,450		131,174
Siemens Gamesa Renewable Energy S.A., Class R^(a)		1,455		43,128
Telefonica S.A.		10,949		54,045

				2,613,366

Sweden-3.99%
Alfa Laval AB		2,040		82,652
Atlas Copco AB, Class A		615		42,174
Boliden AB		12,460		434,005
Castellum AB		1,286		37,410
Electrolux AB, Series B		16,182		409,484
Elekta AB, Class B^(b)		7,064		88,436
Epiroc AB, Class A		5,180		113,540
Epiroc AB, Class B		2,647		50,236
EQT AB		1,592		81,031
Evolution AB^(c)		1,431		230,321
Getinge AB, Class B		1,315		53,887
H & M Hennes & Mauritz AB, Class B^(a)		1,877		37,581
Hexagon AB, Class B		8,891		153,867
Holmen AB, Class B		743		37,715
Husqvarna AB, Class B		29,925		400,968
Industrivarden AB, Class A		768		28,235


	Shares		Value
Sweden-(continued)
Indutrade AB		9,573	$	315,825
Investor AB, Class B		1,908		45,587
Kinnevik AB, Class A^(a)		1,129		47,389
Kinnevik AB, Class B^(a)		17,886		700,023
Lifco AB, Class B		8,303		245,477
Lundin Energy AB		3,561		108,660
Nibe Industrier AB, Class B		22,495		313,261
Sagax AB, Class B		3,096		115,330
Sandvik AB		3,856		98,201
Securitas AB, Class B		2,718		45,071
Sinch AB^(a)(c)		8,686		194,661
Skanska AB, Class B		2,548		73,296
SKF AB, Class B		7,444		189,576
Svenska Cellulosa AB S.C.A., Class B		4,037		71,149
Sweco AB, Class B		2,911		50,984
Telefonaktiebolaget LM Ericsson, Class B		3,317		39,280
Trelleborg AB, Class B		13,552		328,970
Volvo AB, Class B		5,957		134,564

				5,398,846

Switzerland-3.52%
ABB Ltd.		3,908		144,708
Adecco Group AG		4,302		239,415
Alcon, Inc.		574		47,271
Baloise Holding AG		836		133,333
Cie Financiere Richemont S.A.		832		91,733
Clariant AG^(a)(b)		4,576		96,311
Credit Suisse Group AG		23,707		251,394
DKSH Holding AG		839		65,349
Geberit AG		78		65,155
Georg Fischer AG		200		328,148
Helvetia Holding AG		728		83,366
Holcim Ltd.^(a)		2,821		160,751
Julius Baer Group Ltd.		2,113		144,396
Kuehne + Nagel International AG, Class R		276		100,963
Logitech International S.A., Class R^(b)		2,552		260,869
Lonza Group AG		168		142,132
OC Oerlikon Corp. AG		6,772		75,552
Partners Group Holding AG		112		198,557
SIG Combibloc Group AG^(a)		6,161		188,586
Sika AG		388		139,816
Sonova Holding AG, Class A		368		141,809
STMicroelectronics N.V.		3,485		155,155
Straumann Holding AG, Class R		100		193,221
Sulzer AG^(b)		1,376		207,290
Swatch Group AG (The), BR		102		28,750
Swiss Life Holding AG		534		278,411
Tecan Group AG, Class R		277		168,882
UBS Group AG		14,258		237,828
VAT Group AG^(c)		748		313,228
Zurich Insurance Group AG		170		74,603

				4,756,982

Taiwan-0.02%
FIT Hon Teng Ltd.^(a)(c)		138,253		29,331

United Kingdom-8.55%
3i Group PLC		6,622		121,893
abrdn PLC		44,403		162,246
Admiral Group PLC		1,783		88,609
Ashmore Group PLC		6,650		36,535

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


		18

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021


	Shares		Value
United Kingdom-(continued)
Ashtead Group PLC		7,380	$	577,918
Auto Trader Group PLC^(c)		11,442		99,049
Aviva PLC		63,810		354,875
B&M European Value Retail S.A.		45,271		348,281
Barclays PLC		106,336		270,592
Barratt Developments PLC		14,479		147,258
Bellway PLC		1,437		69,594
Berkeley Group Holdings PLC		994		66,033
BT Group PLC^(a)		17,858		41,732
Bunzl PLC		7,628		276,728
Burberry Group PLC		3,837		98,194
Centrica PLC^(a)		72,243		51,661
CNH Industrial N.V.		21,324		352,407
Compass Group PLC^(a)		1,275		26,330
Croda International PLC		688		86,619
DCC PLC		1,109		94,323
Direct Line Insurance Group PLC		16,148		68,671
DS Smith PLC		19,318		117,618
Entain PLC^(a)		13,744		365,630
Halma PLC		987		40,792
Howden Joinery Group PLC		11,897		154,825
IMI PLC		15,070		378,092
Imperial Brands PLC		3,420		72,555
Informa PLC^(a)		6,495		47,465
InterContinental Hotels Group PLC^(a)		1,210		77,152
Intermediate Capital Group PLC		8,519		257,700
Intertek Group PLC		548		39,746
ITV PLC^(a)		170,459		271,660
J Sainsbury PLC		14,536		60,816
JD Sports Fashion PLC		17,300		240,353
Johnson Matthey PLC		7,469		302,106
Kingfisher PLC		154,464		744,672
Legal & General Group PLC		161,364		600,053
Lloyds Banking Group PLC		49,282		29,690
M&G PLC		268,277		760,586
Melrose Industries PLC		43,387		100,160
Natwest Group PLC		10,395		30,486
Next PLC		2,960		322,230
Ocado Group PLC^(a)		2,177		60,311
Pearson PLC		12,371		130,688
Persimmon PLC		6,875		278,175
Phoenix Group Holdings PLC		10,712		91,904
Prudential PLC		15,103		314,900
Renishaw PLC		1,023		76,027
Rentokil Initial PLC		6,450		51,521
Rightmove PLC		6,451		62,272
Schroders PLC		1,266		65,860
Segro PLC		7,712		136,279
Smiths Group PLC		7,155		142,044
Spirax-Sarco Engineering PLC		272		60,306
SSE PLC		2,275		51,113
St James’s Place PLC		8,915		197,535
Tate & Lyle PLC		7,570		73,511
Taylor Wimpey PLC		16,223		40,836


	Shares		Value
United Kingdom-(continued)
TechnipFMC PLC^(a)		6,438	$	42,787
Tesco PLC		11,088		38,936
THG PLC^(a)		3,028		25,650
Travis Perkins PLC^(a)		13,442		333,269
United Utilities Group PLC		2,293		33,372
Vodafone Group PLC		30,359		50,957
Weir Group PLC (The)^(a)		6,894		166,180
Whitbread PLC^(a)		2,678		118,234
Wickes Group PLC^(a)		15,062		50,164
WPP PLC		30,334		410,625

				11,557,391

United States-1.59%
Amcor PLC, CDI		3,572		45,659
Avast PLC^(c)		7,680		63,185
Bausch Health Cos., Inc.^(a)		7,100		206,541
Ferguson PLC		2,601		376,040
James Hardie Industries PLC, CDI		9,056		351,049
JS Global Lifestyle Co. Ltd.^(c)		21,500		53,962
Samsonite International S.A.^(a)(c)		174,603		365,489
Schneider Electric SE		516		92,159
Sims Ltd.		3,428		37,981
Stellantis N.V.		17,557		350,919
Swiss Re AG		2,273		209,075

				2,152,059


Total Common Stocks & Other Equity Interests (Cost $129,252,776)				134,669,604


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $171,506)		171,506		171,506

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $129,424,282)				134,841,110


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.26%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		917,731		917,731
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,138,271		2,139,126

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,056,857)				3,056,857

TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $132,481,139)				137,897,967
OTHER ASSETS LESS LIABILITIES-(1.96)%				(2,644,841	)

NET ASSETS-100.00%			$	135,253,126

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


		19

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2021

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

Pfd.-Preferred REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2021 was $4,352,661, which represented 3.22% of the Fund’s Net Assets.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			Gain			August 31, 2021			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	21,004,596		$	(20,833,090	)		$	-		$	-		$	171,506		$	35
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			4,275,056			(3,357,325	)			-			-			917,731			33	*
Invesco Private Prime Fund			-			8,332,215			(6,193,089	)			-			-			2,139,126			533	*

Total		$	-		$	33,611,867		$	(30,383,504	)		$	-		$	-		$	3,228,363		$	601

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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


		20

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

August 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.25%
Alphabet, Inc., Class A^(b)		144	$	416,729
Alphabet, Inc., Class C^(b)		155		450,932
Altice USA, Inc., Class A^(b)		61,557		1,689,124
Comcast Corp., Class A		6,495		394,117
Discovery, Inc., Class A^(b)(c)		23,886		688,872
Discovery, Inc., Class C^(b)		53,424		1,473,968
DISH Network Corp., Class A^(b)		16,318		711,302
Fox Corp., Class A		22,414		839,180
IAC/InterActiveCorp.^(b)		43,606		5,758,172
Interpublic Group of Cos., Inc. (The)		271,566		10,110,402
Lumen Technologies, Inc.		229,724		2,825,605
Match Group, Inc.^(b)		10,340		1,421,130
News Corp., Class A		77,702		1,745,964
News Corp., Class B		23,507		517,859
Nexstar Media Group, Inc., Class A		29,583		4,430,054
Omnicom Group, Inc.		52,672		3,856,644
Pinterest, Inc., Class A^(b)		66,764		3,710,075
Roku, Inc.^(b)		7,298		2,571,815
Take-Two Interactive Software, Inc.^(b)		2,777		447,708
Twitter, Inc.^(b)		25,537		1,647,137
ViacomCBS, Inc., Class B		192,700		7,987,415
Vimeo, Inc.^(b)		12,506		476,729
Zillow Group, Inc., Class A^(b)(c)		3,928		375,517
Zillow Group, Inc., Class C^(b)(c)		9,470		906,942

				55,453,392

Consumer Discretionary-15.70%
Advance Auto Parts, Inc.		6,800		1,379,380
Aptiv PLC^(b)		29,421		4,477,582
Aramark		52,095		1,812,385
AutoNation, Inc.^(b)		43,325		4,726,324
AutoZone, Inc.^(b)		752		1,164,961
Bath & Body Works, Inc.		154,440		10,421,611
Best Buy Co., Inc.		25,024		2,915,546
BorgWarner, Inc.		49,632		2,118,294
Boyd Gaming Corp.^(b)		32,944		2,021,773
Brunswick Corp.		34,684		3,359,839
Burlington Stores, Inc.^(b)		3,203		959,267
Caesars Entertainment, Inc.^(b)		5,054		513,638
Capri Holdings Ltd.^(b)		96,473		5,451,689
CarMax, Inc.^(b)		8,437		1,056,397
Carvana Co.^(b)		6,269		2,056,608
Chipotle Mexican Grill, Inc.^(b)		283		538,642
Churchill Downs, Inc.		1,833		385,847
D.R. Horton, Inc.		42,735		4,086,321
Darden Restaurants, Inc.		32,803		4,941,772
Deckers Outdoor Corp.^(b)		8,634		3,612,897
Dick’s Sporting Goods, Inc.		53,662		7,556,146
Dollar Tree, Inc.^(b)		9,017		816,399
eBay, Inc.		17,176		1,318,086
Etsy, Inc.^(b)		14,266		3,085,165
Five Below, Inc.^(b)		8,980		1,911,034
Floor & Decor Holdings, Inc., Class A^(b)		21,897		2,699,900
Foot Locker, Inc.		76,708		4,348,577
Ford Motor Co.^(b)		814,716		10,615,750
GameStop Corp., Class A^(b)(c)		13,218		2,884,696
Gap, Inc. (The)		95,956		2,564,904


	Shares		Value
Consumer Discretionary-(continued)
Garmin Ltd.		7,146	$	1,246,477
General Motors Co.^(b)		148,506		7,278,279
Gentex Corp.		13,951		429,691
Genuine Parts Co.		24,008		2,933,538
H&R Block, Inc.		59,163		1,517,531
Hanesbrands, Inc.		169,471		3,165,718
Harley-Davidson, Inc.		116,309		4,597,695
Hasbro, Inc.		9,567		940,532
Hilton Worldwide Holdings, Inc.^(b)		6,128		765,142
Kohl’s Corp.		133,753		7,677,422
Lear Corp.		26,641		4,260,962
Leggett & Platt, Inc.		48,603		2,351,899
Lennar Corp., Class A		43,367		4,653,713
Lithia Motors, Inc., Class A		24,714		8,187,748
LKQ Corp.^(b)		156,683		8,255,627
Lowe’s Cos., Inc.		5,513		1,124,046
Marriott International, Inc., Class A^(b)		5,445		735,837
Marriott Vacations Worldwide Corp.^(b)		9,385		1,403,527
Mattel, Inc.^(b)		212,438		4,535,551
MGM Resorts International		11,701		498,697
Mohawk Industries, Inc.^(b)		43,460		8,594,650
Newell Brands, Inc.		143,581		3,648,393
Nordstrom, Inc.^(b)(c)		26,675		763,172
NVR, Inc.^(b)		290		1,502,183
O’Reilly Automotive, Inc.^(b)		1,516		900,625
Peloton Interactive, Inc., Class A^(b)(c)		19,267		1,930,361
Penn National Gaming, Inc.^(b)(c)		25,801		2,092,461
Penske Automotive Group, Inc.^(c)		27,209		2,446,905
Petco Health & Wellness Co., Inc.^(b)(c)		19,107		411,374
Polaris, Inc.		9,720		1,164,067
Pool Corp.		4,281		2,116,098
PulteGroup, Inc.		83,160		4,478,998
PVH Corp.^(b)		25,057		2,625,723
Qurate Retail, Inc., Class A		317,493		3,501,948
Ralph Lauren Corp.		12,553		1,457,780
RH^(b)(c)		6,514		4,564,164
Ross Stores, Inc.		4,522		535,405
Service Corp. International		17,191		1,078,907
Skechers U.S.A., Inc., Class A^(b)		20,694		1,043,598
Starbucks Corp.		3,714		436,358
Tapestry, Inc.^(b)		63,598		2,564,271
Target Corp.		21,560		5,324,889
Tempur Sealy International, Inc.		136,318		6,093,415
Terminix Global Holdings, Inc.^(b)		11,757		489,444
TJX Cos., Inc. (The)		6,450		469,044
Toll Brothers, Inc.		91,350		5,851,881
TopBuild Corp.^(b)		9,436		2,064,502
Tractor Supply Co.		11,029		2,142,383
Travel + Leisure Co.		34,279		1,877,118
Ulta Beauty, Inc.^(b)		3,981		1,541,881
Under Armour, Inc., Class A^(b)(c)		43,135		998,144
Under Armour, Inc., Class C^(b)		43,036		863,302
Vail Resorts, Inc.^(b)		5,892		1,796,176
VF Corp.		4,390		335,703
Victoria’s Secret & Co.^(b)		51,024		3,382,891
Wayfair, Inc., Class A^(b)(c)		4,350		1,221,263
Whirlpool Corp.		39,269		8,699,262
Williams-Sonoma, Inc.		45,194		8,437,720

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


		21

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Consumer Discretionary-(continued)
Wyndham Hotels & Resorts, Inc.		7,671	$	557,682
YETI Holdings, Inc.^(b)		38,901		3,864,425
Yum China Holdings, Inc. (China)		8,865		545,729
Yum! Brands, Inc.		6,545		857,591

				267,632,948

Consumer Staples-2.85%
Albertsons Cos., Inc., Class A^(c)		49,135		1,491,739
Altria Group, Inc.		12,595		632,647
Archer-Daniels-Midland Co.		83,232		4,993,920
Boston Beer Co., Inc. (The), Class A^(b)(c)		2,128		1,213,407
Bunge Ltd.		102,418		7,754,067
Casey’s General Stores, Inc.		6,911		1,413,714
Conagra Brands, Inc.		12,822		424,665
Constellation Brands, Inc., Class A		3,072		648,622
Costco Wholesale Corp.		1,235		562,530
Darling Ingredients, Inc.^(b)		94,082		7,009,109
Estee Lauder Cos., Inc. (The), Class A		3,939		1,341,190
Freshpet, Inc.^(b)		6,964		892,367
Herbalife Nutrition Ltd.^(b)		6,551		336,328
Hershey Co. (The)		5,921		1,052,162
JM Smucker Co. (The)		8,137		1,006,303
Kraft Heinz Co. (The)		13,789		496,266
Kroger Co. (The)		16,098		740,991
Lamb Weston Holdings, Inc.		5,147		335,327
Molson Coors Beverage Co., Class B		25,948		1,233,308
Philip Morris International, Inc.		6,021		620,163
Post Holdings, Inc.^(b)		4,670		522,620
Spectrum Brands Holdings, Inc.		35,739		2,789,786
Sysco Corp.		36,709		2,923,872
Tyson Foods, Inc., Class A		17,720		1,391,374
US Foods Holding Corp.^(b)		169,772		5,772,248
Walgreens Boots Alliance, Inc.		20,226		1,026,469

				48,625,194

Energy-2.28%
Antero Midstream Corp.		218,972		2,104,321
APA Corp.		46,762		910,924
Baker Hughes Co., Class A		33,815		770,306
Cheniere Energy, Inc.^(b)		35,312		3,088,388
Cimarex Energy Co.		20,834		1,337,959
Continental Resources, Inc.^(c)		14,055		552,080
Devon Energy Corp.		39,391		1,164,004
Diamondback Energy, Inc.		11,832		912,720
DT Midstream, Inc.^(b)		6,988		324,732
EOG Resources, Inc.		25,977		1,753,967
EQT Corp.^(b)(c)		103,679		1,900,436
Halliburton Co.		82,268		1,643,715
Kinder Morgan, Inc.		30,736		500,075
Marathon Oil Corp.		139,424		1,638,232
Marathon Petroleum Corp.		47,850		2,836,070
NOV, Inc.^(b)		37,526		494,217
Occidental Petroleum Corp.		19,719		506,581
ONEOK, Inc.		76,561		4,020,984
Phillips 66		4,986		354,455
Pioneer Natural Resources Co.		11,426		1,710,129
Schlumberger N.V.		24,899		698,168
Targa Resources Corp.		115,481		5,071,926
Texas Pacific Land Corp.		1,581		2,149,749


	Shares		Value
Energy-(continued)
Valero Energy Corp.		12,790	$	848,105
Williams Cos., Inc. (The)		63,529		1,568,531

				38,860,774

Financials-20.41%
Affiliated Managers Group, Inc.		34,395		5,850,933
Aflac, Inc.		71,734		4,065,883
AGNC Investment Corp.		83,514		1,362,113
Alleghany Corp.^(b)		2,575		1,742,477
Allstate Corp. (The)		16,442		2,224,274
Ally Financial, Inc.		241,059		12,752,021
American Express Co.		5,532		918,091
American Financial Group, Inc.		57,858		7,980,933
American International Group, Inc.		17,682		964,730
Ameriprise Financial, Inc.		24,350		6,645,358
Aon PLC, Class A^(c)		2,664		764,195
Arch Capital Group Ltd.^(b)		38,125		1,566,938
Arthur J. Gallagher & Co.		13,173		1,891,906
Assurant, Inc.		15,399		2,619,524
Assured Guaranty Ltd.		62,160		3,099,298
Athene Holding Ltd., Class A^(b)		73,763		4,939,908
Bank of America Corp.		10,179		424,973
Bank of Hawaii Corp.		5,924		496,490
Bank of New York Mellon Corp. (The)		23,915		1,320,586
Bank OZK		63,085		2,676,697
Berkshire Hathaway, Inc., Class B^(b)		1,488		425,226
BlackRock, Inc.		841		793,307
Blackstone, Inc., Class A		12,223		1,536,798
Brighthouse Financial, Inc.^(b)		29,700		1,454,112
Brown & Brown, Inc.		7,791		452,268
Capital One Financial Corp.		69,291		11,500,227
Charles Schwab Corp. (The)		19,673		1,433,178
Chubb Ltd.		5,428		998,318
Cincinnati Financial Corp.		54,546		6,730,976
Citizens Financial Group, Inc.		100,982		4,422,002
Comerica, Inc.		72,931		5,390,330
Commerce Bancshares, Inc.		7,298		516,115
Cullen/Frost Bankers, Inc.		12,222		1,395,997
Discover Financial Services		90,528		11,607,500
East West Bancorp, Inc.		68,106		4,994,894
Equitable Holdings, Inc.		52,258		1,620,521
Evercore, Inc., Class A		34,192		4,774,571
Everest Re Group Ltd.		2,700		715,230
F.N.B. Corp.		152,672		1,783,209
Fidelity National Financial, Inc.		61,171		2,986,980
Fifth Third Bancorp		124,501		4,838,109
First American Financial Corp.		14,319		1,009,919
First Citizens BancShares, Inc., Class A^(c)		3,410		3,061,157
First Hawaiian, Inc.		39,314		1,097,254
First Horizon Corp.		218,766		3,585,575
First Republic Bank		11,003		2,188,937
Franklin Resources, Inc.		44,391		1,440,044
Globe Life, Inc.		13,550		1,301,749
Goldman Sachs Group, Inc. (The)		2,931		1,211,998
Hanover Insurance Group, Inc. (The)		6,807		961,897
Hartford Financial Services Group, Inc. (The)		87,484		5,880,674
Huntington Bancshares, Inc.		135,588		2,105,682
Interactive Brokers Group, Inc., Class A		34,527		2,231,825
Invesco Ltd.^(d)		225,623		5,712,774

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


		22

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Financials-(continued)
Janus Henderson Group PLC^(c)		80,359	$	3,484,366
Jefferies Financial Group, Inc.		186,891		6,907,491
KeyCorp		228,206		4,637,146
KKR & Co., Inc., Class A		15,094		970,393
Lazard Ltd., Class A		40,410		1,915,434
Lincoln National Corp.		86,310		5,925,181
Loews Corp.		43,009		2,402,913
LPL Financial Holdings, Inc.		32,847		4,856,429
M&T Bank Corp.		11,774		1,648,478
Markel Corp.^(b)		953		1,210,548
Marsh & McLennan Cos., Inc.		4,290		674,388
Mercury General Corp.		13,175		786,679
MetLife, Inc.		90,928		5,637,536
MGIC Investment Corp.		211,047		3,222,688
Morgan Stanley		19,958		2,084,214
Morningstar, Inc.		2,524		676,407
MSCI, Inc.		1,173		744,362
Nasdaq, Inc.		4,241		830,303
New Residential Investment Corp.		51,365		560,906
Northern Trust Corp.		15,275		1,810,393
Old Republic International Corp.		158,613		4,123,938
OneMain Holdings, Inc.		75,590		4,371,370
PacWest Bancorp		14,217		604,933
People’s United Financial, Inc.		130,913		2,150,901
Pinnacle Financial Partners, Inc.		41,269		3,999,791
PNC Financial Services Group, Inc. (The)		15,293		2,922,492
Popular, Inc.		70,749		5,372,679
Primerica, Inc.		4,959		758,429
Principal Financial Group, Inc.		69,487		4,642,426
Progressive Corp. (The)		10,015		964,845
Prosperity Bancshares, Inc.		5,744		401,391
Prudential Financial, Inc.		66,023		6,990,515
Raymond James Financial, Inc.		53,098		7,428,410
Regions Financial Corp.		306,248		6,256,647
Reinsurance Group of America, Inc.		18,308		2,120,433
Santander Consumer USA Holdings, Inc.		47,255		1,971,951
Signature Bank		22,560		5,850,485
SLM Corp.		271,952		5,099,100
Starwood Property Trust, Inc.		144,151		3,719,096
State Street Corp.		17,372		1,614,033
Sterling Bancorp		136,733		3,129,818
Stifel Financial Corp.		87,186		6,024,553
SVB Financial Group^(b)		10,661		5,964,829
Synchrony Financial		261,340		13,001,665
Synovus Financial Corp.		69,997		3,016,871
T. Rowe Price Group, Inc.		9,171		2,053,112
Travelers Cos., Inc. (The)		12,030		1,921,311
Truist Financial Corp.		35,674		2,035,558
U.S. Bancorp		25,777		1,479,342
Unum Group		174,032		4,632,732
Voya Financial, Inc.		21,558		1,400,839
W.R. Berkley Corp.		11,745		884,516
Webster Financial Corp.^(c)		52,199		2,637,093
Wells Fargo & Co.		12,240		559,368
Western Alliance Bancorporation		56,331		5,495,652
White Mountains Insurance Group Ltd.		451		505,485
Willis Towers Watson PLC		4,264		941,150


	Shares		Value
Financials-(continued)
Wintrust Financial Corp.		8,114	$	607,252
Zions Bancorporation N.A.		46,164		2,672,896

				347,780,843

Health Care-6.19%
10X Genomics, Inc., Class A^(b)		3,447		606,396
Acadia Healthcare Co., Inc.^(b)		22,333		1,476,658
Agilent Technologies, Inc.		7,663		1,344,627
Align Technology, Inc.^(b)		7,156		5,073,604
Amedisys, Inc.^(b)		1,435		263,251
Anthem, Inc.		5,526		2,072,968
Avantor, Inc.^(b)		102,298		4,034,633
Bio-Rad Laboratories, Inc., Class A^(b)		1,676		1,348,878
Bio-Techne Corp.		3,150		1,572,291
Bruker Corp.		16,967		1,498,356
Catalent, Inc.^(b)		6,897		899,645
Centene Corp.^(b)		7,792		490,740
Change Healthcare, Inc.^(b)		175,573		3,832,759
Charles River Laboratories International, Inc.^(b)		9,555		4,241,082
Cigna Corp.		5,442		1,151,799
Cooper Cos., Inc. (The)		939		423,217
CVS Health Corp.		17,199		1,485,822
DaVita, Inc.^(b)		19,286		2,522,030
DENTSPLY SIRONA, Inc.		19,040		1,174,768
Edwards Lifesciences Corp.^(b)		4,244		497,312
Elanco Animal Health, Inc.^(b)		17,015		567,961
Encompass Health Corp.		11,725		919,826
Envista Holdings Corp.^(b)		72,806		3,115,369
Globus Medical, Inc., Class A^(b)		6,326		516,202
HCA Healthcare, Inc.		34,919		8,833,809
Henry Schein, Inc.^(b)		12,253		926,204
Horizon Therapeutics PLC^(b)		32,270		3,488,064
Humana, Inc.		1,296		525,424
IDEXX Laboratories, Inc.^(b)		2,765		1,862,946
Integra LifeSciences Holdings Corp.^(b)(c)		6,906		519,538
IQVIA Holdings, Inc.^(b)		11,247		2,921,183
Jazz Pharmaceuticals PLC^(b)		11,555		1,521,909
Laboratory Corp. of America Holdings^(b)		17,694		5,368,006
Maravai LifeSciences Holdings, Inc., Class A^(b)		9,726		575,585
McKesson Corp.		6,012		1,227,290
Mettler-Toledo International, Inc.^(b)		1,261		1,958,119
Moderna, Inc.^(b)		9,692		3,650,879
Molina Healthcare, Inc.^(b)		9,309		2,501,980
Natera, Inc.^(b)		4,924		583,149
Novavax, Inc.^(b)(c)		6,547		1,561,721
Novocure Ltd.^(b)		13,082		1,755,735
Organon & Co.		79,955		2,709,675
PerkinElmer, Inc.		11,228		2,074,934
PPD, Inc.^(b)		21,084		976,400
Quest Diagnostics, Inc.		6,678		1,020,599
Repligen Corp.^(b)		3,597		1,017,879
Sage Therapeutics, Inc.^(b)		43,827		2,025,246
STERIS PLC		1,955		420,345
Stryker Corp.		1,564		433,384
Syneos Health, Inc.^(b)		20,869		1,936,226
United Therapeutics Corp.^(b)		12,505		2,687,074
Universal Health Services, Inc., Class B		29,181		4,545,233
Waters Corp.^(b)		6,741		2,790,909

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


		23

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Health Care-(continued)
West Pharmaceutical Services, Inc.		3,212	$	1,450,603
Zimmer Biomet Holdings, Inc.		2,802		421,561

				105,421,803

Industrials-16.88%
3M Co.		2,424		472,050
A.O. Smith Corp.		22,552		1,639,981
Acuity Brands, Inc.		25,810		4,762,719
Advanced Drainage Systems, Inc.		32,873		3,752,453
AECOM^(b)		56,421		3,698,961
AGCO Corp.		53,287		7,333,357
Air Lease Corp.		40,013		1,590,117
Allegion PLC		4,622		665,522
Allison Transmission Holdings, Inc.		9,118		337,184
AMERCO		5,517		3,647,565
AMETEK, Inc.		11,273		1,532,790
Axon Enterprise, Inc.^(b)		2,558		465,223
Builders FirstSource, Inc.^(b)		152,620		8,133,120
C.H. Robinson Worldwide, Inc.		9,661		870,070
Carlisle Cos., Inc.		14,274		3,008,103
Carrier Global Corp.		170,996		9,849,370
Caterpillar, Inc.		10,203		2,151,507
ChargePoint Holdings, Inc.^(b)(c)		24,434		516,779
Cintas Corp.		1,655		654,999
Clean Harbors, Inc.^(b)		14,205		1,457,717
Colfax Corp.^(b)		28,872		1,390,764
Copart, Inc.^(b)		8,189		1,181,836
Crane Co.		23,241		2,365,237
CSX Corp.		32,664		1,062,560
Cummins, Inc.		10,820		2,553,304
Curtiss-Wright Corp.		6,640		808,619
Deere & Co.		11,381		4,302,359
Donaldson Co., Inc.		11,323		767,133
Dover Corp.		17,048		2,972,489
Eaton Corp. PLC		18,357		3,090,584
Emerson Electric Co.		21,627		2,281,648
Equifax, Inc.		3,953		1,076,244
Expeditors International of Washington, Inc.		27,910		3,478,702
Fastenal Co.		9,864		550,904
FedEx Corp.		22,424		5,957,833
Flowserve Corp.		35,939		1,396,949
Fortive Corp.		9,696		716,243
Fortune Brands Home & Security, Inc.		38,319		3,731,121
FTI Consulting, Inc.^(b)		3,812		532,575
Gates Industrial Corp. PLC^(b)		22,239		364,275
Generac Holdings, Inc.^(b)		14,132		6,175,401
General Dynamics Corp.		3,589		718,913
General Electric Co.		28,785		3,034,227
Graco, Inc.		17,944		1,407,168
GXO Logistics, Inc.^(b)		34,927		2,856,679
HEICO Corp., Class A		2,630		300,451
Honeywell International, Inc.		3,169		734,923
Howmet Aerospace, Inc.		120,194		3,816,159
Hubbell, Inc.		9,764		2,012,458
Huntington Ingalls Industries, Inc.		2,751		561,672
IAA, Inc.^(b)		10,930		580,602
IDEX Corp.		4,440		994,560
IHS Markit Ltd.		9,264		1,117,238
Illinois Tool Works, Inc.		2,894		673,897


	Shares		Value
Industrials-(continued)
Ingersoll Rand, Inc.^(b)		42,348	$	2,245,312
ITT, Inc.		21,296		2,037,388
J.B. Hunt Transport Services, Inc.		9,315		1,652,481
Jacobs Engineering Group, Inc.		26,654		3,597,224
Johnson Controls International PLC		78,135		5,844,498
Kansas City Southern		15,497		4,349,543
L3Harris Technologies, Inc.		2,053		478,370
Landstar System, Inc.		9,286		1,560,327
Leidos Holdings, Inc.		4,386		430,310
Lennox International, Inc.		4,918		1,648,415
Lincoln Electric Holdings, Inc.		11,733		1,638,044
ManpowerGroup, Inc.		39,173		4,756,386
Masco Corp.		14,458		877,890
MasTec, Inc.^(b)		48,004		4,389,486
Middleby Corp. (The)^(b)		29,131		5,329,225
MSA Safety, Inc.		5,432		884,547
MSC Industrial Direct Co., Inc., Class A		9,470		797,469
Nielsen Holdings PLC		187,265		4,018,707
Norfolk Southern Corp.		7,894		2,001,445
Northrop Grumman Corp.		1,372		504,484
nVent Electric PLC		52,748		1,812,421
Old Dominion Freight Line, Inc.		5,685		1,641,373
Oshkosh Corp.		33,860		3,879,679
Otis Worldwide Corp.		14,823		1,366,977
Owens Corning		47,258		4,515,502
PACCAR, Inc.		10,395		851,039
Parker-Hannifin Corp.		12,786		3,793,223
Pentair PLC		52,970		4,087,165
Plug Power, Inc.^(b)(c)		31,089		810,179
Quanta Services, Inc.		118,910		12,140,711
Regal Beloit Corp.		18,244		2,726,018
Republic Services, Inc.		8,026		996,267
Robert Half International, Inc.		41,805		4,322,637
Rockwell Automation, Inc.		2,258		734,866
Ryder System, Inc.		44,636		3,548,116
Science Applications International Corp.		4,934		415,591
Sensata Technologies Holding PLC^(b)		28,131		1,664,793
SiteOne Landscape Supply, Inc.^(b)		7,588		1,518,359
Snap-on, Inc.		22,315		5,019,759
Stanley Black & Decker, Inc.		14,129		2,730,712
Stericycle, Inc.^(b)		7,886		548,866
Sunrun, Inc.^(b)(c)		20,681		915,134
Textron, Inc.		102,590		7,455,215
Timken Co. (The)		46,381		3,410,859
Toro Co. (The)		23,998		2,638,340
Trane Technologies PLC		28,002		5,558,397
TransDigm Group, Inc.^(b)		649		394,248
Trex Co., Inc.^(b)(c)		12,151		1,333,694
United Parcel Service, Inc., Class B		11,341		2,218,640
United Rentals, Inc.^(b)		28,916		10,197,227
Univar Solutions, Inc.^(b)		71,812		1,695,481
Valmont Industries, Inc.		17,808		4,431,699
Vertiv Holdings Co.		93,819		2,642,881
W.W. Grainger, Inc.		4,817		2,089,133
Wabtec Corp.		11,081		994,963
Waste Management, Inc.		7,289		1,130,597
Watsco, Inc.		8,335		2,320,631
Woodward, Inc.		10,925		1,321,269

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


		24

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Industrials-(continued)
XPO Logistics, Inc.^(b)		35,157	$	3,055,495
Xylem, Inc.		26,762		3,647,928

				287,722,949

Information Technology-17.04%
Accenture PLC, Class A		1,350		454,356
Advanced Micro Devices, Inc.^(b)		9,966		1,103,435
Akamai Technologies, Inc.^(b)		3,879		439,297
Alliance Data Systems Corp.		42,492		4,168,890
Amdocs Ltd.		17,233		1,327,458
Amphenol Corp., Class A		22,418		1,717,891
Analog Devices, Inc.		25,665		4,182,068
Apple, Inc.		4,587		696,444
Applied Materials, Inc.		29,680		4,010,658
Arista Networks, Inc.^(b)		3,065		1,132,609
Arrow Electronics, Inc.^(b)		62,740		7,605,343
Aspen Technology, Inc.^(b)		7,035		911,032
Atlassian Corp. PLC, Class A^(b)		1,830		671,720
Automatic Data Processing, Inc.		2,378		497,097
Avnet, Inc.		84,718		3,427,690
Bentley Systems, Inc., Class B		12,753		822,441
Bill.com Holdings, Inc.^(b)		6,782		1,860,913
Broadcom, Inc.		1,641		815,922
Broadridge Financial Solutions, Inc.		3,080		530,438
Brooks Automation, Inc.		34,909		2,965,869
Cadence Design Systems, Inc.^(b)		6,833		1,117,059
CDK Global, Inc.		13,102		545,043
CDW Corp.		23,779		4,770,305
Cirrus Logic, Inc.^(b)		4,960		415,003
Cloudflare, Inc., Class A^(b)		38,823		4,687,489
Cognex Corp.		6,114		541,823
Cognizant Technology Solutions Corp., Class A		28,646		2,185,976
Coherent, Inc.^(b)		2,479		626,369
CommScope Holding Co., Inc.^(b)		136,456		2,156,005
Concentrix Corp.^(b)		16,038		2,780,829
Corning, Inc.		102,132		4,084,259
Cree, Inc.^(b)(c)		9,625		817,932
Crowdstrike Holdings, Inc., Class A^(b)		13,526		3,800,806
Dell Technologies, Inc., Class C^(b)		215,150		20,968,519
Dolby Laboratories, Inc., Class A		10,916		1,081,885
DXC Technology Co.^(b)		216,705		7,957,408
Enphase Energy, Inc.^(b)		21,285		3,697,843
Entegris, Inc.		41,075		4,934,750
EPAM Systems, Inc.^(b)		9,736		6,161,038
Euronet Worldwide, Inc.^(b)		5,906		786,856
F5 Networks, Inc.^(b)		6,526		1,328,498
FireEye, Inc.^(b)(c)		36,794		669,283
First Solar, Inc.^(b)		14,922		1,402,668
Five9, Inc.^(b)		9,058		1,433,247
Fortinet, Inc.^(b)		7,985		2,516,393
Gartner, Inc.^(b)		30,184		9,319,008
Genpact Ltd.		11,286		585,518
Globant S.A.^(b)		4,118		1,327,149
Hewlett Packard Enterprise Co.		680,604		10,522,138
HP, Inc.		662,526		19,703,523
HubSpot, Inc.^(b)(c)		7,955		5,444,959
International Business Machines Corp.		5,158		723,874
Intuit, Inc.		2,004		1,134,484
Jabil, Inc.		116,756		7,213,186


	Shares		Value
Information Technology-(continued)
Keysight Technologies, Inc.^(b)		4,400	$	789,272
KLA Corp.		11,729		3,987,391
Lam Research Corp.		6,164		3,728,110
Littelfuse, Inc.		4,107		1,172,138
Manhattan Associates, Inc.^(b)		7,383		1,203,355
Marvell Technology, Inc.		14,621		894,659
McAfee Corp., Class A^(c)		12,554		333,434
Microchip Technology, Inc.		10,278		1,617,346
Micron Technology, Inc.^(b)		37,858		2,790,135
MKS Instruments, Inc.		12,005		1,766,896
MongoDB, Inc.^(b)(c)		1,359		532,497
Monolithic Power Systems, Inc.		3,571		1,767,395
Motorola Solutions, Inc.		6,841		1,670,709
NCR Corp.^(b)(c)		108,879		4,625,180
NetApp, Inc.		130,484		11,603,942
NortonLifeLock, Inc.		35,874		952,813
Nuance Communications, Inc.^(b)		90,293		4,970,630
NXP Semiconductors N.V. (China)		16,334		3,513,933
ON Semiconductor Corp.^(b)		212,482		9,425,701
Oracle Corp.		5,520		491,998
Palantir Technologies, Inc., Class A^(b)(c)		25,040		659,554
Palo Alto Networks, Inc.^(b)		4,922		2,269,239
Paychex, Inc.		8,319		952,276
Paysafe Ltd.^(b)(c)		52,585		444,869
PTC, Inc.^(b)		15,754		2,074,172
Qorvo, Inc.^(b)		23,296		4,380,347
QUALCOMM, Inc.		7,681		1,126,726
Shift4 Payments, Inc., Class A^(b)(c)		12,660		1,085,089
Skyworks Solutions, Inc.		6,891		1,264,223
Square, Inc., Class A^(b)(c)		7,414		1,987,471
SS&C Technologies Holdings, Inc.		12,571		951,122
StoneCo Ltd., Class A (Brazil)^(b)		13,473		627,033
SYNNEX Corp.		35,540		4,516,068
Synopsys, Inc.^(b)		3,064		1,017,983
Teledyne Technologies, Inc.^(b)		1,044		483,769
Teradata Corp.^(b)		92,939		5,082,834
Teradyne, Inc.		20,834		2,530,081
Texas Instruments, Inc.		4,656		888,877
Trade Desk, Inc. (The), Class A^(b)		7,119		569,876
Trimble, Inc.^(b)		38,861		3,661,483
Twilio, Inc., Class A^(b)		2,481		885,618
Unity Software, Inc.^(b)(c)		5,527		700,547
Universal Display Corp.		2,679		558,813
Vontier Corp.		52,669		1,915,572
Western Digital Corp.^(b)		67,867		4,289,194
Western Union Co. (The)		17,178		371,732
Workday, Inc., Class A^(b)		1,648		450,168
Xerox Holdings Corp.		104,999		2,363,527
Xilinx, Inc.		6,371		991,264
Zebra Technologies Corp., Class A^(b)		7,502		4,404,949
Zendesk, Inc.^(b)		10,716		1,324,498
Zscaler, Inc.^(b)		3,724		1,036,538

				290,485,742

Materials-10.15%
Air Products and Chemicals, Inc.		1,329		358,179
Albemarle Corp.		24,907		5,896,483
Alcoa Corp.^(b)		159,496		7,076,837
Amcor PLC		54,503		700,364
AptarGroup, Inc.		6,304		849,779

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


		25

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Materials-(continued)
Ardagh Group S.A.		15,636	$	410,758
Avery Dennison Corp.		21,966		4,950,917
Axalta Coating Systems Ltd.^(b)		28,433		868,344
Ball Corp.		6,599		633,240
Berry Global Group, Inc.^(b)		54,914		3,688,573
Celanese Corp.		48,409		7,677,667
CF Industries Holdings, Inc.		83,313		3,784,076
Chemours Co. (The)		140,607		4,711,741
Cleveland-Cliffs, Inc.^(b)(c)		122,621		2,877,915
Corteva, Inc.		80,008		3,517,952
Crown Holdings, Inc.		49,892		5,477,643
Dow, Inc.		75,809		4,768,386
DuPont de Nemours, Inc.		22,022		1,630,068
Eagle Materials, Inc.		35,132		5,510,103
Eastman Chemical Co.		44,867		5,077,150
Element Solutions, Inc.		112,335		2,553,375
Freeport-McMoRan, Inc.		109,336		3,978,737
Graphic Packaging Holding Co.		40,792		837,052
Huntsman Corp.		86,416		2,283,975
International Paper Co.		131,418		7,896,908
Louisiana-Pacific Corp.		87,105		5,525,941
LyondellBasell Industries N.V., Class A		39,794		3,993,328
Martin Marietta Materials, Inc.		9,584		3,653,900
Mosaic Co. (The)		275,864		8,877,303
Newmont Corp.		10,055		583,089
Nucor Corp.		105,332		12,382,830
Olin Corp.		32,499		1,619,750
Packaging Corp. of America		17,221		2,612,426
PPG Industries, Inc.		20,763		3,312,737
Reliance Steel & Aluminum Co.		29,824		4,474,793
RPM International, Inc.		5,900		485,511
Scotts Miracle-Gro Co. (The)		9,982		1,565,477
Sealed Air Corp.		87,612		5,346,960
Sherwin-Williams Co. (The)		3,622		1,099,893
Silgan Holdings, Inc.		18,065		766,498
Sonoco Products Co.		12,930		844,329
Southern Copper Corp. (Peru)		5,163		323,152
Steel Dynamics, Inc.		144,196		9,731,788
United States Steel Corp.		113,610		3,039,067
Valvoline, Inc.		70,068		2,113,251
Vulcan Materials Co.		10,107		1,879,194
W.R. Grace & Co.		5,661		394,232
Westlake Chemical Corp.		14,653		1,279,940
WestRock Co.		174,581		9,085,195

				173,006,806

Real Estate-3.66%
American Homes 4 Rent, Class A		13,751		576,717
Apartment Income REIT Corp.		12,234		621,732
AvalonBay Communities, Inc.		3,089		709,173
Boston Properties, Inc.		6,012		679,296
Brixmor Property Group, Inc.		91,555		2,146,965
Camden Property Trust		4,084		612,763
CBRE Group, Inc., Class A^(b)		85,930		8,275,059
CubeSmart		31,566		1,688,781
Duke Realty Corp.		10,196		535,392
Equity Residential		7,187		604,211
Essex Property Trust, Inc.		1,521		503,056
Extra Space Storage, Inc.		11,304		2,112,831
Federal Realty Investment Trust		4,154		505,833


	Shares		Value
Real Estate-(continued)
First Industrial Realty Trust, Inc.		7,981	$	446,856
Gaming and Leisure Properties, Inc.		7,996		394,203
Healthpeak Properties, Inc.		14,318		515,448
Howard Hughes Corp. (The)^(b)		6,211		562,282
Invitation Homes, Inc.		11,026		454,051
Iron Mountain, Inc.		84,786		4,048,531
Jones Lang LaSalle, Inc.^(b)		39,408		9,553,681
Kimco Realty Corp.		196,284		4,277,028
Lamar Advertising Co., Class A		7,032		800,453
Life Storage, Inc.		11,114		1,383,026
Mid-America Apartment Communities, Inc.		4,818		926,839
National Retail Properties, Inc.		9,289		442,249
Omega Healthcare Investors, Inc.		13,350		447,626
Opendoor Technologies, Inc.^(b)(c)		20,277		359,511
Public Storage		3,207		1,037,817
Rayonier, Inc.		17,216		633,204
Regency Centers Corp.		11,729		804,844
Simon Property Group, Inc.		34,354		4,618,895
SL Green Realty Corp.		21,742		1,523,679
Spirit Realty Capital, Inc.		7,343		380,147
STORE Capital Corp.		19,220		693,265
Ventas, Inc.		40,126		2,244,648
VEREIT, Inc.		17,207		869,470
VICI Properties, Inc.^(c)		43,861		1,355,744
Welltower, Inc.		13,826		1,210,190
Weyerhaeuser Co.		78,323		2,819,628

				62,375,124

Utilities-1.52%
AES Corp. (The)		344,795		8,230,257
Alliant Energy Corp.		7,975		484,800
Ameren Corp.		7,945		696,935
American Electric Power Co., Inc.		4,238		379,598
American Water Works Co., Inc.		2,910		530,347
Brookfield Renewable Corp., Class A^(c)		10,010		438,538
CenterPoint Energy, Inc.		49,201		1,234,453
Consolidated Edison, Inc.		5,447		410,976
DTE Energy Co.		14,236		1,713,160
Duke Energy Corp.		7,637		799,288
Entergy Corp.		6,084		672,951
Exelon Corp.		21,324		1,045,302
Hawaiian Electric Industries, Inc.		9,709		423,312
MDU Resources Group, Inc.		96,727		3,111,708
National Fuel Gas Co.		8,480		439,349
Pinnacle West Capital Corp.		6,145		472,551
PPL Corp.		20,528		602,497
Public Service Enterprise Group, Inc.		20,201		1,291,652
Sempra Energy		4,263		564,251
Southern Co. (The)		10,257		674,193
UGI Corp.		36,944		1,710,877

				25,926,995

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $1,518,982,306)				1,703,292,570

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


		26

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2021


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.66%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		13,579,808	$	13,579,808
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		31,673,548		31,686,217

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,266,025)				45,266,025

TOTAL INVESTMENTS IN SECURITIES-102.59% (Cost $1,564,248,331)				1,748,558,595
OTHER ASSETS LESS LIABILITIES-(2.59)%				(44,106,446	)

NET ASSETS-100.00%			$	1,704,452,149

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)


	Value August 31, 2020			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2021		Dividend Income
Invesco Ltd.		$	2,584,435	$	8,591,219	$	(7,776,481	)		$181,742	$	2,131,859		$ 5,712,774	$	93,858
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-		46,261,071		(46,261,071	)		-		-		-		228
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-		4,272,083		(4,272,083	)		-		-		-		4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,933,477		131,341,805		(128,695,474	)		-		-		13,579,808		1,976	*
Invesco Private Prime Fund			3,647,831		192,904,418		(164,867,396	)		-		1,364		31,686,217		18,238	*

Total		$	17,165,743	$	383,370,596	$	(351,872,505	)		$181,742	$	2,133,223		$50,978,799	$	114,304

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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


		27

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

August 31, 2021

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-3.67%
AMC Networks, Inc., Class A^(b)(c)		4,055	$	192,734
Boston Omaha Corp., Class A^(b)		1,191		42,578
Cars.com, Inc.^(b)		3,158		40,170
Chicken Soup For The Soul Entertainment, Inc.^(b)		1,226		29,743
Consolidated Communications Holdings, Inc.^(b)		8,989		83,328
E.W. Scripps Co. (The), Class A		18,260		338,540
Entercom Communications Corp.^(b)		32,357		114,867
Entravision Communications Corp., Class A		37,786		263,368
Eventbrite, Inc., Class A^(b)		2,135		37,747
Gannett Co., Inc.^(b)		51,738		328,536
Globalstar, Inc.^(b)		36,554		72,743
Gogo, Inc.^(b)(c)		10,811		145,408
Gray Television, Inc.		4,455		101,307
IDT Corp., Class B^(b)		15,091		656,157
iHeartMedia, Inc., Class A^(b)(c)		2,459		61,180
IMAX Corp.^(b)		1,264		19,858
John Wiley & Sons, Inc., Class A^(c)		724		42,064
Liberty Latin America Ltd., Class A (Chile)^(b)		2,567		36,605
Liberty Latin America Ltd., Class C (Chile)^(b)		2,916		41,961
Lions Gate Entertainment Corp., Class A^(b)(c)		8,591		110,996
Lions Gate Entertainment Corp., Class B^(b)		9,287		109,215
Loral Space & Communications, Inc. (Canada)		2,501		105,067
Magnite, Inc.^(b)(c)		4,162		120,781
MediaAlpha, Inc., Class A^(b)		970		21,515
Meredith Corp.^(b)		7,830		336,768
QuinStreet, Inc.^(b)		4,522		80,989
Sinclair Broadcast Group, Inc., Class A		4,119		123,611
Stagwell, Inc.^(b)		40,021		279,347
TechTarget, Inc.^(b)		2,177		184,131
TEGNA, Inc.		4,731		83,833
Telephone & Data Systems, Inc.		1,897		38,547
Thryv Holdings, Inc.^(b)		2,540		78,715
TrueCar, Inc.^(b)		14,440		60,648
WideOpenWest, Inc.^(b)		16,732		355,053
Yelp, Inc.^(b)		1,006		38,741

				4,776,851

Consumer Discretionary-19.88%
1-800-Flowers.com, Inc., Class A^(b)(c)		1,568		49,800
Aaron’s Co., Inc. (The)		3,953		104,834
Abercrombie & Fitch Co., Class A^(b)		10,813		386,673
Academy Sports & Outdoors, Inc.^(b)		2,288		101,290
Adient PLC^(b)		4,981		195,953
American Axle & Manufacturing Holdings, Inc.^(b)		8,055		71,448
American Eagle Outfitters, Inc.^(c)		2,635		80,420
America’s Car-Mart, Inc.^(b)		719		92,988
AMMO, Inc.^(b)(c)		12,618		92,742
Arcimoto, Inc.^(b)(c)		3,119		38,738
Asbury Automotive Group, Inc.^(b)		1,559		290,348
Aterian, Inc.^(b)(c)		4,204		25,056
Bally’s Corp.^(b)		1,524		76,566
Barnes & Noble Education, Inc.^(b)		32,316		263,699
Bassett Furniture Industries, Inc.		8,249		177,271
Beazer Homes USA, Inc.^(b)		14,167		265,065
Bed Bath & Beyond, Inc.^(b)(c)		11,477		316,077


	Shares		Value
Consumer Discretionary-(continued)
Big 5 Sporting Goods Corp.		18,043	$	501,595
Big Lots, Inc.		3,795		184,665
Biglari Holdings, Inc., Class B^(b)		425		74,311
BJ’s Restaurants, Inc.^(b)		4,080		174,461
Bloomin’ Brands, Inc.^(b)		9,371		251,049
Bluegreen Vacations Holding Corp.^(b)		3,585		82,061
Boot Barn Holdings, Inc.^(b)		4,734		422,651
Brinker International, Inc.^(b)		4,754		253,246
Buckle, Inc. (The)		5,592		216,578
Caleres, Inc.		13,473		331,301
Camping World Holdings, Inc., Class A		1,991		79,521
CarParts.com, Inc.^(b)(c)		4,237		73,173
Carriage Services, Inc.		4,018		185,752
Cato Corp. (The), Class A		2,211		38,162
Century Casinos, Inc.^(b)		8,648		115,624
Century Communities, Inc.		3,799		266,310
Cheesecake Factory, Inc. (The)^(b)		2,168		101,137
Chico’s FAS, Inc.^(b)		16,350		84,529
Children’s Place, Inc. (The)^(b)(c)		1,883		163,520
Chuy’s Holdings, Inc.^(b)		6,331		204,238
Citi Trends, Inc.^(b)		6,089		524,506
Clarus Corp.		4,154		112,532
Conn’s, Inc.^(b)		9,215		226,689
Container Store Group, Inc. (The)^(b)(c)		27,060		313,896
Cooper-Standard Holdings, Inc.^(b)		2,648		61,645
Cracker Barrel Old Country Store, Inc.		176		25,270
Crocs, Inc.^(b)		982		140,249
Dana, Inc.		7,395		172,008
Dave & Buster’s Entertainment, Inc.^(b)		1,984		74,241
Del Taco Restaurants, Inc.		4,093		36,018
Denny’s Corp.^(b)(c)		2,583		42,723
Designer Brands, Inc., Class A^(b)		3,271		47,429
Dillard’s, Inc., Class A^(c)		1,430		272,358
Dine Brands Global, Inc.^(b)		1,505		124,494
Dorman Products, Inc.^(b)		335		31,443
Duluth Holdings, Inc., Class B^(b)		4,585		71,343
Escalade, Inc.		2,959		68,353
Ethan Allen Interiors, Inc.		8,919		214,234
Everi Holdings, Inc.^(b)		10,006		227,636
Fiesta Restaurant Group, Inc.^(b)		8,373		100,560
Flexsteel Industries, Inc.		4,419		154,311
Fossil Group, Inc.^(b)		21,086		282,552
Franchise Group, Inc.		1,693		58,798
Full House Resorts, Inc.^(b)		15,440		132,475
Funko, Inc., Class A^(b)		10,939		218,124
Genesco, Inc.^(b)		7,957		493,573
Gentherm, Inc.^(b)		1,228		105,387
G-III Apparel Group Ltd.^(b)		9,846		304,537
Golden Entertainment, Inc.^(b)		3,459		165,063
Goodyear Tire & Rubber Co. (The)^(b)		6,354		100,647
GoPro, Inc., Class A^(b)(c)		15,174		151,285
Graham Holdings Co., Class B		301		185,660
Green Brick Partners, Inc.^(b)		5,148		128,648
Group 1 Automotive, Inc.		2,285		378,030
Groupon, Inc.^(b)(c)		1,262		31,260
GrowGeneration Corp.^(b)(c)		4,680		149,713
Guess?, Inc.		8,563		207,139
Hamilton Beach Brands Holding Co., Class A		3,808		64,736

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


		28

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Consumer Discretionary-(continued)
Haverty Furniture Cos., Inc., (Acquired 06/02/2020 - 08/26/2021; Cost $294,003)^(d)		10,371	$	369,519
Hibbett, Inc.		7,496		717,292
Hilton Grand Vacations, Inc.^(b)		1,351		59,025
Hooker Furniture Corp.		4,764		148,446
Houghton Mifflin Harcourt Co.^(b)		11,186		150,675
Hovnanian Enterprises, Inc., Class A^(b)		4,185		454,951
Installed Building Products, Inc.		432		53,646
International Game Technology PLC^(b)(c)		2,270		48,782
Jack in the Box, Inc.		608		64,424
JOANN, Inc.		2,774		38,032
Johnson Outdoors, Inc., Class A		350		40,176
Kirkland’s, Inc.^(b)(c)		13,541		258,904
Kontoor Brands, Inc.		3,788		204,400
Lands’ End, Inc.^(b)		8,369		283,291
La-Z-Boy, Inc.		2,025		70,895
Lazydays Holdings, Inc.^(b)(c)		6,990		171,744
LGI Homes, Inc.^(b)		369		59,162
Lifetime Brands, Inc.		9,687		177,756
Liquidity Services, Inc.^(b)		8,679		211,768
Lovesac Co. (The)^(b)		3,106		175,675
Lumber Liquidators Holdings, Inc.^(b)		6,346		132,378
M.D.C. Holdings, Inc.		1,247		65,156
M/I Homes, Inc.^(b)		3,438		221,373
Macy’s, Inc.^(b)		6,866		153,730
Malibu Boats, Inc., Class A^(b)		864		61,862
MarineMax, Inc.^(b)		9,236		449,054
MasterCraft Boat Holdings, Inc.^(b)		1,929		48,109
Meritage Homes Corp.^(b)		398		44,393
Modine Manufacturing Co.^(b)		28,794		358,197
Monarch Casino & Resort, Inc.^(b)		1,175		74,460
Motorcar Parts of America, Inc.^(b)		1,522		30,166
Movado Group, Inc.		4,727		170,834
National Vision Holdings, Inc.^(b)(c)		724		43,426
Nautilus, Inc.^(b)(c)		13,027		148,508
Noodles & Co.^(b)		7,983		100,506
ODP Corp. (The)^(b)		3,612		170,378
ONE Group Hospitality, Inc. (The)^(b)		8,077		90,059
OneWater Marine, Inc., Class A		4,639		187,833
Overstock.com, Inc.^(b)		2,980		215,007
Oxford Industries, Inc.		1,500		135,450
Party City Holdco, Inc.^(b)		23,007		156,678
Patrick Industries, Inc.		896		73,123
PlayAGS, Inc.^(b)		4,411		36,126
Purple Innovation, Inc.^(b)		1,537		37,503
Quotient Technology, Inc.^(b)		2,812		20,415
RCI Hospitality Holdings, Inc.		2,852		184,268
Red Robin Gourmet Burgers, Inc.^(b)		3,141		76,892
Red Rock Resorts, Inc., Class A^(b)		3,764		176,193
Rent-A-Center, Inc.		2,799		176,561
Revolve Group, Inc.^(b)(c)		5,377		308,962
Rocky Brands, Inc.		3,448		171,297
Ruth’s Hospitality Group, Inc.^(b)		8,679		177,833
Sally Beauty Holdings, Inc.^(b)		7,368		136,971
Scientific Games Corp.^(b)		1,068		77,270
SeaWorld Entertainment, Inc.^(b)		898		44,173
Shoe Carnival, Inc.		6,564		251,270
Shutterstock, Inc.		1,198		138,081
Signet Jewelers Ltd.		8,478		671,458


	Shares		Value
Consumer Discretionary-(continued)
Skyline Champion Corp.^(b)		1,752	$	109,885
Sleep Number Corp.^(b)		2,660		246,077
Smith & Wesson Brands, Inc.		2,504		60,421
Sonic Automotive, Inc., Class A		1,971		99,614
Sonos, Inc.^(b)		3,844		152,722
Sportsman’s Warehouse Holdings, Inc.^(b)		3,965		70,339
Standard Motor Products, Inc.		627		26,892
Steven Madden Ltd.		1,216		49,211
Stitch Fix, Inc., Class A^(b)		961		40,275
StoneMor, Inc.^(b)		14,139		41,003
Stoneridge, Inc.^(b)		2,603		60,650
Superior Group of Cos., Inc.		6,711		159,990
Taylor Morrison Home Corp., Class A^(b)		1,966		55,225
Tenneco, Inc., Class A^(b)		10,796		168,418
Texas Roadhouse, Inc.		331		31,445
Tilly’s, Inc., Class A		10,805		168,234
Tri Pointe Homes, Inc.^(b)		4,483		106,561
Tupperware Brands Corp.^(b)(c)		26,270		627,065
Unifi, Inc.^(b)		4,789		111,296
Urban Outfitters, Inc.^(b)		2,009		66,337
Vera Bradley, Inc.^(b)		10,638		121,911
Vista Outdoor, Inc.^(b)		10,521		429,783
Visteon Corp.^(b)		345		36,460
VOXX International Corp.^(b)		10,865		113,757
Vuzix Corp.^(b)(c)		10,294		136,190
Wolverine World Wide, Inc.		1,550		55,583
Workhorse Group, Inc.^(b)(c)		5,894		57,820
WW International, Inc.^(b)		851		18,424
XPEL, Inc.^(b)(e)		1,879		142,766
Zumiez, Inc.^(b)		1,810		72,744

				25,844,031

Consumer Staples-2.40%
22nd Century Group, Inc.^(b)(c)		35,248		125,835
Andersons, Inc. (The)		9,938		301,917
B&G Foods, Inc.^(c)		1,637		49,699
Beauty Health Co. (The)^(b)(c)		5,206		133,846
BellRing Brands, Inc., Class A^(b)		2,840		95,907
Celsius Holdings, Inc.^(b)		1,029		84,131
Central Garden & Pet Co., Class A^(b)		1,203		50,129
Chefs’ Warehouse, Inc. (The)^(b)		4,504		136,156
Coca-Cola Consolidated, Inc.		125		50,770
Edgewell Personal Care Co.		1,953		82,612
elf Beauty, Inc.^(b)		1,614		49,953
Fresh Del Monte Produce, Inc.		1,984		65,234
Hostess Brands, Inc.^(b)(c)		2,149		34,298
Ingles Markets, Inc., Class A		1,861		126,343
Medifast, Inc.		530		120,787
MGP Ingredients, Inc.		1,176		76,793
Mission Produce, Inc.^(b)(c)		3,008		62,386
Nature’s Sunshine Products, Inc.		6,695		114,618
Nu Skin Enterprises, Inc., Class A		1,330		67,325
Performance Food Group Co.^(b)		3,417		171,602
PriceSmart, Inc.		631		53,389
Rite Aid Corp.^(b)(c)		5,367		95,211
Sanderson Farms, Inc.		218		42,837
Seneca Foods Corp., Class A^(b)		921		45,101
Simply Good Foods Co. (The)^(b)(c)		1,932		68,818
SpartanNash Co.		1,677		36,056
Sprouts Farmers Market, Inc.^(b)(c)		1,056		26,294

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


		29

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Consumer Staples-(continued)
Turning Point Brands, Inc.		1,853	$	92,205
United Natural Foods, Inc.^(b)		9,098		334,806
Universal Corp.		1,881		95,179
Utz Brands, Inc.^(c)		2,819		54,745
Vector Group Ltd.		3,149		47,298
Veru, Inc.^(b)		9,905		88,353
Vital Farms, Inc.^(b)		2,192		39,412

				3,120,045

Energy-5.39%
Aemetis, Inc.^(b)		8,013		89,104
AgEagle Aerial Systems, Inc.^(b)		19,292		68,294
Alto Ingredients, Inc.^(b)(c)		68,943		350,920
Altus Midstream Co., Class A		2,466		160,734
Antero Resources Corp.^(b)		11,621		159,440
Arch Resources, Inc.^(b)(c)		903		68,348
Archrock, Inc.		10,317		79,234
Aspen Aerogels, Inc.^(b)		5,686		248,762
Bonanza Creek Energy, Inc.		8,286		322,160
Brigham Minerals, Inc., Class A		2,338		44,703
Bristow Group, Inc.^(b)		1,705		53,810
Cactus, Inc., Class A		2,554		95,800
Callon Petroleum Co.^(b)(c)		5,004		170,987
Centennial Resource Development, Inc., Class A^(b)		9,071		46,262
Centrus Energy Corp.^(b)(c)		4,409		127,464
ChampionX Corp.^(b)		2,490		58,092
Chesapeake Energy Corp.^(c)		558		31,142
Clean Energy Fuels Corp.^(b)(c)		26,135		207,250
CNX Resources Corp.^(b)		2,924		33,217
CONSOL Energy, Inc.^(b)		17,355		396,215
DHT Holdings, Inc.^(c)		9,396		51,960
DMC Global, Inc.^(b)		1,317		52,904
Dorian LPG Ltd.		9,284		122,734
Earthstone Energy, Inc., Class A^(b)		13,435		111,107
Energy Fuels, Inc.^(b)(c)		24,182		130,825
Falcon Minerals Corp.		6,030		26,773
Frontline Ltd. (Norway)^(c)		3,790		27,364
FTS International, Inc., Class A^(b)		1,845		40,977
Gevo, Inc.^(b)(c)		27,371		170,521
Green Plains, Inc.^(b)		11,823		414,987
Helix Energy Solutions Group, Inc.^(b)		9,639		36,243
Helmerich & Payne, Inc.		942		25,359
Kosmos Energy Ltd. (Ghana)^(b)		9,215		21,747
Laredo Petroleum, Inc.^(b)(c)		6,916		373,671
Liberty Oilfield Services, Inc., Class A^(b)		4,141		42,321
Matador Resources Co.		4,081		117,329
Nabors Industries Ltd.^(b)		2,485		209,585
National Energy Services Reunited Corp.^(b)(c)		7,319		83,071
Newpark Resources, Inc.^(b)		10,613		27,806
Northern Oil and Gas, Inc.		1,988		33,001
Oceaneering International, Inc.^(b)		6,653		81,832
Ovintiv, Inc.		2,146		58,500
Patterson-UTI Energy, Inc.		7,098		55,080
PDC Energy, Inc.		4,025		168,044
Peabody Energy Corp.^(b)		7,962		127,233
Penn Virginia Corp.^(b)		2,008		41,566
ProPetro Holding Corp.^(b)		10,928		84,583
Range Resources Corp.^(b)		4,821		70,483
Renewable Energy Group, Inc.^(b)(c)		3,104		150,296


	Shares		Value
Energy-(continued)
Scorpio Tankers, Inc. (Monaco)		4,518	$	73,237
SM Energy Co.		15,972		305,065
Southwestern Energy Co.^(b)		6,471		29,443
Teekay Corp. (Bermuda)^(b)		8,334		25,252
Tellurian, Inc.^(b)		9,339		29,791
TETRA Technologies, Inc.^(b)		88,162		285,645
Tidewater, Inc.^(b)		1,987		22,850
Uranium Energy Corp.^(b)(c)		47,830		120,053
Ur-Energy, Inc.^(b)		39,093		50,821
US Silica Holdings, Inc.^(b)		19,970		175,337
Vine Energy, Inc., Class A^(b)		2,853		42,424
W&T Offshore, Inc.^(b)		9,556		31,153
World Fuel Services Corp.		1,620		52,423

				7,013,334

Financials-19.92%
1st Source Corp.		850		39,950
Alerus Financial Corp.		1,400		41,804
Allegiance Bancshares, Inc.		2,189		81,365
Altabancorp		3,715		154,247
A-Mark Precious Metals, Inc.		7,612		369,258
American Equity Investment Life Holding Co.		1,676		53,112
American National Bankshares, Inc.		1,218		41,631
American National Group, Inc.		328		63,140
Ameris Bancorp		4,559		224,485
Apollo Commercial Real Estate Finance, Inc.		5,500		85,525
Arbor Realty Trust, Inc.		7,517		137,411
Ares Commercial Real Estate Corp.		5,991		94,538
Argo Group International Holdings Ltd.		1,840		97,336
Arrow Financial Corp.		874		32,207
Artisan Partners Asset Management, Inc., Class A		1,253		65,106
Associated Banc-Corp.		3,608		74,397
Atlantic Capital Bancshares, Inc.^(b)		7,067		171,233
Atlantic Union Bankshares Corp.		2,464		91,168
Atlanticus Holdings Corp.^(b)		4,635		297,567
Axos Financial, Inc.^(b)		4,065		197,071
B. Riley Financial, Inc.		4,703		308,235
Banc of California, Inc.		4,073		73,192
BancFirst Corp.		888		50,225
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		2,671		45,567
Bancorp, Inc. (The)^(b)		2,022		49,863
BancorpSouth Bank		1,328		38,950
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,794		93,068
BankUnited, Inc.		3,750		157,612
Banner Corp.		1,336		76,419
Bar Harbor Bankshares		1,607		44,032
Berkshire Hills Bancorp, Inc.		2,580		66,125
BGC Partners, Inc., Class A		39,675		204,326
Bridgewater Bancshares, Inc.^(b)		3,313		54,168
Brightsphere Investment Group, Inc.		9,991		271,655
Brookline Bancorp, Inc.		7,282		109,012
BRP Group, Inc., Class A^(b)		1,693		63,741
Bryn Mawr Bank Corp.		2,535		103,428
Business First Bancshares, Inc.		2,506		59,944
Byline Bancorp Inc.		4,213		103,640
Cadence Bancorp		11,200		240,912
Cambridge Bancorp		663		56,846

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


		30

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Financials-(continued)
Camden National Corp.		1,070	$	49,937
Capital Bancorp, Inc.		2,608		61,862
Capstar Financial Holdings, Inc.		3,646		76,712
Carter Bankshares, Inc.^(b)		3,138		38,252
Cathay General Bancorp		1,378		54,817
CBTX, Inc.		1,188		32,337
Central Pacific Financial Corp.		4,473		113,212
Century Bancorp, Inc., Class A		308		35,214
Chimera Investment Corp.		2,507		38,407
CIT Group, Inc.		1,597		88,506
City Holding Co.		534		41,599
Civista Bancshares, Inc.		2,271		53,414
CNB Financial Corp.		1,606		39,475
CNO Financial Group, Inc.		4,708		115,158
Coastal Financial Corp.^(b)		2,202		64,673
Columbia Banking System, Inc.		1,333		48,468
Community Trust Bancorp, Inc.		1,186		49,409
ConnectOne Bancorp, Inc.		5,493		157,155
Cowen, Inc., Class A		14,016		505,137
CrossFirst Bankshares, Inc.^(b)		3,176		41,987
Curo Group Holdings Corp.		6,970		114,099
Customers Bancorp, Inc.^(b)		13,387		554,356
Diamond Hill Investment Group, Inc.		529		96,823
Dime Community Bancshares, Inc.		1,683		55,539
Donnelley Financial Solutions, Inc.^(b)		16,793		560,047
Dynex Capital, Inc.		3,929		69,779
Eagle Bancorp, Inc.		2,436		140,557
Eastern Bankshares, Inc.		1,716		33,942
Ellington Financial, Inc.		5,099		94,433
Employers Holdings, Inc.		1,551		63,855
Encore Capital Group, Inc.^(b)		1,074		52,852
Enova International, Inc.^(b)		14,482		477,616
Enstar Group Ltd.^(b)		185		42,674
Enterprise Bancorp, Inc.		1,065		35,944
Enterprise Financial Services Corp.		4,373		196,391
Equity Bancshares, Inc., Class A^(b)		1,351		43,340
Farmers National Banc Corp.		2,967		46,285
FB Financial Corp.		854		35,176
Federal Agricultural Mortgage Corp., Class C		548		53,649
Federated Hermes, Inc., Class B		1,885		63,770
Financial Institutions, Inc.		3,825		121,482
First Bancorp		18,854		240,011
First Bancorp, Inc. (The)		1,514		44,951
First Bancorp/Southern Pines NC		3,825		159,732
First Bancshares, Inc. (The)		2,538		102,840
First Bank		5,522		73,553
First Busey Corp.		2,463		58,373
First Commonwealth Financial Corp.		11,475		155,142
First Community Bankshares, Inc.		1,970		61,543
First Financial Bancorp		5,370		126,249
First Financial Corp.		711		28,746
First Foundation, Inc.		3,120		74,974
First Internet Bancorp		3,281		97,511
First Interstate BancSystem, Inc., Class A		1,359		59,878
First Merchants Corp.		2,311		95,098
First Mid Bancshares, Inc.		2,146		87,771
First Midwest Bancorp, Inc.		3,421		64,075
First of Long Island Corp. (The)		2,495		52,894
Flagstar Bancorp, Inc.		1,225		60,588
Flushing Financial Corp.		9,384		215,175


	Shares		Value
Financials-(continued)
Focus Financial Partners, Inc., Class A^(b)		849	$	44,046
FS Bancorp, Inc.		1,418		48,453
Fulton Financial Corp.		4,607		73,021
GAMCO Investors, Inc., Class A		2,206		60,246
Genworth Financial, Inc., Class A^(b)		27,299		102,371
German American Bancorp, Inc.		994		37,136
Glacier Bancorp, Inc.		602		32,063
Granite Point Mortgage Trust, Inc.		8,110		111,594
Great Southern Bancorp, Inc.		870		47,389
Greenhill & Co., Inc.		3,743		55,172
Guaranty Bancshares, Inc.		1,327		45,543
Hancock Whitney Corp.		2,275		104,559
Hanmi Financial Corp.		11,866		228,776
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		909		54,876
HarborOne Bancorp, Inc.		4,547		64,249
HCI Group, Inc.		973		108,645
Heartland Financial USA, Inc.		1,561		73,414
Heritage Commerce Corp.		7,120		80,242
Heritage Financial Corp.		2,327		59,222
Hilltop Holdings, Inc.		4,162		139,302
Hingham Institution for Savings (The)		247		80,151
Home Bancorp, Inc.		1,271		47,561
Home BancShares, Inc.		1,946		43,104
HomeStreet, Inc.		2,589		105,761
HomeTrust Bancshares, Inc.		1,612		44,846
Hope Bancorp, Inc.		7,778		107,259
Horace Mann Educators Corp.		848		34,768
Horizon Bancorp, Inc.		7,902		141,051
Howard Bancorp, Inc.^(b)		2,247		44,715
Independent Bank Corporation		3,556		74,463
Independent Bank Group, Inc.		875		61,626
International Bancshares Corp.		1,209		50,633
Investors Bancorp, Inc.		5,781		82,726
Investors Title Co.		295		56,599
Kearny Financial Corp.		5,182		65,760
Ladder Capital Corp.		4,805		54,825
Lakeland Bancorp, Inc.		6,087		102,749
Lakeland Financial Corp.		723		48,014
LendingClub Corp.^(b)		25,908		804,702
Live Oak Bancshares, Inc.		1,922		117,646
Maiden Holdings Ltd.^(b)		24,762		77,505
Marlin Business Services Corp.		6,412		142,667
Mercantile Bank Corp.		1,659		51,761
Merchants Bancorp		727		26,659
Meridian Bancorp, Inc.		6,511		135,299
Meta Financial Group, Inc.		10,522		517,577
MetroMile, Inc.^(b)(c)		3,238		12,952
Metropolitan Bank Holding Corp.^(b)		2,961		231,846
Mid Penn Bancorp, Inc.		1,191		31,669
Midland States Bancorp, Inc.		8,019		202,881
MidWestOne Financial Group, Inc.		1,638		48,092
Moelis & Co., Class A		1,545		95,713
Mr. Cooper Group, Inc.^(b)		8,316		323,326
MVB Financial Corp.		8,334		329,526
National Bank Holdings Corp., Class A		1,523		57,113
National Western Life Group, Inc., Class A		173		38,347
Navient Corp.		16,918		392,667
NBT Bancorp, Inc.		1,228		44,036
Nelnet, Inc., Class A		876		70,851

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


		31

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Financials-(continued)
New York Mortgage Trust, Inc.		8,634	$	38,162
Nicolet Bankshares, Inc.^(b)(c)		615		46,992
NMI Holdings, Inc., Class A^(b)		2,321		52,385
Northfield Bancorp, Inc.		4,101		69,307
Northrim BanCorp, Inc.		1,290		54,141
Northwest Bancshares, Inc.		3,848		50,101
OceanFirst Financial Corp.		2,321		49,344
Ocwen Financial Corp.^(b)		7,974		225,664
OFG Bancorp		5,386		128,241
Old National Bancorp		2,264		37,718
Old Second Bancorp, Inc.		6,085		71,560
Open Lending Corp., Class A^(b)		1,310		48,431
Oportun Financial Corp.^(b)		1,975		49,869
Oppenheimer Holdings, Inc., Class A		5,537		257,969
Orchid Island Capital, Inc.		5,528		27,751
Origin Bancorp, Inc.		3,218		132,421
Orrstown Financial Services, Inc.		3,450		82,317
Pacific Premier Bancorp, Inc.		2,213		88,431
Park National Corp.		897		105,164
Peapack-Gladstone Financial Corp.		2,846		94,800
PennyMac Mortgage Investment Trust		2,538		49,263
Peoples Bancorp, Inc.		2,365		73,883
Piper Sandler Cos.		2,131		304,563
PJT Partners, Inc., Class A		978		77,242
Preferred Bank		1,309		83,632
Premier Financial Bancorp, Inc.		2,243		40,396
Premier Financial Corp.		2,560		77,824
Primis Financial Corp.		3,202		47,998
ProAssurance Corp.		3,641		92,845
PROG Holdings, Inc.		751		35,537
Provident Bancorp, Inc.		4,519		73,343
Provident Financial Services, Inc.		6,085		134,296
Pzena Investment Management, Inc., Class A		6,664		72,704
QCR Holdings, Inc.		1,837		95,432
Radian Group, Inc.		1,867		44,117
RBB Bancorp		3,592		92,458
Ready Capital Corp.		7,336		112,314
Regional Management Corp.		5,684		337,800
Reliant Bancorp, Inc.		1,494		43,326
Renasant Corp.		2,562		89,926
Republic Bancorp, Inc., Class A		691		34,640
S&T Bancorp, Inc.		1,708		50,898
Safety Insurance Group, Inc.		383		31,142
Sandy Spring Bancorp, Inc.		2,780		121,125
Sculptor Capital Management, Inc.		7,519		212,788
Seacoast Banking Corp. of Florida		2,675		85,439
Selective Insurance Group, Inc.		604		50,476
ServisFirst Bancshares, Inc.		1,250		91,775
Sierra Bancorp		1,996		50,738
Silvergate Capital Corp., Class A^(b)		657		74,228
Simmons First National Corp., Class A		2,982		86,627
SiriusPoint Ltd. (Bermuda)^(b)		3,004		29,469
SmartFinancial, Inc.		1,684		42,066
South Plains Financial, Inc.		1,885		43,732
South State Corp.		408		27,981
Southern First Bancshares, Inc.^(b)		1,847		94,160
Southern Missouri Bancorp, Inc.		2,155		97,234
Southside Bancshares, Inc.		1,722		64,902
Spirit of Texas Bancshares, Inc.		3,216		76,058
StepStone Group, Inc., Class A		2,510		120,154


	Shares		Value
Financials-(continued)
Stewart Information Services Corp.		4,373	$	275,280
Stock Yards Bancorp, Inc.		738		38,066
StoneX Group, Inc.^(b)		863		60,142
Summit Financial Group, Inc.		2,278		54,535
Texas Capital Bancshares, Inc.^(b)		2,780		189,012
Tiptree, Inc.		8,997		90,960
Tompkins Financial Corp.		544		43,297
Towne Bank		3,224		98,235
TPG RE Finance Trust, Inc., (Acquired 06/25/2021-08/26/2021; Cost $46,108)^(d)		3,380		42,588
Trean Insurance Group, Inc.^(b)		2,265		23,126
TriCo Bancshares		2,001		79,140
TriState Capital Holdings, Inc.^(b)		2,475		50,020
Triumph Bancorp, Inc.^(b)		3,883		319,260
Trupanion, Inc.^(b)		773		70,791
TrustCo Bank Corp.		938		30,100
Trustmark Corp.		1,372		43,383
UMB Financial Corp.		680		62,274
United Community Banks, Inc.		2,504		75,546
Univest Financial Corp.		4,450		120,506
Valley National Bancorp		3,279		42,758
Velocity Financial, Inc.^(b)		5,520		71,042
Veritex Holdings, Inc.		5,277		189,603
Virtus Investment Partners, Inc.		426		133,210
Washington Federal, Inc.		1,190		39,627
Washington Trust Bancorp, Inc.		1,849		98,478
WesBanco, Inc.		3,194		108,596
West Bancorporation, Inc.		2,242		68,583
WisdomTree Investments, Inc.		13,184		83,191
World Acceptance Corp.^(b)(c)		1,350		256,324
WSFS Financial Corp.		2,135		96,950

				25,900,642

Health Care-10.67%
Accolade, Inc.^(b)		695		32,929
Accuray, Inc.^(b)		24,102		98,095
Aclaris Therapeutics, Inc.^(b)(c)		6,121		99,221
Affimed N.V. (Germany)^(b)		11,489		80,883
Agiliti, Inc.^(b)(c)		2,323		49,550
Aldeyra Therapeutics, Inc.^(b)		5,777		54,824
Allscripts Healthcare Solutions, Inc.^(b)		19,677		302,239
Alphatec Holdings, Inc.^(b)		7,109		102,938
AMN Healthcare Services, Inc.^(b)		1,203		136,565
Ampio Pharmaceuticals, Inc.^(b)		41,187		67,547
Anavex Life Sciences Corp.^(b)(c)		7,728		150,619
AngioDynamics, Inc.^(b)		2,335		66,081
Antares Pharma, Inc.^(b)		9,871		38,892
Apollo Medical Holdings, Inc.^(b)(c)		3,831		290,811
Apria, Inc.^(b)		1,211		43,196
Apyx Medical Corp.^(b)		3,863		45,622
Aratana Therapeutics, Inc., CVR^(b)(f)		540		135
Arvinas, Inc.^(b)		767		66,123
Asensus Surgical, Inc.^(b)		23,345		51,359
Atea Pharmaceuticals, Inc.^(b)		4,518		134,275
Athira Pharma, Inc.^(b)(c)		1,685		17,844
Avid Bioservices, Inc.^(b)		11,439		277,281
AxoGen, Inc.^(b)		4,588		78,271
Beam Therapeutics, Inc.^(b)(c)		605		67,107
Berkeley Lights, Inc.^(b)(c)		687		24,430

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


		32

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Health Care-(continued)
BioCryst Pharmaceuticals, Inc.^(b)(c)		6,468	$	102,971
BioLife Solutions, Inc.^(b)		1,815		105,923
Bionano Genomics, Inc.^(b)(c)		32,429		189,061
Brookdale Senior Living, Inc.^(b)		72,536		529,513
Brooklyn ImmunoTherapeutics, Inc.^(b)		3,576		43,162
C4 Therapeutics, Inc.^(b)		892		35,796
Cardiff Oncology, Inc.^(b)		4,500		32,985
CareDx, Inc.^(b)		976		71,521
Cassava Sciences, Inc.^(b)(c)		3,905		221,999
Castlight Health, Inc., Class B^(b)		14,137		25,588
Celcuity, Inc.^(b)(c)		2,265		49,830
Celldex Therapeutics, Inc.^(b)(c)		2,189		115,251
Chimerix, Inc.^(b)		7,739		54,947
Citius Pharmaceuticals, Inc.^(b)(c)		17,870		40,208
ClearPoint Neuro, Inc.^(b)(c)		5,828		109,974
Codexis, Inc.^(b)(c)		2,675		72,279
Collegium Pharmaceutical, Inc.^(b)		2,153		44,201
Community Health Systems, Inc.^(b)		49,598		610,551
Computer Programs & Systems, Inc.^(b)		1,309		46,561
CONMED Corp.		527		69,216
CorVel Corp.^(b)		333		54,882
Covetrus, Inc.^(b)		1,175		26,543
Cross Country Healthcare, Inc.^(b)		22,477		488,875
CryoLife, Inc.^(b)		1,956		51,325
CryoPort, Inc.^(b)(c)		1,009		64,142
Curis, Inc.^(b)(c)		13,157		116,439
Cutera, Inc.^(b)(c)		4,052		201,547
Denali Therapeutics, Inc.^(b)		600		31,920
DermTech, Inc.^(b)(c)		2,255		83,886
Eargo, Inc.^(b)		738		14,767
Endo International PLC^(b)		22,265		50,987
Ensign Group, Inc. (The)		1,090		89,020
Evolent Health, Inc., Class A^(b)(c)		5,987		147,041
Forian, Inc.^(b)		5,877		71,758
Forte Biosciences, Inc.^(b)		1,341		39,452
Fulgent Genetics, Inc.^(b)(c)		4,349		396,803
Glaukos Corp.^(b)		577		34,407
GT Biopharma, Inc.^(b)		5,543		49,277
Hanger, Inc.^(b)		3,521		84,081
Harvard Bioscience, Inc.^(b)		11,192		92,446
Health Catalyst, Inc.^(b)(c)		638		34,841
Heska Corp.^(b)		624		165,547
InfuSystem Holdings, Inc.^(b)		2,659		37,891
Inogen, Inc.^(b)		1,294		76,592
Inotiv, Inc.^(b)		5,429		141,317
Inovalon Holdings, Inc., Class A^(b)		1,369		55,924
Intellia Therapeutics, Inc.^(b)		1,016		163,098
Ironwood Pharmaceuticals, Inc.^(b)		2,589		33,916
Joint Corp. (The)^(b)		3,771		385,283
KalVista Pharmaceuticals, Inc.^(b)		2,001		40,900
KemPharm, Inc.^(b)		4,796		44,603
Kymera Therapeutics, Inc.^(b)		846		52,570
Lantheus Holdings, Inc.^(b)		1,493		39,370
LeMaitre Vascular, Inc.		2,492		141,097
Lineage Cell Therapeutics, Inc.^(b)		16,270		41,000
Magellan Health, Inc.^(b)		594		56,204
MannKind Corp.^(b)(c)		18,868		90,566
Merit Medical Systems, Inc.^(b)		539		38,684
MiMedx Group, Inc.^(b)(c)		5,064		74,745
Mind Medicine MindMed, Inc. (Canada)^(b)		50,620		146,292


	Shares		Value
Health Care-(continued)
ModivCare, Inc.^(b)		1,151	$	227,046
Myriad Genetics, Inc.^(b)		3,238		115,856
National HealthCare Corp.		615		45,418
Neuronetics, Inc.^(b)		4,426		29,743
NextGen Healthcare, Inc.^(b)		5,342		81,519
Nurix Therapeutics, Inc.^(b)		1,311		42,201
Ocugen, Inc.^(b)		23,053		174,972
Omnicell, Inc.^(b)		266		41,302
OPKO Health, Inc.^(b)		7,763		29,965
OptimizeRx Corp.^(b)		4,414		292,119
Oramed Pharmaceuticals, Inc. (Israel)^(b)(c)		5,480		107,846
Organogenesis Holdings, Inc.^(b)		4,236		72,266
Orthofix Medical, Inc.^(b)		682		28,917
Outset Medical, Inc.^(b)		735		36,228
Owens & Minor, Inc.		11,165		416,231
Pacific Biosciences of California, Inc.^(b)		3,794		118,790
Pacira BioSciences, Inc.^(b)		647		38,361
Patterson Cos., Inc.		1,723		52,793
Pennant Group, Inc. (The)^(b)		1,193		36,470
Personalis, Inc.^(b)		1,509		31,961
Phreesia, Inc.^(b)		593		42,429
Prestige Consumer Healthcare, Inc.^(b)		647		37,131
Progyny, Inc.^(b)		683		38,159
Protagonist Therapeutics, Inc.^(b)		1,550		75,175
Prothena Corp. PLC (Ireland)^(b)		1,845		123,836
Pulmonx Corp.^(b)		874		35,126
Quanterix Corp.^(b)		867		44,260
RadNet, Inc.^(b)		4,461		140,120
Rigel Pharmaceuticals, Inc.^(b)		12,268		46,618
Rocket Pharmaceuticals, Inc.^(b)(c)		722		24,700
Rubius Therapeutics, Inc.^(b)		2,196		47,697
SeaSpine Holdings Corp.^(b)		1,868		31,345
Select Medical Holdings Corp.		4,425		152,972
Senseonics Holdings, Inc.^(b)(c)		18,204		72,998
Seres Therapeutics, Inc.^(b)		5,160		33,076
Sesen Bio, Inc.^(b)		34,363		32,573
Sharps Compliance Corp.^(b)		3,524		31,681
Shattuck Labs, Inc.^(b)		1,025		21,658
Shockwave Medical, Inc.^(b)		414		88,683
SI-BONE, Inc.^(b)		1,838		44,866
STAAR Surgical Co.^(b)		346		53,447
Summit Therapeutics, Inc.^(b)		6,479		51,638
Supernus Pharmaceuticals, Inc.^(b)		1,287		35,431
Surface Oncology, Inc.^(b)(c)		8,458		53,539
Surgery Partners, Inc.^(b)		2,456		120,835
Sutro Biopharma, Inc.^(b)(c)		2,292		49,782
Tenet Healthcare Corp.^(b)		2,765		208,343
Tivity Health, Inc.^(b)		5,196		120,807
Triple-S Management Corp., Class B^(b)		2,207		78,349
Twist Bioscience Corp.^(b)		507		57,397
US Physical Therapy, Inc.		587		68,914
Vanda Pharmaceuticals, Inc.^(b)		4,212		70,509
Varex Imaging Corp.^(b)		2,857		83,339
Vaxart, Inc.^(b)(c)		16,904		151,291
Vericel Corp.^(b)		3,915		212,076
ViewRay, Inc.^(b)		9,340		56,414
VistaGen Therapeutics, Inc.^(b)		43,862		133,340
Vocera Communications, Inc.^(b)(c)		1,820		88,252

				13,877,222

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


		33

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Industrials-20.60%
AAR Corp.^(b)		3,452	$	116,850
ABM Industries, Inc.		872		43,181
Acacia Research Corp.^(b)		4,871		29,664
ACCO Brands Corp.		10,803		101,224
AeroVironment, Inc.^(b)		348		35,621
Air Transport Services Group, Inc.^(b)		1,352		37,031
Alamo Group, Inc.		533		82,620
Albany International Corp., Class A		521		40,810
Allegiant Travel Co.^(b)		264		50,804
Allied Motion Technologies, Inc.		1,270		43,891
Alta Equipment Group, Inc.^(b)		2,610		34,609
Altra Industrial Motion Corp.		1,340		78,470
Ameresco, Inc., Class A^(b)		2,788		192,790
American Superconductor Corp.^(b)		2,583		38,487
American Woodmark Corp.^(b)		657		46,292
Apogee Enterprises, Inc.		4,598		197,622
Applied Industrial Technologies, Inc.		680		60,391
ArcBest Corp.		7,834		522,763
Arcosa, Inc.		939		47,720
Argan, Inc.		689		31,901
Array Technologies, Inc.^(b)		4,197		80,037
ASGN, Inc.^(b)		337		37,808
Astec Industries, Inc.		1,205		73,674
Astronics Corp.^(b)		1,609		21,496
Atkore, Inc.^(b)		3,445		319,593
Atlas Air Worldwide Holdings, Inc.^(b)		2,568		187,901
Avis Budget Group, Inc.^(b)		1,051		95,378
AZZ, Inc.		1,870		100,138
Babcock & Wilcox Enterprises, Inc.^(b)		21,518		157,081
Barnes Group, Inc.		600		28,602
Barrett Business Services, Inc.		850		65,875
Beacon Roofing Supply, Inc.^(b)		2,451		126,177
Beam Global^(b)(c)		2,864		89,185
Blink Charging Co.^(b)(c)		5,361		173,857
Bloom Energy Corp., Class A^(b)(c)		3,470		74,327
Blue Bird Corp.^(b)		2,626		56,853
BlueLinx Holdings, Inc.^(b)		8,641		497,376
Boise Cascade Co.		3,421		197,905
BrightView Holdings, Inc.^(b)		1,969		30,185
Brink’s Co. (The)		1,176		91,916
Byrna Technologies, Inc.^(b)		1,233		36,102
Caesarstone Ltd.		2,180		28,340
CAI International, Inc.		9,513		532,443
CBIZ, Inc.^(b)		1,698		57,919
Chart Industries, Inc.^(b)		1,177		221,723
Columbus McKinnon Corp.		2,284		105,178
Comfort Systems USA, Inc.		2,480		188,430
Commercial Vehicle Group, Inc.^(b)		30,565		321,238
Concrete Pumping Holdings, Inc.^(b)		6,415		53,309
Construction Partners, Inc.^(b)		2,833		94,821
Cornerstone Building Brands, Inc.^(b)		11,963		198,825
Costamare, Inc. (Monaco)		10,560		151,853
Covanta Holding Corp.		7,452		149,413
Covenant Logistics Group, Inc., Class A^(b)		3,427		83,482
CRA International, Inc.		2,933		272,740
CSW Industrials, Inc.		764		101,452
Daseke, Inc.^(b)		22,431		211,973
Deluxe Corp.		5,374		206,093
Ducommun, Inc.^(b)		1,217		64,136
DXP Enterprises, Inc.^(b)		2,774		83,165


	Shares		Value
Industrials-(continued)
Dycom Industries, Inc.^(b)		3,855	$	290,397
Eagle Bulk Shipping, Inc.^(b)		2,560		126,438
Echo Global Logistics, Inc.^(b)		3,328		109,425
EMCOR Group, Inc.		549		66,704
Encore Wire Corp.		1,471		125,050
Energy Recovery, Inc.^(b)		4,851		99,106
Enerpac Tool Group Corp.		1,656		41,665
EnerSys		508		42,972
Ennis, Inc.		1,831		35,540
EnPro Industries, Inc.		1,998		170,849
Evoqua Water Technologies Corp.^(b)		1,625		63,245
ExOne Co. (The)^(b)		2,609		64,051
Federal Signal Corp.		980		39,817
Fluor Corp.^(b)(c)		2,771		46,165
Forward Air Corp.		1,201		105,892
Franklin Electric Co., Inc.		604		51,328
FuelCell Energy, Inc.^(b)(c)		15,050		93,912
GATX Corp.		649		59,500
Genco Shipping & Trading Ltd		1,899		37,012
Gibraltar Industries, Inc.^(b)		939		70,106
Global Industrial Co.		1,227		47,227
GMS, Inc.^(b)		5,540		273,731
GP Strategies Corp.^(b)		7,127		147,386
GrafTech International Ltd.		4,863		53,833
Granite Construction, Inc.		7,118		288,564
Great Lakes Dredge & Dock Corp.^(b)		6,517		98,472
Greenbrier Cos., Inc. (The)		7,807		344,289
Griffon Corp.		3,123		75,577
H&E Equipment Services, Inc.		6,594		224,526
Harsco Corp.^(b)		5,571		101,615
Healthcare Services Group, Inc.		1,261		32,988
Heidrick & Struggles International, Inc.		3,497		151,140
Helios Technologies, Inc.		1,819		148,467
Herc Holdings, Inc.^(b)		2,921		383,965
Heritage-Crystal Clean, Inc.^(b)		2,166		63,984
Herman Miller, Inc.		4,856		204,098
Hillenbrand, Inc.		1,988		92,283
HireQuest, Inc.		2,235		41,459
HNI Corp.		1,946		73,734
Hub Group, Inc., Class A^(b)		1,080		75,816
Huron Consulting Group, Inc.^(b)		737		36,386
HyreCar, Inc.^(b)		4,560		51,254
Hyster-Yale Materials Handling, Inc.		2,836		166,218
ICF International, Inc.		851		79,705
IES Holdings, Inc.^(b)		2,812		137,507
Infrastructure and Energy Alternatives, Inc.^(b)		20,325		260,770
Insperity, Inc.		539		59,473
Insteel Industries, Inc.		7,054		260,998
Interface, Inc.		9,864		141,844
JELD-WEN Holding, Inc.^(b)		3,805		104,790
John Bean Technologies Corp.		333		48,581
Kadant, Inc.		539		112,716
KAR Auction Services, Inc.^(b)		1,989		33,634
KBR, Inc.		1,017		39,602
Kelly Services, Inc., Class A		5,443		105,812
Kennametal, Inc.		973		36,176
Kforce, Inc.		4,389		256,405
Kimball International, Inc., Class B		2,260		28,182
Korn Ferry		2,767		195,599
Kratos Defense & Security Solutions, Inc.^(b)		1,306		32,284

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


		34

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Industrials-(continued)
Lawson Products, Inc.^(b)		739	$	38,982
Lindsay Corp.		610		100,497
Luxfer Holdings PLC (United Kingdom)		3,558		75,963
Lydall, Inc.^(b)		8,335		516,603
Manitowoc Co., Inc. (The)^(b)		8,904		215,922
ManTech International Corp., Class A		397		31,430
Masonite International Corp.^(b)		939		112,380
Matson, Inc.		3,842		304,171
Matthews International Corp., Class A		6,989		258,803
Maxar Technologies, Inc.		5,350		170,076
Mayville Engineering Co., Inc.^(b)		3,942		58,815
McGrath RentCorp		1,023		71,385
Meritor, Inc.^(b)		2,015		47,796
Mesa Air Group, Inc.^(b)		31,818		253,908
Miller Industries, Inc.		1,528		56,872
Mistras Group, Inc.^(b)		9,067		96,201
Montrose Environmental Group, Inc.^(b)		921		46,050
Moog, Inc., Class A		1,510		119,954
MRC Global, Inc.^(b)		18,531		151,954
Mueller Industries, Inc.		3,189		142,261
Mueller Water Products, Inc., Class A		4,838		80,408
MYR Group, Inc.^(b)		6,415		667,224
Northwest Pipe Co.^(b)		1,041		26,983
NV5 Global, Inc.^(b)(c)		1,493		157,735
PAM Transportation Services, Inc.^(b)		1,316		46,021
Park-Ohio Holdings Corp.		5,437		140,166
PGT Innovations, Inc.^(b)		3,317		70,420
Pitney Bowes, Inc.		80,762		603,292
Powell Industries, Inc.		910		23,023
Preformed Line Products Co.		376		26,365
Primoris Services Corp.		7,019		180,388
Quanex Building Products Corp.		8,551		201,462
Radiant Logistics, Inc.^(b)		14,971		102,551
Raven Industries, Inc.^(b)		3,303		192,730
Resideo Technologies, Inc.^(b)		7,274		234,514
Resources Connection, Inc.		2,934		46,357
REV Group, Inc.		12,904		209,819
Rexnord Corp.		619		37,610
RR Donnelley & Sons Co.^(b)		68,158		334,656
Rush Enterprises, Inc., Class A		3,389		149,455
Safe Bulkers, Inc. (Greece)^(b)		38,412		155,184
Saia, Inc.^(b)		283		67,957
Shyft Group, Inc. (The)		7,195		316,652
SkyWest, Inc.^(b)		1,329		61,998
SPX Corp.^(b)		986		61,605
SPX FLOW, Inc.		1,610		129,653
Standex International Corp.		1,251		124,149
Steelcase, Inc., Class A		2,834		39,931
Stem, Inc.^(b)(c)		5,154		128,798
Sterling Construction Co., Inc.^(b)		11,914		274,737
Team, Inc.^(b)		4,543		20,353
Tennant Co.		562		41,577
Terex Corp.		4,288		218,902
Textainer Group Holdings Ltd. (China)^(b)		17,858		593,243
Thermon Group Holdings, Inc.^(b)		1,855		30,979
Titan International, Inc.^(b)		45,383		377,133
Titan Machinery, Inc.^(b)		11,847		340,246
TPI Composites, Inc.^(b)(c)		4,153		150,795
Transcat, Inc.^(b)		2,757		186,814
TriMas Corp.^(b)		1,498		48,101


	Shares		Value
Industrials-(continued)
Trinity Industries, Inc.^(c)		973	$	28,246
Triton International Ltd. (Bermuda)		2,228		121,916
TrueBlue, Inc.^(b)		6,344		173,382
Tutor Perini Corp.^(b)		2,955		42,611
UFP Industries, Inc.		707		53,082
Universal Logistics Holdings, Inc.		1,206		26,375
Upwork, Inc.^(b)		1,676		74,934
US Xpress Enterprises, Inc., Class A^(b)(c)		9,839		85,993
Veritiv Corp.^(b)		10,592		949,785
View, Inc.^(b)(c)		2,934		14,699
VSE Corp.		1,493		74,635
Wabash National Corp.		7,739		120,264
Watts Water Technologies, Inc., Class A		398		68,285
Welbilt, Inc.^(b)		7,315		171,171
WESCO International, Inc.^(b)		2,011		235,327
Willdan Group, Inc.^(b)		1,559		58,946
Willis Lease Finance Corp.^(b)		967		36,408
WillScot Mobile Mini Holdings Corp.^(b)		1,006		29,778
Yellow Corp.^(b)(c)		49,002		298,422

				26,785,272

Information Technology-8.56%
3D Systems Corp.^(b)		4,795		145,960
8x8, Inc.^(b)		1,219		29,439
A10 Networks, Inc.^(b)		2,848		39,559
ADTRAN, Inc.		4,538		93,755
Advanced Energy Industries, Inc.		326		29,399
Agilysys, Inc.^(b)		3,108		176,628
Alpha & Omega Semiconductor Ltd.^(b)		8,678		252,096
Altair Engineering, Inc., Class A^(b)		712		52,681
Ambarella, Inc.^(b)		530		54,892
Appian Corp.^(b)(c)		334		35,805
Arlo Technologies, Inc.^(b)		6,677		41,397
Avaya Holdings Corp.^(b)		2,906		58,614
Aviat Networks, Inc.^(b)		6,198		219,657
Avid Technology, Inc.^(b)		9,242		238,536
Axcelis Technologies, Inc.^(b)		1,207		60,000
AXT, Inc.^(b)		7,695		71,640
Badger Meter, Inc.		360		38,552
Belden, Inc.		1,349		77,230
Benchmark Electronics, Inc.		3,160		85,415
Brightcove, Inc.^(b)		4,901		55,675
CalAmp Corp.^(b)		3,614		40,983
Calix, Inc.^(b)		4,674		217,808
Cambium Networks Corp.^(b)		1,993		74,678
Cantaloupe, Inc.^(b)		4,743		48,568
Casa Systems, Inc.^(b)		6,018		42,367
Cerence, Inc.^(b)(c)		618		67,016
ChannelAdvisor Corp.^(b)		3,498		89,619
Cleanspark, Inc.^(b)(c)		8,285		114,333
Clearfield, Inc.^(b)		3,993		180,923
Cohu, Inc.^(b)		3,769		134,478
CommVault Systems, Inc.^(b)		761		61,618
Comtech Telecommunications Corp.		2,457		62,703
Conduent, Inc.^(b)		62,592		456,922
CTS Corp.		3,531		123,867
Daktronics, Inc.^(b)		6,467		39,384
Diebold Nixdorf, Inc.^(b)		21,502		233,942
Digi International, Inc.^(b)		5,243		115,241
Digital Turbine, Inc.^(b)(c)		1,502		87,792

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


		35

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Information Technology-(continued)
Diodes, Inc.^(b)		559	$	54,128
Domo, Inc., Class B^(b)		1,240		110,980
DZS, Inc.^(b)		2,283		31,528
Eastman Kodak Co.^(b)		6,358		46,286
Ebix, Inc.		1,056		30,392
EMCORE Corp.^(b)		12,233		91,503
ePlus, Inc.^(b)		621		67,205
EVERTEC, Inc.		874		40,423
ExlService Holdings, Inc.^(b)		577		71,052
Extreme Networks, Inc.^(b)		20,514		222,167
Fabrinet (Thailand)^(b)		378		38,942
FARO Technologies, Inc.^(b)		534		36,814
GreenBox POS^(b)(c)		5,568		54,288
Grid Dynamics Holdings, Inc.^(b)		3,163		84,674
Harmonic, Inc.^(b)		3,917		36,193
Ichor Holdings Ltd.^(b)		3,810		168,821
Identiv, Inc.^(b)		8,175		145,188
Impinj, Inc.^(b)(c)		709		41,328
Insight Enterprises, Inc.^(b)		1,973		203,002
Iteris, Inc.^(b)		4,697		26,773
J2 Global, Inc.^(b)		296		40,759
Kimball Electronics, Inc.^(b)		6,028		145,697
Kopin Corp.^(b)(c)		21,923		128,907
Kulicke & Soffa Industries, Inc. (Singapore)		2,232		156,664
Luna Innovations, Inc.^(b)		3,452		37,178
Marathon Digital Holdings, Inc.^(b)(c)		8,052		326,831
MaxLinear, Inc.^(b)		1,549		80,904
Meta Materials, Inc.^(b)(c)		19,351		89,982
Methode Electronics, Inc.		1,518		70,693
MicroStrategy, Inc., Class A^(b)(c)		386		268,000
MicroVision, Inc.^(b)(c)		13,067		192,477
Mitek Systems, Inc.^(b)		3,620		80,979
MoneyGram International, Inc.^(b)		38,917		349,864
NETGEAR, Inc.^(b)		2,574		91,969
Onto Innovation, Inc.^(b)		995		73,759
OSI Systems, Inc.^(b)		379		37,498
PAR Technology Corp.^(b)(c)		1,488		101,080
Perficient, Inc.^(b)		1,887		224,968
Photronics, Inc.^(b)		2,453		36,967
Plantronics, Inc.^(b)		8,459		251,909
Plexus Corp.^(b)		763		70,066
Priority Technology Holdings, Inc.^(b)		5,737		34,594
QAD, Inc., Class A		615		53,511
Quantum Corp.^(b)		8,361		52,173
Rekor Systems, Inc.^(b)		7,271		79,399
Ribbon Communications, Inc.^(b)		7,728		50,464
Riot Blockchain, Inc.^(b)(c)		7,816		291,693
Rogers Corp.^(b)		244		51,828
SailPoint Technologies Holding, Inc.^(b)(c)		892		41,799
Sanmina Corp.^(b)		3,163		124,875
ScanSource, Inc.^(b)		1,890		67,246
ShotSpotter, Inc.^(b)		705		28,080
SiTime Corp.^(b)		587		124,937
SMART Global Holdings, Inc.^(b)		1,655		80,201
Sprout Social, Inc., Class A^(b)		1,274		154,918
Sumo Logic, Inc.^(b)		1,939		40,428
SunPower Corp.^(b)(c)		4,512		97,234
Synaptics, Inc.^(b)		644		122,218
TTEC Holdings, Inc.		412		43,450
TTM Technologies, Inc.^(b)		4,100		57,400


	Shares		Value
Information Technology-(continued)
Tucows, Inc., Class A^(b)(c)		369	$	27,347
Turtle Beach Corp.^(b)		4,601		130,714
Ultra Clean Holdings, Inc.^(b)		3,960		183,110
Unisys Corp.^(b)		7,935		192,106
Veeco Instruments, Inc.^(b)		3,295		75,093
Verint Systems, Inc.^(b)		2,840		126,778
Viant Technology, Inc., Class A^(b)(c)		1,908		26,235
Vishay Intertechnology, Inc.		3,101		68,129
Vishay Precision Group, Inc.^(b)		1,071		40,023
Workiva, Inc.^(b)(c)		474		66,488
Xperi Holding Corp.		4,465		95,417

				11,135,898

Materials-6.17%
AdvanSix, Inc.^(b)		14,684		535,966
Allegheny Technologies, Inc.^(b)		1,702		30,398
American Vanguard Corp.		2,786		42,709
Amyris, Inc.^(b)		2,618		39,401
Arconic Corp.^(b)		4,696		161,965
Avient Corp.		2,117		110,275
Cabot Corp.		1,027		54,842
Carpenter Technology Corp.		2,559		85,343
Century Aluminum Co.^(b)		5,678		72,792
Coeur Mining, Inc.^(b)		15,978		112,645
Commercial Metals Co.		2,291		74,732
Compass Minerals International, Inc.		867		58,028
Constellium SE^(b)		15,198		307,304
Danimer Scientific, Inc.^(b)(c)		4,158		81,247
Domtar Corp.^(b)		6,035		330,899
Ferro Corp.^(b)		5,188		107,910
Forterra, Inc.^(b)		7,436		171,325
GCP Applied Technologies, Inc.^(b)		1,664		39,670
Greif, Inc., Class A		1,645		104,161
H.B. Fuller Co.		961		64,935
Hawkins, Inc.		2,881		109,132
Haynes International, Inc.		1,342		52,673
Hecla Mining Co.		14,441		88,812
Ingevity Corp.^(b)		901		72,431
Innospec, Inc.		364		34,070
Intrepid Potash, Inc.^(b)		2,953		91,573
Kaiser Aluminum Corp.		910		114,897
Koppers Holdings, Inc.^(b)		4,728		155,551
Kraton Corp.^(b)		6,153		259,164
Livent Corp.^(b)		6,386		158,820
Materion Corp.		571		41,700
Minerals Technologies, Inc.		1,415		111,276
Myers Industries, Inc.		3,876		88,373
O-I Glass, Inc.^(b)		13,213		199,913
Olympic Steel, Inc.		9,080		247,521
Orion Engineered Carbons S.A. (Germany)^(b)		8,461		149,506
Pactiv Evergreen, Inc.		2,284		31,405
Ranpak Holdings Corp.^(b)		6,314		193,840
Rayonier Advanced Materials, Inc.^(b)		47,768		337,242
Ryerson Holding Corp.		13,266		307,108
Schnitzer Steel Industries, Inc., Class A		9,570		452,757
Schweitzer-Mauduit International, Inc., Class A		2,142		81,974
Sensient Technologies Corp.		867		75,299
Stepan Co.		347		40,793
Summit Materials, Inc., Class A^(b)		3,512		118,249
SunCoke Energy, Inc.		57,543		399,924

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


		36

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021


	Shares		Value
Materials-(continued)
TimkenSteel Corp.^(b)		33,454	$	457,651
Tredegar Corp.		2,456		32,616
Trinseo S.A.		7,278		377,947
Tronox Holdings PLC, Class A		14,034		296,538
United States Lime & Minerals, Inc.		258		37,691
Valhi, Inc.		1,616		38,331
Verso Corp., Class A		5,567		106,051
Worthington Industries, Inc.		1,228		71,163

				8,018,538

Real Estate-2.53%
Acadia Realty Trust		2,512		53,305
Alexander & Baldwin, Inc.		2,465		51,469
Apartment Investment & Management Co., Class A		11,304		81,163
Armada Hoffler Properties, Inc.		4,603		61,818
Brandywine Realty Trust		4,208		58,407
Broadstone Net Lease, Inc.		2,907		79,652
CareTrust REIT, Inc.		1,289		28,345
CatchMark Timber Trust, Inc., Class A		2,631		30,362
Chatham Lodging Trust^(b)		3,415		40,980
Columbia Property Trust, Inc.		2,358		39,426
CTO Realty Growth, Inc.		907		50,874
Empire State Realty Trust, Inc., Class A		6,072		62,359
Essential Properties Realty Trust, Inc.		1,316		42,652
eXp World Holdings, Inc.^(c)		2,496		114,442
Farmland Partners, Inc.		4,481		54,892
Gladstone Land Corp.		1,939		45,663
Independence Realty Trust, Inc.		2,930		60,006
Industrial Logistics Properties Trust		1,499		41,118
Innovative Industrial Properties, Inc.		282		69,347
iStar, Inc.		1,709		45,203
Kite Realty Group Trust		4,255		86,206
Macerich Co. (The)^(c)		2,543		43,434
Monmouth Real Estate Investment Corp.		1,577		29,931
National Storage Affiliates Trust		950		54,387
NETSTREIT Corp.		2,858		73,908
New Senior Investment Group, Inc.		14,660		127,982
Newmark Group, Inc., Class A		6,124		83,409
NexPoint Residential Trust, Inc.		888		57,534
Office Properties Income Trust		953		25,283
One Liberty Properties, Inc.		1,536		48,906
Paramount Group, Inc.		3,294		29,185
Plymouth Industrial REIT, Inc.		1,815		42,761
PotlatchDeltic Corp.		688		35,742


	Shares		Value
Real Estate-(continued)
Rafael Holdings, Inc., Class B^(b)		2,286	$	95,669
Realogy Holdings Corp.^(b)		26,276		461,144
Retail Opportunity Investments Corp.		3,120		56,410
Retail Properties of America, Inc., Class A		7,159		94,642
RPT Realty		7,388		95,601
SITE Centers Corp.		4,711		75,894
St. Joe Co. (The)		1,657		76,669
Tanger Factory Outlet Centers, Inc.^(c)		12,228		204,452
UMH Properties, Inc.		3,455		81,883
Urban Edge Properties		5,384		101,973
Urstadt Biddle Properties, Inc., Class A		2,557		48,788
Xenia Hotels & Resorts, Inc.^(b)		2,570		44,769

				3,288,045

Utilities-0.17%
ALLETE, Inc.		401		27,036
Avista Corp.		733		30,676
Chesapeake Utilities Corp.		422		55,155
Otter Tail Corp.		883		48,450
Unitil Corp.		651		32,290
Via Renewables, Inc.^(c)		2,612		29,254

				222,861

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $124,900,593)				129,982,739


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.81%
Invesco Private Government Fund, 0.02%^(g)(h)(i)		3,396,398		3,396,398
Invesco Private Prime Fund, 0.11%^(g)(h)(i)		8,060,588		8,063,812

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,460,210)				11,460,210

TOTAL INVESTMENTS IN SECURITIES-108.77% (Cost $136,360,803)				141,442,949
OTHER ASSETS LESS LIABILITIES-(8.77)%				(11,408,169	)

NET ASSETS-100.00%			$	130,034,780

Investment Abbreviations:

CVR-Contingent Value Rights

REIT -Real Estate Investment Trust

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


		37

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

August 31, 2021

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(d)	Restricted security. The aggregate value of these securities at August 31, 2021 was $412,107, which represented less than 1% of the Fund’s Net Assets.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(g)


	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2021			Dividend Income
Invesco Mortgage Capital, Inc.		$	153,018		$	149,149		$	(330,902	)		$	33,781		$	(5,046	)		$	-		$	2,550
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			4,151,934			(4,151,934	)			-			-				-			17
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			77,818			(77,818	)			-			-				-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,107,189			20,566,268			(19,277,059	)			-			-				3,396,398			389	*
Invesco Private Prime Fund			702,405			29,800,710			(22,439,565	)			-			262				8,063,812			3,685	*

Total		$	2,962,612		$	54,745,879		$	(46,277,278	)		$	33,781		$	(4,784	)		$	11,460,210		$	6,641

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(h)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

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


		38

Statements of Assets and Liabilities

August 31, 2021


	Invesco International Developed Dynamic Multifactor ETF (IMFL)			Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)			Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	134,669,604		$	1,697,579,796		$	129,982,739
Affiliated investments in securities, at value			3,228,363			50,978,799			11,460,210
Foreign currencies, at value			15,791			-			-
Receivable for:
Dividends			369,550			1,796,542			77,377
Securities lending			553			5,721			5,320
Investments sold			11			3,752,346			248,046
Investments sold - affiliated broker			-			-			216,260
Fund shares sold			-			964,875			1,620,375
Foreign tax reclaims			69,082			-			-

Total assets			138,352,954			1,755,078,079			143,610,327


Liabilities:
Due to custodian			-			2,102,884			12,951
Payable for:
Investments purchased			28			933,691			1,818,817
Investments purchased - affiliated broker			-			1,926,100			245,849
Collateral upon return of securities loaned			3,056,857			45,266,025			11,460,210
Accrued unitary management fees			38,634			397,230			37,720
Other payables			4,309			-			-

Total liabilities			3,099,828			50,625,930			13,575,547

Net Assets		$	135,253,126		$	1,704,452,149		$	130,034,780


Net assets consist of:
Shares of beneficial interest		$	127,645,250		$	1,569,603,030		$	137,372,600
Distributable earnings (loss)			7,607,876			134,849,119			(7,337,820	)

Net Assets		$	135,253,126		$	1,704,452,149		$	130,034,780

Shares outstanding (unlimited amount authorized, $0.01 par value)			5,000,001			35,330,001			3,210,001
Net asset value		$	27.05		$	48.24		$	40.51

Market price		$	27.16		$	48.24		$	40.50

Unaffiliated investments in securities, at cost		$	129,252,776		$	1,513,581,081		$	124,900,593

Affiliated investments in securities, at cost		$	3,228,363		$	50,667,250		$	11,460,210

Foreign currencies, at cost		$	15,796		$	-		$	-

^(a)Includes securities on loan with an aggregate value of:		$	2,455,581		$	44,306,810		$	11,270,970

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


		39

Statements of Operations

For the year ended August 31, 2021


	Invesco International Developed Dynamic Multifactor ETF (IMFL)^(a)				Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income		$	2,567,631			$	20,452,139			$	893,173
Affiliated dividend income			35				94,090				2,567
Non-cash dividend income			295,150				-				17,713
Securities lending income			6,955				109,118				64,075
Foreign withholding tax			(250,187	)			(6,038	)			(1,355	)

Total investment income			2,619,584				20,649,309				976,173


Expenses:
Unitary management fees			215,165				3,916,120				303,563
Tax expenses			-				23				184

Total expenses			215,165				3,916,143				303,747

Less: Waivers			(128	)			(624	)			(21	)

Net expenses			215,037				3,915,519				303,726

Net investment income			2,404,547				16,733,790				672,447


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			1,308,736				82,187,701				1,614,895
Affiliated investment securities			-				1,791,077				(4,784	)
Unaffiliated in-kind redemptions			62,421				324,839,771				30,235,563
Affiliated in-kind redemptions			-				342,145				-
Foreign currencies			(87,678	)			-				-

Net realized gain			1,283,479				409,160,694				31,845,674

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			5,416,828				151,116,709				2,063,040
Affiliated investment securities			-				181,742				33,781
Foreign currencies			(939	)			-				-

Change in net unrealized appreciation			5,415,889				151,298,451				2,096,821

Net realized and unrealized gain			6,699,368				560,459,145				33,942,495

Net increase in net assets resulting from operations		$	9,103,915			$	577,192,935			$	34,614,942

^(a)	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.

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


		40

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)								Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)
	2021^(a)				2021				2020				2021				2020
Operations:
Net investment income		$	2,404,547			$	16,733,790			$	19,606,018			$	672,447			$	563,526
Net realized gain (loss)			1,283,479				409,160,694				50,003,481				31,845,674				(7,738,749	)
Change in net unrealized appreciation			5,415,889				151,298,451				40,149,833				2,096,821				3,320,847

Net increase (decrease) in net assets resulting from operations			9,103,915				577,192,935				109,759,332				34,614,942				(3,854,376	)


Distributions to Shareholders from:
Distributable earnings			(1,433,650	)			(18,997,510	)			(19,330,423	)			(601,610	)			(605,377	)


Shareholder Transactions:
Proceeds from shares sold			128,885,701				1,811,414,095				1,926,522,814				164,993,605				91,550,548
Value of shares repurchased			(1,302,840	)			(1,655,890,807	)			(2,078,760,160	)			(112,574,153	)			(56,295,368	)

Net increase (decrease) in net assets resulting from share transactions			127,582,861				155,523,288				(152,237,346	)			52,419,452				35,255,180

Net increase (decrease) in net assets			135,253,126				713,718,713				(61,808,437	)			86,432,784				30,795,427

Net assets:
Beginning of period			-				990,733,436				1,052,541,873				43,601,996				12,806,569

End of period		$	135,253,126			$	1,704,452,149			$	990,733,436			$	130,034,780			$	43,601,996

Changes in Shares Outstanding:
Shares sold			5,050,001				42,850,000				61,100,001				4,400,000				3,450,001
Shares repurchased			(50,000	)			(38,270,000	)			(65,700,000	)			(2,940,000	)			(2,200,000	)
Shares outstanding, beginning of period			-				30,750,001				35,350,000				1,750,001				500,000

Shares outstanding, end of period			5,000,001				35,330,001				30,750,001				3,210,001				1,750,001

^(a)	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.

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


		41

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)


	For the Period February 22, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.53
Net realized and unrealized gain on investments			1.81

Total from investment operations			2.34

Distributions to shareholders from:
Net investment income			(0.29	)

Net asset value at end of period		$	27.05

Market price at end of period^(c)		$	27.16

Net Asset Value Total Return^(d)			9.37	%^(e)
Market Price Total Return^(d)			9.81	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	135,253
Ratio to average net assets of:
Expenses			0.34	%^(f)
Net investment income			3.76	%^(f)
Portfolio turnover rate^(g)			73	%

^(a)	Commencement of investment operations.

^(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 (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

^(f)	Annualized.

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

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


		42

Financial Highlights–(continued)

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)


	Years Ended August 31,								Two Months Ended August 31, 2019				Year Ended June 30, 2019				For the Period November 08, 2017^(a) Through June 30, 2018
	2021				2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	32.22			$	29.77			$	29.71			$	26.65			$	25.00

Net investment income^(b)			0.52				0.55				0.07				0.54				0.22
Net realized and unrealized gain (loss) on investments			16.10				2.44				(0.01	)			2.99				1.59

Total from investment operations			16.62				2.99				0.06				3.53				1.81

Distributions to shareholders from:
Net investment income			(0.60	)			(0.54	)			—				(0.47	)			(0.16	)

Net asset value at end of period		$	48.24			$	32.22			$	29.77			$	29.71			$	26.65

Market price at end of period^(c)		$	48.24			$	32.26			$	29.79			$	29.71

Net Asset Value Total Return^(d)			52.12	%			10.23	%			0.20	%			13.37	%			7.26	%
Market Price Total Return^(d)			51.93	%			10.29	%			0.27	%			13.32	%			7.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,704,452			$	990,733			$	1,052,542			$	998,325			$	150,592
Ratio to average net assets of:
Expenses, after Waivers			0.29	%			0.29	%			0.29	%^(e)			0.29	%			0.29	%^(f)
Expenses, prior to Waivers			0.29	%			0.29	%			0.29	%^(e)			0.29	%			0.29	%^(f)
Net investment income			1.24	%			1.76	%			1.48	%^(e)			1.92	%			1.42	%^(f)
Portfolio turnover rate^(g)			126	%			321	%			83	%			138	%			213	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.


		43

Financial Highlights–(continued)

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)


	Years Ended August 31,								Two Months Ended August 31, 2019				Year Ended June 30, 2019				For the Period November 08, 2017^(a) Through June 30, 2018
	2021				2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	24.92			$	25.61			$	26.82			$	27.12			$	25.00

Net investment income^(b)			0.31				0.31				0.03				0.43				0.22
Net realized and unrealized gain (loss) on investments			15.59				(0.64	)			(1.24	)			(0.29	)			2.08

Total from investment operations			15.90				(0.33	)			(1.21	)			0.14				2.30

Distributions to shareholders from:
Net investment income			(0.31	)			(0.36	)			-				(0.44	)			(0.18	)

Net asset value at end of period		$	40.51			$	24.92			$	25.61			$	26.82			$	27.12

Market price at end of period^(c)		$	40.50			$	24.94			$	25.65			$	26.82

Net Asset Value Total Return^(d)			64.12	%			(1.13	)%			(4.51	)%			0.63	%			9.22	%
Market Price Total Return^(d)			63.95	%			(1.20	)%			(4.36	)%			0.59	%			9.21	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	130,035			$	43,602			$	12,807			$	12,071			$	13,561
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.41	%^(e)			0.39	%			0.39	%^(f)
Expenses, prior to Waivers			0.39	%			0.39	%			0.41	%^(e)			0.39	%			0.39	%^(f)
Net investment income			0.86	%			1.27	%			0.87	%^(e)			1.62	%			1.30	%^(f)
Portfolio turnover rate^(g)			127	%			282	%			64	%			189	%			173	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(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.


		44

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2021

NOTE 1–Organization


Full Name		Short Name

Invesco International Developed Dynamic Multifactor ETF (IMFL)		“International Developed Dynamic Multifactor ETF”

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)		“Russell 1000^® Dynamic Multifactor ETF”

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)		“Russell 2000^® Dynamic Multifactor ETF”

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

International Developed Dynamic Multifactor ETF		FTSE Developed ex US Invesco Dynamic Multifactor Index

Russell 1000^® Dynamic Multifactor ETF		Russell 1000^® Invesco Dynamic Multifactor Index

Russell 2000^® Dynamic Multifactor ETF		Russell 2000^® Invesco Dynamic Multifactor Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:


		45

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.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


		46

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.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.


		47

K. Other Risks


		48

or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.


		49

capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small-and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)
International Developed Dynamic Multifactor ETF		0.34%

Russell 1000^® Dynamic Multifactor ETF		0.29%
Russell 2000^® Dynamic Multifactor ETF		0.39%

With respect to Russell 1000^® Dynamic Multifactor ETF and Russell 2000^® Dynamic Multifactor ETF, the Adviser had agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, as set forth in the Investment Advisory Agreement) from exceeding the Fund’s unitary management fee through May 24, 2021.

For the fiscal year ended August 31, 2021, the Adviser waived fees for each Fund in the following amounts:


International Developed Dynamic Multifactor ETF*		$128

Russell 1000^® Dynamic Multifactor ETF		624
Russell 2000^® Dynamic Multifactor ETF		21

*	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.


		50

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):


Fund		Licensor
International Developed Dynamic Multifactor ETF		FTSE International Ltd.
Russell 1000^®Dynamic Multifactor ETF		Frank Russell Company
Russell 2000^®Dynamic Multifactor ETF		Frank Russell Company


Russell 1000^®Dynamic Multifactor ETF	$	158,472
Russell 2000^®Dynamic Multifactor ETF		21,839

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

International Developed Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	134,669,604	$	-	$	-	$	134,669,604

Money Market Funds		171,506		3,056,857		-		3,228,363


Total Investments	$	134,841,110	$	3,056,857	$	-	$	137,897,967


Russell 1000^®Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,703,292,570	$	-	$	-	$	1,703,292,570

Money Market Funds		-		45,266,025		-		45,266,025


Total Investments	$	1,703,292,570	$	45,266,025	$	-	$	1,748,558,595


		51


	Level 1			Level 2			Level 3			Total

Russell 2000^®Dynamic Multifactor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	129,982,604		$	-		$	135		$	129,982,739

Money Market Funds			-			11,460,210			-			11,460,210


Total Investments		$	129,982,604		$	11,460,210		$	135		$	141,442,949

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2021 and 2020:


	2021		2020
	Ordinary		Ordinary
	Income*		Income*

International Developed Dynamic Multifactor ETF**	$	1,433,650	$	-

Russell 1000^®Dynamic Multifactor ETF		18,997,510		19,330,423

Russell 2000^®Dynamic Multifactor ETF		601,610		605,377

*	Includes short-term capital gain distributions, if any.

**	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.

Tax Components of Net Assets at Fiscal Year-End:


					Net
			Net		Unrealized
	Undistributed		Unrealized		Depreciation -					Shares of
	Ordinary		Appreciation-		Foreign		Capital Loss			Beneficial		Total
	Income		Investments		Currencies		Carryforwards			Interest		Net Assets

International Developed Dynamic Multifactor ETF	$	2,513,430	$	5,095,385		$(939)	$	-		$	127,645,250	$	135,253,126

Russell 1000^®Dynamic Multifactor ETF		1,451,860		184,237,759		-		(50,840,500	)		1,569,603,030		1,704,452,149

Russell 2000^®Dynamic Multifactor ETF		83,331		5,018,939		-		(12,440,090	)		137,372,600		130,034,780

The following table presents available capital loss carryforwards for each Fund as of August 31, 2021:


	No expiration
	Short-Term		Long-Term		Total*

International Developed Dynamic Multifactor ETF	$	-	$	-	$	-

Russell 1000^®Dynamic Multifactor ETF		50,840,500		-		50,840,500

Russell 2000^®Dynamic Multifactor ETF		12,222,888		217,202		12,440,090

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


	Purchases		Sales

International Developed Dynamic Multifactor ETF*	$	105,247,000	$	83,305,390

Russell 1000^®Dynamic Multifactor ETF		1,673,153,685		1,714,442,604

Russell 2000^®Dynamic Multifactor ETF		98,198,693		100,185,253

*	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.


		52

For the fiscal year ended August 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	Cost of		Value of
	Securities		Securities
	Received		Delivered

International Developed Dynamic Multifactor ETF*	$	107,023,160	$	1,083,118

Russell 1000^®Dynamic Multifactor ETF		1,773,059,784		1,576,205,602

Russell 2000^®Dynamic Multifactor ETF		163,516,222		108,973,089

*	For the period February 22, 2021 (commencement of investment operations) through August 31, 2021.

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

At August 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		(Depreciation)			Appreciation		Cost

International Developed Dynamic Multifactor ETF	$	11,894,659	$	(6,799,274	)	$	5,095,385	$	132,802,582

Russell 1000^®Dynamic Multifactor ETF		211,444,510		(27,206,751	)		184,237,759		1,564,320,836

Russell 2000^®Dynamic Multifactor ETF		11,039,110		(6,020,171	)		5,018,939		136,424,010

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, passive foreign investment companies and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2021, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
International Developed Dynamic Multifactor ETF		$	48,869			$	(111,258	)		$	62,389
Russell 1000^®Dynamic Multifactor ETF			(11,764	)			(322,755,792	)			322,767,556
Russell 2000^®Dynamic Multifactor ETF			19,589				(29,825,851	)			29,806,262

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital


		53


		54

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000^® Dynamic Multifactor ETF and Invesco Russell 2000^® Dynamic Multifactor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, 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, 2021, 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 International Developed Dynamic Multifactor ETF ⁽¹⁾		-

Invesco Russell 1000^®Dynamic Multifactor ETF⁽²⁾		Oppenheimer Russell 1000^®Dynamic Multifactor ETF

Invesco Russell 2000^®Dynamic Multifactor ETF⁽²⁾		Oppenheimer Russell 2000^®Dynamic Multifactor ETF

⁽¹⁾ Statements of operations and of changes in net assets and the financial highlights for the period February 22, 2021 (commencement of investment operations) through August 31, 2021

⁽²⁾ Statement of operations for the year ended August 31, 2021, statement of changes in net assets for each of the two years in the period ended August 31, 2021 and the financial highlights for each of the two years in the period ended August 31, 2021, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019

The financial statements and financial highlights of the Predecessor Funds as of and for the period ended June 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 25, 2021


		55

Report of Independent Registered Public Accounting Firm–(continued)


		56

Calculating your ongoing Fund expenses

Example

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, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2021			August 31, 2021			Six-Month Period			Six-Month Period⁽¹⁾

Invesco International Developed Dynamic Multifactor ETF (IMFL)

Actual		$	1,000.00		$	1,115.10		0.34	%		$	1.81

Hypothetical (5% return before expenses)			1,000.00			1,023.49		0.34				1.73

Invesco Russell 1000^®Dynamic Multifactor ETF (OMFL)

Actual			1,000.00			1,146.00		0.29				1.57

Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48

Invesco Russell 2000^®Dynamic Multifactor ETF (OMFS)

Actual			1,000.00			1,066.60		0.39				2.03

Hypothetical (5% return before expenses)			1,000.00			1,023.24		0.39				1.99

⁽¹⁾


		57

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 year ended August 31, 2021:


	Qualified			Qualified									Business
	Business			Dividend			Corporate Dividends			U.S. Treasury			Interest
	Income*			Income*			Received Deduction*			Obligations*			Income*

Invesco International Developed Dynamic Multifactor ETF		0	%		39	%		0	%		0	%		0	%

Invesco Russell 1000^®Dynamic Multifactor ETF		0	%		100	%		100	%		0	%		0	%

Invesco Russell 2000^®Dynamic Multifactor ETF		0	%		100	%		100	%		0	%		0	%

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

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:


	Foreign Taxes			Foreign Source
	Per Share			Income Per Share
Invesco International Developed Dynamic Multifactor ETF		$	0.0444		$	0.4886


		58

Trustees and Officers

As of August 31, 2021


				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	the Past 5 Years

Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	231	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.	231	None.

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


		59

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

Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	231	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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


		60

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

Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	231	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds(2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999- 2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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


		61

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

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	Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	231	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010- 2015, 2017), NorthPointe Christian Schools.

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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	231	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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


		62

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

Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	231	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Council Member, NewYork- Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Board Member, 100 Women in Finance (2015- 2020); Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011- 2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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


		63

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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	231	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); 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).	231	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

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


		64

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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); 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.	231	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.


		65

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	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO and Fund Administration, InvescoAdvisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

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


		66

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

Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); 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 and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Vice President, Invesco Specialized Products, LLC (2018-Present); 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).

Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

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


		67

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

Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2016	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2016	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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).

Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.


		68

Approval of Investment Advisory Contracts


Invesco BulletShares 2021 Corporate Bond ETF		Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF		Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF		Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF		Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF		Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF		Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF		Invesco BulletShares 2021 USD Emerging Markets Debt ETF
Invesco BulletShares 2028 Corporate Bond ETF		Invesco BulletShares 2022 USD Emerging Markets Debt ETF
Invesco BulletShares 2029 Corporate Bond ETF		Invesco BulletShares 2023 USD Emerging Markets Debt ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF		Invesco BulletShares 2024 USD Emerging Markets Debt ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF		Invesco BulletShares 2025 USD Emerging Markets Debt ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF		Invesco Investment Grade Defensive ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF		Invesco Investment Grade Value ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF		Invesco RAFI Strategic Developed ex-US ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF		Invesco RAFI Strategic Emerging Markets ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF		Invesco RAFI Strategic US ETF
Invesco BulletShares 2021 Municipal Bond ETF		Invesco RAFI Strategic US Small Company ETF
Invesco BulletShares 2022 Municipal Bond ETF		Invesco Russell 1000 Dynamic Multifactor ETF
Invesco BulletShares 2023 Municipal Bond ETF		Invesco Russell 2000 Dynamic Multifactor ETF
Invesco BulletShares 2024 Municipal Bond ETF

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. ("Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.


		69

Approval of Investment Advisory Contracts–(continued)

●

0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF;

●

0.19% of the Fund’s average daily net assets for Invesco RAFI Strategic US ETF;

●

0.23% of the Fund’s average daily net assets for each of Invesco RAFI Strategic Developed ex-US ETF and Invesco RAFI Strategic US Small Company ETF;

●

0.35% of the Fund’s average daily net assets for Invesco RAFI Strategic Emerging Markets ETF;

●

0.39% of the Fund’s average daily net assets for Invesco Russell 2000 Dynamic Multifactor ETF; and

●


	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median

Invesco BulletShares 2021 Corporate Bond ETF	X	X	X

Invesco BulletShares 2022 Corporate Bond ETF	X		X

Invesco BulletShares 2023 Corporate Bond ETF	X		X


		70

Approval of Investment Advisory Contracts–(continued)

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco BulletShares 2024 Corporate Bond ETF

Invesco BulletShares 2025 Corporate Bond ETF

Invesco BulletShares 2026 Corporate Bond ETF

Invesco BulletShares 2027 Corporate Bond ETF

Invesco BulletShares 2028 Corporate Bond ETF

Invesco BulletShares 2029 Corporate Bond ETF

Invesco BulletShares 2021 High Yield Corporate Bond ETF

Invesco BulletShares 2022 High Yield Corporate Bond ETF

Invesco BulletShares 2023 High Yield Corporate Bond ETF

Invesco BulletShares 2024 High Yield Corporate Bond ETF

Invesco BulletShares 2025 High Yield Corporate Bond ETF

Invesco BulletShares 2026 High Yield Corporate Bond ETF

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Invesco BulletShares 2021 Municipal Bond ETF

N/A

Invesco BulletShares 2022 Municipal Bond ETF

N/A

Invesco BulletShares 2023 Municipal Bond ETF

N/A

Invesco BulletShares 2024 Municipal Bond ETF

N/A

Invesco BulletShares 2025 Municipal Bond ETF

N/A

Invesco BulletShares 2026 Municipal Bond ETF

N/A

Invesco BulletShares 2027 Municipal Bond ETF

N/A

Invesco BulletShares 2028 Municipal Bond ETF

N/A

Invesco BulletShares 2029 Municipal Bond ETF

N/A

Invesco BulletShares 2030 Municipal Bond ETF

N/A

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 BulletShares 2025 USD Emerging Markets Debt ETF

Invesco Investment Grade Defensive ETF

Invesco Investment Grade Value ETF

Invesco RAFI^TMStrategic Developed ex-US ETF

Invesco RAFI^TMStrategic Emerging Markets ETF

Invesco RAFI^TMStrategic US ETF

Invesco RAFI^TMStrategic US Small Company ETF

Invesco Russell 1000^®Dynamic Multifactor ETF

Invesco Russell 2000^®Dynamic Multifactor ETF

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


		71

Approval of Investment Advisory Contracts–(continued)

distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.


		72

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-ESG-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, 2021.

Item 3.

Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

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

Item 4.

Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

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


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021		Fees Billed for Services Rendered to the Registrant for fiscal year end 2020
Audit Fees	$	679,450	$	647,350
Audit-Related Fees	$	0	$	0
Tax Fees⁽¹⁾	$	565,278	$	538,360
All Other Fees	$	0	$	0

Total Fees	$	1,244,728	$	1,185,710

⁽¹⁾	Tax Fees for the fiscal years ended August 31, 2021 and 2020 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

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


	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	821,000	$	701,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	821,000	$	701,000

⁽¹⁾	Audit-Related Fees for the fiscal years ended 2021 and 2020 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)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $5,966,000 for the fiscal year ended August 31, 2021 and $5,770,000 for the fiscal year ended August 31, 2020 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $7,352,278 for the fiscal year ended August 31, 2021 and $7,009,360 for the fiscal year ended August 31, 2020.

(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 $31 million and non-audit services of approximately $21 million for the fiscal year ended 2021. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, PwC advised the Registrant’s Audit Committee of the following matters identified between September 1, 2020 to October 25, 2021 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner and three PwC Associates each held financial interests in investment companies within the complex that includes 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”) that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or after the individuals ceased providing their audit or non-audit services to the Invesco entity, as applicable. In addition, PwC considered that audit work performed by the PwC Associates was of a limited nature and/or was reviewed by more senior engagement team members. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with

knowledge of all relevant facts and circumstances for the violations would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

Item 5.

Audit Committee of Listed Registrants.

(a)

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

(b)

Not applicable.

Item 6.

Schedule of Investments.

(a)

The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

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

Item 11.

Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.


(a)(1)		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)		Not applicable.

(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Self-Indexed Fund Trust


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: November 4, 2021

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


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: November 4, 2021


By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date: November 4, 2021