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Invesco Annual Report to Shareholders August 31, 2023 | |||||
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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 | |||||
BSCV |
Invesco BulletShares 2031 Corporate Bond ETF | |||||
BSCW |
Invesco BulletShares 2032 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 | |||||
BSJT |
Invesco BulletShares 2029 High Yield Corporate Bond ETF | |||||
BSJU |
Invesco BulletShares 2030 High Yield Corporate 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 | |||||
BSMV |
Invesco BulletShares 2031 Municipal Bond ETF | |||||
BSMW |
Invesco BulletShares 2032 Municipal Bond ETF |
3 | ||||
4 | ||||
88 | ||||
89 | ||||
92 | ||||
99 | ||||
107 | ||||
115 | ||||
123 | ||||
130 | ||||
136 | ||||
142 | ||||
148 | ||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) |
153 | |||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) |
155 | |||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) |
158 | |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) |
162 | |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) |
167 | |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) |
172 | |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) |
179 | |||
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) |
186 | |||
189 | ||||
196 | ||||
213 | ||||
230 | ||||
252 | ||||
271 | ||||
287 | ||||
299 | ||||
310 | ||||
319 | ||||
326 | ||||
332 | ||||
338 | ||||
348 | ||||
376 | ||||
394 | ||||
396 | ||||
399 | ||||
401 | ||||
411 |
2 | ||||
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Fixed Income
The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.1
A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with their hawkish policy with two 0.25% hikes in March and May to a target federal funds rate of 5.00% to 5.25%. Markets stabilized due to milder inflation data and better-than-expected corporate earnings.
Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led to developed central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, bringing the target rate from 5.25% to 5.50%, its highest level since June 2006.1 While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.2 At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA† on the premise of expected fiscal deterioration over the next three years.3
We believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectations that the US is likely to avoid a substantial broad-based recession. We expect some weakness in the
second half of the calendar year as policymakers accomplish a bumpy landing. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.
1 |
Source: Federal Reserve of Economic Data |
2 |
Source: US Department of the Treasury |
3 |
Source: Fitch Ratings |
† |
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 D (lowest); ratings are subject to change without notice. |
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BSCN | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 4.09%. On a net asset value (“NAV”) basis, the Fund returned 4.04%. During the same time period, the Index returned 4.21%. 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 Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 pharmaceuticals industry and most underweight in the banking industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. The passenger airlines 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, 2023, included Sprint LLC, 7.88% coupon, due 09/15/2023, a wireless telecommunication services company (portfolio average weight of 3.62%), and Oracle Corp., 2.40% coupon, due 09/15/2023, a software company (portfolio average weight of 2.08%). The only position that detracted from the Fund’s return during the period was Delta Air Lines, Inc., 3.80% coupon, due 4/19/2023, a passenger airlines company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
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U.S. Treasury Securities | 35.96 | |||
Financials | 15.06 | |||
Health Care | 12.42 | |||
Energy | 7.27 | |||
Information Technology | 6.36 | |||
Utilities | 4.93 | |||
Communication Services | 4.19 | |||
Consumer Staples | 4.17 | |||
Industrials | 3.91 | |||
Sector Types Each Less Than 3% | 4.19 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.54 |
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4 |
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Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
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Security | ||||
U.S. Treasury Bills, 5.30%–5.32%, 10/19/2023 | 22.00 | |||
U.S. Treasury Bills, 5.21%–5.27%, 09/21/2023 | 13.96 | |||
Sprint LLC, 7.88%, 09/15/2023 | 3.49 | |||
Oracle Corp., 2.40%, 09/15/2023 | 2.05 | |||
Goldman Sachs Group, Inc. (The), 1.22%, 12/06/2023 | 1.57 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/2023 | 1.51 | |||
Schlumberger Investment S.A., 3.65%, 12/01/2023 | 1.32 | |||
Bristol-Myers Squibb Co., 0.54%, 11/13/2023 | 1.28 | |||
Gilead Sciences, Inc., 0.75%, 09/29/2023 | 1.25 | |||
Microsoft Corp., 3.63%, 12/15/2023 | 1.23 | |||
Total | 49.66 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2023 Index | 4.21 | % | 1.17 | % | 3.54 | % | 3.52 | % | 18.86 | % | 3.47 | % | 35.72 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 2.09 | 20.37 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 4.04 | 1.05 | 3.19 | 3.36 | 17.97 | 3.34 | 34.15 | |||||||||||||||||||||||||
Market Price Return | 4.09 | 1.02 | 3.10 | 3.32 | 17.73 | 3.32 | 33.94 |
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5 |
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Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)
Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
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6 |
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BSCO | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.81%. On a net asset value (“NAV”) basis, the Fund returned 2.67%. During the same time period, the Index returned 2.77%. 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.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 consumer finance industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. There were no industries that detracted from the Fund’s return during the period.
Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65% coupon, due 10/29/2024, a financial services company (portfolio average weight of 0.95%), and Sprint LLC, 7.13% coupon, due 6/15/2024, a wireless telecommunication services company (portfolio average weight of 0.79%). No positions detracted from the Fund’s return during the period.
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 35.91 | |||
Health Care | 10.61 | |||
Information Technology | 9.55 | |||
Industrials | 8.22 | |||
Consumer Discretionary | 8.13 | |||
Energy | 7.61 | |||
Consumer Staples | 6.69 | |||
Communication Services | 4.47 | |||
Utilities | 4.16 | |||
Sector Types Each Less Than 3% | 3.31 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.34 |
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7 |
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Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
AbbVie, Inc., 2.60%, 11/21/2024 | 1.11 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/2024 | 0.95 | |||
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024 | 0.91 | |||
Morgan Stanley, Series F, 3.88%, 04/29/2024 | 0.91 | |||
Bank of America Corp., 4.20%, 08/26/2024 | 0.90 | |||
Boeing Co. (The), 1.43%, 02/04/2024 | 0.90 | |||
Morgan Stanley, 3.70%, 10/23/2024 | 0.90 | |||
JPMorgan Chase & Co., 3.88%, 09/10/2024 | 0.90 | |||
Credit Suisse AG, 3.63%, 09/09/2024 | 0.84 | |||
Sprint LLC, 7.13%, 06/15/2024 | 0.77 | |||
Total | 9.09 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2024 Index | 2.77 | % | (0.13 | )% | (0.38 | )% | 3.27 | % | 17.45 | % | 3.41 | % | 35.02 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 2.09 | 20.37 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 2.67 | (0.22 | ) | (0.67 | ) | 3.12 | 16.63 | 3.22 | 32.86 | |||||||||||||||||||||||
Market Price Return | 2.81 | (0.24 | ) | (0.71 | ) | 3.09 | 16.45 | 3.22 | 32.86 |
|
8 |
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Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)
Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
|
9 |
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BSCP | Management’s Discussion of Fund Performance | |
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 effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.19%. On a net asset value (“NAV”) basis, the Fund returned 1.99%. During the same time period, the Index returned 2.10%. 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 Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 consumer finance industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. 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, 2023, included Charter Communications Operating LLC, 4.91% coupon, due 7/23/2025, a media company (portfolio average weight of 1.01%), and Banco Santander S.A., 5.15% coupon, due 8/18/2025, a banks company (portfolio average weight of 0.39%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included QVC Inc., 4.45% coupon, due 2/15/2025, a broadline retail company (no longer held at fiscal year-end), and Valero Energy Corp., 2.85% coupon, due 4/15/2025, 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, 2023 |
||||
Financials | 34.10 | |||
Health Care | 11.39 | |||
Industrials | 8.99 | |||
Consumer Discretionary | 8.90 | |||
Information Technology | 8.67 | |||
Energy | 8.08 | |||
Consumer Staples | 5.48 | |||
Communication Services | 4.79 | |||
Utilities | 4.05 | |||
Real Estate | 3.00 | |||
Materials | 1.59 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.96 |
|
10 |
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Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 1.01 | |||
Visa, Inc., 3.15%, 12/14/2025 | 0.88 | |||
AbbVie, Inc., 3.60%, 05/14/2025 | 0.83 | |||
Boeing Co. (The), 4.88%, 05/01/2025 | 0.79 | |||
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025 | 0.77 | |||
Oracle Corp., 2.50%, 04/01/2025 | 0.76 | |||
Microsoft Corp., 3.13%, 11/03/2025 | 0.66 | |||
Morgan Stanley, 4.00%, 07/23/2025 | 0.66 | |||
CVS Health Corp., 3.88%, 07/20/2025 | 0.63 | |||
Exxon Mobil Corp., 2.99%, 03/19/2025 | 0.61 | |||
Total | 7.60 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2025 Index | 2.10 | % | (1.11 | )% | (3.31 | )% | 3.09 | % | 16.41 | % | 3.13 | % | 27.53 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 2.07 | 17.56 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.99 | (1.21 | ) | (3.58 | ) | 2.98 | 15.84 | 2.93 | 25.60 | |||||||||||||||||||||||
Market Price Return | 2.19 | (1.21 | ) | (3.58 | ) | 2.92 | 15.48 | 2.93 | 25.62 |
|
11 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)
Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
|
12 |
|
BSCQ | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.95%. On a net asset value (“NAV”) basis, the Fund returned 1.64%. During the same time period, the Index returned 1.80%. 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.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 consumer finance industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return. The textiles, apparel & luxury goods industry 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, 2023, included Boeing Co. (The), 2.20% coupon, due 2/4/2026, an aerospace & defense company (portfolio average weight of 1.22%), and Aercap Ireland Capital DAC / Aercap Global Aviation Trust, 2.45% coupon, due 10/29/2026, a financial services company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included SVB Financial Group, 10/28/26, a banks company (no longer held at fiscal year-end), and MPT Operating Partnership LP, 5.25% coupon, due 08/01/2026, a diversified REITs company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 33.32 | |||
Health Care | 10.18 | |||
Information Technology | 9.97 | |||
Industrials | 8.07 | |||
Consumer Discretionary | 7.51 | |||
Energy | 6.93 | |||
Consumer Staples | 6.46 | |||
Communication Services | 6.08 | |||
Utilities | 4.65 | |||
Real Estate | 4.55 | |||
Materials | 1.38 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.90 |
|
13 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Boeing Co. (The), 2.20%, 02/04/2026 | 1.22 | |||
Dell International LLC/EMC Corp., 6.02%, 06/15/2026 | 1.09 | |||
Microsoft Corp., 2.40%, 08/08/2026 | 0.92 | |||
AbbVie, Inc., 2.95%, 11/21/2026 | 0.89 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | 0.81 | |||
Wells Fargo & Co., 3.00%, 04/22/2026 | 0.81 | |||
Wells Fargo & Co., 3.00%, 10/23/2026 | 0.77 | |||
Apple, Inc., 3.25%, 02/23/2026 | 0.74 | |||
Morgan Stanley, 3.88%, 01/27/2026 | 0.71 | |||
HSBC Holdings PLC, 4.30%, 03/08/2026 | 0.71 | |||
Total | 8.67 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2026 Index | 1.80 | % | (2.00 | )% | (5.89 | )% | 3.01 | % | 15.98 | % | 2.20 | % | 16.36 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 1.35 | 9.77 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.64 | (2.12 | ) | (6.22 | ) | 2.89 | 15.33 | 2.12 | 15.70 | |||||||||||||||||||||||
Market Price Return | 1.95 | (2.15 | ) | (6.31 | ) | 2.87 | 15.18 | 2.12 | 15.72 |
|
14 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)
Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
|
15 |
|
BSCR |
Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.01%. On a net asset value (“NAV”) basis, the Fund returned 1.53%. During the same time period, the Index returned 1.58%. 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 Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 consumer finance industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets industry. 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, 2023, included Banco Santander S.A., 5.29% coupon, due 8/18/2027, a banks company (portfolio average weight of 0.48%), and Celanese US Holdings LLC, 6.17% coupon, due 7/15/2027, a chemicals company (portfolio average weight of 0.56%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included MPT Operating Partnership LP, 5.00% coupon, due 10/15/2027, a diversified REITs company (no longer held at fiscal year-end), and KeyBank N.A., 5.85% coupon, due 11/15/2027, a banks company (portfolio average weight of 0.28%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 27.39 | |||
Health Care | 10.61 | |||
Information Technology | 10.57 | |||
Consumer Discretionary | 9.31 | |||
Consumer Staples | 8.07 | |||
Industrials | 7.95 | |||
Communication Services | 6.72 | |||
Energy | 6.62 | |||
Utilities | 5.71 | |||
Real Estate | 3.29 | |||
Materials | 2.75 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.01 |
|
16 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Microsoft Corp., 3.30%, 02/06/2027 | 1.06 | |||
Warnermedia Holdings, Inc., 3.76%, 03/15/2027 | 1.03 | |||
Citigroup, Inc., 4.45%, 09/29/2027 | 1.02 | |||
Amazon.com, Inc., 3.15%, 08/22/2027 | 0.91 | |||
Verizon Communications, Inc., 4.13%, 03/16/2027 | 0.86 | |||
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | 0.79 | |||
Morgan Stanley, 3.63%, 01/20/2027 | 0.79 | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | 0.76 | |||
Oracle Corp., 3.25%, 11/15/2027 | 0.71 | |||
Meta Platforms, Inc., 3.50%, 08/15/2027 | 0.71 | |||
Total | 8.64 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2027 Index | 1.58 | % | (2.26 | )% | (6.63 | )% | 2.91 | % | 15.42 | % | 2.24 | % | 14.02 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 1.08 | 6.58 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.53 | (2.33 | ) | (6.84 | ) | 2.81 | 14.85 | 2.08 | 12.97 | |||||||||||||||||||||||
Market Price Return | 2.01 | (2.33 | ) | (6.83 | ) | 2.78 | 14.70 | 2.08 | 13.00 |
|
17 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)
Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
|
18 |
|
BSCS | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.38%. On a net asset value (“NAV”) basis, the Fund returned 1.97%. 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 fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 consumer finance industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the consumer finance industry. The biotechnology industry detracted most significantly from the Fund’s return, followed by the broadline retail industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Aercap Ireland Capital DAC/Aercap Global Aviation Trust, 3.00% coupon, due 10/29/2028, a financial services company (portfolio average weight of 1.16%), and Netflix, Inc., 5.88% coupon, due 11/15/2028, an entertainment company (portfolio average weight of 0.69%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included KeyCorp, 4.10% coupon, due 4/30/2028, a banks company (portfolio average weight of 0.24%), and Amgen, Inc., 5.15% coupon, due 3/2/2028, a biotechnology company (portfolio average weight of 1.35%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 20.87 | |||
Health Care | 14.01 | |||
Industrials | 9.58 | |||
Information Technology | 9.49 | |||
Utilities | 9.08 | |||
Consumer Staples | 8.52 | |||
Communication Services | 7.95 | |||
Consumer Discretionary | 6.03 | |||
Energy | 6.01 | |||
Real Estate | 5.96 | |||
Materials | 1.37 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.13 |
|
19 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (continued)
Top
Ten Fund Holdings* as of August 31, 2023 |
||||
Security | ||||
CVS Health Corp., 4.30%, 03/25/2028 | 1.69 | |||
Amgen, Inc., 5.15%, 03/02/2028 | 1.32 | |||
Cigna Group (The), 4.38%, 10/15/2028 | 1.29 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028 | 1.14 | |||
RTX Corp., 4.13%, 11/16/2028 | 1.01 | |||
Credit Suisse AG, 7.50%, 02/15/2028 | 0.95 | |||
Sprint Capital Corp., 6.88%, 11/15/2028 | 0.92 | |||
Verizon Communications, Inc., 2.10%, 03/22/2028 | 0.87 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 04/13/2028 | 0.85 | |||
Apple, Inc., 1.20%, 02/08/2028 | 0.76 | |||
Total | 10.8 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2028 Index | 2.11 | % | (2.68 | )% | (7.81 | )% | 2.78 | % | 14.71 | % | 2.83 | % | 15.17 | % | ||||||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | 1.41 | 7.24 | 1.47 | 7.65 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.97 | (2.80 | ) | (8.17 | ) | 2.61 | 13.73 | 2.65 | 14.14 | |||||||||||||||||||||||
Market Price Return | 2.38 | (2.79 | ) | (8.12 | ) | 2.59 | 13.65 | 2.62 | 14.00 |
|
20 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (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 0.10% 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 Fund. |
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21 |
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BSCT | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.29%. On a net asset value (“NAV”) basis, the Fund returned 1.79%. During the same time period, the Index returned 1.93%. 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 Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 health care providers & services industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the health care providers & services industry. The real estate management & development industry detracted most significantly from the Fund’s return, followed by the personal care products industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Cheniere Energy Partners LP, 4.50% coupon, due 10/1/2029, an oil, gas & consumable fuels company (portfolio average weight of 0.70%), and Centene Corp., 4.63% coupon, due 12/15/2029, a health care providers & services company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Hudson Pacific Properties LP, 4.65% coupon, due 4/1/2029, a diversified REIT company (portfolio average weight of 0.19%), and KeyCorp, 2.55% coupon, due 10/1/2029, a banks company (portfolio average weight of 0.30%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 17.83 | |||
Health Care | 13.48 | |||
Information Technology | 9.82 | |||
Communication Services | 9.46 | |||
Consumer Staples | 9.30 | |||
Energy | 8.16 | |||
Consumer Discretionary | 7.85 | |||
Industrials | 7.25 | |||
Real Estate | 6.48 | |||
Utilities | 5.38 | |||
Materials | 3.76 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.23 |
|
22 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
AbbVie, Inc., 3.20%, 11/21/2029 | 2.43 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | 2.08 | |||
Verizon Communications, Inc., 4.02%, 12/03/2029 | 1.82 | |||
Centene Corp., 4.63%, 12/15/2029 | 1.49 | |||
International Business Machines Corp., 3.50%, 05/15/2029 | 1.49 | |||
AT&T, Inc., 4.35%, 03/01/2029 | 1.41 | |||
Fiserv, Inc., 3.50%, 07/01/2029 | 1.36 | |||
Wells Fargo & Co., 4.15%, 01/24/2029 | 1.17 | |||
Sumitomo Mitsui Financial Group, Inc., 3.04%, 07/16/2029 | 1.08 | |||
T-Mobile USA, Inc., 3.38%, 04/15/2029 | 1.04 | |||
Total | 15.37 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2029 Index | 1.93 | % | (3.37 | )% | (9.78 | )% | 0.07 | % | 0.28 | % | ||||||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.17 | ) | (11.98 | ) | (0.94 | ) | (3.68 | ) | |||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.79 | (3.49 | ) | (10.11 | ) | (0.07 | ) | (0.26 | ) | |||||||||||||||
Market Price Return | 2.29 | (3.47 | ) | (10.06 | ) | (0.17 | ) | (0.67 | ) |
|
23 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (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 0.10% 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 Fund. |
|
24 |
|
BSCU | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.82%. On a net asset value (“NAV”) basis, the Fund returned 1.27%. 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.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 pharmaceuticals industry and most underweight in the aerospace & defense industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the aerospace & defense industry.
For the fiscal year ended August 31, 2023, the aerospace & defense industries contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels industry. The banks industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Boeing Co., 5.15% coupon, due 5/1/2030, an aerospace & defense company (portfolio average weight of 2.29%), and Pacific Gas and Electric, Co., 4.55% coupon, due 7/1/2030, an electric utilities company (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included SVB Financial Group, due 6/5/2030, a banks company (no longer held at fiscal year-end), and Amgen, Inc., 5.25% coupon, due 3/2/2030, a biotechnology company (portfolio average weight of 1.46%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Health Care | 19.09 | |||
Financials | 15.72 | |||
Energy | 10.55 | |||
Consumer Staples | 9.16 | |||
Industrials | 9.13 | |||
Consumer Discretionary | 8.88 | |||
Utilities | 7.61 | |||
Information Technology | 7.10 | |||
Materials | 4.71 | |||
Real Estate | 3.92 | |||
Communication Services | 3.22 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.91 |
|
25 |
|
Invesco BulletShares 2030 Corporate Bond ETF (BSCU) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Boeing Co. (The), 5.15%, 05/01/2030 | 2.27 | |||
Pacific Gas and Electric Co., 4.55%, 07/01/2030 | 1.45 | |||
Amgen, Inc., 5.25%, 03/02/2030 | 1.43 | |||
Philip Morris International, Inc., 5.13%, 02/15/2030 | 1.13 | |||
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 | 1.06 | |||
Centene Corp., 3.00%, 10/15/2030 | 0.95 | |||
Alphabet, Inc., 1.10%, 08/15/2030 | 0.94 | |||
Exxon Mobil Corp., 2.61%, 10/15/2030 | 0.90 | |||
Centene Corp., 3.38%, 02/15/2030 | 0.87 | |||
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030 | 0.86 | |||
Total | 11.86 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2030 Index | 1.35 | % | (4.61 | )% | (13.01 | )% | ||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (4.35 | ) | (12.32 | ) | |||||||||||
Fund | ||||||||||||||||
NAV Return | 1.27 | (4.64 | ) | (13.11 | ) | |||||||||||
Market Price Return | 1.82 | (4.70 | ) | (13.26 | ) |
|
26 |
|
Invesco BulletShares 2030 Corporate Bond ETF (BSCU) (continued)
Fund Inception: September 16, 2020
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, 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 Fund. |
|
27 |
|
BSCV | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2031 Corporate Bond ETF (BSCV) |
As an index fund, the Invesco BulletShares 2031 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 2031 Index (the “2031 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 2031 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 2031. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 15, 2031. 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 1.10%. On a net asset value (“NAV”) basis, the Fund returned 0.73%. During the same time period, the Index returned 0.83%. 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 Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 0.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a 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 diversified telecommunication services industry and most underweight in the banks industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified REITs industry.
For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return followed by the software industry. The diversified REITs industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Oracle Corp., 2.88% coupon, due 3/25/2031, a software company (portfolio average weight of 1.53%), and Kyndryl Holdings Inc., 3.15% coupon, due 10/15/2031, an IT services company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Amazon.com, Inc., 2.10% coupon, due 5/12/2031, a broadline retail company (portfolio average weight of 1.38%), and Merck & Co., Inc., 2.15% coupon, due 12/10/2031, a pharmaceuticals company (portfolio average weight of 2.15%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 12.48 | |||
Communication Services | 12.24 | |||
Health Care | 11.20 | |||
Information Technology | 11.16 | |||
Real Estate | 9.76 | |||
Utilities | 8.61 | |||
Consumer Staples | 8.38 | |||
Industrials | 8.36 | |||
Consumer Discretionary | 7.79 | |||
Energy | 7.51 | |||
Materials | 1.58 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.93 |
|
28 |
|
Invesco BulletShares 2031 Corporate Bond ETF (BSCV) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Verizon Communications, Inc., 2.55%, 03/21/2031 | 1.85 | |||
Orange S.A., 9.00%, 03/01/2031 | 1.64 | |||
Oracle Corp., 2.88%, 03/25/2031 | 1.51 | |||
Amazon.com, Inc., 2.10%, 05/12/2031 | 1.36 | |||
AT&T, Inc., 2.75%, 06/01/2031 | 1.36 | |||
Apple, Inc., 1.65%, 02/08/2031 | 1.24 | |||
T-Mobile USA, Inc., 3.50%, 04/15/2031 | 1.18 | |||
Walt Disney Co. (The), 2.65%, 01/13/2031 | 1.17 | |||
Ally Financial, Inc., 8.00%, 11/01/2031 | 1.12 | |||
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/2031 | 1.01 | |||
Total | 13.44 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2031 Index | 0.83 | % | (8.21 | )% | (15.45 | )% | ||||||||||
Bloomberg U.S. Corporate Index | 0.90 | (7.73 | ) | (14.57 | ) | |||||||||||
Fund | ||||||||||||||||
NAV Return | 0.73 | (8.32 | ) | (15.64 | ) | |||||||||||
Market Price Return | 1.10 | (8.34 | ) | (15.68 | ) |
|
29 |
|
Invesco BulletShares 2031 Corporate Bond ETF (BSCV) (continued)
Fund Inception: September 15, 2021
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, 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 Fund. |
|
30 |
|
BSCW | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2032 Corporate Bond ETF (BSCW) |
As an index fund, the Invesco BulletShares 2032 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 2032 Index (the “2032 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 2032 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 2032.
The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 15, 2032. 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 rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 8, 2022, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 3.43%. On a net asset value (“NAV”) basis, the Fund returned 3.40%. During the same time period, the Index returned 2.20%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which were partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned 1.98%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a 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 diversified telecommunication services industry and most underweight in the banks industry during the fiscal period ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the oil, gas & consumable fuels industry.
For the fiscal period ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the financial services industry. The pharmaceuticals industry detracted most significantly from the Fund’s return, followed by the electrical equipment industry.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included Sprint Capital Corp., 8.75% coupon, due 3/15/2032, a wireless telecommunications services company (portfolio average weight of 1.28%), and International Business Machines Co., 4.40% coupon, due 7/27/2032, an IT services company (portfolio average weight of 0.37%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2023, included Keybank N.A., 4.90% coupon, due 8/8/2032, a banks company (portfolio average weight of 0.36%), and Citizens Financial Group, Inc., 2.64% coupon, due 9/30/2032, a banks company (portfolio average weight of 0.23%).
|
31 |
|
Invesco BulletShares 2032 Corporate Bond ETF (BSCW) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Financials | 17.07 | |||
Communication Services | 12.18 | |||
Utilities | 10.83 | |||
Consumer Staples | 10.18 | |||
Information Technology | 9.36 | |||
Consumer Discretionary | 8.77 | |||
Industrials | 7.23 | |||
Health Care | 7.21 | |||
Real Estate | 7.09 | |||
Energy | 5.55 | |||
Materials | 3.18 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.35 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Warnermedia Holdings, Inc., 4.28%, 03/15/2032 | 2.33 | |||
Verizon Communications, Inc., 2.36%, 03/15/2032 | 1.94 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1.74 | |||
Meta Platforms, Inc., 3.85%, 08/15/2032 | 1.44 | |||
Oracle Corp., 6.25%, 11/09/2032 | 1.24 | |||
Sprint Capital Corp., 8.75%, 03/15/2032 | 1.23 | |||
Amazon.com, Inc., 3.60%, 04/13/2032 | 1.22 | |||
Amazon.com, Inc., 4.70%, 12/01/2032 | 1.18 | |||
AT&T, Inc., 2.25%, 02/01/2032 | 1.03 | |||
Toronto-Dominion Bank (The), 4.46%, 06/08/2032 | 0.98 | |||
Total | 14.33 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD Corporate Bond 2032 Index | 2.20 | % | ||
Bloomberg U.S. Corporate Index | 1.98 | |||
Fund | ||||
NAV Return | 3.40 | |||
Market Price Return | 3.43 |
|
32 |
|
Invesco BulletShares 2032 Corporate Bond ETF (BSCW) (continued)
Fund Inception: September 8, 2022
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, 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:
- |
Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
|
33 |
|
BSJN | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 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, 2023, on a market price basis, the Fund returned 6.39%. On a net asset value (“NAV”) basis, the Fund returned 6.16%. During the same time period, the Index returned 6.62%. 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 7.16%. 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.
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 containers & packaging industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the IT services industry.
For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and consumer finance industries, respectively. The IT services industry detracted most significantly from the Fund’s return during the period, followed by the machinery and wireless telecommunication services industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Verscend Escrow Corp., 9.75% coupon, due 8/15/2026, a financial services company (portfolio average weight of 4.17%), and Dish DBS Corp., 5.00% coupon, due 3/15/2023, a media company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Sensata Technologies BV, 4.88% coupon, due 10/15/2023, an electrical equipment company (no longer held at fiscal year-end) and Sprint Corp., 7.88% coupon, due 9/15/2023, a wireless telecommunication services company (no longer held at fiscal year-end).
|
34 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
U.S. Treasury Securities | 76.15 | |||
Financials | 7.24 | |||
Consumer Discretionary | 4.58 | |||
Materials | 3.77 | |||
Sector Types Each Less Than 3% | 5.90 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.36 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
U.S. Treasury Bills, 5.26%, 09/21/2023 | 41.93 | |||
U.S. Treasury Bills, 5.30%-5.32%, 10/19/2023 | 34.22 | |||
Verscend Escrow Corp., 9.75%, 08/15/2026 | 4.15 | |||
Ball Corp., 4.00%, 11/15/2023 | 3.77 | |||
Ford Motor Credit Co. LLC, 3.37%, 11/17/2023 | 2.40 | |||
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027 | 1.36 | |||
Encompass Health Corp., 5.75%, 09/15/2025 | 1.30 | |||
Yum! Brands, Inc., 3.88%, 11/01/2023 | 1.23 | |||
Southwestern Energy Co., 8.38%, 09/15/2028 | 1.17 | |||
Navient Corp., 7.25%, 09/25/2023 | 1.13 | |||
Total | 92.66 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index | 6.62 | % | 3.21 | % | 9.93 | % | 3.55 | % | 19.03 | % | 5.08 | % | 47.94 | % | ||||||||||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.81 | 5.53 | 3.32 | 17.74 | 4.91 | 46.01 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 6.16 | 2.41 | 7.39 | 2.60 | 13.69 | 4.17 | 38.03 | |||||||||||||||||||||||||
Market Price Return | 6.39 | 2.45 | 7.53 | 2.56 | 13.48 | 4.17 | 38.09 |
|
35 |
|
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.
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. |
|
36 |
|
BSJO | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 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, 2023, on a market price basis, the Fund returned 8.13%. On a net asset value (“NAV”) basis, the Fund returned 7.70%. During the same time period, the Index returned 8.18%. 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 U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
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 consumer finance industry and most underweight in the health care providers & services industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the industrial conglomerates industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and consumer finance industries, respectively. The construction & engineering industry 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, 2023, included Dish DBS Corp., 5.88% coupon, due 11/15/2024, a media company (portfolio average weight of 5.15%) and Intesa Sanpaolo SpA, 5.02% coupon, due 6/26/2024, a banks company (portfolio average weight of 4.88%). Positions that detracted most significantly from the Fund’s return during the period included Cheniere Energy Partners LP, 4.50% coupon, due 10/1/2029, an oil, gas & consumable fuels company (no longer held at fiscal year-end) and Cornerstone Chemical Co., 10.25% coupon, due 9/1/2027, a chemicals company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 25.10 | |||
Financials | 19.07 | |||
Industrials | 16.71 | |||
Communication Services | 13.29 | |||
Energy | 11.96 | |||
Health Care | 3.04 | |||
Sector Types Each Less Than 3% | 5.61 | |||
Money Market Funds Plus Other Assets Less Liabilities | 5.22 |
|
37 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
DISH DBS Corp., 5.88%, 11/15/2024 | 5.09 | |||
Intesa Sanpaolo S.p.A., 5.02%, 06/26/2024 | 4.88 | |||
WESCO Distribution, Inc., 7.13%, 06/15/2025 | 4.86 | |||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024 | 3.51 | |||
Uber Technologies, Inc., 7.50%, 05/15/2025 | 3.43 | |||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025 | 3.27 | |||
Rakuten Group, Inc., 10.25%, 11/30/2024 | 3.17 | |||
Navient Corp., 6.13%, 03/25/2024 | 2.78 | |||
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025 | 2.71 | |||
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024 | 2.46 | |||
Total | 36.16 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index | 8.18 | % | 2.93 | % | 9.05 | % | 3.65 | % | 19.61 | % | 4.26 | % | 33.72 | % | ||||||||||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.81 | 5.53 | 3.32 | 17.74 | 4.18 | 32.95 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 7.70 | 2.25 | 6.90 | 3.09 | 16.46 | 3.54 | 27.37 | |||||||||||||||||||||||||
Market Price Return | 8.13 | 2.29 | 7.02 | 3.07 | 16.34 | 3.55 | 27.52 |
|
38 |
|
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.
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. |
|
39 |
|
BSJP | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 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, 2023, on a market price basis, the Fund returned 8.41%. On a net asset value (“NAV”) basis, the Fund returned 7.79%. During the same time period, the Index returned 8.86%. 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 negative impacts from the Fund’s sampling methodology, and costs associated with portfolio rebalancing and trading.
During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
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 hotels, restaurants & leisure industry and most underweight in the media industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels and the consumer finance industries, respectively. The health care providers & services 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, 2023, included American Airlines Inc., 11.75% coupon, due 7/15/2025, a passenger airlines company (portfolio average weight of 3.10%), and Caesars Entertainment, Inc., 6.25% coupon, due 7/1/2025, a hotels, restaurants & leisure company (portfolio average weight of 4.18%). Positions that detracted most significantly from the Fund’s return during the period included RP Escrow Issuer LLC, 5.25% coupon, due 12/15/2025, a health care providers & services company (portfolio average weight of 0.74%), and Venator Finance Sarl/Venator Materials, 5.75% coupon, due 7/15/2025, a chemicals company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 25.66 | |||
Industrials | 15.09 | |||
Energy | 11.30 | |||
Financials | 10.35 | |||
Information Technology | 7.37 | |||
Materials | 5.53 | |||
Consumer Staples | 5.34 | |||
Health Care | 5.18 | |||
Communication Services | 4.78 | |||
Sector Types Each Less Than 3% | 4.30 | |||
Money Market Funds Plus Other Assets Less Liabilities | 5.10 |
|
40 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Caesars Entertainment, Inc., 6.25%, 07/01/2025 | 4.13 | |||
American Airlines, Inc., 11.75%, 07/15/2025 | 3.06 | |||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025 | 2.11 | |||
Aramark Services, Inc., 6.38%, 05/01/2025 | 1.81 | |||
Bausch Health Cos., Inc., 5.50%, 11/01/2025 | 1.81 | |||
Univision Communications, Inc., 5.13%, 02/15/2025 | 1.76 | |||
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025 | 1.73 | |||
OneMain Finance Corp., 6.88%, 03/15/2025 | 1.49 | |||
New Fortress Energy, Inc., 6.75%, 09/15/2025 | 1.45 | |||
Spirit AeroSystems, Inc., 7.50%, 04/15/2025 | 1.43 | |||
Total | 20.78 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index | 8.86 | % | 4.39 | % | 13.74 | % | 4.93 | % | 27.21 | % | 4.50 | % | 29.79 | % | ||||||||||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.81 | 5.53 | 3.32 | 17.74 | 3.25 | 20.83 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 7.79 | 3.59 | 11.17 | 4.06 | 21.99 | 3.70 | 24.01 | |||||||||||||||||||||||||
Market Price Return | 8.41 | 3.69 | 11.50 | 4.09 | 22.17 | 3.73 | 24.25 |
|
41 |
|
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.
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 May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
|
42 |
|
BSJQ | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 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, 2023, on a market price basis, the Fund returned 8.04%. On a net asset value (“NAV”) basis, the Fund returned 7.29%. During the same time period, the Index returned 7.83%. 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, sampling, and trading.
During this same time period, the Bloomberg US Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and the gas utilities industries, respectively. The consumer staples distribution & retail 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, 2023, included Wolverine Escrow LLC, 9.00% coupon, due 11/15/2026, an aerospace & defense company (no longer held at fiscal year-end), and NGL Energy Operating LLC, 7.50% coupon, due 2/1/2026, an energy equipment & services company (portfolio average weight of 1.88%). Positions that detracted most significantly from the Fund’s return during the period included Cimpress NV, 7.00% coupon, due 6/15/2026, a commercial services & supplies company (no longer held at fiscal year-end), and Cumulus Media New Holdings Inc., 6.75% coupon, due 7/1/2026, an interactive media & services company (portfolio average weight of 0.24%).
|
43 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 20.20 | |||
Energy | 17.41 | |||
Industrials | 11.19 | |||
Communication Services | 10.73 | |||
Financials | 10.34 | |||
Materials | 9.40 | |||
Health Care | 4.67 | |||
Information Technology | 3.86 | |||
Utilities | 3.83 | |||
Consumer Staples | 3.15 | |||
Real Estate | 2.12 | |||
Money Market Funds Plus Other Assets Less Liabilities | 3.10 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026 | 2.48 | |||
DISH DBS Corp., 5.25%, 12/01/2026 | 2.12 | |||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026 | 1.87 | |||
Tenet Healthcare Corp., 4.88%, 01/01/2026 | 1.86 | |||
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026 | 1.81 | |||
Newell Brands, Inc., 4.70%, 04/01/2026 | 1.74 | |||
United Airlines, Inc., 4.38%, 04/15/2026 | 1.73 | |||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026 | 1.69 | |||
HUB International Ltd., 7.00%, 05/01/2026 | 1.53 | |||
OneMain Finance Corp., 7.13%, 03/15/2026 | 1.44 | |||
Total | 18.27 |
* |
Excluding money market fund holdings. |
|
44 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index | 7.83 | % | 3.01 | % | 9.31 | % | 4.36 | % | 23.80 | % | 4.41 | % | 24.40 | % | ||||||||||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.81 | 5.53 | 3.32 | 17.74 | 3.35 | 18.13 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 7.29 | 2.36 | 7.23 | 3.55 | 19.07 | 3.62 | 19.73 | |||||||||||||||||||||||||
Market Price Return | 8.04 | 2.47 | 7.59 | 3.59 | 19.30 | 3.66 | 19.96 |
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.
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 Fund. |
|
45 |
|
BSJR | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 7.78%. On a net asset value (“NAV”) basis, the Fund returned 6.95%. During the same time period, the Index returned 7.41%. 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 U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
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 media industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified telecommunication services industry followed by the communications equipment industry.
For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return, followed by the media and oil, gas & consumable fuels industries, respectively. The diversified telecommunication services industry detracted most significantly from the Fund’s return during the period, followed by the communications equipment and IT services industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Carnival Corp., 5.75% coupon, due 3/1/2027, a hotels, restaurants & leisure company (portfolio average weight of 2.80%), and Dish Network Corp., 11.75% coupon, due 11/15/2027, a media company (portfolio average weight of 3.13%). Positions that detracted most significantly from the Fund’s return during this period included CommScope Technologies LLC, 5.00% coupon, due 3/15/2027, a communications equipment company (portfolio average weight of 0.35%), and Zayo Group Holdings, Inc., 4.00% coupon, due 3/1/2027, a diversified telecommunication services company (portfolio average weight of 0.94%).
|
46 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 21.56 | |||
Communication Services | 18.27 | |||
Industrials | 11.11 | |||
Energy | 9.90 | |||
Financials | 8.54 | |||
Materials | 8.17 | |||
Health Care | 6.77 | |||
Real Estate | 4.34 | |||
Information Technology | 4.08 | |||
Sector Types Each Less Than 3% | 4.86 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.40 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
DISH Network Corp., 11.75%, 11/15/2027 | 3.02 | |||
Carnival Corp., 5.75%, 03/01/2027 | 2.80 | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027 | 2.60 | |||
Community Health Systems, Inc., 5.63%, 03/15/2027 | 1.42 | |||
Caesars Entertainment, Inc., 8.13%, 07/01/2027 | 1.40 | |||
Ford Motor Credit Co. LLC, 7.35%, 11/04/2027 | 1.39 | |||
Nexstar Media, Inc., 5.63%, 07/15/2027 | 1.37 | |||
Tenet Healthcare Corp., 6.25%, 02/01/2027 | 1.26 | |||
Altice France S.A., 8.13%, 02/01/2027 | 1.24 | |||
Tenet Healthcare Corp., 5.13%, 11/01/2027 | 1.21 | |||
Total | 17.71 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index | 7.41 | % | 1.42 | % | 4.31 | % | 2.72 | % | 11.24 | % | ||||||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.81 | 5.53 | 2.41 | 9.93 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 6.95 | 0.65 | 1.95 | 1.57 | 6.35 | |||||||||||||||||||
Market Price Return | 7.78 | 0.80 | 2.43 | 1.57 | 6.36 |
|
47 |
|
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.
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 Fund. |
|
48 |
|
BSJS | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.23%. On a net asset value (“NAV”) basis, the Fund returned 5.70%. During the same time period, the Index returned 5.75%. 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 the positive effects of the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
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 diversified telecommunication services industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the communications equipment industry.
For the fiscal year ended August 31, 2023, the commercial services & supplies industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure industry. The communications equipment 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, 2023, included NFP Corp., 6.88% coupon, due 8/15/2028, a capital markets company (portfolio average weight of 1.09%), and Carnival Corp., 4.00% coupon, due 8/1/2028, a hotels, restaurants & leisure company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Level 3 Financing Inc., 4.25% coupon, due 7/1/2028, a diversified telecommunication services company (portfolio average weight of 0.47%), and Cano Health LLC, 6.25% coupon, due 10/1/2028, a health care providers & services company (portfolio average weight of 0.06%).
|
49 |
|
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Industrials | 16.60 | |||
Communication Services | 14.41 | |||
Consumer Discretionary | 13.76 | |||
Materials | 11.30 | |||
Energy | 8.40 | |||
Health Care | 8.11 | |||
Financials | 6.52 | |||
Information Technology | 5.65 | |||
Real Estate | 4.52 | |||
Consumer Staples | 4.35 | |||
Utilities | 3.71 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.67 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028 | 1.49 | |||
Tenet Healthcare Corp., 6.13%, 10/01/2028 | 1.44 | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 | 1.38 | |||
Venture Global LNG, Inc., 8.13%, 06/01/2028 | 1.29 | |||
Carnival Corp., 4.00%, 08/01/2028 | 1.28 | |||
TransDigm, Inc., 6.75%, 08/15/2028 | 1.25 | |||
DISH DBS Corp., 5.75%, 12/01/2028 | 1.16 | |||
NFP Corp., 6.88%, 08/15/2028 | 1.08 | |||
Sirius XM Radio, Inc., 4.00%, 07/15/2028 | 1.03 | |||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028 | 1.01 | |||
Total | 12.41 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index | 5.75 | % | (0.06 | )% | (0.16 | )% | ||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | 1.87 | 5.64 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 5.70 | (0.48 | ) | (1.41 | ) | |||||||||||
Market Price Return | 6.23 | (0.39 | ) | (1.16 | ) |
|
50 |
|
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) (continued)
Fund Inception: September 16, 2020
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, 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.
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 Fund. |
|
51 |
|
BSJT | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) |
As an index fund, the Invesco BulletShares 2029 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 2029 Index (the “High Yield 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 High Yield 2029 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 2029. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 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, 2023, on a market price basis, the Fund returned 6.32%. On a net asset value (“NAV”) basis, the Fund returned 5.87%. During the same time period, the Index returned 6.38%. 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, sampling, and trading.
During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 7.16%. 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.
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 financial services industry and most underweight in the hotels, restaurants & leisure industry during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the diversified telecommunication services industry.
For the fiscal year ended August 31, 2023, the hotels, restaurants & leisure industry contributed most significantly to the Fund’s return. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the entertainment industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Carnival Corp., 6.00% coupon, due 5/1/2029, a hotels, restaurants & leisure company (portfolio average weight of 1.00%), and Cloud Software Group, Inc., 6.50% coupon, due 3/31/2029, a software company (portfolio average weight of 1.99%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included AMC Entertainment Holdings, Inc., 7.50% coupon, due 2/15/2029, an entertainment company (portfolio average weight of 0.30%), and Level 3 Financing, Inc., 3.75% coupon, due 7/15/2029, a diversified telecommunication services company (portfolio average weight of 0.21%).
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 17.65 | |||
Industrials | 13.46 | |||
Communication Services | 13.06 | |||
Information Technology | 10.19 | |||
Health Care | 8.51 | |||
Energy | 8.38 | |||
Materials | 8.15 | |||
Financials | 6.95 | |||
Consumer Staples | 4.70 | |||
Real Estate | 4.32 | |||
Utilities | 2.35 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.28 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Medline Borrower L.P., 3.88%, 04/01/2029 | 2.11 | |||
Cloud Software Group, Inc., 6.50%, 03/31/2029 | 1.94 | |||
Cloud Software Group, Inc., 9.00%, 09/30/2029 | 1.85 | |||
Neptune Bidco US, Inc., 9.29%, 04/15/2029 | 1.29 | |||
Medline Borrower L.P., 5.25%, 10/01/2029 | 1.18 | |||
Carnival Corp., 6.00%, 05/01/2029 | 0.98 | |||
Imola Merger Corp., 4.75%, 05/15/2029 | 0.95 | |||
United Airlines, Inc., 4.63%, 04/15/2029 | 0.94 | |||
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029 | 0.91 | |||
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029 | 0.90 | |||
Total | 13.05 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index | 6.38 | % | (4.60 | )% | (8.81 | )% | ||||||||||
Bloomberg US Corporate High Yield Index | 7.16 | (2.39 | ) | (4.63 | ) | |||||||||||
Fund | ||||||||||||||||
NAV Return | 5.87 | (4.94 | ) | (9.44 | ) | |||||||||||
Market Price Return | 6.32 | (4.96 | ) | (9.49 | ) |
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Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) (continued)
Fund Inception: September 15, 2021
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, 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.
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 Fund. |
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BSJU | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) |
As an index fund, the Invesco BulletShares 2030 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 2030 Index (the “High Yield 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 High Yield 2030 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 2030. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 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 cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 8, 2022, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 4.76%. On a net asset value (“NAV”) basis, the Fund returned 5.19%. During the same time period, the Index returned 5.62%. 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, sampling, and trading.
During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.68%. 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the commercial services & supplies industry during the fiscal period ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the specialty retail industry.
For the fiscal period ended August 31, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return. The specialty retail industry detracted most significantly from the Fund’s return, followed by the health care equipment & supplies industry.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included Weatherford International Ltd., 8.63% coupon, due 4/30/2030, an energy equipment & services company (portfolio average weight of 1.78%), and Davita Inc., 4.63% coupon, due 6/1/2030, a health care providers & services company (portfolio average weight of 2.56%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2023, included Gray Television Inc., 4.75% coupon, due 10/15/2030, a media company (portfolio average weight of 0.62%), and Sinclair Television Group Inc., 4.13% coupon, due 12/1/2030, a media company (portfolio average weight of 0.53%).
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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Consumer Discretionary | 17.81 | |||
Energy | 16.38 | |||
Communication Services | 14.35 | |||
Health Care | 12.69 | |||
Information Technology | 7.88 | |||
Industrials | 6.91 | |||
Financials | 6.10 | |||
Materials | 5.97 | |||
Consumer Staples | 4.19 | |||
Real Estate | 3.28 | |||
Utilities | 2.29 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.15 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Intelsat Jackson Holdings S.A., 6.50%, 03/15/2030 | 3.00 | |||
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | 2.68 | |||
DaVita, Inc., 4.63%, 06/01/2030 | 2.54 | |||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030 | 2.40 | |||
Caesars Entertainment, Inc., 7.00%, 02/15/2030 | 2.20 | |||
athenahealth Group, Inc., 6.50%, 02/15/2030 | 2.18 | |||
McAfee Corp., 7.38%, 02/15/2030 | 1.95 | |||
Weatherford International Ltd., 8.63%, 04/30/2030 | 1.74 | |||
Chart Industries, Inc., 7.50%, 01/01/2030 | 1.66 | |||
Ford Motor Credit Co. LLC, 7.35%, 03/06/2030 | 1.65 | |||
Total | 22.00 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD High Yield Corporate Bond 2030 Index | 5.62 | % | ||
Bloomberg US Corporate High Yield Index | 6.68 | |||
Fund | ||||
NAV Return | 5.19 | |||
Market Price Return | 4.76 |
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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) (continued)
Fund Inception: September 8, 2022
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, 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.
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:
- |
Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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BSMN | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 2.01%. On a net asset value (“NAV”) basis, the Fund returned 2.50%. During the same time period, the Index returned 2.48%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which were partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of North Carolina and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Montana 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, 2023, included Hillsborough (County of) FL Industrial Development Authority, 4.00% coupon, due 10/1/2023 (portfolio average weight of 0.42%) and Chicago (City of), IL (O’Hare International Airport), 5.75% coupon, due 1/1/2043 (portfolio average weight of 2.69%). Positions that detracted most significantly from the Fund’s return during this period were Northwest Local School District, 4.00% coupon, due 12/1/2050 (portfolio average weight of 0.32%) and California (State of) Health Facilities Financing Authority, 4.00% coupon, due 3/1/2033 (portfolio average weight of 0.34%).
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Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 20.23 | |||
Health, Hospital, Nursing Home Revenue | 15.58 | |||
Water Revenue | 14.47 | |||
Sewer Revenue | 7.24 | |||
Electric Power Revenue | 5.30 | |||
Income Tax Revenue | 4.79 | |||
Port, Airport & Marina Revenue | 4.06 | |||
Miscellaneous Revenue | 4.01 | |||
College & University Revenue | 3.74 | |||
Lease Revenue | 3.44 | |||
Revenue Types Each Less Than 3% | 10.93 | |||
Other Assets Less Liabilities | 6.21 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB, 3.45%, 11/01/2034 | 7.10 | |||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB, 3.28%, 12/01/2036 | 7.10 | |||
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB, 3.40%, 07/01/2032 | 7.10 | |||
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 C, Ref. VRD RB, 2.35%, 04/01/2053 | 4.26 | |||
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2008 A, Ref. VRD RB, 3.10%, 12/01/2037 | 3.55 | |||
Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. RB, 3.47%, 07/01/2040 | 3.55 | |||
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB, 2.80%, 07/01/2034 | 3.55 | |||
Wyoming (State of) Community Development Authority, Series 2023-2, Ref. VRD RB, 4.01%, 12/01/2050 | 3.55 | |||
Colorado Springs (City of), CO, Series 2007 A, VRD RB, 4.03%, 11/01/2037 | 2.86 | |||
Houston (City of), TX, Series 2012 B, Ref. RB, 4.08%, 05/15/2034 | 2.84 | |||
Total | 45.46 |
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Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2023 Index | 2.48 | % | 0.91 | % | 2.75 | % | 1.56 | % | 6.26 | % | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 2.50 | 0.62 | 1.88 | 1.24 | 4.95 | |||||||||||||||||||
Market Price Return | 2.01 | 0.46 | 1.39 | 1.15 | 4.58 |
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.
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 Fund. |
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60 |
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BSMO | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.58%. On a net asset value (“NAV”) basis, the Fund returned 1.76%. During the same time period, the Index returned 1.94%. 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 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 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of California and most underweight in the state of Virginia during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of South Dakota 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, 2023, included Metropolitan Transportation Authority, 5.25% coupon, due 11/15/2044 (portfolio average weight of 0.70%) and New Jersey (State of) Transportation Trust Fund Authority, 5.00% coupon, due 6/15/2038 (portfolio average weight of 0.42%). Positions that detracted most significantly from the Fund’s return during this period were Pennsylvania Economic Development Financing Authority, 4.00% coupon, due 2/1/2040 (portfolio average weight of 0.48%) and Camino Real Regional Mobility Authority, 4.00% coupon, due 6/1/2044 (portfolio average weight of 0.09%).
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61 |
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Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 22.91 | |||
Miscellaneous Revenue | 9.44 | |||
Water Revenue | 9.18 | |||
Sales Tax Revenue | 8.08 | |||
Health, Hospital, Nursing Home Revenue | 7.91 | |||
General Fund | 6.38 | |||
Income Tax Revenue | 5.59 | |||
Highway Tolls Revenue | 4.79 | |||
Electric Power Revenue | 3.95 | |||
Port, Airport & Marina Revenue | 3.69 | |||
College & University Revenue | 3.66 | |||
Lease Revenue | 3.40 | |||
Appropriations | 3.00 | |||
Revenue Types Each Less Than 3% | 6.38 | |||
Other Assets Less Liabilities | 1.64 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB, 5.00%, 12/01/2024 | 1.05 | |||
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2024 | 0.91 | |||
Maryland (State of), Series 2017 B, Ref. GO Bonds, 5.00%, 08/01/2024 | 0.85 | |||
California (State of), Series 2014, GO Bonds, 5.00%, 10/01/2039 | 0.83 | |||
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB, 5.00%, 02/01/2030 | 0.78 | |||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB, 5.00%, 10/01/2027 | 0.78 | |||
New York (State of) Thruway Authority, Series 2014 J, RB, 5.00%, 01/01/2041 | 0.74 | |||
Washington (State of), Series 2017 D, Ref. GO Bonds, 5.00%, 08/01/2024 |
0.73 | |||
New York (City of), NY, Series 2014 J, Ref. GO Bonds, 5.00%, 08/01/2030 |
0.73 | |||
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB, 5.00%, 11/01/2029 |
0.71 | |||
Total | 8.11 |
|
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|
Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2024 Index | 1.94 | % | 0.26 | % | 0.78 | % | 1.17 | % | 4.68 | % | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.76 | 0.01 | 0.03 | 0.84 | 3.34 | |||||||||||||||||||
Market Price Return | 1.58 | (0.08 | ) | (0.24 | ) | 0.87 | 3.46 |
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.
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 Fund. |
|
63 |
|
BSMP | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.45%. On a net asset value (“NAV”) basis, the Fund returned 1.34%. During the same time period, the Index returned 1.48%. 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 Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of Washington and most underweight in the state of Colorado during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Kentucky.
For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Kentucky detracted most significantly from the Fund’s return, followed by the state of Iowa.
Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Omaha (City of), NE Public Power District, 5.00% coupon, due 2/1/2043, (portfolio average weight of 0.61%) and Maryland (State of) Health & Higher Educational Facilities Authority, 5.00% coupon, due 7/1/2045 (portfolio average weight of 0.26%). Positions that detracted the most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Kentucky Municipal Power Agency, 4.00% coupon, due 9/1/2039, (portfolio average weight of 0.13%) and Louisville (City of) & Jefferson (County of), 3.00% coupon, due 5/15/2047 (portfolio average weight of 0.05%).
|
64 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 23.62 | |||
Sales Tax Revenue | 8.34 | |||
Water Revenue | 7.22 | |||
Highway Tolls Revenue | 6.96 | |||
Miscellaneous Revenue | 6.75 | |||
Electric Power Revenue | 6.33 | |||
College & University Revenue | 5.75 | |||
Income Tax Revenue | 5.51 | |||
Lease Revenue | 5.48 | |||
Appropriations | 5.13 | |||
Health, Hospital, Nursing Home Revenue | 4.33 | |||
Port, Airport & Marina Revenue | 4.13 | |||
General Fund | 3.59 | |||
Revenue Types Each Less Than 3% | 5.56 | |||
Other Assets Less Liabilities | 1.30 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
New York (State of) Dormitory Authority, Series 2015 B, RB, 5.00%, 02/15/2044 | 0.95 | |||
Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2025 | 0.91 | |||
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds, 5.00%, 03/15/2031 | 0.83 | |||
New Jersey (State of) Turnpike Authority, Series 2015 E, RB, 5.00%, 01/01/2045 | 0.78 | |||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB, 5.00%, 12/01/2045 | 0.76 | |||
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB, 5.00%, 07/15/2040 | 0.73 | |||
California (State of), Series 2015, Ref. GO Bonds, 5.00%, 08/01/2035 | 0.71 | |||
Louisiana (State of), Series 2015 A, Ref. RB, 4.50%, 05/01/2025 | 0.71 | |||
California (State of), Series 2022, GO Bonds, 5.00%, 09/01/2025 | 0.68 | |||
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB, 5.00%, 01/15/2025 | 0.68 | |||
Total | 7.74 |
|
65 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2025 Index | 1.48 | % | (0.35 | )% | (1.05 | )% | 0.78 | % | 3.11 | % | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.34 | (0.76 | ) | (2.27 | ) | 0.46 | 1.83 | |||||||||||||||||
Market Price Return | 1.45 | (0.76 | ) | (2.26 | ) | 0.52 | 2.08 |
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.
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 Fund. |
|
66 |
|
BSMQ | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.33%. On a net asset value (“NAV”) basis, the Fund returned 1.16%. During the same time period, the Index returned 1.34%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of Michigan and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Nebraska.
For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Nebraska detracted most significantly from the Fund’s return, followed by the states of Minnesota and Indiana, respectively.
Positions that contributed the most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included California (State of), Series 2016, 4.00% coupon, due 9/1/2034, (portfolio average weight of 0.66%) and Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2037 (portfolio average weight of 0.68%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included New Hope Cultural Education Facilities Finance Corp., 5.00% coupon, due 7/1/2051 (portfolio average weight of 0.12%) and Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), 3.00% coupon due 5/15/2046 (portfolio average weight of 0.20%).
|
67 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 20.95 | |||
Health, Hospital, Nursing Home Revenue | 9.21 | |||
Water Revenue | 8.66 | |||
General Fund | 7.56 | |||
Miscellaneous Revenue | 7.05 | |||
College & University Revenue | 6.52 | |||
Sales Tax Revenue | 6.24 | |||
Highway Tolls Revenue | 6.05 | |||
Income Tax Revenue | 5.35 | |||
Electric Power Revenue | 4.27 | |||
Lease Revenue | 3.89 | |||
Appropriations | 3.52 | |||
Revenue Types Each Less Than 3% | 9.33 | |||
Other Assets Less Liabilities | 1.40 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB, 5.00%, 07/01/2026 | 0.71 | |||
Metropolitan Transportation Authority, Series 2016 B, Ref. RB, 5.00%, 11/15/2037 | 0.67 | |||
California (State of), Series 2016, Ref. GO Bonds, 4.00%, 09/01/2034 | 0.66 | |||
California (State of), Series 2016, Ref. GO Bonds, 5.00%, 09/01/2029 | 0.65 | |||
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB, 5.00%, 08/01/2030 | 0.60 | |||
District of Columbia, Series 2016 D, GO Bonds, 5.00%, 06/01/2036 | 0.58 | |||
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations, 5.00%, 03/01/2030 | 0.58 | |||
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB, 5.00%, 01/01/2042 | 0.55 | |||
New York State Urban Development Corp., Series 2016 A, Ref. RB, 5.00%, 03/15/2026 | 0.53 | |||
Grand River Dam Authority, Series 2016 A, Ref. RB, 4.00%, 06/01/2033 | 0.53 | |||
Total | 6.06 |
|
68 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2026 Index | 1.34 | % | (0.91 | )% | (2.72 | )% | 0.37 | % | 1.47 | % | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.16 | (1.37 | ) | (4.06 | ) | (0.16 | ) | (0.62 | ) | |||||||||||||||
Market Price Return | 1.33 | (1.36 | ) | (4.01 | ) | 0.00 | 0.02 |
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.
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 Fund. |
|
69 |
|
BSMR | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.50%. On a net asset value (“NAV”) basis, the Fund returned 1.37%. During the same time period, the Index returned 1.44%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of Illinois and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Ohio.
For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return, followed by the states of New York and Pennsylvania, respectively. The state of Ohio detracted most significantly from the Fund’s return, followed by the states of Georgia and Missouri, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included District Columbia, 5.00% coupon, due 6/1/2032, (portfolio average weight of 0.59%) and Bay Area Toll Authority, 4.00% coupon, due 4/1/2035, (portfolio average weight of 0.31%). Positions that detracted most significantly from the Fund’s return during this period were Cuyahoga (County of), OH, (MetroHealth System), 5.00% coupon, due 2/15/2052, (portfolio average weight of 0.53%) and East Central Regional Wastewater Treatment Facilities Operation Board, 5.00% coupon, due 10/1/2044 (portfolio average weight of 0.33%).
|
70 |
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Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 17.02 | |||
Health, Hospital, Nursing Home Revenue | 11.56 | |||
Miscellaneous Revenue | 9.55 | |||
Water Revenue | 8.84 | |||
College & University Revenue | 7.24 | |||
Income Tax Revenue | 7.20 | |||
Highway Tolls Revenue | 6.14 | |||
General Fund | 6.11 | |||
Sales Tax Revenue | 5.93 | |||
Electric Power Revenue | 4.75 | |||
Lease Revenue | 3.23 | |||
Port, Airport & Marina Revenue | 3.06 | |||
Revenue Types Each Less Than 3% | 8.07 | |||
Other Assets Less Liabilities | 1.30 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds, 5.00%, 08/01/2027 | 0.73 | |||
California (State of), Series 2017, Ref. GO Bonds, 5.00%, 08/01/2030 | 0.71 | |||
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB, 5.00%, 02/01/2039 | 0.71 | |||
Chicago (City of), IL, Series 2017-2, Ref. RB, 5.00%, 11/01/2033 | 0.69 | |||
Washington Metropolitan Area Transit Authority, Series 2017 B, RB, 5.00%, 07/01/2035 | 0.69 | |||
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB, 5.00%, 07/01/2042 | 0.68 | |||
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB, 5.00%, 08/15/2047 | 0.66 | |||
Georgia (State of), Series 2016 F, Ref. GO Bonds, 5.00%, 01/01/2027 | 0.63 | |||
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB, 4.00%, 02/15/2033 | 0.60 | |||
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB, 5.00%, 04/01/2027 | 0.59 | |||
Total | 6.69 |
|
71 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2027 Index | 1.44 | % | (1.08 | )% | (3.19 | )% | 0.21 | % | 0.81 | % | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.37 | (1.24 | ) | (3.67 | ) | (0.19 | ) | (0.76 | ) | |||||||||||||||
Market Price Return | 1.50 | (1.27 | ) | (3.78 | ) | (0.11 | ) | (0.44 | ) |
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.
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 Fund. |
|
72 |
|
BSMS | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.70%. On a net asset value (“NAV”) basis, the Fund returned 1.40%. During the same time period, the Index returned 1.61%. 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 Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Georgia.
For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return. The state of Georgia detracted most significantly from the Fund’s return, followed by the states of Tennessee and Mississippi, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Illinois St, 5.00% coupon, due 10/1/2028, (portfolio average weight of 0.85%) and Maryland St, 5.00% coupon, due 8/1/2028, (portfolio average weight of 0.54%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Bucks (County of), PA Industrial Development Authority, 3.00% coupon, due 8/15/2050 (portfolio average weight of 0.17%) and Georgia (State of), 3.25% coupon, due 7/1/2037 (portfolio average weight of 0.28%).
|
73 |
|
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 19.74 | |||
Sales Tax Revenue | 11.83 | |||
Water Revenue | 8.11 | |||
General Fund | 7.50 | |||
Miscellaneous Revenue | 7.00 | |||
Highway Tolls Revenue | 6.82 | |||
Health, Hospital, Nursing Home Revenue | 6.51 | |||
Income Tax Revenue | 6.49 | |||
College & University Revenue | 6.15 | |||
Appropriations | 5.87 | |||
Lease Revenue | 3.04 | |||
Revenue Types Each Less Than 3% | 9.69 | |||
Other Assets Less Liabilities | 1.25 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
Massachusetts (Commonwealth of), Series 2021, RB, 5.00%, 06/01/2041 | 1.13 | |||
Metropolitan Transportation Authority, Series 2012 A, Ref. RB, 3.00%, 11/15/2028 | 1.09 | |||
Illinois (State of), Series 2020 B, GO Bonds, 5.00%, 10/01/2028 | 0.83 | |||
New York (City of), NY, Subseries 2018 D-1, GO Bonds, 5.00%, 12/01/2033 |
0.78 | |||
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, 5.00%, 12/15/2033 | 0.77 | |||
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB, 5.00%, 08/01/2042 | 0.76 | |||
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB, 5.00%, 11/01/2043 | 0.75 | |||
Texas (State of) Water Development Board, Series 2018 A, RB, 5.00%, 10/15/2043 | 0.68 | |||
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB, 5.00%, 03/15/2039 | 0.65 | |||
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB, 5.00%, 07/01/2043 | 0.64 | |||
Total | 8.08 |
|
74 |
|
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2028 Index | 1.61 | % | (1.32 | )% | (3.91 | )% | (0.01 | )% | (0.03 | )% | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.40 | (1.83 | ) | (5.38 | ) | (0.29 | ) | (1.15 | ) | |||||||||||||||
Market Price Return | 1.70 | (1.81 | ) | (5.32 | ) | (0.23 | ) | (0.89 | ) |
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.
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 Fund. |
|
75 |
|
BSMT | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.48%. On a net asset value (“NAV”) basis, the Fund returned 1.44%. During the same time period, the Index returned 1.72%. 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, sampling, and trading.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of Massachusetts and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Rhode Island.
For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Rhode Island detracted most significantly from the Fund’s return, followed by the states of Delaware and Idaho, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included California (State of) (Bidding Group B), 5.00% coupon, due 11/1/2029, (portfolio average weight of 0.83%) and California (State of), Series 2019, 5.00% coupon, due 10/1/2031, (portfolio average weight of 1.97%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included Florida (State of) Higher Educational Facilities Financial Authority, 5.00% coupon, due 3/1/2039, (portfolio average weight of 0.19%) and Illinois (State of) Finance Authority (University of Illinois at Urbana), 5.00% coupon, due 10/1/2049, (portfolio average weight of 0.23%).
|
76 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 15.52 | |||
General Fund | 10.85 | |||
Water Revenue | 8.81 | |||
College & University Revenue | 7.98 | |||
Income Tax Revenue | 7.41 | |||
Sales Tax Revenue | 7.25 | |||
Lease Revenue | 6.10 | |||
Health, Hospital, Nursing Home Revenue | 6.09 | |||
Miscellaneous Revenue | 5.74 | |||
Highway Tolls Revenue | 5.48 | |||
Port, Airport & Marina Revenue | 5.21 | |||
Electric Power Revenue | 3.97 | |||
Appropriations | 3.63 | |||
Revenue Types Each Less Than 3% | 4.54 | |||
Other Assets Less Liabilities | 1.42 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2031 | 1.94 | |||
District of Columbia, Series 2019 A, GO Bonds, 5.00%, 10/15/2030 | 0.94 | |||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB, 5.00%, 11/01/2029 | 0.93 | |||
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB, 5.00%, 06/01/2049 | 0.88 | |||
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB, 5.00%, 06/15/2029 | 0.87 | |||
Michigan State University Board of Trustees, Series 2019 B, RB, 5.00%, 02/15/2048 | 0.84 | |||
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds, 5.00%, 11/01/2029 | 0.82 | |||
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2035 | 0.82 | |||
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB, 5.00%, 11/01/2029 | 0.82 | |||
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds, 5.25%, 01/01/2044 | 0.78 | |||
Total | 9.64 |
|
77 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
Fund Inception | |||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||
Invesco BulletShares® Municipal Bond 2029 Index | 1.72 | % | (2.18 | )% | (6.41 | )% | (0.56 | )% | (2.18 | )% | ||||||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.32 | ) | (3.92 | ) | 0.00 | (0.01 | ) | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 1.44 | (2.33 | ) | (6.84 | ) | (0.65 | ) | (2.55 | ) | |||||||||||||||
Market Price Return | 1.48 | (2.33 | ) | (6.83 | ) | (0.63 | ) | (2.47 | ) |
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.
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 Fund. |
|
78 |
|
BSMU | Management’s Discussion of Fund Performance | |
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. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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, 2023, on a market price basis, the Fund returned 1.91%. On a net asset value (“NAV”) basis, the Fund returned 1.77%. During the same time period, the Index returned 2.14%. 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 negative impacts from the Fund’s sampling methodology, and costs associated with portfolio rebalancing and trading.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of California.
For the fiscal year ended August 31, 2023, the state of California contributed most significantly to the Fund’s return. The state of Minnesota detracted most significantly from the Fund’s return, followed by the states of New Mexico and Utah, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included New York State Urban Development Corp., 5.00% coupon, due 3/15/2036, (portfolio average weight of 1.15%) and Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), 5.00% coupon, due 11/15/2049, (portfolio average weight of 0.99%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2023, included New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2034, (portfolio average weight of 1.60%) and New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 11/1/2032, (portfolio average weight of 0.53%).
|
79 |
|
Invesco BulletShares 2030 Municipal Bond ETF (BSMU) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 19.80 | |||
Income Tax Revenue | 10.51 | |||
Water Revenue | 10.13 | |||
Sales Tax Revenue | 9.66 | |||
Miscellaneous Revenue | 7.79 | |||
General Fund | 6.67 | |||
College & University Revenue | 5.47 | |||
Lease Revenue | 5.12 | |||
Highway Tolls Revenue | 4.30 | |||
Electric Power Revenue | 3.99 | |||
Revenue Types Each Less Than 3% | 15.19 | |||
Other Assets Less Liabilities | 1.37 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034 | 1.67 | |||
Sales Tax Securitization Corp., Series 2021 A, Ref. RB, 5.00%, 01/01/2030 |
1.16 | |||
North Carolina (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2030 | 1.10 | |||
New York State Urban Development Corp., Series 2020 A, RB, 5.00%, 03/15/2036 | 1.06 | |||
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.25%, 11/15/2055 | 1.06 | |||
New Jersey (State of), Series 2021, GO Bonds, 2.00%, 06/01/2030 | 1.02 | |||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB, 5.00%, 11/15/2049 | 1.01 | |||
Illinois (State of), Series 2020, GO Bonds, 5.50%, 05/01/2030 | 0.96 | |||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB, 5.00%, 06/15/2050 | 0.81 | |||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB, 4.00%, 11/01/2034 | 0.79 | |||
Total | 10.64 |
|
80 |
|
Invesco BulletShares 2030 Municipal Bond ETF (BSMU) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Invesco BulletShares® Municipal Bond 2030 Index | 2.14 | % | (2.77 | )% | (7.97 | )% | ||||||||||
Bloomberg Municipal Bond Index | 1.70 | (1.35 | ) | (3.94 | ) | |||||||||||
Fund | ||||||||||||||||
NAV Return | 1.77 | (3.01 | ) | (8.64 | ) | |||||||||||
Market Price Return | 1.91 | (2.99 | ) | (8.59 | ) |
Fund Inception: September 16, 2020
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, 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.
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 Fund. |
|
81 |
|
BSMV |
Management’s Discussion of Fund Performance | |
Invesco BulletShares 2031 Municipal Bond ETF (BSMV) |
As an index fund, the Invesco BulletShares 2031 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 2031 Index (the “Municipal Bond 2031 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 2031 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2031 or, in some cases, “effective maturities” in the year 2031. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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, 2031. 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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.
For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 2.67%. On a net asset value (“NAV”) basis, the Fund returned 2.38%. During the same time period, the Index returned 2.42%. 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 incurred by the Fund during the period.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of New York and most underweight in the state of Texas during the fiscal year ended August 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of New York.
For the fiscal year ended August 31, 2023, the state of New York contributed most significantly to the Fund’s return during the period. The state of Florida detracted most significantly from the Fund’s return, followed by the states of Louisiana and Missouri, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Nassau (County of), NY Interim Fin Au, 4.00% coupon, due 11/15/2034, (portfolio average weight of 1.12%) and North Texas Tollway Authority, 4.00% coupon, due 1/1/2034, (portfolio average weight of 1.14%). Positions that detracted the most from the Fund’s return during this period included Massachusetts (Commonwealth of), 5.00% coupon, due 9/1/2048, (portfolio average weight of 1.10%) and New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2031 (portfolio average weight of 1.73%).
|
82 |
|
Invesco BulletShares 2031 Municipal Bond ETF (BSMV) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 17.42 | |||
Sales Tax Revenue | 11.18 | |||
Miscellaneous Revenue | 10.43 | |||
Highway Tolls Revenue | 8.32 | |||
Water Revenue | 7.32 | |||
Income Tax Revenue | 7.14 | |||
Electric Power Revenue | 6.51 | |||
General Fund | 6.41 | |||
Lease Revenue | 5.56 | |||
Port, Airport & Marina Revenue | 4.07 | |||
College & University Revenue | 3.20 | |||
Revenue Types Each Less Than 3% | 11.23 | |||
Other Assets Less Liabilities | 1.21 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB, 5.00%, 03/15/2031 | 1.70 | |||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 | 1.63 | |||
University of California (Limited), Series 2021 Q, Ref. RB, 5.00%, 05/15/2046 | 1.37 | |||
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB, 5.00%, 06/01/2042 | 1.31 | |||
North Texas Tollway Authority, Series 2021 B, RB, 4.00%, 01/01/2034 | 1.13 | |||
Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB, 4.00%, 11/15/2034 | 1.12 | |||
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds, 5.00%, 09/01/2048 | 1.10 | |||
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB, 5.00%, 06/15/2031 | 1.07 | |||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB, 5.00%, 02/01/2035 | 1.02 | |||
Intermountain Power Agency, Series 2022 A, Ref. RB, 5.00%, 07/01/2045 | 0.99 | |||
Total | 12.44 |
|
83 |
|
Invesco BulletShares 2031 Municipal Bond ETF (BSMV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Invesco BulletShares® Municipal Bond 2031 Index | 2.42 | % | (7.28 | )% | (13.75 | )% | ||||||||||
Bloomberg Municipal Bond Index | 1.70 | (3.69 | ) | (7.11 | ) | |||||||||||
Fund | ||||||||||||||||
NAV Return | 2.38 | (7.14 | ) | (13.50 | ) | |||||||||||
Market Price Return | 2.67 | (7.20 | ) | (13.61 | ) |
Fund Inception: September 15, 2021
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, 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.
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 Fund. |
|
84 |
|
BSMW | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) |
As an index fund, the Invesco BulletShares 2032 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 2032 Index (the “Municipal Bond 2032 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 2032 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2032 or, in some cases, “effective maturities” in the year 2032. The effective maturity date reflects an assessment of when a bond is likely to be called by the issuer, or in the alternate, the bond’s stated maturity date (if it is 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, 2032. 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 or are called, the proceeds are not reinvested. Instead, the Fund will invest such proceeds in 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 (March 1, 2023, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 0.90%. On a net asset value (“NAV”) basis, the Fund returned 0.78%. During the same time period, the Index returned 1.01%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Municipal Bond Index (the “Benchmark Index”) returned 1.05%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,600 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.
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 state of New York and most underweight in the state of New Jersey during the fiscal period ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the state of Tennessee.
For the fiscal period ended August 31, 2023, the state of Illinois contributed most significantly to the Fund’s return. The state of Tennessee detracted most significantly from the Fund’s return, followed by the states of Ohio and Kentucky, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included New York (City of), NY Transitional, 5.25% coupon, due 11/1/2037, (portfolio average weight of 2.02%) and California (State of), 5.00% coupon, due 4/1/2042, (portfolio average weight of 1.40%). Positions that detracted the most from the Fund’s return during this period included New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2032, (portfolio average weight of 1.71%) and Tennessee (State of) School Bond Authority, 5.00% coupon, due 11/1/2047 (portfolio average weight of 1.38%).
|
85 |
|
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) (continued)
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Ad Valorem Property Tax | 20.27 | |||
Water Revenue | 15.61 | |||
Income Tax Revenue | 9.34 | |||
Miscellaneous Revenue | 8.31 | |||
Highway Tolls Revenue | 7.61 | |||
Lease Revenue | 5.59 | |||
General Fund | 4.59 | |||
Appropriations | 4.56 | |||
Health, Hospital, Nursing Home Revenue | 4.55 | |||
Port, Airport & Marina Revenue | 3.93 | |||
Revenue Types Each Less Than 3% | 13.94 | |||
Other Assets Less Liabilities | 1.70 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2023 |
||||
Security | ||||
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB, 5.25%, 11/01/2037 | 1.99 | |||
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB, 5.00%, 03/15/2032 | 1.67 | |||
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds, 5.25%, 10/01/2052 | 1.64 | |||
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB, 5.00%, 11/01/2032 | 1.49 | |||
California (State of), Series 2022, Ref. GO Bonds, 5.00%, 04/01/2042 | 1.38 | |||
Triborough Bridge & Tunnel Authority, Series 2022 C, RB, 5.25%, 05/15/2052 | 1.36 | |||
Tennessee (State of) School Bond Authority, Series 2022 A, RB, 5.00%, 11/01/2047 | 1.36 | |||
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB, 5.00%, 07/01/2052 | 1.35 | |||
California (State of), Series 2022, Ref. GO Bonds, 4.00%, 09/01/2042 | 1.26 | |||
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB, 5.00%, 03/15/2048 | 1.25 | |||
Total | 14.75 |
|
86 |
|
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
Invesco BulletShares® Municipal Bond 2032 Index | 1.01 | % | ||
Bloomberg Municipal Bond Index | 1.05 | |||
Fund | ||||
NAV Return | 0.78 | |||
Market Price Return | 0.90 |
Fund Inception: March 1, 2023
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, 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.
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:
- |
Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
|
87 |
|
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (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 24, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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. |
88 | ||||
|
| |||
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
August 31, 2023
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-62.50% |
| |||||||
Automobile Components-0.62% |
||||||||
American Honda Finance Corp., 0.65%, 09/08/2023 |
$ | 14,000,000 | $ | 13,993,968 | ||||
|
|
|||||||
Automobiles-0.41% |
||||||||
Toyota Motor Credit Corp., 2.25%, 10/18/2023 |
9,261,000 | 9,222,899 | ||||||
|
|
|||||||
Banks-7.25% |
||||||||
Bank of Montreal (Canada), 0.45%, 12/08/2023 |
16,975,000 | 16,742,893 | ||||||
Bank of Nova Scotia (The) (Canada), 0.40%, 09/15/2023 |
20,604,000 | 20,573,527 | ||||||
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023 |
18,529,000 | 18,519,201 | ||||||
Citigroup, Inc., 3.88%, 10/25/2023 |
18,384,000 | 18,330,098 | ||||||
Cooperatieve Rabobank U.A. (Netherlands), 4.63%, 12/01/2023 |
10,090,000 | 10,047,533 | ||||||
Huntington National Bank (The), 3.55%, 10/06/2023 |
14,236,000 | 14,206,041 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.53%, 09/13/2023 |
9,322,000 | 9,315,467 | ||||||
NatWest Group PLC (United Kingdom) |
||||||||
3.88%, 09/12/2023 |
19,788,000 | 19,781,040 | ||||||
6.00%, 12/19/2023 |
12,887,000 | 12,867,662 | ||||||
Royal Bank of Canada (Canada), 0.50%, 10/26/2023 |
23,478,000 | 23,306,222 | ||||||
|
|
|||||||
163,689,684 | ||||||||
|
|
|||||||
Beverages-1.46% |
||||||||
Diageo Capital PLC (United Kingdom), 3.50%, 09/18/2023 |
9,300,000 | 9,291,194 | ||||||
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023 |
9,300,000 | 9,228,971 | ||||||
PepsiCo, Inc., 0.40%, 10/07/2023 |
14,596,000 | 14,521,917 | ||||||
|
|
|||||||
33,042,082 | ||||||||
|
|
|||||||
Biotechnology-2.75% |
||||||||
Gilead Sciences, Inc. |
||||||||
2.50%, 09/01/2023 |
14,219,000 | 14,219,000 | ||||||
0.75%, 09/29/2023 |
28,388,000 | 28,290,202 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023 |
19,670,000 | 19,634,044 | ||||||
|
|
|||||||
62,143,246 | ||||||||
|
|
|||||||
Capital Markets-3.70% |
||||||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 |
14,752,000 | 14,713,816 | ||||||
Bank of New York Mellon Corp. (The), 0.35%, 12/07/2023 |
13,897,000 | 13,706,061 | ||||||
Goldman Sachs Group, Inc. (The), 1.22%, 12/06/2023 |
36,003,000 | 35,577,212 | ||||||
State Street Corp., 3.70%, 11/20/2023 |
19,672,000 | 19,593,278 | ||||||
|
|
|||||||
83,590,367 | ||||||||
|
|
|||||||
Chemicals-1.12% |
||||||||
Ecolab, Inc., 0.90%, 12/15/2023 |
7,791,000 | 7,687,411 | ||||||
Mosaic Co. (The), 4.25%, 11/15/2023 |
17,703,000 | 17,645,664 | ||||||
|
|
|||||||
25,333,075 | ||||||||
|
|
Principal Amount |
Value | |||||||
Communications Equipment-0.62% |
| |||||||
Cisco Systems, Inc., 2.20%, 09/20/2023 . |
$ | 13,892,000 | $ | 13,871,069 | ||||
|
|
|||||||
Consumer Finance-1.69% |
||||||||
Ally Financial, Inc., 1.45%, 10/02/2023 |
23,609,000 | 23,490,819 | ||||||
American Express Co., 0.75%, 11/03/2023 |
14,825,000 | 14,710,331 | ||||||
|
|
|||||||
38,201,150 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-0.69% |
| |||||||
Walgreens Boots Alliance, Inc., 0.95%, 11/17/2023 |
15,744,000 | 15,585,198 | ||||||
|
|
|||||||
Electric Utilities-2.27% |
||||||||
Entergy Louisiana LLC, 0.62%, 11/17/2023 |
13,001,000 | 12,869,551 | ||||||
Pacific Gas and Electric Co., 1.70%, 11/15/2023 |
17,701,000 | 17,539,219 | ||||||
Southern California Edison Co., Series C, 3.50%, 10/01/2023 |
11,116,000 | 11,089,833 | ||||||
Xcel Energy, Inc., 0.50%, 10/15/2023 |
9,840,000 | 9,780,895 | ||||||
|
|
|||||||
51,279,498 | ||||||||
|
|
|||||||
Energy Equipment & Services-1.85% |
| |||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 1.23%, 12/15/2023 |
12,100,000 | 11,945,282 | ||||||
Schlumberger Investment S.A., 3.65%, 12/01/2023 |
29,843,000 | 29,679,416 | ||||||
|
|
|||||||
41,624,698 | ||||||||
|
|
|||||||
Financial Services-2.00% |
||||||||
AerCap Ireland Capital DAC/AerCap |
||||||||
Global Aviation Trust (Ireland), 1.15%, 10/29/2023 |
34,424,000 | 34,162,759 | ||||||
Jackson Financial, Inc., 1.13%, 11/22/2023 |
11,065,000 | 10,952,177 | ||||||
|
|
|||||||
45,114,936 | ||||||||
|
|
|||||||
Food Products-0.74% |
||||||||
General Mills, Inc., 5.24%, 11/18/2025 |
6,653,000 | 6,628,138 | ||||||
Kellogg Co., 2.65%, 12/01/2023 |
10,200,000 | 10,127,068 | ||||||
|
|
|||||||
16,755,206 | ||||||||
|
|
|||||||
Ground Transportation-0.67% |
| |||||||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 |
15,093,000 | 15,093,000 | ||||||
|
|
|||||||
Health Care Equipment & Supplies-2.04% |
| |||||||
Abbott Laboratories, 3.40%, 11/30/2023 |
19,612,000 | 19,507,807 | ||||||
Baxter International, Inc., 0.87%, 12/01/2023 |
15,529,000 | 15,343,882 | ||||||
Stryker Corp., 0.60%, 12/01/2023 |
11,200,000 | 11,062,595 | ||||||
|
|
|||||||
45,914,284 | ||||||||
|
|
|||||||
Health Care Providers & Services-0.35% |
||||||||
CVS Health Corp., 4.00%, 12/05/2023 |
7,924,000 | 7,872,772 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.21% |
| |||||||
Hyatt Hotels Corp., 1.30%, 10/01/2023 |
12,637,000 | 12,584,983 | ||||||
Starbucks Corp., 3.85%, 10/01/2023 |
14,757,000 | 14,736,090 | ||||||
|
|
|||||||
27,321,073 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
89 | ||||
|
| |||
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Insurance-0.42% |
| |||||||
Lincoln National Corp., 4.00%, 09/01/2023 |
$ | 9,383,000 | $ | 9,383,000 | ||||
|
|
|||||||
Life Sciences Tools & Services-1.39% |
| |||||||
Revvity, Inc., 0.55%, 09/15/2023 |
6,428,000 | 6,418,420 | ||||||
Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023 |
25,000,000 | 24,849,917 | ||||||
|
|
|||||||
31,268,337 | ||||||||
|
|
|||||||
Machinery-2.11% |
| |||||||
Caterpillar Financial Services Corp. |
||||||||
0.45%, 09/14/2023 |
18,946,000 | 18,921,255 | ||||||
3.75%, 11/24/2023 |
9,260,000 | 9,227,502 | ||||||
Cummins, Inc., 3.65%, 10/01/2023 |
9,840,000 | 9,824,354 | ||||||
John Deere Capital Corp., 0.40%, 10/10/2023 |
9,783,000 | 9,735,260 | ||||||
|
|
|||||||
47,708,371 | ||||||||
|
|
|||||||
Multi-Utilities-2.66% |
| |||||||
Black Hills Corp., 4.25%, 11/30/2023 |
9,730,000 | 9,686,480 | ||||||
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023 |
13,863,000 | 13,693,569 | ||||||
Delmarva Power & Light Co., 3.50%, 11/15/2023 |
9,379,000 | 9,335,062 | ||||||
Public Service Enterprise Group, Inc., 0.84%, 11/08/2023 |
14,473,000 | 14,337,493 | ||||||
WEC Energy Group, Inc., 0.55%, 09/15/2023 |
13,050,000 | 13,030,432 | ||||||
|
|
|||||||
60,083,036 | ||||||||
|
|
|||||||
Office REITs-0.42% |
| |||||||
Boston Properties L.P., 3.13%, 09/01/2023 |
9,388,000 | 9,388,000 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-5.42% |
| |||||||
Enbridge, Inc. (Canada) |
||||||||
4.00%, 10/01/2023 |
14,900,000 | 14,875,318 | ||||||
0.55%, 10/04/2023 |
9,590,000 | 9,548,729 | ||||||
Energy Transfer L.P., Series 5Y, 4.20%, 09/15/2023 |
9,300,000 | 9,295,517 | ||||||
Energy Transfer L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023 |
11,707,000 | 11,677,188 | ||||||
Kinder Morgan Energy Partners L.P., 3.50%, 09/01/2023 |
11,266,000 | 11,266,000 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023 |
14,194,000 | 14,154,816 | ||||||
Shell International Finance B.V. (Netherlands), 0.38%, 09/15/2023 |
18,600,000 | 18,571,535 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 07/15/2027 |
9,495,000 | 9,552,445 | ||||||
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023 |
12,100,000 | 12,071,385 | ||||||
Williams Cos., Inc. (The), 4.50%, 11/15/2023 |
11,200,000 | 11,165,545 | ||||||
|
|
|||||||
122,178,478 | ||||||||
|
|
|||||||
Personal Care Products-0.41% |
| |||||||
Unilever Capital Corp. (United Kingdom), 0.38%, 09/14/2023 |
9,300,000 | 9,289,830 | ||||||
|
|
Principal Amount |
Value | |||||||
Pharmaceuticals-5.89% |
| |||||||
Bristol-Myers Squibb Co. |
||||||||
3.25%, 11/01/2023 |
$ | 9,300,000 | $ | 9,264,665 | ||||
0.54%, 11/13/2023 |
29,209,000 | 28,928,833 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023 |
23,200,000 | 23,108,890 | ||||||
Johnson & Johnson, 3.38%, 12/05/2023 |
14,925,000 | 14,857,118 | ||||||
Mylan, Inc., 4.20%, 11/29/2023 |
9,840,000 | 9,801,511 | ||||||
Pfizer, Inc., 3.20%, 09/15/2023 |
18,645,000 | 18,631,337 | ||||||
Royalty Pharma PLC, 0.75%, 09/02/2023 |
18,600,000 | 18,600,000 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023 |
9,808,000 | 9,772,601 | ||||||
|
|
|||||||
132,964,955 | ||||||||
|
|
|||||||
Professional Services-0.50% |
| |||||||
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023 |
11,367,000 | 11,314,391 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-0.83% |
| |||||||
Microchip Technology, Inc., 2.67%, 09/01/2023 |
18,772,000 | 18,772,000 | ||||||
|
|
|||||||
Software-3.86% |
| |||||||
Microsoft Corp., 3.63%, 12/15/2023 |
27,788,000 | 27,785,393 | ||||||
Oracle Corp., 2.40%, 09/15/2023 |
46,309,000 | 46,244,660 | ||||||
Roper Technologies, Inc., 3.65%, 09/15/2023 |
13,051,000 | 13,042,876 | ||||||
|
|
|||||||
87,072,929 | ||||||||
|
|
|||||||
Specialty Retail-0.41% |
| |||||||
Lowe’s Cos., Inc., 3.88%, 09/15/2023 |
9,261,000 | 9,255,857 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.05% |
| |||||||
Hewlett Packard Enterprise Co., 4.45%, 10/02/2023 |
23,746,000 | 23,722,724 | ||||||
|
|
|||||||
Tobacco-0.87% |
| |||||||
Philip Morris International, Inc., 3.60%, 11/15/2023 |
9,300,000 | 9,263,254 | ||||||
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023 |
10,256,000 | 10,252,629 | ||||||
|
|
|||||||
19,515,883 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.63% |
| |||||||
Air Lease Corp., 3.00%, 09/15/2023 |
14,120,000 | 14,108,464 | ||||||
|
|
|||||||
Wireless Telecommunication Services-4.19% |
| |||||||
Rogers Communications, Inc. (Canada), 4.10%, 10/01/2023 |
15,748,000 | 15,723,807 | ||||||
Sprint LLC, 7.88%, 09/15/2023 |
78,728,000 | 78,838,613 | ||||||
|
|
|||||||
94,562,420 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
1,410,236,880 | ||||||
|
|
|||||||
U.S. Treasury Securities-35.96% |
|
|||||||
U.S. Treasury Bills-35.96%(b) |
||||||||
5.30%–5.32%, 10/19/2023 |
500,000,000 | 496,472,500 | ||||||
5.21%–5.27%, 09/21/2023 |
316,000,000 | 315,075,700 | ||||||
|
|
|||||||
Total U.S. Treasury Securities |
811,548,200 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90 | ||||
|
| |||
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2023
Shares | Value | |||||||||
Money Market Funds-0.91% |
||||||||||
Invesco Government & Agency
Portfolio, |
20,478,188 | $ | 20,478,188 | |||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-99.37% |
|
2,242,263,268 | ||||||||
OTHER ASSETS LESS LIABILITIES-0.63% |
|
14,230,793 | ||||||||
|
|
|||||||||
NET ASSETS-100.00% |
$ | 2,256,494,061 | ||||||||
|
|
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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $23,958,894 | $ | 1,959,198,295 | $ | (1,962,679,001 | ) | $ | - | $ | - | $ | 20,478,188 | $ | 7,268,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 20,560,182 | 64,227,239 | (84,787,421 | ) | - | - | - | 344,640 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 52,869,041 | 143,314,933 | (196,191,726 | ) | (3,597 | ) | 11,349 | - | 926,350 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $97,388,117 | $ | 2,166,740,467 | $ | (2,243,658,148 | ) | $ | (3,597 | ) | $ | 11,349 | $ | 20,478,188 | $ | 8,539,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
91 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.66% |
| |||||||
Aerospace & Defense-1.63% |
||||||||
Boeing Co. (The) |
||||||||
1.95%, 02/01/2024(b) |
$ | 12,000,000 | $ | 11,800,846 | ||||
1.43%, 02/04/2024 |
35,904,000 | 35,216,752 | ||||||
General Dynamics Corp., 2.38%, 11/15/2024(b) |
5,980,000 | 5,764,427 | ||||||
Howmet Aerospace, Inc., 5.13%, 10/01/2024(b) |
10,856,000 | 10,757,815 | ||||||
|
|
|||||||
63,539,840 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.15% |
||||||||
United Parcel Service, Inc., 2.80%, 11/15/2024(b) |
6,200,000 | 6,017,223 | ||||||
|
|
|||||||
Automobile Components-1.34% |
|
|||||||
American Honda Finance Corp. |
||||||||
2.90%, 02/16/2024 |
5,975,000 | 5,896,291 | ||||||
2.40%, 06/27/2024 |
7,180,000 | 6,991,250 | ||||||
0.55%, 07/12/2024(b) |
10,752,000 | 10,303,966 | ||||||
0.75%, 08/09/2024 |
11,947,000 | 11,417,659 | ||||||
2.15%, 09/10/2024(b) |
8,966,000 | 8,659,737 | ||||||
Magna International, Inc. (Canada), 3.63%, 06/15/2024 |
8,962,000 | 8,812,272 | ||||||
|
|
|||||||
52,081,175 | ||||||||
|
|
|||||||
Automobiles-2.56% |
|
|||||||
PACCAR Financial Corp., 3.15%, 06/13/2024 |
5,980,000 | 5,867,540 | ||||||
Toyota Motor Corp. (Japan) |
||||||||
0.68%, 03/25/2024(b) |
14,940,000 | 14,535,563 | ||||||
2.36%, 07/02/2024 |
5,980,000 | 5,823,858 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.45%, 01/11/2024 |
11,949,000 | 11,739,997 | ||||||
2.50%, 03/22/2024(b) |
14,340,000 | 14,094,402 | ||||||
2.90%, 04/17/2024 |
5,980,000 | 5,877,705 | ||||||
0.50%, 06/18/2024 |
10,155,000 | 9,757,516 | ||||||
0.63%, 09/13/2024 |
11,951,000 | 11,378,079 | ||||||
4.40%, 09/20/2024 |
14,940,000 | 14,781,921 | ||||||
2.00%, 10/07/2024 |
5,980,000 | 5,761,093 | ||||||
|
|
|||||||
99,617,674 | ||||||||
|
|
|||||||
Banks-19.47% |
|
|||||||
Banco Santander S.A. (Spain), 3.89%, 05/24/2024(b) |
17,872,000 | 17,599,659 | ||||||
Bank of America Corp. |
||||||||
4.13%, 01/22/2024 |
29,876,000 | 29,687,840 | ||||||
4.00%, 04/01/2024(b) |
27,543,000 | 27,274,707 | ||||||
4.20%, 08/26/2024 |
35,848,000 | 35,224,629 | ||||||
Bank of Montreal (Canada) |
||||||||
2.15%, 03/08/2024(b) |
14,941,000 | 14,669,781 | ||||||
5.20%, 12/12/2024(b) |
11,950,000 | 11,888,025 | ||||||
Series H, 4.25%, 09/14/2024(b) |
17,924,000 | 17,646,448 | ||||||
Bank of Nova Scotia (The) (Canada) |
||||||||
2.44%, 03/11/2024(b) |
10,756,000 | 10,570,796 | ||||||
5.25%, 12/06/2024 |
11,951,000 | 11,890,633 | ||||||
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024 |
7,080,000 | 6,975,860 | ||||||
Barclays PLC (United Kingdom), 4.38%, 09/11/2024 |
14,930,000 | 14,605,967 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
BNP Paribas S.A. (France), 4.25%, 10/15/2024(b) |
$ | 11,885,000 | $ | 11,633,289 | ||||
BPCE S.A. (France), 4.00%, 04/15/2024(b) |
17,940,000 | 17,732,588 | ||||||
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024(b) |
7,771,000 | 7,373,476 | ||||||
Citigroup, Inc. |
||||||||
3.75%, 06/16/2024(b) |
7,452,000 | 7,350,278 | ||||||
4.00%, 08/05/2024 |
8,949,000 | 8,795,646 | ||||||
Cooperatieve Rabobank U.A. (Netherlands) |
||||||||
0.38%, 01/12/2024 |
9,050,000 | 8,884,098 | ||||||
3.88%, 08/22/2024(b) |
11,940,000 | 11,727,379 | ||||||
Credit Suisse AG (Switzerland) |
||||||||
0.50%, 02/02/2024 |
10,721,400 | 10,462,245 | ||||||
4.75%, 08/09/2024 |
12,800,000 | 12,626,423 | ||||||
3.63%, 09/09/2024 |
33,600,000 | 32,696,277 | ||||||
Fifth Third Bancorp, 4.30%, 01/16/2024(b) |
8,962,000 | 8,891,062 | ||||||
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024 |
23,856,000 | 23,603,688 | ||||||
HSBC USA, Inc. |
||||||||
3.75%, 05/24/2024 |
11,910,000 | 11,722,126 | ||||||
3.50%, 06/23/2024 |
8,991,000 | 8,828,924 | ||||||
Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024 |
7,728,000 | 7,700,441 | ||||||
JPMorgan Chase & Co. |
||||||||
3.88%, 02/01/2024 |
17,923,000 | 17,802,831 | ||||||
3.63%, 05/13/2024 |
23,902,000 | 23,568,958 | ||||||
3.88%, 09/10/2024 |
35,778,000 | 35,092,897 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024(b) |
12,070,000 | 11,810,620 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024(b) |
11,961,000 | 11,648,319 | ||||||
National Bank of Canada (Canada), 0.75%, 08/06/2024 |
6,100,000 | 5,822,883 | ||||||
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024 |
6,360,000 | 6,305,167 | ||||||
PNC Bank N.A. |
||||||||
2.50%, 08/27/2024 |
7,150,000 | 6,910,375 | ||||||
3.30%, 10/30/2024 |
5,945,000 | 5,785,483 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
3.90%, 04/29/2024 |
10,142,000 | 9,995,081 | ||||||
2.20%, 11/01/2024 |
7,765,000 | 7,456,591 | ||||||
Royal Bank of Canada (Canada) |
||||||||
3.97%, 07/26/2024(b) |
17,924,000 | 17,648,121 | ||||||
0.65%, 07/29/2024(b) |
10,163,000 | 9,711,796 | ||||||
5.66%, 10/25/2024(b) |
13,739,000 | 13,747,709 | ||||||
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024(b) |
11,929,000 | 11,799,110 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) |
||||||||
3.95%, 01/10/2024(b) |
6,152,000 | 6,109,374 | ||||||
3.40%, 07/11/2024 |
5,883,000 | 5,768,654 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
0.51%, 01/12/2024(b) |
$ | 6,040,000 | $ | 5,927,446 | ||||
2.70%, 07/16/2024 |
23,953,000 | 23,320,864 | ||||||
2.45%, 09/27/2024 |
11,879,000 | 11,474,406 | ||||||
Toronto-Dominion Bank (The) (Canada) |
||||||||
2.35%, 03/08/2024 |
17,927,000 | 17,624,159 | ||||||
4.29%, 09/13/2024(b) |
17,929,000 | 17,668,204 | ||||||
1.25%, 12/13/2024(b) |
6,009,000 | 5,689,397 | ||||||
Truist Bank, 2.15%, 12/06/2024 |
14,859,000 | 14,178,963 | ||||||
Truist Financial Corp., 2.85%, 10/26/2024 |
11,949,000 | 11,535,439 | ||||||
U.S. Bancorp |
||||||||
3.70%, 01/30/2024(b) |
8,962,000 | 8,877,996 | ||||||
3.60%, 09/11/2024(b) |
11,949,000 | 11,696,615 | ||||||
Wells Fargo & Co. |
||||||||
4.48%, 01/16/2024 |
8,634,000 | 8,585,133 | ||||||
3.30%, 09/09/2024 |
26,892,000 | 26,266,381 | ||||||
|
|
|||||||
757,891,257 | ||||||||
|
|
|||||||
Beverages-1.37% |
||||||||
Coca-Cola Co. (The), 1.75%, 09/06/2024 |
12,000,000 | 11,570,521 | ||||||
Constellation Brands, Inc., 3.60%, 05/09/2024(b) |
6,586,000 | 6,486,609 | ||||||
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024(b) |
7,110,000 | 6,845,310 | ||||||
Keurig Dr Pepper, Inc., 0.75%, 03/15/2024 |
13,800,000 | 13,433,591 | ||||||
PepsiCo, Inc., 3.60%, 03/01/2024(b) |
15,000,000 | 14,857,117 | ||||||
|
|
|||||||
53,193,148 | ||||||||
|
|
|||||||
Biotechnology-2.07% |
||||||||
AbbVie, Inc., 2.60%, 11/21/2024 |
44,800,000 | 43,243,714 | ||||||
Amgen, Inc., 3.63%, 05/22/2024(b) |
16,800,500 | 16,556,906 | ||||||
Gilead Sciences, Inc., 3.70%, 04/01/2024(b) |
21,000,000 | 20,757,737 | ||||||
|
|
|||||||
80,558,357 | ||||||||
|
|
|||||||
Broadline Retail-2.78% |
||||||||
Amazon.com, Inc. |
||||||||
2.73%, 04/13/2024 |
17,927,000 | 17,636,134 | ||||||
0.45%, 05/12/2024(b) |
29,873,000 | 28,884,393 | ||||||
2.80%, 08/22/2024 |
23,903,000 | 23,299,071 | ||||||
4.70%, 11/29/2024(b) |
14,941,000 | 14,853,348 | ||||||
3.80%, 12/05/2024(b) |
14,938,000 | 14,675,536 | ||||||
eBay, Inc., 3.45%, 08/01/2024(b) |
8,960,000 | 8,780,035 | ||||||
|
|
|||||||
108,128,517 | ||||||||
|
|
|||||||
Capital Markets-7.95% |
||||||||
Ameriprise Financial, Inc., 3.70%, 10/15/2024(b) |
7,160,000 | 7,009,482 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.50%, 04/26/2024 |
7,159,000 | 6,928,838 | ||||||
3.40%, 05/15/2024 |
5,971,000 | 5,871,678 | ||||||
3.25%, 09/11/2024(b) |
5,961,000 | 5,815,026 | ||||||
2.10%, 10/24/2024 |
11,952,000 | 11,527,363 | ||||||
Series 12, 3.65%, 02/04/2024 |
8,962,000 | 8,881,872 | ||||||
Series J, 0.85%, 10/25/2024(b) |
8,367,000 | 7,927,604 | ||||||
BlackRock, Inc., 3.50%, 03/18/2024(b) |
12,500,000 | 12,366,928 |
Principal Amount |
Value | |||||||||
Capital Markets-(continued) |
||||||||||
Charles Schwab Corp. (The), 0.75%, 03/18/2024(b) |
$ | 18,500,000 | $ | 18,016,125 | ||||||
Deutsche Bank AG (Germany) |
||||||||||
3.70%, 05/30/2024(b) |
8,952,000 | 8,779,574 | ||||||||
3.70%, 05/30/2024 |
9,297,000 | 9,118,369 | ||||||||
FS KKR Capital Corp., 1.65%, 10/12/2024(b) |
5,980,000 | 5,642,508 | ||||||||
Goldman Sachs Group, Inc. (The) |
||||||||||
4.00%, 03/03/2024 |
35,849,000 | 35,501,224 | ||||||||
3.00%, 03/15/2024 |
27,482,000 | 27,064,214 | ||||||||
3.85%, 07/08/2024 |
26,886,000 | 26,457,275 | ||||||||
5.70%, 11/01/2024 |
23,900,000 | 23,867,197 | ||||||||
Morgan Stanley |
||||||||||
3.70%, 10/23/2024 |
35,850,000 | 35,099,595 | ||||||||
Series F, 3.88%, 04/29/2024 |
35,851,000 | 35,416,200 | ||||||||
State Street Corp., 3.30%, 12/16/2024 |
11,949,000 | 11,599,693 | ||||||||
Stifel Financial Corp., 4.25%, 07/18/2024 |
6,600,000 | 6,490,683 | ||||||||
|
|
|||||||||
309,381,448 | ||||||||||
|
|
|||||||||
Chemicals-1.11% |
||||||||||
Celanese US Holdings LLC, 5.90%, 07/05/2024(b) |
13,854,000 | 13,841,332 | ||||||||
LyondellBasell Industries N.V., 5.75%, 04/15/2024(b) |
9,520,000 | 9,503,058 | ||||||||
Nutrien Ltd. (Canada), 5.90%, 11/07/2024 |
6,300,000 | 6,301,544 | ||||||||
Sherwin-Williams Co. (The) |
||||||||||
3.13%, 06/01/2024 |
6,300,000 | 6,177,444 | ||||||||
4.05%, 08/08/2024 |
7,500,000 | 7,381,028 | ||||||||
|
|
|||||||||
43,204,406 | ||||||||||
|
|
|||||||||
Communications Equipment-0.31% |
||||||||||
Cisco Systems, Inc., 3.63%, 03/04/2024(b) |
12,002,000 | 11,885,942 | ||||||||
|
|
|||||||||
Construction & Engineering-0.15% |
||||||||||
Quanta Services, Inc., 0.95%, 10/01/2024 |
6,200,000 | 5,882,580 | ||||||||
|
|
|||||||||
Construction Materials-0.17% |
||||||||||
Vulcan Materials Co., 5.80%, 03/01/2026 |
6,600,000 | 6,611,710 | ||||||||
|
|
|||||||||
Consumer Finance-3.57% |
||||||||||
Ally Financial, Inc., 5.13%, 09/30/2024 |
8,361,000 | 8,236,264 | ||||||||
American Express Co. |
||||||||||
3.38%, 05/03/2024 |
23,906,000 | 23,525,267 | ||||||||
3.00%, 10/30/2024(b) |
19,720,000 | 19,151,066 | ||||||||
3.63%, 12/05/2024 |
7,171,000 | 6,986,018 | ||||||||
Capital One Financial Corp., 3.75%, 04/24/2024 |
8,962,000 | 8,822,399 | ||||||||
Discover Bank, 2.45%, 09/12/2024 |
9,095,000 | 8,725,153 | ||||||||
Discover Financial Services, 3.95%, 11/06/2024 |
5,960,000 | 5,807,559 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Consumer Finance-(continued) |
||||||||
General Motors Financial Co., Inc. |
||||||||
1.05%, 03/08/2024 |
$ | 10,155,000 | $ | 9,901,616 | ||||
3.95%, 04/13/2024 |
14,940,000 | 14,747,433 | ||||||
1.20%, 10/15/2024(b) |
10,155,000 | 9,632,419 | ||||||
3.50%, 11/07/2024 |
8,967,000 | 8,713,696 | ||||||
Synchrony Financial, 4.25%, 08/15/2024(b) |
14,937,000 | 14,555,234 | ||||||
|
|
|||||||
138,804,124 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.97% |
| |||||||
Costco Wholesale Corp., 2.75%, 05/18/2024(b) |
11,950,000 | 11,708,823 | ||||||
Dollar General Corp., 4.25%, 09/20/2024 |
8,967,000 | 8,829,579 | ||||||
Kroger Co. (The), 4.00%, 02/01/2024 |
5,980,000 | 5,934,698 | ||||||
Target Corp., 3.50%, 07/01/2024(b) |
11,953,000 | 11,751,917 | ||||||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024 |
13,830,000 | 13,510,418 | ||||||
Walmart, Inc. |
||||||||
3.30%, 04/22/2024(b) |
17,930,000 | 17,683,415 | ||||||
2.65%, 12/15/2024(b) |
7,532,000 | 7,298,385 | ||||||
|
|
|||||||
76,717,235 | ||||||||
|
|
|||||||
Diversified REITs-0.15% |
| |||||||
W.P. Carey, Inc., 4.60%, 04/01/2024 |
5,980,000 | 5,934,708 | ||||||
|
|
|||||||
Diversified Telecommunication Services-1.32% |
| |||||||
AT&T, Inc., 0.90%, 03/25/2024 |
26,930,000 | 26,197,083 | ||||||
Verizon Communications, Inc. |
||||||||
0.75%, 03/22/2024 |
12,000,000 | 11,675,752 | ||||||
3.50%, 11/01/2024(b) |
13,900,000 | 13,582,550 | ||||||
|
|
|||||||
51,455,385 | ||||||||
|
|
|||||||
Electric Utilities-3.33% |
| |||||||
Avangrid, Inc., 3.15%, 12/01/2024 |
7,160,000 | 6,909,529 | ||||||
Duke Energy Corp., 3.75%, 04/15/2024 |
11,950,000 | 11,803,215 | ||||||
Edison International, 3.55%, 11/15/2024 |
5,977,000 | 5,808,911 | ||||||
Entergy Louisiana LLC, 0.95%, 10/01/2024(b) |
11,948,000 | 11,345,079 | ||||||
Evergy, Inc., 2.45%, 09/15/2024 |
9,558,000 | 9,223,343 | ||||||
Eversource Energy, 4.20%, 06/27/2024 |
10,760,000 | 10,610,642 | ||||||
Florida Power & Light Co., 3.25%, 06/01/2024 |
5,972,000 | 5,869,649 | ||||||
Interstate Power and Light Co., 3.25%, 12/01/2024 |
5,980,000 | 5,810,597 | ||||||
MidAmerican Energy Co., 3.50%, 10/15/2024(b) |
5,960,000 | 5,827,416 | ||||||
National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024 |
5,980,000 | 5,845,661 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
2.94%, 03/21/2024 |
13,143,000 | 12,922,741 | ||||||
4.20%, 06/20/2024 |
9,967,000 | 9,836,099 | ||||||
Pacific Gas and Electric Co., 3.25%, 02/16/2024 |
11,950,000 | 11,801,427 | ||||||
Southern California Edison Co., 1.10%, 04/01/2024(b) |
9,170,000 | 8,920,315 | ||||||
Southern Co. (The), Series 21-A, 0.60%, 02/26/2024 |
7,170,000 | 6,995,034 | ||||||
|
|
|||||||
129,529,658 | ||||||||
|
|
Principal Amount |
Value | |||||||
Electronic Equipment, Instruments & Components-0.89% |
| |||||||
Arrow Electronics, Inc. |
||||||||
3.25%, 09/08/2024 |
$ | 6,200,000 | $ | 6,030,371 | ||||
6.13%, 03/01/2026(b) |
6,200,000 | 6,201,184 | ||||||
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024 |
7,000,000 | 6,962,340 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/2024 |
7,400,000 | 7,282,078 | ||||||
TD SYNNEX Corp., 1.25%, 08/09/2024(b) |
8,600,000 | 8,201,731 | ||||||
|
|
|||||||
34,677,704 | ||||||||
|
|
|||||||
Entertainment-0.91% |
| |||||||
Walt Disney Co. (The), 1.75%, 08/30/2024 |
18,000,000 | 17,323,980 | ||||||
Warnermedia Holdings, Inc., 6.41%, 03/15/2026 |
17,950,000 | 17,979,152 | ||||||
|
|
|||||||
35,303,132 | ||||||||
|
|
|||||||
Financial Services-3.38% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
3.15%, 02/15/2024 |
10,750,000 | 10,602,350 | ||||||
1.65%, 10/29/2024 |
38,887,000 | 36,988,355 | ||||||
Series 3NC1, 1.75%, 10/29/2024 |
12,040,000 | 11,447,929 | ||||||
Fidelity National Information Services, Inc., 0.60%, 03/01/2024 |
9,100,000 | 8,868,784 | ||||||
Fiserv, Inc., 2.75%, 07/01/2024(b) |
24,000,000 | 23,412,418 | ||||||
Global Payments, Inc., 1.50%, 11/15/2024 |
6,200,000 | 5,883,260 | ||||||
Mastercard, Inc., 3.38%, 04/01/2024 |
12,000,000 | 11,846,497 | ||||||
ORIX Corp. (Japan), 3.25%, 12/04/2024(b) |
8,345,000 | 8,059,572 | ||||||
PayPal Holdings, Inc., 2.40%, 10/01/2024(b) |
15,000,000 | 14,507,032 | ||||||
|
|
|||||||
131,616,197 | ||||||||
|
|
|||||||
Food Products-1.18% |
| |||||||
General Mills, Inc., 3.65%, 02/15/2024 |
6,000,000 | 5,936,716 | ||||||
Hormel Foods Corp., 0.65%, 06/03/2024(b) |
11,500,000 | 11,082,407 | ||||||
McCormick & Co., Inc., 3.15%, 08/15/2024(b) |
8,381,000 | 8,180,332 | ||||||
Mondelez International, Inc., 2.13%, 03/17/2024(b) |
5,985,000 | 5,869,180 | ||||||
Tyson Foods, Inc., 3.95%, 08/15/2024 |
15,000,000 | 14,738,192 | ||||||
|
|
|||||||
45,806,827 | ||||||||
|
|
|||||||
Gas Utilities-0.48% |
| |||||||
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024 |
7,300,000 | 7,027,029 | ||||||
ONE Gas, Inc., 1.10%, 03/11/2024 |
6,000,000 | 5,849,327 | ||||||
Southern California Gas Co., 3.15%, 09/15/2024 |
6,000,000 | 5,850,584 | ||||||
|
|
|||||||
18,726,940 | ||||||||
|
|
|||||||
Ground Transportation-0.99% |
| |||||||
Burlington Northern Santa Fe LLC |
||||||||
3.75%, 04/01/2024 |
5,980,000 | 5,913,575 | ||||||
3.40%, 09/01/2024 |
8,368,000 | 8,197,599 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Ground Transportation-(continued) |
| |||||||
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024(b) |
$ | 18,894,000 | $ | 17,918,491 | ||||
CSX Corp., 3.40%, 08/01/2024 |
6,700,000 | 6,564,719 | ||||||
|
|
|||||||
38,594,384 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-1.91% |
| |||||||
Baxter International, Inc., 1.32%, 11/29/2024 |
16,600,000 | 15,733,191 | ||||||
Becton, Dickinson and Co. |
||||||||
3.36%, 06/06/2024 |
12,000,000 | 11,776,603 | ||||||
3.73%, 12/15/2024 |
10,476,000 | 10,227,169 | ||||||
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024(b) |
8,377,000 | 8,062,154 | ||||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024(b) |
12,000,000 | 11,973,047 | ||||||
Stryker Corp., 3.38%, 05/15/2024(b) |
7,200,000 | 7,066,829 | ||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024(b) |
10,169,000 | 9,658,741 | ||||||
|
|
|||||||
74,497,734 | ||||||||
|
|
|||||||
Health Care Providers & Services-3.87% |
| |||||||
Aetna, Inc., 3.50%, 11/15/2024 |
9,005,000 | 8,771,581 | ||||||
Cardinal Health, Inc., 3.08%, 06/15/2024 |
8,972,000 | 8,778,692 | ||||||
Cencora, Inc., 3.40%, 05/15/2024 |
5,987,000 | 5,891,783 | ||||||
Cigna Group (The) |
||||||||
0.61%, 03/15/2024 |
6,000,000 | 5,838,823 | ||||||
3.50%, 06/15/2024(b) |
8,542,000 | 8,400,647 | ||||||
5.69%, 03/15/2026(b) |
8,382,000 | 8,392,902 | ||||||
CommonSpirit Health, 2.76%, 10/01/2024 |
9,217,000 | 8,934,950 | ||||||
CVS Health Corp., 3.38%, 08/12/2024 |
7,779,000 | 7,600,345 | ||||||
Elevance Health, Inc. |
||||||||
3.50%, 08/15/2024(b) |
9,603,000 | 9,400,374 | ||||||
3.35%, 12/01/2024 |
10,169,000 | 9,896,691 | ||||||
HCA, Inc., 5.00%, 03/15/2024 |
24,000,000 | 23,867,565 | ||||||
Humana, Inc. |
||||||||
3.85%, 10/01/2024 |
6,898,000 | 6,759,451 | ||||||
5.70%, 03/13/2026(b) |
6,005,000 | 6,006,294 | ||||||
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024(b) |
7,179,000 | 6,997,711 | ||||||
McKesson Corp., 3.80%, 03/15/2024 |
7,739,000 | 7,657,685 | ||||||
UnitedHealth Group, Inc. |
||||||||
0.55%, 05/15/2024(b) |
12,003,000 | 11,595,105 | ||||||
5.00%, 10/15/2024(b) |
5,997,000 | 5,981,356 | ||||||
|
|
|||||||
150,771,955 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-0.37% |
| |||||||
Hyatt Hotels Corp., 1.80%, 10/01/2024 |
8,920,000 | 8,542,429 | ||||||
McDonald’s Corp., 3.25%, 06/10/2024(b) |
5,960,000 | 5,857,173 | ||||||
|
|
|||||||
14,399,602 | ||||||||
|
|
|||||||
Household Durables-0.29% |
| |||||||
D.R. Horton, Inc., 2.50%, 10/15/2024 |
5,975,000 | 5,762,870 | ||||||
Lennar Corp., 4.50%, 04/30/2024 |
5,699,000 | 5,654,970 | ||||||
|
|
|||||||
11,417,840 | ||||||||
|
|
|||||||
Household Products-0.15% |
| |||||||
Colgate-Palmolive Co., 3.25%, 03/15/2024 |
5,985,000 | 5,912,515 | ||||||
|
|
Principal Amount |
Value | |||||||
Insurance-1.54% |
||||||||
American International Group, Inc., 4.13%, 02/15/2024 |
$ | 5,493,000 | $ | 5,447,864 | ||||
Aon Global Ltd., 3.50%, 06/14/2024 |
7,185,000 | 7,061,103 | ||||||
Brown & Brown, Inc., 4.20%, 09/15/2024(b) |
6,005,000 | 5,895,712 | ||||||
Chubb INA Holdings, Inc., 3.35%, 05/15/2024 |
8,397,000 | 8,258,922 | ||||||
CNA Financial Corp., 3.95%, 05/15/2024 |
6,600,000 | 6,515,465 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024(b) |
7,158,000 | 7,031,647 | ||||||
MetLife, Inc., 3.60%, 04/10/2024 |
12,000,000 | 11,844,151 | ||||||
Willis North America, Inc., 3.60%, 05/15/2024 |
7,830,000 | 7,703,008 | ||||||
|
|
|||||||
59,757,872 | ||||||||
|
|
|||||||
Interactive Media & Services-0.26% |
||||||||
Alphabet, Inc., 3.38%, 02/25/2024(b) |
10,400,000 | 10,308,007 | ||||||
|
|
|||||||
IT Services-0.61% |
||||||||
International Business Machines Corp., 3.63%, 02/12/2024 |
24,130,000 | 23,908,014 | ||||||
|
|
|||||||
Leisure Products-0.15% |
||||||||
Hasbro, Inc., 3.00%, 11/19/2024 |
5,985,000 | 5,784,930 | ||||||
|
|
|||||||
Life Sciences Tools & Services-0.94% |
|
|||||||
Revvity, Inc., 0.85%, 09/15/2024 |
8,583,000 | 8,139,886 | ||||||
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024 |
30,000,000 | 28,609,690 | ||||||
|
|
|||||||
36,749,576 | ||||||||
|
|
|||||||
Machinery-4.24% |
|
|||||||
Caterpillar Financial Services Corp. |
||||||||
0.95%, 01/10/2024 |
14,400,000 | 14,173,264 | ||||||
0.45%, 05/17/2024 |
13,200,000 | 12,738,396 | ||||||
0.60%, 09/13/2024 |
9,000,000 | 8,568,860 | ||||||
2.15%, 11/08/2024(b) |
11,970,000 | 11,531,495 | ||||||
3.25%, 12/01/2024 |
7,500,000 | 7,315,738 | ||||||
Caterpillar, Inc., 3.40%, 05/15/2024 |
11,970,000 | 11,821,570 | ||||||
CNH Industrial Capital LLC, 4.20%, 01/15/2024 |
5,980,000 | 5,940,105 | ||||||
Illinois Tool Works, Inc., 3.50%, 03/01/2024(b) |
8,400,000 | 8,323,996 | ||||||
John Deere Capital Corp. |
||||||||
0.90%, 01/10/2024 |
5,965,000 | 5,871,280 | ||||||
0.45%, 01/17/2024 |
9,600,000 | 9,425,930 | ||||||
0.45%, 06/07/2024(b) |
7,185,000 | 6,918,915 | ||||||
3.35%, 06/12/2024(b) |
5,980,000 | 5,881,697 | ||||||
2.65%, 06/24/2024(b) |
7,200,000 | 7,041,870 | ||||||
0.63%, 09/10/2024 |
5,999,000 | 5,714,902 | ||||||
4.55%, 10/11/2024 |
7,183,000 | 7,127,705 | ||||||
Parker-Hannifin Corp. |
||||||||
3.65%, 06/15/2024 |
16,800,000 | 16,515,216 | ||||||
3.30%, 11/21/2024 |
5,963,000 | 5,792,554 | ||||||
Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024 |
6,000,000 | 5,869,560 | ||||||
Wabtec Corp., 4.40%, 03/15/2024 |
8,680,000 | 8,588,612 | ||||||
|
|
|||||||
165,161,665 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Media-0.79% |
|
|||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024 |
$ | 13,160,000 | $ | 13,066,809 | ||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024 |
9,000,000 | 8,790,574 | ||||||
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 |
9,000,000 | 8,756,807 | ||||||
|
|
|||||||
30,614,190 | ||||||||
|
|
|||||||
Metals & Mining-0.23% |
|
|||||||
Freeport-McMoRan, Inc., 4.55%, 11/14/2024 |
9,203,000 | 9,057,409 | ||||||
|
|
|||||||
Multi-Utilities-0.35% |
|
|||||||
Black Hills Corp., 1.04%, 08/23/2024 |
7,168,000 | 6,832,326 | ||||||
WEC Energy Group, Inc., 0.80%, 03/15/2024 |
7,168,000 | 6,984,786 | ||||||
|
|
|||||||
13,817,112 | ||||||||
|
|
|||||||
Office REITs-0.22% |
|
|||||||
Boston Properties L.P., 3.80%, 02/01/2024 |
8,499,000 | 8,397,485 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-7.61% |
|
|||||||
Boardwalk Pipelines L.P., 4.95%, 12/15/2024 |
7,300,000 | 7,198,359 | ||||||
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024(b) |
6,200,000 | 6,121,050 | ||||||
Chevron Corp., 2.90%, 03/03/2024 |
12,000,000 | 11,841,142 | ||||||
Chevron USA, Inc., 3.90%, 11/15/2024 |
7,600,000 | 7,478,848 | ||||||
ConocoPhillips Co., 2.13%, 03/08/2024 |
5,700,000 | 5,607,713 | ||||||
Continental Resources, Inc., 3.80%, 06/01/2024 |
11,000,000 | 10,809,192 | ||||||
Enbridge, Inc. (Canada) |
||||||||
3.50%, 06/10/2024(b) |
6,000,000 | 5,892,935 | ||||||
5.97%, 03/08/2026 |
8,500,000 | 8,507,346 | ||||||
Energy Transfer L.P. |
||||||||
4.25%, 04/01/2024 |
6,000,000 | 5,937,822 | ||||||
3.90%, 05/15/2024 |
7,400,000 | 7,292,608 | ||||||
Enterprise Products Operating LLC, 3.90%, 02/15/2024 |
10,400,000 | 10,310,765 | ||||||
Equinor ASA (Norway), 3.70%, 03/01/2024 |
12,000,000 | 11,896,848 | ||||||
Exxon Mobil Corp. |
||||||||
3.18%, 03/15/2024 |
12,000,000 | 11,857,533 | ||||||
2.02%, 08/16/2024(b) |
12,000,000 | 11,616,750 | ||||||
Kinder Morgan Energy Partners L.P. |
||||||||
4.15%, 02/01/2024 |
8,000,000 | 7,937,788 | ||||||
4.30%, 05/01/2024 |
7,300,000 | 7,219,451 | ||||||
4.25%, 09/01/2024 |
7,999,000 | 7,871,485 | ||||||
Marathon Petroleum Corp., 3.63%, 09/15/2024 |
9,200,000 | 9,002,582 | ||||||
MPLX L.P., 4.88%, 12/01/2024 |
14,000,000 | 13,824,109 | ||||||
Phillips 66, 0.90%, 02/15/2024 |
9,700,000 | 9,488,796 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024 |
9,000,000 | 8,765,938 | ||||||
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024 |
4,720,000 | 4,714,428 | ||||||
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024 |
15,000,000 | 14,428,459 |
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
|
|||||||
Spectra Energy Partners L.P., 4.75%, 03/15/2024 |
$ | 12,000,000 | $ | 11,926,589 | ||||
TotalEnergies Capital International S.A. (France) |
||||||||
3.70%, 01/15/2024 |
12,000,000 | 11,919,987 | ||||||
3.75%, 04/10/2024(b) |
15,280,000 | 15,108,731 | ||||||
TransCanada PipeLines Ltd. (Canada) |
||||||||
1.00%, 10/12/2024(b) |
15,000,000 | 14,231,538 | ||||||
6.20%, 03/09/2026(b) |
10,300,000 | 10,311,673 | ||||||
Williams Cos., Inc. (The) |
||||||||
4.30%, 03/04/2024 |
12,000,000 | 11,895,348 | ||||||
4.55%, 06/24/2024(b) |
15,200,000 | 15,040,927 | ||||||
|
|
|||||||
296,056,740 | ||||||||
|
|
|||||||
Passenger Airlines-0.27% |
|
|||||||
Delta Air Lines, Inc., 2.90%, 10/28/2024 |
10,760,000 | 10,432,030 | ||||||
|
|
|||||||
Personal Care Products-0.75% |
|
|||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024 |
5,979,000 | 5,739,507 | ||||||
Unilever Capital Corp. (United Kingdom) |
||||||||
3.25%, 03/07/2024 |
6,010,000 | 5,936,533 | ||||||
2.60%, 05/05/2024(b) |
11,942,000 | 11,688,470 | ||||||
0.63%, 08/12/2024 |
6,010,000 | 5,746,528 | ||||||
|
|
|||||||
29,111,038 | ||||||||
|
|
|||||||
Pharmaceuticals-2.02% |
|
|||||||
AstraZeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024 |
19,151,000 | 18,495,339 | ||||||
Eli Lilly and Co., 5.00%, 02/27/2026(b) |
9,000,000 | 9,003,675 | ||||||
Haleon US Capital LLC, 3.02%, 03/24/2024 |
7,940,000 | 7,810,791 | ||||||
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024(b) |
25,800,000 | 25,432,605 | ||||||
Pfizer, Inc., 3.40%, 05/15/2024 |
12,000,000 | 11,824,929 | ||||||
Wyeth LLC, 6.45%, 02/01/2024 |
5,985,000 | 5,999,678 | ||||||
|
|
|||||||
78,567,017 | ||||||||
|
|
|||||||
Professional Services-0.23% |
|
|||||||
Equifax, Inc., 2.60%, 12/01/2024(b) |
9,200,000 | 8,848,585 | ||||||
|
|
|||||||
Retail REITs-0.75% |
||||||||
Simon Property Group L.P. |
||||||||
3.75%, 02/01/2024 |
7,200,000 | 7,134,768 | ||||||
2.00%, 09/13/2024 |
12,000,000 | 11,548,480 | ||||||
3.38%, 10/01/2024 |
10,810,000 | 10,545,667 | ||||||
|
|
|||||||
29,228,915 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.19% |
|
|||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024 |
10,000,000 | 9,915,500 | ||||||
Intel Corp. |
||||||||
2.88%, 05/11/2024(b) |
15,000,000 | 14,726,718 | ||||||
2.70%, 06/17/2024 |
590,000 | 576,705 | ||||||
KLA Corp., 4.65%, 11/01/2024 |
9,100,000 | 9,023,362 | ||||||
Microchip Technology, Inc., 0.97%, 02/15/2024(b) |
17,000,000 | 16,611,760 | ||||||
NVIDIA Corp., 0.58%, 06/14/2024 |
15,200,000 | 14,644,501 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
QUALCOMM, Inc., 2.90%, 05/20/2024 |
$ | 11,000,000 | $ | 10,797,604 | ||||
Xilinx, Inc., 2.95%, 06/01/2024 |
9,100,000 | 8,922,240 | ||||||
|
|
|||||||
85,218,390 | ||||||||
|
|
|||||||
Software-2.72% |
| |||||||
Microsoft Corp., 2.88%, 02/06/2024(b) |
27,000,000 | 26,721,578 | ||||||
Oracle Corp. |
||||||||
3.40%, 07/08/2024 |
24,200,000 | 23,746,465 | ||||||
2.95%, 11/15/2024 |
24,200,000 | 23,443,449 | ||||||
Roper Technologies, Inc., 2.35%, 09/15/2024(b) |
6,200,000 | 5,992,936 | ||||||
Salesforce, Inc., 0.63%, 07/15/2024 |
12,000,000 | 11,509,220 | ||||||
VMware, Inc., 1.00%, 08/15/2024(b) |
15,005,000 | 14,345,824 | ||||||
|
|
|||||||
105,759,472 | ||||||||
|
|
|||||||
Specialized REITs-0.68% |
| |||||||
American Tower Corp. |
||||||||
0.60%, 01/15/2024(b) |
5,997,000 | 5,881,763 | ||||||
5.00%, 02/15/2024 |
12,000,000 | 11,952,735 | ||||||
Crown Castle, Inc., 3.20%, 09/01/2024 |
9,005,000 | 8,776,613 | ||||||
|
|
|||||||
26,611,111 | ||||||||
|
|
|||||||
Specialty Retail-0.64% |
| |||||||
Dell International LLC/EMC Corp., 4.00%, 07/15/2024 |
12,100,000 | 11,918,776 | ||||||
Home Depot, Inc. (The), 3.75%, 02/15/2024 |
13,150,000 | 13,054,942 | ||||||
|
|
|||||||
24,973,718 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.83% |
| |||||||
Apple, Inc. |
||||||||
3.00%, 02/09/2024 |
21,000,000 | 20,772,748 | ||||||
3.45%, 05/06/2024 |
30,000,000 | 29,614,645 | ||||||
2.85%, 05/11/2024 |
21,000,000 | 20,634,533 | ||||||
1.80%, 09/11/2024(b) |
9,200,000 | 8,888,118 | ||||||
Hewlett Packard Enterprise Co. |
||||||||
1.45%, 04/01/2024 |
12,000,000 | 11,699,631 | ||||||
5.90%, 10/01/2024 |
18,700,000 | 18,724,342 | ||||||
|
|
|||||||
110,334,017 | ||||||||
|
|
|||||||
Tobacco-1.07% |
| |||||||
Altria Group, Inc., 4.00%, 01/31/2024(b) . |
9,286,000 | 9,212,638 | ||||||
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024 |
11,995,000 | 11,641,707 | ||||||
Philip Morris International, Inc. |
||||||||
3.25%, 11/10/2024(b) |
8,973,000 | 8,741,784 | ||||||
5.13%, 11/15/2024(b) |
12,000,000 | 11,946,087 | ||||||
|
|
|||||||
41,542,216 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Trading Companies & Distributors-0.56% |
| |||||||
Air Lease Corp. |
||||||||
0.70%, 02/15/2024 |
$ | 9,100,000 | $ | 8,882,575 | ||||
0.80%, 08/18/2024(b) |
7,200,000 | 6,851,658 | ||||||
4.25%, 09/15/2024 |
5,979,000 | 5,870,996 | ||||||
|
|
|||||||
21,605,229 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-1.19% |
| |||||||
Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024 |
7,300,000 | 7,105,910 | ||||||
Sprint LLC, 7.13%, 06/15/2024 |
29,920,000 | 30,184,254 | ||||||
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024(b) |
9,294,000 | 9,221,419 | ||||||
|
|
|||||||
46,511,583 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
3,840,515,538 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.43% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
16,589,150 | 16,589,150 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
3,857,104,688 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.45% |
||||||||
Invesco Private Government Fund, 5.30%(c)(d)(e) |
48,524,883 | 48,524,883 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
124,841,911 | 124,841,911 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
173,366,794 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.54% |
|
4,030,471,482 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.54)% |
|
(137,839,898 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 3,892,631,584 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97 | ||||
|
| |||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2023
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 6,400,109 | $ | 218,388,453 | $ | (208,199,412 | ) | $ | - | $ | - | $ | 16,589,150 | $ | 542,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 28,975,256 | 344,128,761 | (324,579,134 | ) | - | - | 48,524,883 | 2,221,761 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 75,151,379 | 747,283,660 | (697,597,406 | ) | (1,470 | ) | 5,748 | 124,841,911 | 6,022,499 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $110,526,744 | $ | 1,309,800,874 | $ | (1,230,375,952 | ) | $ | (1,470 | ) | $ | 5,748 | $ | 189,955,944 | $ | 8,786,873 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
98 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.04% |
| |||||||
Aerospace & Defense-2.36% |
||||||||
Boeing Co. (The), 4.88%, 05/01/2025 |
$ | 22,713,000 | $ | 22,411,174 | ||||
General Dynamics Corp. |
||||||||
3.25%, 04/01/2025 |
4,929,000 | 4,779,002 | ||||||
3.50%, 05/15/2025(b) |
4,870,000 | 4,729,905 | ||||||
Howmet Aerospace, Inc., 6.88%, 05/01/2025 |
3,912,000 | 3,942,964 | ||||||
L3Harris Technologies, Inc., 3.83%, 04/27/2025 |
3,920,000 | 3,816,232 | ||||||
Lockheed Martin Corp., 4.95%, 10/15/2025 |
3,250,000 | 3,242,019 | ||||||
Northrop Grumman Corp., 2.93%, 01/15/2025 |
9,736,000 | 9,412,882 | ||||||
Precision Castparts Corp., 3.25%, 06/15/2025 |
5,558,000 | 5,381,741 | ||||||
RTX Corp., 3.95%, 08/16/2025 |
9,736,000 | 9,470,726 | ||||||
|
|
|||||||
67,186,645 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.22% |
|
|||||||
United Parcel Service, Inc., 3.90%, 04/01/2025 |
6,495,000 | 6,365,313 | ||||||
|
|
|||||||
Automobile Components-1.16% |
|
|||||||
American Honda Finance Corp. |
||||||||
1.50%, 01/13/2025(b) |
7,142,000 | 6,776,752 | ||||||
5.00%, 05/23/2025 |
4,870,000 | 4,828,137 | ||||||
1.20%, 07/08/2025 |
4,895,000 | 4,541,649 | ||||||
1.00%, 09/10/2025 |
4,895,000 | 4,489,097 | ||||||
Series A, 4.60%, 04/17/2025 |
5,220,000 | 5,154,222 | ||||||
BorgWarner, Inc., 3.38%, 03/15/2025(b) |
3,250,000 | 3,140,314 | ||||||
Magna International, Inc. (Canada), 4.15%, 10/01/2025(b) |
4,218,000 | 4,098,909 | ||||||
|
|
|||||||
33,029,080 | ||||||||
|
|
|||||||
Automobiles-2.95% |
|
|||||||
General Motors Co. |
||||||||
4.00%, 04/01/2025(b) |
3,247,000 | 3,159,065 | ||||||
6.13%, 10/01/2025 |
12,981,000 | 13,040,372 | ||||||
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025(b) |
6,521,000 | 6,231,510 | ||||||
PACCAR Financial Corp., 3.55%, 08/11/2025 |
3,896,000 | 3,788,886 | ||||||
Toyota Motor Credit Corp. |
||||||||
4.80%, 01/10/2025 |
7,790,000 | 7,738,556 | ||||||
1.45%, 01/13/2025 |
7,511,000 | 7,134,523 | ||||||
1.80%, 02/13/2025(b) |
9,090,000 | 8,654,625 | ||||||
3.00%, 04/01/2025 |
8,120,000 | 7,841,856 | ||||||
3.40%, 04/14/2025(b) |
3,243,000 | 3,149,003 | ||||||
3.95%, 06/30/2025(b) |
8,442,000 | 8,251,991 | ||||||
3.65%, 08/18/2025(b) |
4,874,000 | 4,735,033 | ||||||
0.80%, 10/16/2025 |
6,491,000 | 5,924,572 | ||||||
5.40%, 11/10/2025 |
4,220,000 | 4,243,598 | ||||||
|
|
|||||||
83,893,590 | ||||||||
|
|
|||||||
Banks-18.31% |
|
|||||||
Banco Santander S.A. (Spain) |
||||||||
3.50%, 03/24/2025 |
7,977,000 | 7,692,710 | ||||||
2.75%, 05/28/2025(b) |
9,600,000 | 9,089,559 | ||||||
5.15%, 08/18/2025 |
11,203,000 | 11,029,916 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Bank of America Corp. |
||||||||
4.00%, 01/22/2025 |
$ | 16,131,000 | $ | 15,722,504 | ||||
3.88%, 08/01/2025(b) |
11,567,000 | 11,265,552 | ||||||
Series L, 3.95%, 04/21/2025 |
16,134,000 | 15,627,363 | ||||||
Bank of Montreal (Canada) |
||||||||
1.50%, 01/10/2025(b) |
8,694,000 | 8,228,997 | ||||||
3.70%, 06/07/2025 |
8,392,000 | 8,111,843 | ||||||
Bank of Nova Scotia (The) (Canada) |
||||||||
1.45%, 01/10/2025(b) |
8,713,000 | 8,245,951 | ||||||
3.45%, 04/11/2025 |
11,291,000 | 10,913,310 | ||||||
5.45%, 06/12/2025(b) |
7,102,000 | 7,065,604 | ||||||
Canadian Imperial Bank of Commerce (Canada) |
||||||||
3.30%, 04/07/2025(b) |
8,714,000 | 8,404,034 | ||||||
5.14%, 04/28/2025 |
8,050,000 | 7,986,400 | ||||||
3.95%, 08/04/2025(b) |
8,707,000 | 8,443,750 | ||||||
Citigroup, Inc. |
||||||||
3.88%, 03/26/2025 |
6,450,000 | 6,252,536 | ||||||
3.30%, 04/27/2025 |
9,658,000 | 9,334,575 | ||||||
4.40%, 06/10/2025 |
16,131,000 | 15,741,318 | ||||||
5.50%, 09/13/2025 |
9,159,000 | 9,111,646 | ||||||
Citizens Bank N.A., 2.25%, 04/28/2025(b) |
4,910,000 | 4,559,491 | ||||||
Cooperatieve Rabobank U.A. (Netherlands) |
||||||||
1.38%, 01/10/2025 |
6,390,000 | 6,054,767 | ||||||
5.00%, 01/13/2025(b) |
6,390,000 | 6,343,445 | ||||||
4.38%, 08/04/2025 |
9,710,000 | 9,419,121 | ||||||
Credit Suisse AG (Switzerland) |
||||||||
7.95%, 01/09/2025 |
8,150,000 | 8,314,359 | ||||||
3.70%, 02/21/2025 |
12,460,000 | 12,018,996 | ||||||
2.95%, 04/09/2025 |
7,945,000 | 7,548,712 | ||||||
Fifth Third Bancorp, 2.38%, 01/28/2025 |
4,835,000 | 4,604,160 | ||||||
Fifth Third Bank N.A., 3.95%, 07/28/2025(b) |
4,770,000 | 4,608,150 | ||||||
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025(b) |
9,680,000 | 9,345,606 | ||||||
HSBC USA, Inc., 5.63%, 03/17/2025 |
8,070,000 | 8,054,016 | ||||||
Huntington Bancshares, Inc., 4.00%, 05/15/2025(b) |
3,021,000 | 2,916,796 | ||||||
JPMorgan Chase & Co. |
||||||||
3.13%, 01/23/2025 |
16,134,000 | 15,615,876 | ||||||
3.90%, 07/15/2025(b) |
16,129,000 | 15,682,276 | ||||||
KeyBank N.A. |
||||||||
3.30%, 06/01/2025(b) |
4,760,000 | 4,463,286 | ||||||
4.15%, 08/08/2025 |
8,170,000 | 7,737,174 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025 |
8,645,000 | 8,329,237 | ||||||
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025(b) |
3,317,000 | 3,241,905 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
2.19%, 02/25/2025 |
16,754,000 | 15,901,722 | ||||||
3.78%, 03/02/2025 |
4,825,000 | 4,687,960 | ||||||
1.41%, 07/17/2025(b) |
11,340,000 | 10,480,652 | ||||||
National Bank of Canada (Canada), 5.25%, 01/17/2025(b) |
6,760,000 | 6,735,207 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
99 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
PNC Bank N.A., 3.25%, 06/01/2025 |
$ | 6,385,000 | $ | 6,105,237 | ||||
Regions Financial Corp., 2.25%, 05/18/2025 |
4,843,000 | 4,529,359 | ||||||
Royal Bank of Canada (Canada) |
||||||||
1.60%, 01/21/2025(b) |
6,433,000 | 6,101,735 | ||||||
3.38%, 04/14/2025(b) |
9,036,000 | 8,746,238 | ||||||
4.95%, 04/25/2025(b) |
10,322,000 | 10,217,121 | ||||||
Santander Holdings USA, Inc. |
||||||||
3.45%, 06/02/2025 |
6,450,000 | 6,159,647 | ||||||
4.50%, 07/17/2025 |
7,102,000 | 6,935,897 | ||||||
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025(b) |
3,220,000 | 3,100,718 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
2.35%, 01/15/2025 |
8,070,000 | 7,707,279 | ||||||
1.47%, 07/08/2025(b) |
15,223,000 | 14,103,062 | ||||||
Toronto-Dominion Bank (The) (Canada) |
||||||||
1.45%, 01/10/2025(b) |
5,166,000 | 4,898,874 | ||||||
3.77%, 06/06/2025(b) |
10,620,000 | 10,316,404 | ||||||
Truist Bank |
||||||||
1.50%, 03/10/2025(b) |
8,170,000 | 7,625,601 | ||||||
3.63%, 09/16/2025 |
8,170,000 | 7,748,098 | ||||||
Truist Financial Corp. |
||||||||
4.00%, 05/01/2025 |
5,487,000 | 5,318,466 | ||||||
3.70%, 06/05/2025 |
6,450,000 | 6,214,689 | ||||||
1.20%, 08/05/2025 |
4,822,000 | 4,428,162 | ||||||
U.S. Bancorp, 1.45%, 05/12/2025 |
9,654,000 | 9,033,789 | ||||||
U.S. Bank N.A., 2.05%, 01/21/2025 |
6,530,000 | 6,213,000 | ||||||
Wells Fargo & Co. |
||||||||
3.00%, 02/19/2025 |
16,089,000 | 15,481,075 | ||||||
3.55%, 09/29/2025 |
16,134,000 | 15,485,192 | ||||||
|
|
|||||||
521,400,125 | ||||||||
|
|
|||||||
Beverages-1.08% |
||||||||
Diageo Capital PLC (United Kingdom) |
||||||||
1.38%, 09/29/2025 |
4,800,000 | 4,434,890 | ||||||
5.20%, 10/24/2025 |
3,220,000 | 3,223,191 | ||||||
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025 |
3,250,000 | 3,109,986 | ||||||
PepsiCo, Inc. |
||||||||
2.25%, 03/19/2025 |
9,736,000 | 9,321,239 | ||||||
2.75%, 04/30/2025 |
6,531,000 | 6,280,776 | ||||||
3.50%, 07/17/2025 |
4,541,000 | 4,415,522 | ||||||
|
|
|||||||
30,785,604 | ||||||||
|
|
|||||||
Biotechnology-2.57% |
||||||||
AbbVie, Inc., 3.60%, 05/14/2025 |
24,349,000 | 23,627,313 | ||||||
Amgen, Inc. |
||||||||
1.90%, 02/21/2025(b) |
3,244,000 | 3,086,845 | ||||||
5.25%, 03/02/2025 |
12,980,000 | 12,932,763 | ||||||
3.13%, 05/01/2025(b) |
6,490,000 | 6,247,262 | ||||||
Baxalta, Inc., 4.00%, 06/23/2025 |
5,219,000 | 5,076,495 | ||||||
Biogen, Inc., 4.05%, 09/15/2025 |
11,364,000 | 11,024,985 | ||||||
Gilead Sciences, Inc., 3.50%, 02/01/2025 |
11,358,000 | 11,061,456 | ||||||
|
|
|||||||
73,057,119 | ||||||||
|
|
Principal Amount |
Value | |||||||
Broadline Retail-1.25% |
||||||||
Amazon.com, Inc. |
||||||||
3.00%, 04/13/2025(b) |
$ | 9,740,000 | $ | 9,431,798 | ||||
0.80%, 06/03/2025(b) |
8,119,000 | 7,543,765 | ||||||
4.60%, 12/01/2025(b) |
8,120,000 | 8,064,296 | ||||||
5.20%, 12/03/2025 |
5,661,000 | 5,681,133 | ||||||
eBay, Inc., 1.90%, 03/11/2025(b) |
5,190,000 | 4,918,998 | ||||||
|
|
|||||||
35,639,990 | ||||||||
|
|
|||||||
Building Products-0.11% |
|
|||||||
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025 |
3,270,000 | 3,169,615 | ||||||
|
|
|||||||
Capital Markets-7.35% |
|
|||||||
Ameriprise Financial, Inc., 3.00%, 04/02/2025 |
3,250,000 | 3,127,568 | ||||||
Ares Capital Corp. |
||||||||
4.25%, 03/01/2025 |
3,897,000 | 3,751,482 | ||||||
3.25%, 07/15/2025(b) |
8,120,000 | 7,620,674 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
1.60%, 04/24/2025 |
8,048,000 | 7,566,493 | ||||||
3.35%, 04/25/2025 |
6,126,000 | 5,908,785 | ||||||
Series G, 3.00%, 02/24/2025(b) |
4,835,000 | 4,660,671 | ||||||
Blue Owl Capital Corp., 3.75%, 07/22/2025 |
3,242,000 | 3,042,869 | ||||||
Brookfield Corp. (Canada), 4.00%, 01/15/2025 |
3,250,000 | 3,161,716 | ||||||
Charles Schwab Corp. (The) |
||||||||
4.20%, 03/24/2025 |
3,898,000 | 3,814,040 | ||||||
3.85%, 05/21/2025 |
4,870,000 | 4,725,594 | ||||||
CME Group, Inc., 3.00%, 03/15/2025(b) |
4,870,000 | 4,704,466 | ||||||
Deutsche Bank AG (Germany) |
||||||||
4.50%, 04/01/2025(b) |
9,547,000 | 9,204,357 | ||||||
4.16%, 05/13/2025 |
3,220,000 | 3,137,201 | ||||||
Goldman Sachs Group, Inc. (The) 3.50%, 01/23/2025 |
16,130,000 | 15,628,612 | ||||||
3.50%, 04/01/2025 |
22,580,000 | 21,799,228 | ||||||
3.75%, 05/22/2025 |
14,516,000 | 14,039,202 | ||||||
4.25%, 10/21/2025(b) |
12,908,000 | 12,531,097 | ||||||
Moody’s Corp., 3.75%, 03/24/2025 |
4,544,000 | 4,425,150 | ||||||
Morgan Stanley |
||||||||
4.00%, 07/23/2025 |
19,359,000 | 18,790,119 | ||||||
5.00%, 11/24/2025 |
12,902,000 | 12,712,743 | ||||||
Nasdaq, Inc., 5.65%, 06/28/2025 |
3,250,000 | 3,255,283 | ||||||
Nomura Holdings, Inc. (Japan) |
||||||||
5.10%, 07/03/2025(b) |
5,108,000 | 5,018,865 | ||||||
1.85%, 07/16/2025(b) |
9,650,000 | 8,924,473 | ||||||
Northern Trust Corp., 3.95%, 10/30/2025 |
4,836,000 | 4,684,287 | ||||||
State Street Corp., 3.55%, 08/18/2025 |
8,390,000 | 8,104,760 | ||||||
UBS Group AG (Switzerland), 3.75%, 03/26/2025 |
15,324,000 | 14,814,010 | ||||||
|
|
|||||||
209,153,745 | ||||||||
|
|
|||||||
Chemicals-1.13% |
||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/2025 |
3,565,000 | 3,308,403 | ||||||
Celanese US Holdings LLC, 6.05%, 03/15/2025 |
11,364,000 | 11,379,944 | ||||||
Eastman Chemical Co., 3.80%, 03/15/2025 |
4,543,000 | 4,417,232 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Chemicals-(continued) |
||||||||
EIDP, Inc., 1.70%, 07/15/2025(b) |
$ | 3,241,000 | $ | 3,024,375 | ||||
Linde, Inc., 4.70%, 12/05/2025 |
3,893,000 | 3,863,255 | ||||||
LYB International Finance III LLC, 1.25%, 10/01/2025 |
3,220,000 | 2,938,213 | ||||||
Nutrien Ltd. (Canada), 5.95%, 11/07/2025 |
3,225,000 | 3,247,420 | ||||||
|
|
|||||||
32,178,842 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.31% |
| |||||||
Republic Services, Inc., 3.20%, 03/15/2025 |
3,245,000 | 3,139,870 | ||||||
Waste Management, Inc. |
||||||||
3.13%, 03/01/2025 |
2,739,000 | 2,653,686 | ||||||
0.75%, 11/15/2025 |
3,250,000 | 2,956,729 | ||||||
|
|
|||||||
8,750,285 | ||||||||
|
|
|||||||
Communications Equipment-0.11% |
||||||||
Cisco Systems, Inc., 3.50%, 06/15/2025 |
3,244,000 | 3,157,400 | ||||||
|
|
|||||||
Consumer Finance-4.27% |
||||||||
Ally Financial, Inc. |
||||||||
4.63%, 03/30/2025 |
3,260,000 | 3,156,194 | ||||||
5.80%, 05/01/2025(b) |
4,830,000 | 4,761,735 | ||||||
5.75%, 11/20/2025(b) |
6,770,000 | 6,572,905 | ||||||
American Express Co. |
||||||||
2.25%, 03/04/2025 |
11,264,000 | 10,716,205 | ||||||
3.95%, 08/01/2025 |
14,480,000 | 14,058,090 | ||||||
Capital One Financial Corp. |
||||||||
3.20%, 02/05/2025 |
6,452,000 | 6,200,382 | ||||||
4.25%, 04/30/2025(b) |
4,840,000 | 4,695,337 | ||||||
4.20%, 10/29/2025 |
9,681,000 | 9,310,031 | ||||||
Discover Financial Services, 3.75%, 03/04/2025 |
3,230,000 | 3,098,820 | ||||||
General Motors Financial Co., Inc. |
||||||||
4.00%, 01/15/2025 |
6,490,000 | 6,312,618 | ||||||
2.90%, 02/26/2025 |
8,110,000 | 7,748,504 | ||||||
3.80%, 04/07/2025 |
7,142,000 | 6,903,304 | ||||||
4.35%, 04/09/2025(b) |
6,488,000 | 6,332,060 | ||||||
2.75%, 06/20/2025 |
8,140,000 | 7,692,577 | ||||||
4.30%, 07/13/2025 |
5,196,000 | 5,049,069 | ||||||
6.05%, 10/10/2025(b) |
8,111,000 | 8,124,271 | ||||||
Synchrony Financial |
||||||||
4.88%, 06/13/2025 |
4,895,000 | 4,723,773 | ||||||
4.50%, 07/23/2025 |
6,448,000 | 6,158,100 | ||||||
|
|
|||||||
121,613,975 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.41% |
| |||||||
Dollar General Corp., 4.15%, 11/01/2025 |
3,250,000 | 3,158,890 | ||||||
Dollar Tree, Inc., 4.00%, 05/15/2025 |
6,490,000 | 6,300,003 | ||||||
Sysco Corp., 3.75%, 10/01/2025 |
4,872,000 | 4,713,656 | ||||||
Target Corp., 2.25%, 04/15/2025(b) |
9,740,000 | 9,303,306 | ||||||
Walmart, Inc. |
||||||||
3.55%, 06/26/2025 |
5,678,000 | 5,530,544 | ||||||
3.90%, 09/09/2025 |
11,361,000 | 11,117,756 | ||||||
|
|
|||||||
40,124,155 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Containers & Packaging-0.24% |
||||||||||
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025(b) |
$ | 3,250,000 | $ | 3,152,891 | ||||||
WRKCo, Inc., 3.75%, 03/15/2025(b) |
3,899,000 | 3,783,689 | ||||||||
|
|
|||||||||
6,936,580 | ||||||||||
|
|
|||||||||
Distributors-0.11% |
||||||||||
Genuine Parts Co., 1.75%, 02/01/2025 |
3,250,000 | 3,074,093 | ||||||||
|
|
|||||||||
Diversified Consumer Services-0.11% |
| |||||||||
Yale University, Series 2020, 0.87%, 04/15/2025 |
3,230,000 | 3,018,925 | ||||||||
|
|
|||||||||
Diversified REITs-0.11% |
||||||||||
VICI Properties L.P., 4.38%, 05/15/2025 |
3,250,000 | 3,162,608 | ||||||||
|
|
|||||||||
Diversified Telecommunication Services-0.59% |
| |||||||||
Verizon Communications, Inc. |
||||||||||
3.38%, 02/15/2025 |
8,642,299 | 8,387,792 | ||||||||
0.85%, 11/20/2025(b) |
9,151,000 | 8,302,834 | ||||||||
|
|
|||||||||
16,690,626 | ||||||||||
|
|
|||||||||
Electric Utilities-2.94% |
||||||||||
Avangrid, Inc., 3.20%, 04/15/2025 |
4,870,000 | 4,664,537 | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025 |
8,084,000 | 7,914,716 | ||||||||
Constellation Energy Generation LLC, 3.25%, 06/01/2025 |
5,840,000 | 5,594,736 | ||||||||
Duke Energy Corp. |
||||||||||
0.90%, 09/15/2025 |
4,221,000 | 3,856,017 | ||||||||
5.00%, 12/08/2025 |
3,250,000 | 3,220,278 | ||||||||
Duke Energy Progress LLC, 3.25%, 08/15/2025 |
3,231,000 | 3,114,235 | ||||||||
Entergy Corp., 0.90%, 09/15/2025 |
5,198,000 | 4,725,980 | ||||||||
Exelon Corp., 3.95%, 06/15/2025 |
5,241,000 | 5,087,918 | ||||||||
Florida Power & Light Co. |
||||||||||
2.85%, 04/01/2025 |
7,145,000 | 6,877,421 | ||||||||
3.13%, 12/01/2025(b) |
3,896,000 | 3,734,090 | ||||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||||
2.85%, 01/27/2025(b) |
3,250,000 | 3,139,156 | ||||||||
1.88%, 02/07/2025 |
3,895,000 | 3,702,104 | ||||||||
5.45%, 10/30/2025(b) |
3,230,000 | 3,241,795 | ||||||||
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025 |
6,530,000 | 6,400,083 | ||||||||
Pacific Gas and Electric Co., 3.45%, 07/01/2025 |
5,674,769 | 5,392,468 | ||||||||
Pinnacle West Capital Corp., 1.30%, 06/15/2025(b) |
3,227,000 | 2,981,811 | ||||||||
Southern Co. (The), 5.15%, 10/06/2025 . |
3,250,000 | 3,234,692 | ||||||||
Southern Power Co., 4.15%, 12/01/2025 |
3,250,000 | 3,164,888 | ||||||||
Xcel Energy, Inc., 3.30%, 06/01/2025 |
3,891,000 | 3,742,704 | ||||||||
|
|
|||||||||
83,789,629 | ||||||||||
|
|
|||||||||
Electrical Equipment-0.11% |
||||||||||
Emerson Electric Co., 3.15%, 06/01/2025 |
3,250,000 | 3,143,997 | ||||||||
|
|
|||||||||
Electronic Equipment, Instruments & Components-0.13% |
| |||||||||
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025 |
3,917,000 | 3,795,593 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
101 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Energy Equipment & Services-0.19% |
||||||||
Halliburton Co., 3.80%, 11/15/2025 |
$ | 2,578,000 | $ | 2,515,362 | ||||
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025(b) |
3,245,000 | 3,002,875 | ||||||
|
|
|||||||
5,518,237 | ||||||||
|
|
|||||||
Entertainment-1.25% |
||||||||
Netflix, Inc., 5.88%, 02/15/2025(b) |
5,192,000 | 5,221,569 | ||||||
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025 |
3,890,000 | 3,763,235 | ||||||
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025(b) |
4,863,000 | 4,671,055 | ||||||
Walt Disney Co. (The), 3.35%, 03/24/2025 |
11,360,000 | 11,029,495 | ||||||
Warnermedia Holdings, Inc., 3.64%, 03/15/2025 |
11,380,000 | 11,017,371 | ||||||
|
|
|||||||
35,702,725 | ||||||||
|
|
|||||||
Financial Services-3.04% |
||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
3.50%, 01/15/2025 |
5,260,000 | 5,082,939 | ||||||
6.50%, 07/15/2025 |
8,062,000 | 8,107,314 | ||||||
4.45%, 10/01/2025 |
3,883,000 | 3,762,130 | ||||||
Blackstone Private Credit Fund |
||||||||
4.70%, 03/24/2025(b) |
5,846,000 | 5,686,739 | ||||||
7.05%, 09/29/2025(b) |
5,150,000 | 5,189,872 | ||||||
Corebridge Financial, Inc., 3.50%, 04/04/2025 |
6,476,000 | 6,227,946 | ||||||
Fidelity National Information Services, Inc., 4.50%, 07/15/2025(b) |
4,869,000 | 4,775,456 | ||||||
Fiserv, Inc., 3.85%, 06/01/2025 |
5,846,000 | 5,677,577 | ||||||
Mastercard, Inc., 2.00%, 03/03/2025 |
4,865,000 | 4,651,179 | ||||||
PayPal Holdings, Inc., 1.65%, 06/01/2025 |
6,491,000 | 6,085,497 | ||||||
Radian Group, Inc., 6.63%, 03/15/2025 |
3,403,000 | 3,405,229 | ||||||
Visa, Inc., 3.15%, 12/14/2025 |
25,970,000 | 24,921,121 | ||||||
Western Union Co. (The), 2.85%, 01/10/2025 |
3,246,000 | 3,112,698 | ||||||
|
|
|||||||
86,685,697 | ||||||||
|
|
|||||||
Food Products-1.04% |
||||||||
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025 |
3,894,000 | 3,608,039 | ||||||
Campbell Soup Co., 3.95%, 03/15/2025 |
5,520,000 | 5,376,047 | ||||||
General Mills, Inc., 4.00%, 04/17/2025 |
5,198,000 | 5,069,404 | ||||||
JM Smucker Co. (The), 3.50%, 03/15/2025 |
6,489,000 | 6,288,930 | ||||||
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025 |
4,864,000 | 4,737,263 | ||||||
Mondelez International, Inc., 1.50%, 05/04/2025 |
4,870,000 | 4,557,185 | ||||||
|
|
|||||||
29,636,868 | ||||||||
|
|
|||||||
Ground Transportation-0.62% |
||||||||
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025 |
3,242,000 | 3,132,834 | ||||||
Canadian Pacific Railway Co. (Canada), |
||||||||
2.90%, 02/01/2025 |
4,540,000 | 4,374,111 | ||||||
CSX Corp., 3.35%, 11/01/2025 |
3,896,000 | 3,746,088 |
Principal Amount |
Value | |||||||||
Ground Transportation-(continued) |
||||||||||
Union Pacific Corp. |
||||||||||
3.75%, 07/15/2025(b) |
$ | 3,250,000 | $ | 3,159,785 | ||||||
3.25%, 08/15/2025(b) |
3,248,000 | 3,129,774 | ||||||||
|
|
|||||||||
17,542,592 | ||||||||||
|
|
|||||||||
Health Care Equipment & Supplies-1.16% |
| |||||||||
Abbott Laboratories, 2.95%, 03/15/2025 |
6,492,000 | 6,291,730 | ||||||||
Boston Scientific Corp., 1.90%, 06/01/2025 |
3,250,000 | 3,055,253 | ||||||||
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025 |
9,680,000 | 9,684,213 | ||||||||
Stryker Corp. |
||||||||||
1.15%, 06/15/2025 |
4,214,000 | 3,917,062 | ||||||||
3.38%, 11/01/2025 |
4,870,000 | 4,674,855 | ||||||||
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025 |
5,606,000 | 5,425,280 | ||||||||
|
|
|||||||||
33,048,393 | ||||||||||
|
|
|||||||||
Health Care Providers & Services-4.10% |
|
|||||||||
Cardinal Health, Inc., 3.75%, 09/15/2025(b) |
3,250,000 | 3,140,091 | ||||||||
Cencora, Inc., 3.25%, 03/01/2025(b) |
3,250,000 | 3,145,663 | ||||||||
Cigna Group (The) |
||||||||||
3.25%, 04/15/2025 |
4,910,000 | 4,730,689 | ||||||||
4.13%, 11/15/2025 |
14,270,000 | 13,910,778 | ||||||||
CVS Health Corp. |
||||||||||
4.10%, 03/25/2025 |
6,168,000 | 6,038,273 | ||||||||
3.88%, 07/20/2025 |
18,360,522 | 17,821,089 | ||||||||
Elevance Health, Inc., 2.38%, 01/15/2025 |
8,115,000 | 7,763,197 | ||||||||
HCA, Inc. |
||||||||||
5.38%, 02/01/2025 |
16,880,000 | 16,780,043 | ||||||||
5.25%, 04/15/2025(b) |
9,091,000 | 9,010,594 | ||||||||
Humana, Inc., 4.50%, 04/01/2025 |
3,891,000 | 3,835,838 | ||||||||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 |
6,492,000 | 6,300,965 | ||||||||
McKesson Corp., 0.90%, 12/03/2025(b) |
3,250,000 | 2,945,033 | ||||||||
Quest Diagnostics, Inc., 3.50%, 03/30/2025 |
3,899,000 | 3,774,647 | ||||||||
UnitedHealth Group, Inc. |
||||||||||
3.75%, 07/15/2025 |
12,982,000 | 12,656,022 | ||||||||
5.15%, 10/15/2025 |
4,866,000 | 4,864,967 | ||||||||
|
|
|||||||||
116,717,889 | ||||||||||
|
|
|||||||||
Health Care REITs-0.51% |
|
|||||||||
Healthpeak OP LLC, 4.00%, 06/01/2025(b) |
2,930,000 | 2,852,839 | ||||||||
Ventas Realty L.P., 3.50%, 02/01/2025 |
3,864,000 | 3,719,104 | ||||||||
Welltower OP LLC, 4.00%, 06/01/2025 |
8,117,000 | 7,871,699 | ||||||||
|
|
|||||||||
14,443,642 | ||||||||||
|
|
|||||||||
Hotel & Resort REITs-0.11% |
|
|||||||||
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025 |
3,245,000 | 3,134,889 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-1.06% |
|
|||||||||
Booking Holdings, Inc., 3.65%, 03/15/2025 |
3,250,000 | 3,169,102 | ||||||||
Las Vegas Sands Corp., 2.90%, 06/25/2025 |
3,250,000 | 3,071,226 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
102 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
|
|||||||
Marriott International, Inc., Series EE, 5.75%, 05/01/2025 |
$ | 3,896,000 | $ | 3,904,344 | ||||
McDonald’s Corp. |
||||||||
3.38%, 05/26/2025 |
4,516,000 | 4,372,027 | ||||||
3.30%, 07/01/2025 |
4,838,000 | 4,675,748 | ||||||
1.45%, 09/01/2025 |
3,243,000 | 3,015,316 | ||||||
Starbucks Corp., 3.80%, 08/15/2025(b) |
8,116,000 | 7,896,813 | ||||||
|
|
|||||||
30,104,576 | ||||||||
|
|
|||||||
Household Durables-0.22% |
|
|||||||
DR Horton, Inc., 2.60%, 10/15/2025(b) |
3,244,000 | 3,049,146 | ||||||
Lennar Corp., 4.75%, 05/30/2025 |
3,250,000 | 3,192,963 | ||||||
|
|
|||||||
6,242,109 | ||||||||
|
|
|||||||
Household Products-0.32% |
|
|||||||
Colgate-Palmolive Co., 3.10%, 08/15/2025 |
3,249,000 | 3,133,914 | ||||||
Procter & Gamble Co. (The), 0.55%, 10/29/2025 |
6,490,000 | 5,914,820 | ||||||
|
|
|||||||
9,048,734 | ||||||||
|
|
|||||||
Industrial Conglomerates-0.66% |
|
|||||||
3M Co. |
||||||||
2.00%, 02/14/2025 |
4,869,000 | 4,627,556 | ||||||
2.65%, 04/15/2025(b) |
3,260,000 | 3,112,173 | ||||||
3.00%, 08/07/2025(b) |
3,565,000 | 3,421,880 | ||||||
Honeywell International, Inc., 1.35%, 06/01/2025(b) |
8,120,000 | 7,615,062 | ||||||
|
|
|||||||
18,776,671 | ||||||||
|
|
|||||||
Insurance-1.13% |
|
|||||||
Allstate Corp. (The), 0.75%, 12/15/2025 |
3,892,000 | 3,515,097 | ||||||
American International Group, Inc., 2.50%, 06/30/2025 |
6,526,000 | 6,182,447 | ||||||
Aon Global Ltd., 3.88%, 12/15/2025 |
4,873,000 | 4,714,914 | ||||||
Chubb INA Holdings, Inc., 3.15%, 03/15/2025 |
5,197,000 | 5,027,513 | ||||||
CNO Financial Group, Inc., 5.25%, 05/30/2025(b) |
3,243,000 | 3,177,639 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025 |
3,243,000 | 3,150,658 | ||||||
MetLife, Inc. |
||||||||
3.00%, 03/01/2025 |
3,250,000 | 3,137,514 | ||||||
3.60%, 11/13/2025(b) |
3,247,000 | 3,143,115 | ||||||
|
|
|||||||
32,048,897 | ||||||||
|
|
|||||||
Interactive Media & Services-0.21% |
|
|||||||
Alphabet, Inc., 0.45%, 08/15/2025 |
6,490,000 | 5,961,285 | ||||||
|
|
|||||||
IT Services-0.48% |
|
|||||||
International Business Machines Corp. |
||||||||
4.00%, 07/27/2025 |
6,540,000 | 6,395,483 | ||||||
7.00%, 10/30/2025 |
3,879,000 | 4,016,049 | ||||||
VeriSign, Inc., 5.25%, 04/01/2025 |
3,250,000 | 3,227,800 | ||||||
|
|
|||||||
13,639,332 | ||||||||
|
|
|||||||
Life Sciences Tools & Services-0.22% |
|
|||||||
Danaher Corp., 3.35%, 09/15/2025(b) |
3,220,000 | 3,107,835 | ||||||
Illumina, Inc., 5.80%, 12/12/2025 |
3,250,000 | 3,250,012 | ||||||
|
|
|||||||
6,357,847 | ||||||||
|
|
Principal Amount |
Value | |||||||
Machinery-3.28% |
|
|||||||
Caterpillar Financial Services Corp. |
||||||||
4.90%, 01/17/2025(b) |
$ | 4,870,000 | $ | 4,853,394 | ||||
5.40%, 03/10/2025 |
3,900,000 | 3,913,167 | ||||||
3.40%, 05/13/2025(b) |
8,116,000 | 7,867,364 | ||||||
1.45%, 05/15/2025 |
3,890,000 | 3,649,925 | ||||||
5.15%, 08/11/2025 |
5,190,000 | 5,190,024 | ||||||
3.65%, 08/12/2025 |
5,191,000 | 5,044,976 | ||||||
0.80%, 11/13/2025(b) |
6,491,000 | 5,916,329 | ||||||
CNH Industrial Capital LLC, 3.95%, 05/23/2025(b) |
3,250,000 | 3,157,433 | ||||||
Cummins, Inc., 0.75%, 09/01/2025 |
3,245,000 | 2,972,661 | ||||||
Deere & Co., 2.75%, 04/15/2025 |
4,546,000 | 4,378,139 | ||||||
John Deere Capital Corp. |
||||||||
2.05%, 01/09/2025(b) |
3,566,000 | 3,422,719 | ||||||
1.25%, 01/10/2025(b) |
5,196,000 | 4,926,156 | ||||||
5.15%, 03/03/2025(b) |
3,250,000 | 3,250,596 | ||||||
3.45%, 03/13/2025(b) |
5,846,000 | 5,695,759 | ||||||
3.40%, 06/06/2025 |
6,496,000 | 6,300,538 | ||||||
4.95%, 06/06/2025 |
3,890,000 | 3,875,411 | ||||||
4.05%, 09/08/2025 |
4,866,000 | 4,770,672 | ||||||
Otis Worldwide Corp., 2.06%, 04/05/2025 |
8,440,000 | 8,002,005 | ||||||
Stanley Black & Decker, Inc., 2.30%, 02/24/2025 |
3,250,000 | 3,095,748 | ||||||
Wabtec Corp., 3.20%, 06/15/2025 |
3,250,000 | 3,103,060 | ||||||
|
|
|||||||
93,386,076 | ||||||||
|
|
|||||||
Media-1.86% |
|
|||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 |
29,171,000 | 28,670,833 | ||||||
Comcast Corp. |
||||||||
3.38%, 02/15/2025 |
2,737,000 | 2,666,973 | ||||||
3.38%, 08/15/2025 |
9,740,000 | 9,413,702 | ||||||
5.25%, 11/07/2025 |
4,905,000 | 4,913,464 | ||||||
Fox Corp., 3.05%, 04/07/2025 |
3,892,000 | 3,744,443 | ||||||
Paramount Global, 4.75%, 05/15/2025(b) |
3,603,000 | 3,533,333 | ||||||
|
|
|||||||
52,942,748 | ||||||||
|
|
|||||||
Metals & Mining-0.22% |
|
|||||||
Nucor Corp. |
||||||||
3.95%, 05/23/2025 |
3,248,000 | 3,160,464 | ||||||
2.00%, 06/01/2025 |
3,250,000 | 3,059,303 | ||||||
|
|
|||||||
6,219,767 | ||||||||
|
|
|||||||
Multi-Utilities-0.99% |
|
|||||||
Dominion Energy, Inc., 3.90%, 10/01/2025(b) |
4,868,000 | 4,708,214 | ||||||
DTE Energy Co., Series F, 1.05%, 06/01/2025 |
5,196,000 | 4,794,722 | ||||||
NiSource, Inc., 0.95%, 08/15/2025 |
8,110,000 | 7,439,738 | ||||||
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025(b) |
3,569,000 | 3,261,693 | ||||||
Sempra, 3.30%, 04/01/2025 |
4,869,000 | 4,693,761 | ||||||
WEC Energy Group, Inc., 5.00%, 09/27/2025 |
3,250,000 | 3,221,585 | ||||||
|
|
|||||||
28,119,713 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
103 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Office REITs-0.32% |
||||||||
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025(b) |
$ | 3,872,000 | $ | 3,739,232 | ||||
Boston Properties L.P., 3.20%, 01/15/2025 |
5,519,000 | 5,295,862 | ||||||
|
|
|||||||
9,035,094 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-7.89% |
||||||||
Canadian Natural Resources Ltd. (Canada) |
||||||||
3.90%, 02/01/2025(b) |
3,894,000 | 3,786,520 | ||||||
2.05%, 07/15/2025(b) |
3,894,000 | 3,650,561 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025 |
9,680,000 | 9,652,680 | ||||||
Chevron Corp. |
||||||||
1.55%, 05/11/2025 |
16,230,000 | 15,275,532 | ||||||
3.33%, 11/17/2025(b) |
4,865,000 | 4,707,176 | ||||||
Chevron USA, Inc., 0.69%, 08/12/2025 |
4,865,000 | 4,480,135 | ||||||
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 |
6,480,000 | 6,326,744 | ||||||
DCP Midstream Operating L.P., 5.38%, 07/15/2025 |
5,390,000 | 5,341,354 | ||||||
Devon Energy Corp., 5.85%, 12/15/2025 |
3,150,000 | 3,168,410 | ||||||
Enbridge Energy Partners L.P., 5.88%, 10/15/2025 |
3,244,000 | 3,261,290 | ||||||
Enbridge, Inc. (Canada) |
||||||||
2.50%, 01/15/2025 |
3,243,000 | 3,108,158 | ||||||
2.50%, 02/14/2025 |
3,250,000 | 3,106,666 | ||||||
Energy Transfer L.P., 4.05%, 03/15/2025 |
6,490,000 | 6,320,830 | ||||||
Enterprise Products Operating LLC, 3.75%, 02/15/2025(b) |
7,469,000 | 7,269,398 | ||||||
EOG Resources, Inc., 3.15%, 04/01/2025 |
3,250,000 | 3,144,903 | ||||||
Equinor ASA (Norway), 2.88%, 04/06/2025 |
8,120,000 | 7,837,447 | ||||||
Exxon Mobil Corp. |
||||||||
2.71%, 03/06/2025(b) |
11,360,000 | 10,958,231 | ||||||
2.99%, 03/19/2025(b) |
17,850,000 | 17,289,447 | ||||||
Kinder Morgan, Inc., 4.30%, 06/01/2025 |
9,734,000 | 9,522,323 | ||||||
Marathon Petroleum Corp., 4.70%, 05/01/2025 |
8,112,000 | 7,974,967 | ||||||
MPLX L.P. |
||||||||
4.00%, 02/15/2025 |
3,242,000 | 3,159,358 | ||||||
4.88%, 06/01/2025 |
7,715,000 | 7,594,301 | ||||||
Occidental Petroleum Corp. |
||||||||
5.88%, 09/01/2025 |
3,910,000 | 3,904,761 | ||||||
5.50%, 12/01/2025(b) |
3,003,000 | 2,974,682 | ||||||
ONEOK Partners L.P., 4.90%, 03/15/2025 |
3,250,000 | 3,200,271 | ||||||
Ovintiv, Inc., 5.65%, 05/15/2025 |
3,900,000 | 3,891,324 | ||||||
Phillips 66, 3.85%, 04/09/2025 |
4,215,000 | 4,103,792 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025 |
6,491,000 | 6,334,181 | ||||||
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025 |
12,981,000 | 12,945,548 | ||||||
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025 |
17,850,000 | 17,288,378 |
Principal Amount |
Value | |||||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||||
Spectra Energy Partners L.P., 3.50%, 03/15/2025 |
$ | 3,250,000 | $ | 3,137,548 | ||||||
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025 |
6,492,000 | 6,246,025 | ||||||||
Western Midstream Operating L.P., 3.10%, 02/01/2025 |
4,374,000 | 4,192,910 | ||||||||
Williams Cos., Inc. (The) |
||||||||||
3.90%, 01/15/2025 |
4,865,000 | 4,746,724 | ||||||||
4.00%, 09/15/2025 |
4,871,000 | 4,719,483 | ||||||||
|
|
|||||||||
224,622,058 | ||||||||||
|
|
|||||||||
Passenger Airlines-0.29% |
| |||||||||
Southwest Airlines Co., 5.25%, 05/04/2025 |
8,453,000 | 8,403,911 | ||||||||
|
|
|||||||||
Personal Care Products-0.11% |
| |||||||||
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025(b) |
3,244,000 | 3,129,112 | ||||||||
|
|
|||||||||
Pharmaceuticals-3.65% |
| |||||||||
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025 |
12,981,000 | 12,480,935 | ||||||||
Bristol-Myers Squibb Co., 0.75%, 11/13/2025 |
6,490,000 | 5,915,797 | ||||||||
Eli Lilly and Co., 2.75%, 06/01/2025 |
3,635,000 | 3,494,641 | ||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025(b) |
6,490,000 | 6,331,757 | ||||||||
Haleon UK Capital PLC, 3.13%, 03/24/2025 |
9,080,000 | 8,738,601 | ||||||||
Johnson & Johnson |
||||||||||
2.63%, 01/15/2025 |
4,869,000 | 4,719,337 | ||||||||
0.55%, 09/01/2025(b) |
6,496,000 | 5,949,459 | ||||||||
Merck & Co., Inc., 2.75%, 02/10/2025(b) |
16,231,000 | 15,699,877 | ||||||||
Novartis Capital Corp. (Switzerland) |
||||||||||
1.75%, 02/14/2025(b) |
6,490,000 | 6,180,955 | ||||||||
3.00%, 11/20/2025 |
11,364,000 | 10,873,999 | ||||||||
Pfizer, Inc., 0.80%, 05/28/2025(b) |
4,864,000 | 4,515,044 | ||||||||
Royalty Pharma PLC, 1.20%, 09/02/2025 |
6,491,000 | 5,915,417 | ||||||||
Viatris, Inc., 1.65%, 06/22/2025 |
4,872,000 | 4,511,972 | ||||||||
Zoetis, Inc. |
||||||||||
4.50%, 11/13/2025 |
4,865,000 | 4,795,063 | ||||||||
5.40%, 11/14/2025 |
3,893,000 | 3,895,351 | ||||||||
|
|
|||||||||
104,018,205 | ||||||||||
|
|
|||||||||
Professional Services-0.42% |
| |||||||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 |
6,490,000 | 6,282,284 | ||||||||
Verisk Analytics, Inc., 4.00%, 06/15/2025(b) |
5,840,000 | 5,682,531 | ||||||||
|
|
|||||||||
11,964,815 | ||||||||||
|
|
|||||||||
Residential REITs-0.23% |
| |||||||||
AvalonBay Communities, Inc., 3.45%, 06/01/2025 |
3,409,000 | 3,299,795 | ||||||||
Essex Portfolio L.P., 3.50%, 04/01/2025. |
3,250,000 | 3,142,367 | ||||||||
|
|
|||||||||
6,442,162 | ||||||||||
|
|
|||||||||
Retail REITs-0.84% |
| |||||||||
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025 |
4,520,000 | 4,362,974 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
104 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Retail REITs-(continued) |
| |||||||
Kimco Realty OP LLC, 3.30%, 02/01/2025 |
$ | 3,243,000 | $ | 3,125,694 | ||||
Realty Income Corp. |
||||||||
3.88%, 04/15/2025 |
3,245,000 | 3,161,282 | ||||||
4.63%, 11/01/2025 |
3,530,000 | 3,475,319 | ||||||
Simon Property Group L.P., 3.50%, 09/01/2025 |
7,140,000 | 6,882,559 | ||||||
SITE Centers Corp., 3.63%, 02/01/2025(b) |
2,970,000 | 2,827,654 | ||||||
|
|
|||||||
23,835,482 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-1.94% |
| |||||||
Applied Materials, Inc., 3.90%, 10/01/2025(b) |
4,539,000 | 4,427,650 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025 |
3,212,000 | 3,100,792 | ||||||
Intel Corp. |
||||||||
3.40%, 03/25/2025(b) |
9,740,000 | 9,462,941 | ||||||
3.70%, 07/29/2025 |
14,604,000 | 14,199,218 | ||||||
Lam Research Corp., 3.80%, 03/15/2025 |
3,250,000 | 3,173,715 | ||||||
Microchip Technology, Inc., 4.25%, 09/01/2025 |
7,791,000 | 7,585,059 | ||||||
QUALCOMM, Inc., 3.45%, 05/20/2025 |
8,859,000 | 8,610,145 | ||||||
Texas Instruments, Inc., 1.38%, 03/12/2025(b) |
4,867,000 | 4,595,491 | ||||||
|
|
|||||||
55,155,011 | ||||||||
|
|
|||||||
Software-3.44% |
| |||||||
Adobe, Inc. |
||||||||
1.90%, 02/01/2025 |
3,250,000 | 3,105,572 | ||||||
3.25%, 02/01/2025 |
6,488,000 | 6,319,950 | ||||||
Intuit, Inc., 0.95%, 07/15/2025 |
3,247,000 | 3,002,949 | ||||||
Microsoft Corp. |
||||||||
2.70%, 02/12/2025(b) |
14,611,000 | 14,137,004 | ||||||
3.13%, 11/03/2025(b) |
19,480,000 | 18,805,345 | ||||||
Oracle Corp. |
||||||||
2.50%, 04/01/2025 |
22,728,000 | 21,652,205 | ||||||
2.95%, 05/15/2025 |
16,232,000 | 15,552,685 | ||||||
5.80%, 11/10/2025 |
6,491,000 | 6,557,008 | ||||||
Roper Technologies, Inc., 1.00%, 09/15/2025 |
4,544,000 | 4,163,916 | ||||||
VMware, Inc., 4.50%, 05/15/2025(b) |
4,872,000 | 4,773,554 | ||||||
|
|
|||||||
98,070,188 | ||||||||
|
|
|||||||
Specialized REITs-0.88% |
| |||||||
American Tower Corp. |
||||||||
2.40%, 03/15/2025 |
4,865,000 | 4,620,869 | ||||||
4.00%, 06/01/2025 |
4,868,000 | 4,724,504 | ||||||
1.30%, 09/15/2025(b) |
3,250,000 | 2,983,270 | ||||||
Crown Castle, Inc., 1.35%, 07/15/2025(b) |
3,249,000 | 3,001,746 | ||||||
Equinix, Inc., 1.00%, 09/15/2025(b) |
4,548,000 | 4,150,484 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025 |
5,550,000 | 5,455,302 | ||||||
|
|
|||||||
24,936,175 | ||||||||
|
|
|||||||
Specialty Retail-1.66% |
||||||||
AutoZone, Inc., 3.63%, 04/15/2025 |
3,246,000 | 3,150,578 |
Principal Amount |
Value | |||||||
Specialty Retail-(continued) |
| |||||||
Dell International LLC/EMC Corp., 5.85%, 07/15/2025 |
$ | 6,513,000 | $ | 6,525,137 | ||||
Home Depot, Inc. (The) |
||||||||
2.70%, 04/15/2025(b) |
3,250,000 | 3,123,394 | ||||||
3.35%, 09/15/2025 |
6,495,000 | 6,275,201 | ||||||
4.00%, 09/15/2025 |
4,869,000 | 4,770,253 | ||||||
Leidos, Inc., 3.63%, 05/15/2025(b) |
3,230,000 | 3,114,505 | ||||||
Lowe’s Cos., Inc. |
||||||||
4.00%, 04/15/2025(b) |
4,870,000 | 4,762,092 | ||||||
4.40%, 09/08/2025 |
6,490,000 | 6,375,620 | ||||||
3.38%, 09/15/2025 |
4,865,000 | 4,671,337 | ||||||
Ross Stores, Inc., 4.60%, 04/15/2025 |
4,520,000 | 4,444,011 | ||||||
|
|
|||||||
47,212,128 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.57% |
| |||||||
Apple, Inc. |
||||||||
2.75%, 01/13/2025(b) |
9,741,000 | 9,442,416 | ||||||
2.50%, 02/09/2025(b) |
9,740,000 | 9,393,695 | ||||||
1.13%, 05/11/2025 |
14,607,000 | 13,667,516 | ||||||
3.20%, 05/13/2025 |
12,981,000 | 12,597,739 | ||||||
0.55%, 08/20/2025(b) |
8,111,000 | 7,456,014 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 |
16,186,000 | 15,979,207 | ||||||
NetApp, Inc., 1.88%, 06/22/2025 |
4,899,000 | 4,594,289 | ||||||
|
|
|||||||
73,130,876 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.38% |
| |||||||
NIKE, Inc., 2.40%, 03/27/2025 |
6,490,000 | 6,213,350 | ||||||
VF Corp., 2.40%, 04/23/2025 |
4,864,927 | 4,588,991 | ||||||
|
|
|||||||
10,802,341 | ||||||||
|
|
|||||||
Tobacco-1.21% |
| |||||||
Altria Group, Inc., 2.35%, 05/06/2025(b) . |
4,865,000 | 4,608,961 | ||||||
Philip Morris International, Inc. |
||||||||
1.50%, 05/01/2025 |
4,865,000 | 4,568,637 | ||||||
3.38%, 08/11/2025(b) |
4,870,000 | 4,698,117 | ||||||
5.00%, 11/17/2025 |
4,867,000 | 4,841,149 | ||||||
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025 |
16,130,000 | 15,789,456 | ||||||
|
|
|||||||
34,506,320 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.61% |
| |||||||
Air Lease Corp. |
||||||||
2.30%, 02/01/2025(b) |
4,866,000 | 4,608,670 | ||||||
3.25%, 03/01/2025 |
4,546,000 | 4,353,849 | ||||||
3.38%, 07/01/2025 |
5,516,000 | 5,260,425 | ||||||
WW Grainger, Inc., 1.85%, 02/15/2025 |
3,250,000 | 3,090,340 | ||||||
|
|
|||||||
17,313,284 | ||||||||
|
|
|||||||
Water Utilities-0.12% |
| |||||||
American Water Capital Corp., 3.40%, 03/01/2025(b) |
3,477,000 | 3,371,700 | ||||||
|
|
|||||||
Wireless Telecommunication Services-0.88% |
| |||||||
Rogers Communications, Inc. (Canada) |
||||||||
2.95%, 03/15/2025 |
1,360,000 | 1,299,147 | ||||||
3.63%, 12/15/2025 |
4,538,000 | 4,323,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
105 | ||||
|
| |||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Wireless Telecommunication Services-(continued) |
|
|||||||
Sprint LLC, 7.63%, 02/15/2025 |
$ | 9,740,000 | $ | 9,940,449 | ||||
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025 |
9,740,000 | 9,523,706 | ||||||
|
|
|||||||
25,087,210 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
2,819,432,293 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.00% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
96,692 | 96,692 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
2,819,528,985 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-8.62% |
|
|||||||
Invesco Private Government Fund, |
68,301,916 | $ | 68,301,916 | |||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
177,073,153 | 177,073,153 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
245,375,069 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-107.66% |
|
3,064,904,054 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.66)% |
|
(217,984,572 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 2,846,919,482 | ||||||
|
|
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 6,647,174 | $ | 101,846,354 | $ | (108,396,836 | ) | $ | - | $ | - | $ | 96,692 | $ | 276,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 40,188,628 | 371,224,585 | (343,111,297 | ) | - | - | 68,301,916 | 2,930,873 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 103,342,189 | 816,937,049 | (743,181,201 | ) | 2,318 | (27,202 | ) | 177,073,153 | 7,860,702 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $150,177,991 | $ | 1,290,007,988 | $ | (1,194,689,334 | ) | $ | 2,318 | $ | (27,202 | ) | $ | 245,471,761 | $ | 11,068,458 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
106 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.10% |
| |||||||
Aerospace & Defense-2.28% |
||||||||
Boeing Co. (The) |
||||||||
2.75%, 02/01/2026(b) |
$ | 6,667,000 | $ | 6,260,577 | ||||
2.20%, 02/04/2026 |
26,172,000 | 24,157,322 | ||||||
General Dynamics Corp. |
||||||||
1.15%, 06/01/2026 |
2,435,000 | 2,200,638 | ||||||
2.13%, 08/15/2026(b) |
2,414,000 | 2,231,668 | ||||||
Lockheed Martin Corp., 3.55%, 01/15/2026 |
4,869,000 | 4,714,688 | ||||||
RTX Corp. |
||||||||
5.00%, 02/27/2026 |
2,435,000 | 2,425,237 | ||||||
2.65%, 11/01/2026 |
3,476,000 | 3,228,522 | ||||||
|
|
|||||||
45,218,652 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.28% |
||||||||
FedEx Corp., 3.25%, 04/01/2026(b) |
3,582,000 | 3,422,941 | ||||||
United Parcel Service, Inc., 2.40%, 11/15/2026 |
2,389,000 | 2,225,956 | ||||||
|
|
|||||||
5,648,897 | ||||||||
|
|
|||||||
Automobile Components-0.62% |
||||||||
American Honda Finance Corp. |
||||||||
4.75%, 01/12/2026 |
2,365,000 | 2,342,375 | ||||||
5.25%, 07/07/2026(b) |
4,520,000 | 4,528,957 | ||||||
1.30%, 09/09/2026 |
3,647,000 | 3,257,439 | ||||||
2.30%, 09/09/2026 |
2,375,000 | 2,183,926 | ||||||
|
|
|||||||
12,312,697 | ||||||||
|
|
|||||||
Automobiles-1.13% |
||||||||
PACCAR Financial Corp., 4.45%, 03/30/2026 |
2,430,000 | 2,410,124 | ||||||
Toyota Motor Corp. (Japan) |
||||||||
1.34%, 03/25/2026 |
4,869,000 | 4,437,110 | ||||||
5.28%, 07/13/2026 |
2,380,000 | 2,393,032 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.80%, 01/09/2026 |
3,409,000 | 3,091,480 | ||||||
4.45%, 05/18/2026(b) |
5,737,000 | 5,659,683 | ||||||
1.13%, 06/18/2026(b) |
4,826,000 | 4,343,594 | ||||||
|
|
|||||||
22,335,023 | ||||||||
|
|
|||||||
Banks-18.44% |
||||||||
Bank of America Corp. |
||||||||
4.45%, 03/03/2026 |
9,656,000 | 9,391,999 | ||||||
3.50%, 04/19/2026 |
11,914,000 | 11,333,339 | ||||||
4.25%, 10/22/2026 |
9,519,000 | 9,144,956 | ||||||
Bank of Montreal (Canada), 5.30%, 06/05/2026(b) |
6,400,000 | 6,380,382 | ||||||
Bank of Nova Scotia (The) (Canada) |
||||||||
4.75%, 02/02/2026(b) |
5,920,000 | 5,818,900 | ||||||
1.05%, 03/02/2026(b) |
4,581,000 | 4,112,139 | ||||||
1.35%, 06/24/2026(b) |
3,567,000 | 3,187,982 | ||||||
1.30%, 09/15/2026(b) |
4,282,000 | 3,796,979 | ||||||
Barclays PLC (United Kingdom), 5.20%, 05/12/2026 |
9,920,000 | 9,629,091 | ||||||
BPCE S.A. (France), 3.38%, 12/02/2026(b) |
2,860,000 | 2,666,506 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Citigroup, Inc. |
||||||||
3.70%, 01/12/2026 |
$ | 9,549,000 | $ | 9,159,493 | ||||
4.60%, 03/09/2026(b) |
7,204,000 | 7,015,753 | ||||||
3.40%, 05/01/2026 |
9,661,000 | 9,143,710 | ||||||
3.20%, 10/21/2026 |
14,548,000 | 13,572,468 | ||||||
4.30%, 11/20/2026 |
4,755,000 | 4,570,481 | ||||||
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026(b) |
7,030,000 | 6,601,684 | ||||||
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026 |
7,410,000 | 6,494,075 | ||||||
Fifth Third Bank N.A., 3.85%, 03/15/2026 |
3,625,000 | 3,384,009 | ||||||
HSBC Holdings PLC (United Kingdom) |
||||||||
4.30%, 03/08/2026 |
14,458,000 | 13,979,519 | ||||||
4.38%, 11/23/2026(b) |
7,267,000 | 6,928,778 | ||||||
JPMorgan Chase & Co. |
||||||||
3.30%, 04/01/2026 |
11,894,000 | 11,308,254 | ||||||
3.20%, 06/15/2026 |
8,331,000 | 7,898,553 | ||||||
2.95%, 10/01/2026 |
14,358,000 | 13,420,386 | ||||||
7.63%, 10/15/2026 |
2,398,000 | 2,550,213 | ||||||
4.13%, 12/15/2026(b) |
9,520,000 | 9,165,483 | ||||||
KeyBank N.A. |
||||||||
4.70%, 01/26/2026(b) |
2,500,000 | 2,379,245 | ||||||
3.40%, 05/20/2026 |
2,860,000 | 2,551,395 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026 |
7,090,000 | 6,847,590 | ||||||
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026(b) |
6,220,000 | 5,956,000 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
3.85%, 03/01/2026 |
11,485,000 | 11,032,401 | ||||||
2.76%, 09/13/2026 |
4,690,000 | 4,325,724 | ||||||
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026 |
4,850,000 | 4,469,660 | ||||||
Morgan Stanley Bank N.A., 4.75%, 04/21/2026 |
7,270,000 | 7,177,631 | ||||||
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026 |
7,060,000 | 6,876,720 | ||||||
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026 |
3,409,000 | 3,026,217 | ||||||
Royal Bank of Canada (Canada) |
||||||||
4.88%, 01/12/2026(b) |
4,869,000 | 4,813,689 | ||||||
1.15%, 07/14/2026(b) |
3,570,000 | 3,178,148 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
0.95%, 01/12/2026 |
4,690,000 | 4,217,144 | ||||||
5.46%, 01/13/2026 |
8,540,000 | 8,517,960 | ||||||
3.78%, 03/09/2026(b) |
7,138,000 | 6,844,286 | ||||||
5.88%, 07/13/2026(b) |
4,000,000 | 4,032,875 | ||||||
2.63%, 07/14/2026 |
10,706,000 | 9,887,290 | ||||||
1.40%, 09/17/2026 |
9,645,000 | 8,538,440 | ||||||
3.01%, 10/19/2026(b) |
7,134,000 | 6,619,898 | ||||||
Toronto-Dominion Bank (The) (Canada), 5.10%, 01/09/2026(b) |
3,572,000 | 3,546,441 | ||||||
Truist Bank |
||||||||
3.30%, 05/15/2026 |
3,620,000 | 3,366,509 | ||||||
3.80%, 10/30/2026 |
3,990,000 | 3,688,837 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
107 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
U.S. Bancorp |
||||||||
Series V, 2.38%, 07/22/2026(b) |
$ | 6,565,000 | $ | 6,054,647 | ||||
Series W, 3.10%, 04/27/2026(b) |
4,781,000 | 4,488,553 | ||||||
Wells Fargo & Co. |
||||||||
3.00%, 04/22/2026 |
17,043,000 | 15,980,733 | ||||||
4.10%, 06/03/2026 |
11,596,000 | 11,127,928 | ||||||
3.00%, 10/23/2026 |
16,583,000 | 15,365,253 | ||||||
|
|
|||||||
365,566,346 | ||||||||
|
|
|||||||
Beverages-1.23% |
||||||||
Constellation Brands, Inc. |
||||||||
5.00%, 02/02/2026(b) |
2,375,000 | 2,346,178 | ||||||
3.70%, 12/06/2026(b) |
2,858,000 | 2,724,527 | ||||||
Molson Coors Beverage Co., 3.00%, 07/15/2026 |
9,529,000 | 8,931,426 | ||||||
PepsiCo, Inc. |
||||||||
4.55%, 02/13/2026 |
2,427,000 | 2,415,410 | ||||||
2.85%, 02/24/2026 |
3,552,000 | 3,384,279 | ||||||
2.38%, 10/06/2026(b) |
4,869,000 | 4,564,945 | ||||||
|
|
|||||||
24,366,765 | ||||||||
|
|
|||||||
Biotechnology-3.32% |
||||||||
AbbVie, Inc. |
||||||||
3.20%, 05/14/2026(b) |
9,479,000 | 9,013,606 | ||||||
2.95%, 11/21/2026 |
18,903,000 | 17,701,261 | ||||||
Amgen, Inc. |
||||||||
5.51%, 03/02/2026 |
7,144,000 | 7,145,344 | ||||||
2.60%, 08/19/2026 |
6,078,000 | 5,652,569 | ||||||
Gilead Sciences, Inc., 3.65%, 03/01/2026 |
13,306,000 | 12,805,128 | ||||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 |
14,318,000 | 13,452,406 | ||||||
|
|
|||||||
65,770,314 | ||||||||
|
|
|||||||
Broadline Retail-0.77% |
||||||||
Amazon.com, Inc., 1.00%, 05/12/2026(b) |
13,191,000 | 11,926,683 | ||||||
eBay, Inc., 1.40%, 05/10/2026 |
3,620,000 | 3,264,917 | ||||||
|
|
|||||||
15,191,600 | ||||||||
|
|
|||||||
Building Products-0.12% |
||||||||
Johnson Controls International PLC, 3.90%, 02/14/2026(b) |
2,369,000 | 2,284,697 | ||||||
|
|
|||||||
Capital Markets-6.80% |
||||||||
Ameriprise Financial, Inc., 2.88%, 09/15/2026(b) |
2,365,000 | 2,213,968 | ||||||
Ares Capital Corp. |
||||||||
3.88%, 01/15/2026 |
5,550,000 | 5,196,062 | ||||||
2.15%, 07/15/2026(b) |
4,765,000 | 4,191,626 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.75%, 01/28/2026(b) |
3,379,000 | 3,052,885 | ||||||
2.80%, 05/04/2026 |
3,651,000 | 3,431,480 | ||||||
2.45%, 08/17/2026 |
3,572,000 | 3,308,363 | ||||||
1.05%, 10/15/2026 |
2,357,000 | 2,073,679 | ||||||
Blackstone Secured Lending Fund |
||||||||
3.63%, 01/15/2026 |
3,804,000 | 3,527,190 | ||||||
2.75%, 09/16/2026 |
3,325,000 | 2,933,438 | ||||||
Blue Owl Capital Corp. |
||||||||
4.25%, 01/15/2026 |
2,377,000 | 2,228,511 | ||||||
3.40%, 07/15/2026 |
4,760,000 | 4,291,489 |
Principal Amount |
Value | |||||||
Capital Markets-(continued) |
||||||||
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026(b) |
$ | 2,410,000 | $ | 2,320,356 | ||||
Charles Schwab Corp. (The) |
||||||||
0.90%, 03/11/2026(b) |
6,000,000 | 5,361,707 | ||||||
1.15%, 05/13/2026(b) |
4,869,000 | 4,336,939 | ||||||
Deutsche Bank AG (Germany), 1.69%, 03/19/2026(b) |
3,750,000 | 3,408,377 | ||||||
FS KKR Capital Corp., 3.40%, 01/15/2026 |
4,763,000 | 4,372,135 | ||||||
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026 |
2,380,000 | 2,213,342 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
3.75%, 02/25/2026(b) |
8,331,000 | 7,994,587 | ||||||
3.50%, 11/16/2026 |
13,098,000 | 12,315,051 | ||||||
Morgan Stanley |
||||||||
3.88%, 01/27/2026 |
14,532,000 | 13,993,411 | ||||||
3.13%, 07/27/2026(b) |
14,318,000 | 13,403,516 | ||||||
6.25%, 08/09/2026(b) |
3,455,000 | 3,532,648 | ||||||
4.35%, 09/08/2026 |
10,865,000 | 10,466,303 | ||||||
Nasdaq, Inc., 3.85%, 06/30/2026(b) |
2,435,000 | 2,344,786 | ||||||
Nomura Holdings, Inc. (Japan) |
||||||||
5.71%, 01/09/2026 |
2,900,000 | 2,884,231 | ||||||
1.65%, 07/14/2026(b) |
6,000,000 | 5,321,357 | ||||||
State Street Corp., 2.65%, 05/19/2026(b) |
3,567,000 | 3,360,377 | ||||||
UBS Group AG (Switzerland), 4.55%, 04/17/2026 |
700,000 | 677,645 | ||||||
|
|
|||||||
134,755,459 | ||||||||
|
|
|||||||
Chemicals-1.04% |
||||||||
Ecolab, Inc., 2.70%, 11/01/2026 |
3,572,000 | 3,346,596 | ||||||
EIDP, Inc., 4.50%, 05/15/2026(b) |
2,852,000 | 2,797,782 | ||||||
FMC Corp. |
||||||||
5.15%, 05/18/2026(b) |
2,340,000 | 2,319,077 | ||||||
3.20%, 10/01/2026 |
2,435,000 | 2,256,347 | ||||||
Linde, Inc., 3.20%, 01/30/2026 |
3,430,000 | 3,303,364 | ||||||
PPG Industries, Inc., 1.20%, 03/15/2026 |
3,409,000 | 3,077,008 | ||||||
Westlake Corp., 3.60%, 08/15/2026 |
3,620,000 | 3,434,374 | ||||||
|
|
|||||||
20,534,548 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.11% |
||||||||
Republic Services, Inc., 2.90%, 07/01/2026(b) |
2,415,000 | 2,271,401 | ||||||
|
|
|||||||
Communications Equipment-0.68% |
||||||||
Cisco Systems, Inc. |
||||||||
2.95%, 02/28/2026(b) |
3,617,000 | 3,471,116 | ||||||
2.50%, 09/20/2026(b) |
7,104,000 | 6,655,465 | ||||||
Hughes Satellite Systems Corp., 5.25%, 08/01/2026(b) |
3,552,000 | 3,268,924 | ||||||
|
|
|||||||
13,395,505 | ||||||||
|
|
|||||||
Consumer Finance-2.66% |
||||||||
American Express Co. |
||||||||
4.90%, 02/13/2026 |
5,710,000 | 5,638,157 | ||||||
1.65%, 11/04/2026 |
5,236,000 | 4,673,476 | ||||||
Capital One Financial Corp., 3.75%, 07/28/2026 |
7,304,000 | 6,832,721 | ||||||
Discover Bank, 3.45%, 07/27/2026 |
4,790,000 | 4,388,459 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
108 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Consumer Finance-(continued) |
||||||||
General Motors Financial Co., Inc. |
||||||||
1.25%, 01/08/2026 |
$ | 7,304,000 | $ | 6,575,834 | ||||
5.25%, 03/01/2026 |
5,917,000 | 5,829,204 | ||||||
5.40%, 04/06/2026(b) |
7,932,000 | 7,837,279 | ||||||
1.50%, 06/10/2026 |
6,087,000 | 5,406,444 | ||||||
4.00%, 10/06/2026 |
3,652,000 | 3,454,279 | ||||||
Synchrony Financial, 3.70%, 08/04/2026 |
2,369,000 | 2,158,385 | ||||||
|
|
|||||||
52,794,238 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.52% |
| |||||||
Kroger Co. (The) |
||||||||
3.50%, 02/01/2026 |
2,435,000 | 2,325,972 | ||||||
2.65%, 10/15/2026(b) |
3,652,000 | 3,379,590 | ||||||
Sysco Corp., 3.30%, 07/15/2026 |
4,739,000 | 4,499,123 | ||||||
Target Corp., 2.50%, 04/15/2026 |
4,740,000 | 4,491,305 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026(b) |
6,860,000 | 6,482,164 | ||||||
Walmart, Inc. |
||||||||
4.00%, 04/15/2026 |
3,652,000 | 3,586,433 | ||||||
1.05%, 09/17/2026(b) |
6,087,000 | 5,458,440 | ||||||
|
|
|||||||
30,223,027 | ||||||||
|
|
|||||||
Containers & Packaging-0.34% |
| |||||||
Berry Global, Inc., 1.57%, 01/15/2026(b) |
7,426,000 | 6,756,586 | ||||||
|
|
|||||||
Diversified Telecommunication Services-1.93% |
| |||||||
AT&T, Inc. |
||||||||
5.54%, 02/20/2026 |
8,450,000 | 8,440,200 | ||||||
1.70%, 03/25/2026 |
14,298,000 | 13,037,039 | ||||||
Verizon Communications, Inc. |
||||||||
1.45%, 03/20/2026(b) |
9,325,000 | 8,461,846 | ||||||
2.63%, 08/15/2026 |
8,858,000 | 8,250,887 | ||||||
|
|
|||||||
38,189,972 | ||||||||
|
|
|||||||
Electric Utilities-3.39% |
||||||||
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |
2,533,000 | 2,380,539 | ||||||
Commonwealth Edison Co., 2.55%, 06/15/2026(b) |
2,416,000 | 2,259,264 | ||||||
Duke Energy Carolinas LLC, 2.95%, 12/01/2026(b) |
2,922,000 | 2,752,468 | ||||||
Duke Energy Corp., 2.65%, 09/01/2026 |
7,282,000 | 6,740,306 | ||||||
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026 |
3,652,000 | 3,456,713 | ||||||
Entergy Arkansas LLC, 3.50%, 04/01/2026 |
2,907,000 | 2,789,425 | ||||||
Entergy Corp., 2.95%, 09/01/2026 |
3,552,000 | 3,301,856 | ||||||
Exelon Corp., 3.40%, 04/15/2026 |
3,556,000 | 3,384,028 | ||||||
Florida Power & Light Co., 4.45%, 05/15/2026 |
2,150,000 | 2,117,189 | ||||||
Fortis, Inc. (Canada), 3.06%, 10/04/2026 |
5,355,000 | 4,969,731 | ||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
4.45%, 03/13/2026(b) |
2,922,000 | 2,871,398 | ||||||
1.00%, 06/15/2026 |
2,902,000 | 2,595,675 | ||||||
Pacific Gas and Electric Co., 3.15%, 01/01/2026 |
9,252,775 | 8,627,867 | ||||||
PPL Capital Funding, Inc., 3.10%, 05/15/2026(b) |
3,165,000 | 2,988,544 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
Southern Co. (The), 3.25%, 07/01/2026 |
$ | 8,521,000 | $ | 8,064,500 | ||||
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026 |
2,375,000 | 2,161,886 | ||||||
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026 |
3,652,000 | 3,476,447 | ||||||
Xcel Energy, Inc., 3.35%, 12/01/2026 |
2,373,000 | 2,223,743 | ||||||
|
|
|||||||
67,161,579 | ||||||||
|
|
|||||||
Electrical Equipment-0.16% |
||||||||
Emerson Electric Co., 0.88%, 10/15/2026(b) |
3,647,000 | 3,230,620 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-0.83% |
| |||||||
Avnet, Inc., 4.63%, 04/15/2026(b) |
2,610,000 | 2,529,506 | ||||||
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026 |
4,737,000 | 4,301,293 | ||||||
Jabil, Inc., 1.70%, 04/15/2026 |
2,385,000 | 2,153,631 | ||||||
TD SYNNEX Corp., 1.75%, 08/09/2026 |
3,309,000 | 2,919,203 | ||||||
Tyco Electronics Group S.A., 4.50%, 02/13/2026 |
2,430,000 | 2,390,983 | ||||||
Vontier Corp., 1.80%, 04/01/2026 |
2,435,000 | 2,189,196 | ||||||
|
|
|||||||
16,483,812 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.13% |
||||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026(b) |
2,852,000 | 2,581,253 | ||||||
|
|
|||||||
Entertainment-1.35% |
||||||||
Activision Blizzard, Inc., 3.40%, 09/15/2026 |
4,059,000 | 3,880,128 | ||||||
Netflix, Inc., 4.38%, 11/15/2026(b) |
4,869,000 | 4,735,762 | ||||||
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026(b) |
2,385,000 | 2,359,991 | ||||||
TWDC Enterprises 18 Corp. |
||||||||
3.00%, 02/13/2026 |
4,819,000 | 4,590,537 | ||||||
1.85%, 07/30/2026(b) |
4,739,000 | 4,342,239 | ||||||
Walt Disney Co. (The), 1.75%, 01/13/2026(b) |
7,299,000 | 6,759,523 | ||||||
|
|
|||||||
26,668,180 | ||||||||
|
|
|||||||
Financial Services-3.69% |
||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
1.75%, 01/30/2026 |
4,825,000 | 4,369,996 | ||||||
2.45%, 10/29/2026 |
17,830,000 | 16,052,637 | ||||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 |
12,074,000 | 11,582,039 | ||||||
Blackstone Private Credit Fund, 2.63%, 12/15/2026(b) |
5,900,000 | 5,079,492 | ||||||
Fidelity National Information Services, Inc., 1.15%, 03/01/2026(b) |
5,957,000 | 5,363,908 | ||||||
Fiserv, Inc., 3.20%, 07/01/2026 |
9,529,000 | 8,987,328 | ||||||
Global Payments, Inc. |
||||||||
1.20%, 03/01/2026(b) |
5,206,000 | 4,659,945 | ||||||
4.80%, 04/01/2026 |
3,572,000 | 3,494,302 | ||||||
Mastercard, Inc., 2.95%, 11/21/2026 |
3,652,000 | 3,444,294 | ||||||
PayPal Holdings, Inc., 2.65%, 10/01/2026 |
5,920,000 | 5,514,692 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
109 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Financial Services-(continued) |
||||||||
Voya Financial, Inc., 3.65%, 06/15/2026(b) |
$ | 2,130,000 | $ | 2,012,834 | ||||
Western Union Co. (The), 1.35%, 03/15/2026 |
2,847,000 | 2,550,383 | ||||||
|
|
|||||||
73,111,850 | ||||||||
|
|
|||||||
Food Products-1.32% |
||||||||
Archer-Daniels-Midland Co., 2.50%, 08/11/2026(b) |
4,739,000 | 4,450,389 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026 |
3,316,000 | 3,124,746 | ||||||
Hershey Co. (The), 2.30%, 08/15/2026(b) |
2,385,000 | 2,234,591 | ||||||
Ingredion, Inc., 3.20%, 10/01/2026 |
2,360,000 | 2,229,544 | ||||||
Kellogg Co., 3.25%, 04/01/2026 |
3,652,000 | 3,475,862 | ||||||
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026 |
8,977,000 | 8,465,133 | ||||||
McCormick & Co., Inc., 0.90%, 02/15/2026 |
2,385,000 | 2,148,211 | ||||||
|
|
|||||||
26,128,476 | ||||||||
|
|
|||||||
Gas Utilities-0.23% |
||||||||
National Fuel Gas Co., 5.50%, 01/15/2026 |
2,435,000 | 2,414,091 | ||||||
Southern California Gas Co., Series TT, 2.60%, 06/15/2026 |
2,390,000 | 2,230,614 | ||||||
|
|
|||||||
4,644,705 | ||||||||
|
|
|||||||
Ground Transportation-0.90% |
||||||||
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026 |
2,375,000 | 2,244,843 | ||||||
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026(b) |
4,865,000 | 4,374,881 | ||||||
CSX Corp., 2.60%, 11/01/2026 |
3,329,000 | 3,083,792 | ||||||
Norfolk Southern Corp., 2.90%, 06/15/2026 |
2,860,000 | 2,696,592 | ||||||
Union Pacific Corp. |
||||||||
4.75%, 02/21/2026 |
2,430,000 | 2,418,882 | ||||||
2.75%, 03/01/2026 |
3,095,000 | 2,928,711 | ||||||
|
|
|||||||
17,747,701 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-0.79% |
| |||||||
Abbott Laboratories, 3.75%, 11/30/2026(b) |
8,058,000 | 7,812,105 | ||||||
Baxter International, Inc., 2.60%, 08/15/2026 |
3,552,000 | 3,280,990 | ||||||
Stryker Corp., 3.50%, 03/15/2026 |
4,757,000 | 4,569,980 | ||||||
|
|
|||||||
15,663,075 | ||||||||
|
|
|||||||
Health Care Providers & Services-3.61% |
| |||||||
Cigna Group (The) |
||||||||
4.50%, 02/25/2026 |
5,871,000 | 5,754,822 | ||||||
1.25%, 03/15/2026(b) |
3,786,000 | 3,422,194 | ||||||
CVS Health Corp. |
||||||||
5.00%, 02/20/2026 |
7,134,000 | 7,082,217 | ||||||
2.88%, 06/01/2026(b) |
8,353,000 | 7,827,566 | ||||||
Elevance Health, Inc. |
||||||||
4.90%, 02/08/2026 |
2,375,000 | 2,345,686 | ||||||
1.50%, 03/15/2026 |
3,550,000 | 3,226,184 |
Principal Amount |
Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
HCA, Inc. |
||||||||
5.88%, 02/15/2026 |
$ | 7,134,000 | $ | 7,148,707 | ||||
5.25%, 06/15/2026(b) |
7,134,000 | 7,048,612 | ||||||
5.38%, 09/01/2026 |
4,759,000 | 4,725,774 | ||||||
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026 |
2,435,000 | 2,191,916 | ||||||
McKesson Corp. |
||||||||
5.25%, 02/15/2026 |
2,385,000 | 2,377,364 | ||||||
1.30%, 08/15/2026(b) |
2,385,000 | 2,140,149 | ||||||
Quest Diagnostics, Inc., 3.45%, 06/01/2026 |
2,419,000 | 2,309,335 | ||||||
UnitedHealth Group, Inc. |
||||||||
1.25%, 01/15/2026(b) |
2,385,000 | 2,183,104 | ||||||
3.10%, 03/15/2026 |
4,759,000 | 4,547,692 | ||||||
1.15%, 05/15/2026 |
4,769,000 | 4,316,075 | ||||||
Universal Health Services, Inc., 1.65%, 09/01/2026 |
3,338,000 | 2,966,122 | ||||||
|
|
|||||||
71,613,519 | ||||||||
|
|
|||||||
Health Care REITs-0.68% |
||||||||
Healthpeak OP LLC, 3.25%, 07/15/2026(b) |
3,104,000 | 2,938,102 | ||||||
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026(b) |
2,857,000 | 2,811,762 | ||||||
Sabra Health Care L.P., 5.13%, 08/15/2026 |
2,365,000 | 2,289,586 | ||||||
Ventas Realty L.P., 4.13%, 01/15/2026 |
2,375,000 | 2,285,962 | ||||||
Welltower OP LLC, 4.25%, 04/01/2026 |
3,319,000 | 3,214,949 | ||||||
|
|
|||||||
13,540,361 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.35% |
||||||||
Booking Holdings, Inc., 3.60%, 06/01/2026 |
4,864,000 | 4,681,743 | ||||||
Expedia Group, Inc., 5.00%, 02/15/2026 |
3,551,000 | 3,511,893 | ||||||
Marriott International, Inc., Series R, 3.13%, 06/15/2026 |
3,652,000 | 3,433,193 | ||||||
McDonald’s Corp., 3.70%, 01/30/2026 |
8,521,000 | 8,245,274 | ||||||
Starbucks Corp. |
||||||||
4.75%, 02/15/2026 |
4,760,000 | 4,719,852 | ||||||
2.45%, 06/15/2026 |
2,435,000 | 2,274,366 | ||||||
|
|
|||||||
26,866,321 | ||||||||
|
|
|||||||
Household Durables-0.25% |
||||||||
DR Horton, Inc., 1.30%, 10/15/2026 |
2,922,000 | 2,577,973 | ||||||
PulteGroup, Inc., 5.50%, 03/01/2026 |
2,375,000 | 2,371,022 | ||||||
|
|
|||||||
4,948,995 | ||||||||
|
|
|||||||
Household Products-0.84% |
||||||||
Colgate-Palmolive Co., 4.80%, 03/02/2026 |
2,375,000 | 2,378,312 | ||||||
Procter & Gamble Co. (The) |
||||||||
4.10%, 01/26/2026(b) |
3,115,000 | 3,073,685 | ||||||
2.70%, 02/02/2026 |
2,922,000 | 2,785,925 | ||||||
1.00%, 04/23/2026 |
4,869,000 | 4,430,183 | ||||||
2.45%, 11/03/2026(b) |
4,176,000 | 3,911,682 | ||||||
|
|
|||||||
16,579,787 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.18% |
| |||||||
AES Corp. (The), 1.38%, 01/15/2026 |
3,886,000 | 3,498,134 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
110 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Industrial Conglomerates-0.48% |
||||||||
3M Co., 2.25%, 09/19/2026(b) |
$ | 3,083,000 | $ | 2,839,339 | ||||
Honeywell International, Inc., 2.50%, 11/01/2026 |
7,105,000 | 6,634,538 | ||||||
|
|
|||||||
9,473,877 | ||||||||
|
|
|||||||
Insurance-1.73% |
||||||||
Allstate Corp. (The), 3.28%, 12/15/2026 |
2,617,000 | 2,474,760 | ||||||
American International Group, Inc., 3.90%, 04/01/2026 |
3,572,000 | 3,449,765 | ||||||
Arch Capital Finance LLC, 4.01%, 12/15/2026 |
2,382,000 | 2,274,862 | ||||||
Chubb INA Holdings, Inc., 3.35%, 05/03/2026 |
7,104,000 | 6,813,033 | ||||||
CNA Financial Corp., 4.50%, 03/01/2026 |
2,435,000 | 2,374,881 | ||||||
Loews Corp., 3.75%, 04/01/2026 |
2,357,000 | 2,270,861 | ||||||
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026 |
4,756,000 | 4,622,715 | ||||||
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 |
2,862,000 | 2,767,018 | ||||||
Old Republic International Corp., 3.88%, 08/26/2026 |
2,633,000 | 2,503,935 | ||||||
Prudential Financial, Inc., 1.50%, 03/10/2026(b) |
2,412,000 | 2,210,664 | ||||||
Trinity Acquisition PLC, 4.40%, 03/15/2026 |
2,620,000 | 2,532,341 | ||||||
|
|
|||||||
34,294,835 | ||||||||
|
|
|||||||
Interactive Media & Services-0.45% |
||||||||
Alphabet, Inc., 2.00%, 08/15/2026(b) |
9,589,000 | 8,877,266 | ||||||
|
|
|||||||
IT Services-0.93% |
||||||||
CGI, Inc. (Canada), 1.45%, 09/14/2026 |
2,840,000 | 2,513,471 | ||||||
DXC Technology Co., 1.80%, 09/15/2026 |
3,409,000 | 2,997,326 | ||||||
International Business Machines Corp. |
||||||||
4.50%, 02/06/2026(b) |
4,050,000 | 3,988,236 | ||||||
3.45%, 02/19/2026 |
6,500,000 | 6,237,226 | ||||||
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 |
3,150,000 | 2,774,083 | ||||||
|
|
|||||||
18,510,342 | ||||||||
|
|
|||||||
Leisure Products-0.15% |
||||||||
Hasbro, Inc., 3.55%, 11/19/2026(b) |
3,221,000 | 3,027,331 | ||||||
|
|
|||||||
Life Sciences Tools & Services-0.07% |
||||||||
Thermo Fisher Scientific, Inc., 4.95%, 08/10/2026 |
1,300,000 | 1,295,199 | ||||||
|
|
|||||||
Machinery-2.71% |
||||||||
Caterpillar Financial Services Corp. |
||||||||
4.80%, 01/06/2026(b) |
4,382,000 | 4,363,100 | ||||||
0.90%, 03/02/2026(b) |
3,651,000 | 3,305,130 | ||||||
4.35%, 05/15/2026 |
5,917,000 | 5,826,286 | ||||||
1.15%, 09/14/2026(b) |
2,434,000 | 2,176,809 | ||||||
CNH Industrial Capital LLC |
||||||||
1.88%, 01/15/2026 |
2,365,000 | 2,173,620 | ||||||
1.45%, 07/15/2026 |
2,885,000 | 2,582,193 | ||||||
Fortive Corp., 3.15%, 06/15/2026 |
4,285,000 | 4,028,539 | ||||||
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b) |
4,869,000 | 4,562,058 |
Principal Amount |
Value | |||||||
Machinery-(continued) |
||||||||
John Deere Capital Corp. |
||||||||
4.80%, 01/09/2026 |
$ | 5,843,000 | $ | 5,812,663 | ||||
0.70%, 01/15/2026(b) |
4,382,000 | 3,968,933 | ||||||
5.05%, 03/03/2026(b) |
2,678,000 | 2,681,546 | ||||||
4.75%, 06/08/2026(b) |
1,950,000 | 1,940,969 | ||||||
2.65%, 06/10/2026 |
2,410,000 | 2,264,327 | ||||||
1.05%, 06/17/2026 |
2,658,000 | 2,391,186 | ||||||
Wabtec Corp., 3.45%, 11/15/2026(b) |
3,623,000 | 3,407,808 | ||||||
Xylem, Inc., 3.25%, 11/01/2026(b) |
2,364,000 | 2,225,563 | ||||||
|
|
|||||||
53,710,730 | ||||||||
|
|
|||||||
Media-1.19% |
||||||||
Comcast Corp., 3.15%, 03/01/2026(b) |
10,708,000 | 10,229,480 | ||||||
Discovery Communications LLC, 4.90%, 03/11/2026 |
3,339,000 | 3,282,627 | ||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 |
6,637,000 | 6,353,382 | ||||||
Paramount Global, 4.00%, 01/15/2026 |
3,896,000 | 3,742,321 | ||||||
|
|
|||||||
23,607,810 | ||||||||
|
|
|||||||
Multi-Utilities-0.85% |
||||||||
CenterPoint Energy, Inc., 1.45%, 06/01/2026 |
2,416,000 | 2,173,255 | ||||||
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026 |
2,743,000 | 2,476,020 | ||||||
DTE Energy Co., 2.85%, 10/01/2026 |
2,922,000 | 2,706,757 | ||||||
San Diego Gas & Electric Co., 2.50%, 05/15/2026 |
2,435,000 | 2,269,099 | ||||||
Sempra, 5.40%, 08/01/2026 |
2,620,000 | 2,626,132 | ||||||
WEC Energy Group, Inc., 4.75%, 01/09/2026 |
4,739,000 | 4,676,667 | ||||||
|
|
|||||||
16,927,930 | ||||||||
|
|
|||||||
Office REITs-0.44% |
||||||||
Boston Properties L.P. |
||||||||
3.65%, 02/01/2026 |
4,739,000 | 4,467,884 | ||||||
2.75%, 10/01/2026 |
4,778,000 | 4,312,123 | ||||||
|
|
|||||||
8,780,007 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-6.80% |
||||||||
Boardwalk Pipelines L.P., 5.95%, 06/01/2026 |
2,628,000 | 2,634,187 | ||||||
Chevron Corp., 2.95%, 05/16/2026 |
10,656,000 | 10,158,893 | ||||||
Diamondback Energy, Inc., 3.25%, 12/01/2026(b) |
3,568,000 | 3,358,071 | ||||||
Enbridge, Inc. (Canada) |
||||||||
1.60%, 10/04/2026 |
2,381,000 | 2,136,390 | ||||||
4.25%, 12/01/2026 |
3,570,000 | 3,447,785 | ||||||
Energy Transfer L.P. |
||||||||
4.75%, 01/15/2026 |
4,759,000 | 4,662,091 | ||||||
3.90%, 07/15/2026 |
2,618,000 | 2,504,053 | ||||||
Enterprise Products Operating LLC |
||||||||
5.05%, 01/10/2026 |
3,574,000 | 3,558,224 | ||||||
3.70%, 02/15/2026(b) |
4,162,000 | 4,016,027 | ||||||
EOG Resources, Inc., 4.15%, 01/15/2026(b) |
3,572,000 | 3,498,954 | ||||||
Equinor ASA (Norway), 1.75%, 01/22/2026(b) |
3,652,000 | 3,387,683 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
111 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
|
|||||||
Exxon Mobil Corp. |
||||||||
3.04%, 03/01/2026 |
$ | 11,914,000 | $ | 11,386,304 | ||||
2.28%, 08/16/2026(b) |
4,869,000 | 4,537,046 | ||||||
HF Sinclair Corp., 5.88%, 04/01/2026(b) |
3,785,000 | 3,804,588 | ||||||
Kinder Morgan, Inc., 1.75%, 11/15/2026(b) |
2,378,000 | 2,127,968 | ||||||
Magellan Midstream Partners L.P., 5.00%, 03/01/2026 |
3,124,000 | 3,088,036 | ||||||
MPLX L.P., 1.75%, 03/01/2026 |
7,134,000 | 6,500,080 | ||||||
Occidental Petroleum Corp., 5.55%, 03/15/2026(b) |
4,058,000 | 4,027,727 | ||||||
ONEOK, Inc., 5.85%, 01/15/2026 |
2,862,000 | 2,879,029 | ||||||
Ovintiv, Inc., 5.38%, 01/01/2026 |
2,186,000 | 2,170,783 | ||||||
Phillips 66, 1.30%, 02/15/2026 |
2,392,000 | 2,172,964 | ||||||
Pioneer Natural Resources Co. |
||||||||
1.13%, 01/15/2026 |
3,572,000 | 3,240,251 | ||||||
5.10%, 03/29/2026 |
5,206,000 | 5,167,156 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026 |
3,568,000 | 3,452,015 | ||||||
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 |
7,134,000 | 7,168,576 | ||||||
Shell International Finance B.V. (Netherlands) |
||||||||
2.88%, 05/10/2026(b) |
8,521,000 | 8,083,432 | ||||||
2.50%, 09/12/2026 |
4,869,000 | 4,531,212 | ||||||
Spectra Energy Partners L.P., 3.38%, 10/15/2026 |
2,853,000 | 2,687,998 | ||||||
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026(b) |
4,049,000 | 4,000,806 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026 |
4,759,000 | 4,976,460 | ||||||
Valero Energy Corp., 3.40%, 09/15/2026 |
2,025,000 | 1,919,173 | ||||||
Williams Cos., Inc. (The), 5.40%, 03/02/2026 |
3,572,000 | 3,567,449 | ||||||
|
|
|||||||
134,851,411 | ||||||||
|
|
|||||||
Passenger Airlines-0.21% |
||||||||
Delta Air Lines, Inc., 7.38%, 01/15/2026(b) |
4,115,000 | 4,237,905 | ||||||
|
|
|||||||
Personal Care Products-0.15% |
||||||||
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026 |
3,283,000 | 3,041,509 | ||||||
|
|
|||||||
Pharmaceuticals-2.39% |
||||||||
AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026(b) |
5,957,000 | 5,379,197 | ||||||
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026 |
5,683,000 | 5,092,345 | ||||||
Johnson & Johnson, 2.45%, 03/01/2026(b) |
9,479,000 | 8,946,404 | ||||||
Merck & Co., Inc., 0.75%, 02/24/2026 |
4,739,000 | 4,293,357 | ||||||
Pfizer, Inc. |
||||||||
2.75%, 06/03/2026 |
5,927,000 | 5,595,586 | ||||||
3.00%, 12/15/2026(b) |
8,290,000 | 7,847,369 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 |
10,860,000 | 10,268,564 | ||||||
|
|
|||||||
47,422,822 | ||||||||
|
|
Principal Amount |
Value | |||||||
Professional Services-0.23% |
||||||||
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 |
$ | 2,417,000 | $ | 2,287,014 | ||||
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026 |
2,365,000 | 2,247,327 | ||||||
|
|
|||||||
4,534,341 | ||||||||
|
|
|||||||
Real Estate Management & Development-0.14% |
|
|||||||
CBRE Services, Inc., 4.88%, 03/01/2026(b) |
2,842,000 | 2,781,284 | ||||||
|
|
|||||||
Residential REITs-0.11% |
||||||||
ERP Operating L.P., 2.85%, 11/01/2026. |
2,375,000 | 2,216,781 | ||||||
|
|
|||||||
Retail REITs-1.02% |
||||||||
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026 |
2,863,000 | 2,719,093 | ||||||
Kimco Realty OP LLC, 2.80%, 10/01/2026(b) |
2,375,000 | 2,186,722 | ||||||
Realty Income Corp. |
||||||||
5.05%, 01/13/2026 |
2,380,000 | 2,369,706 | ||||||
4.88%, 06/01/2026(b) |
2,841,000 | 2,808,406 | ||||||
4.13%, 10/15/2026(b) |
3,095,000 | 2,993,069 | ||||||
Simon Property Group L.P. |
||||||||
3.30%, 01/15/2026 |
3,896,000 | 3,716,590 | ||||||
3.25%, 11/30/2026 |
3,552,000 | 3,332,893 | ||||||
|
|
|||||||
20,126,479 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-1.35% |
|
|||||||
Analog Devices, Inc., 3.50%, 12/05/2026 |
4,261,000 | 4,081,631 | ||||||
Intel Corp. |
||||||||
4.88%, 02/10/2026(b) |
7,299,000 | 7,262,401 | ||||||
2.60%, 05/19/2026(b) |
4,769,000 | 4,493,599 | ||||||
Marvell Technology, Inc., 1.65%, 04/15/2026(b) |
2,363,000 | 2,146,558 | ||||||
NVIDIA Corp., 3.20%, 09/16/2026 |
4,739,000 | 4,526,221 | ||||||
Skyworks Solutions, Inc., 1.80%, 06/01/2026 |
2,389,000 | 2,137,681 | ||||||
Texas Instruments, Inc., 1.13%, 09/15/2026(b) |
2,373,000 | 2,133,457 | ||||||
|
|
|||||||
26,781,548 | ||||||||
|
|
|||||||
Software-2.78% |
||||||||
Fortinet, Inc., 1.00%, 03/15/2026 |
2,365,000 | 2,116,747 | ||||||
Microsoft Corp., 2.40%, 08/08/2026 |
19,478,000 | 18,274,307 | ||||||
Oracle Corp. |
||||||||
1.65%, 03/25/2026 |
13,101,000 | 11,942,582 | ||||||
2.65%, 07/15/2026 |
14,289,000 | 13,274,745 | ||||||
Roper Technologies, Inc., 3.80%, 12/15/2026(b) |
3,334,000 | 3,183,485 | ||||||
VMware, Inc., 1.40%, 08/15/2026 |
7,204,000 | 6,390,346 | ||||||
|
|
|||||||
55,182,212 | ||||||||
|
|
|||||||
Specialized REITs-2.16% |
||||||||
American Tower Corp. |
||||||||
4.40%, 02/15/2026(b) |
2,365,000 | 2,303,483 | ||||||
1.60%, 04/15/2026 |
3,388,000 | 3,061,718 | ||||||
1.45%, 09/15/2026 |
2,861,000 | 2,536,727 | ||||||
3.38%, 10/15/2026 |
4,739,000 | 4,442,172 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
112 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Specialized REITs-(continued) |
||||||||
Crown Castle, Inc. |
||||||||
4.45%, 02/15/2026 |
$ | 4,292,000 | $ | 4,183,341 | ||||
3.70%, 06/15/2026(b) |
3,571,000 | 3,401,287 | ||||||
1.05%, 07/15/2026(b) |
4,769,000 | 4,218,734 | ||||||
Equinix, Inc., 1.45%, 05/15/2026(b) |
3,339,000 | 3,002,899 | ||||||
Extra Space Storage L.P., 3.50%, 07/01/2026(b) |
2,843,000 | 2,667,316 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026 |
4,648,000 | 4,555,323 | ||||||
Public Storage Operating Co. |
||||||||
0.88%, 02/15/2026 |
2,378,000 | 2,145,481 | ||||||
1.50%, 11/09/2026(b) |
3,090,000 | 2,783,243 | ||||||
Weyerhaeuser Co., 4.75%, 05/15/2026 |
3,569,000 | 3,514,876 | ||||||
|
|
|||||||
42,816,600 | ||||||||
|
|
|||||||
Specialty Retail-3.01% |
|
|||||||
Dell International LLC/EMC Corp. |
||||||||
6.02%, 06/15/2026 |
21,367,000 | 21,597,597 | ||||||
4.90%, 10/01/2026 |
8,167,000 | 8,023,197 | ||||||
Home Depot, Inc. (The) |
||||||||
3.00%, 04/01/2026(b) |
6,160,000 | 5,890,203 | ||||||
2.13%, 09/15/2026 |
4,869,000 | 4,493,908 | ||||||
Lowe’s Cos., Inc. |
||||||||
4.80%, 04/01/2026 |
4,739,000 | 4,685,639 | ||||||
2.50%, 04/15/2026(b) |
6,404,000 | 5,987,615 | ||||||
O’Reilly Automotive, Inc., 3.55%, 03/15/2026(b) |
2,435,000 | 2,334,203 | ||||||
Ross Stores, Inc., 0.88%, 04/15/2026 |
2,435,000 | 2,176,332 | ||||||
TJX Cos., Inc. (The), 2.25%, 09/15/2026(b) |
4,821,000 | 4,446,864 | ||||||
|
|
|||||||
59,635,558 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-3.40% |
|
|||||||
Apple, Inc. |
||||||||
0.70%, 02/08/2026 |
11,844,000 | 10,726,955 | ||||||
3.25%, 02/23/2026(b) |
15,396,000 | 14,809,850 | ||||||
4.42%, 05/08/2026 |
4,830,000 | 4,788,817 | ||||||
2.45%, 08/04/2026 |
10,956,000 | 10,254,371 | ||||||
2.05%, 09/11/2026(b) |
9,479,000 | 8,761,561 | ||||||
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026 |
3,652,000 | 3,331,495 | ||||||
HP, Inc., 1.45%, 06/17/2026(b) |
4,796,000 | 4,331,723 | ||||||
Western Digital Corp., 4.75%, 02/15/2026 |
10,950,000 | 10,450,738 | ||||||
|
|
|||||||
67,455,510 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.23% |
|
|||||||
NIKE, Inc., 2.38%, 11/01/2026(b) |
4,869,000 | 4,512,700 | ||||||
|
|
|||||||
Tobacco-1.40% |
||||||||
Altria Group, Inc., 2.63%, 09/16/2026(b) . |
2,382,000 | 2,209,868 | ||||||
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026 |
4,767,000 | 4,453,820 | ||||||
B.A.T. International Finance PLC (United |
||||||||
Kingdom), 1.67%, 03/25/2026(b) |
7,164,000 | 6,490,291 |
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Tobacco-(continued) |
||||||||
Philip Morris International, Inc. |
||||||||
4.88%, 02/13/2026 |
$ | 8,088,000 | $ | 8,013,981 | ||||
2.75%, 02/25/2026(b) |
3,571,000 | 3,371,519 | ||||||
0.88%, 05/01/2026 |
3,549,000 | 3,179,193 | ||||||
|
|
|||||||
27,718,672 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.59% |
|
|||||||
Air Lease Corp. |
||||||||
2.88%, 01/15/2026(b) |
6,921,000 | 6,473,892 | ||||||
1.88%, 08/15/2026(b) |
5,790,000 | 5,184,035 | ||||||
|
|
|||||||
11,657,927 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-1.16% |
|
|||||||
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026 |
2,375,000 | 2,191,071 | ||||||
Sprint LLC, 7.63%, 03/01/2026 |
7,304,000 | 7,577,374 | ||||||
T-Mobile USA, Inc. |
||||||||
2.25%, 02/15/2026 |
8,665,000 | 8,020,209 | ||||||
2.63%, 04/15/2026(b) |
5,718,000 | 5,310,777 | ||||||
|
|
|||||||
23,099,431 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
1,964,662,112 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.02% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
391,146 | 391,146 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,965,053,258 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-10.78% |
||||||||
Invesco Private Government Fund, |
59,624,954 | 59,624,954 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
154,066,675 | 154,066,675 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
213,691,629 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-109.90% |
|
2,178,744,887 | ||||||
OTHER ASSETS LESS LIABILITIES-(9.90)% |
|
(196,336,702 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 1,982,408,185 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
113 | ||||
|
| |||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2023
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 2,406,597 | $ | 69,396,590 | $ | (71,412,041 | ) | $ | - | $ | - | $ | 391,146 | $ | 145,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 24,753,126 | 337,048,722 | (302,176,894 | ) | - | - | 59,624,954 | 2,373,977 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 63,650,897 | 713,239,635 | (622,822,585 | ) | (2,144 | ) | 872 | 154,066,675 | 6,375,440 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $90,810,620 | $ | 1,119,684,947 | $ | (996,411,520 | ) | $ | (2,144 | ) | $ | 872 | $ | 214,082,775 | $ | 8,894,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
114 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.99% |
| |||||||
Aerospace & Defense-2.19% |
||||||||
Boeing Co. (The), 5.04%, 05/01/2027(b) |
$ | 5,915,000 | $ | 5,852,292 | ||||
General Dynamics Corp. |
||||||||
3.50%, 04/01/2027(b) |
2,222,000 | 2,117,483 | ||||||
2.63%, 11/15/2027 |
1,481,000 | 1,352,691 | ||||||
Howmet Aerospace, Inc., 5.90%, 02/01/2027 |
1,831,000 | 1,819,886 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027 |
1,779,000 | 1,639,698 | ||||||
L3Harris Technologies, Inc., 5.40%, 01/15/2027 |
3,090,000 | 3,098,650 | ||||||
Lockheed Martin Corp., 5.10%, 11/15/2027 |
2,222,000 | 2,247,724 | ||||||
Northrop Grumman Corp., 3.20%, 02/01/2027(b) |
2,222,000 | 2,099,084 | ||||||
RTX Corp., 3.13%, 05/04/2027 |
3,253,000 | 3,032,410 | ||||||
|
|
|||||||
23,259,918 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.26% |
| |||||||
United Parcel Service, Inc., 3.05%, 11/15/2027 |
2,960,000 | 2,774,128 | ||||||
|
|
|||||||
Automobile Components-0.55% |
| |||||||
American Honda Finance Corp., 2.35%, 01/08/2027 |
1,475,000 | 1,351,000 | ||||||
BorgWarner, Inc., 2.65%, 07/01/2027 |
3,253,000 | 2,949,528 | ||||||
Lear Corp., 3.80%, 09/15/2027(b) |
1,631,000 | 1,530,219 | ||||||
|
|
|||||||
5,830,747 | ||||||||
|
|
|||||||
Automobiles-2.11% |
| |||||||
General Motors Co. |
||||||||
4.20%, 10/01/2027(b) |
2,222,000 | 2,095,257 | ||||||
6.80%, 10/01/2027(b) |
2,962,000 | 3,055,780 | ||||||
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027 |
2,962,000 | 2,725,271 | ||||||
Toyota Motor Credit Corp. |
||||||||
3.20%, 01/11/2027 |
2,222,000 | 2,099,145 | ||||||
1.90%, 01/13/2027 |
2,222,000 | 2,011,729 | ||||||
3.05%, 03/22/2027(b) |
4,146,000 | 3,893,840 | ||||||
1.15%, 08/13/2027 |
1,775,000 | 1,537,759 | ||||||
4.55%, 09/20/2027 |
2,962,000 | 2,918,519 | ||||||
5.45%, 11/10/2027(b) |
2,072,000 | 2,112,400 | ||||||
|
|
|||||||
22,449,700 | ||||||||
|
|
|||||||
Banks-12.91% |
| |||||||
Banco Santander S.A. (Spain) |
||||||||
4.25%, 04/11/2027 |
3,000,000 | 2,840,031 | ||||||
5.29%, 08/18/2027(b) |
5,200,000 | 5,101,804 | ||||||
Bank of America Corp. |
||||||||
3.25%, 10/21/2027 |
7,356,000 | 6,856,782 | ||||||
Series L, 4.18%, 11/25/2027 |
5,915,000 | 5,617,482 | ||||||
Bank of Montreal (Canada) |
||||||||
2.65%, 03/08/2027(b) |
3,703,000 | 3,380,561 | ||||||
Series H, 4.70%, 09/14/2027 |
2,956,000 | 2,884,505 | ||||||
Bank of Nova Scotia (The) (Canada) |
||||||||
1.95%, 02/02/2027(b) |
2,222,000 | 1,992,088 | ||||||
2.95%, 03/11/2027 |
2,072,000 | 1,915,199 | ||||||
Canadian Imperial Bank of Commerce (Canada), 3.45%, 04/07/2027(b) |
2,960,000 | 2,766,954 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Citigroup, Inc., 4.45%, 09/29/2027 |
$ | 11,299,000 | $ | 10,806,816 | ||||
Credit Suisse AG (Switzerland), 5.00%, 07/09/2027 |
3,520,000 | 3,431,442 | ||||||
Fifth Third Bancorp, 2.55%, 05/05/2027 |
2,222,000 | 1,987,697 | ||||||
Fifth Third Bank N.A., 2.25%, 02/01/2027(b) |
1,750,000 | 1,552,230 | ||||||
JPMorgan Chase & Co. |
||||||||
8.00%, 04/29/2027 |
1,483,000 | 1,628,391 | ||||||
4.25%, 10/01/2027(b) |
4,334,000 | 4,193,516 | ||||||
3.63%, 12/01/2027(b) |
3,173,000 | 2,986,379 | ||||||
KeyBank N.A., 5.85%, 11/15/2027 |
3,000,000 | 2,895,612 | ||||||
KeyCorp, 2.25%, 04/06/2027(b) |
2,367,000 | 2,038,086 | ||||||
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027 |
3,650,000 | 3,433,478 | ||||||
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027(b) |
1,600,000 | 1,425,570 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
3.68%, 02/22/2027 |
2,957,000 | 2,815,490 | ||||||
3.29%, 07/25/2027 |
2,963,000 | 2,755,454 | ||||||
Mizuho Financial Group, Inc. (Japan) |
||||||||
3.66%, 02/28/2027 |
1,400,000 | 1,319,621 | ||||||
3.17%, 09/11/2027 |
3,320,000 | 3,042,969 | ||||||
PNC Bank N.A., 3.10%, 10/25/2027 |
2,900,000 | 2,647,596 | ||||||
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027(b) |
2,222,000 | 2,061,736 | ||||||
Royal Bank of Canada (Canada) |
||||||||
2.05%, 01/21/2027(b) |
1,441,000 | 1,296,653 | ||||||
3.63%, 05/04/2027(b) |
3,553,000 | 3,352,404 | ||||||
4.24%, 08/03/2027 |
3,703,000 | 3,567,402 | ||||||
6.00%, 11/01/2027(b) |
4,000,000 | 4,097,589 | ||||||
Santander Holdings USA, Inc., 4.40%, 07/13/2027(b) |
3,108,000 | 2,945,771 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
3.45%, 01/11/2027(b) |
3,617,000 | 3,385,009 | ||||||
2.17%, 01/14/2027(b) |
1,400,000 | 1,256,541 | ||||||
3.36%, 07/12/2027(b) |
5,104,000 | 4,742,689 | ||||||
3.35%, 10/18/2027(b) |
2,222,000 | 2,045,402 | ||||||
Toronto-Dominion Bank (The) (Canada) |
||||||||
1.95%, 01/12/2027(b) |
2,218,000 | 1,992,828 | ||||||
2.80%, 03/10/2027 |
3,253,000 | 2,986,424 | ||||||
4.11%, 06/08/2027 |
4,444,000 | 4,247,970 | ||||||
4.69%, 09/15/2027 |
4,444,000 | 4,337,055 | ||||||
Truist Financial Corp., 1.13%, 08/03/2027(b) |
2,222,000 | 1,880,165 | ||||||
U.S. Bancorp, Series X, 3.15%, 04/27/2027(b) |
3,843,000 | 3,563,414 | ||||||
Wells Fargo & Co., 4.30%, 07/22/2027 |
7,396,000 | 7,085,754 | ||||||
|
|
|||||||
137,160,559 | ||||||||
|
|
|||||||
Beverages-1.78% |
| |||||||
Coca-Cola Co. (The) |
||||||||
3.38%, 03/25/2027 |
2,962,000 | 2,839,774 | ||||||
2.90%, 05/25/2027 |
1,481,000 | 1,393,535 | ||||||
1.45%, 06/01/2027(b) |
4,444,000 | 3,970,538 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
115 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Beverages-(continued) |
||||||||
Constellation Brands, Inc. |
||||||||
3.50%, 05/09/2027 |
$ | 1,481,000 | $ | 1,394,427 | ||||
4.35%, 05/09/2027 |
1,780,000 | 1,724,514 | ||||||
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027 |
2,130,000 | 2,155,796 | ||||||
PepsiCo, Inc. |
||||||||
2.63%, 03/19/2027 |
1,481,000 | 1,381,448 | ||||||
3.00%, 10/15/2027(b) |
4,334,000 | 4,079,208 | ||||||
|
|
|||||||
18,939,240 | ||||||||
|
|
|||||||
Biotechnology-1.20% |
| |||||||
Amgen, Inc. |
||||||||
2.20%, 02/21/2027(b) |
5,101,000 | 4,638,243 | ||||||
3.20%, 11/02/2027(b) |
2,962,000 | 2,754,746 | ||||||
Gilead Sciences, Inc. |
||||||||
2.95%, 03/01/2027 |
3,703,000 | 3,453,148 | ||||||
1.20%, 10/01/2027 |
2,222,000 | 1,912,102 | ||||||
|
|
|||||||
12,758,239 | ||||||||
|
|
|||||||
Broadline Retail-2.53% |
| |||||||
Amazon.com, Inc. |
||||||||
3.30%, 04/13/2027(b) |
5,915,000 | 5,633,947 | ||||||
1.20%, 06/03/2027(b) |
3,703,000 | 3,263,010 | ||||||
3.15%, 08/22/2027 |
10,258,000 | 9,652,693 | ||||||
4.55%, 12/01/2027(b) |
5,920,000 | 5,900,346 | ||||||
eBay, Inc., 3.60%, 06/05/2027(b) |
2,512,000 | 2,373,258 | ||||||
|
|
|||||||
26,823,254 | ||||||||
|
|
|||||||
Building Products-0.15% |
| |||||||
Carlisle Cos., Inc., 3.75%, 12/01/2027(b) . |
1,731,000 | 1,633,652 | ||||||
|
|
|||||||
Capital Markets-5.93% |
| |||||||
Ares Capital Corp. |
||||||||
7.00%, 01/15/2027 |
1,000,000 | 1,002,698 | ||||||
2.88%, 06/15/2027(b) |
1,445,000 | 1,272,755 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
2.05%, 01/26/2027(b) |
2,520,000 | 2,278,866 | ||||||
3.25%, 05/16/2027 |
2,220,000 | 2,082,999 | ||||||
BlackRock, Inc., 3.20%, 03/15/2027 |
2,070,000 | 1,966,885 | ||||||
Blackstone Secured Lending Fund, 2.13%, 02/15/2027 |
1,837,000 | 1,559,545 | ||||||
Blue Owl Capital Corp., 2.63%, 01/15/2027 |
1,461,000 | 1,267,647 | ||||||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 |
1,920,000 | 1,838,404 | ||||||
Charles Schwab Corp. (The) |
||||||||
3.20%, 03/02/2027(b) |
1,925,000 | 1,783,405 | ||||||
2.45%, 03/03/2027(b) |
4,438,000 | 3,996,435 | ||||||
3.30%, 04/01/2027 |
2,200,000 | 2,051,758 | ||||||
FactSet Research Systems, Inc., 2.90%, 03/01/2027 |
1,441,000 | 1,329,766 | ||||||
FS KKR Capital Corp., 3.25%, 07/15/2027 |
1,445,000 | 1,255,685 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
5.95%, 01/15/2027 |
2,392,000 | 2,418,096 | ||||||
3.85%, 01/26/2027 |
8,877,000 | 8,428,579 | ||||||
Jefferies Financial Group, Inc., 4.85%, 01/15/2027(b) |
2,217,000 | 2,156,621 | ||||||
Morgan Stanley |
||||||||
3.63%, 01/20/2027 |
8,877,000 | 8,390,874 | ||||||
3.95%, 04/23/2027 |
5,915,000 | 5,581,816 |
Principal Amount |
Value | |||||||
Capital Markets-(continued) |
||||||||
Nomura Holdings, Inc. (Japan) |
||||||||
2.33%, 01/22/2027 |
$ | 3,600,000 | $ | 3,191,539 | ||||
5.39%, 07/06/2027 |
1,550,000 | 1,522,413 | ||||||
Northern Trust Corp., 4.00%, 05/10/2027(b) |
2,963,000 | 2,847,253 | ||||||
S&P Global, Inc. |
||||||||
2.95%, 01/22/2027 |
1,481,000 | 1,388,996 | ||||||
2.45%, 03/01/2027 |
3,660,000 | 3,377,492 | ||||||
|
|
|||||||
62,990,527 | ||||||||
|
|
|||||||
Chemicals-2.01% |
| |||||||
Air Products and Chemicals, Inc., 1.85%, 05/15/2027 |
1,922,000 | 1,731,228 | ||||||
Albemarle Corp., 4.65%, 06/01/2027 |
1,922,000 | 1,858,396 | ||||||
Celanese US Holdings LLC, 6.17%, 07/15/2027(b) |
5,924,000 | 5,929,403 | ||||||
Ecolab, Inc. |
||||||||
1.65%, 02/01/2027 |
1,481,000 | 1,328,836 | ||||||
3.25%, 12/01/2027(b) |
1,481,000 | 1,390,030 | ||||||
LYB International Finance II B.V., 3.50%, 03/02/2027(b) |
1,753,000 | 1,653,771 | ||||||
Mosaic Co. (The), 4.05%, 11/15/2027(b) |
2,042,000 | 1,949,976 | ||||||
Olin Corp., 5.13%, 09/15/2027(b) |
1,450,000 | 1,389,666 | ||||||
Sherwin-Williams Co. (The), 3.45%, 06/01/2027 |
4,373,000 | 4,122,939 | ||||||
|
|
|||||||
21,354,245 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.63% |
| |||||||
Cintas Corp. No. 2, 3.70%, 04/01/2027(b) |
2,962,000 | 2,845,216 | ||||||
Republic Services, Inc., 3.38%, 11/15/2027 |
1,892,000 | 1,762,136 | ||||||
Waste Management, Inc., 3.15%, 11/15/2027(b) |
2,222,000 | 2,074,056 | ||||||
|
|
|||||||
6,681,408 | ||||||||
|
|
|||||||
Communications Equipment-0.13% |
| |||||||
Nokia OYJ (Finland), 4.38%, 06/12/2027(b) |
1,481,000 | 1,397,986 | ||||||
|
|
|||||||
Construction Materials-0.13% |
| |||||||
Martin Marietta Materials, Inc., 3.50%, 12/15/2027 |
1,461,000 | 1,367,025 | ||||||
|
|
|||||||
Consumer Finance-3.97% |
| |||||||
Ally Financial, Inc. |
||||||||
4.75%, 06/09/2027(b) |
2,184,000 | 2,049,021 | ||||||
7.10%, 11/15/2027(b) |
2,222,000 | 2,253,361 | ||||||
American Express Co. |
||||||||
2.55%, 03/04/2027 |
5,184,000 | 4,715,646 | ||||||
3.30%, 05/03/2027 |
4,890,000 | 4,560,768 | ||||||
5.85%, 11/05/2027(b) |
4,444,000 | 4,541,925 | ||||||
Capital One Financial Corp. |
||||||||
3.75%, 03/09/2027 |
3,999,000 | 3,722,721 | ||||||
3.65%, 05/11/2027(b) |
2,960,000 | 2,754,764 | ||||||
Discover Financial Services, 4.10%, 02/09/2027(b) |
2,958,000 | 2,746,085 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
116 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Consumer Finance-(continued) |
||||||||
General Motors Financial Co., Inc. |
||||||||
4.35%, 01/17/2027 |
$ | 3,703,000 | $ | 3,525,736 | ||||
2.35%, 02/26/2027 |
2,962,000 | 2,635,567 | ||||||
5.00%, 04/09/2027 |
3,703,000 | 3,610,814 | ||||||
2.70%, 08/20/2027 |
2,663,000 | 2,370,958 | ||||||
Synchrony Financial, 3.95%, 12/01/2027 |
2,955,000 | 2,643,439 | ||||||
|
|
|||||||
42,130,805 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.76% |
| |||||||
Costco Wholesale Corp. |
||||||||
3.00%, 05/18/2027(b) |
2,962,000 | 2,798,899 | ||||||
1.38%, 06/20/2027(b) |
3,703,000 | 3,276,020 | ||||||
Dollar General Corp. |
||||||||
3.88%, 04/15/2027 |
1,775,000 | 1,695,900 | ||||||
4.63%, 11/01/2027(b) |
1,623,000 | 1,581,896 | ||||||
Kroger Co. (The), 3.70%, 08/01/2027 |
1,775,000 | 1,686,044 | ||||||
Sysco Corp., 3.25%, 07/15/2027 |
2,222,000 | 2,071,890 | ||||||
Target Corp., 1.95%, 01/15/2027(b) |
2,962,000 | 2,702,503 | ||||||
Walmart, Inc., 3.95%, 09/09/2027 |
2,962,000 | 2,893,561 | ||||||
|
|
|||||||
18,706,713 | ||||||||
|
|
|||||||
Containers & Packaging-0.13% |
| |||||||
Packaging Corp. of America, 3.40%, 12/15/2027 |
1,481,000 | 1,381,494 | ||||||
|
|
|||||||
Diversified REITs-0.26% |
| |||||||
Digital Realty Trust L.P., 3.70%, 08/15/2027 |
2,957,000 | 2,757,503 | ||||||
|
|
|||||||
Diversified Telecommunication Services-2.76% |
| |||||||
AT&T, Inc. |
||||||||
4.25%, 03/01/2027 |
4,413,000 | 4,254,912 | ||||||
2.30%, 06/01/2027 |
7,398,000 | 6,626,996 | ||||||
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027 |
4,420,000 | 4,208,768 | ||||||
TELUS Corp. (Canada) |
||||||||
2.80%, 02/16/2027 |
1,771,000 | 1,638,921 | ||||||
3.70%, 09/15/2027(b) |
1,481,000 | 1,393,080 | ||||||
Verizon Communications, Inc. |
||||||||
4.13%, 03/16/2027(b) |
9,518,000 | 9,172,650 | ||||||
3.00%, 03/22/2027 |
2,222,000 | 2,066,647 | ||||||
|
|
|||||||
29,361,974 | ||||||||
|
|
|||||||
Electric Utilities-4.17% |
| |||||||
Alabama Power Co., 3.75%, 09/01/2027(b) |
1,631,000 | 1,557,576 | ||||||
American Electric Power Co., Inc. |
||||||||
5.75%, 11/01/2027 |
1,480,000 | 1,507,543 | ||||||
3.20%, 11/13/2027 |
1,483,000 | 1,374,705 | ||||||
Duke Energy Corp. |
||||||||
3.15%, 08/15/2027 |
2,192,000 | 2,028,380 | ||||||
5.00%, 12/08/2027 |
1,475,000 | 1,464,354 | ||||||
Duke Energy Florida LLC, 3.20%, 01/15/2027(b) |
1,920,000 | 1,816,479 | ||||||
Edison International, 5.75%, 06/15/2027(b) |
1,772,000 | 1,776,781 | ||||||
Eversource Energy |
||||||||
2.90%, 03/01/2027 |
1,905,000 | 1,754,103 | ||||||
4.60%, 07/01/2027 |
1,776,000 | 1,729,506 | ||||||
Exelon Corp., 2.75%, 03/15/2027 |
1,910,000 | 1,754,519 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
FirstEnergy Corp., Series B, 4.15%, 07/15/2027 |
$ | 4,373,000 | $ | 4,128,930 | ||||
ITC Holdings Corp., 3.35%, 11/15/2027 |
1,437,000 | 1,335,419 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
1.88%, 01/15/2027 |
2,961,000 | 2,648,275 | ||||||
3.55%, 05/01/2027 |
4,410,000 | 4,158,861 | ||||||
4.63%, 07/15/2027(b) |
3,703,000 | 3,613,550 | ||||||
Pacific Gas and Electric Co., 2.10%, 08/01/2027 |
2,962,000 | 2,560,457 | ||||||
Southern California Edison Co. |
||||||||
5.85%, 11/01/2027 |
2,220,000 | 2,273,875 | ||||||
Series D, 4.70%, 06/01/2027(b) |
1,775,000 | 1,746,380 | ||||||
Virginia Electric & Power Co. |
||||||||
Series A, 3.50%, 03/15/2027 |
2,221,000 | 2,099,547 | ||||||
Series B, 3.75%, 05/15/2027(b) |
1,775,000 | 1,695,205 | ||||||
Xcel Energy, Inc., 1.75%, 03/15/2027(b) |
1,481,000 | 1,314,510 | ||||||
|
|
|||||||
44,338,955 | ||||||||
|
|
|||||||
Electrical Equipment-0.12% |
| |||||||
Emerson Electric Co., 1.80%, 10/15/2027 |
1,475,000 | 1,308,463 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-0.50% |
| |||||||
Eaton Corp., 3.10%, 09/15/2027 |
2,022,000 | 1,897,214 | ||||||
Jabil, Inc., 4.25%, 05/15/2027 |
1,480,000 | 1,416,224 | ||||||
Keysight Technologies, Inc., 4.60%, 04/06/2027 |
2,072,000 | 2,026,806 | ||||||
|
|
|||||||
5,340,244 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.35% |
| |||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 |
3,994,000 | 3,706,405 | ||||||
|
|
|||||||
Entertainment-1.58% |
| |||||||
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027(b) |
1,771,000 | 1,679,140 | ||||||
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b) |
2,960,000 | 2,779,428 | ||||||
Walt Disney Co. (The), 3.70%, 03/23/2027 |
1,481,000 | 1,428,360 | ||||||
Warnermedia Holdings, Inc., 3.76%, 03/15/2027(b) |
11,660,000 | 10,940,016 | ||||||
|
|
|||||||
16,826,944 | ||||||||
|
|
|||||||
Financial Services-3.04% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
3.65%, 07/21/2027 |
3,020,000 | 2,780,585 | ||||||
4.63%, 10/15/2027 |
1,750,000 | 1,663,226 | ||||||
Blackstone Private Credit Fund, 3.25%, 03/15/2027 |
2,901,000 | 2,528,878 | ||||||
Corebridge Financial, Inc., 3.65%, 04/05/2027 |
3,629,000 | 3,416,597 | ||||||
Fidelity National Information Services, Inc., 4.70%, 07/15/2027 |
1,430,000 | 1,404,166 | ||||||
Fiserv, Inc., 2.25%, 06/01/2027(b) |
2,962,000 | 2,658,567 | ||||||
Global Payments, Inc. |
||||||||
2.15%, 01/15/2027 |
2,222,000 | 1,981,966 | ||||||
4.95%, 08/15/2027 |
1,481,000 | 1,444,369 | ||||||
Mastercard, Inc., 3.30%, 03/26/2027 |
2,962,000 | 2,822,146 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
117 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Financial Services-(continued) |
||||||||
ORIX Corp. (Japan) |
||||||||
3.70%, 07/18/2027 |
$ | 1,400,000 | $ | 1,324,163 | ||||
5.00%, 09/13/2027(b) |
1,481,000 | 1,469,799 | ||||||
PayPal Holdings, Inc., 3.90%, 06/01/2027 |
1,481,000 | 1,432,857 | ||||||
Visa, Inc. |
||||||||
1.90%, 04/15/2027(b) |
4,444,000 | 4,029,979 | ||||||
0.75%, 08/15/2027 |
1,481,000 | 1,281,066 | ||||||
2.75%, 09/15/2027(b) |
2,222,000 | 2,063,050 | ||||||
|
|
|||||||
32,301,414 | ||||||||
|
|
|||||||
Food Products-1.97% |
| |||||||
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 |
1,730,000 | 1,628,550 | ||||||
Conagra Brands, Inc., 1.38%, 11/01/2027 |
2,962,000 | 2,518,789 | ||||||
General Mills, Inc., 3.20%, 02/10/2027 |
2,222,000 | 2,091,967 | ||||||
JM Smucker Co. (The), 3.38%, 12/15/2027(b) |
1,481,000 | 1,385,157 | ||||||
Kellogg Co., 3.40%, 11/15/2027 |
1,755,000 | 1,632,435 | ||||||
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027 |
3,992,000 | 3,815,435 | ||||||
McCormick & Co., Inc., 3.40%, 08/15/2027(b) |
2,222,000 | 2,083,791 | ||||||
Mondelez International, Inc., 2.63%, 03/17/2027 |
2,192,000 | 2,016,205 | ||||||
Tyson Foods, Inc., 3.55%, 06/02/2027 |
3,993,000 | 3,752,376 | ||||||
|
|
|||||||
20,924,705 | ||||||||
|
|
|||||||
Gas Utilities-0.31% |
| |||||||
Atmos Energy Corp., 3.00%, 06/15/2027(b) |
1,481,000 | 1,390,172 | ||||||
Southern California Gas Co., 2.95%, 04/15/2027(b) |
2,070,000 | 1,924,347 | ||||||
|
|
|||||||
3,314,519 | ||||||||
|
|
|||||||
Ground Transportation-0.61% |
| |||||||
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027 |
1,480,000 | 1,406,034 | ||||||
CSX Corp., 3.25%, 06/01/2027 |
2,520,000 | 2,373,820 | ||||||
Union Pacific Corp. |
||||||||
2.15%, 02/05/2027(b) |
1,484,000 | 1,357,433 | ||||||
3.00%, 04/15/2027 |
1,480,000 | 1,384,003 | ||||||
|
|
|||||||
6,521,290 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-1.31% |
| |||||||
Baxter International, Inc., 1.92%, 02/01/2027(b) |
4,252,000 | 3,784,982 | ||||||
Becton, Dickinson and Co., 3.70%, 06/06/2027 |
5,104,000 | 4,841,165 | ||||||
GE HealthCare Technologies, Inc., 5.65%, 11/15/2027 |
5,180,000 | 5,244,543 | ||||||
|
|
|||||||
13,870,690 | ||||||||
|
|
|||||||
Health Care Providers & Services-4.90% |
| |||||||
Cardinal Health, Inc., 3.41%, 06/15/2027 |
3,538,000 | 3,314,676 | ||||||
Cencora, Inc., 3.45%, 12/15/2027(b) |
2,222,000 | 2,089,028 | ||||||
Centene Corp., 4.25%, 12/15/2027 |
7,010,000 | 6,564,081 |
Principal Amount |
Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Cigna Group (The) |
||||||||
3.40%, 03/01/2027 |
$ | 3,926,000 | $ | 3,692,932 | ||||
3.05%, 10/15/2027 |
1,616,000 | 1,490,671 | ||||||
CommonSpirit Health, 6.07%, 11/01/2027 |
1,506,000 | 1,540,479 | ||||||
CVS Health Corp. |
||||||||
3.63%, 04/01/2027(b) |
2,222,000 | 2,104,327 | ||||||
1.30%, 08/21/2027 |
6,655,000 | 5,732,635 | ||||||
Elevance Health, Inc., 3.65%, 12/01/2027 |
4,738,000 | 4,468,055 | ||||||
HCA, Inc. |
||||||||
4.50%, 02/15/2027 |
3,553,000 | 3,436,659 | ||||||
3.13%, 03/15/2027 |
1,444,000 | 1,327,710 | ||||||
Humana, Inc. |
||||||||
1.35%, 02/03/2027(b) |
2,222,000 | 1,955,323 | ||||||
3.95%, 03/15/2027(b) |
1,755,000 | 1,685,695 | ||||||
Kaiser Foundation Hospitals, 3.15%, 05/01/2027 |
1,591,000 | 1,502,771 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027(b) |
1,775,000 | 1,682,962 | ||||||
SSM Health Care Corp., Series A, 3.82%, 06/01/2027 |
1,441,000 | 1,368,700 | ||||||
UnitedHealth Group, Inc. |
||||||||
3.45%, 01/15/2027 |
2,222,000 | 2,122,294 | ||||||
3.38%, 04/15/2027 |
1,851,000 | 1,756,358 | ||||||
3.70%, 05/15/2027(b) |
1,725,000 | 1,659,186 | ||||||
2.95%, 10/15/2027(b) |
2,812,000 | 2,609,427 | ||||||
|
|
|||||||
52,103,969 | ||||||||
|
|
|||||||
Health Care REITs-0.44% |
| |||||||
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027(b) |
1,441,000 | 1,338,057 | ||||||
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027(b) |
2,073,000 | 1,962,469 | ||||||
Welltower OP LLC, 2.70%, 02/15/2027 |
1,441,000 | 1,323,081 | ||||||
|
|
|||||||
4,623,607 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.39% |
| |||||||
Darden Restaurants, Inc., 3.85%, 05/01/2027(b) |
1,481,000 | 1,405,337 | ||||||
Expedia Group, Inc., 4.63%, 08/01/2027 |
2,220,000 | 2,154,757 | ||||||
Hyatt Hotels Corp., 5.75%, 01/30/2027 |
1,750,000 | 1,752,453 | ||||||
Marriott International, Inc., 5.00%, 10/15/2027(b) |
2,962,000 | 2,935,766 | ||||||
McDonald’s Corp. |
||||||||
3.50%, 03/01/2027(b) |
2,512,000 | 2,392,043 | ||||||
3.50%, 07/01/2027 |
2,962,000 | 2,813,751 | ||||||
Starbucks Corp., 2.00%, 03/12/2027(b) |
1,481,000 | 1,337,326 | ||||||
|
|
|||||||
14,791,433 | ||||||||
|
|
|||||||
Household Durables-0.63% |
| |||||||
D.R. Horton, Inc., 1.40%, 10/15/2027(b) |
1,448,000 | 1,245,000 | ||||||
Leggett & Platt, Inc., 3.50%, 11/15/2027 |
1,477,000 | 1,362,620 | ||||||
Lennar Corp., 4.75%, 11/29/2027 |
2,662,000 | 2,582,857 | ||||||
PulteGroup, Inc., 5.00%, 01/15/2027(b) |
1,483,000 | 1,461,770 | ||||||
|
|
|||||||
6,652,247 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
118 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Household Products-0.86% |
||||||||
Colgate-Palmolive Co., 3.10%, 08/15/2027 |
$ | 1,481,000 | $ | 1,411,781 | ||||
Kimberly-Clark Corp., 1.05%, 09/15/2027 |
1,771,000 | 1,530,752 | ||||||
Procter & Gamble Co. (The) |
||||||||
1.90%, 02/01/2027 |
2,962,000 | 2,710,618 | ||||||
2.80%, 03/25/2027 |
1,481,000 | 1,390,004 | ||||||
2.85%, 08/11/2027(b) |
2,222,000 | 2,083,373 | ||||||
|
|
|||||||
9,126,528 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.18% |
| |||||||
NSTAR Electric Co., 3.20%, 05/15/2027(b) |
2,076,000 | 1,945,905 | ||||||
|
|
|||||||
Industrial Conglomerates-0.46% |
| |||||||
3M Co., 2.88%, 10/15/2027(b) |
2,512,000 | 2,313,897 | ||||||
Honeywell International, Inc., 1.10%, 03/01/2027(b) |
2,958,000 | 2,620,798 | ||||||
|
|
|||||||
4,934,695 | ||||||||
|
|
|||||||
Insurance-1.54% |
| |||||||
American Equity Investment Life Holding Co., 5.00%, 06/15/2027 |
1,460,000 | 1,401,298 | ||||||
Aon Corp., 8.21%, 01/01/2027 |
1,550,000 | 1,630,397 | ||||||
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027(b) |
1,771,000 | 1,631,886 | ||||||
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027 |
2,222,000 | 2,060,876 | ||||||
Brighthouse Financial, Inc., 3.70%, 06/22/2027(b) |
2,239,000 | 2,072,275 | ||||||
CNA Financial Corp., 3.45%, 08/15/2027 |
1,437,000 | 1,342,749 | ||||||
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027 |
1,481,000 | 1,357,993 | ||||||
Progressive Corp. (The) |
||||||||
2.45%, 01/15/2027 |
1,481,000 | 1,365,597 | ||||||
2.50%, 03/15/2027 |
1,484,000 | 1,366,291 | ||||||
Willis North America, Inc., 4.65%, 06/15/2027 |
2,222,000 | 2,153,259 | ||||||
|
|
|||||||
16,382,621 | ||||||||
|
|
|||||||
Interactive Media & Services-0.95% |
| |||||||
Alphabet, Inc., 0.80%, 08/15/2027 |
2,962,000 | 2,571,359 | ||||||
Meta Platforms, Inc., 3.50%, 08/15/2027(b) |
7,870,000 | 7,504,321 | ||||||
|
|
|||||||
10,075,680 | ||||||||
|
|
|||||||
IT Services-0.95% |
| |||||||
International Business Machines Corp. |
||||||||
3.30%, 01/27/2027 |
1,500,000 | 1,419,089 | ||||||
2.20%, 02/09/2027 |
1,880,000 | 1,710,076 | ||||||
1.70%, 05/15/2027 |
3,690,000 | 3,268,441 | ||||||
4.15%, 07/27/2027(b) |
2,194,000 | 2,121,500 | ||||||
VeriSign, Inc., 4.75%, 07/15/2027 |
1,630,000 | 1,590,194 | ||||||
|
|
|||||||
10,109,300 | ||||||||
|
|
|||||||
Leisure Products-0.13% |
| |||||||
Hasbro, Inc., 3.50%, 09/15/2027 |
1,477,000 | 1,381,181 | ||||||
|
|
Principal Amount |
Value | |||||||
Life Sciences Tools & Services-0.31% |
| |||||||
Illumina, Inc., 5.75%, 12/13/2027 |
$ | 1,479,000 | $ | 1,475,942 | ||||
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027(b) |
1,771,000 | 1,774,106 | ||||||
|
|
|||||||
3,250,048 | ||||||||
|
|
|||||||
Machinery-2.01% |
| |||||||
Caterpillar Financial Services Corp. |
||||||||
1.70%, 01/08/2027(b) |
1,481,000 | 1,342,562 | ||||||
3.60%, 08/12/2027 |
2,071,000 | 1,982,024 | ||||||
1.10%, 09/14/2027 |
2,216,000 | 1,918,491 | ||||||
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027(b) |
1,481,000 | 1,398,469 | ||||||
John Deere Capital Corp. |
||||||||
1.70%, 01/11/2027 |
1,480,000 | 1,333,702 | ||||||
2.35%, 03/08/2027(b) |
1,481,000 | 1,359,775 | ||||||
1.75%, 03/09/2027(b) |
1,479,000 | 1,329,605 | ||||||
2.80%, 09/08/2027 |
1,481,000 | 1,371,193 | ||||||
4.15%, 09/15/2027(b) |
2,662,000 | 2,600,450 | ||||||
Otis Worldwide Corp., 2.29%, 04/05/2027(b) |
1,481,000 | 1,345,938 | ||||||
Parker-Hannifin Corp. |
||||||||
3.25%, 03/01/2027(b) |
2,072,000 | 1,950,643 | ||||||
4.25%, 09/15/2027 |
3,547,000 | 3,443,348 | ||||||
|
|
|||||||
21,376,200 | ||||||||
|
|
|||||||
Media-1.29% |
| |||||||
Comcast Corp. |
||||||||
2.35%, 01/15/2027 |
4,140,000 | 3,799,796 | ||||||
3.30%, 02/01/2027 |
3,703,000 | 3,504,150 | ||||||
3.30%, 04/01/2027 |
2,372,000 | 2,240,520 | ||||||
5.35%, 11/15/2027(b) |
2,222,000 | 2,254,186 | ||||||
Paramount Global, 2.90%, 01/15/2027(b) |
2,072,000 | 1,868,701 | ||||||
|
|
|||||||
13,667,353 | ||||||||
|
|
|||||||
Metals & Mining-0.48% |
| |||||||
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027 |
3,550,000 | 3,642,410 | ||||||
Nucor Corp., 4.30%, 05/23/2027(b) |
1,461,000 | 1,417,775 | ||||||
|
|
|||||||
5,060,185 | ||||||||
|
|
|||||||
Multi-Utilities-0.90% |
| |||||||
Ameren Corp., 1.95%, 03/15/2027(b) |
1,461,000 | 1,314,387 | ||||||
NiSource, Inc., 3.49%, 05/15/2027 |
2,960,000 | 2,778,353 | ||||||
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027(b) |
2,072,000 | 2,113,175 | ||||||
Sempra, 3.25%, 06/15/2027(b) |
2,220,000 | 2,053,493 | ||||||
WEC Energy Group, Inc., 1.38%, 10/15/2027 |
1,482,000 | 1,276,751 | ||||||
|
|
|||||||
9,536,159 | ||||||||
|
|
|||||||
Office REITs-0.21% |
| |||||||
Boston Properties L.P., 6.75%, 12/01/2027(b) |
2,224,000 | 2,273,612 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-6.27% |
| |||||||
Boardwalk Pipelines L.P., 4.45%, 07/15/2027 |
1,481,000 | 1,412,980 | ||||||
BP Capital Markets America, Inc., 3.54%, 04/06/2027 |
1,477,000 | 1,410,628 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
119 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027(b) |
$ | 4,443,000 | $ | 4,186,652 | ||||
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027 |
3,703,000 | 3,504,823 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 |
3,560,000 | 3,523,387 | ||||||
Chevron Corp., 2.00%, 05/11/2027(b) |
2,962,000 | 2,687,700 | ||||||
Chevron USA, Inc., 1.02%, 08/12/2027(b) |
2,215,000 | 1,924,119 | ||||||
Coterra Energy, Inc., 3.90%, 05/15/2027 |
2,010,000 | 1,912,263 | ||||||
DCP Midstream Operating L.P., 5.63%, 07/15/2027 |
1,460,000 | 1,462,894 | ||||||
Enbridge, Inc. (Canada), 3.70%, 07/15/2027 |
2,069,000 | 1,951,235 | ||||||
Energy Transfer L.P. |
||||||||
4.40%, 03/15/2027 |
2,020,000 | 1,938,424 | ||||||
4.20%, 04/15/2027 |
1,775,000 | 1,691,707 | ||||||
4.00%, 10/01/2027 |
2,222,000 | 2,089,297 | ||||||
Enterprise Products Operating LLC, 3.95%, 02/15/2027 |
1,699,000 | 1,634,689 | ||||||
EQT Corp., 3.90%, 10/01/2027 |
3,464,000 | 3,237,776 | ||||||
Equinor ASA (Norway), 3.00%, 04/06/2027(b) |
1,450,000 | 1,358,626 | ||||||
Exxon Mobil Corp., 3.29%, 03/19/2027 |
2,962,000 | 2,827,107 | ||||||
Hess Corp., 4.30%, 04/01/2027 |
2,962,000 | 2,850,951 | ||||||
Marathon Oil Corp., 4.40%, 07/15/2027(b) |
2,962,000 | 2,824,646 | ||||||
MPLX L.P., 4.13%, 03/01/2027 |
3,703,000 | 3,547,088 | ||||||
Occidental Petroleum Corp., 8.50%, 07/15/2027 |
1,430,000 | 1,546,931 | ||||||
ONEOK, Inc., 4.00%, 07/13/2027 |
1,482,000 | 1,403,250 | ||||||
Phillips 66 Co., 4.95%, 12/01/2027(b) |
2,220,000 | 2,198,763 | ||||||
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 |
4,443,000 | 4,369,197 | ||||||
Targa Resources Corp., 5.20%, 07/01/2027 |
2,224,000 | 2,202,897 | ||||||
TC PipeLines L.P., 3.90%, 05/25/2027 |
1,481,000 | 1,399,275 | ||||||
Valero Energy Corp., 2.15%, 09/15/2027 |
1,643,000 | 1,464,410 | ||||||
Williams Cos., Inc. (The), 3.75%, 06/15/2027 |
4,291,000 | 4,041,411 | ||||||
|
|
|||||||
66,603,126 | ||||||||
|
|
|||||||
Passenger Airlines-0.48% |
||||||||
Southwest Airlines Co., 5.13%, 06/15/2027 |
5,114,000 | 5,056,128 | ||||||
|
|
|||||||
Personal Care Products-0.39% |
||||||||
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027 |
1,481,000 | 1,401,860 | ||||||
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027 |
2,965,000 | 2,769,674 | ||||||
|
|
|||||||
4,171,534 | ||||||||
|
|
|||||||
Pharmaceuticals-3.41% |
||||||||
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027(b) |
2,218,000 | 2,078,763 |
Principal Amount |
Value | |||||||
Pharmaceuticals-(continued) |
||||||||
Bristol-Myers Squibb Co. |
||||||||
3.25%, 02/27/2027(b) |
$ | 1,516,000 | $ | 1,450,962 | ||||
1.13%, 11/13/2027(b) |
2,962,000 | 2,573,237 | ||||||
Eli Lilly and Co., 3.10%, 05/15/2027(b) |
1,190,000 | 1,129,759 | ||||||
Haleon US Capital LLC, 3.38%, 03/24/2027 |
5,900,000 | 5,550,323 | ||||||
Johnson & Johnson |
||||||||
2.95%, 03/03/2027(b) |
2,962,000 | 2,806,508 | ||||||
0.95%, 09/01/2027(b) |
4,444,000 | 3,878,076 | ||||||
Merck & Co., Inc., 1.70%, 06/10/2027(b) |
4,436,000 | 3,977,277 | ||||||
Novartis Capital Corp. (Switzerland) |
||||||||
2.00%, 02/14/2027(b) |
3,703,000 | 3,382,870 | ||||||
3.10%, 05/17/2027 |
2,962,000 | 2,803,144 | ||||||
Royalty Pharma PLC, 1.75%, 09/02/2027(b) |
2,962,000 | 2,556,887 | ||||||
Viatris, Inc., 2.30%, 06/22/2027 |
2,220,000 | 1,942,481 | ||||||
Zoetis, Inc., 3.00%, 09/12/2027 |
2,222,000 | 2,068,975 | ||||||
|
|
|||||||
36,199,262 | ||||||||
|
|
|||||||
Professional Services-0.21% |
||||||||
Equifax, Inc., 5.10%, 12/15/2027 |
2,222,000 | 2,194,461 | ||||||
|
|
|||||||
Residential REITs-0.16% |
||||||||
Mid-America Apartments L.P., 3.60%, 06/01/2027 |
1,771,000 | 1,677,457 | ||||||
|
|
|||||||
Retail REITs-0.96% |
||||||||
Realty Income Corp. |
||||||||
3.00%, 01/15/2027 |
1,775,000 | 1,651,986 | ||||||
3.95%, 08/15/2027(b) |
1,759,000 | 1,678,991 | ||||||
Regency Centers L.P., 3.60%, 02/01/2027 |
1,421,000 | 1,340,988 | ||||||
Simon Property Group L.P. |
||||||||
1.38%, 01/15/2027(b) |
1,583,000 | 1,397,078 | ||||||
3.38%, 06/15/2027 |
2,220,000 | 2,072,608 | ||||||
3.38%, 12/01/2027 |
2,216,000 | 2,052,484 | ||||||
|
|
|||||||
10,194,135 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.83% |
| |||||||
Applied Materials, Inc., 3.30%, 04/01/2027 |
3,553,000 | 3,374,413 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 |
8,548,000 | 8,124,311 | ||||||
Intel Corp. |
||||||||
3.75%, 03/25/2027(b) |
2,962,000 | 2,843,084 | ||||||
3.15%, 05/11/2027(b) |
2,962,000 | 2,775,120 | ||||||
3.75%, 08/05/2027(b) |
3,613,000 | 3,455,682 | ||||||
Micron Technology, Inc., 4.19%, 02/15/2027 |
2,662,000 | 2,538,596 | ||||||
QUALCOMM, Inc., 3.25%, 05/20/2027(b) |
5,920,000 | 5,593,421 | ||||||
Texas Instruments, Inc., 2.90%, 11/03/2027(b) |
1,461,000 | 1,360,820 | ||||||
|
|
|||||||
30,065,447 | ||||||||
|
|
|||||||
Software-3.72% |
||||||||
Adobe, Inc., 2.15%, 02/01/2027(b) |
2,512,000 | 2,308,339 | ||||||
Autodesk, Inc., 3.50%, 06/15/2027 |
1,481,000 | 1,399,320 | ||||||
Intuit, Inc., 1.35%, 07/15/2027(b) |
1,480,000 | 1,300,669 | ||||||
Microsoft Corp., 3.30%, 02/06/2027(b) |
11,739,000 | 11,286,322 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
120 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Software-(continued) |
||||||||
Oracle Corp. |
||||||||
2.80%, 04/01/2027 |
$ | 6,655,000 | $ | 6,115,594 | ||||
3.25%, 11/15/2027 |
8,138,000 | 7,545,868 | ||||||
Roper Technologies, Inc., 1.40%, 09/15/2027(b) |
2,074,000 | 1,796,959 | ||||||
VMware, Inc. |
||||||||
4.65%, 05/15/2027 |
1,482,000 | 1,441,939 | ||||||
3.90%, 08/21/2027 |
3,703,000 | 3,491,043 | ||||||
Workday, Inc., 3.50%, 04/01/2027 |
2,964,000 | 2,802,589 | ||||||
|
|
|||||||
39,488,642 | ||||||||
|
|
|||||||
Specialized REITs-1.26% |
||||||||
American Tower Corp. |
||||||||
2.75%, 01/15/2027 |
2,222,000 | 2,032,874 | ||||||
3.65%, 03/15/2027 |
1,920,000 | 1,803,814 | ||||||
3.55%, 07/15/2027 |
2,222,000 | 2,062,101 | ||||||
Crown Castle, Inc. |
||||||||
4.00%, 03/01/2027(b) |
1,442,000 | 1,369,865 | ||||||
2.90%, 03/15/2027(b) |
2,222,000 | 2,041,465 | ||||||
3.65%, 09/01/2027 |
2,930,000 | 2,731,978 | ||||||
Public Storage Operating Co., 3.09%, 09/15/2027(b) |
1,479,000 | 1,381,694 | ||||||
|
|
|||||||
13,423,791 | ||||||||
|
|
|||||||
Specialty Retail-1.59% |
||||||||
AutoZone, Inc., 3.75%, 06/01/2027(b) |
1,775,000 | 1,689,178 | ||||||
Home Depot, Inc. (The) |
||||||||
2.50%, 04/15/2027 |
2,222,000 | 2,055,319 | ||||||
2.88%, 04/15/2027(b) |
2,222,000 | 2,086,659 | ||||||
2.80%, 09/14/2027(b) |
2,962,000 | 2,754,979 | ||||||
Lowe’s Cos., Inc. |
||||||||
3.35%, 04/01/2027(b) |
2,222,000 | 2,092,653 | ||||||
3.10%, 05/03/2027 |
4,443,000 | 4,140,168 | ||||||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027(b) |
2,220,000 | 2,104,429 | ||||||
|
|
|||||||
16,923,385 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.44% |
| |||||||
Apple, Inc. |
||||||||
3.35%, 02/09/2027 |
6,655,000 | 6,363,514 | ||||||
3.20%, 05/11/2027 |
5,924,000 | 5,630,346 | ||||||
3.00%, 06/20/2027 |
2,962,000 | 2,795,655 | ||||||
2.90%, 09/12/2027 |
5,920,000 | 5,543,636 | ||||||
3.00%, 11/13/2027(b) |
4,444,000 | 4,174,494 | ||||||
NetApp, Inc., 2.38%, 06/22/2027(b) |
1,592,000 | 1,441,907 | ||||||
|
|
|||||||
25,949,552 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.38% |
| |||||||
NIKE, Inc., 2.75%, 03/27/2027(b) |
2,962,000 | 2,770,284 | ||||||
VF Corp., 2.80%, 04/23/2027(b) |
1,441,000 | 1,310,224 | ||||||
|
|
|||||||
4,080,508 | ||||||||
|
|
|||||||
Tobacco-0.79% |
||||||||
B.A.T Capital Corp. (United Kingdom), 4.70%, 04/02/2027 |
2,662,000 | 2,583,021 |
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Tobacco-(continued) |
||||||||
Philip Morris International, Inc. |
||||||||
3.13%, 08/17/2027(b) |
$ | 1,478,000 | $ | 1,377,801 | ||||
5.13%, 11/17/2027 |
4,444,000 | 4,438,099 | ||||||
|
|
|||||||
8,398,921 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.83% |
| |||||||
Air Lease Corp. |
||||||||
2.20%, 01/15/2027(b) |
2,222,000 | 1,987,001 | ||||||
3.63%, 04/01/2027 |
1,476,000 | 1,357,490 | ||||||
3.63%, 12/01/2027 |
1,434,000 | 1,318,862 | ||||||
5.85%, 12/15/2027(b) |
2,040,000 | 2,041,577 | ||||||
United Rentals (North America), Inc., 3.88%, 11/15/2027 |
2,220,000 | 2,058,088 | ||||||
|
|
|||||||
8,763,018 | ||||||||
|
|
|||||||
Water Utilities-0.15% |
||||||||
American Water Capital Corp., 2.95%, 09/01/2027(b) |
1,730,000 | 1,594,581 | ||||||
|
|
|||||||
Wireless Telecommunication Services-0.14% |
| |||||||
T-Mobile USA, Inc., 5.38%, 04/15/2027 |
1,475,000 | 1,473,755 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
1,051,761,172 | |||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.00% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
53,994 | 53,994 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-98.99% |
|
1,051,815,166 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-19.51% |
||||||||
Invesco Private Government Fund, 5.30%(c)(d)(e) |
58,041,712 | 58,041,712 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
149,226,869 | 149,226,869 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
207,268,581 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-118.50% |
|
1,259,083,747 | ||||||
OTHER ASSETS LESS LIABILITIES-(18.50)% |
|
(196,577,946 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 1,062,505,801 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
121 | ||||
|
| |||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2023
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 365,182 | $ | 33,187,910 | $ | (33,499,098 | ) | $ | - | $ | - | $ | 53,994 | $ | 106,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 27,045,614 | 221,105,150 | (190,109,052 | ) | - | - | 58,041,712 | 2,002,111 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 69,545,867 | 494,770,394 | (415,079,855 | ) | (1,667 | ) | (7,870 | ) | 149,226,869 | 5,369,822 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 96,956,663 | $ | 749,063,454 | $ | (638,688,005 | ) | $ | (1,667 | ) | $ | (7,870 | ) | $ | 207,322,575 | $ | 7,478,645 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
122 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.87% |
| |||||||
Aerospace & Defense-3.13% |
||||||||
Boeing Co. (The), 3.25%, 02/01/2028 |
$ | 2,796,000 | $ | 2,563,031 | ||||
General Dynamics Corp., 3.75%, 05/15/2028(b) |
2,532,000 | 2,419,511 | ||||||
HEICO Corp., 5.25%, 08/01/2028 |
1,000,000 | 992,451 | ||||||
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028(b) |
1,525,000 | 1,294,688 | ||||||
L3Harris Technologies, Inc., 4.40%, 06/15/2028 |
2,154,000 | 2,072,885 | ||||||
Lockheed Martin Corp., 4.45%, 05/15/2028 |
1,270,000 | 1,251,551 | ||||||
Northrop Grumman Corp., 3.25%, 01/15/2028 |
5,064,000 | 4,719,842 | ||||||
RTX Corp., 4.13%, 11/16/2028 |
7,600,000 | 7,257,724 | ||||||
|
|
|||||||
22,571,683 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.36% |
||||||||
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b) |
1,525,000 | 1,452,074 | ||||||
FedEx Corp., 3.40%, 02/15/2028 |
1,247,000 | 1,163,065 | ||||||
|
|
|||||||
2,615,139 | ||||||||
|
|
|||||||
Automobile Components-0.85% |
||||||||
American Honda Finance Corp. |
||||||||
4.70%, 01/12/2028 |
1,270,000 | 1,254,614 | ||||||
3.50%, 02/15/2028(b) |
1,271,000 | 1,194,145 | ||||||
2.00%, 03/24/2028 |
1,901,000 | 1,665,861 | ||||||
5.13%, 07/07/2028(b) |
2,030,000 | 2,032,630 | ||||||
|
|
|||||||
6,147,250 | ||||||||
|
|
|||||||
Automobiles-1.33% |
||||||||
General Motors Co., 5.00%, 10/01/2028(b) |
1,901,000 | 1,845,719 | ||||||
Toyota Motor Corp. (Japan) |
||||||||
5.12%, 07/13/2028 |
1,270,000 | 1,282,796 | ||||||
3.67%, 07/20/2028(b) |
1,250,000 | 1,191,242 | ||||||
Toyota Motor Credit Corp. |
||||||||
3.05%, 01/11/2028(b) |
1,241,000 | 1,151,613 | ||||||
4.63%, 01/12/2028(b) |
2,490,000 | 2,465,540 | ||||||
1.90%, 04/06/2028 |
1,900,000 | 1,676,684 | ||||||
|
|
|||||||
9,613,594 | ||||||||
|
|
|||||||
Banks-10.69% |
||||||||
Banco Santander S.A. (Spain) |
||||||||
4.38%, 04/12/2028 |
3,200,000 | 3,009,041 | ||||||
5.59%, 08/08/2028 |
1,000,000 | 991,756 | ||||||
Bank of Montreal (Canada), 5.20%, 02/01/2028(b) |
3,040,000 | 3,016,750 | ||||||
Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028 |
1,900,000 | 1,884,649 | ||||||
Barclays PLC (United Kingdom), 4.84%, 05/09/2028 |
5,090,000 | 4,719,299 | ||||||
Canadian Imperial Bank of Commerce (Canada), 5.00%, 04/28/2028(b) |
2,530,000 | 2,479,412 | ||||||
Citigroup, Inc., 4.13%, 07/25/2028 |
5,318,000 | 4,961,306 | ||||||
Credit Suisse AG (Switzerland), 7.50%, 02/15/2028 |
6,398,000 | 6,846,225 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Fifth Third Bancorp, 3.95%, 03/14/2028(b) |
$ | 1,617,000 | $ | 1,500,085 | ||||
KeyCorp, 4.10%, 04/30/2028(b) |
1,867,000 | 1,680,026 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028 |
3,845,000 | 3,646,689 | ||||||
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028 |
3,080,000 | 2,881,419 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
3.96%, 03/02/2028(b) |
3,294,000 | 3,136,947 | ||||||
4.05%, 09/11/2028(b) |
2,534,000 | 2,408,529 | ||||||
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028(b) |
3,325,000 | 3,135,754 | ||||||
PNC Bank N.A. |
||||||||
3.25%, 01/22/2028 |
1,750,000 | 1,602,598 | ||||||
4.05%, 07/26/2028(b) |
3,120,000 | 2,889,844 | ||||||
Regions Financial Corp., 1.80%, 08/12/2028 |
1,647,000 | 1,366,646 | ||||||
Royal Bank of Canada (Canada), 4.90%, 01/12/2028(b) |
1,900,000 | 1,873,696 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
5.52%, 01/13/2028(b) |
4,760,000 | 4,761,069 | ||||||
3.54%, 01/17/2028 |
1,905,000 | 1,758,470 | ||||||
5.80%, 07/13/2028 |
2,050,000 | 2,075,558 | ||||||
3.94%, 07/19/2028(b) |
1,904,000 | 1,779,914 | ||||||
1.90%, 09/17/2028 |
5,170,000 | 4,349,897 | ||||||
Synovus Bank, 5.63%, 02/15/2028 |
1,208,000 | 1,120,562 | ||||||
Toronto-Dominion Bank (The) (Canada) |
||||||||
5.16%, 01/10/2028 |
3,170,000 | 3,142,656 | ||||||
5.52%, 07/17/2028 |
1,958,000 | 1,968,219 | ||||||
U.S. Bancorp, 3.90%, 04/26/2028(b) |
2,154,000 | 2,023,195 | ||||||
|
|
|||||||
77,010,211 | ||||||||
|
|
|||||||
Beverages-2.35% |
||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028 |
6,330,000 | 6,099,350 | ||||||
Coca-Cola Co. (The) |
||||||||
1.50%, 03/05/2028(b) |
1,900,000 | 1,666,604 | ||||||
1.00%, 03/15/2028(b) |
3,300,000 | 2,831,235 | ||||||
Constellation Brands, Inc., 3.60%, 02/15/2028 |
1,769,000 | 1,650,551 | ||||||
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028(b) |
1,200,000 | 1,155,417 | ||||||
PepsiCo, Inc. |
||||||||
3.60%, 02/18/2028(b) |
1,901,000 | 1,822,386 | ||||||
4.45%, 05/15/2028(b) |
1,700,000 | 1,695,218 | ||||||
|
|
|||||||
16,920,761 | ||||||||
|
|
|||||||
Biotechnology-1.69% |
||||||||
Amgen, Inc. |
||||||||
5.15%, 03/02/2028 |
9,500,000 | 9,494,500 | ||||||
1.65%, 08/15/2028(b) |
3,122,000 | 2,664,732 | ||||||
|
|
|||||||
12,159,232 | ||||||||
|
|
|||||||
Broadline Retail-0.69% |
||||||||
Amazon.com, Inc., 1.65%, 05/12/2028(b) |
5,700,000 | 4,985,059 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
123 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Building Products-0.18% |
||||||||
Masco Corp., 1.50%, 02/15/2028(b) |
$ | 1,496,000 | $ | 1,274,783 | ||||
|
|
|||||||
Capital Markets-4.45% |
||||||||
Ares Capital Corp., 2.88%, 06/15/2028(b) |
3,118,000 | 2,632,923 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
3.40%, 01/29/2028(b) |
1,901,000 | 1,772,310 | ||||||
3.85%, 04/28/2028 |
2,247,000 | 2,138,948 | ||||||
1.65%, 07/14/2028 |
1,248,000 | 1,065,666 | ||||||
3.00%, 10/30/2028 |
1,271,000 | 1,144,307 | ||||||
Blackstone Secured Lending Fund, 2.85%, 09/30/2028(b) |
1,620,000 | 1,339,828 | ||||||
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028 |
2,617,000 | 2,447,738 | ||||||
Charles Schwab Corp. (The) |
||||||||
3.20%, 01/25/2028 |
1,776,000 | 1,619,750 | ||||||
2.00%, 03/20/2028 |
3,167,000 | 2,732,177 | ||||||
CME Group, Inc., 3.75%, 06/15/2028 |
1,244,000 | 1,198,935 | ||||||
FS KKR Capital Corp., 3.13%, 10/12/2028(b) |
1,900,000 | 1,553,814 | ||||||
Jefferies Financial Group, Inc., 5.88%, 07/21/2028 |
1,100,000 | 1,088,380 | ||||||
Nasdaq, Inc., 5.35%, 06/28/2028(b) |
2,530,000 | 2,533,265 | ||||||
Nomura Holdings, Inc. (Japan) |
||||||||
5.84%, 01/18/2028 |
1,300,000 | 1,298,258 | ||||||
6.07%, 07/12/2028 |
2,350,000 | 2,361,141 | ||||||
2.17%, 07/14/2028(b) |
2,600,000 | 2,190,707 | ||||||
Northern Trust Corp., 3.65%, 08/03/2028(b) |
1,271,000 | 1,197,009 | ||||||
S&P Global, Inc., 4.75%, 08/01/2028(b) |
1,770,000 | 1,753,108 | ||||||
|
|
|||||||
32,068,264 | ||||||||
|
|
|||||||
Chemicals-0.70% |
||||||||
Ecolab, Inc., 5.25%, 01/15/2028 |
1,270,000 | 1,288,442 | ||||||
Nutrien Ltd. (Canada), 4.90%, 03/27/2028(b) |
1,900,000 | 1,858,011 | ||||||
PPG Industries, Inc., 3.75%, 03/15/2028(b) |
2,023,000 | 1,907,926 | ||||||
|
|
|||||||
5,054,379 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.42% |
| |||||||
Republic Services, Inc., 3.95%, 05/15/2028 |
2,023,000 | 1,922,806 | ||||||
Waste Management, Inc., 1.15%, 03/15/2028 |
1,301,000 | 1,099,027 | ||||||
|
|
|||||||
3,021,833 | ||||||||
|
|
|||||||
Communications Equipment-0.24% |
||||||||
Motorola Solutions, Inc., 4.60%, 02/23/2028(b) |
1,770,000 | 1,716,723 | ||||||
|
|
|||||||
Consumer Finance-2.37% |
||||||||
Ally Financial, Inc., 2.20%, 11/02/2028(b) |
1,902,000 | 1,536,327 | ||||||
Capital One Financial Corp., 3.80%, 01/31/2028(b) |
3,549,000 | 3,256,512 | ||||||
Discover Bank, 4.65%, 09/13/2028(b) |
2,290,000 | 2,105,650 |
Principal Amount |
Value | |||||||
Consumer Finance-(continued) |
||||||||
General Motors Financial Co., Inc. |
||||||||
6.00%, 01/09/2028(b) |
$ | 2,530,000 | $ | 2,538,317 | ||||
2.40%, 04/10/2028 |
2,530,000 | 2,189,625 | ||||||
5.80%, 06/23/2028(b) |
3,360,000 | 3,333,752 | ||||||
2.40%, 10/15/2028 |
2,530,000 | 2,143,235 | ||||||
|
|
|||||||
17,103,418 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.97% |
| |||||||
CVS Pass-Through Trust, 6.04%, 12/10/2028 |
478,266 | 480,421 | ||||||
Dollar General Corp. |
||||||||
4.13%, 05/01/2028(b) |
1,271,000 | 1,212,503 | ||||||
5.20%, 07/05/2028(b) |
1,270,000 | 1,257,706 | ||||||
Dollar Tree, Inc., 4.20%, 05/15/2028 |
3,163,000 | 3,003,870 | ||||||
Walmart, Inc. |
||||||||
3.90%, 04/15/2028 |
1,900,000 | 1,843,129 | ||||||
3.70%, 06/26/2028(b) |
3,750,000 | 3,616,454 | ||||||
1.50%, 09/22/2028(b) |
3,170,000 | 2,740,114 | ||||||
|
|
|||||||
14,154,197 | ||||||||
|
|
|||||||
Containers & Packaging-0.19% |
||||||||
WRKCo, Inc., 4.00%, 03/15/2028(b) |
1,497,000 | 1,400,478 | ||||||
|
|
|||||||
Diversified REITs-1.10% |
||||||||
CubeSmart L.P., 2.25%, 12/15/2028 |
1,396,000 | 1,183,659 | ||||||
Digital Realty Trust L.P. |
||||||||
5.55%, 01/15/2028 |
2,240,000 | 2,235,104 | ||||||
4.45%, 07/15/2028 |
1,650,000 | 1,562,343 | ||||||
VICI Properties L.P., 4.75%, 02/15/2028 . |
3,110,000 | 2,960,214 | ||||||
|
|
|||||||
7,941,320 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-1.55% |
| |||||||
AT&T, Inc., 1.65%, 02/01/2028 |
5,700,000 | 4,876,655 | ||||||
Verizon Communications, Inc., 2.10%, 03/22/2028 |
7,170,000 | 6,270,141 | ||||||
|
|
|||||||
11,146,796 | ||||||||
|
|
|||||||
Electric Utilities-6.56% |
||||||||
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028(b) |
1,517,000 | 1,396,957 | ||||||
Commonwealth Edison Co., 3.70%, 08/15/2028(b) |
1,367,000 | 1,292,120 | ||||||
Constellation Energy Generation LLC, 5.60%, 03/01/2028 |
1,900,000 | 1,913,878 | ||||||
Duke Energy Corp., 4.30%, 03/15/2028 |
2,280,000 | 2,197,261 | ||||||
Duke Energy Florida LLC, 3.80%, 07/15/2028(b) |
1,495,000 | 1,424,743 | ||||||
Duke Energy Progress LLC, 3.70%, 09/01/2028 |
1,301,000 | 1,226,594 | ||||||
Edison International |
||||||||
4.13%, 03/15/2028(b) |
1,390,000 | 1,301,239 | ||||||
5.25%, 11/15/2028 |
1,520,000 | 1,484,970 | ||||||
Entergy Corp., 1.90%, 06/15/2028(b) |
1,609,000 | 1,380,008 | ||||||
Eversource Energy, 5.45%, 03/01/2028(b) |
3,292,000 | 3,305,219 | ||||||
Exelon Corp., 5.15%, 03/15/2028 |
2,530,000 | 2,513,403 | ||||||
Florida Power & Light Co. |
||||||||
5.05%, 04/01/2028 |
2,530,000 | 2,543,212 | ||||||
4.40%, 05/15/2028(b) |
1,900,000 | 1,860,232 | ||||||
Georgia Power Co., 4.65%, 05/16/2028 |
1,900,000 | 1,854,189 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
124 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
3.40%, 02/07/2028 |
$ | 1,775,000 | $ | 1,655,410 | ||||
4.80%, 03/15/2028 |
1,520,000 | 1,504,430 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
4.90%, 02/28/2028 |
3,170,000 | 3,117,421 | ||||||
1.90%, 06/15/2028 |
3,740,000 | 3,216,115 | ||||||
Pacific Gas and Electric Co. |
||||||||
3.00%, 06/15/2028 |
2,023,000 | 1,762,204 | ||||||
3.75%, 07/01/2028 |
2,222,000 | 2,000,875 | ||||||
Southern California Edison Co., 5.30%, 03/01/2028 |
1,870,000 | 1,878,229 | ||||||
Southern Co. (The), 4.85%, 06/15/2028 |
1,900,000 | 1,862,223 | ||||||
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028 |
1,430,000 | 1,356,018 | ||||||
Virginia Electric & Power Co., |
1,773,000 | 1,678,549 | ||||||
Xcel Energy, Inc., 4.00%, 06/15/2028(b) |
1,598,000 | 1,515,650 | ||||||
|
|
|||||||
47,241,149 | ||||||||
|
|
|||||||
Electrical Equipment-0.31% |
||||||||
Emerson Electric Co., 2.00%, 12/21/2028(b) |
2,532,000 | 2,201,631 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-1.62% |
| |||||||
Arrow Electronics, Inc., 3.88%, 01/12/2028 |
1,301,000 | 1,205,543 | ||||||
Avnet, Inc., 6.25%, 03/15/2028 |
1,270,000 | 1,281,267 | ||||||
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028 |
1,262,000 | 1,109,039 | ||||||
Eaton Corp., 4.35%, 05/18/2028(b) |
1,270,000 | 1,248,109 | ||||||
Jabil, Inc., 3.95%, 01/12/2028 |
1,271,000 | 1,190,121 | ||||||
TD SYNNEX Corp., 2.38%, 08/09/2028 |
1,520,000 | 1,263,325 | ||||||
Teledyne Technologies, Inc., 2.25%, 04/01/2028 |
1,774,000 | 1,548,234 | ||||||
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028 |
1,396,000 | 1,310,802 | ||||||
Trimble, Inc., 4.90%, 06/15/2028 |
1,525,000 | 1,483,021 | ||||||
|
|
|||||||
11,639,461 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.33% |
| |||||||
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b) |
1,201,000 | 1,102,952 | ||||||
Schlumberger Investment S.A., 4.50%, 05/15/2028(b) |
1,269,000 | 1,246,563 | ||||||
|
|
|||||||
2,349,515 | ||||||||
|
|
|||||||
Entertainment-1.17% |
||||||||
Netflix, Inc., 5.88%, 11/15/2028 |
4,730,000 | 4,874,175 | ||||||
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028 |
1,262,000 | 1,243,677 | ||||||
Walt Disney Co. (The), 2.20%, 01/13/2028(b) |
2,532,000 | 2,284,133 | ||||||
|
|
|||||||
8,401,985 | ||||||||
|
|
|||||||
Financial Services-3.00% |
||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
3.88%, 01/23/2028(b) |
1,371,000 | 1,262,010 | ||||||
5.75%, 06/06/2028(b) |
2,460,000 | 2,440,670 | ||||||
3.00%, 10/29/2028 |
9,500,000 | 8,239,773 |
Principal Amount |
Value | |||||||
Financial Services-(continued) |
||||||||
Block Financial LLC, 2.50%, 07/15/2028(b) |
$ | 1,270,000 | $ | 1,088,619 | ||||
Fidelity National Information Services, Inc., 1.65%, 03/01/2028(b) |
1,903,000 | 1,632,736 | ||||||
Fiserv, Inc., 5.45%, 03/02/2028(b) |
2,280,000 | 2,295,148 | ||||||
Mastercard, Inc. |
||||||||
3.50%, 02/26/2028(b) |
1,262,000 | 1,201,920 | ||||||
4.88%, 03/09/2028(b) |
1,905,000 | 1,912,472 | ||||||
MGIC Investment Corp., 5.25%, 08/15/2028 |
1,620,000 | 1,547,597 | ||||||
|
|
|||||||
21,620,945 | ||||||||
|
|
|||||||
Food Products-1.40% |
||||||||
Campbell Soup Co., 4.15%, 03/15/2028 |
2,530,000 | 2,410,494 | ||||||
General Mills, Inc., 4.20%, 04/17/2028(b) |
3,550,000 | 3,406,377 | ||||||
Hormel Foods Corp., 1.70%, 06/03/2028(b) |
1,901,000 | 1,645,212 | ||||||
Kellogg Co., 4.30%, 05/15/2028 |
1,524,000 | 1,467,423 | ||||||
Mondelez International, Inc., 4.13%, 05/07/2028 |
1,169,000 | 1,131,981 | ||||||
|
|
|||||||
10,061,487 | ||||||||
|
|
|||||||
Gas Utilities-0.32% |
||||||||
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 |
2,300,000 | 2,296,049 | ||||||
|
|
|||||||
Ground Transportation-1.20% |
||||||||
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028(b) |
1,301,000 | 1,245,909 | ||||||
CSX Corp., 3.80%, 03/01/2028 |
2,023,000 | 1,927,562 | ||||||
Ryder System, Inc. |
||||||||
5.65%, 03/01/2028(b) |
1,270,000 | 1,273,943 | ||||||
5.25%, 06/01/2028 |
1,642,000 | 1,622,541 | ||||||
Union Pacific Corp., 3.95%, 09/10/2028 |
2,669,000 | 2,569,744 | ||||||
|
|
|||||||
8,639,699 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-1.60% |
| |||||||
Abbott Laboratories, 1.15%, 01/30/2028(b) |
1,697,000 | 1,465,864 | ||||||
Baxter International, Inc., 2.27%, 12/01/2028(b) |
3,160,000 | 2,712,748 | ||||||
Becton, Dickinson and Co., 4.69%, 02/13/2028 |
2,030,000 | 1,994,694 | ||||||
Edwards Lifesciences Corp., 4.30%, 06/15/2028(b) |
1,520,000 | 1,462,652 | ||||||
Medtronic Global Holdings S.C.A., 4.25%, 11/15/2027 |
2,530,000 | 2,462,198 | ||||||
Stryker Corp., 3.65%, 03/07/2028 |
1,525,000 | 1,448,544 | ||||||
|
|
|||||||
11,546,700 | ||||||||
|
|
|||||||
Health Care Providers & Services-5.86% |
| |||||||
Centene Corp., 2.45%, 07/15/2028 |
5,727,000 | 4,909,546 | ||||||
Cigna Group (The), 4.38%, 10/15/2028 |
9,620,000 | 9,269,692 | ||||||
CVS Health Corp., 4.30%, 03/25/2028 |
12,670,000 | 12,175,648 | ||||||
Elevance Health, Inc., 4.10%, 03/01/2028(b) |
3,172,000 | 3,039,283 | ||||||
HCA, Inc. |
||||||||
5.20%, 06/01/2028 |
2,500,000 | 2,464,228 | ||||||
5.63%, 09/01/2028(b) |
3,740,000 | 3,736,322 | ||||||
Humana, Inc., 5.75%, 03/01/2028 |
1,250,000 | 1,273,269 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
125 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Health Care Providers & Services-(continued) |
|
|||||||
UnitedHealth Group, Inc. |
||||||||
5.25%, 02/15/2028(b) |
$ | 2,490,000 | $ | 2,539,221 | ||||
3.85%, 06/15/2028(b) |
2,910,000 | 2,791,028 | ||||||
|
|
|||||||
42,198,237 | ||||||||
|
|
|||||||
Health Care REITs-0.80% |
||||||||
Healthpeak OP LLC, 2.13%, 12/01/2028(b) |
1,301,000 | 1,113,027 | ||||||
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028 |
1,400,000 | 1,316,363 | ||||||
Ventas Realty L.P., 4.00%, 03/01/2028 |
1,650,000 | 1,534,733 | ||||||
Welltower OP LLC, 4.25%, 04/15/2028 |
1,901,000 | 1,801,683 | ||||||
|
|
|||||||
5,765,806 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.44% |
| |||||||
Booking Holdings, Inc., 3.55%, 03/15/2028 |
1,270,000 | 1,200,149 | ||||||
Expedia Group, Inc., 3.80%, 02/15/2028 |
2,530,000 | 2,359,735 | ||||||
McDonald’s Corp. |
||||||||
3.80%, 04/01/2028(b) |
2,664,000 | 2,548,592 | ||||||
4.80%, 08/14/2028 |
1,000,000 | 995,875 | ||||||
Starbucks Corp. |
||||||||
3.50%, 03/01/2028 |
1,519,000 | 1,427,093 | ||||||
4.00%, 11/15/2028 |
1,900,000 | 1,819,407 | ||||||
|
|
|||||||
10,350,851 | ||||||||
|
|
|||||||
Household Products-0.55% |
||||||||
Clorox Co. (The), 3.90%, 05/15/2028(b) |
1,305,000 | 1,240,340 | ||||||
Colgate-Palmolive Co., 4.60%, 03/01/2028(b) |
1,250,000 | 1,254,959 | ||||||
Procter & Gamble Co. (The), 3.95%, 01/26/2028 |
1,520,000 | 1,492,989 | ||||||
|
|
|||||||
3,988,288 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.31% |
| |||||||
AES Corp. (The), 5.45%, 06/01/2028 |
2,280,000 | 2,238,965 | ||||||
|
|
|||||||
Industrial Conglomerates-0.37% |
||||||||
3M Co., 3.63%, 09/14/2028(b) |
1,500,000 | 1,404,713 | ||||||
Honeywell International, Inc., 4.95%, 02/15/2028 |
1,263,000 | 1,276,554 | ||||||
|
|
|||||||
2,681,267 | ||||||||
|
|
|||||||
Industrial REITs-0.26% |
||||||||
Prologis L.P., 4.88%, 06/15/2028(b) |
1,900,000 | 1,881,716 | ||||||
|
|
|||||||
Insurance-0.36% |
||||||||
Lincoln National Corp., 3.80%, 03/01/2028(b) |
1,240,000 | 1,136,342 | ||||||
Willis North America, Inc., 4.50%, 09/15/2028 |
1,525,000 | 1,454,628 | ||||||
|
|
|||||||
2,590,970 | ||||||||
|
|
|||||||
Interactive Media & Services-0.52% |
| |||||||
Meta Platforms, Inc., 4.60%, 05/15/2028(b) |
3,800,000 | 3,768,829 | ||||||
|
|
|||||||
IT Services-0.53% |
||||||||
DXC Technology Co., 2.38%, 09/15/2028(b) |
1,650,000 | 1,361,447 | ||||||
International Business Machines Corp., 4.50%, 02/06/2028(b) |
2,500,000 | 2,450,421 | ||||||
|
|
|||||||
3,811,868 | ||||||||
|
|
Principal Amount |
Value | |||||||
Life Sciences Tools & Services-0.36% |
| |||||||
Revvity, Inc., 1.90%, 09/15/2028 |
$ | 1,269,000 | $ | 1,076,410 | ||||
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028(b) |
1,769,000 | 1,524,890 | ||||||
|
|
|||||||
2,601,300 | ||||||||
|
|
|||||||
Machinery-2.23% |
||||||||
CNH Industrial Capital LLC, 4.55%, 04/10/2028(b) |
1,520,000 | 1,471,230 | ||||||
Ingersoll Rand, Inc., 5.40%, 08/14/2028 |
1,000,000 | 1,002,802 | ||||||
John Deere Capital Corp. |
||||||||
4.75%, 01/20/2028(b) |
2,790,000 | 2,779,314 | ||||||
4.90%, 03/03/2028 |
1,650,000 | 1,656,519 | ||||||
1.50%, 03/06/2028 |
1,301,000 | 1,126,573 | ||||||
4.95%, 07/14/2028 |
3,800,000 | 3,815,236 | ||||||
Wabtec Corp., 4.95%, 09/15/2028 |
3,200,000 | 3,088,338 | ||||||
Xylem, Inc., 1.95%, 01/30/2028 |
1,264,000 | 1,110,072 | ||||||
|
|
|||||||
16,050,084 | ||||||||
|
|
|||||||
Marine Transportation-0.16% |
||||||||
Kirby Corp., 4.20%, 03/01/2028 |
1,250,000 | 1,174,881 | ||||||
|
|
|||||||
Media-2.32% |
||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. |
||||||||
3.75%, 02/15/2028 |
2,530,000 | 2,316,905 | ||||||
4.20%, 03/15/2028 |
3,170,000 | 2,954,598 | ||||||
Comcast Corp. |
||||||||
3.15%, 02/15/2028 |
4,180,000 | 3,881,248 | ||||||
3.55%, 05/01/2028 |
2,530,000 | 2,390,798 | ||||||
Discovery Communications LLC, 3.95%, 03/20/2028(b) |
4,310,000 | 4,010,746 | ||||||
Paramount Global, 3.38%, 02/15/2028(b) . |
1,267,000 | 1,125,694 | ||||||
|
|
|||||||
16,679,989 | ||||||||
|
|
|||||||
Metals & Mining-0.48% |
||||||||
Freeport-McMoRan, Inc. |
||||||||
4.13%, 03/01/2028 |
1,208,000 | 1,121,776 | ||||||
4.38%, 08/01/2028 |
1,149,000 | 1,067,283 | ||||||
Nucor Corp., 3.95%, 05/01/2028 |
1,300,000 | 1,237,720 | ||||||
|
|
|||||||
3,426,779 | ||||||||
|
|
|||||||
Multi-Utilities-1.68% |
||||||||
DTE Electric Co., Series A, 1.90%, 04/01/2028 |
1,455,000 | 1,278,067 | ||||||
DTE Energy Co., 4.88%, 06/01/2028(b) |
2,030,000 | 1,986,211 | ||||||
National Grid PLC (United Kingdom), 5.60%, 06/12/2028 |
1,800,000 | 1,804,657 | ||||||
NiSource, Inc., 5.25%, 03/30/2028 |
2,620,000 | 2,610,590 | ||||||
San Diego Gas & Electric Co., 4.95%, 08/15/2028 |
1,000,000 | 990,645 | ||||||
Sempra, 3.40%, 02/01/2028(b) |
2,534,000 | 2,346,893 | ||||||
WEC Energy Group, Inc., 2.20%, 12/15/2028 |
1,268,000 | 1,097,390 | ||||||
|
|
|||||||
12,114,453 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-5.68% |
| |||||||
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028 |
1,992,000 | 1,875,323 | ||||||
Chevron USA, Inc., 3.85%, 01/15/2028 |
1,521,000 | 1,471,374 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
126 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Continental Resources, Inc., 4.38%, 01/15/2028(b) |
$ | 2,531,000 | $ | 2,384,577 | ||||
Energy Transfer L.P. |
||||||||
5.55%, 02/15/2028 |
2,530,000 | 2,523,395 | ||||||
4.95%, 05/15/2028 |
2,030,000 | 1,973,244 | ||||||
4.95%, 06/15/2028 |
2,535,000 | 2,456,571 | ||||||
EQT Corp., 5.70%, 04/01/2028 |
1,250,000 | 1,245,642 | ||||||
Equinor ASA (Norway), 3.63%, 09/10/2028(b) |
2,600,000 | 2,471,789 | ||||||
Kinder Morgan, Inc., 4.30%, 03/01/2028 |
3,171,000 | 3,024,814 | ||||||
MPLX L.P., 4.00%, 03/15/2028 |
3,119,000 | 2,929,969 | ||||||
Occidental Petroleum Corp., 6.38%, 09/01/2028 |
1,460,000 | 1,486,163 | ||||||
ONEOK, Inc., 4.55%, 07/15/2028 |
2,029,000 | 1,935,811 | ||||||
Ovintiv, Inc., 5.65%, 05/15/2028 |
1,800,000 | 1,787,336 | ||||||
Phillips 66, 3.90%, 03/15/2028 |
2,031,000 | 1,924,737 | ||||||
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028(b) |
3,417,000 | 3,237,999 | ||||||
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028 |
3,551,000 | 3,383,022 | ||||||
Valero Energy Corp., 4.35%, 06/01/2028 |
1,501,000 | 1,437,993 | ||||||
Valero Energy Partners L.P., 4.50%, 03/15/2028 |
1,150,000 | 1,107,646 | ||||||
Williams Cos., Inc. (The), 5.30%, 08/15/2028 |
2,300,000 | 2,289,619 | ||||||
|
|
|||||||
40,947,024 | ||||||||
|
|
|||||||
Passenger Airlines-0.14% |
||||||||
Delta Air Lines, Inc., 4.38%, 04/19/2028(b) |
1,099,000 | 1,039,077 | ||||||
|
|
|||||||
Personal Care Products-0.68% |
| |||||||
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028 |
1,800,000 | 1,758,186 | ||||||
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028 |
3,310,000 | 3,148,816 | ||||||
|
|
|||||||
4,907,002 | ||||||||
|
|
|||||||
Pharmaceuticals-4.50% |
||||||||
AstraZeneca Finance LLC (United Kingdom) |
||||||||
4.88%, 03/03/2028 |
2,784,000 | 2,776,219 | ||||||
1.75%, 05/28/2028(b) |
3,200,000 | 2,778,452 | ||||||
Bristol-Myers Squibb Co., 3.90%, 02/20/2028 |
3,670,000 | 3,525,329 | ||||||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028(b) |
4,430,000 | 4,273,382 | ||||||
Johnson & Johnson, 2.90%, 01/15/2028(b) |
3,800,000 | 3,562,772 | ||||||
Merck & Co., Inc. |
||||||||
4.05%, 05/17/2028(b) |
1,270,000 | 1,240,297 | ||||||
1.90%, 12/10/2028(b) |
2,530,000 | 2,200,195 | ||||||
Pfizer, Inc., 3.60%, 09/15/2028(b) |
2,530,000 | 2,412,255 | ||||||
Pharmacia LLC, 6.60%, 12/01/2028 |
1,685,000 | 1,816,983 | ||||||
Sanofi, 3.63%, 06/19/2028(b) |
2,442,000 | 2,359,258 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 |
4,300,000 | 4,267,366 | ||||||
Zoetis, Inc., 3.90%, 08/20/2028 |
1,270,000 | 1,214,657 | ||||||
|
|
|||||||
32,427,165 | ||||||||
|
|
Principal Amount |
Value | |||||||
Professional Services-0.69% |
||||||||
Automatic Data Processing, Inc., 1.70%, 05/15/2028(b) |
$ | 2,534,000 | $ | 2,219,522 | ||||
Concentrix Corp., 6.60%, 08/02/2028 |
1,000,000 | 979,876 | ||||||
Equifax, Inc., 5.10%, 06/01/2028 |
1,775,000 | 1,737,189 | ||||||
|
|
|||||||
4,936,587 | ||||||||
|
|
|||||||
Residential REITs-0.51% |
||||||||
American Homes 4 Rent L.P., 4.25%, 02/15/2028 |
1,301,000 | 1,232,009 | ||||||
ERP Operating L.P., 3.50%, 03/01/2028 |
1,267,000 | 1,181,959 | ||||||
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028(b) |
1,517,000 | 1,290,525 | ||||||
|
|
|||||||
3,704,493 | ||||||||
|
|
|||||||
Retail REITs-0.62% |
||||||||
Realty Income Corp. |
||||||||
3.40%, 01/15/2028(b) |
1,511,000 | 1,403,050 | ||||||
3.65%, 01/15/2028 |
1,371,000 | 1,283,579 | ||||||
Simon Property Group L.P., 1.75%, 02/01/2028 |
2,031,000 | 1,745,143 | ||||||
|
|
|||||||
4,431,772 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.46% |
| |||||||
Analog Devices, Inc., 1.70%, 10/01/2028 |
1,900,000 | 1,630,879 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028 |
1,970,000 | 1,817,789 | ||||||
Intel Corp. |
||||||||
4.88%, 02/10/2028 |
4,430,000 | 4,405,552 | ||||||
1.60%, 08/12/2028(b) |
2,532,000 | 2,177,057 | ||||||
Marvell Technology, Inc., 2.45%, 04/15/2028 |
1,900,000 | 1,667,577 | ||||||
Micron Technology, Inc., 5.38%, 04/15/2028 |
1,520,000 | 1,495,134 | ||||||
NVIDIA Corp., 1.55%, 06/15/2028 |
3,172,000 | 2,756,569 | ||||||
Texas Instruments, Inc., 4.60%, 02/15/2028(b) |
1,749,000 | 1,741,169 | ||||||
|
|
|||||||
17,691,726 | ||||||||
|
|
|||||||
Software-2.17% |
||||||||
Oracle Corp. |
||||||||
2.30%, 03/25/2028 |
5,067,000 | 4,461,825 | ||||||
4.50%, 05/06/2028(b) |
1,900,000 | 1,844,181 | ||||||
Roper Technologies, Inc., 4.20%, 09/15/2028 |
2,023,000 | 1,929,084 | ||||||
Salesforce, Inc. |
||||||||
3.70%, 04/11/2028 |
3,800,000 | 3,642,853 | ||||||
1.50%, 07/15/2028 |
2,530,000 | 2,177,966 | ||||||
VMware, Inc., 1.80%, 08/15/2028 |
1,900,000 | 1,593,500 | ||||||
|
|
|||||||
15,649,409 | ||||||||
|
|
|||||||
Specialized REITs-2.67% |
||||||||
American Tower Corp. |
||||||||
3.60%, 01/15/2028 |
1,800,000 | 1,662,970 | ||||||
1.50%, 01/31/2028 |
1,649,000 | 1,386,685 | ||||||
5.50%, 03/15/2028 |
1,778,000 | 1,770,111 | ||||||
5.25%, 07/15/2028(b) |
1,645,000 | 1,621,298 | ||||||
Crown Castle, Inc. |
||||||||
5.00%, 01/11/2028(b) |
2,530,000 | 2,485,593 | ||||||
3.80%, 02/15/2028 |
2,530,000 | 2,355,353 | ||||||
4.80%, 09/01/2028 |
1,490,000 | 1,447,620 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
127 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Specialized REITs-(continued) |
||||||||
Equinix, Inc., 1.55%, 03/15/2028(b) |
$ | 1,640,000 | $ | 1,388,108 | ||||
Extra Space Storage L.P., 5.70%, 04/01/2028 |
1,250,000 | 1,256,546 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028 |
1,301,000 | 1,265,437 | ||||||
Public Storage Operating Co. |
||||||||
1.85%, 05/01/2028 |
1,620,000 | 1,407,674 | ||||||
1.95%, 11/09/2028 |
1,389,000 | 1,195,765 | ||||||
|
|
|||||||
19,243,160 | ||||||||
|
|
|||||||
Specialty Retail-1.72% |
||||||||
Dell International LLC/EMC Corp., 5.25%, 02/01/2028(b) |
2,530,000 | 2,525,249 | ||||||
Home Depot, Inc. (The) |
||||||||
0.90%, 03/15/2028 |
1,269,000 | 1,072,315 | ||||||
1.50%, 09/15/2028(b) |
2,530,000 | 2,162,580 | ||||||
Lowe’s Cos., Inc. |
||||||||
1.30%, 04/15/2028 |
2,535,000 | 2,146,418 | ||||||
1.70%, 09/15/2028 |
2,530,000 | 2,155,188 | ||||||
O’Reilly Automotive, Inc., 4.35%, 06/01/2028(b) |
1,301,000 | 1,263,673 | ||||||
TJX Cos., Inc. (The), 1.15%, 05/15/2028 . |
1,262,000 | 1,073,041 | ||||||
|
|
|||||||
12,398,464 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.47% |
| |||||||
Apple, Inc. |
||||||||
1.20%, 02/08/2028(b) |
6,335,000 | 5,479,472 | ||||||
4.00%, 05/10/2028 |
3,800,000 | 3,716,316 | ||||||
1.40%, 08/05/2028(b) |
5,826,000 | 5,012,897 | ||||||
Hewlett Packard Enterprise Co., 5.25%, 07/01/2028 |
1,390,000 | 1,378,916 | ||||||
HP, Inc., 4.75%, 01/15/2028 |
2,278,000 | 2,219,825 | ||||||
|
|
|||||||
17,807,426 | ||||||||
|
|
|||||||
Tobacco-1.57% |
||||||||
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028 |
4,430,000 | 3,812,113 | ||||||
B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028 |
2,530,000 | 2,400,423 | ||||||
Philip Morris International, Inc. |
||||||||
4.88%, 02/15/2028(b) |
3,930,000 | 3,881,674 | ||||||
3.13%, 03/02/2028 |
1,304,000 | 1,198,725 | ||||||
|
|
|||||||
11,292,935 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.39% |
| |||||||
Air Lease Corp. |
||||||||
5.30%, 02/01/2028 |
1,770,000 | 1,739,926 | ||||||
2.10%, 09/01/2028(b) |
1,265,000 | 1,066,096 | ||||||
|
|
|||||||
2,806,022 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Water Utilities-0.21% |
||||||||
American Water Capital Corp., 3.75%, 09/01/2028 |
$ | 1,600,000 | $ | 1,521,269 | ||||
|
|
|||||||
Wireless Telecommunication Services-2.39% |
|
|||||||
Sprint Capital Corp., 6.88%, 11/15/2028 |
6,269,000 | 6,628,477 | ||||||
T-Mobile USA, Inc. |
||||||||
4.75%, 02/01/2028(b) |
3,800,000 | 3,693,685 | ||||||
4.95%, 03/15/2028(b) |
2,530,000 | 2,496,028 | ||||||
4.80%, 07/15/2028(b) |
2,280,000 | 2,230,145 | ||||||
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028(b) |
2,240,000 | 2,200,578 | ||||||
|
|
|||||||
17,248,913 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
712,280,468 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
70,749 | 70,749 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-98.88% |
712,351,217 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-22.35% |
| |||||||
Invesco Private Government Fund, |
44,945,202 | 44,945,202 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) . |
116,108,652 | 116,108,652 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
161,053,854 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-121.23% |
|
873,405,071 | ||||||
OTHER ASSETS LESS LIABILITIES-(21.23)% |
|
(152,976,571 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 720,428,500 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
128 | ||||
|
| |||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2023
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 390,263 | $ | 25,284,614 | $ | (25,604,128 | ) | $ | - | $ | - | $ | 70,749 | $ | 86,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 14,844,006 | 169,069,146 | (138,967,950 | ) | - | - | 44,945,202 | 1,207,384 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 38,170,302 | 391,619,599 | (313,670,886 | ) | 59 | (10,422 | ) | 116,108,652 | 3,234,128 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 53,404,571 | $ | 585,973,359 | $ | (478,242,964 | ) | $ | 59 | $ | (10,422 | ) | $ | 161,124,603 | $ | 4,528,359 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
129 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.77% |
| |||||||
Aerospace & Defense-0.97% |
||||||||
Boeing Co. (The), 3.20%, 03/01/2029 |
$ | 1,952,000 | $ | 1,756,034 | ||||
Howmet Aerospace, Inc., 3.00%, 01/15/2029 |
1,370,000 | 1,182,836 | ||||||
RTX Corp., 7.50%, 09/15/2029 |
810,000 | 903,413 | ||||||
|
|
|||||||
3,842,283 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.35% |
| |||||||
United Parcel Service, Inc., 3.40%, 03/15/2029 |
1,469,000 | 1,376,295 | ||||||
|
|
|||||||
Automobile Components-0.28% |
| |||||||
American Honda Finance Corp., 2.25%, 01/12/2029 |
1,285,000 | 1,120,036 | ||||||
|
|
|||||||
Automobiles-1.32% |
||||||||
General Motors Co., 5.40%, 10/15/2029(b) |
1,962,000 | 1,898,022 | ||||||
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029 |
947,000 | 852,400 | ||||||
Toyota Motor Credit Corp. |
||||||||
3.65%, 01/08/2029 |
974,000 | 919,411 | ||||||
4.45%, 06/29/2029(b) |
1,556,000 | 1,526,322 | ||||||
|
|
|||||||
5,196,155 | ||||||||
|
|
|||||||
Banks-5.88% |
||||||||
KeyCorp, 2.55%, 10/01/2029 |
1,451,000 | 1,151,249 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
3.74%, 03/07/2029 |
2,923,000 | 2,707,096 | ||||||
3.20%, 07/18/2029(b) |
3,400,000 | 3,007,458 | ||||||
PNC Bank N.A., 2.70%, 10/22/2029 |
1,500,000 | 1,259,518 | ||||||
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029 |
2,942,000 | 2,656,448 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
2.47%, 01/14/2029 |
1,000,000 | 858,333 | ||||||
3.04%, 07/16/2029 |
4,860,000 | 4,246,979 | ||||||
2.72%, 09/27/2029(b) |
900,000 | 767,334 | ||||||
Truist Financial Corp., 3.88%, 03/19/2029 |
1,272,000 | 1,137,946 | ||||||
Wells Fargo & Co., 4.15%, 01/24/2029 |
4,880,000 | 4,605,433 | ||||||
Zions Bancorporation N.A., 3.25%, 10/29/2029 |
1,000,000 | 786,325 | ||||||
|
|
|||||||
23,184,119 | ||||||||
|
|
|||||||
Beverages-3.71% |
||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029 |
8,291,000 | 8,218,483 | ||||||
Coca-Cola Co. (The), 2.13%, 09/06/2029 |
1,952,000 | 1,706,950 | ||||||
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029 |
2,050,000 | 1,774,143 | ||||||
Keurig Dr Pepper, Inc., 3.95%, 04/15/2029(b) |
1,951,000 | 1,838,554 | ||||||
PepsiCo, Inc., 7.00%, 03/01/2029 |
991,000 | 1,102,798 | ||||||
|
|
|||||||
14,640,928 | ||||||||
|
|
|||||||
Biotechnology-3.34% |
||||||||
AbbVie, Inc., 3.20%, 11/21/2029 |
10,608,000 | 9,567,923 |
Principal Amount |
Value | |||||||
Biotechnology-(continued) |
||||||||
Amgen, Inc. |
||||||||
3.00%, 02/22/2029(b) |
$ | 1,464,000 | $ | 1,324,660 | ||||
4.05%, 08/18/2029(b) |
2,438,000 | 2,305,135 | ||||||
|
|
|||||||
13,197,718 | ||||||||
|
|
|||||||
Broadline Retail-1.43% |
||||||||
Amazon.com, Inc. |
||||||||
3.45%, 04/13/2029(b) |
2,892,000 | 2,723,342 | ||||||
4.65%, 12/01/2029(b) |
2,929,000 | 2,919,551 | ||||||
|
|
|||||||
5,642,893 | ||||||||
|
|
|||||||
Building Products-0.31% |
||||||||
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029(b) |
1,370,000 | 1,209,352 | ||||||
|
|
|||||||
Capital Markets-3.96% |
||||||||
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029 |
1,464,000 | 1,308,728 | ||||||
BlackRock, Inc., 3.25%, 04/30/2029 |
1,951,000 | 1,804,998 | ||||||
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029 |
1,948,000 | 1,865,236 | ||||||
Charles Schwab Corp. (The) |
||||||||
4.00%, 02/01/2029 |
1,183,000 | 1,113,530 | ||||||
3.25%, 05/22/2029 |
1,169,000 | 1,042,283 | ||||||
Lazard Group LLC, 4.38%, 03/11/2029 |
1,004,000 | 943,158 | ||||||
Nomura Holdings, Inc. (Japan) |
||||||||
2.71%, 01/22/2029 |
1,000,000 | 849,023 | ||||||
5.61%, 07/06/2029 |
1,110,000 | 1,090,244 | ||||||
Northern Trust Corp., 3.15%, 05/03/2029(b) |
971,000 | 883,074 | ||||||
S&P Global, Inc. |
||||||||
2.70%, 03/01/2029 |
2,397,000 | 2,144,776 | ||||||
4.25%, 05/01/2029(b) |
1,800,000 | 1,734,510 | ||||||
2.50%, 12/01/2029 |
965,000 | 840,666 | ||||||
|
|
|||||||
15,620,226 | ||||||||
|
|
|||||||
Chemicals-2.69% |
||||||||
Celanese US Holdings LLC, 6.33%, 07/15/2029(b) |
1,460,000 | 1,452,332 | ||||||
Dow Chemical Co. (The), 7.38%, 11/01/2029 |
1,521,000 | 1,670,421 | ||||||
FMC Corp., 3.45%, 10/01/2029 |
960,000 | 836,002 | ||||||
Huntsman International LLC, 4.50%, 05/01/2029 |
1,461,000 | 1,354,152 | ||||||
Nutrien Ltd. (Canada), 4.20%, 04/01/2029 |
1,460,000 | 1,375,197 | ||||||
Olin Corp., 5.63%, 08/01/2029(b) |
1,309,000 | 1,257,168 | ||||||
Rohm & Haas Co., 7.85%, 07/15/2029 |
1,120,000 | 1,238,692 | ||||||
Sherwin-Williams Co. (The), 2.95%, 08/15/2029 |
1,600,000 | 1,410,916 | ||||||
|
|
|||||||
10,594,880 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.58% |
| |||||||
Waste Connections, Inc., 3.50%, 05/01/2029(b) |
972,000 | 896,576 | ||||||
Waste Management, Inc., 4.88%, 02/15/2029 |
1,400,000 | 1,389,720 | ||||||
|
|
|||||||
2,286,296 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
130 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Communications Equipment-0.60% |
||||||||
Juniper Networks, Inc., 3.75%, 08/15/2029 |
$ | 949,000 | $ | 863,796 | ||||
Motorola Solutions, Inc., 4.60%, 05/23/2029 |
1,556,000 | 1,500,333 | ||||||
|
|
|||||||
2,364,129 | ||||||||
|
|
|||||||
Consumer Finance-1.51% |
||||||||
American Express Co., 4.05%, 05/03/2029(b) |
1,952,000 | 1,855,545 | ||||||
General Motors Financial Co., Inc. |
||||||||
5.65%, 01/17/2029 |
996,000 | 979,812 | ||||||
4.30%, 04/06/2029 |
2,153,000 | 1,969,636 | ||||||
Synchrony Financial, 5.15%, 03/19/2029 |
1,273,000 | 1,168,840 | ||||||
|
|
|||||||
5,973,833 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.36% |
| |||||||
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029 |
973,000 | 1,040,963 | ||||||
Kroger Co. (The), 4.50%, 01/15/2029 |
1,167,000 | 1,128,927 | ||||||
Target Corp., 3.38%, 04/15/2029(b) |
1,975,000 | 1,848,492 | ||||||
Walmart, Inc., 3.25%, 07/08/2029 |
1,433,000 | 1,335,381 | ||||||
|
|
|||||||
5,353,763 | ||||||||
|
|
|||||||
Containers & Packaging-0.57% |
| |||||||
Packaging Corp. of America, 3.00%, 12/15/2029(b) |
968,000 | 846,061 | ||||||
WRKCo, Inc., 4.90%, 03/15/2029(b) |
1,464,000 | 1,410,026 | ||||||
|
|
|||||||
2,256,087 | ||||||||
|
|
|||||||
Diversified Consumer Services-0.45% |
| |||||||
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029 |
1,849,000 | 1,758,069 | ||||||
|
|
|||||||
Diversified REITs-0.59% |
| |||||||
Digital Realty Trust L.P., 3.60%, 07/01/2029 |
1,759,000 | 1,587,984 | ||||||
Hudson Pacific Properties L.P., 4.65%, 04/01/2029 |
968,000 | 738,466 | ||||||
|
|
|||||||
2,326,450 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-3.69% |
| |||||||
AT&T, Inc., 4.35%, 03/01/2029(b) |
5,853,000 | 5,539,990 | ||||||
Verizon Communications, Inc. |
||||||||
3.88%, 02/08/2029(b) |
1,951,000 | 1,824,117 | ||||||
4.02%, 12/03/2029 |
7,730,000 | 7,189,839 | ||||||
|
|
|||||||
14,553,946 | ||||||||
|
|
|||||||
Electric Utilities-4.39% |
| |||||||
Avangrid, Inc., 3.80%, 06/01/2029 |
1,464,000 | 1,330,163 | ||||||
Duke Energy Corp., 3.40%, 06/15/2029 |
1,172,000 | 1,061,097 | ||||||
Duke Energy Florida LLC, 2.50%, 12/01/2029 |
1,363,000 | 1,176,898 | ||||||
Duke Energy Progress LLC, 3.45%, 03/15/2029 |
1,166,000 | 1,072,284 | ||||||
Edison International, 6.95%, 11/15/2029 |
1,075,000 | 1,134,186 | ||||||
Evergy, Inc., 2.90%, 09/15/2029 |
1,560,000 | 1,358,920 | ||||||
Eversource Energy, Series O, 4.25%, 04/01/2029 |
977,000 | 929,379 | ||||||
MidAmerican Energy Co., 3.65%, 04/15/2029 |
1,658,000 | 1,546,473 | ||||||
Nevada Power Co., Series CC, 3.70%, 05/01/2029 |
969,000 | 899,947 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
3.50%, 04/01/2029 |
$ | 967,000 | $ | 883,190 | ||||
2.75%, 11/01/2029 |
1,932,000 | 1,671,749 | ||||||
Pacific Gas and Electric Co., 6.10%, 01/15/2029 |
1,660,000 | 1,642,115 | ||||||
Southern California Edison Co., Series A, 4.20%, 03/01/2029 |
966,000 | 917,195 | ||||||
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029 |
979,000 | 869,385 | ||||||
Xcel Energy, Inc., 2.60%, 12/01/2029 |
966,000 | 828,268 | ||||||
|
|
|||||||
17,321,249 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-0.75% |
| |||||||
Amphenol Corp., 4.35%, 06/01/2029 |
980,000 | 944,365 | ||||||
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029 |
1,352,000 | 1,175,835 | ||||||
Keysight Technologies, Inc., 3.00%, 10/30/2029 |
966,000 | 846,698 | ||||||
|
|
|||||||
2,966,898 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.45% |
| |||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029 |
1,016,000 | 905,712 | ||||||
NOV, Inc., 3.60%, 12/01/2029(b) |
976,000 | 875,814 | ||||||
|
|
|||||||
1,781,526 | ||||||||
|
|
|||||||
Entertainment-1.93% |
| |||||||
Netflix, Inc., 6.38%, 05/15/2029 |
1,561,000 | 1,643,337 | ||||||
Walt Disney Co. (The), 2.00%, 09/01/2029 |
3,905,000 | 3,312,689 | ||||||
Warnermedia Holdings, Inc., 4.05%, 03/15/2029(b) |
2,910,000 | 2,677,334 | ||||||
|
|
|||||||
7,633,360 | ||||||||
|
|
|||||||
Financial Services-3.71% |
| |||||||
Blackstone Private Credit Fund, 4.00%, 01/15/2029(b) |
1,250,000 | 1,074,943 | ||||||
Corebridge Financial, Inc., 3.85%, 04/05/2029 |
1,950,000 | 1,785,829 | ||||||
Fidelity National Information Services, Inc., 3.75%, 05/21/2029(b) |
1,174,000 | 1,090,509 | ||||||
Fiserv, Inc., 3.50%, 07/01/2029 |
5,857,000 | 5,350,149 | ||||||
Global Payments, Inc., 5.30%, 08/15/2029 |
977,000 | 954,366 | ||||||
Mastercard, Inc., 2.95%, 06/01/2029 |
1,942,000 | 1,761,032 | ||||||
PayPal Holdings, Inc., 2.85%, 10/01/2029 |
2,944,000 | 2,605,306 | ||||||
|
|
|||||||
14,622,134 | ||||||||
|
|
|||||||
Food Products-0.47% |
| |||||||
Tyson Foods, Inc., 4.35%, 03/01/2029 |
1,952,000 | 1,848,388 | ||||||
|
|
|||||||
Gas Utilities-0.27% |
| |||||||
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029 |
1,175,000 | 1,066,621 | ||||||
|
|
|||||||
Ground Transportation-0.83% |
| |||||||
CSX Corp., 4.25%, 03/15/2029 |
1,898,000 | 1,833,973 | ||||||
Union Pacific Corp., 3.70%, 03/01/2029 |
1,511,000 | 1,433,675 | ||||||
|
|
|||||||
3,267,648 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-0.35% |
| |||||||
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029(b) |
1,556,000 | 1,372,810 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
131 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Health Care Providers & Services-6.04% |
|
|||||||
Centene Corp., 4.63%, 12/15/2029 |
$ | 6,399,000 | $ | 5,889,928 | ||||
CommonSpirit Health, 3.35%, 10/01/2029 |
1,740,000 | 1,551,896 | ||||||
CVS Health Corp., 5.00%, 01/30/2029 |
1,949,000 | 1,920,903 | ||||||
Elevance Health, Inc., 2.88%, 09/15/2029 |
1,609,000 | 1,422,469 | ||||||
HCA, Inc. |
||||||||
5.88%, 02/01/2029 |
1,952,000 | 1,965,093 | ||||||
4.13%, 06/15/2029 |
3,938,000 | 3,639,406 | ||||||
Humana, Inc., 3.70%, 03/23/2029 |
1,464,000 | 1,356,188 | ||||||
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029 |
1,267,000 | 1,115,424 | ||||||
Quest Diagnostics, Inc., 4.20%, 06/30/2029 |
976,000 | 934,802 | ||||||
UnitedHealth Group, Inc. |
||||||||
4.25%, 01/15/2029(b) |
2,440,000 | 2,368,160 | ||||||
4.00%, 05/15/2029 |
1,759,000 | 1,682,444 | ||||||
|
|
|||||||
23,846,713 | ||||||||
|
|
|||||||
Health Care REITs-1.31% |
| |||||||
Healthpeak OP LLC, 3.50%, 07/15/2029 |
1,271,000 | 1,142,882 | ||||||
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029 |
976,000 | 828,563 | ||||||
Ventas Realty L.P., 4.40%, 01/15/2029 |
1,466,000 | 1,377,850 | ||||||
Welltower OP LLC |
||||||||
2.05%, 01/15/2029 |
980,000 | 822,259 | ||||||
4.13%, 03/15/2029 |
1,070,000 | 994,426 | ||||||
|
|
|||||||
5,165,980 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-0.84% |
| |||||||
Marriott International, Inc., 4.90%, 04/15/2029 |
1,560,000 | 1,519,715 | ||||||
Starbucks Corp., 3.55%, 08/15/2029 |
1,952,000 | 1,809,170 | ||||||
|
|
|||||||
3,328,885 | ||||||||
|
|
|||||||
Household Durables-0.57% |
| |||||||
Leggett & Platt, Inc., 4.40%, 03/15/2029(b) . |
976,000 | 922,912 | ||||||
Whirlpool Corp., 4.75%, 02/26/2029(b) |
1,363,000 | 1,327,235 | ||||||
|
|
|||||||
2,250,147 | ||||||||
|
|
|||||||
Household Products-0.56% |
| |||||||
Clorox Co. (The), 4.40%, 05/01/2029(b) |
976,000 | 945,872 | ||||||
Kimberly-Clark Corp., 3.20%, 04/25/2029(b) |
1,367,000 | 1,267,239 | ||||||
|
|
|||||||
2,213,111 | ||||||||
|
|
|||||||
Industrial Conglomerates-1.15% |
| |||||||
3M Co. |
||||||||
3.38%, 03/01/2029(b) |
1,553,000 | 1,423,766 | ||||||
2.38%, 08/26/2029(b) |
1,934,000 | 1,668,718 | ||||||
Honeywell International, Inc., 4.25%, 01/15/2029 |
1,469,000 | 1,428,646 | ||||||
|
|
|||||||
4,521,130 | ||||||||
|
|
|||||||
Insurance-2.77% |
| |||||||
Aon Corp., 3.75%, 05/02/2029 |
1,470,000 | 1,369,619 | ||||||
CNA Financial Corp., 3.90%, 05/01/2029 |
973,000 | 906,646 | ||||||
CNO Financial Group, Inc., 5.25%, 05/30/2029 |
977,000 | 931,640 | ||||||
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029 |
1,169,000 | 1,024,471 | ||||||
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 |
2,922,000 | 2,831,680 |
Principal Amount |
Value | |||||||
Insurance-(continued) |
||||||||
PartnerRe Finance B LLC, 3.70%, 07/02/2029(b) |
$ | 951,000 | $ | 863,541 | ||||
Principal Financial Group, Inc., 3.70%, 05/15/2029 |
960,000 | 880,002 | ||||||
Progressive Corp. (The), 4.00%, 03/01/2029 |
1,069,000 | 1,029,638 | ||||||
Reinsurance Group of America, Inc., 3.90%, 05/15/2029 |
1,174,000 | 1,074,078 | ||||||
|
|
|||||||
10,911,315 | ||||||||
|
|
|||||||
IT Services-1.49% |
| |||||||
International Business Machines Corp., 3.50%, 05/15/2029 |
6,370,000 | 5,880,670 | ||||||
|
|
|||||||
Leisure Products-0.40% |
| |||||||
Hasbro, Inc., 3.90%, 11/19/2029(b) |
1,760,000 | 1,597,205 | ||||||
|
|
|||||||
Life Sciences Tools & Services-0.77% |
| |||||||
Revvity, Inc., 3.30%, 09/15/2029 |
1,657,000 | 1,474,383 | ||||||
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029 |
1,772,000 | 1,555,771 | ||||||
|
|
|||||||
3,030,154 | ||||||||
|
|
|||||||
Machinery-2.29% |
| |||||||
Caterpillar, Inc., 2.60%, 09/19/2029 |
960,000 | 859,292 | ||||||
Deere & Co., 5.38%, 10/16/2029(b) |
962,000 | 993,967 | ||||||
John Deere Capital Corp. |
||||||||
3.45%, 03/07/2029 |
1,166,000 | 1,086,189 | ||||||
3.35%, 04/18/2029 |
1,159,000 | 1,076,951 | ||||||
Parker-Hannifin Corp. |
||||||||
3.25%, 06/14/2029 |
1,951,000 | 1,766,052 | ||||||
4.50%, 09/15/2029 |
1,955,000 | 1,890,983 | ||||||
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029 |
1,468,000 | 1,371,356 | ||||||
|
|
|||||||
9,044,790 | ||||||||
|
|
|||||||
Media-2.15% |
| |||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. |
||||||||
2.25%, 01/15/2029 |
2,440,000 | 2,028,236 | ||||||
5.05%, 03/30/2029 |
2,440,000 | 2,324,841 | ||||||
Comcast Corp., 4.55%, 01/15/2029 |
1,940,000 | 1,902,475 | ||||||
Discovery Communications LLC, 4.13%, 05/15/2029 |
1,460,000 | 1,341,191 | ||||||
Paramount Global, 4.20%, 06/01/2029(b) |
976,000 | 874,213 | ||||||
|
|
|||||||
8,470,956 | ||||||||
|
|
|||||||
Metals & Mining-0.23% |
| |||||||
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029(b) |
976,000 | 926,209 | ||||||
|
|
|||||||
Multi-Utilities-0.47% |
| |||||||
Consumers Energy Co., 4.90%, 02/15/2029 |
114,000 | 113,258 | ||||||
DTE Energy Co., Series C, 3.40%, 06/15/2029 |
933,000 | 837,835 | ||||||
Sempra, 3.70%, 04/01/2029 |
976,000 | 891,879 | ||||||
|
|
|||||||
1,842,972 | ||||||||
|
|
|||||||
Office REITs-0.36% |
| |||||||
Boston Properties L.P., 3.40%, 06/21/2029 |
1,662,000 | 1,423,734 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
132 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-7.71% |
|
|||||||
Boardwalk Pipelines L.P., 4.80%, 05/03/2029 |
$ | 976,000 | $ | 929,804 | ||||
Cheniere Energy Partners L.P., 4.50%, 10/01/2029 |
2,922,000 | 2,699,071 | ||||||
Chevron USA, Inc., 3.25%, 10/15/2029 |
975,000 | 894,722 | ||||||
ConocoPhillips Co., 6.95%, 04/15/2029 |
2,333,000 | 2,568,307 | ||||||
DCP Midstream Operating L.P., 5.13%, 05/15/2029 |
1,169,000 | 1,141,073 | ||||||
Diamondback Energy, Inc., 3.50%, 12/01/2029 |
1,798,000 | 1,627,823 | ||||||
Enbridge, Inc. (Canada), 3.13%, 11/15/2029 |
1,953,000 | 1,726,190 | ||||||
Energy Transfer L.P. |
||||||||
5.25%, 04/15/2029 |
2,939,000 | 2,873,084 | ||||||
4.15%, 09/15/2029 |
1,054,000 | 970,326 | ||||||
Enterprise Products Operating LLC, 3.13%, 07/31/2029 |
2,440,000 | 2,187,693 | ||||||
Exxon Mobil Corp., 2.44%, 08/16/2029 |
2,458,000 | 2,170,285 | ||||||
MPLX L.P., 4.80%, 02/15/2029 |
1,474,000 | 1,421,023 | ||||||
ONEOK, Inc., 4.35%, 03/15/2029 |
1,367,000 | 1,279,155 | ||||||
Phillips 66 Co., 3.15%, 12/15/2029 |
1,110,000 | 979,371 | ||||||
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029 |
2,928,000 | 2,545,954 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029 |
1,322,000 | 1,341,420 | ||||||
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029(b) |
2,440,000 | 2,272,806 | ||||||
Valero Energy Corp., 4.00%, 04/01/2029 |
833,000 | 787,042 | ||||||
|
|
|||||||
30,415,149 | ||||||||
|
|
|||||||
Paper & Forest Products-0.27% |
| |||||||
Georgia-Pacific LLC, 7.75%, 11/15/2029 |
946,000 | 1,063,013 | ||||||
|
|
|||||||
Passenger Airlines-0.21% |
| |||||||
Delta Air Lines, Inc., 3.75%, 10/28/2029(b) |
925,000 | 824,027 | ||||||
|
|
|||||||
Personal Care Products-0.64% |
| |||||||
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029 |
1,266,000 | 1,086,175 | ||||||
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029 |
1,630,000 | 1,420,585 | ||||||
|
|
|||||||
2,506,760 | ||||||||
|
|
|||||||
Pharmaceuticals-3.44% |
| |||||||
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029(b) |
1,960,000 | 1,881,336 | ||||||
Eli Lilly and Co., 3.38%, 03/15/2029 |
1,830,000 | 1,712,744 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029(b) |
1,947,000 | 1,814,563 | ||||||
Haleon US Capital LLC, 3.38%, 03/24/2029(b) |
1,980,000 | 1,811,296 | ||||||
Merck & Co., Inc., 3.40%, 03/07/2029 |
3,417,000 | 3,183,929 | ||||||
Pfizer, Inc., 3.45%, 03/15/2029 |
3,385,000 | 3,176,171 | ||||||
|
|
|||||||
13,580,039 | ||||||||
|
|
|||||||
Professional Services-0.32% |
| |||||||
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029 |
1,464,000 | 1,263,504 | ||||||
|
|
Principal Amount |
Value | |||||||
Residential REITs-0.76% |
| |||||||
Camden Property Trust, 3.15%, 07/01/2029(b) |
$ | 1,160,000 | $ | 1,044,050 | ||||
ERP Operating L.P., 3.00%, 07/01/2029 |
1,172,000 | 1,044,627 | ||||||
Essex Portfolio L.P., 4.00%, 03/01/2029 |
980,000 | 906,975 | ||||||
|
|
|||||||
2,995,652 | ||||||||
|
|
|||||||
Retail REITs-1.00% |
| |||||||
Realty Income Corp. |
||||||||
3.25%, 06/15/2029(b) |
973,000 | 879,701 | ||||||
3.10%, 12/15/2029 |
1,130,000 | 999,196 | ||||||
Simon Property Group L.P., 2.45%, 09/13/2029 |
2,440,000 | 2,067,597 | ||||||
|
|
|||||||
3,946,494 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-3.81% |
| |||||||
Intel Corp. |
||||||||
4.00%, 08/05/2029 |
1,658,000 | 1,579,842 | ||||||
2.45%, 11/15/2029 |
3,905,000 | 3,393,778 | ||||||
KLA Corp., 4.10%, 03/15/2029 |
1,556,000 | 1,496,795 | ||||||
Lam Research Corp., 4.00%, 03/15/2029 |
1,957,000 | 1,877,786 | ||||||
Micron Technology, Inc. |
||||||||
5.33%, 02/06/2029 |
1,363,000 | 1,337,343 | ||||||
6.75%, 11/01/2029 |
2,444,000 | 2,544,938 | ||||||
Qorvo, Inc., 4.38%, 10/15/2029 |
1,675,000 | 1,519,090 | ||||||
Texas Instruments, Inc., 2.25%, 09/04/2029(b) |
1,464,000 | 1,275,477 | ||||||
|
|
|||||||
15,025,049 | ||||||||
|
|
|||||||
Software-1.29% |
| |||||||
Oracle Corp., 6.15%, 11/09/2029 |
2,440,000 | 2,541,254 | ||||||
Roper Technologies, Inc., 2.95%, 09/15/2029 |
1,363,000 | 1,206,615 | ||||||
Workday, Inc., 3.70%, 04/01/2029 |
1,464,000 | 1,353,744 | ||||||
|
|
|||||||
5,101,613 | ||||||||
|
|
|||||||
Specialized REITs-2.46% |
| |||||||
American Tower Corp. |
||||||||
3.95%, 03/15/2029 |
1,189,000 | 1,095,275 | ||||||
3.80%, 08/15/2029 |
3,233,000 | 2,943,273 | ||||||
Crown Castle, Inc., 4.30%, 02/15/2029 |
1,169,000 | 1,099,097 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029 |
1,442,000 | 1,360,964 | ||||||
Public Storage Operating Co. |
||||||||
5.13%, 01/15/2029 |
967,000 | 966,393 | ||||||
3.39%, 05/01/2029 |
980,000 | 901,361 | ||||||
Weyerhaeuser Co., 4.00%, 11/15/2029 |
1,464,000 | 1,352,733 | ||||||
|
|
|||||||
9,719,096 | ||||||||
|
|
|||||||
Specialty Retail-2.56% |
| |||||||
Dell International LLC/EMC Corp., 5.30%, 10/01/2029 |
3,405,000 | 3,363,585 | ||||||
Home Depot, Inc. (The), 2.95%, 06/15/2029 |
3,397,000 | 3,087,616 | ||||||
Lowe’s Cos., Inc., 3.65%, 04/05/2029 |
2,939,000 | 2,731,408 | ||||||
O’Reilly Automotive, Inc., 3.90%, 06/01/2029 |
974,000 | 914,624 | ||||||
|
|
|||||||
10,097,233 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
133 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Technology Hardware, Storage & Peripherals-1.88% |
| |||||||
Apple, Inc. |
||||||||
3.25%, 08/08/2029(b) |
$ | 1,962,000 | $ | 1,827,535 | ||||
2.20%, 09/11/2029 |
3,417,000 | 2,997,155 | ||||||
HP, Inc., 4.00%, 04/15/2029(b) |
1,954,000 | 1,824,803 | ||||||
Western Digital Corp., 2.85%, 02/01/2029 |
976,000 | 788,232 | ||||||
|
|
|||||||
7,437,725 | ||||||||
|
|
|||||||
Tobacco-2.10% |
||||||||
Altria Group, Inc., 4.80%, 02/14/2029 |
3,753,000 | 3,637,905 | ||||||
B.A.T Capital Corp. (United Kingdom), 3.46%, 09/06/2029 |
978,000 | 853,504 | ||||||
Philip Morris International, Inc. |
||||||||
3.38%, 08/15/2029 |
1,464,000 | 1,318,196 | ||||||
5.63%, 11/17/2029 |
2,440,000 | 2,468,284 | ||||||
|
|
|||||||
8,277,889 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.24% |
|
|||||||
GATX Corp., 4.70%, 04/01/2029 |
979,000 | 931,334 | ||||||
|
|
|||||||
Water Utilities-0.25% |
||||||||
American Water Capital Corp., 3.45%, 06/01/2029 |
1,078,000 | 989,857 | ||||||
|
|
|||||||
Wireless Telecommunication Services-1.69% |
| |||||||
T-Mobile USA, Inc. |
||||||||
2.63%, 02/15/2029 |
1,974,000 | 1,711,165 | ||||||
2.40%, 03/15/2029(b) |
976,000 | 839,564 | ||||||
3.38%, 04/15/2029 |
4,586,000 | 4,115,209 | ||||||
|
|
|||||||
6,665,938 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
389,672,435 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.03% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
133,085 | $ | 133,085 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-98.80% |
389,805,520 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-13.84% |
|
|||||||
Invesco Private Government Fund, |
15,281,535 | 15,281,535 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
39,295,374 | 39,295,374 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
54,576,909 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-112.64% |
|
444,382,429 | ||||||
OTHER ASSETS LESS LIABILITIES-(12.64)% |
|
(49,862,698 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 394,519,731 | ||||||
|
|
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 226,758 | $ | 12,278,047 | $ | (12,371,720 | ) | $ | - | $ | - | $ | 133,085 | $ | 45,229 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,112,250 | 58,561,601 | (46,392,316 | ) | - | - | 15,281,535 | 361,988 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 8,002,930 | 134,431,133 | (103,134,679 | ) | 555 | (4,565 | ) | 39,295,374 | 968,965 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 11,341,938 | $ | 205,270,781 | $ | (161,898,715 | ) | $ | 555 | $ | (4,565 | ) | $ | 54,709,994 | $ | 1,376,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
134 | ||||
|
| |||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2023
(d) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2023. |
(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.
135 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.09% |
| |||||||
Aerospace & Defense-2.99% |
||||||||
Boeing Co. (The), 5.15%, 05/01/2030 |
$ | 5,929,000 | $ | 5,835,961 | ||||
RTX Corp., 2.25%, 07/01/2030 |
1,340,000 | 1,114,658 | ||||||
Textron, Inc., 3.00%, 06/01/2030 |
870,000 | 753,597 | ||||||
|
|
|||||||
7,704,216 | ||||||||
|
|
|||||||
Automobile Components-0.68% |
| |||||||
American Honda Finance Corp., 4.60%, 04/17/2030 |
940,000 | 915,323 | ||||||
Magna International, Inc. (Canada), 2.45%, 06/15/2030 |
1,001,000 | 842,963 | ||||||
|
|
|||||||
1,758,286 | ||||||||
|
|
|||||||
Automobiles-0.36% |
| |||||||
Toyota Motor Credit Corp., 4.55%, 05/17/2030(b) |
940,000 | 915,653 | ||||||
|
|
|||||||
Banks-6.75% |
| |||||||
Banco Santander S.A. (Spain), 3.49%, 05/28/2030 |
1,400,000 | 1,212,823 | ||||||
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030 |
1,670,000 | 1,617,896 | ||||||
Citizens Financial Group, Inc., 3.25%, 04/30/2030(b) |
988,000 | 827,870 | ||||||
Huntington National Bank (The), 5.65%, 01/10/2030 |
1,200,000 | 1,168,366 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
2.56%, 02/25/2030(b) |
1,600,000 | 1,346,973 | ||||||
2.05%, 07/17/2030 |
1,600,000 | 1,288,426 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
5.71%, 01/13/2030 |
1,760,000 | 1,770,631 | ||||||
2.75%, 01/15/2030 |
1,612,000 | 1,371,901 | ||||||
2.13%, 07/08/2030 |
2,030,000 | 1,636,420 | ||||||
5.85%, 07/13/2030 |
780,000 | 789,896 | ||||||
2.14%, 09/23/2030(b) |
1,140,000 | 902,607 | ||||||
Truist Bank, 2.25%, 03/11/2030 |
1,750,000 | 1,391,494 | ||||||
Truist Financial Corp., 1.95%, 06/05/2030 |
1,002,000 | 797,164 | ||||||
U.S. Bancorp, 1.38%, 07/22/2030(b) |
1,637,000 | 1,242,249 | ||||||
|
|
|||||||
17,364,716 | ||||||||
|
|
|||||||
Beverages-2.11% |
| |||||||
Coca-Cola Co. (The), 1.65%, 06/01/2030 |
2,013,000 | 1,660,134 | ||||||
Constellation Brands, Inc., 2.88%, 05/01/2030 |
790,000 | 682,409 | ||||||
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030 |
1,300,000 | 1,086,713 | ||||||
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030 |
1,000,000 | 887,452 | ||||||
PepsiCo, Inc., 1.63%, 05/01/2030 |
1,340,000 | 1,103,538 | ||||||
|
|
|||||||
5,420,246 | ||||||||
|
|
|||||||
Biotechnology-3.55% |
| |||||||
Amgen, Inc. |
||||||||
2.45%, 02/21/2030 |
1,670,000 | 1,421,718 | ||||||
5.25%, 03/02/2030 |
3,680,000 | 3,686,981 | ||||||
Biogen, Inc., 2.25%, 05/01/2030 |
2,010,000 | 1,655,919 |
Principal Amount |
Value | |||||||
Biotechnology-(continued) |
||||||||
Gilead Sciences, Inc., 1.65%, 10/01/2030(b) |
$ | 1,310,000 | $ | 1,053,267 | ||||
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 |
1,670,000 | 1,329,925 | ||||||
|
|
|||||||
9,147,810 | ||||||||
|
|
|||||||
Broadline Retail-1.27% |
| |||||||
Amazon.com, Inc., 1.50%, 06/03/2030 |
2,680,000 | 2,180,625 | ||||||
eBay, Inc., 2.70%, 03/11/2030 |
1,270,000 | 1,085,355 | ||||||
|
|
|||||||
3,265,980 | ||||||||
|
|
|||||||
Building Products-0.25% |
| |||||||
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030 |
810,000 | 649,617 | ||||||
|
|
|||||||
Capital Markets-2.37% |
| |||||||
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030 |
1,000,000 | 923,814 | ||||||
Cboe Global Markets, Inc., 1.63%, 12/15/2030 |
700,000 | 551,281 | ||||||
CI Financial Corp. (Canada), 3.20%, 12/17/2030 |
1,259,000 | 972,540 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/2030 |
1,110,000 | 871,301 | ||||||
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030 |
1,300,000 | 1,055,128 | ||||||
Northern Trust Corp., 1.95%, 05/01/2030(b) |
1,340,000 | 1,104,800 | ||||||
S&P Global, Inc., 1.25%, 08/15/2030(b) |
781,000 | 615,354 | ||||||
|
|
|||||||
6,094,218 | ||||||||
|
|
|||||||
Chemicals-1.91% |
| |||||||
Air Products and Chemicals, Inc., 2.05%, 05/15/2030(b) |
1,210,000 | 1,022,438 | ||||||
Dow Chemical Co. (The), 2.10%, 11/15/2030(b) |
1,140,000 | 930,631 | ||||||
EIDP, Inc., 2.30%, 07/15/2030(b) |
670,000 | 556,575 | ||||||
Linde, Inc., 1.10%, 08/10/2030(b) |
941,000 | 743,367 | ||||||
LYB International Finance III LLC, 2.25%, 10/01/2030(b) |
667,000 | 542,431 | ||||||
Nutrien Ltd. (Canada), 2.95%, 05/13/2030(b) |
657,000 | 567,476 | ||||||
Sherwin-Williams Co. (The), 2.30%, 05/15/2030 |
670,000 | 560,162 | ||||||
|
|
|||||||
4,923,080 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.64% |
| |||||||
Republic Services, Inc., 2.30%, 03/01/2030(b) |
800,000 | 678,188 | ||||||
Waste Management, Inc., 4.63%, 02/15/2030(b) |
1,000,000 | 978,198 | ||||||
|
|
|||||||
1,656,386 | ||||||||
|
|
|||||||
Communications Equipment-0.38% |
| |||||||
Motorola Solutions, Inc., 2.30%, 11/15/2030(b) |
1,210,000 | 965,119 | ||||||
|
|
|||||||
Construction & Engineering-0.44% |
| |||||||
Quanta Services, Inc., 2.90%, 10/01/2030 |
1,340,000 | 1,131,159 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
136 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Construction Materials-0.55% |
||||||||
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030 |
$ | 630,000 | $ | 529,980 | ||||
Vulcan Materials Co., 3.50%, 06/01/2030 |
986,000 | 883,831 | ||||||
|
|
|||||||
1,413,811 | ||||||||
|
|
|||||||
Consumer Finance-1.00% |
| |||||||
General Motors Financial Co., Inc. |
||||||||
5.85%, 04/06/2030 |
1,340,000 | 1,312,997 | ||||||
3.60%, 06/21/2030(b) |
1,473,000 | 1,265,738 | ||||||
|
|
|||||||
2,578,735 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.43% |
| |||||||
Costco Wholesale Corp., 1.60%, 04/20/2030 |
2,343,000 | 1,934,627 | ||||||
Kroger Co. (The), 2.20%, 05/01/2030(b) |
670,000 | 551,340 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030(b) |
658,000 | 558,878 | ||||||
Walmart, Inc., 4.00%, 04/15/2030 |
670,000 | 647,762 | ||||||
|
|
|||||||
3,692,607 | ||||||||
|
|
|||||||
Containers & Packaging-0.68% |
| |||||||
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030 |
630,000 | 519,042 | ||||||
Avery Dennison Corp., 2.65%, 04/30/2030 |
654,000 | 546,225 | ||||||
Sonoco Products Co., 3.13%, 05/01/2030(b) |
800,000 | 691,857 | ||||||
|
|
|||||||
1,757,124 | ||||||||
|
|
|||||||
Distributors-0.20% |
| |||||||
Genuine Parts Co., 1.88%, 11/01/2030 |
658,000 | 516,369 | ||||||
|
|
|||||||
Diversified Consumer Services-0.57% |
||||||||
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030 |
1,000,000 | 879,567 | ||||||
Yale University, Series 2020, 1.48%, 04/15/2030 |
700,000 | 576,527 | ||||||
|
|
|||||||
1,456,094 | ||||||||
|
|
|||||||
Diversified REITs-0.49% |
| |||||||
VICI Properties L.P., 4.95%, 02/15/2030 |
1,340,000 | 1,261,657 | ||||||
|
|
|||||||
Diversified Telecommunication Services-0.85% |
| |||||||
Verizon Communications, Inc. |
||||||||
1.50%, 09/18/2030 |
1,310,000 | 1,024,342 | ||||||
1.68%, 10/30/2030 |
1,500,000 | 1,173,555 | ||||||
|
|
|||||||
2,197,897 | ||||||||
|
|
|||||||
Electric Utilities-5.65% |
| |||||||
AEP Texas, Inc., Series I, 2.10%, 07/01/2030 |
790,000 | 641,429 | ||||||
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030 |
800,000 | 628,738 | ||||||
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030(b) |
1,470,000 | 1,340,969 | ||||||
Duke Energy Carolinas LLC, 2.45%, 02/01/2030 |
670,000 | 575,979 | ||||||
Duke Energy Corp., 2.45%, 06/01/2030(b) |
1,140,000 | 949,536 | ||||||
Duke Energy Florida LLC, 1.75%, 06/15/2030(b) |
666,000 | 537,263 | ||||||
Entergy Corp., 2.80%, 06/15/2030 |
790,000 | 667,069 | ||||||
Eversource Energy, Series R, 1.65%, 08/15/2030(b) |
781,000 | 615,380 | ||||||
FirstEnergy Corp., 2.65%, 03/01/2030(b) |
800,000 | 671,125 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
Florida Power & Light Co., 4.63%, 05/15/2030 |
$ | 670,000 | $ | 657,409 | ||||
NextEra Energy Capital Holdings, Inc. |
||||||||
5.00%, 02/28/2030(b) |
802,000 | 787,101 | ||||||
2.25%, 06/01/2030 |
2,680,000 | 2,204,957 | ||||||
Pacific Gas and Electric Co., 4.55%, 07/01/2030(b) |
4,150,000 | 3,734,688 | ||||||
PG&E Wildfire Recovery Funding LLC, |
||||||||
Series A-1, 3.59%, 06/01/2030(b) |
572,838 | 536,332 | ||||||
|
|
|||||||
14,547,975 | ||||||||
|
|
|||||||
Electrical Equipment-0.42% |
| |||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030 |
670,000 | 537,161 | ||||||
Emerson Electric Co., 1.95%, 10/15/2030 |
670,000 | 552,230 | ||||||
|
|
|||||||
1,089,391 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-0.43% |
| |||||||
Jabil, Inc., 3.60%, 01/15/2030(b) |
650,000 | 581,894 | ||||||
Teledyne FLIR LLC, 2.50%, 08/01/2030(b) |
630,000 | 520,433 | ||||||
|
|
|||||||
1,102,327 | ||||||||
|
|
|||||||
Energy Equipment & Services-1.27% |
| |||||||
Baker Hughes Holdings LLC/Baker Hughes |
||||||||
Co-Obligor, Inc., 4.49%, 05/01/2030 |
670,000 | 646,066 | ||||||
Halliburton Co., 2.92%, 03/01/2030(b) |
1,340,000 | 1,169,683 | ||||||
Schlumberger Investment S.A., 2.65%, 06/26/2030 |
1,670,000 | 1,445,622 | ||||||
|
|
|||||||
3,261,371 | ||||||||
|
|
|||||||
Entertainment-0.20% |
| |||||||
Activision Blizzard, Inc., 1.35%, 09/15/2030 |
650,000 | 519,789 | ||||||
|
|
|||||||
Financial Services-1.63% |
| |||||||
Block Financial LLC, 3.88%, 08/15/2030 |
898,000 | 793,860 | ||||||
Fiserv, Inc., 2.65%, 06/01/2030 |
1,340,000 | 1,128,030 | ||||||
Global Payments, Inc., 2.90%, 05/15/2030 |
1,340,000 | 1,133,446 | ||||||
PayPal Holdings, Inc., 2.30%, 06/01/2030(b) |
1,340,000 | 1,127,489 | ||||||
|
|
|||||||
4,182,825 | ||||||||
|
|
|||||||
Food Products-2.26% |
| |||||||
Campbell Soup Co., 2.38%, 04/24/2030(b) |
670,000 | 559,184 | ||||||
Hormel Foods Corp., 1.80%, 06/11/2030 |
1,343,000 | 1,111,501 | ||||||
Ingredion, Inc., 2.90%, 06/01/2030 |
800,000 | 686,101 | ||||||
JM Smucker Co. (The), 2.38%, 03/15/2030 |
670,000 | 565,027 | ||||||
Kellogg Co., 2.10%, 06/01/2030 |
670,000 | 549,411 | ||||||
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030 |
990,000 | 907,732 | ||||||
McCormick & Co., Inc., 2.50%, 04/15/2030 |
665,000 | 561,817 | ||||||
Mondelez International, Inc., 2.75%, 04/13/2030 |
1,000,000 | 865,238 | ||||||
|
|
|||||||
5,806,011 | ||||||||
|
|
|||||||
Gas Utilities-0.49% |
| |||||||
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030 |
650,000 | 516,423 | ||||||
Southern California Gas Co., Series XX, 2.55%, 02/01/2030 |
870,000 | 740,764 | ||||||
|
|
|||||||
1,257,187 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
137 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Ground Transportation-0.22% |
||||||||
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030(b) |
$ | 668,000 | $ | 554,371 | ||||
|
|
|||||||
Health Care Equipment & Supplies-2.94% |
| |||||||
Abbott Laboratories, 1.40%, 06/30/2030(b) |
870,000 | 709,665 | ||||||
Becton, Dickinson and Co., 2.82%, 05/20/2030 |
980,000 | 848,150 | ||||||
Boston Scientific Corp., 2.65%, 06/01/2030 |
1,603,000 | 1,377,121 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 |
982,000 | 844,294 | ||||||
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 |
1,620,000 | 1,647,171 | ||||||
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030 |
1,307,000 | 1,035,019 | ||||||
Stryker Corp., 1.95%, 06/15/2030 |
1,340,000 | 1,108,879 | ||||||
|
|
|||||||
7,570,299 | ||||||||
|
|
|||||||
Health Care Providers & Services-6.53% |
| |||||||
Cencora, Inc., 2.80%, 05/15/2030 |
670,000 | 578,927 | ||||||
Centene Corp. |
||||||||
3.38%, 02/15/2030 |
2,610,000 | 2,236,109 | ||||||
3.00%, 10/15/2030(b) |
2,950,000 | 2,456,537 | ||||||
Cigna Group (The), 2.40%, 03/15/2030(b) |
2,010,000 | 1,693,009 | ||||||
CommonSpirit Health, 2.78%, 10/01/2030 |
737,000 | 620,071 | ||||||
CVS Health Corp. |
||||||||
5.13%, 02/21/2030 |
2,010,000 | 1,980,661 | ||||||
1.75%, 08/21/2030 |
1,672,000 | 1,326,607 | ||||||
Elevance Health, Inc., 2.25%, 05/15/2030 |
1,440,000 | 1,203,991 | ||||||
Sutter Health, Series 20-A, 2.29%, 08/15/2030 |
910,000 | 753,212 | ||||||
UnitedHealth Group, Inc. |
||||||||
5.30%, 02/15/2030 |
1,670,000 | 1,704,633 | ||||||
2.00%, 05/15/2030 |
1,670,000 | 1,394,176 | ||||||
Universal Health Services, Inc., 2.65%, 10/15/2030 |
1,070,000 | 862,658 | ||||||
|
|
|||||||
16,810,591 | ||||||||
|
|
|||||||
Hotel & Resort REITs-0.33% |
| |||||||
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030 |
1,000,000 | 854,252 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure-2.47% |
| |||||||
Booking Holdings, Inc., 4.63%, 04/13/2030(b) |
2,010,000 | 1,966,432 | ||||||
Marriott International, Inc., Series FF, 4.63%, 06/15/2030 |
1,340,000 | 1,270,642 | ||||||
McDonald’s Corp., 2.13%, 03/01/2030(b) |
1,000,000 | 844,022 | ||||||
Starbucks Corp. |
||||||||
2.25%, 03/12/2030 |
1,000,000 | 843,270 | ||||||
2.55%, 11/15/2030 |
1,700,000 | 1,442,943 | ||||||
|
|
|||||||
6,367,309 | ||||||||
|
|
|||||||
Household Durables-0.63% |
| |||||||
Mohawk Industries, Inc., 3.63%, 05/15/2030(b) |
670,000 | 603,051 | ||||||
NVR, Inc., 3.00%, 05/15/2030 |
1,183,000 | 1,013,621 | ||||||
|
|
|||||||
1,616,672 | ||||||||
|
|
Principal Amount |
Value | |||||||
Household Products-0.73% |
||||||||
Clorox Co. (The), 1.80%, 05/15/2030 |
$ | 672,000 | $ | 546,834 | ||||
Procter & Gamble Co. (The), 1.20%, 10/29/2030 |
1,670,000 | 1,336,086 | ||||||
|
|
|||||||
1,882,920 | ||||||||
|
|
|||||||
Industrial Conglomerates-0.43% |
| |||||||
Honeywell International, Inc., 1.95%, 06/01/2030 |
1,340,000 | 1,117,835 | ||||||
|
|
|||||||
Industrial REITs-0.29% |
| |||||||
Prologis L.P., 1.25%, 10/15/2030 |
980,000 | 755,545 | ||||||
|
|
|||||||
Insurance-3.98% |
| |||||||
Alleghany Corp., 3.63%, 05/15/2030 |
630,000 | 582,104 | ||||||
Allstate Corp. (The), 1.45%, 12/15/2030(b) |
790,000 | 606,668 | ||||||
Aon Corp., 2.80%, 05/15/2030 |
1,340,000 | 1,152,217 | ||||||
Berkshire Hathaway Finance Corp. |
||||||||
1.85%, 03/12/2030(b) |
668,000 | 563,689 | ||||||
1.45%, 10/15/2030 |
1,001,000 | 806,490 | ||||||
Brighthouse Financial, Inc., 5.63%, 05/15/2030 |
818,000 | 791,775 | ||||||
CNA Financial Corp., 2.05%, 08/15/2030 |
657,000 | 526,880 | ||||||
Fidelity National Financial, Inc., 3.40%, 06/15/2030(b) |
870,000 | 757,077 | ||||||
Loews Corp., 3.20%, 05/15/2030 |
658,000 | 582,746 | ||||||
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030 |
1,000,000 | 827,725 | ||||||
Principal Financial Group, Inc., 2.13%, 06/15/2030 |
801,000 | 654,149 | ||||||
Prudential Financial, Inc., 2.10%, 03/10/2030(b) |
650,000 | 545,695 | ||||||
Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030 |
1,310,000 | 1,156,118 | ||||||
Reinsurance Group of America, Inc., 3.15%, 06/15/2030 |
800,000 | 683,766 | ||||||
|
|
|||||||
10,237,099 | ||||||||
|
|
|||||||
Interactive Media & Services-1.46% |
| |||||||
Alphabet, Inc., 1.10%, 08/15/2030(b) |
3,010,000 | 2,413,657 | ||||||
Meta Platforms, Inc., 4.80%, 05/15/2030 |
1,340,000 | 1,335,127 | ||||||
|
|
|||||||
3,748,784 | ||||||||
|
|
|||||||
IT Services-0.58% |
| |||||||
International Business Machines Corp., 1.95%, 05/15/2030(b) |
1,810,000 | 1,494,013 | ||||||
|
|
|||||||
Life Sciences Tools & Services-0.21% |
| |||||||
Agilent Technologies, Inc., 2.10%, 06/04/2030 |
659,000 | 540,111 | ||||||
|
|
|||||||
Machinery-2.22% |
| |||||||
Cummins, Inc., 1.50%, 09/01/2030(b) |
1,143,000 | 918,622 | ||||||
Flowserve Corp., 3.50%, 10/01/2030 |
635,000 | 544,746 | ||||||
IDEX Corp., 3.00%, 05/01/2030 |
670,000 | 582,720 | ||||||
John Deere Capital Corp. |
||||||||
2.45%, 01/09/2030 |
720,000 | 627,881 | ||||||
4.70%, 06/10/2030 |
1,340,000 | 1,324,290 | ||||||
Otis Worldwide Corp., 2.57%, 02/15/2030 |
1,990,000 | 1,703,624 | ||||||
|
|
|||||||
5,701,883 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
138 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Media-0.71% |
||||||||
Discovery Communications LLC, 3.63%, 05/15/2030(b) |
$ | 1,340,000 | $ | 1,177,718 | ||||
Omnicom Group, Inc., 2.45%, 04/30/2030 |
790,000 | 655,682 | ||||||
|
|
|||||||
1,833,400 | ||||||||
|
|
|||||||
Metals & Mining-1.57% |
| |||||||
Freeport-McMoRan, Inc. |
||||||||
4.25%, 03/01/2030(b) |
598,000 | 543,306 | ||||||
4.63%, 08/01/2030 |
750,000 | 694,378 | ||||||
Newmont Corp., 2.25%, 10/01/2030 |
1,340,000 | 1,090,066 | ||||||
Nucor Corp., 2.70%, 06/01/2030(b) |
661,000 | 566,898 | ||||||
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030 |
668,000 | 540,563 | ||||||
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030(b) |
678,000 | 603,718 | ||||||
|
|
|||||||
4,038,929 | ||||||||
|
|
|||||||
Multi-Utilities-1.02% |
| |||||||
NiSource, Inc., 3.60%, 05/01/2030 |
1,340,000 | 1,202,438 | ||||||
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030 |
741,000 | 584,388 | ||||||
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030 |
1,043,000 | 831,483 | ||||||
|
|
|||||||
2,618,309 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-9.29% |
| |||||||
BP Capital Markets America, Inc., 1.75%, 08/10/2030 |
1,340,000 | 1,087,189 | ||||||
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030 |
650,000 | 555,469 | ||||||
Chevron Corp., 2.24%, 05/11/2030 |
2,010,000 | 1,722,946 | ||||||
Devon Energy Corp., 4.50%, 01/15/2030 |
737,000 | 690,082 | ||||||
Enterprise Products Operating LLC, 2.80%, 01/31/2030 |
1,670,000 | 1,448,449 | ||||||
EOG Resources, Inc., 4.38%, 04/15/2030(b) |
1,000,000 | 972,691 | ||||||
Equinor ASA (Norway), 2.38%, 05/22/2030 |
1,000,000 | 859,946 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/2030(b) |
2,680,000 | 2,323,093 | ||||||
Magellan Midstream Partners L.P., 3.25%, 06/01/2030 |
670,000 | 584,737 | ||||||
MPLX L.P., 2.65%, 08/15/2030 |
2,010,000 | 1,669,748 | ||||||
Occidental Petroleum Corp. |
||||||||
8.88%, 07/15/2030(b) |
1,310,000 | 1,503,218 | ||||||
6.63%, 09/01/2030 |
1,940,000 | 2,004,735 | ||||||
ONEOK, Inc., 3.10%, 03/15/2030 |
1,050,000 | 902,361 | ||||||
Phillips 66, 2.15%, 12/15/2030 |
1,140,000 | 923,935 | ||||||
Pioneer Natural Resources Co., 1.90%, 08/15/2030 |
1,470,000 | 1,187,267 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030 |
1,000,000 | 885,587 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030 |
1,268,000 | 1,216,785 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |
940,000 | 829,426 | ||||||
Western Midstream Operating L.P., 4.05%, 02/01/2030 |
1,505,000 | 1,344,041 | ||||||
Williams Cos., Inc. (The), 3.50%, 11/15/2030 |
1,340,000 | 1,187,831 | ||||||
|
|
|||||||
23,899,536 | ||||||||
|
|
Principal Amount |
Value | |||||||
Personal Care Products-0.53% |
||||||||
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030 |
$ | 940,000 | $ | 812,048 | ||||
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030 |
700,000 | 558,199 | ||||||
|
|
|||||||
1,370,247 | ||||||||
|
|
|||||||
Pharmaceuticals-5.86% |
| |||||||
AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030 |
870,000 | 865,862 | ||||||
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030 |
1,740,000 | 1,385,077 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/2030(b) |
1,670,000 | 1,325,216 | ||||||
Johnson & Johnson, 1.30%, 09/01/2030(b) |
2,340,000 | 1,898,304 | ||||||
Merck & Co., Inc. |
||||||||
4.30%, 05/17/2030(b) |
1,000,000 | 970,546 | ||||||
1.45%, 06/24/2030 |
1,673,000 | 1,350,145 | ||||||
Pfizer, Inc., 1.70%, 05/28/2030(b) |
1,338,000 | 1,103,568 | ||||||
Royalty Pharma PLC, 2.20%, 09/02/2030 |
1,339,000 | 1,067,914 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030(b) |
3,310,000 | 2,724,703 | ||||||
Viatris, Inc., 2.70%, 06/22/2030(b) |
1,940,000 | 1,576,742 | ||||||
Zoetis, Inc., 2.00%, 05/15/2030 |
984,000 | 810,713 | ||||||
|
|
|||||||
15,078,790 | ||||||||
|
|
|||||||
Professional Services-0.68% |
| |||||||
Automatic Data Processing, Inc., 1.25%, 09/01/2030 |
1,340,000 | 1,068,007 | ||||||
Equifax, Inc., 3.10%, 05/15/2030 |
800,000 | 685,020 | ||||||
|
|
|||||||
1,753,027 | ||||||||
|
|
|||||||
Residential REITs-0.34% |
| |||||||
Camden Property Trust, 2.80%, 05/15/2030(b) |
1,000,000 | 869,361 | ||||||
|
|
|||||||
Retail REITs-1.50% |
| |||||||
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030 |
1,070,000 | 967,923 | ||||||
Kimco Realty OP LLC, 2.70%, 10/01/2030 |
700,000 | 578,378 | ||||||
Realty Income Corp., 4.85%, 03/15/2030 |
790,000 | 765,643 | ||||||
Regency Centers L.P., 3.70%, 06/15/2030 |
790,000 | 709,178 | ||||||
Simon Property Group L.P., 2.65%, 07/15/2030 |
1,000,000 | 844,676 | ||||||
|
|
|||||||
3,865,798 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.46% |
| |||||||
Applied Materials, Inc., 1.75%, 06/01/2030 |
980,000 | 808,360 | ||||||
Intel Corp., 5.13%, 02/10/2030 |
1,660,000 | 1,663,905 | ||||||
Lam Research Corp., 1.90%, 06/15/2030 |
1,000,000 | 827,400 | ||||||
QUALCOMM, Inc., 2.15%, 05/20/2030(b) |
1,610,000 | 1,369,861 | ||||||
Texas Instruments, Inc., 1.75%, 05/04/2030 |
1,000,000 | 834,316 | ||||||
Xilinx, Inc., 2.38%, 06/01/2030 |
980,000 | 838,967 | ||||||
|
|
|||||||
6,342,809 | ||||||||
|
|
|||||||
Software-1.41% |
| |||||||
Autodesk, Inc., 2.85%, 01/15/2030 |
650,000 | 567,614 | ||||||
Intuit, Inc., 1.65%, 07/15/2030 |
658,000 | 531,762 | ||||||
Oracle Corp., 4.65%, 05/06/2030 |
980,000 | 941,885 | ||||||
ServiceNow, Inc., 1.40%, 09/01/2030 |
2,013,000 | 1,584,435 | ||||||
|
|
|||||||
3,625,696 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
139 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Specialized REITs-0.96% |
||||||||
American Tower Corp. |
||||||||
2.90%, 01/15/2030 |
$ | 1,000,000 | $ | 853,085 | ||||
2.10%, 06/15/2030 |
1,000,000 | 799,001 | ||||||
1.88%, 10/15/2030 |
1,050,000 | 818,073 | ||||||
|
|
|||||||
2,470,159 | ||||||||
|
|
|||||||
Specialty Retail-2.05% |
||||||||
AutoNation, Inc., 4.75%, 06/01/2030 |
668,000 | 622,694 | ||||||
Best Buy Co., Inc., 1.95%, 10/01/2030 |
871,000 | 698,636 | ||||||
Dell International LLC/EMC Corp., 6.20%, 07/15/2030 |
1,000,000 | 1,029,675 | ||||||
Leidos, Inc., 4.38%, 05/15/2030 |
1,000,000 | 922,794 | ||||||
Lowe’s Cos., Inc., 1.70%, 10/15/2030 |
1,677,000 | 1,332,627 | ||||||
Tractor Supply Co., 1.75%, 11/01/2030 |
851,000 | 665,851 | ||||||
|
|
|||||||
5,272,277 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.84% |
| |||||||
Apple, Inc. |
||||||||
4.15%, 05/10/2030 |
671,000 | 656,605 | ||||||
1.65%, 05/11/2030 |
2,340,000 | 1,955,160 | ||||||
1.25%, 08/20/2030 |
1,670,000 | 1,344,713 | ||||||
NetApp, Inc., 2.70%, 06/22/2030 |
940,000 | 784,605 | ||||||
|
|
|||||||
4,741,083 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.65% |
| |||||||
Ralph Lauren Corp., 2.95%, 06/15/2030(b) |
982,000 | 865,304 | ||||||
VF Corp., 2.95%, 04/23/2030(b) |
980,000 | 814,134 | ||||||
|
|
|||||||
1,679,438 | ||||||||
|
|
|||||||
Tobacco-2.10% |
||||||||
Altria Group, Inc., 3.40%, 05/06/2030(b) |
1,007,000 | 885,455 | ||||||
Philip Morris International, Inc. |
||||||||
5.13%, 02/15/2030(b) |
2,950,000 | 2,917,246 | ||||||
2.10%, 05/01/2030 |
1,000,000 | 822,722 | ||||||
1.75%, 11/01/2030 |
984,000 | 772,215 | ||||||
|
|
|||||||
5,397,638 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.83% |
| |||||||
Air Lease Corp. |
||||||||
3.00%, 02/01/2030 |
870,000 | 731,949 | ||||||
3.13%, 12/01/2030 |
1,000,000 | 834,403 | ||||||
GATX Corp., 4.00%, 06/30/2030(b) |
634,000 | 575,921 | ||||||
|
|
|||||||
2,142,273 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Water Utilities-0.45% |
||||||||
American Water Capital Corp., 2.80%, 05/01/2030 |
$ | 700,000 | $ | 607,079 | ||||
Essential Utilities, Inc., 2.70%, 04/15/2030 |
650,000 | 547,864 | ||||||
|
|
|||||||
1,154,943 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
255,043,053 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.02% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d) (Cost $42,585) |
42,585 | 42,585 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
255,085,638 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-17.10% |
| |||||||
Invesco Private Government Fund, |
12,326,202 | 12,326,202 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
31,695,872 | 31,695,872 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
44,022,074 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-116.21% |
|
299,107,712 | ||||||
OTHER ASSETS LESS LIABILITIES-(16.21)% |
|
(41,712,023 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 257,395,689 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
140 | ||||
|
| |||
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)–(continued)
August 31, 2023
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 163,411 | $ | 5,708,831 | $ | (5,829,657 | ) | $ | - | $ | - | $ | 42,585 | $ | 13,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,786,892 | 48,065,235 | (37,525,925 | ) | - | - | 12,326,202 | 300,089 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 4,594,865 | 107,262,086 | (80,159,306 | ) | 373 | (2,146 | ) | 31,695,872 | 810,054 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,545,168 | $ | 161,036,152 | $ | (123,514,888 | ) | $ | 373 | $ | (2,146 | ) | $ | 44,064,659 | $ | 1,123,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
141 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.07% |
| |||||||
Aerospace & Defense-1.84% |
||||||||
Boeing Co. (The), 3.63%, 02/01/2031 |
$ | 1,470,000 | $ | 1,313,462 | ||||
General Dynamics Corp., 2.25%, 06/01/2031 |
530,000 | 443,914 | ||||||
L3Harris Technologies, Inc., 1.80%, 01/15/2031 |
690,000 | 543,805 | ||||||
RTX Corp., 1.90%, 09/01/2031 |
1,055,000 | 827,089 | ||||||
Textron, Inc., 2.45%, 03/15/2031 |
530,000 | 436,183 | ||||||
|
|
|||||||
3,564,453 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.45% |
||||||||
FedEx Corp., 2.40%, 05/15/2031 |
1,061,000 | 876,545 | ||||||
|
|
|||||||
Automobile Components-0.24% |
||||||||
American Honda Finance Corp., 1.80%, 01/13/2031 |
590,000 | 473,718 | ||||||
|
|
|||||||
Automobiles-1.70% |
||||||||
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031 |
1,600,000 | 1,952,867 | ||||||
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031(b) |
530,000 | 445,912 | ||||||
Toyota Motor Credit Corp. |
||||||||
1.65%, 01/10/2031 |
590,000 | 471,834 | ||||||
1.90%, 09/12/2031 |
530,000 | 424,506 | ||||||
|
|
|||||||
3,295,119 | ||||||||
|
|
|||||||
Banks-1.75% |
||||||||
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031 |
1,100,000 | 856,361 | ||||||
Royal Bank of Canada (Canada), 2.30%, 11/03/2031 |
1,600,000 | 1,288,269 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
1.71%, 01/12/2031 |
600,000 | 462,678 | ||||||
2.22%, 09/17/2031 |
1,000,000 | 790,736 | ||||||
|
|
|||||||
3,398,044 | ||||||||
|
|
|||||||
Beverages-2.86% |
||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031 |
800,000 | 803,837 | ||||||
Coca-Cola Co. (The) |
||||||||
2.00%, 03/05/2031 |
800,000 | 666,271 | ||||||
1.38%, 03/15/2031 |
1,369,000 | 1,081,441 | ||||||
Constellation Brands, Inc., 2.25%, 08/01/2031 |
1,060,000 | 852,751 | ||||||
Keurig Dr Pepper, Inc., 2.25%, 03/15/2031 |
530,000 | 432,030 | ||||||
PepsiCo, Inc. |
||||||||
1.40%, 02/25/2031 |
790,000 | 628,762 | ||||||
1.95%, 10/21/2031 |
1,330,000 | 1,086,662 | ||||||
|
|
|||||||
5,551,754 | ||||||||
|
|
|||||||
Biotechnology-0.57% |
||||||||
Amgen, Inc., 2.30%, 02/25/2031 |
1,330,000 | 1,099,149 | ||||||
|
|
|||||||
Broadline Retail-1.91% |
||||||||
Amazon.com, Inc., 2.10%, 05/12/2031 |
3,186,000 | 2,643,936 | ||||||
eBay, Inc., 2.60%, 05/10/2031 |
800,000 | 662,263 | ||||||
Kohl’s Corp., 4.63%, 05/01/2031 |
530,000 | 390,689 | ||||||
|
|
|||||||
3,696,888 | ||||||||
|
|
|||||||
Building Products-0.82% |
||||||||
Carrier Global Corp., 2.70%, 02/15/2031 |
800,000 | 672,097 |
Principal Amount |
Value | |||||||
Building Products-(continued) |
| |||||||
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031 |
$ | 530,000 | $ | 418,256 | ||||
Masco Corp., 2.00%, 02/15/2031 |
637,000 | 503,508 | ||||||
|
|
|||||||
1,593,861 | ||||||||
|
|
|||||||
Capital Markets-4.28% |
||||||||
Ares Capital Corp., 3.20%, 11/15/2031 |
740,000 | 575,767 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
1.65%, 01/28/2031 |
530,000 | 421,891 | ||||||
1.80%, 07/28/2031 |
530,000 | 417,082 | ||||||
BlackRock, Inc., 1.90%, 01/28/2031 |
1,330,000 | 1,080,128 | ||||||
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031 |
522,000 | 426,488 | ||||||
Charles Schwab Corp. (The) |
||||||||
1.65%, 03/11/2031 |
770,000 | 590,348 | ||||||
2.30%, 05/13/2031 |
800,000 | 643,276 | ||||||
1.95%, 12/01/2031 |
900,000 | 691,068 | ||||||
Jefferies Financial Group, Inc., 2.63%, 10/15/2031 |
1,051,000 | 820,372 | ||||||
Moody’s Corp., 2.00%, 08/19/2031 |
630,000 | 507,441 | ||||||
Nasdaq, Inc., 1.65%, 01/15/2031(b) |
690,000 | 540,966 | ||||||
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031 |
1,100,000 | 865,390 | ||||||
State Street Corp., 2.20%, 03/03/2031 |
900,000 | 717,594 | ||||||
|
|
|||||||
8,297,811 | ||||||||
|
|
|||||||
Chemicals-0.26% |
||||||||
Ecolab, Inc., 1.30%, 01/30/2031 |
640,000 | 498,995 | ||||||
|
|
|||||||
Commercial Services & Supplies-0.70% |
| |||||||
Republic Services, Inc., 1.45%, 02/15/2031 |
690,000 | 534,633 | ||||||
Waste Management, Inc., 1.50%, 03/15/2031 |
1,060,000 | 827,167 | ||||||
|
|
|||||||
1,361,800 | ||||||||
|
|
|||||||
Communications Equipment-0.38% |
| |||||||
Motorola Solutions, Inc., 2.75%, 05/24/2031 |
900,000 | 730,684 | ||||||
|
|
|||||||
Construction Materials-0.73% |
||||||||
Eagle Materials, Inc., 2.50%, 07/01/2031 |
790,000 | 638,652 | ||||||
Martin Marietta Materials, Inc., 2.40%, 07/15/2031 |
950,000 | 769,476 | ||||||
|
|
|||||||
1,408,128 | ||||||||
|
|
|||||||
Consumer Finance-2.56% |
||||||||
Ally Financial, Inc. |
||||||||
8.00%, 11/01/2031 |
2,100,000 | 2,172,744 | ||||||
8.00%, 11/01/2031 |
520,000 | 542,695 | ||||||
General Motors Financial Co., Inc. |
||||||||
2.35%, 01/08/2031 |
1,060,000 | 824,229 | ||||||
2.70%, 06/10/2031 |
1,060,000 | 836,526 | ||||||
Synchrony Financial, 2.88%, 10/28/2031 |
800,000 | 595,523 | ||||||
|
|
|||||||
4,971,717 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.47% |
| |||||||
Dollar Tree, Inc., 2.65%, 12/01/2031 |
850,000 | 687,084 | ||||||
Kroger Co. (The), 1.70%, 01/15/2031 |
530,000 | 412,265 | ||||||
Walmart, Inc., 1.80%, 09/22/2031 |
2,130,000 | 1,744,952 | ||||||
|
|
|||||||
2,844,301 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
142 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Containers & Packaging-0.36% |
|
|||||||
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031 |
$ | 850,000 | $ | 692,502 | ||||
|
|
|||||||
Diversified REITs-0.88% |
|
|||||||
American Assets Trust L.P., 3.38%, 02/01/2031 |
510,000 | 396,557 | ||||||
Corporate Office Properties L.P., 2.75%, 04/15/2031 |
640,000 | 494,086 | ||||||
Physicians Realty L.P., 2.63%, 11/01/2031 |
508,000 | 395,324 | ||||||
W.P. Carey, Inc., 2.40%, 02/01/2031 |
530,000 | 424,229 | ||||||
|
|
|||||||
1,710,196 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-5.80% |
|
|||||||
AT&T, Inc., 2.75%, 06/01/2031 |
3,190,000 | 2,637,097 | ||||||
Orange S.A. (France), 9.00%, 03/01/2031 |
2,620,000 | 3,179,786 | ||||||
Verizon Communications, Inc. |
|
|||||||
1.75%, 01/20/2031 |
2,373,000 | 1,848,258 | ||||||
2.55%, 03/21/2031 |
4,350,000 | 3,583,377 | ||||||
|
|
|||||||
11,248,518 | ||||||||
|
|
|||||||
Electric Utilities-5.54% |
|
|||||||
Appalachian Power Co., Series AA, 2.70%, 04/01/2031 |
530,000 | 440,283 | ||||||
Baltimore Gas and Electric Co., 2.25%, 06/15/2031 |
640,000 | 524,666 | ||||||
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031 |
530,000 | 410,750 | ||||||
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031 |
960,000 | 796,817 | ||||||
Duke Energy Carolinas LLC, 2.55%, 04/15/2031 |
590,000 | 500,137 | ||||||
Duke Energy Corp., 2.55%, 06/15/2031 |
1,064,000 | 870,103 | ||||||
Duke Energy Florida LLC, 2.40%, 12/15/2031 |
690,000 | 563,888 | ||||||
Duke Energy Progress LLC, 2.00%, 08/15/2031 |
691,000 | 550,809 | ||||||
Entergy Corp., 2.40%, 06/15/2031 |
690,000 | 551,552 | ||||||
Entergy Texas, Inc., 1.75%, 03/15/2031 |
636,000 | 498,785 | ||||||
FirstEnergy Corp., Series C, 7.38%, 11/15/2031 |
510,000 | 567,809 | ||||||
Pacific Gas and Electric Co., 2.50%, 02/01/2031 |
2,130,000 | 1,664,069 | ||||||
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031 |
611,313 | 586,333 | ||||||
Progress Energy, Inc., 7.75%, 03/01/2031 |
690,000 | 774,467 | ||||||
Public Service Co. of Colorado, 1.88%, 06/15/2031 |
793,000 | 626,614 | ||||||
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031 |
509,000 | 395,962 | ||||||
Virginia Electric & Power Co., 2.30%, 11/15/2031 |
530,000 | 427,336 | ||||||
|
|
|||||||
10,750,380 | ||||||||
|
|
|||||||
Electrical Equipment-0.45% |
|
|||||||
Emerson Electric Co., 2.20%, 12/21/2031 |
1,060,000 | 872,914 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-1.77% |
| |||||||
Amphenol Corp., 2.20%, 09/15/2031 |
770,000 | 623,229 | ||||||
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031 |
1,020,000 | 863,498 | ||||||
Jabil, Inc., 3.00%, 01/15/2031 |
640,000 | 535,173 |
Principal Amount |
Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
| |||||||
Teledyne Technologies, Inc., 2.75%, 04/01/2031 |
$ | 1,096,000 | $ | 915,713 | ||||
Vontier Corp., 2.95%, 04/01/2031 |
634,000 | 503,013 | ||||||
|
|
|||||||
3,440,626 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.25% |
|
|||||||
Helmerich & Payne, Inc., 2.90%, 09/29/2031 . |
590,000 | 479,888 | ||||||
|
|
|||||||
Entertainment-1.51% |
|
|||||||
Electronic Arts, Inc., 1.85%, 02/15/2031 |
800,000 | 640,819 | ||||||
Walt Disney Co. (The), 2.65%, 01/13/2031 |
2,660,000 | 2,280,239 | ||||||
|
|
|||||||
2,921,058 | ||||||||
|
|
|||||||
Financial Services-2.10% |
|
|||||||
Fidelity National Information Services, Inc., 2.25%, 03/01/2031 |
1,330,000 | 1,074,874 | ||||||
Global Payments, Inc., 2.90%, 11/15/2031 |
800,000 | 656,244 | ||||||
Mastercard, Inc. |
|
|||||||
1.90%, 03/15/2031 |
640,000 | 525,836 | ||||||
2.00%, 11/18/2031 |
800,000 | 650,155 | ||||||
ORIX Corp. (Japan), 2.25%, 03/09/2031(b) |
440,000 | 359,301 | ||||||
Visa, Inc., 1.10%, 02/15/2031 |
1,050,000 | 817,389 | ||||||
|
|
|||||||
4,083,799 | ||||||||
|
|
|||||||
Food Products-2.17% |
|
|||||||
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 |
1,060,000 | 887,500 | ||||||
Flowers Foods, Inc., 2.40%, 03/15/2031 |
530,000 | 429,702 | ||||||
General Mills, Inc., 2.25%, 10/14/2031 |
530,000 | 428,676 | ||||||
Kellogg Co., Series B, 7.45%, 04/01/2031 |
660,000 | 744,817 | ||||||
McCormick & Co., Inc., 1.85%, 02/15/2031 |
529,000 | 416,843 | ||||||
Mondelez International, Inc., 1.50%, 02/04/2031 |
530,000 | 411,704 | ||||||
Pilgrim’s Pride Corp., 4.25%, 04/15/2031 |
1,040,000 | 900,684 | ||||||
|
|
|||||||
4,219,926 | ||||||||
|
|
|||||||
Gas Utilities-0.47% |
|
|||||||
Atmos Energy Corp., 1.50%, 01/15/2031 |
640,000 | 499,949 | ||||||
National Fuel Gas Co., 2.95%, 03/01/2031 |
525,000 | 422,945 | ||||||
|
|
|||||||
922,894 | ||||||||
|
|
|||||||
Ground Transportation-1.37% |
|
|||||||
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031 |
1,492,000 | 1,324,603 | ||||||
Norfolk Southern Corp., 2.30%, 05/15/2031(b) |
530,000 | 437,523 | ||||||
Union Pacific Corp., 2.38%, 05/20/2031 |
1,060,000 | 890,638 | ||||||
|
|
|||||||
2,652,764 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-1.34% |
|
|||||||
Baxter International, Inc., 1.73%, 04/01/2031 |
670,000 | 517,281 | ||||||
Becton, Dickinson and Co., 1.96%, 02/11/2031 |
1,060,000 | 853,153 | ||||||
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031 |
700,000 | 579,929 | ||||||
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 |
800,000 | 652,250 | ||||||
|
|
|||||||
2,602,613 | ||||||||
|
|
|||||||
Health Care Providers & Services-6.04% |
|
|||||||
Cencora, Inc., 2.70%, 03/15/2031 |
1,060,000 | 892,436 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
143 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Health Care Providers & Services-(continued) |
|
|||||||
Centene Corp. |
|
|||||||
2.50%, 03/01/2031 |
$ | 2,340,000 | $ | 1,865,573 | ||||
2.63%, 08/01/2031 |
1,380,000 | 1,099,092 | ||||||
Cigna Group (The), 2.38%, 03/15/2031 |
1,600,000 | 1,317,709 | ||||||
CVS Health Corp. |
|
|||||||
5.25%, 01/30/2031 |
790,000 | 780,941 | ||||||
1.88%, 02/28/2031 |
1,330,000 | 1,044,831 | ||||||
2.13%, 09/15/2031 |
1,060,000 | 837,915 | ||||||
Elevance Health, Inc., 2.55%, 03/15/2031 |
1,060,000 | 888,362 | ||||||
HCA, Inc., 2.38%, 07/15/2031 |
900,000 | 711,034 | ||||||
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031 |
530,000 | 442,323 | ||||||
Quest Diagnostics, Inc., 2.80%, 06/30/2031 |
590,000 | 501,065 | ||||||
UnitedHealth Group, Inc., 2.30%, 05/15/2031 |
1,600,000 | 1,338,519 | ||||||
|
|
|||||||
11,719,800 | ||||||||
|
|
|||||||
Health Care REITs-2.07% |
|
|||||||
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031 |
850,000 | 655,523 | ||||||
Healthpeak OP LLC, 2.88%, 01/15/2031 |
640,000 | 535,938 | ||||||
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031 |
740,000 | 598,614 | ||||||
Sabra Health Care L.P., 3.20%, 12/01/2031 |
820,000 | 627,215 | ||||||
Ventas Realty L.P., 2.50%, 09/01/2031 |
514,000 | 405,826 | ||||||
Welltower OP LLC |
|
|||||||
2.75%, 01/15/2031 |
640,000 | 528,773 | ||||||
2.80%, 06/01/2031 |
800,000 | 660,784 | ||||||
|
|
|||||||
4,012,673 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-0.72% |
|
|||||||
Expedia Group, Inc., 2.95%, 03/15/2031 |
520,000 | 435,145 | ||||||
Marriott International, Inc., Series HH, 2.85%, 04/15/2031 |
1,160,000 | 963,949 | ||||||
|
|
|||||||
1,399,094 | ||||||||
|
|
|||||||
Household Products-0.73% |
|
|||||||
Kimberly-Clark Corp., 2.00%, 11/02/2031 |
640,000 | 525,149 | ||||||
Procter & Gamble Co. (The), 1.95%, 04/23/2031 |
1,060,000 | 890,086 | ||||||
|
|
|||||||
1,415,235 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.43% |
| |||||||
AES Corp. (The), 2.45%, 01/15/2031 |
1,060,000 | 842,671 | ||||||
|
|
|||||||
Industrial Conglomerates-0.65% |
|
|||||||
Honeywell International, Inc., 1.75%, 09/01/2031 |
1,580,000 | 1,257,761 | ||||||
|
|
|||||||
Insurance-1.78% |
|
|||||||
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031 |
530,000 | 435,373 | ||||||
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031 |
535,000 | 455,701 | ||||||
Brown & Brown, Inc., 2.38%, 03/15/2031 |
740,000 | 592,387 | ||||||
Fidelity National Financial, Inc., 2.45%, 03/15/2031 |
640,000 | 509,779 | ||||||
First American Financial Corp., 2.40%, 08/15/2031 |
640,000 | 491,552 |
Principal Amount |
Value | |||||||
Insurance-(continued) |
||||||||
Lincoln National Corp., 3.40%, 01/15/2031(b) |
$ | 530,000 | $ | 448,075 | ||||
Primerica, Inc., 2.80%, 11/19/2031 |
630,000 | 518,575 | ||||||
|
|
|||||||
3,451,442 | ||||||||
|
|
|||||||
IT Services-0.61% |
||||||||
Kyndryl Holdings, Inc., 3.15%, 10/15/2031 |
690,000 | 536,438 | ||||||
VeriSign, Inc., 2.70%, 06/15/2031 |
801,000 | 656,352 | ||||||
|
|
|||||||
1,192,790 | ||||||||
|
|
|||||||
Leisure Products-0.23% |
||||||||
Brunswick Corp., 2.40%, 08/18/2031 |
590,000 | 452,760 | ||||||
|
|
|||||||
Life Sciences Tools & Services-1.33% |
|
|||||||
Agilent Technologies, Inc., 2.30%, 03/12/2031 |
900,000 | 737,401 | ||||||
Illumina, Inc., 2.55%, 03/23/2031 |
512,000 | 411,382 | ||||||
Revvity, Inc., 2.25%, 09/15/2031 |
510,000 | 401,989 | ||||||
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031 |
1,280,000 | 1,032,858 | ||||||
|
|
|||||||
2,583,630 | ||||||||
|
|
|||||||
Machinery-1.21% |
||||||||
Caterpillar, Inc., 1.90%, 03/12/2031 |
530,000 | 445,452 | ||||||
IDEX Corp., 2.63%, 06/15/2031 |
522,000 | 430,976 | ||||||
John Deere Capital Corp. |
||||||||
1.45%, 01/15/2031 |
640,000 | 507,654 | ||||||
2.00%, 06/17/2031 |
640,000 | 523,237 | ||||||
Xylem, Inc., 2.25%, 01/30/2031 |
528,000 | 434,158 | ||||||
|
|
|||||||
2,341,477 | ||||||||
|
|
|||||||
Media-3.31% |
||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.80%, 04/01/2031 |
1,700,000 | 1,370,975 | ||||||
Comcast Corp. |
||||||||
1.95%, 01/15/2031 |
1,580,000 | 1,278,507 | ||||||
1.50%, 02/15/2031 |
1,860,000 | 1,456,518 | ||||||
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031 |
536,000 | 433,686 | ||||||
Omnicom Group, Inc., 2.60%, 08/01/2031 |
850,000 | 696,292 | ||||||
Paramount Global, 4.95%, 01/15/2031(b) |
1,320,000 | 1,178,126 | ||||||
|
|
|||||||
6,414,104 | ||||||||
|
|
|||||||
Metals & Mining-0.24% |
||||||||
Steel Dynamics, Inc., 3.25%, 01/15/2031 |
530,000 | 462,451 | ||||||
|
|
|||||||
Multi-Utilities-1.91% |
||||||||
Ameren Corp., 3.50%, 01/15/2031 |
850,000 | 751,128 | ||||||
CenterPoint Energy, Inc., 2.65%, 06/01/2031 |
530,000 | 435,334 | ||||||
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031 |
900,000 | 717,721 | ||||||
DTE Electric Co., Series C, 2.63%, 03/01/2031 |
637,000 | 542,607 | ||||||
NiSource, Inc., 1.70%, 02/15/2031 |
800,000 | 618,689 | ||||||
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031 |
798,000 | 642,678 | ||||||
|
|
|||||||
3,708,157 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
144 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Office REITs-0.91% |
|
|||||||
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031 |
$ | 800,000 | $ | 691,687 | ||||
Boston Properties L.P., 3.25%, 01/30/2031 |
1,330,000 | 1,084,090 | ||||||
|
|
|||||||
1,775,777 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-7.26% |
|
|||||||
Boardwalk Pipelines L.P., 3.40%, 02/15/2031 |
530,000 | 452,500 | ||||||
Burlington Resources LLC, 7.20%, 08/15/2031 |
470,000 | 533,378 | ||||||
Cheniere Energy Partners L.P., 4.00%, 03/01/2031 |
1,590,000 | 1,405,440 | ||||||
Conoco Funding Co., 7.25%, 10/15/2031 |
396,000 | 449,764 | ||||||
Devon Energy Corp., 7.88%, 09/30/2031 |
660,000 | 744,810 | ||||||
Diamondback Energy, Inc., 3.13%, 03/24/2031 |
830,000 | 714,212 | ||||||
Hess Corp., 7.30%, 08/15/2031 |
670,000 | 732,622 | ||||||
Kinder Morgan, Inc. |
|
|||||||
2.00%, 02/15/2031 |
800,000 | 629,301 | ||||||
7.80%, 08/01/2031 |
570,000 | 637,655 | ||||||
Occidental Petroleum Corp. |
|
|||||||
6.13%, 01/01/2031 |
1,220,000 | 1,230,577 | ||||||
7.50%, 05/01/2031 |
920,000 | 997,773 | ||||||
ONEOK, Inc., 6.35%, 01/15/2031 |
640,000 | 658,279 | ||||||
Ovintiv, Inc., 7.38%, 11/01/2031 |
510,000 | 547,350 | ||||||
Pioneer Natural Resources Co., 2.15%, 01/15/2031 |
1,060,000 | 859,778 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031 |
1,020,000 | 937,889 | ||||||
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031 |
1,060,000 | 845,289 | ||||||
Valero Energy Corp., 2.80%, 12/01/2031 |
490,000 | 402,579 | ||||||
Williams Cos., Inc. (The), 2.60%, 03/15/2031 . |
1,600,000 | 1,314,176 | ||||||
|
|
|||||||
14,093,372 | ||||||||
|
|
|||||||
Personal Care Products-0.61% |
|
|||||||
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031 |
630,000 | 508,937 | ||||||
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031 |
840,000 | 672,939 | ||||||
|
|
|||||||
1,181,876 | ||||||||
|
|
|||||||
Pharmaceuticals-1.92% |
|
|||||||
AstraZeneca Finance LLC (United Kingdom), 2.25%, 05/28/2031 |
790,000 | 657,785 | ||||||
Merck & Co., Inc., 2.15%, 12/10/2031 |
2,100,000 | 1,717,560 | ||||||
Pfizer, Inc., 1.75%, 08/18/2031 |
1,060,000 | 853,619 | ||||||
Royalty Pharma PLC, 2.15%, 09/02/2031(b) |
640,000 | 497,034 | ||||||
|
|
|||||||
3,725,998 | ||||||||
|
|
|||||||
Professional Services-0.87% |
|
|||||||
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |
1,060,000 | 865,904 | ||||||
Equifax, Inc., 2.35%, 09/15/2031 |
1,060,000 | 831,758 | ||||||
|
|
|||||||
1,697,662 | ||||||||
|
|
|||||||
Real Estate Management & Development-0.22% |
|
|||||||
CBRE Services, Inc., 2.50%, 04/01/2031 |
531,000 | 427,093 | ||||||
|
|
Principal Amount |
Value | |||||||
Residential REITs-1.08% |
| |||||||
AvalonBay Communities, Inc., 2.45%, 01/15/2031 |
$ | 640,000 | $ | 532,667 | ||||
ERP Operating L.P., 1.85%, 08/01/2031 |
521,000 | 408,418 | ||||||
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031 |
670,000 | 513,365 | ||||||
Sun Communities Operating L.P., 2.70%, 07/15/2031 |
801,000 | 636,797 | ||||||
|
|
|||||||
2,091,247 | ||||||||
|
|
|||||||
Retail REITs-1.18% |
| |||||||
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031 |
530,000 | 417,477 | ||||||
Kimco Realty OP LLC, 2.25%, 12/01/2031 |
515,000 | 399,329 | ||||||
Realty Income Corp., 3.25%, 01/15/2031 |
1,010,000 | 874,546 | ||||||
Simon Property Group L.P., 2.20%, 02/01/2031 |
740,000 | 590,326 | ||||||
|
|
|||||||
2,281,678 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.36% |
| |||||||
Analog Devices, Inc., 2.10%, 10/01/2031 |
1,060,000 | 868,196 | ||||||
Intel Corp., 2.00%, 08/12/2031 |
1,320,000 | 1,067,583 | ||||||
Marvell Technology, Inc., 2.95%, 04/15/2031 |
800,000 | 668,064 | ||||||
NVIDIA Corp., 2.00%, 06/15/2031 |
1,330,000 | 1,102,782 | ||||||
Skyworks Solutions, Inc., 3.00%, 06/01/2031 |
530,000 | 431,733 | ||||||
Texas Instruments, Inc., 1.90%, 09/15/2031 |
530,000 | 432,823 | ||||||
|
|
|||||||
4,571,181 | ||||||||
|
|
|||||||
Software-3.91% |
| |||||||
Autodesk, Inc., 2.40%, 12/15/2031 |
1,067,000 | 866,990 | ||||||
Fortinet, Inc., 2.20%, 03/15/2031 |
510,000 | 401,759 | ||||||
Oracle Corp., 2.88%, 03/25/2031 |
3,460,000 | 2,925,298 | ||||||
Roper Technologies, Inc., 1.75%, 02/15/2031 |
1,060,000 | 832,815 | ||||||
Salesforce, Inc., 1.95%, 07/15/2031 |
1,600,000 | 1,304,712 | ||||||
VMware, Inc., 2.20%, 08/15/2031 |
1,600,000 | 1,248,263 | ||||||
|
|
|||||||
7,579,837 | ||||||||
|
|
|||||||
Specialized REITs-3.42% |
| |||||||
American Tower Corp. |
| |||||||
2.70%, 04/15/2031 |
740,000 | 605,849 | ||||||
2.30%, 09/15/2031 |
740,000 | 579,307 | ||||||
Crown Castle, Inc. |
| |||||||
2.25%, 01/15/2031 |
1,170,000 | 940,628 | ||||||
2.10%, 04/01/2031 |
1,060,000 | 836,804 | ||||||
2.50%, 07/15/2031 |
800,000 | 645,497 | ||||||
Equinix, Inc., 2.50%, 05/15/2031 |
1,060,000 | 859,770 | ||||||
Extra Space Storage L.P., 2.40%, 10/15/2031 |
640,000 | 503,105 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031 |
720,000 | 618,242 | ||||||
Public Storage Operating Co. |
| |||||||
2.30%, 05/01/2031 |
690,000 | 568,652 | ||||||
2.25%, 11/09/2031 |
580,000 | 469,843 | ||||||
|
|
|||||||
6,627,697 | ||||||||
|
|
|||||||
Specialty Retail-2.99% |
| |||||||
AutoZone, Inc., 1.65%, 01/15/2031 |
640,000 | 497,552 | ||||||
Home Depot, Inc. (The) |
| |||||||
1.38%, 03/15/2031 |
1,330,000 | 1,042,113 | ||||||
1.88%, 09/15/2031 |
1,060,000 | 853,394 | ||||||
Leidos, Inc., 2.30%, 02/15/2031 |
1,060,000 | 840,414 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
145 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Specialty Retail-(continued) |
| |||||||
Lowe’s Cos., Inc., 2.63%, 04/01/2031 |
$ | 1,600,000 | $ | 1,342,217 | ||||
O’Reilly Automotive, Inc., 1.75%, 03/15/2031 |
510,000 | 402,079 | ||||||
Ross Stores, Inc., 1.88%, 04/15/2031 |
510,000 | 400,063 | ||||||
TJX Cos., Inc. (The), 1.60%, 05/15/2031 |
530,000 | 426,292 | ||||||
|
|
|||||||
5,804,124 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.13% |
| |||||||
Apple, Inc. |
| |||||||
1.65%, 02/08/2031 |
2,930,000 | 2,402,698 | ||||||
1.70%, 08/05/2031(b) |
1,060,000 | 863,251 | ||||||
HP, Inc., 2.65%, 06/17/2031 |
1,060,000 | 859,639 | ||||||
|
|
|||||||
4,125,588 | ||||||||
|
|
|||||||
Tobacco-0.54% |
| |||||||
B.A.T Capital Corp. (United Kingdom), 2.73%, 03/25/2031 |
1,320,000 | 1,046,193 | ||||||
|
|
|||||||
Water Utilities-0.25% |
| |||||||
American Water Capital Corp., 2.30%, 06/01/2031 |
586,000 | 481,114 | ||||||
|
|
|||||||
Wireless Telecommunication Services-1.63% |
| |||||||
T-Mobile USA, Inc. |
| |||||||
2.88%, 02/15/2031 |
1,050,000 | 883,761 | ||||||
3.50%, 04/15/2031 |
2,610,000 | 2,281,159 | ||||||
|
|
|||||||
3,164,920 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
192,190,447 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.02% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
42,663 | $ | 42,663 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
192,233,110 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.72% |
| |||||||
Invesco Private Government Fund, |
932,243 | 932,243 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
2,397,193 | 2,397,193 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
3,329,436 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.81% |
|
195,562,546 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.81)% |
|
(1,578,745 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 193,983,801 | ||||||
|
|
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 15,756 | $ | 5,224,143 | $ | (5,197,236 | ) | $ | - | $ | - | $ | 42,663 | $ | 11,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 120,081 | 9,091,110 | (8,278,948 | ) | - | - | 932,243 | 33,283 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 308,780 | 17,418,647 | (15,329,614 | ) | 38 | (658 | ) | 2,397,193 | 90,188 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 444,617 | $ | 31,733,900 | $ | (28,805,798 | ) | $ | 38 | $ | (658 | ) | $ | 3,372,099 | $ | 135,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
146 | ||||
|
| |||
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)
August 31, 2023
(d) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2023. |
(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.
147 | ||||
|
| |||
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.65% |
| |||||||
Aerospace & Defense-0.81% |
||||||||
Lockheed Martin Corp., 3.90%, 06/15/2032 |
$ | 590,000 | $ | 549,023 | ||||
RTX Corp., 2.38%, 03/15/2032 |
760,000 | 612,066 | ||||||
|
|
|||||||
1,161,089 | ||||||||
|
|
|||||||
Automobiles-0.99% |
| |||||||
General Motors Co., 5.60%, 10/15/2032(b) |
950,000 | 914,766 | ||||||
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032 |
570,000 | 498,772 | ||||||
|
|
|||||||
1,413,538 | ||||||||
|
|
|||||||
Banks-4.35% |
| |||||||
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032 |
640,000 | 519,052 | ||||||
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032 |
760,000 | 677,459 | ||||||
Citigroup, Inc., 6.63%, 06/15/2032 |
740,000 | 772,979 | ||||||
Citizens Financial Group, Inc., 2.64%, 09/30/2032 |
450,000 | 328,577 | ||||||
KeyBank N.A., 4.90%, 08/08/2032 |
625,000 | 516,118 | ||||||
Royal Bank of Canada (Canada), 3.88%, 05/04/2032 |
740,000 | 672,480 | ||||||
Toronto-Dominion Bank (The) (Canada) |
| |||||||
2.45%, 01/12/2032 |
440,000 | 355,920 | ||||||
3.20%, 03/10/2032 |
1,134,000 | 966,886 | ||||||
4.46%, 06/08/2032 |
1,510,000 | 1,407,475 | ||||||
|
|
|||||||
6,216,946 | ||||||||
|
|
|||||||
Beverages-1.77% |
| |||||||
Constellation Brands, Inc., 4.75%, 05/09/2032 |
530,000 | 508,330 | ||||||
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032 |
670,000 | 539,022 | ||||||
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032 |
642,000 | 588,764 | ||||||
PepsiCo, Inc., 3.90%, 07/18/2032 |
950,000 | 901,559 | ||||||
|
|
|||||||
2,537,675 | ||||||||
|
|
|||||||
Biotechnology-0.88% |
| |||||||
Amgen, Inc. |
| |||||||
2.00%, 01/15/2032 |
755,000 | 592,875 | ||||||
3.35%, 02/22/2032 |
760,000 | 663,791 | ||||||
|
|
|||||||
1,256,666 | ||||||||
|
|
|||||||
Broadline Retail-2.40% |
| |||||||
Amazon.com, Inc. |
| |||||||
3.60%, 04/13/2032 |
1,890,000 | 1,739,841 | ||||||
4.70%, 12/01/2032 |
1,700,000 | 1,690,211 | ||||||
|
|
|||||||
3,430,052 | ||||||||
|
|
|||||||
Building Products-0.23% |
| |||||||
Carlisle Cos., Inc., 2.20%, 03/01/2032 |
415,000 | 326,893 | ||||||
|
|
|||||||
Capital Markets-5.00% |
| |||||||
Ameriprise Financial, Inc., 4.50%, 05/13/2032 |
380,000 | 359,816 | ||||||
BlackRock, Inc., 2.10%, 02/25/2032 |
760,000 | 606,367 | ||||||
Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032 |
458,000 | 354,761 |
Principal Amount |
Value | |||||||
Capital Markets-(continued) |
| |||||||
Charles Schwab Corp. (The), 2.90%, 03/03/2032 |
$ | 760,000 | $ | 628,231 | ||||
CME Group, Inc., 2.65%, 03/15/2032 |
605,000 | 507,778 | ||||||
Credit Suisse USA, Inc. (Switzerland), 7.13%, 07/15/2032 |
546,000 | 609,497 | ||||||
FactSet Research Systems, Inc., 3.45%, 03/01/2032 |
370,000 | 313,839 | ||||||
Jefferies Financial Group, Inc., 2.75%, 10/15/2032 |
380,000 | 291,388 | ||||||
Moody’s Corp., 4.25%, 08/08/2032 |
380,000 | 357,481 | ||||||
Morgan Stanley, 7.25%, 04/01/2032 |
740,000 | 842,139 | ||||||
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032 |
670,000 | 536,688 | ||||||
Northern Trust Corp., 6.13%, 11/02/2032 |
760,000 | 776,316 | ||||||
S&P Global, Inc., 2.90%, 03/01/2032 |
1,130,000 | 968,386 | ||||||
|
|
|||||||
7,152,687 | ||||||||
|
|
|||||||
Chemicals-1.31% |
| |||||||
Albemarle Corp., 5.05%, 06/01/2032 |
440,000 | 414,612 | ||||||
Celanese US Holdings LLC, 6.38%, 07/15/2032 |
755,000 | 747,911 | ||||||
Ecolab, Inc., 2.13%, 02/01/2032(b) |
490,000 | 399,352 | ||||||
Sherwin-Williams Co. (The), 2.20%, 03/15/2032 |
400,000 | 317,370 | ||||||
|
|
|||||||
1,879,245 | ||||||||
|
|
|||||||
Commercial Services & Supplies-1.70% |
| |||||||
Cintas Corp. No. 2, 4.00%, 05/01/2032 |
600,000 | 561,478 | ||||||
Republic Services, Inc., 1.75%, 02/15/2032 |
572,000 | 442,984 | ||||||
Waste Connections, Inc. |
| |||||||
2.20%, 01/15/2032 |
490,000 | 392,305 | ||||||
3.20%, 06/01/2032 |
375,000 | 322,582 | ||||||
Waste Management, Inc., 4.15%, 04/15/2032 |
755,000 | 708,600 | ||||||
|
|
|||||||
2,427,949 | ||||||||
|
|
|||||||
Communications Equipment-0.31% |
| |||||||
Motorola Solutions, Inc., 5.60%, 06/01/2032 |
450,000 | 444,399 | ||||||
|
|
|||||||
Construction & Engineering-0.21% |
| |||||||
Quanta Services, Inc., 2.35%, 01/15/2032 |
376,000 | 297,768 | ||||||
|
|
|||||||
Consumer Finance-0.93% |
| |||||||
Discover Financial Services, 6.70%, 11/29/2032 |
570,000 | 567,531 | ||||||
General Motors Financial Co., Inc., 3.10%, 01/12/2032 |
950,000 | 761,911 | ||||||
|
|
|||||||
1,329,442 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.93% |
| |||||||
Costco Wholesale Corp., 1.75%, 04/20/2032(b) |
760,000 | 604,993 | ||||||
Dollar General Corp., 5.00%, 11/01/2032 |
530,000 | 504,937 | ||||||
Target Corp., 4.50%, 09/15/2032(b) |
760,000 | 733,679 | ||||||
Walmart, Inc., 4.15%, 09/09/2032 |
950,000 | 921,159 | ||||||
|
|
|||||||
2,764,768 | ||||||||
|
|
|||||||
Containers & Packaging-0.66% |
| |||||||
Avery Dennison Corp., 2.25%, 02/15/2032 |
380,000 | 294,310 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
148 | ||||
|
| |||
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Containers & Packaging-(continued) |
||||||||
Sonoco Products Co., 2.85%, 02/01/2032 |
$ | 380,000 | $ | 312,001 | ||||
WRKCo, Inc., 4.20%, 06/01/2032 |
377,000 | 343,620 | ||||||
|
|
|||||||
949,931 | ||||||||
|
|
|||||||
Distributors-0.22% |
||||||||
Genuine Parts Co., 2.75%, 02/01/2032 |
381,000 | 310,759 | ||||||
|
|
|||||||
Diversified Consumer Services-0.26% |
||||||||
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032 |
380,000 | 367,009 | ||||||
|
|
|||||||
Diversified REITs-0.95% |
||||||||
CubeSmart L.P., 2.50%, 02/15/2032 |
380,000 | 299,881 | ||||||
VICI Properties L.P., 5.13%, 05/15/2032 |
1,139,000 | 1,056,672 | ||||||
|
|
|||||||
1,356,553 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-3.69% |
|
|||||||
AT&T, Inc., 2.25%, 02/01/2032 |
1,890,000 | 1,475,293 | ||||||
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032 |
370,000 | 465,696 | ||||||
TELUS Corp. (Canada), 3.40%, 05/13/2032 |
680,000 | 572,895 | ||||||
Verizon Communications, Inc., 2.36%, 03/15/2032 |
3,500,000 | 2,769,316 | ||||||
|
|
|||||||
5,283,200 | ||||||||
|
|
|||||||
Electric Utilities-8.55% |
|
|||||||
AEP Texas, Inc., 4.70%, 05/15/2032 |
380,000 | 360,258 | ||||||
Alabama Power Co., 3.05%, 03/15/2032 |
520,000 | 446,725 | ||||||
American Electric Power Co., Inc., 5.95%, 11/01/2032 |
380,000 | 390,987 | ||||||
Appalachian Power Co., Series BB, 4.50%, 08/01/2032 |
358,000 | 332,489 | ||||||
Duke Energy Carolinas LLC, 2.85%, 03/15/2032 |
380,000 | 320,945 | ||||||
Duke Energy Corp., 4.50%, 08/15/2032 |
870,000 | 810,155 | ||||||
Duke Energy Progress LLC, 3.40%, 04/01/2032 |
360,000 | 317,041 | ||||||
Entergy Louisiana LLC, 2.35%, 06/15/2032 |
380,000 | 302,667 | ||||||
Eversource Energy, 3.38%, 03/01/2032 |
480,000 | 411,297 | ||||||
Exelon Corp., 3.35%, 03/15/2032 |
490,000 | 421,374 | ||||||
Florida Power & Light Co., 2.45%, 02/03/2032 |
1,202,000 | 997,461 | ||||||
Georgia Power Co., 4.70%, 05/15/2032 |
530,000 | 506,405 | ||||||
National Rural Utilities Cooperative Finance Corp. |
|
|||||||
2.75%, 04/15/2032 |
380,000 | 311,728 | ||||||
4.02%, 11/01/2032 |
426,000 | 385,893 | ||||||
NextEra Energy Capital Holdings, Inc. |
|
|||||||
2.44%, 01/15/2032 |
760,000 | 608,925 | ||||||
5.00%, 07/15/2032 |
760,000 | 734,914 | ||||||
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032 |
596,000 | 568,164 | ||||||
Pacific Gas and Electric Co., 5.90%, 06/15/2032 |
450,000 | 431,167 | ||||||
Southern California Edison Co. |
|
|||||||
2.75%, 02/01/2032 |
340,000 | 281,277 | ||||||
5.95%, 11/01/2032 |
570,000 | 591,197 | ||||||
Southern Co. (The), 5.70%, 10/15/2032 |
380,000 | 386,153 | ||||||
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032 |
380,000 | 371,305 | ||||||
Union Electric Co., 2.15%, 03/15/2032 |
400,000 | 316,939 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
|
|||||||
Virginia Electric & Power Co., 2.40%, 03/30/2032 |
$ | 440,000 | $ | 354,884 | ||||
Wisconsin Electric Power Co., 4.75%, 09/30/2032 |
380,000 | 371,506 | ||||||
Wisconsin Power and Light Co., 3.95%, 09/01/2032 |
440,000 | 401,205 | ||||||
Xcel Energy, Inc., 4.60%, 06/01/2032 |
530,000 | 495,270 | ||||||
|
|
|||||||
12,228,331 | ||||||||
|
|
|||||||
Electrical Equipment-0.25% |
|
|||||||
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032 |
376,000 | 357,002 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-1.13% |
| |||||||
Allegion US Holding Co., Inc., 5.41%, 07/01/2032 |
457,000 | 445,414 | ||||||
Arrow Electronics, Inc., 2.95%, 02/15/2032 |
380,000 | 305,258 | ||||||
Eaton Corp., 4.00%, 11/02/2032 |
530,000 | 496,237 | ||||||
Tyco Electronics Group S.A., 2.50%, 02/04/2032 |
450,000 | 375,296 | ||||||
|
|
|||||||
1,622,205 | ||||||||
|
|
|||||||
Entertainment-2.87% |
|
|||||||
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032 |
380,000 | 342,281 | ||||||
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032 |
380,000 | 427,412 | ||||||
Warnermedia Holdings, Inc., 4.28%, 03/15/2032 |
3,770,000 | 3,328,363 | ||||||
|
|
|||||||
4,098,056 | ||||||||
|
|
|||||||
Financial Services-4.22% |
|
|||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032 |
3,060,000 | 2,487,886 | ||||||
Corebridge Financial, Inc., 3.90%, 04/05/2032 |
1,130,000 | 988,703 | ||||||
Fidelity National Information Services, Inc., 5.10%, 07/15/2032 |
570,000 | 558,737 | ||||||
Global Payments, Inc., 5.40%, 08/15/2032 |
570,000 | 559,181 | ||||||
ORIX Corp. (Japan) |
|
|||||||
4.00%, 04/13/2032 |
380,000 | 347,361 | ||||||
5.20%, 09/13/2032 |
374,000 | 373,701 | ||||||
PayPal Holdings, Inc., 4.40%, 06/01/2032 |
760,000 | 726,879 | ||||||
|
|
|||||||
6,042,448 | ||||||||
|
|
|||||||
Food Products-1.51% |
|
|||||||
Archer-Daniels-Midland Co., 2.90%, 03/01/2032 |
570,000 | 492,256 | ||||||
J. M. Smucker Co. (The), 2.13%, 03/15/2032 |
350,000 | 277,668 | ||||||
Mondelez International, Inc. |
|
|||||||
3.00%, 03/17/2032 |
560,000 | 479,315 | ||||||
1.88%, 10/15/2032(b) |
470,000 | 364,705 | ||||||
Pilgrim’s Pride Corp., 3.50%, 03/01/2032 |
670,000 | 540,161 | ||||||
|
|
|||||||
2,154,105 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
149 | ||||
|
| |||
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Gas Utilities-0.52% |
| |||||||
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032 |
$ | 370,000 | $ | 345,724 | ||||
Southwest Gas Corp., 4.05%, 03/15/2032 |
450,000 | 403,619 | ||||||
|
|
|||||||
749,343 | ||||||||
|
|
|||||||
Ground Transportation-1.70% |
| |||||||
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032 |
610,000 | 563,623 | ||||||
CSX Corp., 4.10%, 11/15/2032 |
720,000 | 676,266 | ||||||
Norfolk Southern Corp., 3.00%, 03/15/2032 |
450,000 | 383,879 | ||||||
Union Pacific Corp., 2.80%, 02/14/2032 |
950,000 | 812,553 | ||||||
|
|
|||||||
2,436,321 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-1.84% |
| |||||||
Baxter International, Inc., 2.54%, 02/01/2032 |
1,170,000 | 939,577 | ||||||
Becton, Dickinson and Co., 4.30%, 08/22/2032 |
380,000 | 355,473 | ||||||
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032 |
1,300,000 | 1,333,762 | ||||||
|
|
|||||||
2,628,812 | ||||||||
|
|
|||||||
Health Care Providers & Services-2.59% |
| |||||||
Elevance Health, Inc. |
| |||||||
4.10%, 05/15/2032 |
450,000 | 414,855 | ||||||
5.50%, 10/15/2032(b) |
490,000 | 500,001 | ||||||
HCA, Inc., 3.63%, 03/15/2032 |
1,480,000 | 1,273,413 | ||||||
Humana, Inc., 2.15%, 02/03/2032 |
570,000 | 447,339 | ||||||
UnitedHealth Group, Inc., 4.20%, 05/15/2032 |
1,130,000 | 1,067,936 | ||||||
|
|
|||||||
3,703,544 | ||||||||
|
|
|||||||
Health Care REITs-0.47% |
| |||||||
Welltower OP LLC |
| |||||||
2.75%, 01/15/2032 |
380,000 | 307,652 | ||||||
3.85%, 06/15/2032 |
420,000 | 369,391 | ||||||
|
|
|||||||
677,043 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.30% |
| |||||||
Marriott International, Inc., Series GG, 3.50%, 10/15/2032 |
760,000 | 646,155 | ||||||
McDonald’s Corp., 4.60%, 09/09/2032 |
570,000 | 557,985 | ||||||
Starbucks Corp., 3.00%, 02/14/2032 |
760,000 | 652,394 | ||||||
|
|
|||||||
1,856,534 | ||||||||
|
|
|||||||
Household Products-1.20% |
| |||||||
Church & Dwight Co., Inc., 5.60%, 11/15/2032 |
373,000 | 386,119 | ||||||
Clorox Co. (The), 4.60%, 05/01/2032 |
453,000 | 438,430 | ||||||
Colgate-Palmolive Co., 3.25%, 08/15/2032(b) |
380,000 | 343,981 | ||||||
Procter & Gamble Co. (The), 2.30%, 02/01/2032 |
646,000 | 552,539 | ||||||
|
|
|||||||
1,721,069 | ||||||||
|
|
|||||||
Industrial Conglomerates-1.01% |
| |||||||
GE Capital Funding LLC, 4.55%, 05/15/2032 |
370,000 | 352,951 | ||||||
General Electric Co., 6.75%, 03/15/2032 |
980,000 | 1,093,403 | ||||||
|
|
|||||||
1,446,354 | ||||||||
|
|
|||||||
Industrial REITs-0.21% |
| |||||||
Prologis L.P., 2.25%, 01/15/2032 |
370,000 | 297,296 | ||||||
|
|
Principal Amount |
Value | |||||||
Insurance-2.57% |
| |||||||
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032 |
$ | 375,000 | $ | 366,670 | ||||
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032 |
760,000 | 663,953 | ||||||
Brown & Brown, Inc., 4.20%, 03/17/2032 |
435,000 | 389,624 | ||||||
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032 |
570,000 | 550,692 | ||||||
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032 |
570,000 | 511,794 | ||||||
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032 |
360,000 | 374,039 | ||||||
MetLife, Inc., 6.50%, 12/15/2032 |
450,000 | 488,214 | ||||||
Progressive Corp. (The), 3.00%, 03/15/2032 |
380,000 | 330,565 | ||||||
|
|
|||||||
3,675,551 | ||||||||
|
|
|||||||
Interactive Media & Services-1.44% |
| |||||||
Meta Platforms, Inc., 3.85%, 08/15/2032 |
2,250,000 | 2,066,538 | ||||||
|
|
|||||||
IT Services-0.94% |
| |||||||
International Business Machines Corp. |
| |||||||
2.72%, 02/09/2032 |
400,000 | 339,920 | ||||||
4.40%, 07/27/2032 |
550,000 | 525,016 | ||||||
5.88%, 11/29/2032 |
450,000 | 478,725 | ||||||
|
|
|||||||
1,343,661 | ||||||||
|
|
|||||||
Life Sciences Tools & Services-0.69% |
| |||||||
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |
610,000 | 534,518 | ||||||
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 |
450,000 | 450,187 | ||||||
|
|
|||||||
984,705 | ||||||||
|
|
|||||||
Machinery-0.98% |
| |||||||
Flowserve Corp., 2.80%, 01/15/2032 |
380,000 | 302,166 | ||||||
John Deere Capital Corp. |
| |||||||
3.90%, 06/07/2032 |
380,000 | 354,610 | ||||||
4.35%, 09/15/2032 |
450,000 | 437,070 | ||||||
Stanley Black & Decker, Inc., 3.00%, 05/15/2032(b) |
370,000 | 311,404 | ||||||
|
|
|||||||
1,405,250 | ||||||||
|
|
|||||||
Media-1.38% |
| |||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.30%, 02/01/2032 |
745,000 | 562,738 | ||||||
Comcast Corp., 5.50%, 11/15/2032 |
760,000 | 780,078 | ||||||
Paramount Global, 4.20%, 05/19/2032 |
760,000 | 633,620 | ||||||
|
|
|||||||
1,976,436 | ||||||||
|
|
|||||||
Metals & Mining-1.20% |
| |||||||
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032 |
740,000 | 761,018 | ||||||
Newmont Corp., 2.60%, 07/15/2032 |
740,000 | 596,321 | ||||||
Nucor Corp., 3.13%, 04/01/2032 |
420,000 | 358,674 | ||||||
|
|
|||||||
1,716,013 | ||||||||
|
|
|||||||
Multi-Utilities-1.36% |
| |||||||
Ameren Illinois Co., 3.85%, 09/01/2032 |
375,000 | 339,178 | ||||||
Dominion Energy, Inc., 5.38%, 11/15/2032 |
640,000 | 630,378 | ||||||
DTE Electric Co., Series A, 3.00%, 03/01/2032 |
380,000 | 324,758 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
150 | ||||
|
| |||
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Multi-Utilities-(continued) |
| |||||||
Public Service Electric & Gas Co., 3.10%, 03/15/2032 |
$ | 370,000 | $ | 321,301 | ||||
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032 |
380,000 | 323,885 | ||||||
|
|
|||||||
1,939,500 | ||||||||
|
|
|||||||
Office REITs-0.70% |
| |||||||
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032 |
680,000 | 516,139 | ||||||
Boston Properties L.P., 2.55%, 04/01/2032 |
640,000 | 480,270 | ||||||
|
|
|||||||
996,409 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-5.55% |
| |||||||
Boardwalk Pipelines L.P., 3.60%, 09/01/2032 |
360,000 | 302,900 | ||||||
BP Capital Markets America, Inc., 2.72%, 01/12/2032 |
1,510,000 | 1,264,907 | ||||||
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032 |
376,000 | 303,170 | ||||||
Cheniere Energy Partners L.P., 3.25%, 01/31/2032 |
900,000 | 744,669 | ||||||
ConocoPhillips, 5.90%, 10/15/2032 |
380,000 | 406,852 | ||||||
Kinder Morgan, Inc., 7.75%, 01/15/2032 |
750,000 | 838,740 | ||||||
Marathon Oil Corp., 6.80%, 03/15/2032 |
420,000 | 438,823 | ||||||
MPLX L.P., 4.95%, 09/01/2032 |
760,000 | 718,363 | ||||||
ONEOK, Inc., 6.10%, 11/15/2032 |
570,000 | 579,316 | ||||||
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032 |
370,000 | 397,892 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 |
705,000 | 608,953 | ||||||
Valero Energy Corp., 7.50%, 04/15/2032 |
550,000 | 615,958 | ||||||
Williams Cos., Inc. (The), 4.65%, 08/15/2032 |
760,000 | 714,079 | ||||||
|
|
|||||||
7,934,622 | ||||||||
|
|
|||||||
Personal Care Products-0.56% |
| |||||||
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032 |
730,000 | 794,615 | ||||||
|
|
|||||||
Pharmaceuticals-2.13% |
| |||||||
Bristol-Myers Squibb Co., 2.95%, 03/15/2032 |
1,320,000 | 1,144,715 | ||||||
Haleon US Capital LLC, 3.63%, 03/24/2032 |
1,475,000 | 1,310,899 | ||||||
Zoetis, Inc., 5.60%, 11/16/2032 |
570,000 | 588,259 | ||||||
|
|
|||||||
3,043,873 | ||||||||
|
|
|||||||
Residential REITs-1.39% |
| |||||||
American Homes 4 Rent L.P., 3.63%, 04/15/2032 |
450,000 | 385,848 | ||||||
AvalonBay Communities, Inc., 2.05%, 01/15/2032 |
529,000 | 424,550 | ||||||
Essex Portfolio L.P., 2.65%, 03/15/2032 |
470,000 | 374,813 | ||||||
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032 |
450,000 | 400,822 | ||||||
Sun Communities Operating L.P., 4.20%, 04/15/2032 |
450,000 | 396,100 | ||||||
|
|
|||||||
1,982,133 | ||||||||
|
|
|||||||
Retail REITs-1.52% |
| |||||||
Kimco Realty OP LLC, 3.20%, 04/01/2032 |
450,000 | 373,651 |
Principal Amount |
Value | |||||||
Retail REITs-(continued) |
| |||||||
|
|
|||||||
Realty Income Corp. |
| |||||||
5.63%, 10/13/2032 |
$ | 548,000 | $ | 548,048 | ||||
2.85%, 12/15/2032 |
520,000 | 421,913 | ||||||
Simon Property Group L.P. |
| |||||||
2.25%, 01/15/2032 |
530,000 | 411,129 | ||||||
2.65%, 02/01/2032 |
530,000 | 426,092 | ||||||
|
|
|||||||
2,180,833 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-3.90% |
| |||||||
Advanced Micro Devices, Inc., 3.92%, 06/01/2032 |
380,000 | 355,022 | ||||||
Broadcom, Inc., 4.30%, 11/15/2032 |
1,510,000 | 1,365,573 | ||||||
Intel Corp. |
| |||||||
4.15%, 08/05/2032(b) |
950,000 | 894,439 | ||||||
4.00%, 12/15/2032 |
570,000 | 528,523 | ||||||
KLA Corp., 4.65%, 07/15/2032 |
760,000 | 747,273 | ||||||
Micron Technology, Inc., 2.70%, 04/15/2032 |
760,000 | 600,186 | ||||||
QUALCOMM, Inc. |
| |||||||
1.65%, 05/20/2032 |
930,000 | 722,734 | ||||||
4.25%, 05/20/2032 |
380,000 | 365,680 | ||||||
|
|
|||||||
5,579,430 | ||||||||
|
|
|||||||
Software-1.83% |
| |||||||
Oracle Corp., 6.25%, 11/09/2032 |
1,700,000 | 1,779,941 | ||||||
Workday, Inc., 3.80%, 04/01/2032 |
950,000 | 843,696 | ||||||
|
|
|||||||
2,623,637 | ||||||||
|
|
|||||||
Specialized REITs-1.86% |
| |||||||
American Tower Corp., 4.05%, 03/15/2032(b) |
490,000 | 437,361 | ||||||
Equinix, Inc., 3.90%, 04/15/2032 |
910,000 | 810,244 | ||||||
Extra Space Storage L.P., 2.35%, 03/15/2032 |
450,000 | 350,387 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032 |
610,000 | 492,382 | ||||||
Weyerhaeuser Co., 7.38%, 03/15/2032 |
500,000 | 563,147 | ||||||
|
|
|||||||
2,653,521 | ||||||||
|
|
|||||||
Specialty Retail-3.42% |
| |||||||
AutoNation, Inc., 3.85%, 03/01/2032 |
510,000 | 432,056 | ||||||
AutoZone, Inc., 4.75%, 08/01/2032 |
570,000 | 545,543 | ||||||
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032 |
569,000 | 454,023 | ||||||
Home Depot, Inc. (The) |
| |||||||
3.25%, 04/15/2032 |
950,000 | 844,667 | ||||||
4.50%, 09/15/2032(b) |
950,000 | 928,381 | ||||||
Lowe’s Cos., Inc., 3.75%, 04/01/2032 |
1,200,000 | 1,075,550 | ||||||
O’Reilly Automotive, Inc., 4.70%, 06/15/2032 |
640,000 | 612,279 | ||||||
|
|
|||||||
4,892,499 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.24% |
| |||||||
Apple, Inc., 3.35%, 08/08/2032 |
1,130,000 | 1,037,234 | ||||||
HP, Inc., 4.20%, 04/15/2032 |
515,000 | 460,100 | ||||||
Western Digital Corp., 3.10%, 02/01/2032 |
370,000 | 276,715 | ||||||
|
|
|||||||
1,774,049 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.19% |
| |||||||
Tapestry, Inc., 3.05%, 03/15/2032 |
360,000 | 277,142 | ||||||
|
|
|||||||
Tobacco-2.29% |
| |||||||
Altria Group, Inc., 2.45%, 02/04/2032 |
1,320,000 | 1,030,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
151 | ||||
|
| |||
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Tobacco-(continued) |
||||||||
B.A.T Capital Corp. (United Kingdom) |
||||||||
4.74%, 03/16/2032 |
$ | 670,000 | $ | 606,229 | ||||
7.75%, 10/19/2032 |
450,000 | 488,694 | ||||||
Philip Morris International, Inc., 5.75%, 11/17/2032 |
1,130,000 | 1,146,697 | ||||||
|
|
|||||||
3,272,528 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.34% |
| |||||||
Air Lease Corp., 2.88%, 01/15/2032 |
600,000 | 480,671 | ||||||
|
|
|||||||
Water Utilities-0.40% |
| |||||||
American Water Capital Corp., 4.45%, 06/01/2032 |
601,000 | 570,825 | ||||||
|
|
|||||||
Wireless Telecommunication Services-2.80% |
| |||||||
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032 |
450,000 | 354,755 | ||||||
Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032 |
1,478,000 | 1,264,611 | ||||||
Sprint Capital Corp., 8.75%, 03/15/2032 |
1,480,000 | 1,765,285 | ||||||
T-Mobile USA, Inc., 2.70%, 03/15/2032 |
760,000 | 619,236 | ||||||
|
|
|||||||
4,003,887 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
141,093,360 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.05% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
67,027 | $ | 67,027 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
141,160,387 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.84% |
| |||||||
Invesco Private Government Fund, |
1,137,562 | 1,137,562 | ||||||
Invesco Private Prime Fund, 5.51%(c)(d)(e) |
2,925,157 | 2,925,157 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
4,062,719 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-101.54% |
|
145,223,106 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.54)% |
|
(2,205,598 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 143,017,508 | ||||||
|
|
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, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,237,115 | $ | (2,170,088 | ) | $ | - | $ | - | $ | 67,027 | $ | 4,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 9,165,270 | (8,027,708 | ) | - | - | 1,137,562 | 18,358 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 10,787,926 | (7,862,539 | ) | (12 | ) | (218 | ) | 2,925,157 | 46,648 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 22,190,311 | $ | (18,060,335 | ) | $ | (12 | ) | $ | (218 | ) | $ | 4,129,746 | $ | 69,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
152 | ||||
|
| |||
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Treasury Securities-76.15% |
| |||||||
U.S. Treasury Bills-76.15%(b) |
| |||||||
5.30%–5.32%, 10/19/2023 |
$ | 184,000,000 | $ | 182,701,880 | ||||
5.26%, 09/21/2023 |
224,500,000 | 223,843,338 | ||||||
|
|
|||||||
Total U.S. Treasury Securities |
|
406,545,218 | ||||||
|
|
|||||||
U.S. Dollar Denominated Bonds & Notes-21.49% |
| |||||||
Automobiles-2.40% |
| |||||||
Ford Motor Credit Co. LLC, 3.37%, 11/17/2023 |
12,920,000 | 12,824,448 | ||||||
|
|
|||||||
Consumer Finance-1.97% |
| |||||||
Navient Corp., 7.25%, 09/25/2023 |
6,000,000 | 6,009,000 | ||||||
OneMain Finance Corp., 8.25%, 10/01/2023 |
4,500,000 | 4,509,945 | ||||||
|
|
|||||||
10,518,945 | ||||||||
|
|
|||||||
Containers & Packaging-3.77% |
| |||||||
Ball Corp., 4.00%, 11/15/2023 |
20,208,000 | 20,114,861 | ||||||
|
|
|||||||
Electric Utilities-1.11% |
| |||||||
NRG Energy, Inc., 6.63%, 01/15/2027 |
6,000,000 | 5,930,845 | ||||||
|
|
|||||||
Energy Equipment & Services-0.39% |
| |||||||
Tervita Corp. (Canada), 11.00%, 12/01/2025(c) |
2,000,000 | 2,095,990 | ||||||
|
|
|||||||
Financial Services-4.15% |
| |||||||
Verscend Escrow Corp., 9.75%, 08/15/2026(c) |
22,230,000 | 22,139,004 | ||||||
|
|
|||||||
Health Care Providers & Services-1.31% |
| |||||||
Encompass Health Corp., 5.75%, 09/15/2025 |
7,000,000 | 6,965,644 | ||||||
|
|
Principal Amount |
Value | |||||||
Hotels, Restaurants & Leisure-1.23% |
|
|||||||
Yum! Brands, Inc., 3.88%, 11/01/2023 |
$ | 6,572,000 | $ | 6,545,482 | ||||
|
|
|||||||
Mortgage REITs-1.12% |
|
|||||||
Starwood Property Trust, Inc., 5.50%, 11/01/2023(c) |
6,000,000 | 5,984,923 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-1.73% |
|
|||||||
Murphy Oil Corp., 5.75%, 08/15/2025 |
3,000,000 | 2,971,491 | ||||||
Southwestern Energy Co., 8.38%, 09/15/2028 |
6,000,000 | 6,250,524 | ||||||
|
|
|||||||
9,222,015 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.95% |
|
|||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(c) |
5,000,000 | 5,092,000 | ||||||
|
|
|||||||
Trading Companies & Distributors-1.36% |
|
|||||||
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027(c) |
7,000,000 | 7,270,925 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
114,705,082 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-2.07% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(d)(e) |
11,078,891 | 11,078,891 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-99.71% |
|
532,329,191 | ||||||
OTHER ASSETS LESS LIABILITIES-0.29% |
|
1,527,340 | ||||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 533,856,531 | |||||
|
|
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, 2023 was $42,582,842, which represented 7.98% of the Fund’s Net Assets. |
(d) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 6,403,300 | $ | 1,482,537,087 | $ | (1,477,861,496 | ) | $ | - | $ | - | $11,078,891 | $ | 1,052,725 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
153 | ||||
|
| |||
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)
August 31, 2023
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 20,718,749 | $ | 74,265,586 | $ | (94,984,335 | ) | $ | - | $ | - | $ | - | $ | 322,647 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 57,593,313 | 161,455,912 | (219,063,450 | ) | (4,201 | ) | 18,426 | - | 876,532 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 84,715,362 | $ | 1,718,258,585 | $ | (1,791,909,281 | ) | $ | (4,201 | ) | $ | 18,426 | $ | 11,078,891 | $ | 2,251,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
154 | ||||
|
| |||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-94.78% |
| |||||||||
Aerospace & Defense-1.83% |
||||||||||
TransDigm, Inc., 7.50%, 03/15/2027 |
$ | 11,950,000 | $ | 11,983,807 | ||||||
|
|
|||||||||
Automobile Components-2.71% |
||||||||||
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(b) |
17,316,000 | 17,699,533 | ||||||||
|
|
|||||||||
Automobiles-4.94% |
||||||||||
Ford Motor Credit Co. LLC |
||||||||||
3.81%, 01/09/2024 |
8,260,000 | 8,189,085 | ||||||||
3.66%, 09/08/2024 |
8,255,000 | 8,015,062 | ||||||||
4.06%, 11/01/2024 |
16,570,000 | 16,069,614 | ||||||||
|
|
|||||||||
32,273,761 | ||||||||||
|
|
|||||||||
Banks-5.99% |
||||||||||
Freedom Mortgage Corp., 8.13%, 11/15/2024(c) |
7,322,000 | 7,288,620 | ||||||||
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024(c) |
32,555,000 | 31,842,318 | ||||||||
|
|
|||||||||
39,130,938 | ||||||||||
|
|
|||||||||
Broadline Retail-4.88% |
||||||||||
QVC, Inc., 4.85%, 04/01/2024 |
11,500,000 | 11,183,853 | ||||||||
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(c) |
20,490,000 | 20,694,900 | ||||||||
|
|
|||||||||
31,878,753 | ||||||||||
|
|
|||||||||
Capital Markets-3.51% |
||||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024 |
23,705,000 | 22,937,136 | ||||||||
|
|
|||||||||
Consumer Finance-8.27% |
||||||||||
Credit Acceptance Corp., 5.13%, 12/31/2024(c) |
8,763,000 | 8,543,896 | ||||||||
Enova International, Inc., 8.50%, 09/01/2024(b)(c) |
4,862,000 | 4,837,636 | ||||||||
goeasy Ltd. (Canada), 5.38%, 12/01/2024(c) |
12,018,000 | 11,863,612 | ||||||||
Navient Corp. |
||||||||||
6.13%, 03/25/2024 |
18,231,000 | 18,171,241 | ||||||||
5.88%, 10/25/2024 |
10,733,000 | 10,582,503 | ||||||||
|
|
|||||||||
53,998,888 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-0.91% |
|
|||||||||
Performance Food Group, Inc., 6.88%, 05/01/2025(c) |
5,930,000 | 5,944,113 | ||||||||
|
|
|||||||||
Containers & Packaging-2.41% |
||||||||||
Graphic Packaging International LLC, 4.13%, 08/15/2024 |
6,718,000 | 6,585,196 | ||||||||
Sealed Air Corp., 5.13%, 12/01/2024(c) |
9,268,000 | 9,149,138 | ||||||||
|
|
|||||||||
15,734,334 | ||||||||||
|
|
|||||||||
Diversified Consumer Services-1.60% |
||||||||||
Grand Canyon University, 4.13%, 10/01/2024(b) |
11,008,000 | 10,441,638 | ||||||||
|
|
|||||||||
Electric Utilities-2.29% |
||||||||||
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(b)(c) |
15,205,000 | 14,932,320 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Electrical Equipment-6.20% |
||||||||||
Sensata Technologies B.V., 5.63%, 11/01/2024(c) |
$ | 8,784,000 | $ | 8,713,784 | ||||||
WESCO Distribution, Inc., 7.13%, 06/15/2025(c) |
31,580,000 | 31,749,490 | ||||||||
|
|
|||||||||
40,463,274 | ||||||||||
|
|
|||||||||
Energy Equipment & Services-1.32% |
| |||||||||
Oceaneering International, Inc., 4.65%, 11/15/2024(b) |
8,783,000 | 8,607,340 | ||||||||
|
|
|||||||||
Entertainment-2.42% |
| |||||||||
Cinemark USA, Inc., 8.75%, 05/01/2025(c) |
3,464,000 | 3,508,963 | ||||||||
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(c) |
12,501,000 | 12,291,028 | ||||||||
|
|
|||||||||
15,799,991 | ||||||||||
|
|
|||||||||
Ground Transportation-3.43% |
| |||||||||
Uber Technologies, Inc., 7.50%, 05/15/2025(c) |
22,143,000 | 22,376,693 | ||||||||
|
|
|||||||||
Health Care Providers & Services-0.77% |
| |||||||||
Owens & Minor, Inc., 4.38%, 12/15/2024 |
5,188,000 | 5,044,233 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-7.89% |
| |||||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)(c) |
21,340,000 | 21,374,485 | ||||||||
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025(c) |
4,430,000 | 4,533,662 | ||||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(c) |
5,906,000 | 5,909,822 | ||||||||
Travel + Leisure Co., 5.65%, 04/01/2024 |
6,712,000 | 6,670,062 | ||||||||
Vail Resorts, Inc., 6.25%, 05/15/2025(b)(c) |
13,036,000 | 13,002,001 | ||||||||
|
|
|||||||||
51,490,032 | ||||||||||
|
|
|||||||||
Household Durables-2.66% |
| |||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(c) |
7,544,000 | 7,545,345 | ||||||||
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024 |
9,865,000 | 9,850,301 | ||||||||
|
|
|||||||||
17,395,646 | ||||||||||
|
|
|||||||||
Machinery-1.62% |
| |||||||||
JPW Industries Holding Corp., 9.00%, 10/01/2024(c) |
4,965,000 | 4,697,411 | ||||||||
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(b)(c) |
5,890,000 | 5,898,883 | ||||||||
|
|
|||||||||
10,596,294 | ||||||||||
|
|
|||||||||
Marine Transportation-1.33% |
| |||||||||
Stena AB (Sweden), 7.00%, 02/01/2024(b)(c) |
8,679,000 | 8,656,818 | ||||||||
|
|
|||||||||
Media-10.87% |
| |||||||||
AMC Networks, Inc., 5.00%, 04/01/2024 |
8,781,000 | 8,694,815 | ||||||||
CSC Holdings LLC, 5.25%, 06/01/2024 |
16,923,000 | 16,068,847 | ||||||||
DISH DBS Corp., 5.88%, 11/15/2024(b) |
35,717,000 | 33,254,963 | ||||||||
Videotron Ltd. (Canada), 5.38%, 06/15/2024(c) |
13,027,000 | 12,940,394 | ||||||||
|
|
|||||||||
70,959,019 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
155 | ||||
|
| |||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Metals & Mining-0.00% |
| |||||||||
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(c)(d) |
$ | 1,200,000 | $ | 0 | ||||||
|
|
|||||||||
Mortgage REITs-1.30% |
| |||||||||
Starwood Property Trust, Inc., 3.75%, 12/31/2024(c) |
8,790,000 | 8,460,639 | ||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-10.64% |
| |||||||||
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026(c) |
1,360,000 | 1,402,926 | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(c) |
12,792,000 | 12,840,686 | ||||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(c) |
10,950,000 | 11,236,987 | ||||||||
EQM Midstream Partners L.P., 4.00%, 08/01/2024 |
6,645,000 | 6,489,321 | ||||||||
Range Resources Corp., 8.25%, 01/15/2029(b) |
12,881,000 | 13,384,196 | ||||||||
Talos Production, Inc., 12.00%, 01/15/2026(b) |
13,597,000 | 14,188,606 | ||||||||
Vital Energy, Inc., 9.50%, 01/15/2025(b) |
9,845,000 | 9,904,365 | ||||||||
|
|
|||||||||
69,447,087 | ||||||||||
|
|
|||||||||
Passenger Airlines-1.02% |
| |||||||||
United Airlines Holdings, Inc., 5.00%, 02/01/2024(b) |
6,712,000 | 6,675,178 | ||||||||
|
|
|||||||||
Pharmaceuticals-2.27% |
| |||||||||
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 |
15,342,000 | 14,828,775 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods-0.42% |
| |||||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(c) |
2,700,000 | 2,749,680 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Trading Companies & Distributors-1.28% |
| |||||||||
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027(c) |
$ | 8,040,000 | $ | 8,351,176 | ||||||
|
|
|||||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $625,942,964) |
618,857,096 | |||||||||
|
|
|||||||||
Shares | ||||||||||
Money Market Funds-3.63% |
| |||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(e)(f) |
23,700,787 | 23,700,787 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES |
|
642,557,883 | ||||||||
|
|
|||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-6.55% |
| |||||||||
Invesco Private Government Fund, |
11,964,297 | 11,964,297 | ||||||||
Invesco Private Prime Fund, 5.51%(e)(f)(g) |
30,765,338 | 30,765,338 | ||||||||
|
|
|||||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
42,729,635 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-104.96% |
|
685,287,518 | ||||||||
OTHER ASSETS LESS LIABILITIES-(4.96)% |
|
(32,366,640 | ) | |||||||
|
|
|||||||||
NET ASSETS-100.00%. |
$ | 652,920,878 | ||||||||
|
|
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, 2023. |
(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, 2023 was $323,337,426, which represented 49.52% of the Fund’s Net Assets. |
(d) |
Security valued using significant unobservable inputs (Level 3). See Note 5. |
(e) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 11,622,921 | $ | 350,895,666 | $ | (338,817,800 | ) | $ | - | $ | - | $23,700,787 | $ | 820,087 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
156 | ||||
|
| |||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2023
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 18,101,238 | $ | 183,348,907 | $ | (189,485,848 | ) | $ | - | $ | - | $ | 11,964,297 | $ | 1,049,336 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 46,546,042 | 367,665,548 | (383,436,153 | ) | (4,057 | ) | (6,042 | ) | 30,765,338 | 2,831,434 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 76,270,201 | $ | 901,910,121 | $ | (911,739,801 | ) | $ | (4,057 | ) | $ | (6,042 | ) | $ | 66,430,422 | $ | 4,700,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
157 | ||||
|
| |||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-94.90% |
| |||||||||
Aerospace & Defense-3.60% |
| |||||||||
Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b) |
$ | 5,190,000 | $ | 5,198,907 | ||||||
Spirit AeroSystems, Inc. |
||||||||||
7.50%, 04/15/2025(b)(c) |
16,433,000 | 16,246,106 | ||||||||
9.38%, 11/30/2029(b)(c) |
12,290,000 | 12,822,955 | ||||||||
Triumph Group, Inc., 7.75%, 08/15/2025 |
7,000,000 | 6,611,535 | ||||||||
|
|
|||||||||
40,879,503 | ||||||||||
|
|
|||||||||
Air Freight & Logistics-0.00% |
| |||||||||
Western Global Airlines LLC, 10.38%, 08/15/2025(b) |
1,787,000 | 6,701 | ||||||||
|
|
|||||||||
Automobile Components-0.78% |
| |||||||||
Clarios Global L.P., 6.75%, 05/15/2025(b) |
6,146,000 | 6,149,176 | ||||||||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b) |
2,710,000 | 2,661,044 | ||||||||
|
|
|||||||||
8,810,220 | ||||||||||
|
|
|||||||||
Automobiles-5.76% |
| |||||||||
Ford Motor Credit Co. LLC |
||||||||||
2.30%, 02/10/2025(c) |
10,425,000 | 9,804,225 | ||||||||
4.69%, 06/09/2025 |
4,910,000 | 4,730,962 | ||||||||
5.13%, 06/16/2025 |
14,440,000 | 14,070,505 | ||||||||
4.13%, 08/04/2025 |
11,532,000 | 10,993,752 | ||||||||
3.38%, 11/13/2025(c) |
17,350,000 | 16,191,021 | ||||||||
Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, |
9,600,000 | 9,642,586 | ||||||||
|
|
|||||||||
65,433,051 | ||||||||||
|
|
|||||||||
Banks-0.64% |
| |||||||||
Freedom Mortgage Corp., 8.25%, 04/15/2025(b)(c) |
7,362,000 | 7,262,625 | ||||||||
|
|
|||||||||
Broadline Retail-0.63% |
| |||||||||
QVC, Inc., 4.45%, 02/15/2025(c) |
7,992,000 | 7,193,431 | ||||||||
|
|
|||||||||
Capital Markets-0.42% |
| |||||||||
StoneX Group, Inc., 8.63%, 06/15/2025(b) |
4,712,000 | 4,776,154 | ||||||||
|
|
|||||||||
Chemicals-1.52% |
| |||||||||
Adams Homes, Inc., 7.50%, 02/15/2025(b) |
2,570,000 | 2,528,257 | ||||||||
Avient Corp., 5.75%, 05/15/2025(b) |
9,030,000 | 8,918,780 | ||||||||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025(b) |
158,000 | 155,526 | ||||||||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)(c) |
6,100,000 | 5,689,810 | ||||||||
|
|
|||||||||
17,292,373 | ||||||||||
|
|
|||||||||
Commercial Services & Supplies-3.72% |
| |||||||||
Aptim Corp., 7.75%, 06/15/2025(b) |
6,730,000 | 6,263,304 | ||||||||
Brink’s Co. (The), 5.50%, 07/15/2025(b) |
5,467,000 | 5,380,037 | ||||||||
GFL Environmental, Inc. (Canada) |
||||||||||
4.25%, 06/01/2025(b)(c) |
6,830,000 | 6,612,361 | ||||||||
3.75%, 08/01/2025(b)(c) |
10,237,000 | 9,756,165 | ||||||||
Matthews International Corp., 5.25%, 12/01/2025(b) |
4,203,000 | 4,049,309 | ||||||||
OPENLANE, Inc., 5.13%, 06/01/2025(b) |
3,000,000 | 2,929,688 |
Principal Amount |
Value | |||||||||
Commercial Services & Supplies-(continued) |
| |||||||||
Stena International S.A. (Sweden), 6.13%, 02/01/2025(b) |
$ | 4,749,000 | $ | 4,687,785 | ||||||
West Technology Group LLC, 8.50%, 10/15/2025(b) |
2,888,000 | 2,612,644 | ||||||||
|
|
|||||||||
42,291,293 | ||||||||||
|
|
|||||||||
Communications Equipment-2.18% |
| |||||||||
CommScope Technologies LLC, 6.00%, 06/15/2025(b) |
17,410,000 | 15,951,964 | ||||||||
Viasat, Inc., 5.63%, 09/15/2025(b) |
9,313,000 | 8,821,180 | ||||||||
|
|
|||||||||
24,773,144 | ||||||||||
|
|
|||||||||
Construction & Engineering-1.64% |
| |||||||||
Artera Services LLC, 9.03%, 12/04/2025(b) |
13,475,776 | 12,551,377 | ||||||||
Tutor Perini Corp., 6.88%, 05/01/2025(b) |
6,750,000 | 6,112,969 | ||||||||
|
|
|||||||||
18,664,346 | ||||||||||
|
|
|||||||||
Construction Materials-0.63% |
| |||||||||
Williams Scotsman International, Inc., 6.13%, 06/15/2025(b)(c) |
7,196,000 | 7,139,080 | ||||||||
|
|
|||||||||
Consumer Finance-3.35% |
| |||||||||
Finance of America Funding LLC, 7.88%, 11/15/2025(b) |
4,736,000 | 3,930,504 | ||||||||
Navient Corp., 6.75%, 06/25/2025 |
6,831,000 | 6,790,333 | ||||||||
OneMain Finance Corp., 6.88%, 03/15/2025(c) |
17,051,000 | 16,981,296 | ||||||||
PRA Group, Inc., 7.38%, 09/01/2025(b)(c) |
4,065,000 | 3,979,535 | ||||||||
SLM Corp., 4.20%, 10/29/2025(c) |
6,720,000 | 6,326,208 | ||||||||
|
|
|||||||||
38,007,876 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-1.21% |
| |||||||||
US Foods, Inc., 6.25%, 04/15/2025(b)(c) |
13,653,000 | 13,701,031 | ||||||||
|
|
|||||||||
Containers & Packaging-3.09% |
| |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b) |
9,500,000 | 9,289,830 | ||||||||
Ball Corp., 5.25%, 07/01/2025 |
13,653,000 | 13,476,027 | ||||||||
Owens-Brockway Glass Container, Inc., 6.38%, 08/15/2025(b) |
4,098,000 | 4,096,631 | ||||||||
Pactiv LLC, 7.95%, 12/15/2025(c) |
2,763,000 | 2,796,471 | ||||||||
Sealed Air Corp., 5.50%, 09/15/2025(b) |
5,461,000 | 5,406,390 | ||||||||
|
|
|||||||||
35,065,349 | ||||||||||
|
|
|||||||||
Diversified REITs-0.78% |
| |||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK
Finance |
8,877,000 | 8,895,082 | ||||||||
|
|
|||||||||
Diversified Telecommunication Services-0.14% |
| |||||||||
Lumen Technologies, Inc., 5.63%, 04/01/2025 |
2,100,000 | 1,635,837 | ||||||||
|
|
|||||||||
Electric Utilities-0.48% |
| |||||||||
DPL, Inc., 4.13%, 07/01/2025(c) |
5,702,000 | 5,429,415 | ||||||||
|
|
|||||||||
Electrical Equipment-0.82% |
| |||||||||
Sensata Technologies B.V., 5.00%, 10/01/2025(b) |
9,540,000 | 9,306,985 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
158 | ||||
|
| |||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Electronic Equipment, Instruments & Components-0.80% |
| |||||||||
Likewize Corp., 9.75%, 10/15/2025(b) |
$ | 5,190,000 | $ | 5,097,802 | ||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b) |
4,092,000 | 4,026,569 | ||||||||
|
|
|||||||||
9,124,371 | ||||||||||
|
|
|||||||||
Energy Equipment & Services-0.41% |
| |||||||||
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025(b) |
4,780,000 | 4,647,737 | ||||||||
|
|
|||||||||
Entertainment-0.46% |
| |||||||||
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b) |
5,400,000 | 5,266,623 | ||||||||
|
|
|||||||||
Financial Services-1.93% |
| |||||||||
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b) |
8,876,000 | 8,599,069 | ||||||||
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b) |
3,118,000 | 2,763,686 | ||||||||
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b) |
10,922,000 | 10,511,873 | ||||||||
|
|
|||||||||
21,874,628 | ||||||||||
|
|
|||||||||
Food Products-4.13% |
| |||||||||
Aramark Services, Inc. |
||||||||||
5.00%, 04/01/2025(b) |
7,532,000 | 7,446,752 | ||||||||
6.38%, 05/01/2025(b) |
20,483,000 | 20,535,948 | ||||||||
B&G Foods, Inc., 5.25%, 04/01/2025 |
11,962,000 | 11,710,530 | ||||||||
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025(b) |
7,233,000 | 7,222,124 | ||||||||
|
|
|||||||||
46,915,354 | ||||||||||
|
|
|||||||||
Gas Utilities-1.16% |
| |||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025 |
9,557,000 | 9,387,926 | ||||||||
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025 |
3,846,000 | 3,782,831 | ||||||||
|
|
|||||||||
13,170,757 | ||||||||||
|
|
|||||||||
Health Care Providers & Services-2.93% |
| |||||||||
Akumin, Inc., 7.00%, 11/01/2025(b) |
6,324,000 | 4,782,478 | ||||||||
ModivCare, Inc., 5.88%, 11/15/2025(b)(c) |
6,831,000 | 6,488,494 | ||||||||
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)(c) |
11,933,000 | 11,193,599 | ||||||||
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)(c) |
10,822,000 | 8,347,658 | ||||||||
Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b) |
2,531,000 | 2,531,114 | ||||||||
|
|
|||||||||
33,343,343 | ||||||||||
|
|
|||||||||
Health Care REITs-0.60% |
| |||||||||
Diversified Healthcare Trust, 9.75%, 06/15/2025 |
6,885,000 | 6,777,879 | ||||||||
|
|
|||||||||
Hotel & Resort REITs-0.59% |
| |||||||||
XHR L.P., 6.38%, 08/15/2025(b) |
6,831,000 | 6,755,132 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-14.31% |
| |||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)(c) |
6,831,000 | 6,786,640 | ||||||||
Caesars Entertainment, Inc., 6.25%, 07/01/2025(b)(c) |
47,269,000 | 46,944,607 | ||||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b) |
13,655,000 | 13,559,632 |
Principal Amount |
Value | |||||||||
Hotels, Restaurants & Leisure-(continued) |
| |||||||||
Constellation Merger Sub, Inc., 8.50%, 09/15/2025(b) |
$ | 5,160,000 | $ | 4,331,124 | ||||||
Dave & Buster’s, Inc., 7.63%, 11/01/2025(b) |
6,010,000 | 6,075,080 | ||||||||
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)(c) |
6,831,000 | 6,773,627 | ||||||||
IRB Holding Corp., 7.00%, 06/15/2025(b). |
10,242,000 | 10,251,218 | ||||||||
MGM Resorts International |
||||||||||
6.75%, 05/01/2025 |
10,262,000 | 10,288,281 | ||||||||
5.75%, 06/15/2025(c) |
9,215,000 | 9,095,462 | ||||||||
Sabre GLBL, Inc., 7.38%, 09/01/2025(b)(c) |
11,379,000 | 11,194,129 | ||||||||
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)(c) |
4,780,000 | 4,738,906 | ||||||||
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b) |
3,631,000 | 3,516,853 | ||||||||
Travel + Leisure Co., 6.60%, 10/01/2025 |
5,003,000 | 4,988,398 | ||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b) |
24,290,000 | 24,017,539 | ||||||||
|
|
|||||||||
162,561,496 | ||||||||||
|
|
|||||||||
Household Durables-2.03% |
| |||||||||
American Greetings Corp., 8.75%, 04/15/2025(b) |
2,217,000 | 2,192,725 | ||||||||
Beazer Homes USA, Inc., 6.75%, 03/15/2025 |
2,818,000 | 2,808,179 | ||||||||
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)(c) |
6,274,000 | 6,062,704 | ||||||||
Meritage Homes Corp., 6.00%, 06/01/2025 |
5,416,000 | 5,395,988 | ||||||||
Newell Brands, Inc., 4.88%, 06/01/2025(c) |
6,830,000 | 6,634,381 | ||||||||
|
|
|||||||||
23,093,977 | ||||||||||
|
|
|||||||||
Industrial Conglomerates-0.86% |
| |||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025 |
10,205,000 | 9,741,137 | ||||||||
|
|
|||||||||
Insurance-2.41% |
| |||||||||
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025(b) |
12,630,000 | 12,218,834 | ||||||||
AssuredPartners, Inc., 7.00%, 08/15/2025(b) |
6,859,000 | 6,797,096 | ||||||||
USI, Inc., 6.88%, 05/01/2025(b) |
8,400,000 | 8,406,719 | ||||||||
|
|
|||||||||
27,422,649 | ||||||||||
|
|
|||||||||
Interactive Media & Services-0.60% |
| |||||||||
TripAdvisor, Inc., 7.00%, 07/15/2025(b) |
6,831,000 | 6,820,857 | ||||||||
|
|
|||||||||
Machinery-0.82% |
| |||||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)(c) |
9,558,000 | 9,297,736 | ||||||||
|
|
|||||||||
Media-3.58% |
| |||||||||
AMC Networks, Inc., 4.75%, 08/01/2025(c) |
10,922,000 | 10,248,960 | ||||||||
Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025(b)(c) |
5,060,000 | 5,018,489 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
159 | ||||
|
| |||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Media-(continued) |
| |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025(b) |
$ | 5,505,000 | $ | 5,413,617 | ||||||
Univision Communications, Inc., 5.13%, 02/15/2025(b) |
20,203,000 | 19,943,392 | ||||||||
|
|
|||||||||
40,624,458 | ||||||||||
|
|
|||||||||
Mortgage REITs-1.60% |
| |||||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 10/01/2025(b) |
4,748,000 | 4,566,647 | ||||||||
Rithm Capital Corp., 6.25%, 10/15/2025(b) |
7,506,000 | 7,082,474 | ||||||||
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c) |
6,770,000 | 6,551,386 | ||||||||
|
|
|||||||||
18,200,507 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-10.89% |
| |||||||||
CITGO Petroleum Corp., 7.00%, 06/15/2025(b) |
4,350,000 | 4,311,503 | ||||||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025 |
6,831,000 | 6,779,460 | ||||||||
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b) |
12,590,000 | 12,402,535 | ||||||||
CVR Energy, Inc., 5.25%, 02/15/2025(b) |
8,192,000 | 7,953,990 | ||||||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025 |
3,410,000 | 3,389,335 | ||||||||
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025(b) |
8,041,000 | 7,968,795 | ||||||||
EQM Midstream Partners L.P., 6.00%, 07/01/2025(b) |
5,498,000 | 5,452,778 | ||||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025 |
7,297,000 | 7,206,536 | ||||||||
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b) |
11,630,000 | 11,582,317 | ||||||||
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)(c) |
17,070,000 | 16,515,479 | ||||||||
NuStar Logistics L.P., 5.75%, 10/01/2025 |
8,192,000 | 8,041,109 | ||||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025(c) |
8,919,000 | 8,927,638 | ||||||||
Range Resources Corp., 4.88%, 05/15/2025(c) |
9,397,000 | 9,194,401 | ||||||||
SM Energy Co., 5.63%, 06/01/2025 |
4,767,000 | 4,699,166 | ||||||||
Southwestern Energy Co., 5.70%, 01/23/2025 |
5,402,000 | 5,354,433 | ||||||||
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b) |
4,061,000 | 3,966,135 | ||||||||
|
|
|||||||||
123,745,610 | ||||||||||
|
|
|||||||||
Paper & Forest Products-0.29% |
| |||||||||
Clearwater Paper Corp., 5.38%, 02/01/2025(b) |
3,361,000 | 3,268,375 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Passenger Airlines-3.63% |
| |||||||||
American Airlines Group, Inc., 3.75%, 03/01/2025(b)(c) |
$ | 6,800,000 | $ | 6,513,757 | ||||||
American Airlines, Inc., 11.75%, 07/15/2025(b) |
31,690,000 | 34,715,078 | ||||||||
|
|
|||||||||
41,228,835 | ||||||||||
|
|
|||||||||
Pharmaceuticals-2.25% |
| |||||||||
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b) |
22,748,000 | 20,511,189 | ||||||||
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b) |
5,850,000 | 5,063,351 | ||||||||
|
|
|||||||||
25,574,540 | ||||||||||
|
|
|||||||||
Real Estate Management & Development-0.69% |
| |||||||||
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)(c) |
8,459,000 | 7,897,787 | ||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment-0.50% |
| |||||||||
ams-OSRAM AG (Austria), 7.00%, 07/31/2025(b) |
6,170,000 | 5,662,888 | ||||||||
|
|
|||||||||
Software-3.03% |
| |||||||||
Boxer Parent Co., Inc., 7.13%, 10/02/2025(b)(c) |
8,190,000 | 8,207,608 | ||||||||
PTC, Inc., 3.63%, 02/15/2025(b) |
6,830,000 | 6,598,107 | ||||||||
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b) |
23,896,000 | 19,602,489 | ||||||||
|
|
|||||||||
34,408,204 | ||||||||||
|
|
|||||||||
Specialty Retail-1.68% |
| |||||||||
JELD-WEN, Inc., 4.63%, 12/15/2025(b)(c) |
2,730,000 | 2,649,056 | ||||||||
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c) |
7,506,000 | 7,153,929 | ||||||||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025 |
9,290,000 | 9,235,497 | ||||||||
|
|
|||||||||
19,038,482 | ||||||||||
|
|
|||||||||
Technology Hardware, Storage & Peripherals-0.86% |
| |||||||||
Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c) |
10,242,000 | 9,780,398 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods-0.47% |
| |||||||||
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b) |
5,464,000 | 5,361,195 | ||||||||
|
|
|||||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
1,078,168,451 | ||||||||
|
|
|||||||||
Shares | ||||||||||
Money Market Funds-3.03% |
| |||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(d)(e) |
34,363,349 | 34,363,349 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,112,531,800 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
160 | ||||
|
| |||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2023
Shares | Value | |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-8.09% |
||||||||||
Invesco Private Government Fund, |
25,736,260 | $ | 25,736,260 | |||||||
Invesco Private Prime Fund, |
66,178,954 | 66,178,954 | ||||||||
|
|
|||||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
91,915,214 | |||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-106.02% |
|
1,204,447,014 | ||||||||
OTHER ASSETS LESS LIABILITIES-(6.02)% |
|
(68,390,652 | ) | |||||||
|
|
|||||||||
NET ASSETS-100.00% |
|
$ | 1,136,056,362 | |||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $787,744,591, which represented 69.34% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at August 31, 2023. |
(d) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 2,799,487 | $ | 207,969,326 | $ | (176,405,464 | ) | $ | - | $ | - | $ | 34,363,349 | $ | 435,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 14,386,194 | 113,180,285 | (101,830,219 | ) | - | - | 25,736,260 | 697,085 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 36,993,070 | 234,269,773 | (205,082,929 | ) | (2,558 | ) | 1,598 | 66,178,954 | 1,874,858 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 54,178,751 | $ | 555,419,384 | $ | (483,318,612 | ) | $ | (2,558 | ) | $ | 1,598 | $ | 126,278,563 | $ | 3,007,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
161 | ||||
|
| |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-96.90% |
| |||||||||
Aerospace & Defense-1.95% |
||||||||||
Bombardier, Inc. (Canada), 7.13%, 06/15/2026(b)(c) |
$ | 3,340,000 | $ | 3,287,511 | ||||||
TransDigm, Inc., 6.38%, 06/15/2026(c) |
2,640,000 | 2,642,778 | ||||||||
|
|
|||||||||
5,930,289 | ||||||||||
|
|
|||||||||
Automobile Components-1.86% |
| |||||||||
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026 |
500,000 | 486,788 | ||||||||
FXI Holdings, Inc., 12.25%, 11/15/2026(b) |
1,320,000 | 1,184,553 | ||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026(b)(c) |
1,580,000 | 1,565,679 | ||||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026(c) |
2,500,000 | 2,414,663 | ||||||||
|
|
|||||||||
5,651,683 | ||||||||||
|
|
|||||||||
Automobiles-6.27% |
||||||||||
Ford Motor Co., 4.35%, 12/08/2026(c) |
3,930,000 | 3,797,096 | ||||||||
Ford Motor Credit Co. LLC |
||||||||||
4.39%, 01/08/2026 |
3,130,000 | 2,961,021 | ||||||||
6.95%, 03/06/2026 |
3,480,000 | 3,492,072 | ||||||||
6.95%, 06/10/2026 |
2,130,000 | 2,134,856 | ||||||||
2.70%, 08/10/2026(c) |
4,000,000 | 3,581,570 | ||||||||
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b) |
1,530,000 | 1,498,172 | ||||||||
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026(b) |
1,800,000 | 1,596,330 | ||||||||
|
|
|||||||||
19,061,117 | ||||||||||
|
|
|||||||||
Banks-0.41% |
||||||||||
Freedom Mortgage Corp., 7.63%, 05/01/2026(b) |
1,340,000 | 1,233,961 | ||||||||
|
|
|||||||||
Capital Markets-1.06% |
||||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 |
3,470,000 | 3,218,875 | ||||||||
|
|
|||||||||
Chemicals-1.86% |
||||||||||
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b) |
550,000 | 516,985 | ||||||||
INEOS Quattro Finance 2 PLC (United Kingdom), 3.38%, 01/15/2026(b)(c) |
1,520,000 | 1,392,039 | ||||||||
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b) |
1,290,000 | 1,051,639 | ||||||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)(c) |
2,200,000 | 2,061,856 | ||||||||
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026(c) |
670,000 | 635,214 | ||||||||
|
|
|||||||||
5,657,733 | ||||||||||
|
|
|||||||||
Commercial Services & Supplies-4.17% |
| |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b) |
5,396,000 | 5,137,849 | ||||||||
Cimpress PLC (Ireland), 7.00%, 06/15/2026 |
1,580,000 | 1,482,672 | ||||||||
CoreCivic, Inc., 8.25%, 04/15/2026(c) |
1,649,000 | 1,657,027 | ||||||||
CPI CG, Inc., 8.63%, 03/15/2026(b) |
770,000 | 747,593 | ||||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026 |
1,080,000 | 1,018,181 |
Principal Amount |
Value | |||||||||
Commercial Services & Supplies-(continued) |
| |||||||||
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026(b) |
$ | 1,390,000 | $ | 1,346,299 | ||||||
Waste Pro USA, Inc., 5.50%, 02/15/2026(b) . |
1,391,000 | 1,312,571 | ||||||||
|
|
|||||||||
12,702,192 | ||||||||||
|
|
|||||||||
Communications Equipment-0.60% |
| |||||||||
Hughes Satellite Systems Corp., 6.63%, 08/01/2026(c) |
2,116,000 | 1,837,735 | ||||||||
|
|
|||||||||
Construction & Engineering-0.33% |
| |||||||||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(b) |
1,040,000 | 999,419 | ||||||||
|
|
|||||||||
Consumer Finance-3.36% |
| |||||||||
Credit Acceptance Corp., 6.63%, 03/15/2026(c) |
1,114,000 | 1,085,582 | ||||||||
goeasy Ltd. (Canada), 4.38%, 05/01/2026(b) |
887,000 | 815,215 | ||||||||
LFS Topco LLC, 5.88%, 10/15/2026(b) |
790,000 | 684,642 | ||||||||
Navient Corp., 6.75%, 06/15/2026(c) |
1,400,000 | 1,376,984 | ||||||||
OneMain Finance Corp., 7.13%, 03/15/2026 |
4,450,000 | 4,382,799 | ||||||||
SLM Corp., 3.13%, 11/02/2026(c) |
1,347,000 | 1,200,204 | ||||||||
World Acceptance Corp., 7.00%, 11/01/2026(b)(c) |
780,000 | 679,153 | ||||||||
|
|
|||||||||
10,224,579 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-1.04% |
| |||||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026(b) |
2,090,000 | 1,944,476 | ||||||||
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b) |
1,430,000 | 1,217,735 | ||||||||
|
|
|||||||||
3,162,211 | ||||||||||
|
|
|||||||||
Containers & Packaging-4.53% |
| |||||||||
Ball Corp., 4.88%, 03/15/2026 |
2,100,000 | 2,042,092 | ||||||||
Berry Global, Inc., 4.50%, 02/15/2026(b)(c) |
810,000 | 771,581 | ||||||||
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)(c) |
570,000 | 552,010 | ||||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026(c) |
940,000 | 977,788 | ||||||||
LABL, Inc., 6.75%, 07/15/2026(b) |
1,949,000 | 1,907,130 | ||||||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b)(c) |
7,650,000 | 7,540,184 | ||||||||
|
|
|||||||||
13,790,785 | ||||||||||
|
|
|||||||||
Diversified Consumer Services-0.36% |
| |||||||||
Graham Holdings Co., 5.75%, 06/01/2026(b) |
1,110,000 | 1,086,007 | ||||||||
|
|
|||||||||
Diversified Telecommunication Services-3.51% |
| |||||||||
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)(c) |
5,780,000 | 5,489,073 | ||||||||
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)(c) |
3,390,000 | 3,237,740 | ||||||||
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)(c) |
2,506,000 | 1,955,662 | ||||||||
|
|
|||||||||
10,682,475 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
162 | ||||
|
| |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Electric Utilities-1.61% |
||||||||||
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)(c) |
$ | 1,390,000 | $ | 1,285,707 | ||||||
Terraform Global Operating L.P., 6.13%, 03/01/2026(b) |
965,000 | 928,711 | ||||||||
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b) |
2,780,000 | 2,683,997 | ||||||||
|
|
|||||||||
4,898,415 | ||||||||||
|
|
|||||||||
Energy Equipment & Services-3.43% |
||||||||||
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/2026(b) |
681,000 | 710,036 | ||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b) |
5,707,000 | 5,686,885 | ||||||||
Permian Resources Operating LLC |
||||||||||
5.38%, 01/15/2026(b) |
806,000 | 781,179 | ||||||||
7.75%, 02/15/2026(b) |
830,000 | 839,167 | ||||||||
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)(c) |
910,000 | 903,120 | ||||||||
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(b) |
546,000 | 542,019 | ||||||||
Welltec International ApS (Denmark), 8.25%, 10/15/2026(b) |
950,000 | 967,200 | ||||||||
|
|
|||||||||
10,429,606 | ||||||||||
|
|
|||||||||
Entertainment-0.62% |
||||||||||
Cinemark USA, Inc., 5.88%, 03/15/2026(b)(c) |
1,130,000 | 1,085,831 | ||||||||
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b) |
830,000 | 805,799 | ||||||||
|
|
|||||||||
1,891,630 | ||||||||||
|
|
|||||||||
Financial Services-3.66% |
||||||||||
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b) |
1,670,000 | 1,581,924 | ||||||||
Block, Inc., 2.75%, 06/01/2026(c) |
2,780,000 | 2,530,641 | ||||||||
GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026(b) |
1,100,000 | 1,103,398 | ||||||||
Home Point Capital, Inc., 5.00%, 02/01/2026(b) |
1,530,000 | 1,438,281 | ||||||||
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b) |
790,000 | 693,184 | ||||||||
PHH Mortgage Corp., 7.88%, 03/15/2026(b) |
1,041,000 | 932,164 | ||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c) |
3,200,000 | 2,847,200 | ||||||||
|
|
|||||||||
11,126,792 | ||||||||||
|
|
|||||||||
Food Products-0.28% |
||||||||||
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b) |
900,000 | 865,989 | ||||||||
|
|
|||||||||
Gas Utilities-1.15% |
||||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026 |
1,880,000 | 1,785,509 | ||||||||
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026(b) |
1,810,000 | 1,703,085 | ||||||||
|
|
|||||||||
3,488,594 | ||||||||||
|
|
|||||||||
Ground Transportation-0.40% |
||||||||||
Hertz Corp. (The), 4.63%, 12/01/2026(b)(c) |
1,350,000 | 1,223,491 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Health Care Providers & Services-2.72% |
| |||||||||
Heartland Dental LLC/Heartland Dental Finance Corp., 8.50%, 05/01/2026(b) |
$ | 860,000 | $ | 809,419 | ||||||
Tenet Healthcare Corp., 4.88%, 01/01/2026 |
5,840,000 | 5,667,382 | ||||||||
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b) |
2,057,000 | 1,791,356 | ||||||||
|
|
|||||||||
8,268,157 | ||||||||||
|
|
|||||||||
Health Care REITs-0.39% |
||||||||||
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026(c) |
1,390,000 | 1,182,444 | ||||||||
|
|
|||||||||
Hotel & Resort REITs-0.43% |
||||||||||
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(b) |
1,412,000 | 1,295,016 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-6.20% |
||||||||||
Carnival Corp., 7.63%, 03/01/2026(b)(c) |
4,037,000 | 4,028,679 | ||||||||
CCM Merger, Inc., 6.38%, 05/01/2026(b) |
735,000 | 715,075 | ||||||||
CEC Entertainment LLC, 6.75%, 05/01/2026(b) |
1,810,000 | 1,732,295 | ||||||||
Empire Resorts, Inc., 7.75%, 11/01/2026(b) |
760,000 | 598,500 | ||||||||
Life Time, Inc. |
||||||||||
5.75%, 01/15/2026(b) |
2,572,000 | 2,511,674 | ||||||||
8.00%, 04/15/2026(b)(c) |
1,321,000 | 1,312,282 | ||||||||
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b) |
1,200,000 | 1,164,948 | ||||||||
MGM Resorts International, 4.63%, 09/01/2026(c) |
1,117,000 | 1,053,069 | ||||||||
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)(c) |
3,268,000 | 3,046,266 | ||||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026(b) |
940,000 | 887,623 | ||||||||
Travel + Leisure Co., 6.63%, 07/31/2026(b) |
1,810,000 | 1,797,982 | ||||||||
|
|
|||||||||
18,848,393 | ||||||||||
|
|
|||||||||
Household Durables-2.45% |
||||||||||
Newell Brands, Inc., 4.70%, 04/01/2026 |
5,523,000 | 5,296,590 | ||||||||
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b) |
2,326,000 | 2,159,211 | ||||||||
|
|
|||||||||
7,455,801 | ||||||||||
|
|
|||||||||
Household Products-0.40% |
||||||||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b) |
1,320,000 | 1,232,405 | ||||||||
|
|
|||||||||
Independent Power and Renewable Electricity Producers-0.70% |
||||||||||
Calpine Corp., 5.25%, 06/01/2026(b) |
1,165,000 | 1,144,123 | ||||||||
Sunnova Energy Corp., 5.88%, |
1,110,000 | 977,751 | ||||||||
|
|
|||||||||
2,121,874 | ||||||||||
|
|
|||||||||
Insurance-1.53% |
||||||||||
HUB International Ltd., 7.00%, 05/01/2026(b) |
4,650,000 | 4,645,472 | ||||||||
|
|
|||||||||
Interactive Media & Services-0.84% |
||||||||||
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)(c) |
990,000 | 726,705 | ||||||||
Millennium Escrow Corp., 6.63%, 08/01/2026(b) |
2,210,000 | 1,822,963 | ||||||||
|
|
|||||||||
2,549,668 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
163 | ||||
|
| |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
IT Services-0.81% |
| |||||||||
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b) |
$ | 1,390,000 | $ | 1,288,107 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)(c) |
1,250,000 | 1,169,900 | ||||||||
|
|
|||||||||
2,458,007 | ||||||||||
|
|
|||||||||
Life Sciences Tools & Services-1.34% |
| |||||||||
IQVIA, Inc., 5.00%, 10/15/2026(b)(c) |
2,890,000 | 2,794,387 | ||||||||
PRA Health Sciences, Inc., 2.88%, 07/15/2026(b)(c) |
1,400,000 | 1,278,732 | ||||||||
|
|
|||||||||
4,073,119 | ||||||||||
|
|
|||||||||
Machinery-1.08% |
| |||||||||
Chart Industries, Inc., 9.50%, |
1,420,000 | 1,530,298 | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026(b) |
1,810,000 | 1,761,158 | ||||||||
|
|
|||||||||
3,291,456 | ||||||||||
|
|
|||||||||
Media-5.76% |
| |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b) |
2,092,000 | 2,045,067 | ||||||||
DISH DBS Corp., 5.25%, 12/01/2026(b) |
7,650,000 | 6,462,877 | ||||||||
Gannett Holdings LLC, 6.00%, 11/01/2026(b) |
945,000 | 811,471 | ||||||||
Gray Television, Inc., 5.88%, |
1,950,000 | 1,785,992 | ||||||||
Sirius XM Radio, Inc., 3.13%, |
2,780,000 | 2,512,008 | ||||||||
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026(b) |
1,250,000 | 1,090,494 | ||||||||
TEGNA, Inc., 4.75%, 03/15/2026(b) |
1,485,000 | 1,416,290 | ||||||||
Townsquare Media, Inc., 6.88%, 02/01/2026(b)(c) |
1,440,000 | 1,387,368 | ||||||||
|
|
|||||||||
17,511,567 | ||||||||||
|
|
|||||||||
Metals & Mining-2.76% |
| |||||||||
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b) |
1,552,000 | 1,514,815 | ||||||||
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b) |
2,308,000 | 2,311,342 | ||||||||
Constellium SE, 5.88%, 02/15/2026(b) |
845,000 | 832,878 | ||||||||
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b) |
792,000 | 787,866 | ||||||||
Novelis Corp., 3.25%, 11/15/2026(b) |
2,090,000 | 1,896,062 | ||||||||
Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026(b) |
1,150,000 | 1,061,761 | ||||||||
|
|
|||||||||
8,404,724 | ||||||||||
|
|
|||||||||
Mortgage REITs-0.32% |
| |||||||||
Starwood Property Trust, Inc., 3.63%, 07/15/2026(b) |
1,080,000 | 967,496 | ||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-13.98% |
| |||||||||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)(c) |
2,090,000 | 2,102,331 | ||||||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026(b) |
1,535,000 | 1,563,087 |
Principal Amount |
Value | |||||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||||
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026(b) |
$ | 425,000 | $ | 438,414 | ||||||
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b) |
1,079,000 | 1,038,633 | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b) |
830,000 | 816,489 | ||||||||
Buckeye Partners L.P., 3.95%, 12/01/2026 |
1,712,000 | 1,580,621 | ||||||||
California Resources Corp., 7.13%, 02/01/2026(b) |
1,620,000 | 1,625,618 | ||||||||
Callon Petroleum Co., 6.38%, 07/01/2026(c) |
867,000 | 855,557 | ||||||||
Chesapeake Energy Corp., 5.50%, 02/01/2026(b) |
1,389,000 | 1,357,388 | ||||||||
Chord Energy Corp., 6.38%, 06/01/2026(b) |
1,095,000 | 1,080,283 | ||||||||
CITGO Petroleum Corp., 6.38%, 06/15/2026(b) |
1,720,000 | 1,681,231 | ||||||||
Civitas Resources, Inc., 5.00%, 10/15/2026(b) |
1,112,000 | 1,056,356 | ||||||||
Crescent Energy Finance LLC, 7.25%, 05/01/2026(b) |
1,989,000 | 1,961,193 | ||||||||
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)(c) |
2,087,000 | 1,781,307 | ||||||||
EQM Midstream Partners L.P., 4.13%, 12/01/2026 |
1,390,000 | 1,306,276 | ||||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026 |
945,000 | 917,472 | ||||||||
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b) |
1,400,000 | 1,308,510 | ||||||||
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b) |
2,209,000 | 2,163,693 | ||||||||
Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026(b) |
1,800,000 | 1,725,585 | ||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b) |
1,150,000 | 1,115,698 | ||||||||
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)(c) |
1,894,000 | 1,814,865 | ||||||||
New Fortress Energy, Inc., 6.50%, 09/30/2026(b) |
4,170,000 | 3,879,862 | ||||||||
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b) |
1,412,000 | 1,358,994 | ||||||||
PDC Energy, Inc., 5.75%, 05/15/2026 |
2,018,000 | 2,014,216 | ||||||||
SM Energy Co., 6.75%, 09/15/2026 |
1,200,000 | 1,196,040 | ||||||||
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)(c) |
1,342,000 | 1,258,246 | ||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(d) |
2,180,000 | 2,105,662 | ||||||||
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026 |
790,000 | 679,266 | ||||||||
W&T Offshore, Inc., 11.75%, 02/01/2026(b) |
740,000 | 749,931 | ||||||||
|
|
|||||||||
42,532,824 | ||||||||||
|
|
|||||||||
Paper & Forest Products-0.25% |
| |||||||||
Mercer International, Inc. (Germany), 5.50%, 01/15/2026(c) |
797,000 | 761,737 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
164 | ||||
|
| |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Passenger Airlines-2.74% |
||||||||||
Air Canada (Canada), 3.88%, |
$ | 3,341,000 | $ | 3,088,625 | ||||||
United Airlines, Inc., 4.38%, 04/15/2026(b) |
5,570,000 | 5,254,887 | ||||||||
|
|
|||||||||
8,343,512 | ||||||||||
|
|
|||||||||
Personal Care Products-1.22% |
||||||||||
Coty, Inc. |
||||||||||
5.00%, 04/15/2026(b) |
2,500,000 | 2,405,450 | ||||||||
6.50%, 04/15/2026(b) |
1,320,000 | 1,317,650 | ||||||||
|
|
|||||||||
3,723,100 | ||||||||||
|
|
|||||||||
Pharmaceuticals-0.61% |
||||||||||
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026 |
1,950,000 | 1,856,791 | ||||||||
|
|
|||||||||
Real Estate Management & Development-0.34% |
| |||||||||
Forestar Group, Inc., 3.85%, 05/15/2026(b) |
1,110,000 | 1,028,908 | ||||||||
|
|
|||||||||
Retail REITs-0.96% |
||||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)(c) |
3,059,000 | 2,910,076 | ||||||||
|
|
|||||||||
Software-1.27% |
||||||||||
ACI Worldwide, Inc., 5.75%, 08/15/2026(b) |
1,114,000 | 1,090,760 | ||||||||
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b) |
915,000 | 916,600 | ||||||||
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026(b)(c) |
850,000 | 792,421 | ||||||||
Fair Isaac Corp., 5.25%, 05/15/2026(b) |
1,110,000 | 1,078,432 | ||||||||
|
|
|||||||||
3,878,213 | ||||||||||
|
|
|||||||||
Specialty Retail-1.79% |
| |||||||||
Guitar Center, Inc., 8.50%, 01/15/2026(b) |
1,530,000 | 1,401,556 | ||||||||
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b) |
2,286,000 | 2,085,192 | ||||||||
Specialty Building Products Holdings LLC/ SBP Finance Corp., 6.38%, 09/30/2026(b) |
2,050,000 | 1,965,366 | ||||||||
|
|
|||||||||
5,452,114 | ||||||||||
|
|
|||||||||
Technology Hardware, Storage & Peripherals-1.18% |
| |||||||||
Vericast Corp., 11.00%, 09/15/2026(b) |
3,440,000 | 3,599,341 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods-1.27% |
| |||||||||
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c) |
2,503,000 | 2,342,556 | ||||||||
Under Armour, Inc., 3.25%, 06/15/2026(c) |
1,670,000 | 1,532,128 | ||||||||
|
|
|||||||||
3,874,684 | ||||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||||
Tobacco-0.21% |
| |||||||||
Turning Point Brands, Inc., 5.63%, 02/15/2026(b) |
$ | 700,000 | $ | 653,996 | ||||||
|
|
|||||||||
Trading Companies & Distributors-0.52% |
| |||||||||
Alta Equipment Group, Inc., 5.63%, 04/15/2026(b) |
850,000 | 787,449 | ||||||||
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)(c) |
830,000 | 781,760 | ||||||||
|
|
|||||||||
1,569,209 | ||||||||||
|
|
|||||||||
Water Utilities-0.37% |
| |||||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(b) |
1,144,000 | 1,125,476 | ||||||||
|
|
|||||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
294,779,158 | ||||||||
|
|
|||||||||
Shares | ||||||||||
Money Market Funds-1.46% |
||||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(e)(f) |
4,437,939 | 4,437,939 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES |
|
299,217,097 | ||||||||
|
|
|||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-21.21% |
| |||||||||
Invesco Private Government Fund, |
18,066,546 | 18,066,546 | ||||||||
Invesco Private Prime Fund, 5.51%(e)(f)(g) |
46,453,822 | 46,453,822 | ||||||||
|
|
|||||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
64,520,368 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-119.57% |
|
363,737,465 | ||||||||
OTHER ASSETS LESS LIABILITIES-(19.57)% |
|
(59,538,432 | ) | |||||||
|
|
|||||||||
NET ASSETS-100.00%. |
|
$ | 304,199,033 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
165 | ||||
|
| |||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2023
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, 2023 was $222,137,422, which represented 73.02% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at August 31, 2023. |
(d) |
Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(e) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 2,342,072 | $ | 37,450,323 | $ | (35,354,456 | ) | $ | - | $ | - | $ | 4,437,939 | $ | 113,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 8,427,083 | 93,728,951 | (84,089,488 | ) | - | - | 18,066,546 | 559,462 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 21,669,642 | 191,080,824 | (166,295,774 | ) | (706 | ) | (164 | ) | 46,453,822 | 1,508,443 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 32,438,797 | $ | 322,260,098 | $ | (285,739,718 | ) | $ | (706 | ) | $ | (164 | ) | $ | 68,958,307 | $ | 2,181,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
166 | ||||
|
| |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.60% |
| |||||||
Aerospace & Defense-1.21% |
||||||||
Moog, Inc., 4.25%, 12/15/2027(b) |
$ | 450,000 | $ | 409,916 | ||||
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b) |
900,000 | 874,544 | ||||||
|
|
|||||||
1,284,460 | ||||||||
|
|
|||||||
Automobile Components-1.89% |
| |||||||
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027(c) |
450,000 | 426,913 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
||||||||
5.75%, 07/15/2027(b)(c) |
360,000 | 344,045 | ||||||
5.75%, 07/15/2027(b) |
320,000 | 305,837 | ||||||
Dana, Inc., 5.38%, 11/15/2027(c) |
360,000 | 340,897 | ||||||
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c) |
630,000 | 593,209 | ||||||
|
|
|||||||
2,010,901 | ||||||||
|
|
|||||||
Automobiles-5.34% |
||||||||
Allison Transmission, Inc., 4.75%, 10/01/2027(b) |
360,000 | 338,308 | ||||||
Ford Motor Credit Co. LLC |
||||||||
4.27%, 01/09/2027(c) |
795,000 | 735,778 | ||||||
4.95%, 05/28/2027 |
1,300,000 | 1,221,040 | ||||||
4.13%, 08/17/2027 |
1,100,000 | 999,096 | ||||||
3.82%, 11/02/2027(c) |
600,000 | 534,297 | ||||||
7.35%, 11/04/2027(c) |
1,450,000 | 1,476,999 | ||||||
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027(b)(c) |
420,000 | 366,903 | ||||||
|
|
|||||||
5,672,421 | ||||||||
|
|
|||||||
Banks-0.37% |
||||||||
Freedom Mortgage Corp., 6.63%, 01/15/2027(b) |
448,000 | 392,726 | ||||||
|
|
|||||||
Building Products-0.29% |
||||||||
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b) |
320,000 | 305,890 | ||||||
|
|
|||||||
Capital Markets-1.58% |
||||||||
APX Group, Inc., 6.75%, 02/15/2027(b) |
547,000 | 532,220 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 |
1,310,000 | 1,150,940 | ||||||
|
|
|||||||
1,683,160 | ||||||||
|
|
|||||||
Chemicals-3.07% |
||||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027(b)(c) |
450,000 | 423,875 | ||||||
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2026(b)(d) |
500,000 | 493,155 | ||||||
Chemours Co. (The), 5.38%, 05/15/2027(c) |
450,000 | 424,017 | ||||||
HB Fuller Co., 4.00%, 02/15/2027 |
270,000 | 251,903 | ||||||
Methanex Corp. (Canada), 5.13%, 10/15/2027 |
630,000 | 591,510 | ||||||
Olympus Water US Holding Corp., 7.13%, 10/01/2027(b) |
250,000 | 236,023 | ||||||
SNF Group SACA (France), 3.13%, 03/15/2027(b) |
270,000 | 240,627 |
Principal Amount |
Value | |||||||
Chemicals-(continued) |
||||||||
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027 |
$ | 320,000 | $ | 312,688 | ||||
TPC Group, Inc., 13.00%, 12/16/2027(b) |
290,000 | 294,221 | ||||||
|
|
|||||||
3,268,019 | ||||||||
|
|
|||||||
Commercial Services & Supplies-3.72% |
| |||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b) |
950,000 | 873,591 | ||||||
Brink’s Co. (The), 4.63%, 10/15/2027(b)(c) |
540,000 | 502,643 | ||||||
Clean Harbors, Inc., 4.88%, 07/15/2027(b) |
491,000 | 469,629 | ||||||
CoreCivic, Inc., 4.75%, 10/15/2027 |
230,000 | 205,935 | ||||||
Enviri Corp., 5.75%, 07/31/2027(b)(c) |
425,000 | 369,027 | ||||||
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b) |
518,000 | 479,672 | ||||||
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)(c) |
330,000 | 249,464 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)(c) |
900,000 | 801,295 | ||||||
|
|
|||||||
3,951,256 | ||||||||
|
|
|||||||
Communications Equipment-0.34% |
| |||||||
CommScope Technologies LLC, 5.00%, 03/15/2027(b) |
644,000 | 358,707 | ||||||
|
|
|||||||
Construction & Engineering-1.14% |
| |||||||
AECOM, 5.13%, 03/15/2027(c) |
900,000 | 864,343 | ||||||
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b) |
360,000 | 347,030 | ||||||
|
|
|||||||
1,211,373 | ||||||||
|
|
|||||||
Construction Materials-0.43% |
||||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b) |
470,000 | 458,729 | ||||||
|
|
|||||||
Consumer Finance-1.10% |
||||||||
Navient Corp., 5.00%, 03/15/2027(c) |
630,000 | 573,820 | ||||||
OneMain Finance Corp., 3.50%, 01/15/2027(c) |
678,000 | 590,640 | ||||||
|
|
|||||||
1,164,460 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail-1.95% |
| |||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b) |
1,220,000 | 1,153,322 | ||||||
Performance Food Group, Inc., 5.50%, 10/15/2027(b) |
960,000 | 925,256 | ||||||
|
|
|||||||
2,078,578 | ||||||||
|
|
|||||||
Containers & Packaging-3.93% |
| |||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b) |
480,000 | 468,532 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027(b)(c) |
850,000 | 729,118 | ||||||
Graphic Packaging International LLC, 4.75%, 07/15/2027(b) |
268,000 | 254,865 | ||||||
LABL, Inc., 10.50%, 07/15/2027(b) |
620,000 | 594,103 | ||||||
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(b) |
1,210,000 | 1,097,461 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
167 | ||||
|
| |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Containers & Packaging-(continued) |
||||||||
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(b) |
$ | 540,000 | $ | 534,265 | ||||
Pactiv LLC, 8.38%, 04/15/2027 |
150,000 | 151,488 | ||||||
Sealed Air Corp., 4.00%, 12/01/2027(b) |
382,000 | 349,967 | ||||||
|
|
|||||||
4,179,799 | ||||||||
|
|
|||||||
Distributors-0.54% |
||||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027(b) |
600,000 | 569,970 | ||||||
|
|
|||||||
Diversified Consumer Services-1.04% |
| |||||||
Service Corp. International, 4.63%, 12/15/2027(c) |
500,000 | 470,450 | ||||||
Sotheby’s, 7.38%, 10/15/2027(b)(c) |
700,000 | 638,110 | ||||||
|
|
|||||||
1,108,560 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-3.08% |
| |||||||
Altice France S.A. (France), 8.13%, 02/01/2027(b) |
1,561,000 | 1,320,668 | ||||||
Frontier Communications Holdings LLC, 5.88%, 10/15/2027(b) |
1,040,000 | 948,170 | ||||||
Zayo Group Holdings, Inc., 4.00%, |
1,335,000 | 1,001,701 | ||||||
|
|
|||||||
3,270,539 | ||||||||
|
|
|||||||
Electric Utilities-1.48% |
||||||||
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b) |
496,000 | 460,849 | ||||||
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b) |
1,180,000 | 1,110,862 | ||||||
|
|
|||||||
1,571,711 | ||||||||
|
|
|||||||
Electrical Equipment-0.23% |
||||||||
EnerSys, 4.38%, 12/15/2027(b) |
270,000 | 247,305 | ||||||
|
|
|||||||
Energy Equipment & Services-2.67% |
| |||||||
CGG S.A. (France), 8.75%, 04/01/2027(b)(c) |
400,000 | 344,597 | ||||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b) |
560,000 | 557,609 | ||||||
Nabors Industries, Inc., 7.38%, 05/15/2027(b)(c) |
630,000 | 615,384 | ||||||
Transocean, Inc., 11.50%, 01/30/2027(b) |
620,000 | 655,061 | ||||||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 |
678,000 | 661,678 | ||||||
|
|
|||||||
2,834,329 | ||||||||
|
|
|||||||
Entertainment-2.07% |
||||||||
Live Nation Entertainment, Inc. |
||||||||
6.50%, 05/15/2027(b)(c) |
1,080,000 | 1,081,815 | ||||||
4.75%, 10/15/2027(b)(c) |
860,000 | 801,950 | ||||||
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)(c) |
388,000 | 313,888 | ||||||
|
|
|||||||
2,197,653 | ||||||||
|
|
|||||||
Financial Services-2.67% |
| |||||||
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b) |
425,000 | 396,110 | ||||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(b) |
380,000 | 350,703 | ||||||
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b) |
547,000 | 521,515 |
Principal Amount |
Value | |||||||
Financial Services-(continued) |
||||||||
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(b) |
$ | 364,000 | $ | 341,446 | ||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c) |
902,000 | 812,089 | ||||||
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(b) |
450,000 | 415,063 | ||||||
|
|
|||||||
2,836,926 | ||||||||
|
|
|||||||
Food Products-0.38% |
||||||||
Post Holdings, Inc., 5.75%, 03/01/2027(b)(c) |
410,000 | 401,062 | ||||||
|
|
|||||||
Gas Utilities-0.41% |
||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027 |
471,000 | 436,060 | ||||||
|
|
|||||||
Ground Transportation-0.49% |
| |||||||
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027(b) |
540,000 | 521,745 | ||||||
|
|
|||||||
Health Care Equipment & Supplies-0.92% |
| |||||||
Garden Spinco Corp., 8.63%, 07/20/2030(b) |
314,000 | 335,525 | ||||||
Teleflex, Inc., 4.63%, 11/15/2027(c) |
450,000 | 424,805 | ||||||
Varex Imaging Corp., 7.88%, 10/15/2027(b) |
220,000 | 219,939 | ||||||
|
|
|||||||
980,269 | ||||||||
|
|
|||||||
Health Care Providers & Services-4.90% |
| |||||||
Community Health Systems, Inc. |
||||||||
5.63%, 03/15/2027(b) |
1,720,000 | 1,515,404 | ||||||
8.00%, 12/15/2027(b) |
630,000 | 606,284 | ||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b) |
530,000 | 459,349 | ||||||
Tenet Healthcare Corp. |
||||||||
6.25%, 02/01/2027(c) |
1,360,000 | 1,340,587 | ||||||
5.13%, 11/01/2027 |
1,353,000 | 1,287,894 | ||||||
|
|
|||||||
5,209,518 | ||||||||
|
|
|||||||
Health Care REITs-0.94% |
||||||||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027(c) |
1,270,000 | 1,004,772 | ||||||
|
|
|||||||
Hotel & Resort REITs-0.89% |
| |||||||
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027 |
630,000 | 586,300 | ||||||
Service Properties Trust, 5.50%, 12/15/2027 |
406,000 | 359,782 | ||||||
|
|
|||||||
946,082 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-10.56% |
| |||||||
Academy Ltd., 6.00%, 11/15/2027(b) |
360,000 | 345,276 | ||||||
Affinity Interactive, 6.88%, 12/15/2027(b) |
490,000 | 434,364 | ||||||
Boyd Gaming Corp., 4.75%, 12/01/2027(c) |
900,000 | 844,268 | ||||||
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c) |
1,460,000 | 1,483,699 | ||||||
Carnival Corp. |
||||||||
5.75%, 03/01/2027(b) |
3,160,000 | 2,976,761 | ||||||
9.88%, 08/01/2027(b)(c) |
810,000 | 856,913 | ||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027 |
450,000 | 425,825 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 |
540,000 | 520,920 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
168 | ||||
|
| |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2023
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) |
$ | 680,000 | $ | 655,136 | ||||
Lindblad Expeditions LLC, 6.75%, 02/15/2027(b) |
330,000 | 319,014 | ||||||
Penn Entertainment, Inc., 5.63%, 01/15/2027(b) |
360,000 | 342,889 | ||||||
Sabre GLBL, Inc., 11.25%, 12/15/2027(b)(c) |
500,000 | 476,981 | ||||||
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c) |
450,000 | 423,967 | ||||||
Travel + Leisure Co., Series J, 6.00%, 04/01/2027(c) |
360,000 | 350,370 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b) |
810,000 | 767,411 | ||||||
|
|
|||||||
11,223,794 | ||||||||
|
|
|||||||
Household Durables-1.59% |
| |||||||
Beazer Homes USA, Inc., 5.88%, 10/15/2027(c) |
320,000 | 302,003 | ||||||
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b) |
455,000 | 429,773 | ||||||
Meritage Homes Corp., 5.13%, 06/06/2027 |
273,000 | 261,971 | ||||||
Newell Brands, Inc., 6.38%, 09/15/2027(c) |
450,000 | 442,242 | ||||||
Tri Pointe Homes, Inc., 5.25%, 06/01/2027(c) |
263,000 | 251,105 | ||||||
|
|
|||||||
1,687,094 | ||||||||
|
|
|||||||
Household Products-0.63% |
||||||||
Energizer Holdings, Inc., 6.50%, 12/31/2027(b) |
270,000 | 261,120 | ||||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027(b) |
470,000 | 414,093 | ||||||
|
|
|||||||
675,213 | ||||||||
|
|
|||||||
Insurance-1.66% |
||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
4.25%, 10/15/2027(b) |
678,000 | 616,201 | ||||||
6.75%, 10/15/2027(b) |
1,209,000 | 1,144,071 | ||||||
|
|
|||||||
1,760,272 | ||||||||
|
|
|||||||
Interactive Media & Services-1.73% |
| |||||||
Match Group Holdings II LLC, 5.00%, 12/15/2027(b) |
410,000 | 385,307 | ||||||
Nexstar Media, Inc., 5.63%, 07/15/2027(b) |
1,550,000 | 1,458,306 | ||||||
|
|
|||||||
1,843,613 | ||||||||
|
|
|||||||
IT Services-1.01% |
||||||||
Cablevision Lightpath LLC, 3.88%, 09/15/2027(b) |
400,000 | 334,384 | ||||||
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b) |
410,000 | 398,356 | ||||||
Unisys Corp., 6.88%, 11/01/2027(b) |
430,000 | 339,717 | ||||||
|
|
|||||||
1,072,457 | ||||||||
|
|
Principal Amount |
Value | |||||||
Machinery-1.47% |
||||||||
Park-Ohio Industries, Inc., 6.63%, 04/15/2027 |
$ | 317,000 | $ | 275,348 | ||||
TK Elevator US Newco, Inc. (Germany), 5.25%, 07/15/2027(b) |
1,370,000 | 1,285,471 | ||||||
|
|
|||||||
1,560,819 | ||||||||
|
|
|||||||
Media-11.13% |
||||||||
Belo Corp. |
||||||||
7.75%, 06/01/2027 |
200,000 | 199,345 | ||||||
7.25%, 09/15/2027 |
215,000 | 210,179 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027(b)(c) |
2,940,000 | 2,766,525 | ||||||
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c) |
1,130,000 | 1,013,155 | ||||||
CMG Media Corp., 8.88%, 12/15/2027(b) |
875,000 | 688,161 | ||||||
CSC Holdings LLC, 5.50%, 04/15/2027(b)(c) |
1,100,000 | 950,763 | ||||||
DISH Network Corp., 11.75%, 11/15/2027(b) |
3,160,000 | 3,209,110 | ||||||
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b) |
300,000 | 297,235 | ||||||
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)(c) |
250,000 | 205,266 | ||||||
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b) |
1,360,000 | 1,258,653 | ||||||
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b) |
540,000 | 517,536 | ||||||
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)(c) |
550,000 | 512,038 | ||||||
|
|
|||||||
11,827,966 | ||||||||
|
|
|||||||
Metals & Mining-0.74% |
||||||||
Compass Minerals International, Inc., 6.75%, 12/01/2027(b)(c) |
450,000 | 436,984 | ||||||
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b) |
361,000 | 345,110 | ||||||
|
|
|||||||
782,094 | ||||||||
|
|
|||||||
Mortgage REITs-1.16% |
||||||||
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(b) |
351,000 | 300,539 | ||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 4.25%, 02/01/2027(b) |
590,000 | 534,273 | ||||||
Starwood Property Trust, Inc., 4.38%, 01/15/2027(b)(c) |
450,000 | 402,338 | ||||||
|
|
|||||||
1,237,150 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-7.24% |
| |||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b) |
312,000 | 392,621 | ||||||
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b) |
370,000 | 379,036 | ||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027(b) |
290,000 | 277,433 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027(b) |
496,000 | 506,711 | ||||||
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027(b)(c) |
300,000 | 284,344 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
169 | ||||
|
| |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
||||||||
EQM Midstream Partners L.P. |
||||||||
7.50%, 06/01/2027(b) |
$ | 450,000 | $ | 454,606 | ||||
6.50%, 07/01/2027(b) |
810,000 | 805,608 | ||||||
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(b) |
565,000 | 565,669 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027 |
890,000 | 878,296 | ||||||
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027(b) |
364,000 | 362,454 | ||||||
MEG Energy Corp. (Canada), 7.13%, 02/01/2027(b) |
410,000 | 415,541 | ||||||
Murphy Oil Corp., 5.88%, 12/01/2027(c) |
495,000 | 486,926 | ||||||
Murphy Oil USA, Inc., 5.63%, 05/01/2027 |
270,000 | 263,139 | ||||||
NuStar Logistics L.P., 5.63%, 04/28/2027 |
498,000 | 483,658 | ||||||
Parkland Corp. (Canada), 5.88%, 07/15/2027(b) |
450,000 | 435,316 | ||||||
SM Energy Co., 6.63%, 01/15/2027(c) |
330,000 | 326,172 | ||||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b) |
390,000 | 374,176 | ||||||
|
|
|||||||
7,691,706 | ||||||||
|
|
|||||||
Passenger Airlines-0.46% |
||||||||
Allegiant Travel Co., 7.25%, 08/15/2027(b) |
500,000 | 489,903 | ||||||
|
|
|||||||
Pharmaceuticals-0.95% |
||||||||
Bausch Health Cos., Inc., 6.13%, 02/01/2027(b) |
900,000 | 592,677 | ||||||
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b) |
450,000 | 420,622 | ||||||
|
|
|||||||
1,013,299 | ||||||||
|
|
|||||||
Professional Services-0.71% |
||||||||
AMN Healthcare, Inc., 4.63%, 10/01/2027(b) |
455,000 | 417,816 | ||||||
Korn Ferry, 4.63%, 12/15/2027(b) |
360,000 | 335,175 | ||||||
|
|
|||||||
752,991 | ||||||||
|
|
|||||||
Retail REITs-0.53% |
||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus
LLC/GGSI Sellco LLC, 4.50%, 04/01/2027, (Acquired 12/14/2021 -
08/25/2023; |
675,000 | 564,357 | ||||||
|
|
|||||||
Software-1.19% |
||||||||
Gen Digital, Inc., 6.75%, 09/30/2027(b) |
810,000 | 812,920 | ||||||
NCR Corp., 5.75%, 09/01/2027(b) |
450,000 | 454,758 | ||||||
|
|
|||||||
1,267,678 | ||||||||
|
|
|||||||
Specialized REITs-1.97% |
||||||||
Iron Mountain, Inc., 4.88%, 09/15/2027(b) |
900,000 | 848,182 | ||||||
SBA Communications Corp., 3.88%, 02/15/2027(c) |
1,350,000 | 1,249,385 | ||||||
|
|
|||||||
2,097,567 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Specialty Retail-0.61% |
||||||||
JELD-WEN, Inc., 4.88%, 12/15/2027(b) |
$ | 360,000 | $ | 320,786 | ||||
Lithia Motors, Inc., 4.63%, 12/15/2027(b) |
360,000 | 332,843 | ||||||
|
|
|||||||
653,629 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.54% |
| |||||||
Presidio Holdings, Inc., 4.88%, 02/01/2027(b) |
471,000 | 440,786 | ||||||
Seagate HDD Cayman |
||||||||
4.88%, 06/01/2027 |
460,000 | 440,960 | ||||||
9.63%, 12/01/2032(b) |
680,000 | 753,998 | ||||||
|
|
|||||||
1,635,744 | ||||||||
|
|
|||||||
Trading Companies & Distributors-1.39% |
| |||||||
Herc Holdings, Inc., 5.50%, 07/15/2027(b)(c) |
1,080,000 | 1,039,533 | ||||||
United Rentals (North America), Inc., 5.50%, 05/15/2027 |
450,000 | 441,490 | ||||||
|
|
|||||||
1,481,023 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-0.26% |
| |||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/2027(b) |
320,000 | 281,817 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
103,757,166 | |||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.73% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(f)(g) |
775,448 | 775,448 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-98.33% |
104,532,614 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-26.01% |
|
|||||||
Invesco Private Government Fund, |
7,741,004 | 7,741,004 | ||||||
Invesco Private Prime Fund, |
19,905,247 | 19,905,247 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
27,646,251 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.34% |
|
132,178,865 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.34)% |
|
(25,870,493 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 106,308,372 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
170 | ||||
|
| |||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2023
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, 2023 was $77,085,723, which represented 72.51% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at August 31, 2023. |
(d) |
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(e) |
Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets. |
(f) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 251,169 | $ | 9,930,110 | $ | (9,405,831 | ) | $ | - | $ | - | $ | 775,448 | $ | 38,519 | ||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,155,557 | 35,803,379 | (29,217,932 | ) | - | - | 7,741,004 | 165,050 | * | ||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 4,009,984 | 71,247,297 | (55,351,381 | ) | (330 | ) | (323 | ) | 19,905,247 | 440,942 | * | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Total | $ | 5,416,710 | $ | 116,980,786 | $ | (93,975,144 | ) | $ | (330 | ) | $ | (323 | ) | $ | 28,421,699 | $ | 644,511 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2023. |
(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.
171 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-97.33% |
| |||||||||
Aerospace & Defense-2.89% |
||||||||||
Bombardier, Inc. (Canada), 6.00%, 02/15/2028(b)(c) |
$ | 290,000 | $ | 271,304 | ||||||
BWX Technologies, Inc., 4.13%, 06/30/2028(b) |
156,000 | 142,097 | ||||||||
Spirit AeroSystems, Inc., 4.60%, 06/15/2028. |
260,000 | 210,875 | ||||||||
TransDigm, Inc., 6.75%, 08/15/2028(b) |
810,000 | 813,852 | ||||||||
Triumph Group, Inc., 9.00%, 03/15/2028(b) |
440,000 | 443,527 | ||||||||
|
|
|||||||||
1,881,655 | ||||||||||
|
|
|||||||||
Automobile Components-2.40% |
||||||||||
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 |
150,000 | 137,720 | ||||||||
ANGI Group LLC, 3.88%, 08/15/2028(b) |
180,000 | 144,620 | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b) |
190,000 | 172,966 | ||||||||
Benteler International AG (Austria), 10.50%, 05/15/2028(b) |
150,000 | 151,232 | ||||||||
Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028(b)(c) |
290,000 | 289,508 | ||||||||
Dana, Inc., 5.63%, 06/15/2028 |
150,000 | 141,339 | ||||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b) |
180,000 | 168,205 | ||||||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(b) |
180,000 | 175,725 | ||||||||
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028(b) |
180,000 | 179,596 | ||||||||
|
|
|||||||||
1,560,911 | ||||||||||
|
|
|||||||||
Automobiles-2.28% |
||||||||||
Ford Motor Co., 6.63%, 10/01/2028 |
160,000 | 161,447 | ||||||||
Ford Motor Credit Co. LLC |
||||||||||
2.90%, 02/16/2028(c) |
300,000 | 256,293 | ||||||||
6.80%, 05/12/2028(c) |
540,000 | 540,319 | ||||||||
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b) |
200,000 | 184,417 | ||||||||
PM General Purchaser LLC, 9.50%, 10/01/2028(b) |
240,000 | 231,323 | ||||||||
Winnebago Industries, Inc., 6.25%, 07/15/2028(b) |
110,000 | 107,186 | ||||||||
|
|
|||||||||
1,480,985 | ||||||||||
|
|
|||||||||
Biotechnology-0.46% |
||||||||||
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b) |
170,000 | 81,798 | ||||||||
Grifols S.A. (Spain), 4.75%, 10/15/2028(b)(c) . |
250,000 | 219,568 | ||||||||
|
|
|||||||||
301,366 | ||||||||||
|
|
|||||||||
Broadline Retail-0.16% |
||||||||||
QVC, Inc., 4.38%, 09/01/2028 |
180,000 | 102,029 | ||||||||
|
|
|||||||||
Building Products-0.69% |
||||||||||
New Enterprise Stone & Lime Co., Inc. |
||||||||||
5.25%, 07/15/2028(b) |
217,000 | 200,447 | ||||||||
9.75%, 07/15/2028(b) |
100,000 | 99,199 | ||||||||
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028 |
160,000 | 147,415 | ||||||||
|
|
|||||||||
447,061 | ||||||||||
|
|
Principal Amount |
Value | |||||||||
Capital Markets-1.80% |
||||||||||
Coinbase Global, Inc., 3.38%, 10/01/2028(b) |
$ | 390,000 | $ | 287,293 | ||||||
NFP Corp. |
||||||||||
4.88%, 08/15/2028(b) |
200,000 | 178,507 | ||||||||
6.88%, 08/15/2028(b) |
800,000 | 705,339 | ||||||||
|
|
|||||||||
1,171,139 | ||||||||||
|
|
|||||||||
Chemicals-5.82% |
||||||||||
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(b) |
290,000 | 196,390 | ||||||||
Calderys Financing LLC (France), 11.25%, 06/01/2028(b) |
210,000 | 215,505 | ||||||||
Chemours Co. (The), 5.75%, 11/15/2028(b) |
290,000 | 260,774 | ||||||||
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b) |
150,000 | 125,419 | ||||||||
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b) |
210,000 | 188,208 | ||||||||
Element Solutions, Inc., 3.88%, |
310,000 | 272,806 | ||||||||
HB Fuller Co., 4.25%, 10/15/2028(c) |
118,000 | 105,439 | ||||||||
Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028(b) |
100,000 | 76,908 | ||||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b) |
180,000 | 166,820 | ||||||||
Ingevity Corp., 3.88%, 11/01/2028(b) |
200,000 | 170,118 | ||||||||
Innophos Holdings, Inc., 9.38%, 02/15/2028(b) |
110,000 | 108,085 | ||||||||
Iris Holding, Inc., 10.00%, 12/15/2028(b) |
150,000 | 120,000 | ||||||||
LSB Industries, Inc., 6.25%, 10/15/2028(b) |
280,000 | 256,326 | ||||||||
Minerals Technologies, Inc., 5.00%, 07/01/2028(b) |
150,000 | 138,142 | ||||||||
Olympus Water US Holding Corp. |
||||||||||
4.25%, 10/01/2028(b) |
300,000 | 246,564 | ||||||||
9.75%, 11/15/2028(b) |
610,000 | 615,232 | ||||||||
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(b) |
430,000 | 387,398 | ||||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b) |
151,000 | 133,650 | ||||||||
|
|
|||||||||
3,783,784 | ||||||||||
|
|
|||||||||
Commercial Services & Supplies-4.68% |
||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l. |
||||||||||
4.63%, 06/01/2028(b) |
270,000 | 228,505 | ||||||||
4.63%, 06/01/2028(b) |
400,000 | 340,360 | ||||||||
Garda World Security Corp. (Canada), 7.75%, 02/15/2028(b) |
150,000 | 149,036 | ||||||||
GEO Group, Inc. (The), 10.50%, 06/30/2028 |
110,000 | 110,132 | ||||||||
GFL Environmental, Inc. (Canada) |
||||||||||
4.00%, 08/01/2028(b)(c) |
290,000 | 259,149 | ||||||||
3.50%, 09/01/2028(b)(c) |
290,000 | 256,451 | ||||||||
Interface, Inc., 5.50%, 12/01/2028(b) |
100,000 | 85,523 | ||||||||
Madison IAQ LLC, 4.13%, 06/30/2028(b) |
260,000 | 230,264 | ||||||||
MPH Acquisition Holdings LLC |
||||||||||
5.50%, 09/01/2028(b) |
400,000 | 340,054 | ||||||||
5.75%, 11/01/2028(b) |
343,000 | 257,310 | ||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)(c) |
500,000 | 476,741 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
172 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) –(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Commercial Services & Supplies-(continued) |
|
|||||||||
R.R. Donnelley & Sons Co., 9.75%, 07/31/2028(b) |
$ | 110,000 | $ | 110,107 | ||||||
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b) |
200,000 | 202,700 | ||||||||
|
|
|||||||||
3,046,332 | ||||||||||
|
|
|||||||||
Communications Equipment-0.17% |
||||||||||
Viasat, Inc., 6.50%, 07/15/2028(b) |
142,000 | 111,165 | ||||||||
|
|
|||||||||
Construction & Engineering-1.18% |
||||||||||
Fluor Corp., 4.25%, 09/15/2028(c) |
220,000 | 205,359 | ||||||||
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(b) |
200,000 | 207,306 | ||||||||
Pike Corp., 5.50%, 09/01/2028(b) |
261,000 | 235,148 | ||||||||
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028(b) |
127,000 | 121,644 | ||||||||
|
|
|||||||||
769,457 | ||||||||||
|
|
|||||||||
Construction Materials-0.68% |
||||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c) |
262,000 | 261,611 | ||||||||
Williams Scotsman International, Inc., 4.63%, 08/15/2028(b) |
200,000 | 182,680 | ||||||||
|
|
|||||||||
444,291 | ||||||||||
|
|
|||||||||
Consumer Finance-0.99% |
||||||||||
FirstCash, Inc., 4.63%, 09/01/2028(b) |
180,000 | 160,273 | ||||||||
Navient Corp., 4.88%, 03/15/2028 |
190,000 | 165,661 | ||||||||
OneMain Finance Corp., 3.88%, 09/15/2028 |
220,000 | 180,630 | ||||||||
PRA Group, Inc., 8.38%, 02/01/2028(b) |
150,000 | 137,046 | ||||||||
|
|
|||||||||
643,610 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-1.18% |
| |||||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 6.50%, 02/15/2028(b)(c) |
290,000 | 288,950 | ||||||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b) |
151,000 | 117,262 | ||||||||
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028(b) |
140,000 | 94,717 | ||||||||
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b) |
110,000 | 106,442 | ||||||||
United Natural Foods, Inc., 6.75%, 10/15/2028(b) |
191,000 | 159,204 | ||||||||
|
|
|||||||||
766,575 | ||||||||||
|
|
|||||||||
Containers & Packaging-3.53% |
||||||||||
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b) |
200,000 | 170,265 | ||||||||
Ball Corp., 6.88%, 03/15/2028(c) |
290,000 | 294,650 | ||||||||
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b) |
170,000 | 160,207 | ||||||||
Graham Packaging Co., Inc., 7.13%, 08/15/2028(b) |
182,000 | 158,913 | ||||||||
Graphic Packaging International LLC, 3.50%, 03/15/2028(b) |
160,000 | 142,701 | ||||||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b) |
237,000 | 213,926 |
Principal Amount |
Value | |||||||||
Containers & Packaging-(continued) |
||||||||||
LABL, Inc. |
||||||||||
5.88%, 11/01/2028(b) |
$ | 180,000 | $ | 163,913 | ||||||
9.50%, 11/01/2028(b) |
110,000 | 113,357 | ||||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028(b) |
180,000 | 159,913 | ||||||||
Sealed Air Corp./Sealed Air Corp US, 6.13%, 02/01/2028(b) |
280,000 | 275,420 | ||||||||
Silgan Holdings, Inc., 4.13%, 02/01/2028 |
220,000 | 201,767 | ||||||||
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(b) |
230,000 | 239,511 | ||||||||
|
|
|||||||||
2,294,543 | ||||||||||
|
|
|||||||||
Distributors-0.31% |
||||||||||
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b) |
196,000 | 204,567 | ||||||||
|
|
|||||||||
Diversified Consumer Services-0.43% |
||||||||||
Adtalem Global Education, Inc., 5.50%, 03/01/2028(b) |
155,000 | 144,599 | ||||||||
Grand Canyon University, 5.13%, 10/01/2028 |
150,000 | 135,570 | ||||||||
|
|
|||||||||
280,169 | ||||||||||
|
|
|||||||||
Diversified REITs-2.15% |
||||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028(b) |
260,000 | 240,762 | ||||||||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC |
||||||||||
10.50%, 02/15/2028(b) |
970,000 | 968,578 | ||||||||
4.75%, 04/15/2028(b) |
220,000 | 185,645 | ||||||||
|
|
|||||||||
1,394,985 | ||||||||||
|
|
|||||||||
Diversified Telecommunication Services-3.91% |
| |||||||||
Altice France S.A. (France), 5.50%, 01/15/2028(b) |
400,000 | 300,119 | ||||||||
CommScope, Inc., 7.13%, 07/01/2028(b) |
251,000 | 140,086 | ||||||||
Consolidated Communications, Inc. |
||||||||||
5.00%, 10/01/2028(b) |
150,000 | 112,548 | ||||||||
6.50%, 10/01/2028(b) |
290,000 | 222,903 | ||||||||
Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b)(c) |
580,000 | 497,520 | ||||||||
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028(b)(c) |
300,000 | 279,441 | ||||||||
Level 3 Financing, Inc., 4.25%, 07/01/2028(b) |
460,000 | 302,026 | ||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)(c) |
543,000 | 440,711 | ||||||||
Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b) |
380,000 | 247,349 | ||||||||
|
|
|||||||||
2,542,703 | ||||||||||
|
|
|||||||||
Electric Utilities-0.90% |
||||||||||
Pattern Energy Operations L.P./Pattern |
||||||||||
Energy Operations, Inc., 4.50%, 08/15/2028(b) |
250,000 | 227,827 | ||||||||
PG&E Corp., 5.00%, 07/01/2028(c) |
390,000 | 359,124 | ||||||||
|
|
|||||||||
586,951 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
173 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Electrical Equipment-1.22% |
||||||||||
Vertiv Group Corp., 4.13%, 11/15/2028(b) |
$ | 330,000 | $ | 296,565 | ||||||
WESCO Distribution, Inc., 7.25%, 06/15/2028(b) |
490,000 | 499,153 | ||||||||
|
|
|||||||||
795,718 | ||||||||||
|
|
|||||||||
Energy Equipment & Services-1.55% |
||||||||||
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b) |
310,000 | 296,220 | ||||||||
Bristow Group, Inc., 6.88%, 03/01/2028(b) |
140,000 | 131,083 | ||||||||
Harvest Midstream I L.P., 7.50%, 09/01/2028(b) |
310,000 | 311,053 | ||||||||
Nine Energy Service, Inc., 13.00%, 02/01/2028 |
120,000 | 109,628 | ||||||||
Weatherford International Ltd., 6.50%, 09/15/2028(b) |
160,000 | 160,541 | ||||||||
|
|
|||||||||
1,008,525 | ||||||||||
|
|
|||||||||
Entertainment-0.63% |
||||||||||
Cinemark USA, Inc., 5.25%, 07/15/2028(b) |
280,000 | 248,959 | ||||||||
Live Nation Entertainment, Inc., 3.75%, 01/15/2028(b) |
180,000 | 160,733 | ||||||||
|
|
|||||||||
409,692 | ||||||||||
|
|
|||||||||
Financial Services-3.01% |
||||||||||
AG Issuer LLC, 6.25%, 03/01/2028(b) |
190,000 | 182,226 | ||||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(b) |
200,000 | 184,281 | ||||||||
GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028(b) |
230,000 | 233,441 | ||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b) |
350,000 | 299,205 | ||||||||
LD Holdings Group LLC, 6.13%, 04/01/2028(b) |
230,000 | 149,819 | ||||||||
Macquarie Airfinance Holdings Ltd. (United Kingdom), 8.38%, 05/01/2028(b) |
190,000 | 194,170 | ||||||||
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b) |
320,000 | 285,106 | ||||||||
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b) |
310,000 | 281,265 | ||||||||
Werner FinCo L.P./Werner FinCo, Inc., 11.50%, 06/15/2028(b) |
140,000 | 145,498 | ||||||||
|
|
|||||||||
1,955,011 | ||||||||||
|
|
|||||||||
Food Products-2.11% |
||||||||||
Aramark Services, Inc., 5.00%, |
420,000 | 392,202 | ||||||||
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b) |
173,000 | 155,399 | ||||||||
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b) |
190,000 | 179,613 | ||||||||
Post Holdings, Inc., 5.63%, 01/15/2028(b)(c) |
360,000 | 345,522 | ||||||||
TKC Holdings, Inc., 6.88%, 05/15/2028(b) |
160,000 | 144,805 | ||||||||
TreeHouse Foods, Inc., 4.00%, 09/01/2028 |
180,000 | 154,270 | ||||||||
|
|
|||||||||
1,371,811 | ||||||||||
|
|
|||||||||
Gas Utilities-0.28% |
||||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028(b) |
180,000 | 184,667 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Ground Transportation-0.28% |
||||||||||
Uber Technologies, Inc., 6.25%, 01/15/2028(b) |
$ | 180,000 | $ | 178,771 | ||||||
|
|
|||||||||
Health Care Equipment & Supplies-0.47% |
||||||||||
Hologic, Inc., 4.63%, 02/01/2028(b) |
150,000 | 140,487 | ||||||||
Teleflex, Inc., 4.25%, 06/01/2028(b) |
180,000 | 165,718 | ||||||||
|
|
|||||||||
306,205 | ||||||||||
|
|
|||||||||
Health Care Providers & Services-3.78% |
||||||||||
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(b) |
160,000 | 151,736 | ||||||||
Akumin Escrow, Inc., 7.50%, 08/01/2028(b) |
140,000 | 92,887 | ||||||||
Avantor Funding, Inc., 4.63%, 07/15/2028(b)(c) |
599,000 | 556,614 | ||||||||
Cano Health LLC, 6.25%, 10/01/2028(b) |
100,000 | 34,090 | ||||||||
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028(b) |
200,000 | 202,250 | ||||||||
Molina Healthcare, Inc., 4.38%, 06/15/2028(b) |
310,000 | 284,766 | ||||||||
Tenet Healthcare Corp. |
||||||||||
4.63%, 06/15/2028 |
220,000 | 202,814 | ||||||||
6.13%, 10/01/2028(c) |
970,000 | 935,172 | ||||||||
|
|
|||||||||
2,460,329 | ||||||||||
|
|
|||||||||
Health Care REITs-0.41% |
||||||||||
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b) |
150,000 | 130,842 | ||||||||
Diversified Healthcare Trust, 4.75%, 02/15/2028 |
180,000 | 137,678 | ||||||||
|
|
|||||||||
268,520 | ||||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-4.56% |
||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b) |
290,000 | 266,438 | ||||||||
Carnival Corp., 4.00%, 08/01/2028(b) |
930,000 | 833,008 | ||||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028 |
120,000 | 116,114 | ||||||||
Churchill Downs, Inc., 4.75%, 01/15/2028(b) |
270,000 | 249,257 | ||||||||
Full House Resorts, Inc., 8.25%, 02/15/2028(b) |
152,000 | 135,378 | ||||||||
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b) |
190,000 | 186,589 | ||||||||
Light & Wonder International, Inc., 7.00%, 05/15/2028(b) |
270,000 | 269,236 | ||||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(b) |
110,000 | 113,131 | ||||||||
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 |
133,000 | 118,838 | ||||||||
MGM Resorts International, 4.75%, 10/15/2028(c) |
297,000 | 269,801 | ||||||||
Station Casinos LLC, 4.50%, 02/15/2028(b) |
270,000 | 241,893 | ||||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b) |
182,000 | 166,148 | ||||||||
|
|
|||||||||
2,965,831 | ||||||||||
|
|
|||||||||
Household Durables-0.80% |
||||||||||
CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b) |
184,000 | 154,695 | ||||||||
Installed Building Products, Inc., 5.75%, 02/01/2028(b) |
100,000 | 94,071 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
174 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Household Durables-(continued) |
||||||||||
M/I Homes, Inc., 4.95%, 02/01/2028 |
$ | 150,000 | $ | 139,326 | ||||||
Tri Pointe Homes, Inc., 5.70%, 06/15/2028 |
136,000 | 129,067 | ||||||||
|
|
|||||||||
517,159 | ||||||||||
|
|
|||||||||
Household Products-0.65% |
||||||||||
Central Garden & Pet Co., 5.13%, 02/01/2028 |
100,000 | 94,013 | ||||||||
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)(c) |
212,000 | 187,420 | ||||||||
Prestige Brands, Inc., 5.13%, 01/15/2028(b) |
150,000 | 142,310 | ||||||||
|
|
|||||||||
423,743 | ||||||||||
|
|
|||||||||
Independent Power and Renewable Electricity Producers-2.52% |
| |||||||||
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028(b) |
200,000 | 178,902 | ||||||||
Calpine Corp. |
||||||||||
4.50%, 02/15/2028(b)(c) |
460,000 | 426,248 | ||||||||
5.13%, 03/15/2028(b) |
540,000 | 492,469 | ||||||||
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)(c) |
330,000 | 305,430 | ||||||||
TerraForm Power Operating LLC, 5.00%, 01/31/2028(b) |
260,000 | 236,357 | ||||||||
|
|
|||||||||
1,639,406 | ||||||||||
|
|
|||||||||
Insurance-0.73% |
||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b) |
480,000 | 473,349 | ||||||||
|
|
|||||||||
Interactive Media & Services-1.01% |
||||||||||
Cars.com, Inc., 6.38%, 11/01/2028(b) |
150,000 | 138,860 | ||||||||
Match Group Holdings II LLC, 4.63%, 06/01/2028(b) |
190,000 | 175,469 | ||||||||
Nexstar Media, Inc., 4.75%, 11/01/2028(b) |
390,000 | 342,547 | ||||||||
|
|
|||||||||
656,876 | ||||||||||
|
|
|||||||||
IT Services-2.29% |
||||||||||
Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028(b) |
100,000 | 81,094 | ||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/2028(b) |
148,000 | 128,528 | ||||||||
Arches Buyer, Inc., 4.25%, 06/01/2028(b)(c) |
360,000 | 313,570 | ||||||||
Cablevision Lightpath LLC, 5.63%, 09/15/2028(b) |
200,000 | 154,334 | ||||||||
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)(c) |
250,000 | 248,438 | ||||||||
Gartner, Inc., 4.50%, 07/01/2028(b)(c) |
290,000 | 270,720 | ||||||||
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028(b) |
200,000 | 175,712 | ||||||||
Virtusa Corp., 7.13%, 12/15/2028(b) |
140,000 | 114,779 | ||||||||
|
|
|||||||||
1,487,175 | ||||||||||
|
|
|||||||||
Machinery-1.31% |
||||||||||
ATS Corp. (Canada), 4.13%, 12/15/2028(b) |
120,000 | 106,747 | ||||||||
GrafTech Finance, Inc., 4.63%, 12/15/2028(b) |
180,000 | 141,462 | ||||||||
Titan International, Inc., 7.00%, 04/30/2028 |
150,000 | 143,048 | ||||||||
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028(b) |
200,000 | 185,615 |
Principal Amount |
Value | |||||||||
Machinery-(continued) |
||||||||||
Trinity Industries, Inc., 7.75%, 07/15/2028(b) |
$ | 150,000 | $ | 152,709 | ||||||
Wabash National Corp., 4.50%, 10/15/2028(b) |
140,000 | 118,958 | ||||||||
|
|
|||||||||
848,539 | ||||||||||
|
|
|||||||||
Media-8.61% |
||||||||||
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b) |
283,000 | 246,992 | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028(b)(c) |
970,000 | 894,724 | ||||||||
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028(b) |
380,000 | 299,228 | ||||||||
CSC Holdings LLC |
||||||||||
5.38%, 02/01/2028(b) |
340,000 | 279,068 | ||||||||
11.25%, 05/15/2028(b) |
300,000 | 296,167 | ||||||||
DISH DBS Corp. |
||||||||||
7.38%, 07/01/2028 |
390,000 | 244,698 | ||||||||
5.75%, 12/01/2028(b) |
970,000 | 754,801 | ||||||||
GCI LLC, 4.75%, 10/15/2028(b) |
230,000 | 199,784 | ||||||||
iHeartCommunications, Inc., 4.75%, 01/15/2028(b) |
178,000 | 137,363 | ||||||||
Lamar Media Corp., 3.75%, 02/15/2028(c) |
231,000 | 210,603 | ||||||||
McGraw-Hill Education, Inc., 5.75%, 08/01/2028(b)(c) |
310,000 | 275,404 | ||||||||
Sirius XM Radio, Inc., 4.00%, 07/15/2028(b)(c) |
770,000 | 667,464 | ||||||||
TEGNA, Inc., 4.63%, 03/15/2028 |
360,000 | 322,889 | ||||||||
Univision Communications, Inc., 8.00%, 08/15/2028(b) |
190,000 | 190,066 | ||||||||
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(b) |
200,000 | 178,201 | ||||||||
Urban One, Inc., 7.38%, 02/01/2028(b) |
260,000 | 226,318 | ||||||||
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028(b) |
200,000 | 177,410 | ||||||||
|
|
|||||||||
5,601,180 | ||||||||||
|
|
|||||||||
Metals & Mining-0.69% |
||||||||||
Century Aluminum Co., 7.50%, 04/01/2028(b) |
90,000 | 84,960 | ||||||||
Constellium SE, 5.63%, 06/15/2028(b) |
100,000 | 94,648 | ||||||||
Kaiser Aluminum Corp., 4.63%, 03/01/2028(b) |
180,000 | 159,428 | ||||||||
Warrior Met Coal, Inc., 7.88%, 12/01/2028(b) |
110,000 | 112,344 | ||||||||
|
|
|||||||||
451,380 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-6.85% |
||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(b) |
110,000 | 110,233 | ||||||||
Callon Petroleum Co., 8.00%, 08/01/2028(b) |
238,000 | 241,573 | ||||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028(b) |
130,000 | 129,342 | ||||||||
Civitas Resources, Inc., 8.38%, 07/01/2028(b) |
500,000 | 515,625 | ||||||||
Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028(b) |
80,000 | 74,125 | ||||||||
Crescent Energy Finance LLC, 9.25%, 02/15/2028(b) |
150,000 | 153,581 | ||||||||
CVR Energy, Inc., 5.75%, 02/15/2028(b) |
150,000 | 136,712 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
175 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b) |
$ | 150,000 | $ | 139,572 | ||||
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)(c) |
255,000 | 242,021 | ||||||
EQM Midstream Partners L.P., 5.50%, 07/15/2028 |
330,000 | 315,600 | ||||||
Global Marine, Inc., 7.00%, 06/01/2028 |
100,000 | 86,925 | ||||||
Hess Midstream Operations L.P., 5.13%, 06/15/2028(b) |
200,000 | 187,792 | ||||||
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b) |
172,000 | 161,503 | ||||||
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b) |
140,000 | 141,773 | ||||||
Matador Resources Co., 6.88%, 04/15/2028(b) |
190,000 | 189,873 | ||||||
Murphy Oil Corp., 6.38%, 07/15/2028 |
263,000 | 263,103 | ||||||
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b) |
269,000 | 269,890 | ||||||
SM Energy Co., 6.50%, 07/15/2028 |
150,000 | 146,760 | ||||||
Venture Global LNG, Inc., 8.13%, 06/01/2028(b) |
830,000 | 838,005 | ||||||
Vital Energy, Inc., 10.13%, 01/15/2028 |
106,000 | 107,706 | ||||||
|
|
|||||||
4,451,714 | ||||||||
|
|
|||||||
Paper & Forest Products-0.58% |
| |||||||
Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028(b) |
100,000 | 83,479 | ||||||
Clearwater Paper Corp., 4.75%, 08/15/2028(b) |
90,000 | 78,681 | ||||||
Domtar Corp., 6.75%, 10/01/2028(b) |
250,000 | 216,505 | ||||||
|
|
|||||||
378,665 | ||||||||
|
|
|||||||
Passenger Airlines-0.74% |
| |||||||
American Airlines, Inc., 7.25%, 02/15/2028(b)(c) |
290,000 | 285,164 | ||||||
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b) |
220,000 | 198,946 | ||||||
|
|
|||||||
484,110 | ||||||||
|
|
|||||||
Personal Care Products-0.41% |
| |||||||
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)(c) |
280,000 | 264,155 | ||||||
|
|
|||||||
Pharmaceuticals-3.39% |
| |||||||
AdaptHealth LLC, 6.13%, 08/01/2028(b) |
116,000 | 104,848 | ||||||
Bausch Health Cos., Inc. |
||||||||
4.88%, 06/01/2028(b) |
580,000 | 344,702 | ||||||
11.00%, 09/30/2028(b) |
640,000 | 458,520 | ||||||
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028(b) |
200,000 | 181,298 | ||||||
Elanco Animal Health, Inc., 6.65%, 08/28/2028(c) |
280,000 | 276,850 | ||||||
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 11.50%, 12/15/2028(b) |
200,000 | 180,837 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b) |
725,000 | 656,837 | ||||||
|
|
|||||||
2,203,892 | ||||||||
|
|
Principal Amount |
Value | |||||||
Professional Services-1.43% |
||||||||
ASGN, Inc., 4.63%, 05/15/2028(b) |
$ | 200,000 | $ | 179,919 | ||||
Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b) |
360,000 | 317,581 | ||||||
CoreLogic, Inc., 4.50%, 05/01/2028(b)(c) |
276,000 | 225,879 | ||||||
KBR, Inc., 4.75%, 09/30/2028(b) |
86,000 | 77,562 | ||||||
Science Applications International Corp., 4.88%, 04/01/2028(b) |
140,000 | 130,446 | ||||||
|
|
|||||||
931,387 | ||||||||
|
|
|||||||
Real Estate Management & Development-0.87% |
| |||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028(b) |
232,000 | 221,103 | ||||||
Forestar Group, Inc., 5.00%, 03/01/2028(b) |
100,000 | 92,515 | ||||||
Howard Hughes Corp. (The), 5.38%, 08/01/2028(b) |
280,000 | 252,480 | ||||||
|
|
|||||||
566,098 | ||||||||
|
|
|||||||
Residential REITs-0.14% |
| |||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b) |
95,000 | 90,893 | ||||||
|
|
|||||||
Retail REITs-0.23% |
| |||||||
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b) |
197,000 | 151,055 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-0.58% |
| |||||||
Entegris, Inc., 4.38%, 04/15/2028(b) |
158,000 | 144,192 | ||||||
ON Semiconductor Corp., 3.88%, 09/01/2028(b) |
262,000 | 233,467 | ||||||
|
|
|||||||
377,659 | ||||||||
|
|
|||||||
Software-1.93% |
| |||||||
Alteryx, Inc., 8.75%, 03/15/2028(b) |
170,000 | 164,203 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(b) |
180,000 | 162,850 | ||||||
Fair Isaac Corp., 4.00%, 06/15/2028(b)(c) |
330,000 | 302,081 | ||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028(b) |
100,000 | 86,353 | ||||||
MicroStrategy, Inc., 6.13%, 06/15/2028(b) |
171,000 | 153,243 | ||||||
NCR Corp., 5.00%, 10/01/2028(b) |
240,000 | 220,492 | ||||||
PTC, Inc., 4.00%, 02/15/2028(b) |
180,000 | 165,541 | ||||||
|
|
|||||||
1,254,763 | ||||||||
|
|
|||||||
Specialized REITs-0.72% |
| |||||||
Iron Mountain, Inc. |
||||||||
5.25%, 03/15/2028(b) |
320,000 | 300,325 | ||||||
5.00%, 07/15/2028(b) |
180,000 | 166,856 | ||||||
|
|
|||||||
467,181 | ||||||||
|
|
|||||||
Specialty Retail-2.83% |
| |||||||
Asbury Automotive Group, Inc., 4.50%, 03/01/2028 |
150,000 | 136,969 | ||||||
At Home Group, Inc., 4.88%, 07/15/2028(b) |
90,000 | 43,467 | ||||||
Bath & Body Works, Inc., 5.25%, 02/01/2028 |
180,000 | 172,860 | ||||||
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b) |
280,000 | 248,875 | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/2028(b) |
140,000 | 121,935 | ||||||
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)(c) |
310,000 | 258,742 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
176 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||
Specialty Retail-(continued) |
||||||||
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b) |
$ | 450,000 | $ | 404,089 | ||||
SRS Distribution, Inc., 4.63%, 07/01/2028(b) |
250,000 | 222,764 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/2028(b) |
248,000 | 227,819 | ||||||
|
|
|||||||
1,837,520 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-0.69% |
| |||||||
Presidio Holdings, Inc., 8.25%, 02/01/2028(b) |
200,000 | 193,979 | ||||||
Xerox Holdings Corp., 5.50%, 08/15/2028(b)(c) |
290,000 | 252,618 | ||||||
|
|
|||||||
446,597 | ||||||||
|
|
|||||||
Trading Companies & Distributors-2.17% |
| |||||||
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b) |
400,000 | 371,934 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)(c) |
480,000 | 419,545 | ||||||
United Rentals (North America), Inc., 4.88%, 01/15/2028 |
650,000 | 619,083 | ||||||
|
|
|||||||
1,410,562 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-0.25% |
| |||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. |
||||||||
6.00%, 02/15/2028(b) |
100,000 | 80,279 | ||||||
10.75%, 06/01/2028(b) |
90,000 | 83,816 | ||||||
|
|
|||||||
164,095 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
63,298,511 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-1.00% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(d)(e) |
648,228 | $ | 648,228 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-98.33% |
63,946,739 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-18.33% |
||||||||
Invesco Private Government Fund, |
3,187,584 | 3,187,584 | ||||||
Invesco Private Prime Fund, 5.51%(d)(e)(f) |
8,736,644 | 8,736,644 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
11,924,228 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-116.66% |
|
75,870,967 | ||||||
OTHER ASSETS LESS LIABILITIES-(16.66)% |
|
(10,832,617 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 65,038,350 | ||||||
|
|
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, 2023 was $54,388,927, which represented 83.63% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at August 31, 2023. |
(d) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Change in | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Realized | Value | Dividend | ||||||||||||||||||||||
August 31, 2022 | at Cost | from Sales | (Depreciation) | Gain | August 31, 2023 | Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 145,115 | $ 4,926,602 | $ (4,423,489) | $ - | $ - | $ 648,228 | $ 13,595 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
177 | ||||
|
| |||
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)–(continued)
August 31, 2023
Change in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Realized | Value | Dividend | ||||||||||||||||||||||||||||||||||||||||||||||||||||
August 31, 2022 | at Cost | from Sales | (Depreciation) | Gain | August 31, 2023 | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 480,278 | $ | 16,539,611 | $ | (13,832,305 | ) | $ | - | $ | - | $ | 3,187,584 | $ | 60,295 | * | ||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,235,001 | 28,248,296 | (20,746,690 | ) | (134 | ) | 171 | 8,736,644 | 163,747 | * | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,860,394 | $ | 49,714,509 | $ | (39,002,484 | ) | $ | (134 | ) | $ | 171 | $ | 12,572,456 | $ | 237,637 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2023. |
(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.
178 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
August 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-97.72% |
| |||||||||
Aerospace & Defense-1.49% |
||||||||||
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b) |
$ | 80,000 | $ | 78,465 | ||||||
BWX Technologies, Inc., 4.13%, 04/15/2029(b) |
40,000 | 35,630 | ||||||||
TransDigm, Inc. |
||||||||||
4.63%, 01/15/2029 |
130,000 | 116,676 | ||||||||
4.88%, 05/01/2029 |
80,000 | 72,055 | ||||||||
|
|
|||||||||
302,826 | ||||||||||
|
|
|||||||||
Automobile Components-1.80% |
||||||||||
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 |
70,000 | 57,695 | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b) |
70,000 | 64,411 | ||||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029 |
80,000 | 71,080 | ||||||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b) |
100,000 | 90,780 | ||||||||
Patrick Industries, Inc., 4.75%, 05/01/2029(b) |
30,000 | 25,698 | ||||||||
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(b) |
70,000 | 57,066 | ||||||||
|
|
|||||||||
366,730 | ||||||||||
|
|
|||||||||
Automobiles-1.86% |
||||||||||
Allison Transmission, Inc., 5.88%, 06/01/2029(b) |
50,000 | 48,341 | ||||||||
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029(b) |
70,000 | 60,434 | ||||||||
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029 |
200,000 | 184,165 | ||||||||
Jaguar Land Rover Automotive PLC (United Kingdom), 5.50%, 07/15/2029(b) |
50,000 | 43,492 | ||||||||
Thor Industries, Inc., 4.00%, 10/15/2029(b) |
50,000 | 42,067 | ||||||||
|
|
|||||||||
378,499 | ||||||||||
|
|
|||||||||
Beverages-0.64% |
||||||||||
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029(b) |
70,000 | 61,488 | ||||||||
Triton Water Holdings, Inc., 6.25%, 04/01/2029(b) |
80,000 | 68,076 | ||||||||
|
|
|||||||||
129,564 | ||||||||||
|
|
|||||||||
Building Products-1.34% |
||||||||||
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b) |
30,000 | 24,391 | ||||||||
GYP Holdings III Corp., 4.63%, 05/01/2029(b) |
40,000 | 35,273 | ||||||||
Park River Holdings, Inc. |
||||||||||
5.63%, 02/01/2029(b) |
40,000 | 31,336 | ||||||||
6.75%, 08/01/2029(b) |
30,000 | 24,188 | ||||||||
PGT Innovations, Inc., 4.38%, 10/01/2029(b) |
60,000 | 55,740 | ||||||||
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029 |
30,000 | 26,633 | ||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029(b) |
80,000 | 75,022 | ||||||||
|
|
|||||||||
272,583 | ||||||||||
|
|
|||||||||
Capital Markets-0.87% |
||||||||||
APX Group, Inc., 5.75%, 07/15/2029(b) |
90,000 | 77,627 |
Principal Amount |
Value | |||||||||
Capital Markets-(continued) |
||||||||||
Armor Holdco, Inc., 8.50%, 11/15/2029(b) |
$ | 40,000 | $ | 35,072 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029 |
80,000 | 63,262 | ||||||||
|
|
|||||||||
175,961 | ||||||||||
|
|
|||||||||
Chemicals-3.62% |
||||||||||
ASP Unifrax Holdings, Inc., 7.50%, 09/30/2029(b)(c) |
40,000 | 20,859 | ||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b) |
150,000 | 127,354 | ||||||||
Chemours Co. (The), 4.63%, 11/15/2029(b) |
60,000 | 49,935 | ||||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029(b) |
40,000 | 33,369 | ||||||||
Methanex Corp. (Canada), 5.25%, 12/15/2029 |
70,000 | 63,829 | ||||||||
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b) |
50,000 | 40,658 | ||||||||
Olympus Water US Holding Corp., 6.25%, 10/01/2029(b) |
40,000 | 32,239 | ||||||||
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b) |
80,000 | 70,667 | ||||||||
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029 |
40,000 | 33,494 | ||||||||
SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029(b) |
60,000 | 49,348 | ||||||||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b) |
40,000 | 21,647 | ||||||||
Tronox, Inc., 4.63%, 03/15/2029(b) |
100,000 | 82,493 | ||||||||
WR Grace Holdings LLC, 5.63%, 08/15/2029(b) |
130,000 | 110,058 | ||||||||
|
|
|||||||||
735,950 | ||||||||||
|
|
|||||||||
Commercial Services & Supplies-5.08% |
||||||||||
ACCO Brands Corp., 4.25%, 03/15/2029(b) |
60,000 | 51,313 | ||||||||
ADT Security Corp. (The), 4.13%, 08/01/2029(b) |
110,000 | 96,117 | ||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029(b) |
85,000 | 65,084 | ||||||||
APi Group DE, Inc. |
||||||||||
4.13%, 07/15/2029(b) |
40,000 | 34,572 | ||||||||
4.75%, 10/15/2029(b) |
30,000 | 27,214 | ||||||||
Clean Harbors, Inc., 5.13%, 07/15/2029(b) |
30,000 | 28,422 | ||||||||
Covanta Holding Corp., 4.88%, 12/01/2029(b) |
80,000 | 68,878 | ||||||||
Deluxe Corp., 8.00%, 06/01/2029(b) |
50,000 | 42,244 | ||||||||
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029(b) |
70,000 | 59,599 | ||||||||
Garda World Security Corp. (Canada), 6.00%, 06/01/2029(b) |
50,000 | 40,788 | ||||||||
GFL Environmental, Inc. (Canada) |
||||||||||
4.75%, 06/15/2029(b) |
70,000 | 63,480 | ||||||||
4.38%, 08/15/2029(b) |
50,000 | 44,271 | ||||||||
Madison IAQ LLC, 5.88%, 06/30/2029(b) |
100,000 | 84,290 | ||||||||
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b) |
280,000 | 261,721 | ||||||||
Pitney Bowes, Inc., 7.25%, 03/15/2029(b) |
30,000 | 21,786 | ||||||||
Stericycle, Inc., 3.88%, 01/15/2029(b) |
50,000 | 43,579 | ||||||||
|
|
|||||||||
1,033,358 | ||||||||||
|
|
|||||||||
Communications Equipment-0.16% |
||||||||||
Viavi Solutions, Inc., 3.75%, 10/01/2029(b) |
40,000 | 33,360 | ||||||||
|
|
|||||||||
Construction & Engineering-0.75% |
||||||||||
Arcosa, Inc., 4.38%, 04/15/2029(b) |
40,000 | 36,015 | ||||||||
Dycom Industries, Inc., 4.50%, 04/15/2029(b) |
50,000 | 44,690 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
179 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Construction & Engineering-(continued) |
| |||||||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b) |
$ | 40,000 | $ | 34,307 | ||||||
VM Consolidated, Inc., 5.50%, 04/15/2029(b) |
40,000 | 36,513 | ||||||||
|
|
|||||||||
151,525 | ||||||||||
|
|
|||||||||
Construction Materials-0.24% |
| |||||||||
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(b) |
40,000 | 33,660 | ||||||||
Victors Merger Corp., 6.38%, 05/15/2029(b) |
20,000 | 14,419 | ||||||||
|
|
|||||||||
48,079 | ||||||||||
|
|
|||||||||
Consumer Finance-1.47% |
| |||||||||
Navient Corp., 5.50%, 03/15/2029 |
80,000 | 68,480 | ||||||||
OneMain Finance Corp. |
||||||||||
9.00%, 01/15/2029 |
50,000 | 50,735 | ||||||||
5.38%, 11/15/2029 |
70,000 | 60,550 | ||||||||
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029(b) |
30,000 | 25,457 | ||||||||
PRA Group, Inc., 5.00%, 10/01/2029(b) |
40,000 | 30,207 | ||||||||
PROG Holdings, Inc., 6.00%, 11/15/2029(b) |
70,000 | 62,901 | ||||||||
|
|
|||||||||
298,330 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-2.02% |
| |||||||||
Albertson’s Cos., Inc./Safeway, Inc./New |
||||||||||
Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029(b) |
150,000 | 129,891 | ||||||||
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b) |
40,000 | 34,523 | ||||||||
Performance Food Group, Inc., 4.25%, 08/01/2029(b) |
110,000 | 96,911 | ||||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b) |
70,000 | 58,320 | ||||||||
US Foods, Inc., 4.75%, 02/15/2029(b) |
100,000 | 91,362 | ||||||||
|
|
|||||||||
411,007 | ||||||||||
|
|
|||||||||
Containers & Packaging-1.90% |
| |||||||||
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b) |
100,000 | 81,370 | ||||||||
Ball Corp., 6.00%, 06/15/2029 |
110,000 | 108,573 | ||||||||
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b) |
50,000 | 47,623 | ||||||||
Graphic Packaging International LLC, 3.50%, 03/01/2029(b) |
40,000 | 34,325 | ||||||||
LABL, Inc., 8.25%, 11/01/2029(b) |
50,000 | 41,929 | ||||||||
Sealed Air Corp., 5.00%, 04/15/2029(b) |
40,000 | 37,155 | ||||||||
TriMas Corp., 4.13%, 04/15/2029(b) |
40,000 | 34,936 | ||||||||
|
|
|||||||||
385,911 | ||||||||||
|
|
|||||||||
Distributors-0.12% |
| |||||||||
Resideo Funding, Inc., 4.00%, 09/01/2029(b) |
30,000 | 25,116 | ||||||||
|
|
|||||||||
Diversified Consumer Services-0.71% |
||||||||||
Carriage Services, Inc., 4.25%, 05/15/2029(b) |
40,000 | 34,748 | ||||||||
Service Corp. International, 5.13%, 06/01/2029 |
80,000 | 75,500 | ||||||||
WW International, Inc., 4.50%, 04/15/2029(b) |
50,000 | 34,670 | ||||||||
|
|
|||||||||
144,918 | ||||||||||
|
|
Principal Amount |
Value | |||||||||
Diversified REITs-0.69% |
| |||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029(b) |
$ | 78,000 | $ | 67,735 | ||||||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029(b) |
105,000 | 71,757 | ||||||||
|
|
|||||||||
139,492 | ||||||||||
|
|
|||||||||
Diversified Telecommunication Services-3.37% |
| |||||||||
Altice France S.A. (France) |
||||||||||
5.13%, 07/15/2029(b) |
200,000 | 141,565 | ||||||||
5.50%, 10/15/2029(b) |
200,000 | 144,644 | ||||||||
CommScope, Inc., 4.75%, 09/01/2029(b) |
140,000 | 104,165 | ||||||||
Frontier Communications Holdings LLC |
||||||||||
6.75%, 05/01/2029(b) |
112,000 | 87,042 | ||||||||
5.88%, 11/01/2029 |
70,000 | 51,907 | ||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029(b) |
90,000 | 77,443 | ||||||||
Level 3 Financing, Inc. |
||||||||||
3.63%, 01/15/2029(b) |
60,000 | 35,796 | ||||||||
3.75%, 07/15/2029(b) |
70,000 | 41,835 | ||||||||
|
|
|||||||||
684,397 | ||||||||||
|
|
|||||||||
Electric Utilities-1.46% |
| |||||||||
DPL, Inc., 4.35%, 04/15/2029 |
40,000 | 34,521 | ||||||||
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029(b) |
40,000 | 34,837 | ||||||||
NRG Energy, Inc. |
||||||||||
3.38%, 02/15/2029(b) |
50,000 | 41,258 | ||||||||
5.25%, 06/15/2029(b) |
70,000 | 63,072 | ||||||||
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b) |
140,000 | 123,569 | ||||||||
|
|
|||||||||
297,257 | ||||||||||
|
|
|||||||||
Electrical Equipment-0.43% |
| |||||||||
Sensata Technologies B.V., 4.00%, 04/15/2029(b) |
100,000 | 87,931 | ||||||||
|
|
|||||||||
Electronic Equipment, Instruments & Components-1.64% |
| |||||||||
Coherent Corp., 5.00%, 12/15/2029(b) |
110,000 | 97,811 | ||||||||
Imola Merger Corp., 4.75%, 05/15/2029(b) |
216,000 | 192,212 | ||||||||
TTM Technologies, Inc., 4.00%, 03/01/2029(b) |
50,000 | 43,482 | ||||||||
|
|
|||||||||
333,505 | ||||||||||
|
|
|||||||||
Energy Equipment & Services-0.77% |
| |||||||||
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029 |
43,000 | 40,674 | ||||||||
Permian Resources Operating LLC, 5.88%, 07/01/2029(b) |
80,000 | 77,238 | ||||||||
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b) |
40,000 | 38,064 | ||||||||
|
|
|||||||||
155,976 | ||||||||||
|
|
|||||||||
Entertainment-1.37% |
| |||||||||
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029(b) |
90,000 | 61,511 | ||||||||
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b) |
50,000 | 45,358 | ||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b) |
97,000 | 59,204 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
180 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Entertainment-(continued) |
| |||||||||
Playtika Holding Corp., 4.25%, 03/15/2029(b) |
$ | 70,000 | $ | 60,613 | ||||||
WMG Acquisition Corp., 3.75%, 12/01/2029(b) |
60,000 | 52,075 | ||||||||
|
|
|||||||||
278,761 | ||||||||||
|
|
|||||||||
Financial Services-2.14% |
| |||||||||
Aretec Escrow Issuer, Inc., 7.50%, 04/01/2029(b) |
40,000 | 35,972 | ||||||||
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029(b) . |
20,000 | 13,937 | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b) |
92,000 | 84,585 | ||||||||
Hightower Holding LLC, 6.75%, 04/15/2029(b) |
30,000 | 26,195 | ||||||||
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b) |
30,000 | 26,359 | ||||||||
PennyMac Financial Services, Inc., 4.25%, 02/15/2029(b) |
70,000 | 58,011 | ||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029(b) |
70,000 | 59,654 | ||||||||
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b) |
70,000 | 61,668 | ||||||||
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(b) |
80,000 | 69,480 | ||||||||
|
|
|||||||||
435,861 | ||||||||||
|
|
|||||||||
Food Products-0.88% |
| |||||||||
Post Holdings, Inc., 5.50%, 12/15/2029(b) |
130,000 | 120,374 | ||||||||
TKC Holdings, Inc., 10.50%, 05/15/2029(b) |
70,000 | 58,163 | ||||||||
|
|
|||||||||
178,537 | ||||||||||
|
|
|||||||||
Gas Utilities-0.39% |
| |||||||||
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b) |
90,000 | 79,488 | ||||||||
|
|
|||||||||
Ground Transportation-1.28% |
| |||||||||
Carriage Purchaser, Inc., 7.88%, 10/15/2029(b) |
30,000 | 22,540 | ||||||||
Hertz Corp. (The), 5.00%, 12/01/2029(b) |
110,000 | 90,545 | ||||||||
Uber Technologies, Inc., 4.50%, 08/15/2029(b) |
160,000 | 146,798 | ||||||||
|
|
|||||||||
259,883 | ||||||||||
|
|
|||||||||
Health Care Equipment & Supplies-3.72% |
| |||||||||
Hologic, Inc., 3.25%, 02/15/2029(b) |
100,000 | 86,950 | ||||||||
Medline Borrower L.P. |
||||||||||
3.88%, 04/01/2029(b) |
490,000 | 428,224 | ||||||||
5.25%, 10/01/2029(b) |
270,000 | 240,034 | ||||||||
|
|
|||||||||
755,208 | ||||||||||
|
|
|||||||||
Health Care Providers & Services-2.87% |
| |||||||||
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b) |
50,000 | 46,045 | ||||||||
AHP Health Partners, Inc., 5.75%, 07/15/2029(b) |
30,000 | 25,748 | ||||||||
Avantor Funding, Inc., 3.88%, 11/01/2029(b) |
90,000 | 79,012 | ||||||||
Community Health Systems, Inc., 6.00%, 01/15/2029(b) |
100,000 | 83,863 | ||||||||
HealthEquity, Inc., 4.50%, 10/01/2029(b) |
70,000 | 62,162 | ||||||||
LifePoint Health, Inc., 5.38%, 01/15/2029(b) |
41,000 | 28,389 | ||||||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b) |
50,000 | 36,920 | ||||||||
Option Care Health, Inc., 4.38%, 10/31/2029(b) |
50,000 | 44,035 | ||||||||
Owens & Minor, Inc., 4.50%, 03/31/2029(b) |
50,000 | 42,420 | ||||||||
Tenet Healthcare Corp., 4.25%, 06/01/2029 |
150,000 | 134,067 | ||||||||
|
|
|||||||||
582,661 | ||||||||||
|
|
Principal Amount |
Value | |||||||||
Hotel & Resort REITs-0.68% |
| |||||||||
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029(b) |
$ | 70,000 | $ | 61,509 | ||||||
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b) |
50,000 | 41,859 | ||||||||
XHR L.P., 4.88%, 06/01/2029(b) |
40,000 | 34,645 | ||||||||
|
|
|||||||||
138,013 | ||||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-6.33% |
| |||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b) |
80,000 | 70,115 | ||||||||
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029(b) |
30,000 | 27,240 | ||||||||
Boyne USA, Inc., 4.75%, 05/15/2029(b) |
80,000 | 72,273 | ||||||||
Caesars Entertainment, Inc., 4.63%, 10/15/2029(b) |
130,000 | 113,910 | ||||||||
Carnival Corp., 6.00%, 05/01/2029(b) |
220,000 | 198,831 | ||||||||
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029(b) |
30,000 | 25,845 | ||||||||
Cedar Fair L.P., 5.25%, 07/15/2029(c) |
50,000 | 45,053 | ||||||||
Everi Holdings, Inc., 5.00%, 07/15/2029(b) |
40,000 | 35,730 | ||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029(b) |
110,000 | 95,257 | ||||||||
Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029(b) |
90,000 | 79,371 | ||||||||
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029(b) |
90,000 | 79,871 | ||||||||
Light & Wonder International, Inc., 7.25%, 11/15/2029(b) |
57,000 | 57,292 | ||||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(b) |
50,000 | 41,248 | ||||||||
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(b) |
50,000 | 42,296 | ||||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b) |
80,000 | 69,672 | ||||||||
Papa John’s International, Inc., 3.88%, 09/15/2029(b) |
40,000 | 33,682 | ||||||||
Penn Entertainment, Inc., 4.13%, 07/01/2029(b) |
40,000 | 32,749 | ||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b) |
70,000 | 55,937 | ||||||||
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b) |
65,000 | 58,419 | ||||||||
Travel + Leisure Co., 4.50%, 12/01/2029(b) |
60,000 | 51,695 | ||||||||
|
|
|||||||||
1,286,486 | ||||||||||
|
|
|||||||||
Household Durables-1.07% |
| |||||||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029(b) |
40,000 | 33,410 | ||||||||
Century Communities, Inc., 3.88%, 08/15/2029(b) |
50,000 | 43,131 | ||||||||
LGI Homes, Inc., 4.00%, 07/15/2029(b) |
30,000 | 24,836 | ||||||||
Meritage Homes Corp., 3.88%, 04/15/2029(b) |
40,000 | 34,948 | ||||||||
Newell Brands, Inc., 6.63%, 09/15/2029 |
50,000 | 49,577 | ||||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/2029(b) |
50,000 | 32,537 | ||||||||
|
|
|||||||||
218,439 | ||||||||||
|
|
|||||||||
Household Products-0.38% |
| |||||||||
Energizer Holdings, Inc., 4.38%, 03/31/2029(b) |
90,000 | 77,186 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
181 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Independent Power and Renewable Electricity Producers-0.50% |
| |||||||||
Calpine Corp., 4.63%, 02/01/2029(b) |
$ | 70,000 | $ | 60,907 | ||||||
TransAlta Corp. (Canada), 7.75%, 11/15/2029 |
40,000 | 41,454 | ||||||||
|
|
|||||||||
102,361 | ||||||||||
|
|
|||||||||
Insurance-1.99% |
| |||||||||
Acrisure LLC/Acrisure Finance, Inc. |
||||||||||
4.25%, 02/15/2029, (Acquired 09/13/2021 - 08/23/2023; Cost $72,675)(b)(d) |
80,000 | 69,262 | ||||||||
6.00%, 08/01/2029(b) |
50,000 | 43,487 | ||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029(b) |
40,000 | 35,070 | ||||||||
AmWINS Group, Inc., 4.88%, 06/30/2029(b) |
90,000 | 80,849 | ||||||||
AssuredPartners, Inc., 5.63%, 01/15/2029(b) |
60,000 | 52,194 | ||||||||
BroadStreet Partners, Inc., 5.88%, 04/15/2029(b) |
80,000 | 70,481 | ||||||||
HUB International Ltd., 5.63%, 12/01/2029(b) |
60,000 | 53,125 | ||||||||
|
|
|||||||||
404,468 | ||||||||||
|
|
|||||||||
Interactive Media & Services-0.42% |
| |||||||||
Match Group Holdings II LLC, 5.63%, 02/15/2029(b) |
40,000 | 37,741 | ||||||||
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b) |
60,000 | 48,236 | ||||||||
|
|
|||||||||
85,977 | ||||||||||
|
|
|||||||||
IT Services-1.23% |
| |||||||||
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b) |
50,000 | 41,314 | ||||||||
Gartner, Inc., 3.63%, 06/15/2029(b) |
70,000 | 61,552 | ||||||||
Newfold Digital Holdings Group, Inc., 6.00%, 02/15/2029(b) |
60,000 | 45,551 | ||||||||
Twilio, Inc., 3.63%, 03/15/2029 |
50,000 | 42,943 | ||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b) |
70,000 | 59,571 | ||||||||
|
|
|||||||||
250,931 | ||||||||||
|
|
|||||||||
Leisure Products-0.21% |
| |||||||||
Vista Outdoor, Inc., 4.50%, 03/15/2029(b) |
50,000 | 41,718 | ||||||||
|
|
|||||||||
Life Sciences Tools & Services-0.34% |
| |||||||||
Syneos Health, Inc., 3.63%, 01/15/2029(b) |
70,000 | 69,888 | ||||||||
|
|
|||||||||
Machinery-0.78% |
| |||||||||
Mueller Water Products, Inc., 4.00%, 06/15/2029(b) |
40,000 | 35,463 | ||||||||
OT Merger Corp., 7.88%, 10/15/2029(b) |
20,000 | 13,146 | ||||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b) |
50,000 | 44,796 | ||||||||
Terex Corp., 5.00%, 05/15/2029(b) |
70,000 | 64,335 | ||||||||
|
|
|||||||||
157,740 | ||||||||||
|
|
|||||||||
Media-7.90% |
| |||||||||
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b) |
200,000 | 158,612 | ||||||||
AMC Networks, Inc., 4.25%, 02/15/2029 |
90,000 | 57,450 | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||
5.38%, 06/01/2029(b) |
162,000 | 147,594 | ||||||||
6.38%, 09/01/2029(b) |
160,000 | 151,622 | ||||||||
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029(b) |
110,000 | 82,081 | ||||||||
CSC Holdings LLC, 6.50%, 02/01/2029(b) |
200,000 | 165,527 | ||||||||
Lamar Media Corp., 4.88%, 01/15/2029 |
40,000 | 37,236 |
Principal Amount |
Value | |||||||||
Media-(continued) |
| |||||||||
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029(b) |
$ | 70,000 | $ | 59,073 | ||||||
McGraw-Hill Education, Inc., 8.00%, 08/01/2029(b) |
60,000 | 53,474 | ||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029(b) |
40,000 | 32,847 | ||||||||
Sirius XM Radio, Inc., 5.50%, 07/01/2029(b) |
140,000 | 126,191 | ||||||||
Stagwell Global LLC, 5.63%, 08/15/2029(b) |
120,000 | 100,324 | ||||||||
TEGNA, Inc., 5.00%, 09/15/2029 |
120,000 | 105,748 | ||||||||
Univision Communications, Inc., 4.50%, 05/01/2029(b) |
110,000 | 94,787 | ||||||||
Videotron Ltd. (Canada), 3.63%, 06/15/2029(b) |
58,000 | 49,860 | ||||||||
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b) |
200,000 | 183,066 | ||||||||
|
|
|||||||||
1,605,492 | ||||||||||
|
|
|||||||||
Metals & Mining-1.99% |
| |||||||||
ATI, Inc., 4.88%, 10/01/2029 |
30,000 | 27,113 | ||||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029(b) |
80,000 | 79,608 | ||||||||
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029(b) |
41,000 | 36,390 | ||||||||
Coeur Mining, Inc., 5.13%, 02/15/2029(b)(c) |
30,000 | 26,324 | ||||||||
Constellium SE, 3.75%, 04/15/2029(b) |
50,000 | 43,003 | ||||||||
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b) |
70,000 | 65,877 | ||||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(b) |
50,000 | 42,593 | ||||||||
TMS International Corp., 6.25%, 04/15/2029(b) |
40,000 | 33,436 | ||||||||
United States Steel Corp., 6.88%, 03/01/2029 |
50,000 | 49,853 | ||||||||
|
|
|||||||||
404,197 | ||||||||||
|
|
|||||||||
Mortgage REITs-0.48% |
| |||||||||
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029(b) |
50,000 | 39,263 | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b) |
70,000 | 58,921 | ||||||||
|
|
|||||||||
98,184 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-7.61% |
| |||||||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029(b) |
79,000 | 74,106 | ||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b) |
40,000 | 36,476 | ||||||||
Chesapeake Energy Corp. |
||||||||||
5.88%, 02/01/2029(b) |
50,000 | 47,902 | ||||||||
6.75%, 04/15/2029(b) |
101,000 | 100,368 | ||||||||
CNX Resources Corp., 6.00%, 01/15/2029(b) |
51,000 | 48,618 | ||||||||
Comstock Resources, Inc., 6.75%, 03/01/2029(b) |
116,000 | 108,643 | ||||||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp. |
||||||||||
6.00%, 02/01/2029(b) |
76,000 | 74,689 | ||||||||
8.00%, 04/01/2029(b) |
52,000 | 53,781 | ||||||||
CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029(b) |
40,000 | 37,186 | ||||||||
DT Midstream, Inc., 4.13%, 06/15/2029(b) |
120,000 | 106,436 | ||||||||
EQM Midstream Partners L.P., 4.50%, 01/15/2029(b) |
90,000 | 81,861 | ||||||||
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029(b) |
70,000 | 65,002 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
182 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||||
ITT Holdings LLC, 6.50%, 08/01/2029(b) |
$ | 120,000 | $ | 108,413 | ||||||
MEG Energy Corp. (Canada), 5.88%, 02/01/2029(b) |
69,000 | 65,984 | ||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/2029 |
50,000 | 45,901 | ||||||||
Parkland Corp. (Canada), 4.50%, 10/01/2029(b) |
90,000 | 79,391 | ||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/2029(b) |
80,000 | 73,828 | ||||||||
Southwestern Energy Co., 5.38%, 02/01/2029 |
76,000 | 72,183 | ||||||||
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029 |
90,000 | 81,481 | ||||||||
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029(b) |
40,000 | 37,174 | ||||||||
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029(b) |
140,000 | 121,247 | ||||||||
Vital Energy, Inc., 7.75%, 07/31/2029(b) |
30,000 | 27,029 | ||||||||
|
|
|||||||||
1,547,699 | ||||||||||
|
|
|||||||||
Paper & Forest Products-0.41% |
| |||||||||
Glatfelter Corp., 4.75%, 11/15/2029(b) |
25,000 | 17,487 | ||||||||
Mercer International, Inc. (Germany), 5.13%, 02/01/2029 |
80,000 | 65,520 | ||||||||
|
|
|||||||||
83,007 | ||||||||||
|
|
|||||||||
Passenger Airlines-0.94% |
| |||||||||
United Airlines, Inc., 4.63%, 04/15/2029(b) |
215,000 | 191,452 | ||||||||
|
|
|||||||||
Personal Care Products-0.44% |
||||||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029(b) |
50,000 | 45,858 | ||||||||
Edgewell Personal Care Co., 4.13%, 04/01/2029(b) |
50,000 | 43,377 | ||||||||
|
|
|||||||||
89,235 | ||||||||||
|
|
|||||||||
Pharmaceuticals-1.59% |
| |||||||||
AdaptHealth LLC, 4.63%, 08/01/2029(b) |
50,000 | 40,909 | ||||||||
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029(b) |
60,000 | 50,549 | ||||||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b) |
70,000 | 52,439 | ||||||||
Jazz Securities DAC, 4.38%, 01/15/2029(b) |
200,000 | 179,386 | ||||||||
|
|
|||||||||
323,283 | ||||||||||
|
|
|||||||||
Professional Services-0.94% |
| |||||||||
AMN Healthcare, Inc., 4.00%, 04/15/2029(b) |
40,000 | 34,247 | ||||||||
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b) |
90,000 | 78,567 | ||||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b) |
40,000 | 35,936 | ||||||||
TriNet Group, Inc., 3.50%, 03/01/2029(b) |
50,000 | 43,099 | ||||||||
|
|
|||||||||
191,849 | ||||||||||
|
|
|||||||||
Real Estate Management & Development-1.08% |
| |||||||||
Howard Hughes Corp. (The), 4.13%, 02/01/2029(b) |
60,000 | 49,559 | ||||||||
Hunt Cos., Inc., 5.25%, 04/15/2029(b) |
70,000 | 53,539 | ||||||||
Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |
70,000 | 56,315 | ||||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b) |
83,000 | 59,539 | ||||||||
|
|
|||||||||
218,952 | ||||||||||
|
|
Principal Amount |
Value | |||||||||
Residential REITs-0.17% |
| |||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029(b) |
$ | 40,000 | $ | 34,700 | ||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment-0.34% |
| |||||||||
Entegris, Inc., 3.63%, 05/01/2029(b) |
40,000 | 34,416 | ||||||||
Synaptics, Inc., 4.00%, 06/15/2029(b) |
40,000 | 34,064 | ||||||||
|
|
|||||||||
68,480 | ||||||||||
|
|
|||||||||
Software-6.22% |
| |||||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029(b) |
80,000 | 78,985 | ||||||||
Cloud Software Group, Inc. |
||||||||||
6.50%, 03/31/2029(b) |
440,000 | 393,956 | ||||||||
9.00%, 09/30/2029(b) |
420,000 | 375,865 | ||||||||
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |
80,000 | 68,856 | ||||||||
Elastic N.V., 4.13%, 07/15/2029(b) |
60,000 | 51,633 | ||||||||
NCR Corp. |
||||||||||
5.13%, 04/15/2029(b) |
130,000 | 118,351 | ||||||||
6.13%, 09/01/2029(b) |
50,000 | 51,544 | ||||||||
Open Text Corp. (Canada), 3.88%, 12/01/2029(b) |
90,000 | 76,413 | ||||||||
Rocket Software, Inc., 6.50%, 02/15/2029(b) |
60,000 | 49,854 | ||||||||
|
|
|||||||||
1,265,457 | ||||||||||
|
|
|||||||||
Specialized REITs-1.70% |
| |||||||||
Iron Mountain, Inc. |
||||||||||
7.00%, 02/15/2029(b) |
110,000 | 109,814 | ||||||||
4.88%, 09/15/2029(b) |
110,000 | 99,509 | ||||||||
SBA Communications Corp., 3.13%, 02/01/2029 |
160,000 | 137,154 | ||||||||
|
|
|||||||||
346,477 | ||||||||||
|
|
|||||||||
Specialty Retail-4.99% |
| |||||||||
Arko Corp., 5.13%, 11/15/2029(b) |
50,000 | 41,109 | ||||||||
Asbury Automotive Group, Inc., 4.63%, 11/15/2029(b) |
90,000 | 79,490 | ||||||||
At Home Group, Inc., 7.13%, 07/15/2029(b) |
20,000 | 10,210 | ||||||||
Bath & Body Works, Inc., 7.50%, 06/15/2029 |
57,000 | 57,520 | ||||||||
Foot Locker, Inc., 4.00%, 10/01/2029(b) |
42,000 | 31,650 | ||||||||
Gap, Inc. (The), 3.63%, 10/01/2029(b) |
80,000 | 60,975 | ||||||||
LBM Acquisition LLC, 6.25%, 01/15/2029(b) |
90,000 | 78,634 | ||||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b) |
110,000 | 95,586 | ||||||||
Lithia Motors, Inc., 3.88%, 06/01/2029(b) |
90,000 | 77,361 | ||||||||
Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b) |
120,000 | 83,292 | ||||||||
Penske Automotive Group, Inc., 3.75%, 06/15/2029 |
50,000 | 42,952 | ||||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b) |
100,000 | 95,591 | ||||||||
Sonic Automotive, Inc., 4.63%, 11/15/2029(b) |
70,000 | 59,918 | ||||||||
SRS Distribution, Inc. |
||||||||||
6.13%, 07/01/2029(b) |
40,000 | 34,818 | ||||||||
6.00%, 12/01/2029(b) |
80,000 | 68,486 | ||||||||
Upbound Group, Inc., 6.38%, 02/15/2029(b) |
50,000 | 45,470 | ||||||||
Victoria’s Secret & Co., 4.63%, 07/15/2029(b) |
70,000 | 50,745 | ||||||||
|
|
|||||||||
1,013,807 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
183 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Technology Hardware, Storage & Peripherals-0.59% |
| |||||||||
Seagate HDD Cayman |
||||||||||
4.09%, 06/01/2029 |
$ | 50,000 | $ | 44,103 | ||||||
3.13%, 07/15/2029 |
30,000 | 22,863 | ||||||||
8.25%, 12/15/2029(b) |
50,000 | 52,501 | ||||||||
|
|
|||||||||
119,467 | ||||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods-0.55% |
| |||||||||
Crocs, Inc., 4.25%, 03/15/2029(b) |
40,000 | 33,765 | ||||||||
Kontoor Brands, Inc., 4.13%, 11/15/2029(b) |
40,000 | 34,013 | ||||||||
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b) |
60,000 | 44,995 | ||||||||
|
|
|||||||||
112,773 | ||||||||||
|
|
|||||||||
Tobacco-0.34% |
| |||||||||
Vector Group Ltd., 5.75%, 02/01/2029(b) |
80,000 | 69,715 | ||||||||
|
|
|||||||||
Trading Companies & Distributors-0.43% |
| |||||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029(b) |
40,000 | 34,439 | ||||||||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b) |
30,000 | 26,808 | ||||||||
Foundation Building Materials, Inc., 6.00%, 03/01/2029(b) |
30,000 | 25,415 | ||||||||
|
|
|||||||||
86,662 | ||||||||||
|
|
|||||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
19,866,769 | ||||||||
|
|
Shares |
Value | |||||||||
Money Market Funds-0.68% |
||||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(e)(f) |
137,190 | $ | 137,190 | |||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES |
|
20,003,959 | ||||||||
|
|
|||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||||
Money Market Funds-0.41% |
||||||||||
Invesco Private Government Fund, 5.30%(e)(f)(g) |
23,345 | 23,345 | ||||||||
Invesco Private Prime Fund, 5.51%(e)(f)(g) |
60,032 | 60,032 | ||||||||
|
|
|||||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
83,377 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-98.81% |
|
20,087,336 | ||||||||
OTHER ASSETS LESS LIABILITIES-1.19% |
|
242,197 | ||||||||
|
|
|||||||||
NET ASSETS-100.00% |
$ | 20,329,533 | ||||||||
|
|
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, 2023 was $17,401,598, which represented 85.60% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at August 31, 2023. |
(d) |
Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets. |
(e) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023. |
Value August 31, 2022 |
Purchases at Cost |
|
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 25,686 | $ | 1,814,043 | $ | (1,702,539 | ) | $ | - | $ | - | $ | 137,190 | $ | 5,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 54,169 | 936,743 | (967,567 | ) | - | - | 23,345 | 4,685 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 139,293 | 1,885,303 | (1,964,533 | ) | (19 | ) | (12 | ) | 60,032 | 12,603 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 219,148 | $ | 4,636,089 | $ | (4,634,639 | ) | $ | (19 | ) | $ | (12 | ) | $ | 220,567 | $ | 22,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
184 | ||||
|
| |||
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)
August 31, 2023
(f) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2023. |
(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 | ||||
|
| |||
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
August 31, 2023
Schedule of Investments(a)
Principal | ||||||||||
Amount | Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-97.85% |
| |||||||||
Air Freight & Logistics-0.85% |
||||||||||
Rand Parent LLC, 8.50%, 02/15/2030(b) |
$ | 110,000 | $ | 104,873 | ||||||
|
|
|||||||||
Automobile Components-1.02% |
||||||||||
Dana, Inc., 4.25%, 09/01/2030 |
55,000 | 45,274 | ||||||||
ZF North America Capital, Inc. (Germany), 7.13%, 04/14/2030(b) |
80,000 | 81,130 | ||||||||
|
|
|||||||||
126,404 | ||||||||||
|
|
|||||||||
Automobiles-4.41% |
||||||||||
Ford Motor Co., 9.63%, 04/22/2030 |
60,000 | 69,450 | ||||||||
Ford Motor Credit Co. LLC |
||||||||||
7.35%, 03/06/2030 |
200,000 | 203,774 | ||||||||
7.20%, 06/10/2030 |
100,000 | 101,682 | ||||||||
4.00%, 11/13/2030 |
200,000 | 169,410 | ||||||||
|
|
|||||||||
544,316 | ||||||||||
|
|
|||||||||
Building Products-1.98% |
||||||||||
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(b) |
70,000 | 69,020 | ||||||||
Masonite International Corp., 3.50%, 02/15/2030(b) |
55,000 | 46,111 | ||||||||
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b) |
70,000 | 59,406 | ||||||||
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030(b) |
75,000 | 70,281 | ||||||||
|
|
|||||||||
244,818 | ||||||||||
|
|
|||||||||
Capital Markets-0.39% |
||||||||||
NFP Corp., 7.50%, 10/01/2030(b) |
50,000 | 48,585 | ||||||||
|
|
|||||||||
Chemicals-1.10% |
||||||||||
Avient Corp., 7.13%, 08/01/2030(b) |
95,000 | 94,995 | ||||||||
SNF Group SACA (France), 3.38%, 03/15/2030(b) |
50,000 | 40,935 | ||||||||
|
|
|||||||||
135,930 | ||||||||||
|
|
|||||||||
Commercial Services & Supplies-0.31% |
||||||||||
Covanta Holding Corp., 5.00%, 09/01/2030 |
45,000 | 38,217 | ||||||||
|
|
|||||||||
Communications Equipment-0.39% |
||||||||||
Ciena Corp., 4.00%, 01/31/2030(b) |
55,000 | 47,487 | ||||||||
|
|
|||||||||
Consumer Finance-1.82% |
||||||||||
FirstCash, Inc., 5.63%, 01/01/2030(b) |
75,000 | 68,172 | ||||||||
Navient Corp., 9.38%, 07/25/2030 |
70,000 | 70,388 | ||||||||
OneMain Finance Corp., 4.00%, 09/15/2030 |
110,000 | 85,784 | ||||||||
|
|
|||||||||
224,344 | ||||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail-0.50% |
||||||||||
US Foods, Inc., 4.63%, 06/01/2030(b) |
70,000 | 62,282 | ||||||||
|
|
|||||||||
Containers & Packaging-3.48% |
||||||||||
Ball Corp., 2.88%, 08/15/2030 |
170,000 | 139,224 | ||||||||
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030(b) |
150,000 | 135,798 | ||||||||
Crown Americas LLC, 5.25%, 04/01/2030 |
70,000 | 66,031 | ||||||||
Graphic Packaging International LLC, 3.75%, 02/01/2030(b) |
45,000 | 38,400 | ||||||||
OI European Group B.V., 4.75%, 02/15/2030(b) |
55,000 | 50,186 | ||||||||
|
|
|||||||||
429,639 | ||||||||||
|
|
Principal | ||||||||||
Amount | Value | |||||||||
Diversified Consumer Services-0.74% |
||||||||||
Service Corp. International, 3.38%, 08/15/2030 |
$ | 110,000 | $ | 90,904 | ||||||
|
|
|||||||||
Diversified REITs-0.48% |
||||||||||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030(b) |
90,000 | 59,538 | ||||||||
|
|
|||||||||
Diversified Telecommunication Services-5.95% |
||||||||||
Frontier Communications Holdings LLC |
||||||||||
6.00%, 01/15/2030(b) |
110,000 | 81,374 | ||||||||
8.75%, 05/15/2030(b) |
165,000 | 160,531 | ||||||||
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030(b) |
403,000 | 370,523 | ||||||||
Level 3 Financing, Inc., 10.50%, 05/15/2030(b) |
120,000 | 122,003 | ||||||||
|
|
|||||||||
734,431 | ||||||||||
|
|
|||||||||
Electric Utilities-2.29% |
||||||||||
PG&E Corp., 5.25%, 07/01/2030 |
130,000 | 115,615 | ||||||||
Talen Energy Supply LLC, 8.63%, 06/01/2030(b) |
160,000 | 166,763 | ||||||||
|
|
|||||||||
282,378 | ||||||||||
|
|
|||||||||
Electrical Equipment-0.54% |
||||||||||
Sensata Technologies B.V., 5.88%, 09/01/2030(b) |
70,000 | 66,296 | ||||||||
|
|
|||||||||
Electronic Equipment, Instruments & Components-2.40% |
| |||||||||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(b) |
300,000 | 295,701 | ||||||||
|
|
|||||||||
Energy Equipment & Services-3.68% |
||||||||||
Noble Finance II LLC, 8.00%, 04/15/2030(b) |
80,000 | 82,802 | ||||||||
Transocean, Inc., 8.75%, 02/15/2030(b) |
152,000 | 155,642 | ||||||||
Weatherford International Ltd., 8.63%, 04/30/2030(b) |
210,000 | 215,285 | ||||||||
|
|
|||||||||
453,729 | ||||||||||
|
|
|||||||||
Entertainment-1.36% |
||||||||||
Roblox Corp., 3.88%, 05/01/2030(b) |
130,000 | 107,368 | ||||||||
WMG Acquisition Corp., 3.88%, 07/15/2030(b) |
70,000 | 60,809 | ||||||||
|
|
|||||||||
168,177 | ||||||||||
|
|
|||||||||
Financial Services-2.34% |
||||||||||
Burford Capital Global Finance LLC, 6.88%, 04/15/2030(b) |
50,000 | 45,913 | ||||||||
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b) |
50,000 | 40,301 | ||||||||
Mobius Merger Sub, Inc., 9.00%, 06/01/2030(b) |
50,000 | 45,636 | ||||||||
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030(b) |
70,000 | 59,386 | ||||||||
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b) |
110,000 | 97,065 | ||||||||
|
|
|||||||||
288,301 | ||||||||||
|
|
|||||||||
Food Products-1.96% |
||||||||||
Darling Ingredients, Inc., 6.00%, 06/15/2030(b) |
130,000 | 127,186 | ||||||||
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030(b) |
130,000 | 114,447 | ||||||||
|
|
|||||||||
241,633 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
186 | ||||
|
| |||
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Health Care Equipment & Supplies-0.62% |
||||||||||
Embecta Corp. |
||||||||||
5.00%, 02/15/2030(b) |
$ | 67,000 | $ | 54,501 | ||||||
6.75%, 02/15/2030(b) |
25,000 | 22,087 | ||||||||
|
|
|||||||||
76,588 | ||||||||||
|
|
|||||||||
Health Care Providers & Services-8.19% |
||||||||||
Community Health Systems, Inc. |
||||||||||
6.13%, 04/01/2030(b) |
160,000 | 92,221 | ||||||||
5.25%, 05/15/2030(b) |
210,000 | 165,801 | ||||||||
DaVita, Inc., 4.63%, 06/01/2030(b) |
365,000 | 313,408 | ||||||||
IQVIA, Inc., 6.50%, 05/15/2030(b) |
70,000 | 70,462 | ||||||||
Molina Healthcare, Inc., 3.88%, 11/15/2030(b) |
90,000 | 76,875 | ||||||||
Owens & Minor, Inc., 6.63%, 04/01/2030(b) |
80,000 | 72,852 | ||||||||
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030(b) |
55,000 | 50,210 | ||||||||
Tenet Healthcare Corp., 4.38%, 01/15/2030 |
190,000 | 168,971 | ||||||||
|
|
|||||||||
1,010,800 | ||||||||||
|
|
|||||||||
Health Care Technology-2.18% |
||||||||||
athenahealth Group, Inc., 6.50%, 02/15/2030(b) |
310,000 | 269,514 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure-8.41% |
||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b) |
390,000 | 330,740 | ||||||||
Caesars Entertainment, Inc., 7.00%, 02/15/2030(b) |
270,000 | 271,298 | ||||||||
Carnival Corp., 10.50%, 06/01/2030(b) |
137,000 | 146,046 | ||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030(b) |
165,000 | 153,600 | ||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030(b) |
165,000 | 136,401 | ||||||||
|
|
|||||||||
1,038,085 | ||||||||||
|
|
|||||||||
Household Durables-1.81% |
||||||||||
KB Home, 7.25%, 07/15/2030 |
50,000 | 50,182 | ||||||||
M/I Homes, Inc., 3.95%, 02/15/2030 |
40,000 | 34,232 | ||||||||
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b) |
85,000 | 75,213 | ||||||||
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(b) |
70,000 | 64,268 | ||||||||
|
|
|||||||||
223,895 | ||||||||||
|
|
|||||||||
Household Products-0.79% |
||||||||||
Central Garden & Pet Co., 4.13%, 10/15/2030 |
70,000 | 60,311 | ||||||||
Spectrum Brands, Inc., 5.50%, 07/15/2030(b) |
40,000 | 37,244 | ||||||||
|
|
|||||||||
97,555 | ||||||||||
|
|
|||||||||
Insurance-1.56% |
||||||||||
Jones Deslauriers Insurance Management, Inc. (Canada) |
||||||||||
8.50%, 03/15/2030(b) |
100,000 | 102,174 | ||||||||
10.50%, 12/15/2030(b) |
40,000 | 40,772 | ||||||||
Ryan Specialty LLC, 4.38%, 02/01/2030(b) |
55,000 | 49,227 | ||||||||
|
|
|||||||||
192,173 | ||||||||||
|
|
|||||||||
Interactive Media & Services-0.93% |
||||||||||
Ziff Davis, Inc., 4.63%, 10/15/2030(b) |
60,000 | 51,662 | ||||||||
ZipRecruiter, Inc., 5.00%, 01/15/2030(b) |
75,000 | 63,000 | ||||||||
|
|
|||||||||
114,662 | ||||||||||
|
|
|||||||||
IT Services-0.77% |
||||||||||
Gartner, Inc., 3.75%, 10/01/2030(b) |
110,000 | 95,099 | ||||||||
|
|
Principal Amount |
Value | |||||||||
Machinery-2.16% |
||||||||||
Chart Industries, Inc., 7.50%, 01/01/2030(b) |
$ | 200,000 | $ | 205,179 | ||||||
SPX FLOW, Inc., 8.75%, 04/01/2030(b) |
65,000 | 61,870 | ||||||||
|
|
|||||||||
267,049 | ||||||||||
|
|
|||||||||
Media-6.11% |
||||||||||
Cable One, Inc., 4.00%, 11/15/2030(b) |
70,000 | 54,664 | ||||||||
Gray Television, Inc., 4.75%, 10/15/2030(b) |
110,000 | 76,916 | ||||||||
Lamar Media Corp., 4.00%, 02/15/2030 |
75,000 | 65,693 | ||||||||
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b) |
105,000 | 67,772 | ||||||||
Sirius XM Radio, Inc., 4.13%, 07/01/2030(b) |
200,000 | 163,262 | ||||||||
Univision Communications, Inc., 7.38%, 06/30/2030(b) |
120,000 | 116,249 | ||||||||
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b) |
50,000 | 40,487 | ||||||||
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030(b) |
200,000 | 169,053 | ||||||||
|
|
|||||||||
754,096 | ||||||||||
|
|
|||||||||
Metals & Mining-2.06% |
||||||||||
Carpenter Technology Corp., 7.63%, 03/15/2030 |
40,000 | 40,536 | ||||||||
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b) |
100,000 | 95,457 | ||||||||
Commercial Metals Co., 4.13%, 01/15/2030 |
40,000 | 35,437 | ||||||||
Vibrantz Technologies, Inc., 9.00%, 02/15/2030(b) |
100,000 | 82,581 | ||||||||
|
|
|||||||||
254,011 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels-12.70% |
||||||||||
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b) |
110,000 | 111,637 | ||||||||
Callon Petroleum Co., 7.50%, 06/15/2030(b) |
85,000 | 84,103 | ||||||||
CNX Midstream Partners L.P., 4.75%, 04/15/2030(b) |
35,000 | 30,242 | ||||||||
Comstock Resources, Inc., 5.88%, 01/15/2030(b) |
130,000 | 114,942 | ||||||||
EQM Midstream Partners L.P., 7.50%, 06/01/2030(b) |
70,000 | 71,859 | ||||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030 |
70,000 | 69,788 | ||||||||
Hess Midstream Operations L.P. |
||||||||||
4.25%, 02/15/2030(b) |
100,000 | 88,017 | ||||||||
5.50%, 10/15/2030(b) |
50,000 | 46,859 | ||||||||
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030(b) |
70,000 | 65,182 | ||||||||
Kinetik Holdings L.P., 5.88%, 06/15/2030(b) |
130,000 | 126,051 | ||||||||
NuStar Logistics L.P., 6.38%, 10/01/2030 |
85,000 | 81,894 | ||||||||
Parkland Corp. (Canada), 4.63%, 05/01/2030(b) |
110,000 | 97,093 | ||||||||
Range Resources Corp., 4.75%, 02/15/2030(b) |
70,000 | 63,279 | ||||||||
Southwestern Energy Co., 5.38%, 03/15/2030 |
165,000 | 154,640 | ||||||||
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030 |
110,000 | 98,183 | ||||||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(b) |
95,000 | 85,096 | ||||||||
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(b) |
130,000 | 126,786 | ||||||||
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030(b) |
55,000 | 52,126 | ||||||||
|
|
|||||||||
1,567,777 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
187 | ||||
|
| |||
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)
August 31, 2023
Principal Amount |
Value | |||||||||
Personal Care Products-0.93% |
||||||||||
BellRing Brands, Inc., 7.00%, 03/15/2030(b) |
$ | 115,000 | $ | 115,155 | ||||||
|
|
|||||||||
Pharmaceuticals-1.70% |
||||||||||
AdaptHealth LLC, 5.13%, 03/01/2030(b) |
85,000 | 69,801 | ||||||||
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b) |
60,000 | 50,695 | ||||||||
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030 |
100,000 | 88,720 | ||||||||
|
|
|||||||||
209,216 | ||||||||||
|
|
|||||||||
Real Estate Management & Development-1.17% |
| |||||||||
Kennedy-Wilson, Inc., 4.75%, 02/01/2030 |
70,000 | 54,000 | ||||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b) |
130,000 | 90,378 | ||||||||
|
|
|||||||||
144,378 | ||||||||||
|
|
|||||||||
Residential REITs-0.38% |
||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030(b) |
55,000 | 47,425 | ||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment-0.89% |
| |||||||||
Entegris Escrow Corp., 5.95%, 06/15/2030(b) |
115,000 | 110,247 | ||||||||
|
|
|||||||||
Software-3.44% |
||||||||||
Capstone Borrower, Inc., 8.00%, 06/15/2030(b) |
50,000 | 49,288 | ||||||||
Gen Digital, Inc., 7.13%, 09/30/2030(b) |
80,000 | 80,628 | ||||||||
McAfee Corp., 7.38%, 02/15/2030(b) |
275,000 | 240,849 | ||||||||
NCR Corp., 5.25%, 10/01/2030(b) |
60,000 | 53,901 | ||||||||
|
|
|||||||||
424,666 | ||||||||||
|
|
Principal Amount |
Value | |||||||||
Specialized REITs-1.24% |
||||||||||
Iron Mountain, Inc., 5.25%, 07/15/2030(b) |
$ | 170,000 | $ | 153,559 | ||||||
|
|
|||||||||
Specialty Retail-1.42% |
||||||||||
Asbury Automotive Group, Inc., 4.75%, 03/01/2030 |
55,000 | 48,377 | ||||||||
Bath & Body Works, Inc., 6.63%, 10/01/2030(b) . |
130,000 | 126,909 | ||||||||
|
|
|||||||||
175,286 | ||||||||||
|
|
|||||||||
Trading Companies & Distributors-0.40% |
||||||||||
Boise Cascade Co., 4.88%, 07/01/2030(b) |
55,000 | 49,606 | ||||||||
|
|
|||||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
12,078,825 | ||||||||
|
|
|||||||||
Shares | ||||||||||
Money Market Funds-0.45% |
||||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.25%(c)(d) |
56,115 | 56,115 | ||||||||
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES-98.30% (Cost $12,119,157) |
12,134,940 | |||||||||
OTHER ASSETS LESS LIABILITIES-1.70% |
209,539 | |||||||||
|
|
|||||||||
NET ASSETS-100.00% |
$ | 12,344,479 | ||||||||
|
|
|||||||||
|
|
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, 2023 was $9,832,108, which represented 79.65% of the Fund’s Net Assets. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2023. |
Value | Purchases | Proceeds | Change in Unrealized |
Realized | Value | Dividend | ||||||||||||||||||||||||||||||||||
August 31, 2022 | at Cost | from Sales | Appreciation | Gain | August 31, 2023 | Income | ||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,352,503 | $ | (1,296,388 | ) | $ | - | $ | - | $ | 56,115 | $ | 2,953 | |||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 125,507 | (125,507 | ) | - | - | - | 47 | ||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 45,869 | (45,869 | ) | - | - | - | 66 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total | $ | - | $ | 1,523,879 | $ | (1,467,764 | ) | $ | - | $ | - | $ | 56,115 | $ | 3,066 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
188 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
August 31, 2023
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-93.79% |
||||||||||||||||
Alabama-0.20% |
||||||||||||||||
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a) |
5.00% | 09/01/2023 | $ | 100 | $ | 100,000 | ||||||||||
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(b) |
5.50% | 10/01/2053 | 185 | 187,371 | ||||||||||||
|
|
|||||||||||||||
287,371 | ||||||||||||||||
|
|
|||||||||||||||
Alaska-2.70% |
||||||||||||||||
Alaska Housing Finance Corp., Series 2001 A, VRD RB(c) |
4.05% | 12/01/2030 | 3,800 | 3,800,000 | ||||||||||||
|
|
|||||||||||||||
Arizona-0.14% |
||||||||||||||||
Arizona (State of), Series 2016, COP(a) |
5.00% | 10/01/2023 | 190 | 190,229 | ||||||||||||
|
|
|||||||||||||||
California-14.33% |
||||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare), Series 2014 A, RB |
5.00% | 08/01/2043 | 500 | 500,124 | ||||||||||||
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB |
5.25% | 12/01/2025 | 65 | 65,326 | ||||||||||||
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB |
5.00% | 12/01/2032 | 50 | 50,177 | ||||||||||||
Alameda (County of), CA Joint Powers Authority (Multiple Capital), Series 2013 A, RB |
5.00% | 12/01/2033 | 200 | 200,564 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series
2019 C, Ref. VRD RB, |
2.35% | 04/01/2053 | 6,000 | 6,000,000 | ||||||||||||
California (State of), Series 2013, GO Bonds |
5.25% | 09/01/2029 | 1,000 | 1,001,959 | ||||||||||||
California (State of), Series 2013, GO Bonds |
5.00% | 11/01/2029 | 1,000 | 1,002,486 | ||||||||||||
California (State of), Series 2013, GO Bonds |
5.00% | 11/01/2030 | 500 | 501,227 | ||||||||||||
California (State of), Series 2013, GO Bonds |
5.00% | 11/01/2043 | 105 | 105,221 | ||||||||||||
California (State of), Series 2013, Ref. GO Bonds |
5.00% | 11/01/2027 | 90 | 90,262 | ||||||||||||
California (State of), Series 2013, Ref. GO Bonds |
5.00% | 09/01/2033 | 55 | 55,096 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 10/01/2023 | 80 | 80,112 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 12/01/2025 | 100 | 100,360 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 12/01/2027 | 150 | 150,587 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 12/01/2030 | 50 | 50,190 | ||||||||||||
California (State of), Series 2016, GO Bonds |
5.00% | 09/01/2023 | 105 | 105,000 | ||||||||||||
California (State of), Series 2016, Ref. GO Bonds |
5.00% | 09/01/2023 | 125 | 125,000 | ||||||||||||
California (State of), Series 2017, GO Bonds |
4.00% | 11/01/2023 | 195 | 195,294 | ||||||||||||
California (State of), Series 2020, Ref. GO Bonds |
5.00% | 11/01/2023 | 110 | 110,334 | ||||||||||||
California (State of) (Bid Group A), Series 2018, GO Bonds |
5.00% | 10/01/2023 | 1,000 | 1,001,390 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB |
5.00% | 12/01/2023 | 245 | 246,071 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB |
5.00% | 12/01/2023 | 25 | 25,109 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB |
5.00% | 12/01/2023 | 500 | 502,186 | ||||||||||||
California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB(a)(e) |
5.00% | 10/01/2023 | 35 | 35,042 | ||||||||||||
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB |
4.00% | 03/01/2033 | 500 | 478,764 | ||||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB |
5.00% | 11/15/2023 | 445 | 446,448 | ||||||||||||
California (State of) Health Facilities Financing Authority (St. Joseph Health System), Series 2013 A, RB |
5.00% | 07/01/2026 | 40 | 40,045 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB |
5.00% | 11/15/2023 | 170 | 170,567 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB(a)(e) |
5.00% | 11/01/2023 | 550 | 551,289 | ||||||||||||
California (State of) Public Works Board (Various California State University), Series 2013 H, RB(a)(e) |
5.00% | 09/01/2023 | 100 | 100,000 | ||||||||||||
California (State of) Public Works Board (Various Capital), Series 2013 I, RB |
5.25% | 11/01/2027 | 65 | 65,166 | ||||||||||||
California (State of) Public Works Board (Various Capital), Series 2013 I, RB |
5.00% | 11/01/2038 | 190 | 190,329 | ||||||||||||
California State University, Series 2013 A, RB(a)(e) |
5.00% | 11/01/2023 | 60 | 60,162 | ||||||||||||
California State University, Series 2016 A, Ref. RB |
5.00% | 11/01/2023 | 105 | 105,309 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB(c) |
2.80% | 07/01/2034 | 5,000 | 5,000,000 | ||||||||||||
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB |
5.00% | 11/01/2023 | 30 | 30,082 | ||||||||||||
Sacramento (City of), CA, Series 2013, RB(a)(e) |
5.00% | 09/01/2023 | 305 | 305,000 | ||||||||||||
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP |
5.00% | 10/01/2023 | 80 | 80,105 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB |
5.00% | 11/01/2023 | 45 | 45,126 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
189 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Sanger Unified School District (Capital), Series 2022, Ref. COP, (INS - AGM)(b) |
5.00% | 06/01/2052 | $ | 100 | $ | 100,010 | ||||||||||
Tehachapi Valley Healthcare District (Elecion of 2009), Series 2013, GO Bonds(a)(e) |
5.00% | 11/01/2023 | 100 | 100,246 | ||||||||||||
|
|
|||||||||||||||
20,167,765 | ||||||||||||||||
|
|
|||||||||||||||
Colorado-3.79% |
||||||||||||||||
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2022, Ref. GO Bonds |
5.00% | 12/01/2023 | 25 | 25,081 | ||||||||||||
Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds |
4.00% | 12/15/2023 | 185 | 185,092 | ||||||||||||
Arapahoe County School District No. 6 Littleton, Series 2013, GO Bonds |
4.50% | 12/01/2037 | 110 | 110,169 | ||||||||||||
Colorado (State of), Series 2021 A, COP |
5.00% | 12/15/2023 | 575 | 577,095 | ||||||||||||
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP |
5.00% | 06/01/2025 | 35 | 35,055 | ||||||||||||
Colorado Springs (City of), CO, Series 2007 A, VRD RB(c) |
4.03% | 11/01/2037 | 4,030 | 4,030,000 | ||||||||||||
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB |
5.00% | 11/15/2023 | 25 | 25,075 | ||||||||||||
Denver (City & County of), CO, Series 2013 B, RB |
5.25% | 11/15/2032 | 5 | 5,015 | ||||||||||||
Denver (City & County of), CO (Governmental), Series 2020 A-2, Ref. RB |
5.00% | 11/15/2023 | 290 | 290,938 | ||||||||||||
Denver City & County School District No. 1, Series 2005 A, Ref. GO Bonds, (INS - NATL)(b) |
5.50% | 12/01/2023 | 50 | 50,260 | ||||||||||||
|
|
|||||||||||||||
5,333,780 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-1.54% |
||||||||||||||||
Connecticut (State of), Series 2013 A, GO Bonds(a)(e) |
5.00% | 10/15/2023 | 100 | 100,175 | ||||||||||||
Connecticut (State of), Series 2014 E, GO Bonds |
5.00% | 09/01/2023 | 25 | 25,000 | ||||||||||||
Connecticut (State of), Series 2014 H, Ref. GO Bonds |
5.00% | 11/15/2023 | 1,000 | 1,003,274 | ||||||||||||
Connecticut (State of), Series 2018 F, Ref. GO Bonds |
5.00% | 09/15/2023 | 25 | 25,012 | ||||||||||||
Connecticut (State of), Series 2022 D, Ref. GO Bonds |
5.00% | 09/15/2023 | 500 | 500,231 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2013 A, RB |
5.00% | 10/01/2026 | 500 | 500,534 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB |
5.00% | 09/01/2023 | 20 | 20,000 | ||||||||||||
|
|
|||||||||||||||
2,174,226 | ||||||||||||||||
|
|
|||||||||||||||
District of Columbia-0.19% |
||||||||||||||||
District of Columbia (Association of American Medical Colleges), Series 2011 A, RB(a)(e) |
4.00% | 10/01/2023 | 105 | 105,052 | ||||||||||||
District of Columbia Water & Sewer Authority, Series 1998, RB, (INS - AGM)(b) |
5.50% | 10/01/2023 | 15 | 15,023 | ||||||||||||
District of Columbia Water & Sewer Authority, Series 2013 A, RB(a)(e) |
5.00% | 10/01/2023 | 140 | 140,169 | ||||||||||||
|
|
|||||||||||||||
260,244 | ||||||||||||||||
|
|
|||||||||||||||
Florida-1.53% |
||||||||||||||||
Deltona (City of), FL, Series 2013, Ref. RB(a)(e) |
5.13% | 10/01/2023 | 500 | 500,611 | ||||||||||||
Florida (State of) Department of Management Services, Series 2017 A, Ref. RB |
5.00% | 09/01/2023 | 70 | 70,000 | ||||||||||||
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP |
5.00% | 11/01/2023 | 100 | 100,239 | ||||||||||||
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2013 A, Ref. RB(a)(e) |
4.00% | 10/01/2023 | 585 | 585,204 | ||||||||||||
JEA Water & Sewer System, Series 2017 A, Ref. RB |
5.00% | 10/01/2023 | 500 | 500,573 | ||||||||||||
Miami-Dade (County of), FL, Series 2013 A, RB(a)(e) |
5.50% | 10/01/2023 | 270 | 270,402 | ||||||||||||
Miami-Dade (County of), FL, Series 2013 B, Ref. RB(a)(e) |
4.13% | 10/01/2023 | 45 | 45,026 | ||||||||||||
Miami-Dade (County of), FL, Series 2013 B, Ref. RB(a)(e) |
5.00% | 10/01/2023 | 45 | 45,054 | ||||||||||||
Orange (County of), FL Convention Center, Series 2010, Ref. RB |
5.00% | 10/01/2023 | 30 | 30,024 | ||||||||||||
|
|
|||||||||||||||
2,147,133 | ||||||||||||||||
|
|
|||||||||||||||
Georgia-0.41% |
||||||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2023 | 65 | 65,163 | ||||||||||||
Forsyth (County of), GA, Series 2019, GO Bonds |
5.00% | 09/01/2023 | 35 | 35,000 | ||||||||||||
Private Colleges & Universities Authority (Emory University), Series 2013 A, RB |
5.00% | 10/01/2043 | 485 | 475,031 | ||||||||||||
|
|
|||||||||||||||
575,194 | ||||||||||||||||
|
|
|||||||||||||||
Hawaii-0.28% |
||||||||||||||||
Hawaii (State of), Series 2016 FE, Ref. GO Bonds |
5.00% | 10/01/2023 | 400 | 400,459 | ||||||||||||
|
|
|||||||||||||||
Illinois-3.36% |
||||||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2013, RB(a)(e) |
5.75% | 09/28/2023 | 3,750 | 3,754,906 | ||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds |
5.00% | 12/01/2023 | 50 | 50,172 | ||||||||||||
Chicago (City of), IL Midway International Airport, Series 2013 B, Ref. RB |
5.00% | 01/01/2025 | 35 | 35,039 | ||||||||||||
Cook (County of), IL, Series 2016 A, Ref. GO Bonds. |
5.00% | 11/15/2023 | 20 | 20,050 | ||||||||||||
Cook County Community College District No. 508 (City Colleges of Chicago), Series 2013, GO Bonds |
5.25% | 12/01/2043 | 135 | 135,002 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
190 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Illinois-(continued) |
||||||||||||||||
Illinois (State of), Series 2013, RB |
5.00% | 06/15/2025 | $ | 145 | $ | 145,121 | ||||||||||
Illinois (State of), Series 2017 D, GO Bonds |
5.00% | 11/01/2023 | 175 | 175,306 | ||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB |
5.00% | 10/01/2023 | 125 | 125,144 | ||||||||||||
Illinois (State of) Toll Highway Authority, Series 2013 A, RB |
5.00% | 01/01/2029 | 25 | 25,028 | ||||||||||||
Illinois (State of) Toll Highway Authority, Series 2013 A, RB |
5.00% | 01/01/2034 | 200 | 200,215 | ||||||||||||
Illinois (State of) Toll Highway Authority, Series 2013 A, RB |
5.00% | 01/01/2038 | 15 | 15,008 | ||||||||||||
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds |
4.00% | 12/01/2023 | 55 | 55,044 | ||||||||||||
|
|
|||||||||||||||
4,736,035 | ||||||||||||||||
|
|
|||||||||||||||
Indiana-0.11% |
||||||||||||||||
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019, Ref. RB |
5.00% | 12/01/2023 | 150 | 150,446 | ||||||||||||
|
|
|||||||||||||||
Kansas-0.14% |
||||||||||||||||
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds |
4.00% | 10/01/2023 | 200 | 200,095 | ||||||||||||
|
|
|||||||||||||||
Kentucky-0.58% |
||||||||||||||||
Kentucky (Commonwealth of) Asset Liability Commission, Series 2013 A, RN |
5.25% | 09/01/2023 | 180 | 180,000 | ||||||||||||
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RN |
5.00% | 09/01/2023 | 70 | 70,000 | ||||||||||||
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN |
5.00% | 11/01/2023 | 570 | 571,219 | ||||||||||||
|
|
|||||||||||||||
821,219 | ||||||||||||||||
|
|
|||||||||||||||
Maryland-0.36% |
||||||||||||||||
Maryland (State of) Department of Transportation, Series 2016, RB |
5.00% | 11/01/2023 | 35 | 35,089 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2016, Ref. RB |
4.00% | 09/01/2023 | 80 | 80,000 | ||||||||||||
Maryland (State of) Department of Transportation (Third Issue), Series 2015, RB |
5.00% | 12/15/2023 | 140 | 140,639 | ||||||||||||
Montgomery (County of), MD, Series 2015 B, GO Bonds |
5.00% | 12/01/2023 | 110 | 110,430 | ||||||||||||
Montgomery (County of), MD, Series 2019 A, GO Bonds |
5.00% | 11/01/2023 | 145 | 145,356 | ||||||||||||
|
|
|||||||||||||||
511,514 | ||||||||||||||||
|
|
|||||||||||||||
Massachusetts-2.22% |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds |
5.00% | 10/01/2023 | 30 | 30,036 | ||||||||||||
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds |
5.00% | 05/01/2029 | 50 | 50,056 | ||||||||||||
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds |
5.00% | 05/01/2032 | 100 | 100,106 | ||||||||||||
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds |
3.00% | 12/01/2023 | 2,000 | 1,998,716 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency
(Olin College), |
5.00% | 11/01/2023 | 200 | 200,412 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency
(Olin College), |
5.00% | 11/01/2023 | 50 | 50,103 | ||||||||||||
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 1997 P-1, VRD RB(c) |
3.35% | 07/01/2027 | 700 | 700,000 | ||||||||||||
|
|
|||||||||||||||
3,129,429 | ||||||||||||||||
|
|
|||||||||||||||
Michigan-0.15% |
||||||||||||||||
Michigan (State of) (Environmental Program), Series 2016 A, GO Bonds |
5.00% | 12/01/2023 | 40 | 40,161 | ||||||||||||
Michigan (State of) Building Authority (Facilities Program), Series 2013 1-A, Ref. RB(a)(e) |
5.00% | 10/15/2023 | 50 | 50,076 | ||||||||||||
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB |
5.00% | 12/01/2023 | 35 | 35,128 | ||||||||||||
Western Michigan University, Series 2013, Ref. RB(a)(e) |
5.00% | 11/15/2023 | 65 | 65,213 | ||||||||||||
Western Michigan University, Series 2013, Ref. RB(a)(e) |
5.25% | 11/15/2023 | 25 | 25,094 | ||||||||||||
|
|
|||||||||||||||
215,672 | ||||||||||||||||
|
|
|||||||||||||||
Minnesota-0.03% |
||||||||||||||||
Minnesota (State of), Series 2013 F, Ref. GO Bonds |
5.00% | 10/01/2023 | 40 | 40,049 | ||||||||||||
|
|
|||||||||||||||
Mississippi-0.71% |
||||||||||||||||
Mississippi (State of), Series 2013 B, GO Bonds(a)(e) |
5.00% | 12/01/2023 | 1,000 | 1,004,035 | ||||||||||||
|
|
|||||||||||||||
Missouri-0.23% |
||||||||||||||||
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB |
5.00% | 12/01/2023 | 35 | 35,103 | ||||||||||||
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB |
5.00% | 10/01/2023 | 65 | 65,079 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2013 A, RB |
5.00% | 11/15/2048 | 225 | 224,669 | ||||||||||||
|
|
|||||||||||||||
324,851 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
191 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Nevada-3.57% |
||||||||||||||||
Clark (County of), NV Department of Aviation, Series 2008
D-2B, Ref. VRD RB, |
3.47% | 07/01/2040 | $ | 5,000 | $ | 5,000,000 | ||||||||||
Nevada (State of), Series 2014, RB |
5.00% | 12/01/2023 | 25 | 25,106 | ||||||||||||
|
|
|||||||||||||||
5,025,106 | ||||||||||||||||
|
|
|||||||||||||||
New Jersey-0.63% |
||||||||||||||||
Essex (County of), NJ Improvement Authority, Series 2017, Ref. RB |
2.00% | 12/15/2023 | 35 | 34,795 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)(b) |
5.25% | 12/15/2023 | 55 | 55,238 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB |
5.50% | 12/15/2023 | 150 | 150,751 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB |
5.00% | 12/15/2023 | 315 | 316,148 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB |
5.25% | 12/15/2023 | 325 | 326,406 | ||||||||||||
|
|
|||||||||||||||
883,338 | ||||||||||||||||
|
|
|||||||||||||||
New York-14.58% |
||||||||||||||||
Battery Park (City of), NY Authority, Series 2013 A, RB(a)(e) |
5.00% | 11/01/2023 | 400 | 400,982 | ||||||||||||
Battery Park (City of), NY Authority, Series 2013 A, RB(a)(e) |
5.00% | 11/01/2023 | 85 | 85,209 | ||||||||||||
Battery Park (City of), NY Authority, Series 2019 D-2, Ref. VRD RB(c) |
4.00% | 11/01/2038 | 2,000 | 2,000,000 | ||||||||||||
Erie (County of), NY Industrial Development Agency (The)
(City of Buffalo School District), |
5.00% | 05/01/2027 | 60 | 60,061 | ||||||||||||
Metropolitan Transportation Authority, Series 2013 E, RB(a)(e) |
5.00% | 11/15/2023 | 150 | 150,491 | ||||||||||||
Metropolitan Transportation Authority, Series 2013 E, RB |
5.00% | 11/15/2033 | 500 | 500,553 | ||||||||||||
Metropolitan Transportation Authority, Series 2013 E, RB |
5.00% | 11/15/2038 | 265 | 264,971 | ||||||||||||
Metropolitan Transportation Authority, Series 2016 B, Ref. RB |
5.00% | 11/15/2023 | 100 | 100,265 | ||||||||||||
Metropolitan Transportation Authority, Subseries 2005 D-2, VRD RB, (LOC - Bank of Montreal)(c)(d) |
2.95% | 11/01/2035 | 4,000 | 4,000,000 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB |
5.00% | 11/15/2023 | 155 | 155,410 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB |
5.00% | 11/15/2023 | 1,000 | 1,002,634 | ||||||||||||
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds |
5.00% | 10/01/2023 | 40 | 40,048 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB |
5.00% | 12/01/2025 | 215 | 215,790 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB |
5.00% | 12/01/2030 | 50 | 50,186 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB |
5.00% | 06/01/2033 | 10 | 10,036 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB |
5.00% | 12/01/2034 | 500 | 501,716 | ||||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB |
4.00% | 12/01/2023 | 100 | 100,168 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2013 AA-1, VRD RB(c) |
2.95% | 06/15/2050 | 1,700 | 1,700,000 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-2, Ref. RB |
5.00% | 06/15/2025 | 330 | 331,645 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB |
5.00% | 06/15/2025 | 100 | 100,499 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD, RB |
5.00% | 06/15/2025 | 100 | 100,499 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB |
4.25% | 11/01/2033 | 75 | 75,112 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2013 A-1, RB |
5.00% | 11/01/2042 | 200 | 200,336 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB |
5.00% | 11/01/2023 | 275 | 275,619 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB |
5.00% | 11/01/2023 | 1,435 | 1,438,228 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-4, VRD RB(c) |
2.95% | 08/01/2039 | 1,200 | 1,200,000 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB |
5.00% | 11/01/2023 | 150 | 150,337 | ||||||||||||
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB |
4.00% | 10/01/2023 | 25 | 25,011 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB |
5.00% | 10/01/2023 | 235 | 235,285 | ||||||||||||
New York (State of) Dormitory Authority, Series 2018 A, RB |
5.00% | 10/01/2023 | 160 | 160,194 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2028 | 100 | 100,370 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2029 | 550 | 552,004 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2030 | 1,690 | 1,696,063 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2031 | 165 | 165,583 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2033 | 30 | 30,103 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB |
5.00% | 12/15/2041 | 360 | 360,780 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB |
5.00% | 12/15/2025 | 100 | 100,387 | ||||||||||||
New York State Urban Development Corp., Series 2013 C, RB |
5.00% | 03/15/2029 | 850 | 852,172 | ||||||||||||
New York State Urban Development Corp., Series 2013 C, RB |
5.00% | 03/15/2031 | 40 | 40,065 | ||||||||||||
New York State Urban Development Corp., Series 2013 C, RB |
5.00% | 03/15/2033 | 500 | 500,735 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a) |
4.00% | 10/15/2023 | 125 | 125,089 | ||||||||||||
Suffolk (County of), NY Water Authority, Series 2012 A, RB |
3.75% | 06/01/2036 | 250 | 250,003 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
192 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
Suffolk (County of), NY Water Authority, Series 2013, Ref. RB |
3.00% | 06/01/2028 | $ | 10 | $ | 10,000 | ||||||||||
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB |
5.00% | 11/15/2023 | 105 | 105,117 | ||||||||||||
|
|
|||||||||||||||
20,519,756 | ||||||||||||||||
|
|
|||||||||||||||
North Carolina-7.90% |
||||||||||||||||
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB(c) |
3.45% | 11/01/2034 | 10,000 | 10,000,000 | ||||||||||||
North Carolina (State of) Medical Care Commission (United Methodist Retirement), Series 2017 A, Ref. RB(a)(e) |
5.00% | 10/01/2023 | 1,000 | 1,031,060 | ||||||||||||
North Carolina State University at Raleigh, Series 2013 A, RB(a)(e) |
5.00% | 10/01/2023 | 90 | 90,105 | ||||||||||||
|
|
|||||||||||||||
11,121,165 | ||||||||||||||||
|
|
|||||||||||||||
Ohio-8.69% |
||||||||||||||||
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(b) |
5.25% | 12/01/2023 | 10 | 10,043 | ||||||||||||
Cleveland (City of), OH, Series 2015, RB(a)(e) |
5.00% | 10/01/2023 | 15 | 15,018 | ||||||||||||
Hamilton (County of), OH, Series 2016 A, Ref. RB |
5.00% | 12/01/2023 | 10 | 10,036 | ||||||||||||
Montgomery (County of), OH (Catholic Health Initiatives), Series 2009, RB(a)(e) |
5.25% | 11/13/2023 | 350 | 351,108 | ||||||||||||
Northwest Local School District, Series 2015, GO Bonds |
4.00% | 12/01/2050 | 500 | 451,462 | ||||||||||||
Ohio (State of), Series 2015 A, Ref. GO Bonds |
5.00% | 09/01/2023 | 25 | 25,000 | ||||||||||||
Ohio (State of), Series 2016 A, Ref. GO Bonds |
5.00% | 09/01/2023 | 185 | 185,000 | ||||||||||||
Ohio (State of), Series 2020 B, Ref. GO Bonds |
5.00% | 09/15/2023 | 900 | 900,398 | ||||||||||||
Ohio (State of) (Garvee), Series 2016-1, RB |
5.00% | 12/15/2023 | 50 | 50,225 | ||||||||||||
Ohio (State of) (Garvee), Series 2018-1, RB |
5.00% | 12/15/2023 | 115 | 115,519 | ||||||||||||
Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), Series 2016, Ref. RB(a) |
5.00% | 12/01/2023 | 100 | 100,391 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2015 A, RB |
5.00% | 12/01/2023 | 20 | 20,075 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, VRD RB(c) |
3.28% | 12/01/2036 | 10,000 | 10,000,000 | ||||||||||||
|
|
|||||||||||||||
12,234,275 | ||||||||||||||||
|
|
|||||||||||||||
Oregon-0.07% |
||||||||||||||||
Oregon (State of) Department of Transportation, Series 2013 A, RB(a)(e) |
5.00% | 11/15/2023 | 75 | 75,246 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2017 A, RB |
5.00% | 11/15/2023 | 20 | 20,065 | ||||||||||||
|
|
|||||||||||||||
95,311 | ||||||||||||||||
|
|
|||||||||||||||
Pennsylvania-4.03% |
||||||||||||||||
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2008 A, Ref. VRD RB(c) |
3.10% | 12/01/2037 | 5,000 | 5,000,000 | ||||||||||||
Lehigh (County of), PA Authority, Series 2013 A, RB |
5.00% | 12/01/2043 | 195 | 195,327 | ||||||||||||
Lehigh (County of), PA Authority, Series 2013 A, RB |
5.13% | 12/01/2047 | 120 | 120,211 | ||||||||||||
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2013 A, Ref. RB(a)(e) |
5.00% | 11/01/2023 | 60 | 60,147 | ||||||||||||
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds |
5.00% | 09/15/2023 | 235 | 235,105 | ||||||||||||
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds |
5.00% | 10/15/2023 | 30 | 30,054 | ||||||||||||
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds |
5.00% | 10/15/2027 | 25 | 25,047 | ||||||||||||
|
|
|||||||||||||||
5,665,891 | ||||||||||||||||
|
|
|||||||||||||||
South Carolina-1.59% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB(a)(e) |
4.00% | 12/01/2023 | 525 | 525,884 | ||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB(a)(e) |
5.00% | 12/01/2023 | 45 | 45,182 | ||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2013, Ref. RB(a)(e) |
5.00% | 12/01/2023 | 825 | 828,329 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB |
5.00% | 12/01/2048 | 680 | 680,042 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB |
5.50% | 12/01/2053 | 20 | 20,009 | ||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 A, RB |
5.00% | 12/01/2038 | 100 | 100,058 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
193 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
South Carolina-(continued) |
||||||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 S, Ref. RB |
5.13% | 12/01/2043 | $ | 30 | $ | 30,002 | ||||||||||
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB |
5.00% | 10/01/2023 | 15 | 15,014 | ||||||||||||
|
|
|||||||||||||||
2,244,520 | ||||||||||||||||
|
|
|||||||||||||||
Tennessee-0.05% |
||||||||||||||||
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds |
5.00% | 11/01/2023 | 50 | 50,127 | ||||||||||||
Tennessee (State of) School Bond Authority, Series 2014,
Ref. RB, |
5.00% | 11/01/2023 | 15 | 15,038 | ||||||||||||
|
|
|||||||||||||||
65,165 | ||||||||||||||||
|
|
|||||||||||||||
Texas-5.80% |
||||||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort
Worth International Airport), Series 2013 D, Ref. |
5.00% | 11/01/2023 | 35 | 35,083 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 F, Ref. RB(a)(e) |
5.25% | 11/01/2023 | 270 | 270,745 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB |
5.00% | 11/01/2023 | 65 | 65,139 | ||||||||||||
Dallas (City of), TX, Series 2015 A, Ref. RB |
5.00% | 10/01/2023 | 145 | 145,159 | ||||||||||||
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation |
5.00% | 08/15/2043 | 435 | 412,098 | ||||||||||||
Harris (County of), TX Flood Control District, Series 2019 A, Ref. RB |
5.00% | 10/01/2023 | 1,000 | 1,001,183 | ||||||||||||
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB(a)(e) |
5.00% | 12/01/2023 | 100 | 100,391 | ||||||||||||
Houston (City of), TX, Series 2012 B, Ref. RB, (SIFMA Municipal Swap Index + 0.01%)(e)(f) |
4.08% | 09/13/2023 | 4,000 | 4,000,000 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2013, RB(a)(e) |
5.50% | 09/01/2023 | 1,000 | 1,000,000 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2013, RB(a)(e) |
5.00% | 10/01/2023 | 1,000 | 1,001,095 | ||||||||||||
Texas (State of), Series 2018 A, Ref. GO Bonds |
5.00% | 10/01/2023 | 135 | 135,163 | ||||||||||||
|
|
|||||||||||||||
8,166,056 | ||||||||||||||||
|
|
|||||||||||||||
Virginia-1.21% |
||||||||||||||||
Chesapeake Bay Bridge & Tunnel District, Series 2019, RAN |
5.00% | 11/01/2023 | 100 | 100,168 | ||||||||||||
Henry (County of), VA Industrial Development Authority, Series 2019, RAC |
2.00% | 11/01/2023 | 1,600 | 1,600,000 | ||||||||||||
|
|
|||||||||||||||
1,700,168 | ||||||||||||||||
|
|
|||||||||||||||
Washington-7.27% |
||||||||||||||||
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(c) |
4.05% | 07/01/2032 | 10,000 | 10,000,000 | ||||||||||||
King County School District No. 411 Issaquah, Series
2015, Ref. GO Bonds, |
5.00% | 12/01/2023 | 40 | 40,159 | ||||||||||||
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB |
5.00% | 09/01/2023 | 200 | 200,000 | ||||||||||||
|
|
|||||||||||||||
10,240,159 | ||||||||||||||||
|
|
|||||||||||||||
West Virginia-0.10% |
||||||||||||||||
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB |
5.00% | 09/01/2023 | 145 | 145,000 | ||||||||||||
|
|
|||||||||||||||
Wisconsin-1.75% |
||||||||||||||||
Wisconsin (State of), Series 2017 2, Ref. GO Bonds |
5.00% | 11/01/2023 | 1,285 | 1,288,175 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2013 A, RB(a)(e) |
4.50% | 11/15/2023 | 75 | 75,130 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2013, RB |
4.00% | 08/15/2038 | 105 | 101,382 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.), Series 2018 A, RB(a)(e) |
5.00% | 09/15/2023 | 1,000 | 1,000,405 | ||||||||||||
|
|
|||||||||||||||
2,465,092 | ||||||||||||||||
|
|
|||||||||||||||
Wyoming-3.55% |
||||||||||||||||
Wyoming (State of) Community Development Authority, Series
2023-2, Ref. VRD RB, |
4.01% | 12/01/2050 | 5,000 | 5,000,000 | ||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(g)-93.79% |
132,040,748 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-6.21% |
8,737,125 | |||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 140,777,873 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
194 | ||||
|
| |||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2023
Investment Abbreviations: | ||
AGM | -Assured Guaranty Municipal Corp. | |
AMBAC | -American Municipal Bond Assurance Corp. | |
CEP | -Credit Enhancement Provider | |
COP | -Certificates of Participation | |
Ctfs. | -Certificates | |
GNMA | -Government National Mortgage Association | |
GO | -General Obligation | |
INS | -Insurer | |
LOC | -Letter of Credit | |
NATL | -National Public Finance Guarantee Corp. | |
RAC | -Revenue Anticipation Certificates | |
RAN | -Revenue Anticipation Notes | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
RN | -Revenue Notes | |
SIFMA | -Securities Industry and Financial Markets Association | |
VRD | -Variable Rate Demand | |
Wts. | -Warrants |
Notes to Schedule of Investments:
(a) |
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) |
Principal and/or interest payments are secured by the bond insurance company listed. |
(c) |
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, 2023. |
(d) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(e) |
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(f) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023. |
(g) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
195 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
August 31, 2023
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-98.36% |
||||||||||||||||
Alabama-1.05% |
||||||||||||||||
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB(a)(b) |
3.00% | 09/01/2024 | $ | 400 | $ | 398,570 | ||||||||||
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a) |
5.00% | 09/01/2024 | 450 | 457,424 | ||||||||||||
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a) |
5.00% | 09/01/2024 | 900 | 914,848 | ||||||||||||
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB |
5.00% | 01/01/2024 | 45 | 45,239 | ||||||||||||
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB |
5.00% | 01/01/2026 | 100 | 101,233 | ||||||||||||
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB |
5.00% | 01/01/2027 | 30 | 30,388 | ||||||||||||
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts |
5.00% | 04/01/2024 | 100 | 100,868 | ||||||||||||
|
|
|||||||||||||||
2,048,570 | ||||||||||||||||
|
|
|||||||||||||||
Alaska-0.52% |
||||||||||||||||
North Slope (Borough of), AK, Series 2020 A, GO Bonds. |
5.00% | 06/30/2024 | 1,000 | 1,012,558 | ||||||||||||
|
|
|||||||||||||||
Arizona-1.91% |
||||||||||||||||
Arizona (State of) Department of Transportation, Series 2015, Ref. RB |
5.00% | 07/01/2032 | 255 | 257,758 | ||||||||||||
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB |
5.00% | 12/01/2029 | 500 | 506,987 | ||||||||||||
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2018, RB |
5.00% | 07/01/2024 | 1,000 | 1,014,230 | ||||||||||||
Chandler (City of), AZ, Series 2014, Ref. GO Bonds |
5.00% | 07/01/2024 | 150 | 152,171 | ||||||||||||
Chandler (City of), AZ, Series 2014, Ref. GO Bonds(a) |
5.00% | 07/01/2024 | 1,000 | 1,013,659 | ||||||||||||
Mesa (City of), AZ, Series 2014, Ref. RB |
3.25% | 07/01/2029 | 145 | 143,595 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB |
5.00% | 07/01/2026 | 500 | 506,300 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB |
5.00% | 07/01/2027 | 40 | 40,491 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB |
5.00% | 07/01/2024 | 100 | 101,407 | ||||||||||||
|
|
|||||||||||||||
3,736,598 | ||||||||||||||||
|
|
|||||||||||||||
Arkansas-0.31% |
||||||||||||||||
Little Rock (City of), AR, Series 2014, RB |
4.00% | 07/01/2041 | 100 | 94,283 | ||||||||||||
Pulaski (County of), AR Public Facilities Board, Series 2014, RB(a)(b) |
5.00% | 12/01/2024 | 500 | 509,767 | ||||||||||||
|
|
|||||||||||||||
604,050 | ||||||||||||||||
|
|
|||||||||||||||
California-19.06% |
||||||||||||||||
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(a)(b) |
5.00% | 05/01/2024 | 175 | 177,225 | ||||||||||||
Anaheim Union High School District, Series 2015, GO Bonds |
4.00% | 08/01/2040 | 60 | 59,184 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 F, Ref. RB(a)(b) |
5.00% | 04/01/2024 | 50 | 50,533 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b) |
5.00% | 10/01/2024 | 50 | 51,033 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB |
5.00% | 04/01/2024 | 500 | 505,475 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 05/01/2024 | 560 | 567,268 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 10/01/2024 | 100 | 102,131 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 12/01/2024 | 225 | 226,072 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 05/01/2032 | 1,000 | 1,011,999 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 10/01/2039 | 1,595 | 1,615,981 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 05/01/2044 | 100 | 100,771 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 12/01/2024 | 500 | 502,383 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 11/01/2026 | 350 | 356,803 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 10/01/2031 | 85 | 86,630 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 10/01/2033 | 1,260 | 1,283,765 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 10/01/2034 | 15 | 15,273 | ||||||||||||
California (State of), Series 2015 B, Ref. GO Bonds |
5.00% | 09/01/2024 | 125 | 127,454 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 03/01/2024 | 280 | 282,721 | ||||||||||||
California (State of), Series 2016, GO Bonds |
5.00% | 09/01/2024 | 75 | 76,473 | ||||||||||||
California (State of), Series 2016, GO Bonds |
5.00% | 09/01/2024 | 580 | 591,387 | ||||||||||||
California (State of), Series 2017, Ref. GO Bonds |
5.00% | 08/01/2024 | 85 | 86,525 | ||||||||||||
California (State of), Series 2017, Ref. GO Bonds |
5.00% | 11/01/2024 | 40 | 40,892 | ||||||||||||
California (State of), Series 2018, Ref. GO Bonds |
5.00% | 10/01/2024 | 100 | 102,077 | ||||||||||||
California (State of), Series 2019, GO Bonds |
4.00% | 10/01/2024 | 125 | 126,354 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
196 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of), Series 2019, GO Bonds |
5.00% | 10/01/2033 | $ | 125 | $ | 126,305 | ||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 04/01/2024 | 35 | 35,397 | ||||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 04/01/2024 | 1,760 | 1,779,972 | ||||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 04/01/2033 | 735 | 742,713 | ||||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 04/01/2036 | 500 | 504,508 | ||||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 04/01/2037 | 500 | 504,139 | ||||||||||||
California (State of), Series 2020, GO Bonds |
5.00% | 11/01/2024 | 900 | 920,688 | ||||||||||||
California (State of), Series 2020, Ref. GO Bonds |
5.00% | 03/01/2024 | 25 | 25,243 | ||||||||||||
California (State of), Series 2021, GO Bonds |
5.00% | 10/01/2024 | 610 | 622,997 | ||||||||||||
California (State of), Series 2021, Ref. GO Bonds |
5.00% | 12/01/2024 | 135 | 138,282 | ||||||||||||
California (State of), Series 2022, Ref. GO Bonds |
5.00% | 09/01/2024 | 545 | 555,700 | ||||||||||||
California (State of) (Bid Group B), Series 2016, Ref. GO Bonds |
5.00% | 08/01/2024 | 280 | 285,023 | ||||||||||||
California (State of) (Green Bonds), Series 2014, GO Bonds |
5.00% | 10/01/2028 | 1,100 | 1,120,163 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 A, RB(a)(b) |
5.00% | 12/01/2024 | 195 | 199,765 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)(b) |
5.00% | 12/01/2024 | 100 | 102,444 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB |
5.00% | 12/01/2024 | 35 | 35,782 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)(b) |
5.00% | 12/01/2024 | 2,000 | 2,048,875 | ||||||||||||
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 40 | 40,928 | ||||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB |
5.00% | 11/15/2024 | 120 | 122,456 | ||||||||||||
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB |
5.00% | 10/01/2038 | 25 | 25,228 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB |
5.00% | 11/15/2024 | 85 | 86,780 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB |
5.00% | 10/01/2024 | 100 | 101,992 | ||||||||||||
California (State of) Public Works Board, Series 2014 B, RB |
5.00% | 10/01/2039 | 70 | 71,083 | ||||||||||||
California (State of) Public Works Board, Series 2017 B, Ref. RB |
5.00% | 10/01/2024 | 75 | 76,502 | ||||||||||||
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB |
5.00% | 12/01/2024 | 250 | 255,802 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
5.00% | 09/01/2026 | 100 | 101,767 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
5.00% | 09/01/2031 | 1,000 | 1,016,792 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
5.00% | 09/01/2033 | 100 | 101,572 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
5.00% | 09/01/2034 | 115 | 116,774 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
4.50% | 09/01/2035 | 100 | 100,677 | ||||||||||||
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB |
5.00% | 09/01/2039 | 100 | 101,425 | ||||||||||||
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 340 | 347,992 | ||||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB(a)(b) |
5.00% | 11/01/2024 | 1,000 | 1,020,466 | ||||||||||||
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2014 B, Ref. RB(a)(b) |
4.00% | 07/01/2024 | 100 | 100,806 | ||||||||||||
California State University, Series 2014 A, Ref. RB(a)(b) |
5.00% | 11/01/2024 | 250 | 255,403 | ||||||||||||
California State University, Series 2014 A, Ref. RB(a)(b) |
5.00% | 11/01/2024 | 30 | 30,648 | ||||||||||||
California State University, Series 2014 A, Ref. RB(a)(b) |
5.00% | 11/01/2024 | 60 | 61,297 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2024 | 50 | 51,109 | ||||||||||||
Contra Costa (County of), CA Transportation Authority, Series 2015 A, Ref. RB |
5.00% | 03/01/2024 | 25 | 25,228 | ||||||||||||
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB |
5.00% | 10/01/2026 | 180 | 183,585 | ||||||||||||
East Bay Municipal Utility District, Series 2014 B, Ref. RB |
5.00% | 06/01/2024 | 375 | 380,179 | ||||||||||||
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b) |
6.00% | 01/15/2024 | 50 | 50,525 | ||||||||||||
Foothill-Eastern Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b) |
6.00% | 01/15/2024 | 1,040 | 1,050,924 | ||||||||||||
Fremont Union High School District, Series 2015, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 135 | 137,276 | ||||||||||||
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c) |
5.00% | 09/01/2044 | 100 | 100,386 | ||||||||||||
Kern Community College District, Series 2022 D, GO Bonds |
5.00% | 08/01/2024 | 15 | 15,254 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB |
5.00% | 07/01/2039 | 165 | 166,744 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB |
5.00% | 07/01/2044 | 235 | 237,198 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB |
5.00% | 07/01/2033 | 600 | 608,293 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB |
5.00% | 07/01/2039 | 125 | 126,281 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB |
5.00% | 07/01/2044 | 200 | 201,806 | ||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB |
5.00% | 06/01/2024 | 5 | 5,070 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
197 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB |
5.00% | 07/01/2024 | $ | 40 | $ | 40,625 | ||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB |
5.00% | 12/01/2039 | 200 | 202,908 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
4.00% | 08/01/2024 | 25 | 25,222 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 20 | 20,357 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 50 | 50,888 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 40 | 40,710 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 125 | 127,220 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 190 | 193,375 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 225 | 228,996 | ||||||||||||
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2024 | 200 | 203,552 | ||||||||||||
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 5 | 5,089 | ||||||||||||
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds |
5.00% | 07/01/2026 | 90 | 91,310 | ||||||||||||
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds |
5.00% | 07/01/2028 | 100 | 101,390 | ||||||||||||
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds |
5.00% | 07/01/2029 | 10 | 10,130 | ||||||||||||
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds |
5.00% | 07/01/2030 | 250 | 253,374 | ||||||||||||
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds |
5.00% | 07/01/2024 | 25 | 25,395 | ||||||||||||
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds |
5.00% | 07/01/2026 | 450 | 456,550 | ||||||||||||
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds |
5.00% | 07/01/2024 | 200 | 203,156 | ||||||||||||
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP |
5.00% | 10/01/2024 | 450 | 457,820 | ||||||||||||
Metropolitan Water District of Southern California, Series 2017 A, Ref. RB |
2.25% | 07/01/2024 | 1,000 | 987,807 | ||||||||||||
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB |
5.00% | 08/01/2024 | 150 | 152,358 | ||||||||||||
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB |
5.00% | 07/01/2024 | 175 | 177,805 | ||||||||||||
Natomas Unified School District (Election of 2014), Series 2015, GO Bonds |
4.00% | 08/01/2040 | 100 | 98,043 | ||||||||||||
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB |
5.00% | 02/01/2030 | 1,500 | 1,525,477 | ||||||||||||
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB |
5.00% | 02/01/2035 | 1,000 | 1,015,368 | ||||||||||||
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a) |
4.00% | 10/15/2024 | 500 | 504,950 | ||||||||||||
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a) |
5.00% | 10/15/2024 | 500 | 510,367 | ||||||||||||
Regents of the University of California Medical Center, Series 2016 L, Ref. RB |
5.00% | 05/15/2024 | 15 | 15,206 | ||||||||||||
San Bernardino (County of), CA (Captial Facilities), Series 1992 B, COP(a) |
6.88% | 08/01/2024 | 180 | 185,713 | ||||||||||||
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB |
5.00% | 11/15/2024 | 180 | 180,604 | ||||||||||||
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB |
5.00% | 08/01/2024 | 10 | 10,158 | ||||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2014 A, RB(a)(b) |
5.00% | 04/01/2024 | 50 | 50,576 | ||||||||||||
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds |
5.00% | 06/15/2024 | 250 | 253,944 | ||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB |
5.00% | 05/01/2024 | 25 | 25,326 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB |
5.00% | 11/01/2024 | 30 | 30,638 | ||||||||||||
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB |
5.00% | 07/01/2024 | 35 | 35,530 | ||||||||||||
San Francisco Unified School District, Series 2015 F, GO Bonds |
3.50% | 06/15/2035 | 60 | 58,713 | ||||||||||||
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds(a)(b) |
5.00% | 08/01/2024 | 20 | 20,337 | ||||||||||||
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB |
5.00% | 08/01/2024 | 190 | 193,357 | ||||||||||||
San Marcos Unified School District (Election of 2010), Series 2014 C, GO Bonds(a)(b) |
5.00% | 02/15/2024 | 25 | 25,207 | ||||||||||||
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB |
5.00% | 04/01/2024 | 500 | 505,674 | ||||||||||||
Silicon Valley Clean Water, Series 2019 A, RN |
3.00% | 03/01/2024 | 495 | 494,264 | ||||||||||||
Silicon Valley Clean Water (WIFIA Rescue), Series 2021 A, RN |
0.25% | 03/01/2024 | 90 | 87,507 | ||||||||||||
Southern California Public Power Authority (Apex Power), Series 2014 A, RB |
5.00% | 07/01/2032 | 10 | 10,144 | ||||||||||||
Southern California Public Power Authority (Apex Power), Series 2014 A, RB |
5.00% | 07/01/2037 | 200 | 201,952 | ||||||||||||
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB |
5.00% | 04/01/2024 | 255 | 256,555 | ||||||||||||
Southern California Public Power Authority (Windy Point/Windy Flast), Series 2020, Ref. RB |
5.00% | 07/01/2030 | 390 | 392,274 | ||||||||||||
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB |
5.00% | 01/01/2024 | 55 | 55,323 | ||||||||||||
Twin Rivers Unified School District, Series 2014 A, GO Bonds(a)(b) |
5.00% | 02/01/2024 | 5 | 5,033 | ||||||||||||
University of California, Series 2014 AM, RB |
5.00% | 05/15/2027 | 35 | 35,459 | ||||||||||||
University of California, Series 2014 AM, RB |
5.25% | 05/15/2044 | 195 | 197,110 | ||||||||||||
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds |
5.00% | 08/01/2043 | 250 | 252,008 | ||||||||||||
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds |
5.00% | 08/01/2043 | 500 | 504,015 | ||||||||||||
West Valley-Mission Community College District, Series 2022 B, GO Bonds |
5.00% | 08/01/2024 | 25 | 25,388 | ||||||||||||
|
|
|||||||||||||||
37,188,910 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
198 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Colorado-1.08% |
||||||||||||||||
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds |
5.00% | 12/15/2026 | $ | 35 | $ | 35,732 | ||||||||||
Colorado (State of), Series 2013 I, COP(a)(b) |
5.00% | 03/15/2024 | 470 | 473,769 | ||||||||||||
Colorado (State of), Series 2018 A, COP |
5.00% | 12/15/2024 | 40 | 40,757 | ||||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2013 A, RB(a)(b) |
5.00% | 01/01/2024 | 1,150 | 1,155,738 | ||||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB |
5.00% | 01/01/2024 | 140 | 140,635 | ||||||||||||
Colorado (State of) Regional Transportation District, Series 2013 A, Ref. COP |
5.00% | 06/01/2024 | 110 | 110,167 | ||||||||||||
Denver (City & County of), CO, Series 2016 A, Ref. RB |
5.00% | 11/15/2024 | 25 | 25,509 | ||||||||||||
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds |
5.00% | 12/01/2024 | 45 | 45,962 | ||||||||||||
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds |
5.00% | 12/01/2027 | 25 | 25,497 | ||||||||||||
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds |
5.00% | 12/15/2024 | 20 | 20,441 | ||||||||||||
University of Colorado, Series 2017 A-2, Ref. RB |
3.25% | 06/01/2037 | 35 | 31,039 | ||||||||||||
|
|
|||||||||||||||
2,105,246 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-1.49% |
||||||||||||||||
Connecticut (State of), Series 2014 A, GO Bonds |
5.00% | 03/01/2026 | 500 | 503,611 | ||||||||||||
Connecticut (State of), Series 2014 A, GO Bonds |
5.00% | 03/01/2027 | 100 | 100,711 | ||||||||||||
Connecticut (State of), Series 2017 A, GO Bonds |
5.00% | 04/15/2024 | 90 | 90,942 | ||||||||||||
Connecticut (State of), Series 2018 B, RB |
5.00% | 10/01/2024 | 475 | 483,254 | ||||||||||||
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds |
5.00% | 11/15/2028 | 100 | 101,657 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB |
5.00% | 09/01/2026 | 75 | 76,141 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB |
5.00% | 07/01/2024 | 10 | 10,133 | ||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB |
5.00% | 07/01/2042 | 500 | 501,443 | ||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB |
5.00% | 07/01/2024 | 200 | 202,211 | ||||||||||||
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB(a)(b) |
5.00% | 11/01/2024 | 725 | 739,009 | ||||||||||||
University of Connecticut, Series 2017 A, RB |
5.00% | 01/15/2024 | 100 | 100,568 | ||||||||||||
|
|
|||||||||||||||
2,909,680 | ||||||||||||||||
|
|
|||||||||||||||
District of Columbia-1.01% |
||||||||||||||||
District of Columbia, Series 2014 A, Ref. RB |
5.00% | 12/01/2024 | 35 | 35,722 | ||||||||||||
District of Columbia, Series 2014 C, GO Bonds |
5.00% | 06/01/2031 | 20 | 20,229 | ||||||||||||
District of Columbia, Series 2014 C, GO Bonds |
5.00% | 06/01/2032 | 35 | 35,399 | ||||||||||||
District of Columbia, Series 2014 D, Ref. GO Bonds |
5.00% | 06/01/2032 | 400 | 404,556 | ||||||||||||
District of Columbia, Series 2018 B, Ref. GO Bonds |
5.00% | 06/01/2024 | 225 | 227,843 | ||||||||||||
District of Columbia, Series 2019 A, GO Bonds |
5.00% | 10/15/2024 | 115 | 117,198 | ||||||||||||
District of Columbia, Series 2019 C, Ref. RB |
5.00% | 10/01/2024 | 55 | 55,979 | ||||||||||||
District of Columbia (Georgetown University), Series 2017, Ref. RB(a) |
5.00% | 04/01/2024 | 1,015 | 1,024,382 | ||||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
5.00% | 07/15/2024 | 50 | 50,720 | ||||||||||||
|
|
|||||||||||||||
1,972,028 | ||||||||||||||||
|
|
|||||||||||||||
Florida-3.98% |
||||||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB |
4.00% | 12/01/2044 | 145 | 130,466 | ||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB |
5.00% | 12/01/2044 | 1,000 | 1,000,029 | ||||||||||||
Brevard (County of), FL Health Facilities Authority (Health First, Inc.), Series 2014, Ref. RB(a) |
5.00% | 04/01/2033 | 1,000 | 1,005,565 | ||||||||||||
Broward (County of), FL School Board, Series 2017 C, Ref. COP |
5.00% | 07/01/2024 | 105 | 106,221 | ||||||||||||
Florida (State of), Series 2017 A, Ref. RB |
5.00% | 07/01/2024 | 100 | 101,309 | ||||||||||||
Florida (State of), Series 2021 B, Ref. GO Bonds |
5.00% | 06/01/2024 | 1,000 | 1,012,342 | ||||||||||||
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds |
5.00% | 06/01/2026 | 165 | 167,436 | ||||||||||||
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB |
5.00% | 07/01/2024 | 65 | 65,856 | ||||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB |
5.00% | 10/01/2044 | 500 | 501,415 | ||||||||||||
Jacksonville (City of), FL, Series 2022 A, Ref. RB |
5.00% | 10/01/2024 | 1,000 | 1,016,636 | ||||||||||||
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB |
4.00% | 11/01/2040 | 155 | 139,858 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP |
5.00% | 11/01/2028 | 25 | 25,361 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP |
5.00% | 11/01/2030 | 30 | 30,429 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP |
5.00% | 05/01/2024 | 100 | 101,043 | ||||||||||||
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c) |
5.00% | 02/01/2040 | 100 | 100,286 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
199 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Florida-(continued) |
||||||||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds |
5.00% | 07/01/2028 | $ | 1,270 | $ | 1,289,939 | ||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds |
5.00% | 07/01/2029 | 110 | 111,772 | ||||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds |
3.00% | 07/01/2030 | 25 | 24,694 | ||||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds |
4.00% | 07/01/2034 | 25 | 25,141 | ||||||||||||
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB |
5.00% | 07/01/2039 | 500 | 501,537 | ||||||||||||
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB |
5.00% | 10/01/2024 | 120 | 122,047 | ||||||||||||
South Florida Water Management District, Series 2016, Ref. COP |
5.00% | 10/01/2024 | 185 | 188,352 | ||||||||||||
|
|
|||||||||||||||
7,767,734 | ||||||||||||||||
|
|
|||||||||||||||
Georgia-1.48% |
||||||||||||||||
Atlanta (City of), GA, Series 2014 A, Ref. RB |
5.00% | 01/01/2026 | 1,150 | 1,154,528 | ||||||||||||
Atlanta (City of), GA, Series 2014 A, Ref. RB |
5.00% | 01/01/2028 | 50 | 50,216 | ||||||||||||
Atlanta (City of), GA, Series 2014 A, Ref. RB |
5.00% | 01/01/2029 | 45 | 45,202 | ||||||||||||
Atlanta (City of), GA, Series 2014 A, Ref. RB |
5.00% | 01/01/2030 | 100 | 100,443 | ||||||||||||
Atlanta (City of), GA, Series 2015, GO Bonds(a)(b) |
4.75% | 12/01/2024 | 270 | 274,298 | ||||||||||||
Atlanta (City of), GA, Series 2015, GO Bonds(a)(b) |
5.00% | 12/01/2024 | 50 | 50,946 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2024 | 115 | 117,209 | ||||||||||||
Forsyth (County of), GA, Series 2019, GO Bonds |
5.00% | 09/01/2024 | 20 | 20,344 | ||||||||||||
Georgia (State of), Series 2014 A-2, GO Bonds |
4.00% | 02/01/2026 | 10 | 10,026 | ||||||||||||
Georgia (State of), Series 2014 A-2, GO Bonds |
5.00% | 02/01/2027 | 20 | 20,133 | ||||||||||||
Georgia (State of), Series 2016 A-1, GO Bonds |
5.00% | 02/01/2024 | 70 | 70,491 | ||||||||||||
Georgia (State of), Series 2016 C-1, Ref. GO Bonds |
5.00% | 01/01/2024 | 60 | 60,332 | ||||||||||||
Georgia (State of), Series 2016 C-1, Ref. GO Bonds |
5.00% | 07/01/2024 | 130 | 131,829 | ||||||||||||
Georgia (State of), Series 2016 E, Ref. GO Bonds |
5.00% | 12/01/2024 | 15 | 15,321 | ||||||||||||
Georgia (State of), Series 2016 F, Ref. GO Bonds |
5.00% | 01/01/2024 | 45 | 45,249 | ||||||||||||
Georgia (State of), Series 2017 C, Ref. GO Bonds |
5.00% | 07/01/2024 | 320 | 324,501 | ||||||||||||
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds |
5.00% | 08/01/2024 | 10 | 10,153 | ||||||||||||
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds |
4.00% | 07/01/2024 | 40 | 40,241 | ||||||||||||
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds |
5.00% | 02/01/2024 | 55 | 55,386 | ||||||||||||
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds |
5.00% | 07/01/2024 | 175 | 177,462 | ||||||||||||
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB |
3.00% | 10/01/2043 | 155 | 119,106 | ||||||||||||
|
|
|||||||||||||||
2,893,416 | ||||||||||||||||
|
|
|||||||||||||||
Hawaii-0.24% |
||||||||||||||||
Hawaii (State of), Series 2014 EO, GO Bonds |
5.00% | 08/01/2029 | 200 | 202,876 | ||||||||||||
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds |
5.00% | 10/01/2024 | 100 | 101,738 | ||||||||||||
Hawaii (State of), Series 2016 FE, Ref. GO Bonds |
5.00% | 10/01/2024 | 75 | 76,303 | ||||||||||||
Hawaii (State of), Series 2016 FG, GO Bonds |
5.00% | 10/01/2024 | 50 | 50,869 | ||||||||||||
Hawaii (State of), Series 2018 FT, GO Bonds |
5.00% | 01/01/2024 | 40 | 40,209 | ||||||||||||
|
|
|||||||||||||||
471,995 | ||||||||||||||||
|
|
|||||||||||||||
Idaho-0.08% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2014 A, RB |
5.00% | 03/01/2044 | 150 | 150,125 | ||||||||||||
|
|
|||||||||||||||
Illinois-6.12% |
||||||||||||||||
Chicago (City of), IL, Series 2008, Ref. RB(a) |
5.00% | 01/01/2024 | 90 | 90,449 | ||||||||||||
Chicago (City of), IL, Series 2008, Ref. RB |
5.00% | 01/01/2024 | 160 | 160,618 | ||||||||||||
Chicago (City of), IL, Series 2014, RB |
5.00% | 01/01/2039 | 1,000 | 1,001,012 | ||||||||||||
Chicago (City of), IL, Series 2014, RB |
5.00% | 11/01/2044 | 1,000 | 1,001,843 | ||||||||||||
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds |
5.00% | 01/01/2024 | 25 | 25,071 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB |
5.00% | 01/01/2024 | 150 | 150,676 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB |
5.00% | 01/01/2024 | 60 | 60,270 | ||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds |
5.00% | 12/01/2024 | 1,000 | 1,018,313 | ||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds |
5.00% | 12/01/2027 | 30 | 30,509 | ||||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds |
5.00% | 12/01/2028 | 145 | 147,390 | ||||||||||||
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB |
5.00% | 01/01/2027 | 150 | 150,588 | ||||||||||||
Chicago (City of), IL Park District, Series 2013 A, GO Bonds(a)(b) |
5.75% | 01/01/2024 | 100 | 100,769 | ||||||||||||
Chicago (City of), IL Transit Authority, Series 2014, RB |
5.25% | 12/01/2049 | 545 | 549,240 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
200 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Illinois-(continued) |
||||||||||||||||
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds |
4.00% | 12/30/2024 | $ | 285 | $ | 287,372 | ||||||||||
Illinois (State of), Series 2013, RB |
5.00% | 06/15/2024 | 145 | 145,099 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 02/01/2024 | 200 | 200,967 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 05/01/2024 | 50 | 50,398 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 05/01/2027 | 10 | 10,051 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 05/01/2028 | 10 | 10,050 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.25% | 02/01/2029 | 210 | 210,827 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.25% | 02/01/2030 | 100 | 100,377 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 02/01/2039 | 100 | 100,017 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds |
5.00% | 05/01/2039 | 1,020 | 1,020,179 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)(c) |
4.25% | 05/01/2034 | 20 | 20,023 | ||||||||||||
Illinois (State of), Series 2016, Ref. GO Bonds |
5.00% | 02/01/2024 | 20 | 20,097 | ||||||||||||
Illinois (State of), Series 2018 A, GO Bonds |
4.00% | 05/01/2024 | 150 | 150,233 | ||||||||||||
Illinois (State of), Series 2022 B, Ref. GO Bonds |
5.00% | 03/01/2024 | 50 | 50,297 | ||||||||||||
Illinois (State of), Series 2023 D, Ref. GO Bonds |
5.00% | 07/01/2024 | 500 | 504,954 | ||||||||||||
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 25 | 25,321 | ||||||||||||
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 30 | 30,385 | ||||||||||||
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB |
5.00% | 01/01/2024 | 150 | 150,744 | ||||||||||||
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB |
5.00% | 07/01/2024 | 10 | 10,136 | ||||||||||||
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB |
5.00% | 01/01/2024 | 20 | 20,099 | ||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB |
5.00% | 10/01/2024 | 120 | 122,123 | ||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB |
5.00% | 10/01/2026 | 35 | 35,581 | ||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB |
5.00% | 10/01/2027 | 1,500 | 1,523,630 | ||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB |
5.00% | 10/01/2029 | 40 | 40,605 | ||||||||||||
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB |
5.00% | 07/01/2024 | 230 | 232,805 | ||||||||||||
Illinois (State of) Toll Highway Authority, Series 2014 B, RB |
5.00% | 01/01/2036 | 1,000 | 1,002,799 | ||||||||||||
Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB |
5.00% | 01/01/2024 | 200 | 201,011 | ||||||||||||
Sales Tax Securitization Corp., Series 2018 C, Ref. RB |
5.00% | 01/01/2024 | 60 | 60,255 | ||||||||||||
Sales Tax Securitization Corp., Series 2021 A, Ref. RB |
5.00% | 01/01/2024 | 500 | 502,123 | ||||||||||||
Springfield (City of), IL, Series 2015, Ref. RB |
5.00% | 03/01/2024 | 90 | 90,625 | ||||||||||||
University of Illinois, Series 2014 A, RB |
5.00% | 04/01/2044 | 500 | 500,341 | ||||||||||||
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds |
4.00% | 02/01/2035 | 25 | 25,021 | ||||||||||||
|
|
|||||||||||||||
11,941,293 | ||||||||||||||||
|
|
|||||||||||||||
Indiana-0.10% |
||||||||||||||||
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB |
5.00% | 12/01/2024 | 10 | 10,209 | ||||||||||||
Indiana (State of) Finance Authority (Green Bonds), Series 2015 B, Ref. RB |
5.00% | 02/01/2024 | 20 | 20,140 | ||||||||||||
Indiana (State of) Finance Authority (Green Bonds), Series 2021 B, Ref. RB |
5.00% | 02/01/2024 | 100 | 100,702 | ||||||||||||
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB |
5.00% | 12/01/2024 | 25 | 25,400 | ||||||||||||
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB |
3.13% | 12/01/2024 | 50 | 49,343 | ||||||||||||
|
|
|||||||||||||||
205,794 | ||||||||||||||||
|
|
|||||||||||||||
Iowa-0.03% |
||||||||||||||||
Iowa (State of), Series 2016 A, Ref. RB |
5.00% | 06/01/2024 | 55 | 55,614 | ||||||||||||
|
|
|||||||||||||||
Kansas-0.06% |
||||||||||||||||
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB |
5.00% | 09/01/2024 | 45 | 45,712 | ||||||||||||
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB |
3.00% | 09/01/2024 | 25 | 24,785 | ||||||||||||
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB |
5.00% | 09/01/2024 | 55 | 55,881 | ||||||||||||
|
|
|||||||||||||||
126,378 | ||||||||||||||||
|
|
|||||||||||||||
Kentucky-0.12% |
||||||||||||||||
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB |
5.00% | 11/01/2024 | 50 | 50,784 | ||||||||||||
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB |
4.00% | 05/15/2045 | 25 | 23,205 | ||||||||||||
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2017 B, Ref. RB |
5.00% | 05/15/2024 | 150 | 151,647 | ||||||||||||
|
|
|||||||||||||||
225,636 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
201 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Louisiana-1.96% |
||||||||||||||||
Louisiana (State of), Series 2014 B, Ref. RB(a)(b) |
4.00% | 05/01/2024 | $ | 1,000 | $ | 1,004,144 | ||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Commission), Series 2014 A, RB(a)(b) |
4.38% | 02/01/2024 | 1,050 | 1,054,449 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2014 A, RB(a)(b) |
5.00% | 02/01/2024 | 70 | 70,471 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB(a)(b) |
5.00% | 10/01/2024 | 1,000 | 1,016,319 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB(a)(b) |
5.00% | 10/01/2024 | 125 | 127,040 | ||||||||||||
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB |
5.00% | 06/01/2024 | 5 | 5,057 | ||||||||||||
Louisiana (State of) Public Facilities Authority (Hurricane
Recovery Program), Series 2014, Ref. |
5.00% | 06/01/2024 | 290 | 293,664 | ||||||||||||
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b) |
5.00% | 06/01/2024 | 150 | 151,785 | ||||||||||||
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 15 | 15,302 | ||||||||||||
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 30 | 30,604 | ||||||||||||
Shreveport (City of), LA, Series 2014 B, RB |
4.00% | 12/01/2038 | 55 | 50,904 | ||||||||||||
|
|
|||||||||||||||
3,819,739 | ||||||||||||||||
|
|
|||||||||||||||
Maine-0.64% |
||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB(a)(b) |
4.00% | 07/01/2024 | 210 | 211,011 | ||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB(a)(b) |
5.00% | 07/01/2024 | 1,000 | 1,012,845 | ||||||||||||
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB |
5.00% | 09/01/2024 | 20 | 20,308 | ||||||||||||
|
|
|||||||||||||||
1,244,164 | ||||||||||||||||
|
|
|||||||||||||||
Maryland-3.65% |
||||||||||||||||
Baltimore (City of), MD (Wastewater), Series 2013 C, RB(a)(b) |
5.00% | 01/01/2024 | 1,080 | 1,085,738 | ||||||||||||
Baltimore (City of), MD (Water), Series 2013 A, RB(a)(b) |
5.00% | 01/01/2024 | 45 | 45,239 | ||||||||||||
Baltimore (City of), MD (Water), Series 2013 B, Ref. RB(a)(b) |
5.00% | 01/01/2024 | 500 | 502,495 | ||||||||||||
Howard (County of), MD, Series 2017 B, Ref. GO Bonds |
5.00% | 02/15/2024 | 100 | 100,771 | ||||||||||||
Maryland (State of), First Series 2016, GO Bonds |
4.00% | 06/01/2027 | 120 | 120,132 | ||||||||||||
Maryland (State of), First Series 2016, GO Bonds |
4.00% | 06/01/2029 | 300 | 300,148 | ||||||||||||
Maryland (State of), First Series 2016, GO Bonds |
4.00% | 06/01/2030 | 25 | 25,015 | ||||||||||||
Maryland (State of), Second Series 2018 B, GO Bonds |
5.00% | 08/01/2024 | 1,030 | 1,046,072 | ||||||||||||
Maryland (State of), Series 2017 A, GO Bonds |
5.00% | 03/15/2024 | 20 | 20,183 | ||||||||||||
Maryland (State of), Series 2017 A, GO Bonds |
5.00% | 08/01/2024 | 10 | 10,156 | ||||||||||||
Maryland (State of), Series 2017 B, Ref. GO Bonds |
5.00% | 08/01/2024 | 1,630 | 1,655,434 | ||||||||||||
Maryland (State of), Series 2017 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 65 | 66,014 | ||||||||||||
Maryland (State of), Series 2018 A, GO Bonds |
5.00% | 03/15/2024 | 35 | 35,319 | ||||||||||||
Maryland (State of), Series 2020 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 50 | 50,780 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2016, RB |
4.00% | 11/01/2027 | 525 | 528,808 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2016, RB |
4.00% | 11/01/2029 | 100 | 100,749 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2017, RB |
5.00% | 09/01/2024 | 45 | 45,743 | ||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB |
5.00% | 10/01/2045 | 100 | 100,714 | ||||||||||||
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b) |
5.00% | 11/01/2024 | 40 | 40,773 | ||||||||||||
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b) |
5.00% | 11/01/2024 | 180 | 183,478 | ||||||||||||
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b) |
5.00% | 11/01/2024 | 100 | 101,932 | ||||||||||||
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds |
5.00% | 11/01/2024 | 10 | 10,193 | ||||||||||||
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 400 | 406,062 | ||||||||||||
Prince George’s (County of), MD, Series 2014 A, GO Bonds |
4.00% | 09/01/2024 | 530 | 533,886 | ||||||||||||
|
|
|||||||||||||||
7,115,834 | ||||||||||||||||
|
|
|||||||||||||||
Massachusetts-2.55% |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 200 | 203,049 | ||||||||||||
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds |
4.00% | 03/01/2041 | 30 | 29,634 | ||||||||||||
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds |
5.00% | 07/01/2024 | 45 | 45,637 | ||||||||||||
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds |
5.00% | 11/01/2024 | 175 | 178,481 | ||||||||||||
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds |
5.00% | 09/01/2031 | 320 | 324,804 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds |
5.00% | 07/01/2024 | 1,000 | 1,014,148 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
202 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Massachusetts-(continued) |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds |
5.00% | 11/01/2024 | $ | 500 | $ | 509,947 | ||||||||||
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB |
5.00% | 06/01/2044 | 985 | 991,234 | ||||||||||||
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB |
5.00% | 07/01/2024 | 10 | 10,145 | ||||||||||||
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2006, Ref. RB |
5.00% | 08/01/2024 | 100 | 101,551 | ||||||||||||
Massachusetts (Commonwealth of) College Building Authority (Green Bonds), Series 2014 B, RB(a)(b) |
5.00% | 05/01/2024 | 285 | 288,197 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB |
5.00% | 07/01/2044 | 500 | 500,352 | ||||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB(a)(b) |
5.00% | 10/01/2024 | 20 | 20,316 | ||||||||||||
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB |
5.00% | 06/15/2024 | 525 | 531,943 | ||||||||||||
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB(a)(b) |
5.00% | 02/15/2024 | 200 | 201,435 | ||||||||||||
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB |
5.00% | 08/01/2024 | 25 | 25,404 | ||||||||||||
|
|
|||||||||||||||
4,976,277 | ||||||||||||||||
|
|
|||||||||||||||
Michigan-2.03% |
||||||||||||||||
Michigan (State of) (Garvee), Series 2016, Ref. RB |
5.00% | 03/15/2024 | 135 | 136,062 | ||||||||||||
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB |
5.00% | 04/15/2024 | 225 | 227,273 | ||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 85 | 86,090 | ||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 35 | 35,449 | ||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 115 | 116,475 | ||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 300 | 303,849 | ||||||||||||
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB |
5.00% | 10/01/2024 | 150 | 152,654 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fouth Lien and UTGO Refunding), Series 2016 C-3, Ref. RB |
5.00% | 04/01/2024 | 160 | 161,297 | ||||||||||||
Michigan (State of) Finance Authority (Detroit regional Convention facility Authority), Series 2014 H-1, Ref. RB |
5.00% | 10/01/2039 | 500 | 501,493 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c) |
5.00% | 07/01/2027 | 1,000 | 1,010,570 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c) |
5.00% | 07/01/2030 | 20 | 20,216 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c) |
5.00% | 07/01/2032 | 20 | 20,215 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-2, Ref. RB, (INS - AGM)(c) |
5.00% | 07/01/2024 | 830 | 838,033 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB |
5.00% | 07/01/2030 | 50 | 50,496 | ||||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB |
5.00% | 07/01/2031 | 30 | 30,300 | ||||||||||||
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB |
5.00% | 11/15/2024 | 20 | 20,285 | ||||||||||||
Royal Oak (City of), MI Hospital Finance Authority (Beaumont Health Credit Group), Series 2014 D, Ref. RB(a)(b) |
5.00% | 03/01/2024 | 70 | 70,521 | ||||||||||||
University of Michigan, Series 2017 A, Ref. RB |
5.00% | 04/01/2024 | 85 | 85,834 | ||||||||||||
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB |
5.00% | 12/01/2044 | 100 | 100,382 | ||||||||||||
|
|
|||||||||||||||
3,967,494 | ||||||||||||||||
|
|
|||||||||||||||
Minnesota-1.80% |
||||||||||||||||
Metropolitan Council, Series 2021 B, GO Bonds |
5.00% | 12/01/2024 | 1,000 | 1,021,246 | ||||||||||||
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB |
5.00% | 01/01/2029 | 100 | 100,391 | ||||||||||||
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB |
5.00% | 01/01/2030 | 275 | 276,040 | ||||||||||||
Minnesota (State of), Series 2014 A, GO Bonds |
5.00% | 08/01/2026 | 1,000 | 1,017,255 | ||||||||||||
Western Minnesota Municipal Power Agency, Series 2014 A, RB(a)(b) |
4.00% | 01/01/2024 | 1,000 | 1,002,144 | ||||||||||||
Western Minnesota Municipal Power Agency, Series 2014 A, RB(a)(b) |
5.00% | 01/01/2024 | 100 | 100,531 | ||||||||||||
|
|
|||||||||||||||
3,517,607 | ||||||||||||||||
|
|
|||||||||||||||
Mississippi-0.01% |
||||||||||||||||
Mississippi (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 10/01/2024 | 15 | 15,259 | ||||||||||||
|
|
|||||||||||||||
Missouri-0.78% |
||||||||||||||||
Curators of the University of Missouri (The), Series 2014 A, Ref. RB |
5.00% | 11/01/2024 | 15 | 15,281 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
203 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Missouri-(continued) |
||||||||||||||||
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB |
5.00% | 12/01/2024 | $ | 30 | $ | 30,477 | ||||||||||
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB |
4.00% | 11/15/2045 | 335 | 308,906 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b) |
4.00% | 06/01/2024 | 190 | 190,681 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b) |
5.00% | 06/01/2024 | 10 | 10,108 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b) |
5.00% | 06/01/2024 | 25 | 25,270 | ||||||||||||
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB |
5.00% | 05/01/2024 | 590 | 596,234 | ||||||||||||
Springfield (City of), MO, Series 2015, Ref. RB |
5.00% | 08/01/2024 | 25 | 25,354 | ||||||||||||
St. Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)(c) |
5.00% | 07/01/2024 | 310 | 313,604 | ||||||||||||
|
|
|||||||||||||||
1,515,915 | ||||||||||||||||
|
|
|||||||||||||||
Nebraska-0.20% |
||||||||||||||||
Nebraska (State of) Public Power District, Series 2021 C, Ref. RB |
5.00% | 01/01/2024 | 145 | 145,724 | ||||||||||||
Omaha (City of), NE Public Power District, Series 2014 AA, Ref. RB |
5.00% | 02/01/2032 | 120 | 120,691 | ||||||||||||
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB(a)(b) |
5.00% | 08/01/2024 | 60 | 60,877 | ||||||||||||
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB |
4.00% | 02/01/2039 | 10 | 9,872 | ||||||||||||
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB |
5.00% | 02/01/2024 | 45 | 45,305 | ||||||||||||
|
|
|||||||||||||||
382,469 | ||||||||||||||||
|
|
|||||||||||||||
Nevada-1.33% |
||||||||||||||||
Clark (County of), NV, Series 2016, Ref. RB |
5.00% | 07/01/2024 | 120 | 121,541 | ||||||||||||
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB |
5.00% | 07/01/2024 | 100 | 101,219 | ||||||||||||
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB |
5.00% | 07/01/2029 | 500 | 505,659 | ||||||||||||
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB |
5.00% | 07/01/2033 | 75 | 75,853 | ||||||||||||
Clark County School District, Series 2016 A, Ref. GO Bonds |
5.00% | 06/15/2024 | 30 | 30,314 | ||||||||||||
Clark County School District, Series 2017 A, Ref. GO Bonds |
5.00% | 06/15/2024 | 75 | 75,784 | ||||||||||||
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds |
5.00% | 12/01/2024 | 175 | 178,632 | ||||||||||||
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds |
5.00% | 06/01/2033 | 30 | 30,517 | ||||||||||||
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds |
5.00% | 06/01/2039 | 95 | 96,186 | ||||||||||||
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds |
5.00% | 06/01/2024 | 60 | 60,736 | ||||||||||||
Nevada (State of), Series 2016, Ref. RB |
5.00% | 12/01/2024 | 1,290 | 1,318,831 | ||||||||||||
|
|
|||||||||||||||
2,595,272 | ||||||||||||||||
|
|
|||||||||||||||
New Jersey-4.27% |
||||||||||||||||
New Jersey (State of), Series 2014, GO Bonds |
5.00% | 06/01/2024 | 100 | 101,234 | ||||||||||||
New Jersey (State of), Series 2020 A, GO Bonds |
5.00% | 06/01/2024 | 310 | 313,826 | ||||||||||||
New Jersey (State of) Economic Development Authority, Series 2012 II, Ref. RB |
3.00% | 03/01/2024 | 60 | 59,812 | ||||||||||||
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB(a)(b) |
5.00% | 06/15/2024 | 185 | 187,460 | ||||||||||||
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB(a) |
5.00% | 06/15/2026 | 75 | 75,737 | ||||||||||||
New Jersey (State of) Economic Development Authority, Series 2014, RB(a) |
5.00% | 06/15/2040 | 150 | 151,475 | ||||||||||||
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014 A, RB |
5.00% | 07/01/2044 | 400 | 401,434 | ||||||||||||
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014, RB |
5.00% | 06/15/2026 | 1,000 | 1,009,645 | ||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB |
5.00% | 07/01/2024 | 500 | 505,691 | ||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB |
5.00% | 07/01/2024 | 95 | 96,197 | ||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB(a)(b) |
5.00% | 01/01/2024 | 15 | 15,075 | ||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB |
5.00% | 07/01/2028 | 235 | 236,143 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB |
5.00% | 06/15/2032 | 1,130 | 1,147,081 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB |
5.00% | 12/15/2024 | 25 | 25,426 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB |
5.00% | 06/15/2026 | 100 | 101,021 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB |
5.00% | 06/15/2038 | 800 | 804,002 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB |
4.25% | 06/15/2044 | 150 | 145,323 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB |
5.00% | 06/15/2044 | 1,000 | 1,003,091 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB |
5.00% | 12/15/2024 | 25 | 25,426 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN |
5.00% | 06/15/2024 | 1,000 | 1,010,991 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
204 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New Jersey-(continued) |
||||||||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB(a)(b) |
5.00% | 07/01/2024 | $ | 100 | $ | 101,407 | ||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB |
5.00% | 01/01/2027 | 100 | 101,130 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB |
5.00% | 01/01/2030 | 125 | 126,371 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB |
5.00% | 01/01/2033 | 35 | 35,359 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB |
5.00% | 01/01/2034 | 445 | 449,246 | ||||||||||||
South Jersey Transportation Authority, Series 2014 A, Ref. RB |
5.00% | 11/01/2039 | 100 | 99,993 | ||||||||||||
|
|
|||||||||||||||
8,329,596 | ||||||||||||||||
|
|
|||||||||||||||
New Mexico-0.42% |
||||||||||||||||
New Mexico (State of), Series 2021, GO Bonds |
5.00% | 03/01/2024 | 600 | 604,956 | ||||||||||||
New Mexico (State of) (Capital), Series 2017 A, GO Bonds |
5.00% | 03/01/2024 | 115 | 115,950 | ||||||||||||
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB |
5.00% | 06/15/2027 | 15 | 15,185 | ||||||||||||
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB |
5.00% | 07/01/2024 | 25 | 25,329 | ||||||||||||
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB |
4.00% | 07/01/2024 | 50 | 50,257 | ||||||||||||
|
|
|||||||||||||||
811,677 | ||||||||||||||||
|
|
|||||||||||||||
New York-15.82% |
||||||||||||||||
Battery Park (City of), NY Authority, Series 2013 A, RB(a)(b) |
5.00% | 11/01/2023 | 100 | 100,245 | ||||||||||||
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2021, Ref. RB |
5.00% | 05/01/2024 | 200 | 202,256 | ||||||||||||
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB |
5.00% | 05/01/2024 | 100 | 101,128 | ||||||||||||
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB |
5.00% | 09/01/2044 | 55 | 55,528 | ||||||||||||
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)(c) |
5.25% | 11/15/2024 | 200 | 203,302 | ||||||||||||
Metropolitan Transportation Authority, Series 2014 B, RB |
5.25% | 11/15/2044 | 1,355 | 1,359,405 | ||||||||||||
Metropolitan Transportation Authority, Series 2014 C, RB |
5.00% | 11/15/2024 | 100 | 101,522 | ||||||||||||
Metropolitan Transportation Authority, Subseries 2014 D-1, RB |
5.25% | 11/15/2044 | 100 | 100,579 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB |
5.00% | 11/15/2024 | 15 | 15,322 | ||||||||||||
Nassau (County of), NY, Series 2014 A, GO Bonds |
5.00% | 04/01/2024 | 50 | 50,491 | ||||||||||||
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds |
5.00% | 10/01/2024 | 55 | 56,002 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB |
5.00% | 09/01/2028 | 25 | 25,366 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB |
5.00% | 09/01/2033 | 100 | 101,386 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB |
5.00% | 09/01/2039 | 825 | 831,879 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB |
5.00% | 05/01/2024 | 130 | 131,458 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB |
4.00% | 12/15/2040 | 155 | 154,081 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB |
5.00% | 10/15/2024 | 125 | 127,389 | ||||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB |
5.00% | 07/15/2024 | 20 | 20,295 | ||||||||||||
New York (City of), NY, Series 2013 G, GO Bonds |
5.00% | 08/01/2024 | 125 | 125,886 | ||||||||||||
New York (City of), NY, Series 2013 G, GO Bonds |
5.00% | 08/01/2025 | 50 | 50,366 | ||||||||||||
New York (City of), NY, Series 2014 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 15 | 15,237 | ||||||||||||
New York (City of), NY, Series 2014 A, Ref. GO Bonds |
5.00% | 08/01/2027 | 40 | 40,545 | ||||||||||||
New York (City of), NY, Series 2014 A, Ref. GO Bonds |
5.00% | 08/01/2028 | 350 | 354,834 | ||||||||||||
New York (City of), NY, Series 2014 A, Ref. GO Bonds |
5.00% | 08/01/2029 | 50 | 50,695 | ||||||||||||
New York (City of), NY, Series 2014 J, Ref. GO Bonds |
5.00% | 08/01/2030 | 1,400 | 1,419,462 | ||||||||||||
New York (City of), NY, Series 2015 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 25 | 25,395 | ||||||||||||
New York (City of), NY, Series 2015 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 145 | 147,289 | ||||||||||||
New York (City of), NY, Series 2016 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 25 | 25,395 | ||||||||||||
New York (City of), NY, Series 2016 E, Ref. GO Bonds |
5.00% | 08/01/2024 | 1,000 | 1,015,783 | ||||||||||||
New York (City of), NY, Series 2017 1, GO Bonds |
5.00% | 08/01/2024 | 55 | 55,868 | ||||||||||||
New York (City of), NY, Series 2017 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 10 | 10,158 | ||||||||||||
New York (City of), NY, Series 2017 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 10 | 10,158 | ||||||||||||
New York (City of), NY, Series 2017 C, Ref. GO Bonds |
5.00% | 08/01/2024 | 20 | 20,316 | ||||||||||||
New York (City of), NY, Series 2018 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 95 | 96,499 | ||||||||||||
New York (City of), NY, Series 2020 C, GO Bonds |
5.00% | 08/01/2024 | 235 | 238,709 | ||||||||||||
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds |
5.00% | 08/01/2024 | 1,000 | 1,015,783 | ||||||||||||
New York (City of), NY, Subseries 2008 J-4, GO Bonds |
5.00% | 08/01/2024 | 60 | 60,947 | ||||||||||||
New York (City of), NY, Subseries 2014 I-1, GO Bonds |
5.00% | 03/01/2027 | 200 | 201,477 | ||||||||||||
New York (City of), NY, Subseries 2014 I-1, GO Bonds |
5.00% | 03/01/2036 | 15 | 15,090 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC-1, RB |
5.00% | 06/15/2047 | 500 | 502,473 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
205 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB |
3.25% | 06/15/2028 | $ | 10 | $ | 10,007 | ||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB |
5.00% | 06/15/2028 | 200 | 202,445 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB |
5.00% | 06/15/2036 | 65 | 65,575 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB |
5.00% | 06/15/2036 | 100 | 100,884 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB |
5.00% | 06/15/2028 | 500 | 506,111 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB |
5.00% | 06/15/2045 | 10 | 10,054 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB |
5.00% | 06/15/2024 | 190 | 192,704 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB |
5.00% | 06/15/2026 | 1,200 | 1,224,811 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB |
4.00% | 06/15/2024 | 160 | 161,058 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB |
5.00% | 06/15/2026 | 75 | 76,551 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB |
5.00% | 06/15/2026 | 15 | 15,310 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB |
5.00% | 08/01/2034 | 1,045 | 1,056,076 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 11/01/2025 | 30 | 30,264 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 08/01/2029 | 710 | 718,538 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 08/01/2032 | 15 | 15,178 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 08/01/2033 | 170 | 171,878 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 08/01/2036 | 205 | 206,681 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB |
5.00% | 08/01/2039 | 75 | 75,568 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB |
5.00% | 02/01/2038 | 1,000 | 1,003,422 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 D-1, RB |
5.00% | 02/01/2031 | 15 | 15,080 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB |
5.00% | 11/01/2024 | 65 | 66,301 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 A-1, RB |
5.00% | 08/01/2024 | 340 | 345,305 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB |
5.00% | 11/01/2024 | 80 | 81,601 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB |
5.00% | 05/01/2024 | 35 | 35,395 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB |
5.00% | 11/01/2024 | 300 | 306,003 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB |
5.00% | 11/01/2024 | 200 | 202,285 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB |
5.00% | 11/01/2029 | 1,370 | 1,381,895 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB |
5.00% | 11/01/2033 | 50 | 50,399 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB |
5.00% | 08/01/2024 | 50 | 50,780 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB |
5.00% | 08/01/2024 | 105 | 106,638 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB(a)(b) |
5.00% | 02/15/2024 | 100 | 100,762 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB(a) |
5.00% | 03/15/2024 | 25 | 25,240 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 02/15/2028 | 15 | 15,096 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2028 | 125 | 125,976 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 02/15/2029 | 350 | 352,264 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2030 | 400 | 403,041 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2031 | 310 | 312,324 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2032 | 210 | 211,552 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2033 | 100 | 100,729 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2034 | 325 | 327,335 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB |
5.00% | 03/15/2035 | 95 | 95,673 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 C, RB |
5.00% | 03/15/2029 | 1,000 | 1,007,706 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 C, RB |
5.00% | 03/15/2030 | 50 | 50,380 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 C, RB |
5.00% | 03/15/2031 | 500 | 503,749 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 C, RB |
5.00% | 03/15/2032 | 15 | 15,111 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 C, RB |
5.00% | 03/15/2033 | 225 | 226,640 | ||||||||||||
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB |
5.00% | 10/01/2024 | 25 | 25,408 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, RB(a) |
5.00% | 03/15/2024 | 10 | 10,091 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a) |
5.00% | 02/15/2024 | 25 | 25,190 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB |
5.00% | 07/01/2024 | 20 | 20,281 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB |
5.00% | 10/01/2024 | 55 | 55,898 | ||||||||||||
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB |
5.00% | 10/01/2024 | 490 | 499,034 | ||||||||||||
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB(a) |
5.00% | 03/15/2024 | 965 | 973,748 | ||||||||||||
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a) |
5.00% | 03/15/2024 | 150 | 151,438 | ||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB |
5.00% | 07/01/2024 | 10 | 10,146 | ||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB |
5.00% | 07/01/2024 | 100 | 101,464 | ||||||||||||
New York (State of) Thruway Authority, Series 2014 J, RB |
5.00% | 01/01/2036 | 300 | 301,177 | ||||||||||||
New York (State of) Thruway Authority, Series 2014 J, RB |
5.00% | 01/01/2041 | 1,440 | 1,444,074 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
206 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB |
5.00% | 06/15/2024 | $ | 25 | $ | 25,352 | ||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB |
5.00% | 06/15/2030 | 505 | 510,667 | ||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB |
5.00% | 06/15/2031 | 400 | 404,489 | ||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB |
5.00% | 06/15/2024 | 100 | 101,407 | ||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB |
5.00% | 06/15/2024 | 50 | 50,704 | ||||||||||||
New York State Urban Development Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 03/15/2024 | 95 | 95,861 | ||||||||||||
New York State Urban Development Corp., Series 2014 A, Ref. RB |
5.00% | 03/15/2029 | 150 | 151,132 | ||||||||||||
New York State Urban Development Corp., Series 2014 A, Ref. RB |
5.00% | 03/15/2030 | 200 | 201,499 | ||||||||||||
New York State Urban Development Corp., Series 2014 A, Ref. RB |
5.00% | 03/15/2031 | 200 | 201,479 | ||||||||||||
New York State Urban Development Corp., Series 2016 A, Ref. RB |
5.00% | 03/15/2024 | 275 | 277,508 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
3.00% | 10/15/2024 | 10 | 9,966 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
4.00% | 10/15/2024 | 20 | 20,154 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a) |
5.00% | 10/15/2024 | 330 | 336,117 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 10/15/2024 | 440 | 448,155 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 10/15/2024 | 150 | 152,780 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 10/15/2024 | 285 | 290,282 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 10/15/2024 | 100 | 101,854 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b) |
5.00% | 10/15/2024 | 1,000 | 1,018,535 | ||||||||||||
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(c) |
4.00% | 02/01/2024 | 200 | 200,524 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB |
5.00% | 11/15/2024 | 55 | 56,087 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2014 A, RB |
5.00% | 11/15/2044 | 1,000 | 1,004,068 | ||||||||||||
|
|
|||||||||||||||
30,870,943 | ||||||||||||||||
|
|
|||||||||||||||
North Carolina-1.46% |
||||||||||||||||
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB |
5.00% | 01/15/2024 | 245 | 246,277 | ||||||||||||
Guilford (County of), NC, Series 2017, Ref. GO Bonds |
5.00% | 03/01/2024 | 25 | 25,209 | ||||||||||||
Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds |
4.00% | 02/01/2024 | 155 | 155,494 | ||||||||||||
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds |
5.00% | 12/01/2024 | 105 | 107,295 | ||||||||||||
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB |
5.00% | 02/01/2024 | 50 | 50,347 | ||||||||||||
North Carolina (State of), Series 2014 B, Ref. RB |
5.00% | 06/01/2024 | 75 | 75,920 | ||||||||||||
North Carolina (State of), Series 2014 C, Ref. RB |
5.00% | 05/01/2024 | 10 | 10,109 | ||||||||||||
North Carolina (State of), Series 2016 A, Ref. GO Bonds |
5.00% | 06/01/2024 | 100 | 101,249 | ||||||||||||
North Carolina (State of), Series 2017 B, Ref. RB |
5.00% | 05/01/2024 | 25 | 25,274 | ||||||||||||
North Carolina (State of), Series 2019 B, GO Bonds |
5.00% | 06/01/2024 | 10 | 10,125 | ||||||||||||
North Carolina (State of), Series 2020 A, GO Bonds |
5.00% | 06/01/2024 | 100 | 101,249 | ||||||||||||
North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB |
5.00% | 01/01/2024 | 215 | 216,003 | ||||||||||||
North Carolina (State of) Turnpike Authority, Series 2020 B, RB(a) |
5.00% | 02/01/2024 | 450 | 452,483 | ||||||||||||
University of North Carolina at Greensboro, Series 2014, RB(a) |
4.00% | 04/01/2039 | 60 | 60,133 | ||||||||||||
Wake (County of), NC, Series 2010 C, Ref. GO Bonds |
5.00% | 03/01/2024 | 135 | 136,167 | ||||||||||||
Wake (County of), NC, Series 2014, GO Bonds |
5.00% | 09/01/2024 | 1,000 | 1,016,987 | ||||||||||||
Wake (County of), NC, Series 2021, RB |
5.00% | 03/01/2024 | 60 | 60,496 | ||||||||||||
|
|
|||||||||||||||
2,850,817 | ||||||||||||||||
|
|
|||||||||||||||
Ohio-1.45% |
||||||||||||||||
Allen (County of), OH, Series 2017 A, Ref. RB |
5.00% | 08/01/2024 | 50 | 50,619 | ||||||||||||
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2015 A, Ref. RB |
5.00% | 02/15/2026 | 55 | 55,307 | ||||||||||||
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB |
5.00% | 02/15/2024 | 185 | 186,042 | ||||||||||||
Columbus (City of), OH, Series 2014, Ref. RB |
5.00% | 06/01/2027 | 115 | 117,260 | ||||||||||||
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds |
5.00% | 04/01/2024 | 100 | 100,981 | ||||||||||||
Cuyahoga (County of), OH, Series 2020 D, Ref. RB |
4.00% | 12/01/2024 | 30 | 30,182 | ||||||||||||
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 195 | 198,809 | ||||||||||||
Hamilton (County of), OH, Series 2016 A, Ref. RB |
5.00% | 12/01/2024 | 100 | 101,892 | ||||||||||||
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 100 | 101,937 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
207 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Ohio-(continued) |
||||||||||||||||
Ohio (State of), Series 2014 R, GO Bonds(a)(b) |
5.00% | 05/01/2024 | $ | 335 | $ | 338,649 | ||||||||||
Ohio (State of), Series 2015 A, Ref. GO Bonds |
5.00% | 09/01/2024 | 10 | 10,163 | ||||||||||||
Ohio (State of), Series 2016 A, Ref. GO Bonds |
5.00% | 12/15/2024 | 80 | 81,694 | ||||||||||||
Ohio (State of), Series 2016 S, GO Bonds |
5.00% | 05/01/2024 | 65 | 65,716 | ||||||||||||
Ohio (State of), Series 2017 A, GO Bonds |
5.00% | 03/15/2030 | 40 | 40,321 | ||||||||||||
Ohio (State of), Series 2017 A, GO Bonds |
5.00% | 03/15/2033 | 205 | 206,580 | ||||||||||||
Ohio (State of), Series 2020 B, Ref. GO Bonds |
5.00% | 08/01/2024 | 1,000 | 1,014,887 | ||||||||||||
Ohio (State of), Series 2020 B, Ref. GO Bonds |
5.00% | 09/15/2024 | 20 | 20,339 | ||||||||||||
Ohio (State of) (Garvee), Series 2016 I, RB |
5.00% | 12/15/2024 | 5 | 5,106 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB |
5.00% | 12/01/2024 | 45 | 45,901 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB |
5.00% | 06/01/2024 | 10 | 10,119 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB |
5.00% | 12/01/2024 | 40 | 40,801 | ||||||||||||
|
|
|||||||||||||||
2,823,305 | ||||||||||||||||
|
|
|||||||||||||||
Oklahoma-0.47% |
||||||||||||||||
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB |
4.00% | 09/01/2024 | 15 | 15,071 | ||||||||||||
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB |
5.00% | 06/01/2024 | 100 | 101,081 | ||||||||||||
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB |
5.00% | 07/01/2026 | 780 | 789,448 | ||||||||||||
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB |
5.00% | 07/01/2027 | 10 | 10,120 | ||||||||||||
|
|
|||||||||||||||
915,720 | ||||||||||||||||
|
|
|||||||||||||||
Oregon-0.95% |
||||||||||||||||
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 06/15/2024 | 10 | 10,129 | ||||||||||||
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 06/15/2024 | 1,015 | 1,028,103 | ||||||||||||
Multnomah County School District No. 1, Series 2020, GO
Bonds, |
5.00% | 06/15/2024 | 430 | 435,554 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB |
5.00% | 11/15/2024 | 25 | 25,509 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 25 | 25,484 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b) |
4.00% | 11/15/2024 | 20 | 20,167 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 35 | 35,698 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 30 | 30,599 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b) |
5.00% | 11/15/2024 | 195 | 198,892 | ||||||||||||
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds(a)(b) |
5.00% | 06/15/2024 | 35 | 35,438 | ||||||||||||
|
|
|||||||||||||||
1,845,573 | ||||||||||||||||
|
|
|||||||||||||||
Pennsylvania-3.49% |
||||||||||||||||
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)(c) |
5.00% | 06/01/2024 | 60 | 60,644 | ||||||||||||
Delaware (State of) River Port Authority, Series 2013, RB(a)(b) |
5.00% | 01/01/2024 | 1,000 | 1,005,152 | ||||||||||||
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 125 | 127,442 | ||||||||||||
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds |
5.00% | 03/15/2024 | 150 | 151,313 | ||||||||||||
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds |
5.00% | 08/15/2024 | 1,000 | 1,015,640 | ||||||||||||
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds |
5.00% | 09/15/2024 | 100 | 101,706 | ||||||||||||
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds |
5.00% | 10/15/2024 | 90 | 90,164 | ||||||||||||
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds |
5.00% | 09/15/2024 | 175 | 177,985 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB |
4.00% | 02/01/2040 | 1,000 | 941,293 | ||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB |
5.00% | 08/15/2024 | 65 | 65,883 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB |
5.25% | 12/01/2039 | 325 | 327,367 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB(a) |
5.00% | 12/01/2039 | 1,275 | 1,293,046 | ||||||||||||
Philadelphia (City of), PA, Series 2015 A, RB(a)(b) |
5.00% | 07/01/2024 | 200 | 202,650 | ||||||||||||
Philadelphia (City of), PA, Series 2016, Ref. RB |
5.00% | 10/01/2024 | 150 | 152,527 | ||||||||||||
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds |
5.00% | 08/01/2024 | 100 | 101,283 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2014 A, RB(a)(b) |
4.00% | 07/01/2024 | 1,000 | 1,004,005 | ||||||||||||
|
|
|||||||||||||||
6,818,100 | ||||||||||||||||
|
|
|||||||||||||||
Rhode Island-0.04% |
||||||||||||||||
Rhode Island (State of), Series 2014 D, Ref. GO Bonds |
5.00% | 08/01/2024 | 75 | 76,123 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
208 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
South Carolina-0.23% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston
County School), Series 2013, Ref. |
5.00% | 12/01/2023 | $ | 40 | $ | 40,161 | ||||||||||
Horry County School District, Series 2016, GO Bonds |
5.00% | 03/01/2024 | 50 | 50,384 | ||||||||||||
Piedmont Municipal Power Agency, Series 2017 B, Ref. RB |
5.00% | 01/01/2024 | 30 | 30,132 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB |
5.00% | 12/01/2024 | 50 | 50,764 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB |
5.00% | 12/01/2026 | 130 | 131,603 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB |
5.00% | 12/01/2028 | 30 | 30,318 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB |
5.00% | 12/01/2030 | 100 | 101,089 | ||||||||||||
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB |
5.00% | 10/01/2024 | 10 | 10,163 | ||||||||||||
|
|
|||||||||||||||
444,614 | ||||||||||||||||
|
|
|||||||||||||||
South Dakota-0.03% |
||||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB |
4.13% | 07/01/2041 | 5 | 4,743 | ||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB |
4.00% | 11/01/2044 | 55 | 50,716 | ||||||||||||
|
|
|||||||||||||||
55,459 | ||||||||||||||||
|
|
|||||||||||||||
Tennessee-0.13% |
||||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds |
5.00% | 07/01/2024 | 25 | 25,019 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds |
4.00% | 07/01/2024 | 50 | 50,293 | ||||||||||||
Shelby (County of), TN, Series 2012 A, Ref. GO Bonds |
5.00% | 03/01/2024 | 80 | 80,676 | ||||||||||||
Tennessee (State of) School Bond Authority, Series 2014,
Ref. RB, |
5.00% | 11/01/2024 | 50 | 50,966 | ||||||||||||
Tennessee (State of) School Bond Authority, Series 2015 B,
RB, |
5.00% | 11/01/2024 | 55 | 56,063 | ||||||||||||
|
|
|||||||||||||||
263,017 | ||||||||||||||||
|
|
|||||||||||||||
Texas-11.14% |
||||||||||||||||
Allen Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2024 | 135 | 135,999 | ||||||||||||
Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB(a)(b) |
5.00% | 08/15/2024 | 250 | 253,346 | ||||||||||||
Austin (City of), TX, Series 2015, Ref. GO Bonds |
5.00% | 09/01/2024 | 35 | 35,577 | ||||||||||||
Austin (City of), TX, Series 2017, Ref. RB |
5.00% | 11/15/2024 | 5 | 5,101 | ||||||||||||
Austin Independent School District, Series 2023, GO Bonds |
5.00% | 08/01/2024 | 1,000 | 1,014,797 | ||||||||||||
Bexar (County of), TX, Series 2014, Ctfs. of Obligation(a)(b) |
5.00% | 06/15/2024 | 1,000 | 1,013,527 | ||||||||||||
Bexar (County of), TX (Flood Control Tax), Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 06/15/2024 | 85 | 86,065 | ||||||||||||
Bexar (County of), TX (Venue), Series 2015, Ref. RB(a)(b) |
4.00% | 08/15/2024 | 1,200 | 1,206,682 | ||||||||||||
Board of Regents of the University of Texas System, Series 2010 B, Ref. RB |
5.00% | 08/15/2024 | 10 | 10,157 | ||||||||||||
Board of Regents of the University of Texas System, Series 2016 D, RB |
5.00% | 08/15/2024 | 25 | 25,382 | ||||||||||||
Board of Regents of the University of Texas System, Series 2016 I, Ref. RB |
5.00% | 08/15/2024 | 35 | 35,534 | ||||||||||||
Board of Regents of the University of Texas System, Series 2016 J, RB |
5.00% | 08/15/2024 | 50 | 50,763 | ||||||||||||
Board of Regents of the University of Texas System, Series 2017 C, Ref. RB |
5.00% | 08/15/2024 | 35 | 35,534 | ||||||||||||
Camino Real Regional Mobility Authority, Series 2014, RB |
4.00% | 06/01/2039 | 65 | 61,465 | ||||||||||||
Camino Real Regional Mobility Authority, Series 2014, RB |
4.00% | 06/01/2044 | 200 | 183,385 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB |
5.00% | 11/01/2024 | 500 | 508,237 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB |
5.00% | 11/01/2024 | 425 | 431,615 | ||||||||||||
Dallas (City of), TX, Series 2014, Ref. GO Bonds |
5.00% | 02/15/2024 | 100 | 100,740 | ||||||||||||
Dallas (City of), TX, Series 2014, Ref. GO Bonds |
5.00% | 02/15/2026 | 540 | 543,209 | ||||||||||||
Dallas (City of), TX, Series 2014, Ref. GO Bonds |
5.00% | 02/15/2027 | 125 | 125,786 | ||||||||||||
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 30 | 30,586 | ||||||||||||
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 45 | 45,879 | ||||||||||||
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b) |
5.00% | 12/01/2024 | 65 | 66,270 | ||||||||||||
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB |
5.00% | 12/01/2024 | 120 | 122,300 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds(a)(b) |
4.00% | 08/15/2024 | 35 | 35,195 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds(a)(b) |
5.00% | 08/15/2024 | 40 | 40,591 | ||||||||||||
Dallas (City of), TX Independent School District, Series
2014 A, Ref. GO Bonds, |
5.00% | 08/15/2024 | 40 | 40,648 | ||||||||||||
Dallas (City of), TX Independent School District, Series
2016 A, GO Bonds, |
5.00% | 02/15/2024 | 125 | 125,958 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
209 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
Dallas (City of), TX Independent School District, Series
2023, GO Bonds, |
5.00% | 02/15/2024 | $ | 1,000 | $ | 1,007,662 | ||||||||||
Denton Independent School District, Series 2014 A, GO Bonds(a)(b) |
5.00% | 08/15/2024 | 100 | 101,478 | ||||||||||||
Fort Worth Independent School District, Series 2016, Ref. GO
Bonds, |
5.00% | 02/15/2024 | 25 | 25,185 | ||||||||||||
Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds(a)(b) |
5.00% | 02/15/2024 | 30 | 30,209 | ||||||||||||
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB |
5.00% | 11/15/2030 | 1,000 | 1,013,656 | ||||||||||||
Harris (County of), TX, Series 2016 A, Ref. RB |
5.00% | 08/15/2024 | 165 | 167,642 | ||||||||||||
Harris (County of), TX, Series 2020 A, Ref. GO Bonds |
5.00% | 10/01/2024 | 960 | 976,682 | ||||||||||||
Houston (City of), TX, Series 2014 C, Ref. RB |
5.00% | 05/15/2026 | 55 | 55,574 | ||||||||||||
Houston (City of), TX, Series 2014 D, Ref. RB |
5.00% | 11/15/2024 | 35 | 35,671 | ||||||||||||
Houston (City of), TX, Series 2014 D, Ref. RB |
5.00% | 11/15/2028 | 55 | 56,068 | ||||||||||||
Houston (City of), TX, Series 2016 B, Ref. RB |
5.00% | 11/15/2024 | 45 | 45,863 | ||||||||||||
Houston (City of), TX, Series 2017 B, Ref. RB |
5.00% | 11/15/2024 | 40 | 40,767 | ||||||||||||
Houston (City of), TX, Series 2021 A, GO Bonds |
5.00% | 03/01/2024 | 1,010 | 1,017,901 | ||||||||||||
Houston Independent School District, Series 2014, Ref. GO
Bonds, |
4.00% | 02/15/2030 | 1,000 | 1,002,655 | ||||||||||||
Houston Independent School District, Series 2014, Ref. GO
Bonds, |
4.00% | 02/15/2033 | 10 | 10,019 | ||||||||||||
Houston Independent School District, Series 2016 A, Ref. GO
Bonds, |
5.00% | 02/15/2024 | 15 | 15,110 | ||||||||||||
Houston Independent School District, Series 2017, Ref. GO
Bonds, |
5.00% | 02/15/2024 | 105 | 105,767 | ||||||||||||
Irving Independent School District, Series 2015 A, Ref. GO
Bonds, |
5.00% | 02/15/2024 | 50 | 50,354 | ||||||||||||
Lone Star College System, Series 2015 B, Ref. GO Bonds |
5.00% | 02/15/2024 | 100 | 100,704 | ||||||||||||
Mansfield Independent School District, Series 2014, GO Bonds(a)(b) |
4.00% | 02/15/2024 | 10 | 10,028 | ||||||||||||
North Texas Tollway Authority, Series 2014 B, Ref. RB |
5.00% | 01/01/2031 | 500 | 501,656 | ||||||||||||
North Texas Tollway Authority, Series 2014, Ref. RB |
5.00% | 01/01/2024 | 500 | 502,479 | ||||||||||||
North Texas Tollway Authority, Series 2016 A, Ref. RB |
5.00% | 01/01/2024 | 125 | 125,644 | ||||||||||||
North Texas Tollway Authority, Series 2019 B, Ref. RB |
5.00% | 01/01/2024 | 730 | 733,501 | ||||||||||||
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB(a)(b) |
4.00% | 07/01/2024 | 150 | 150,843 | ||||||||||||
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB |
5.00% | 07/01/2024 | 15 | 15,211 | ||||||||||||
Plano Independent School District, Series 2016 A, Ref. GO
Bonds, |
5.00% | 02/15/2024 | 135 | 136,028 | ||||||||||||
Plano Independent School District, Series 2023, GO Bonds |
5.00% | 02/15/2024 | 250 | 251,794 | ||||||||||||
San Antonio (City of), TX, Series 2012, Ref. RB |
5.25% | 02/01/2024 | 165 | 166,175 | ||||||||||||
San Antonio (City of), TX, Series 2014, RB |
5.00% | 02/01/2039 | 600 | 601,643 | ||||||||||||
San Antonio (City of), TX, Series 2014, RB |
5.00% | 02/01/2044 | 1,000 | 1,002,097 | ||||||||||||
San Antonio (City of), TX, Series 2015, Ref. RB |
5.00% | 02/01/2024 | 70 | 70,448 | ||||||||||||
San Antonio Independent School District, Series 2022, GO
Bonds, |
5.00% | 08/15/2024 | 200 | 203,147 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB |
5.00% | 02/15/2024 | 150 | 150,944 | ||||||||||||
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b) |
5.00% | 10/01/2024 | 370 | 376,038 | ||||||||||||
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b) |
5.00% | 10/01/2024 | 1,100 | 1,117,950 | ||||||||||||
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b) |
5.00% | 10/01/2024 | 1,000 | 1,016,319 | ||||||||||||
Texas (State of), Series 2014, GO Bonds(a)(b) |
5.00% | 04/01/2024 | 285 | 287,634 | ||||||||||||
Texas (State of), Series 2014, GO Bonds(a)(b) |
5.00% | 04/01/2024 | 100 | 100,924 | ||||||||||||
Texas (State of), Series 2014, GO Bonds(a)(b) |
5.00% | 04/01/2024 | 65 | 65,601 | ||||||||||||
Texas (State of), Series 2014, GO Bonds |
5.00% | 04/01/2026 | 20 | 20,176 | ||||||||||||
Texas (State of), Series 2014, Ref. GO Bonds(a)(b) |
4.00% | 04/01/2024 | 90 | 90,326 | ||||||||||||
Texas (State of), Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 04/01/2024 | 90 | 90,832 | ||||||||||||
Texas (State of), Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 04/01/2024 | 110 | 111,017 | ||||||||||||
Texas (State of), Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 04/01/2024 | 30 | 30,277 | ||||||||||||
Texas (State of), Series 2018 A, Ref. GO Bonds |
5.00% | 10/01/2024 | 10 | 10,184 | ||||||||||||
Texas (State of) (Water Financial Assistance), Subseries 2018 B-3, Ref. GO Bonds |
5.00% | 08/01/2024 | 30 | 30,465 | ||||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB |
5.00% | 08/15/2031 | 100 | 100,645 | ||||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB |
5.00% | 04/01/2024 | 435 | 439,095 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
210 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB(a)(b) |
5.00% | 04/01/2024 | $ | 150 | $ | 151,344 | ||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB |
5.00% | 10/01/2024 | 75 | 76,375 | ||||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB |
5.00% | 10/01/2024 | 20 | 20,354 | ||||||||||||
Texas (State of) Water Development Board, Series 2017 A, RB |
5.00% | 04/15/2024 | 35 | 35,326 | ||||||||||||
Texas (State of) Water Development Board, Series 2018 B, RB |
5.00% | 10/15/2024 | 225 | 228,832 | ||||||||||||
United Independent School District, Series 2014, GO Bonds(a)(b) |
5.00% | 08/15/2024 | 50 | 50,739 | ||||||||||||
University of Houston, Series 2017 A, Ref. RB |
5.00% | 02/15/2024 | 275 | 276,852 | ||||||||||||
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 08/15/2024 | 45 | 45,602 | ||||||||||||
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b) |
5.00% | 08/15/2024 | 110 | 111,472 | ||||||||||||
|
|
|||||||||||||||
21,735,312 | ||||||||||||||||
|
|
|||||||||||||||
Utah-0.29% |
||||||||||||||||
Utah (County of), UT (IHC Health Services, Inc.), Series 2014 A, RB |
5.00% | 05/15/2045 | 500 | 501,775 | ||||||||||||
Utah (State of), Series 2018, GO Bonds |
5.00% | 07/01/2024 | 15 | 15,213 | ||||||||||||
Utah (State of) Transit Authority, Series 2015 A, Ref. RB |
5.00% | 06/15/2024 | 40 | 40,507 | ||||||||||||
|
|
|||||||||||||||
557,495 | ||||||||||||||||
|
|
|||||||||||||||
Virginia-0.61% |
||||||||||||||||
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds |
5.00% | 10/01/2024 | 10 | 10,180 | ||||||||||||
Virginia (Commonwealth of), Series 2013 B, GO Bonds |
4.00% | 06/01/2024 | 100 | 100,050 | ||||||||||||
Virginia (Commonwealth of) College Building Authority,
Series 2015 D, RB, |
5.00% | 02/01/2024 | 80 | 80,555 | ||||||||||||
Virginia (Commonwealth of) College Building Authority,
Series 2016 A, Ref. RB, |
3.00% | 09/01/2024 | 190 | 189,559 | ||||||||||||
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB |
5.00% | 02/01/2024 | 10 | 10,069 | ||||||||||||
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB |
5.00% | 02/01/2024 | 185 | 186,283 | ||||||||||||
Virginia (Commonwealth of) Public Building Authority, Series 2014 C, Ref. RB |
5.00% | 08/01/2024 | 500 | 507,622 | ||||||||||||
Virginia (Commonwealth of) Public School Authority, Series
2014 B, Ref. RB, |
5.00% | 08/01/2024 | 20 | 20,307 | ||||||||||||
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB |
5.00% | 05/15/2024 | 35 | 35,408 | ||||||||||||
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB |
5.00% | 03/15/2024 | 35 | 35,317 | ||||||||||||
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB |
5.00% | 09/15/2024 | 10 | 10,177 | ||||||||||||
|
|
|||||||||||||||
1,185,527 | ||||||||||||||||
|
|
|||||||||||||||
Washington-2.58% |
||||||||||||||||
Energy Northwest, Series 2018 A, Ref. RB |
5.00% | 07/01/2024 | 80 | 81,099 | ||||||||||||
Energy Northwest (Columbia Generating Station), Series 2014 A, Ref. RB |
5.00% | 07/01/2024 | 400 | 405,496 | ||||||||||||
Energy Northwest (No. 1), Series 2014 C, Ref. RB |
5.00% | 07/01/2026 | 1,000 | 1,012,845 | ||||||||||||
Energy Northwest (No. 1), Series 2014 C, Ref. RB |
5.00% | 07/01/2027 | 150 | 151,890 | ||||||||||||
Seattle (City of), WA, Series 2015, Ref. RB |
5.00% | 05/01/2024 | 150 | 151,683 | ||||||||||||
Seattle (Port of), WA, Series 2015 A, RB |
5.00% | 04/01/2040 | 500 | 502,999 | ||||||||||||
Snohomish County School District No. 201 Snohomish,
Series 2016, Ref. GO Bonds, |
5.00% | 12/01/2024 | 200 | 204,200 | ||||||||||||
Washington (State of), Series 2014 B, Ref. GO Bonds |
5.00% | 07/01/2024 | 30 | 30,420 | ||||||||||||
Washington (State of), Series 2014 D, GO Bonds |
5.00% | 02/01/2028 | 200 | 201,249 | ||||||||||||
Washington (State of), Series 2014 D, GO Bonds |
5.00% | 02/01/2031 | 150 | 150,925 | ||||||||||||
Washington (State of), Series 2014 D, GO Bonds |
5.00% | 02/01/2039 | 100 | 100,407 | ||||||||||||
Washington (State of), Series 2014 R, Ref. GO Bonds |
4.00% | 07/01/2026 | 45 | 45,162 | ||||||||||||
Washington (State of), Series 2015 A-1, GO Bonds |
5.00% | 08/01/2024 | 175 | 177,699 | ||||||||||||
Washington (State of), Series 2015 R, Ref. GO Bonds |
5.00% | 07/01/2024 | 20 | 20,280 | ||||||||||||
Washington (State of), Series 2017 D, Ref. GO Bonds |
5.00% | 08/01/2024 | 1,400 | 1,421,594 | ||||||||||||
Washington (State of), Series 2017 R, Ref. GO Bonds |
5.00% | 08/01/2024 | 190 | 192,931 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB |
5.00% | 10/01/2038 | 155 | 155,185 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB |
5.00% | 10/01/2041 | 25 | 25,019 | ||||||||||||
|
|
|||||||||||||||
5,031,083 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
211 | ||||
|
| |||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
West Virginia-0.14% |
||||||||||||||||
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB |
5.00% | 09/01/2024 | $ | 10 | $ | 10,165 | ||||||||||
West Virginia University, Series 2014 A, RB(a)(b) |
5.00% | 10/01/2024 | 250 | 254,344 | ||||||||||||
|
|
|||||||||||||||
264,509 | ||||||||||||||||
|
|
|||||||||||||||
Wisconsin-1.25% |
||||||||||||||||
Wisconsin (State of), Series 2015 C, GO Bonds(a)(b) |
5.00% | 05/01/2024 | 1,000 | 1,010,566 | ||||||||||||
Wisconsin (State of), Series 2016 2, Ref. GO Bonds |
5.00% | 11/01/2024 | 25 | 25,486 | ||||||||||||
Wisconsin (State of), Series 2016 D, GO Bonds |
4.00% | 05/01/2026 | 20 | 20,089 | ||||||||||||
Wisconsin (State of), Series 2016-1, Ref. GO Bonds |
5.00% | 11/01/2024 | 50 | 50,972 | ||||||||||||
Wisconsin (State of), Series 2017 2, Ref. GO Bonds |
5.00% | 11/01/2024 | 1,000 | 1,019,437 | ||||||||||||
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB |
5.00% | 07/01/2024 | 70 | 70,973 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB |
5.00% | 11/15/2029 | 235 | 237,870 | ||||||||||||
|
|
|||||||||||||||
2,435,393 | ||||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.36% |
191,879,918 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.64% |
3,205,980 | |||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 195,085,898 | ||||||||||||||
|
|
Investment Abbreviations: | ||
AGM | -Assured Guaranty Municipal Corp. | |
AMBAC | -American Municipal Bond Assurance Corp. | |
CEP | -Credit Enhancement Provider | |
COP | -Certificates of Participation | |
Ctfs. | -Certificates | |
GO | -General Obligation | |
INS | -Insurer | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
RN | -Revenue Notes | |
Wts. | -Warrants |
Notes to Schedule of Investments:
(a) |
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) |
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) |
Principal and/or interest payments are secured by the bond insurance company listed. |
(d) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
212 | ||||
|
| |||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
August 31, 2023
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-98.70% |
||||||||||||||||
Alabama-0.42% |
||||||||||||||||
Alabama (State of), Series 2014 A, Ref. GO Bonds |
5.00% | 08/01/2025 | $ | 285 | $ | 288,959 | ||||||||||
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB |
5.00% | 11/01/2025 | 200 | 207,412 | ||||||||||||
Birmingham (City of), AL, Series 2015 A-1, GO Bonds(a)(b) |
5.00% | 09/01/2025 | 200 | 206,730 | ||||||||||||
|
|
|||||||||||||||
703,101 | ||||||||||||||||
|
|
|||||||||||||||
Alaska-0.12% |
||||||||||||||||
Alaska (State of) International Airports System, Series 2016 A, Ref. RB |
5.00% | 10/01/2031 | 100 | 102,760 | ||||||||||||
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB |
5.00% | 09/01/2032 | 100 | 102,414 | ||||||||||||
|
|
|||||||||||||||
205,174 | ||||||||||||||||
|
|
|||||||||||||||
Arizona-1.23% |
||||||||||||||||
Arizona (State of), Series 2019 A, Ref. COP(a) |
5.00% | 10/01/2025 | 100 | 103,017 | ||||||||||||
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB |
4.00% | 11/01/2027 | 25 | 25,168 | ||||||||||||
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c) |
5.00% | 07/01/2025 | 100 | 102,565 | ||||||||||||
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB |
5.00% | 07/01/2025 | 200 | 206,382 | ||||||||||||
Arizona State University, Series 2015 D, RB |
5.00% | 07/01/2041 | 25 | 25,427 | ||||||||||||
Arizona State University, Series 2015 D, RB |
5.00% | 07/01/2046 | 125 | 127,048 | ||||||||||||
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)(c) |
5.00% | 07/01/2040 | 15 | 15,278 | ||||||||||||
Mesa (City of), AZ, Series 2017, Ref. RB |
4.00% | 07/01/2025 | 75 | 76,103 | ||||||||||||
Phoenix (City of), AZ, Series 2014, Ref. GO Bonds |
4.00% | 07/01/2025 | 15 | 15,100 | ||||||||||||
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds |
5.00% | 07/01/2025 | 40 | 41,276 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB |
5.00% | 07/01/2034 | 110 | 113,088 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB |
5.00% | 07/01/2025 | 130 | 133,775 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2017, Ref. RB |
5.00% | 07/01/2025 | 40 | 41,276 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB |
5.00% | 07/01/2025 | 65 | 67,074 | ||||||||||||
Pima (County of), AZ, Series 2016, Ref. RB |
5.00% | 07/01/2025 | 30 | 30,952 | ||||||||||||
Pima (County of), AZ, Series 2016, Ref. RB(a) |
5.00% | 07/01/2025 | 10 | 10,280 | ||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB |
5.00% | 12/01/2032 | 205 | 210,597 | ||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a) |
5.00% | 12/01/2045 | 605 | 620,075 | ||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB |
5.00% | 01/01/2025 | 55 | 56,250 | ||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB |
5.00% | 01/01/2025 | 25 | 25,568 | ||||||||||||
|
|
|||||||||||||||
2,046,299 | ||||||||||||||||
|
|
|||||||||||||||
Arkansas-0.02% |
||||||||||||||||
Arkansas (State of), Series 2015, Ref. GO Bonds |
4.00% | 06/01/2025 | 25 | 25,135 | ||||||||||||
|
|
|||||||||||||||
California-17.28% |
||||||||||||||||
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds |
5.00% | 08/01/2039 | 30 | 30,774 | ||||||||||||
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2020 C, Ref. RB |
5.00% | 10/01/2045 | 50 | 50,985 | ||||||||||||
Antelope Valley Community College District, Series 2015, Ref. GO Bonds(a)(b) |
5.00% | 02/15/2025 | 125 | 128,362 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB |
5.00% | 04/01/2025 | 1,000 | 1,030,485 | ||||||||||||
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c) |
5.00% | 09/01/2049 | 100 | 104,634 | ||||||||||||
California (State of), Series 2013, Ref. GO Bonds |
3.00% | 02/01/2025 | 100 | 99,984 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds |
5.00% | 11/01/2025 | 1,000 | 1,018,638 | ||||||||||||
California (State of), Series 2015 B, Ref. GO Bonds |
5.00% | 09/01/2025 | 50 | 51,947 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 09/01/2028 | 865 | 898,815 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
3.00% | 09/01/2029 | 65 | 63,937 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 08/01/2030 | 80 | 82,007 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 09/01/2030 | 60 | 62,114 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 08/01/2031 | 100 | 102,530 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 09/01/2032 | 75 | 77,637 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
3.38% | 09/01/2033 | 50 | 49,732 | ||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds |
5.00% | 09/01/2034 | 175 | 180,840 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
213 | ||||
|
| |||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of), Series 2015, GO Bonds |
5.00% | 03/01/2027 | $ | 100 | $ | 102,879 | ||||||||||
California (State of), Series 2015, GO Bonds |
5.00% | 03/01/2045 | 325 | 331,322 | ||||||||||||
California (State of), Series 2015, GO Bonds |
5.00% | 08/01/2045 | 815 | 835,116 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 03/01/2027 | 360 | 370,364 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 08/01/2027 | 150 | 155,617 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 03/01/2028 | 200 | 205,789 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
3.00% | 03/01/2029 | 225 | 221,667 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 08/01/2029 | 100 | 103,555 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 08/01/2033 | 55 | 56,847 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 08/01/2034 | 750 | 774,048 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00% | 08/01/2035 | 1,150 | 1,183,977 | ||||||||||||
California (State of), Series 2016, Ref. GO Bonds |
5.00% | 09/01/2025 | 50 | 51,947 | ||||||||||||
California (State of), Series 2017, Ref. GO Bonds |
5.00% | 08/01/2025 | 155 | 160,768 | ||||||||||||
California (State of), Series 2018, Ref. GO Bonds |
5.00% | 10/01/2025 | 650 | 674,893 | ||||||||||||
California (State of), Series 2020, GO Bonds |
5.00% | 11/01/2025 | 250 | 260,008 | ||||||||||||
California (State of), Series 2020, GO Bonds |
4.00% | 11/01/2050 | 30 | 29,310 | ||||||||||||
California (State of), Series 2021, Ref. GO Bonds |
5.00% | 10/01/2025 | 725 | 752,766 | ||||||||||||
California (State of), Series 2021, Ref. GO Bonds |
5.00% | 12/01/2025 | 410 | 427,135 | ||||||||||||
California (State of), Series 2022, GO Bonds |
5.00% | 09/01/2025 | 1,090 | 1,130,729 | ||||||||||||
California (State of) (Bid Group B), Series 2020, Ref. GO Bonds |
5.00% | 11/01/2025 | 1,000 | 1,040,031 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB |
5.00% | 12/01/2025 | 20 | 20,444 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB |
5.00% | 12/01/2025 | 50 | 52,079 | ||||||||||||
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB(a) |
5.00% | 10/01/2025 | 100 | 104,014 | ||||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB |
5.00% | 11/15/2029 | 500 | 519,482 | ||||||||||||
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB |
5.00% | 08/15/2054 | 500 | 508,406 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(a)(b) |
5.00% | 08/15/2025 | 100 | 103,777 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b) |
3.25% | 11/15/2025 | 40 | 40,257 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b) |
5.00% | 11/15/2025 | 20 | 20,879 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b) |
5.00% | 11/15/2025 | 230 | 240,114 | ||||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b) |
5.00% | 11/15/2025 | 500 | 521,987 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a) |
5.00% | 07/01/2025 | 120 | 124,109 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b) |
5.00% | 02/01/2025 | 200 | 205,235 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b) |
5.00% | 02/01/2025 | 60 | 61,570 | ||||||||||||
California (State of) Public Works Board, Series 2015 F, Ref. RB |
5.00% | 05/01/2027 | 150 | 154,706 | ||||||||||||
California (State of) Public Works Board, Series 2017 B, Ref. RB |
5.00% | 10/01/2025 | 125 | 129,889 | ||||||||||||
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB |
5.00% | 12/01/2025 | 300 | 312,802 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2027 | 100 | 104,211 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2031 | 150 | 155,895 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2038 | 1,000 | 1,030,501 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2043 | 660 | 676,301 | ||||||||||||
California State University, Series 2015 A, Ref. RB |
5.00% | 11/01/2047 | 50 | 51,165 | ||||||||||||
Chino Basin Regional Financing Authority, Series 2020 B, RN |
4.00% | 11/01/2025 | 200 | 203,246 | ||||||||||||
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB |
5.00% | 09/01/2033 | 100 | 82,692 | ||||||||||||
East Bay Municipal Utility District, Series 2015 A, Ref. RB |
5.00% | 06/01/2029 | 50 | 51,809 | ||||||||||||
Long Beach (City of), CA, Series 2020, Ref. RB |
5.00% | 05/15/2025 | 30 | 30,968 | ||||||||||||
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB |
5.00% | 05/15/2038 | 75 | 76,950 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB |
5.00% | 07/01/2028 | 65 | 66,723 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB |
5.00% | 07/01/2029 | 45 | 46,174 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB |
5.00% | 07/01/2035 | 40 | 40,954 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB |
5.00% | 07/01/2025 | 1,000 | 1,034,965 | ||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB |
5.00% | 06/01/2025 | 215 | 222,307 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB |
5.00% | 12/01/2045 | 200 | 204,996 | ||||||||||||
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB |
5.00% | 10/01/2034 | 400 | 414,755 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
214 | ||||
|
| |||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds |
5.00% | 08/01/2025 | $ | 90 | $ | 93,434 | ||||||||||
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds |
5.00% | 07/01/2025 | 1,020 | 1,035,726 | ||||||||||||
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds |
5.00% | 07/01/2025 | 40 | 41,399 | ||||||||||||
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds |
5.00% | 07/01/2025 | 85 | 87,972 | ||||||||||||
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP |
5.00% | 10/01/2025 | 250 | 258,759 | ||||||||||||
Los Rios Community College District, Series 2021 E, GO Bonds |
3.00% | 08/01/2025 | 50 | 49,745 | ||||||||||||
Metropolitan Water District of Southern California, Series 2015 A, RB(a)(b) |
5.00% | 07/01/2025 | 500 | 518,475 | ||||||||||||
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB |
5.00% | 07/01/2025 | 250 | 258,876 | ||||||||||||
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB |
5.00% | 11/01/2025 | 100 | 104,003 | ||||||||||||
Orange (County of), CA Local Transportation Authority, Series 2019, RB |
5.00% | 02/15/2025 | 40 | 41,055 | ||||||||||||
Orange (County of), CA Water District, Series 2021 A, COP |
4.00% | 02/15/2025 | 50 | 50,615 | ||||||||||||
Peralta Community College District, Series 2016 A, Ref. GO Bonds |
4.00% | 08/01/2039 | 20 | 19,684 | ||||||||||||
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)(b) |
4.13% | 11/01/2025 | 105 | 107,545 | ||||||||||||
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)(b) |
5.25% | 11/01/2025 | 80 | 83,804 | ||||||||||||
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB |
5.00% | 08/15/2025 | 100 | 103,840 | ||||||||||||
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB |
4.00% | 11/01/2025 | 165 | 168,015 | ||||||||||||
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP |
5.00% | 10/01/2025 | 20 | 20,770 | ||||||||||||
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB |
5.00% | 08/01/2025 | 10 | 10,357 | ||||||||||||
San Diego (County of), CA Water Authority, Series 2015, Ref. RB |
5.00% | 05/01/2029 | 100 | 103,302 | ||||||||||||
San Diego Community College District, Series 2016, Ref. GO Bonds |
5.00% | 08/01/2025 | 10 | 10,366 | ||||||||||||
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds |
5.00% | 07/01/2025 | 120 | 124,174 | ||||||||||||
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds |
5.00% | 07/01/2027 | 25 | 25,896 | ||||||||||||
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds |
5.00% | 07/01/2028 | 65 | 67,311 | ||||||||||||
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds |
5.00% | 07/01/2045 | 75 | 76,484 | ||||||||||||
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds |
5.00% | 06/15/2025 | 10 | 10,351 | ||||||||||||
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP |
5.00% | 04/01/2029 | 25 | 26,041 | ||||||||||||
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP |
3.00% | 04/01/2031 | 115 | 113,083 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB |
5.00% | 11/01/2027 | 250 | 257,979 | ||||||||||||
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB |
5.00% | 07/01/2025 | 100 | 103,371 | ||||||||||||
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB |
5.00% | 07/01/2028 | 115 | 118,882 | ||||||||||||
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds |
5.00% | 08/01/2029 | 65 | 67,325 | ||||||||||||
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds |
4.00% | 08/01/2035 | 150 | 150,919 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b) |
5.00% | 01/15/2025 | 1,100 | 1,128,989 | ||||||||||||
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB |
5.00% | 08/01/2025 | 100 | 103,345 | ||||||||||||
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB |
5.00% | 08/01/2025 | 115 | 119,236 | ||||||||||||
San Mateo County Transit District, Series 2015 A, Ref. RB |
5.00% | 06/01/2029 | 1,000 | 1,034,107 | ||||||||||||
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB |
3.00% | 05/15/2034 | 250 | 231,295 | ||||||||||||
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB |
5.00% | 04/01/2025 | 500 | 515,788 | ||||||||||||
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds |
4.00% | 09/01/2037 | 25 | 24,849 | ||||||||||||
University of California, Series 2022 S, Ref. RB |
5.00% | 05/15/2025 | 305 | 314,633 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB |
5.00% | 05/15/2025 | 30 | 30,947 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB |
5.00% | 05/15/2029 | 40 | 41,279 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB |
5.00% | 05/15/2030 | 120 | 123,763 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB |
5.00% | 05/15/2032 | 60 | 61,815 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB |
5.00% | 05/15/2040 | 65 | 66,360 | ||||||||||||
Ventura County Community College District, Series 2015, Ref. GO Bonds |
3.13% | 08/01/2031 | 150 | 149,445 | ||||||||||||
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2025 | 20 | 20,756 | ||||||||||||
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)(b) |
5.00% | 08/01/2025 | 40 | 41,511 | ||||||||||||
|
|
|||||||||||||||
28,834,227 | ||||||||||||||||
|
|
|||||||||||||||
Colorado-0.77% |
||||||||||||||||
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds |
5.00% | 12/01/2040 | 10 | 10,244 | ||||||||||||
Adams (County of), CO , Series 2015, Ref. COP |
4.00% | 12/01/2045 | 35 | 32,441 | ||||||||||||
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds |
5.00% | 12/15/2025 | 25 | 26,021 | ||||||||||||
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds |
5.00% | 12/15/2031 | 50 | 51,864 | ||||||||||||
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds |
5.00% | 12/01/2025 | 25 | 25,973 | ||||||||||||
Board of Governors of Colorado State University System, Series 2015 A, RB |
4.13% | 03/01/2055 | 350 | 327,434 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
215 | ||||
|
| |||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Colorado-(continued) |
||||||||||||||||
Colorado (State of), Series 2021 A, COP |
5.00% | 12/15/2025 | $ | 80 | $ | 82,999 | ||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB |
5.00% | 01/01/2025 | 200 | 203,816 | ||||||||||||
Colorado (State of) Regional Transportation District, Series 2015, COP |
5.00% | 06/01/2027 | 165 | 169,448 | ||||||||||||
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds |
5.00% | 12/01/2025 | 150 | 153,077 | ||||||||||||
University of Colorado, Series 2017 A-2, Ref. RB |
5.00% | 06/01/2025 | 190 | 195,610 | ||||||||||||
|
|
|||||||||||||||
1,278,927 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-2.82% |
||||||||||||||||
Connecticut (State of), Series 2015 A, GO Bonds |
5.00% | 03/15/2027 | 200 | 205,021 | ||||||||||||
Connecticut (State of), Series 2015 A, GO Bonds |
5.00% | 03/15/2028 | 210 | 215,114 | ||||||||||||
Connecticut (State of), Series 2015 B, GO Bonds |
5.00% | 06/15/2025 | 50 | 51,581 | ||||||||||||
Connecticut (State of), Series 2015 F, GO Bonds |
5.00% | 11/15/2027 | 135 | 140,002 | ||||||||||||
Connecticut (State of), Series 2015 F, GO Bonds |
3.25% | 11/15/2029 | 200 | 198,081 | ||||||||||||
Connecticut (State of), Series 2020 A, GO Bonds |
5.00% | 01/15/2025 | 1,000 | 1,023,295 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
4.00% | 01/15/2025 | 105 | 106,060 | ||||||||||||
Connecticut (State of), Series 2021 D, RB |
5.00% | 11/01/2025 | 1,000 | 1,036,428 | ||||||||||||
Connecticut (State of), Series 2022 D, Ref. GO Bonds |
5.00% | 09/15/2025 | 100 | 103,400 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, Ref. RB |
5.00% | 09/01/2025 | 500 | 507,619 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB |
5.00% | 08/01/2028 | 300 | 309,252 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB |
5.00% | 08/01/2029 | 80 | 82,502 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB |
5.00% | 08/01/2033 | 95 | 97,730 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB |
5.00% | 08/01/2034 | 250 | 256,993 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB |
5.00% | 08/01/2035 | 40 | 40,974 | ||||||||||||
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB |
5.00% | 01/01/2025 | 75 | 76,617 | ||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB |
5.00% | 07/01/2025 | 250 | 258,157 | ||||||||||||
|
|
|||||||||||||||
4,708,826 | ||||||||||||||||
|
|
|||||||||||||||
Delaware-0.31% |
||||||||||||||||
Delaware (State of), Series 2017 A, Ref. GO Bonds |
5.00% | 01/01/2025 | 200 | 204,572 | ||||||||||||
Delaware (State of), Series 2020 A, GO Bonds |
5.00% | 01/01/2025 | 300 | 306,858 | ||||||||||||
|
|
|||||||||||||||
511,430 | ||||||||||||||||
|
|
|||||||||||||||
District of Columbia-1.13% |
||||||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2028 | 10 | 10,260 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2029 | 10 | 10,256 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2030 | 100 | 102,530 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2032 | 1,000 | 1,024,280 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2034 | 50 | 51,155 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2036 | 150 | 153,209 | ||||||||||||
District of Columbia, Series 2015 A, GO Bonds |
5.00% | 06/01/2038 | 100 | 102,021 | ||||||||||||
District of Columbia, Series 2017 D, GO Bonds |
5.00% | 06/01/2025 | 5 | 5,145 | ||||||||||||
District of Columbia, Series 2018 B, Ref. GO Bonds |
5.00% | 06/01/2025 | 275 | 282,978 | ||||||||||||
District of Columbia, Series 2019 A, RB |
5.00% | 03/01/2025 | 35 | 35,875 | ||||||||||||
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB |
5.00% | 10/01/2025 | 50 | 50,841 | ||||||||||||
District of Columbia Water & Sewer Authority (Green Bonds), Series 2015 A, RB |
5.00% | 10/01/2045 | 60 | 60,870 | ||||||||||||
|
|
|||||||||||||||
1,889,420 | ||||||||||||||||
|
|
|||||||||||||||
Florida-3.91% |
||||||||||||||||
Broward (County of), FL School Board, Series 2015 A, Ref. COP |
5.00% | 07/01/2025 | 70 | 71,858 | ||||||||||||
Broward (County of), FL School Board, Series 2015 B, Ref. COP |
5.00% | 07/01/2030 | 165 | 168,900 | ||||||||||||
Central Florida Expressway Authority, Series 2016 B, Ref. RB |
5.00% | 07/01/2025 | 25 | 25,730 | ||||||||||||
Citizens Property Insurance, Inc., Series 2015 A-1, RB |
5.00% | 06/01/2025 | 155 | 157,716 | ||||||||||||
Florida (State of), Series 2015 E, Ref. GO Bonds |
4.00% | 06/01/2032 | 135 | 136,209 | ||||||||||||
Florida (State of), Series 2016 A, Ref. RB |
5.00% | 07/01/2025 | 45 | 46,339 | ||||||||||||
Florida (State of), Series 2017 A, Ref. RB |
5.00% | 07/01/2025 | 505 | 520,028 | ||||||||||||
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB |
5.00% | 07/01/2025 | 500 | 506,770 | ||||||||||||
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB |
5.00% | 07/01/2025 | 65 | 66,923 | ||||||||||||
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB |
5.00% | 07/01/2025 | 85 | 87,590 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
216 | ||||
|
| |||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2023
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Florida-(continued) |
||||||||||||||||
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB |
5.00% | 10/01/2025 | $ | 55 | $ | 56,682 | ||||||||||
Florida Keys Aqueduct Authority, Series 2019 A, RB |
5.00% | 09/01/2049 | 975 | 988,859 | ||||||||||||
Florida Keys Aqueduct Authority, Series 2021 B, RB |
5.00% | 09/01/2025 | 100 | 103,345 | ||||||||||||
FSU Financial Assistance, Inc., Series 2015 A, RB |
4.25% | 10/01/2045 | 50 | 46,487 | ||||||||||||
Gainesville (City of), FL, Series 2017 A, RB(a) |
5.00% | 10/01/2025 | 10 | 10,332 | ||||||||||||
Gainesville (City of), FL, Series 2017 A, RB |
5.00% | 10/01/2025 | 40 | 41,328 | ||||||||||||
Hillsborough (County of), FL, Series 2015, RB |
3.75% | 10/01/2045 | 200 | 180,202 | ||||||||||||
Hillsborough (County of), FL, Series 2015, Ref. RB |
5.00% | 11/01/2025 | 130 | 134,488 | ||||||||||||
Jacksonville (City of), FL, Series 2015, Ref. RB |
5.00% | 10/01/2027 | 75 | 77,032 | ||||||||||||
Jacksonville (City of), FL, Series 2015, Ref. RB |
5.00% | 10/01/2029 | 30 | 30,831 | ||||||||||||
Jacksonville (City of), FL, Series 2015, Ref. RB |
3.25% | 10/01/2032 | 100 | 98,019 | ||||||||||||
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)(c) |
5.00% | 06/01/2031 | 100 | 101,797 | ||||||||||||
Lee (County of), FL, Series 2015, Ref. RB |
5.00% | 10/01/2033 | 45 | 46,198 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP |
5.00% | 05/01/2025 | 45 | 46,211 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP |
5.00% | 05/01/2028 | 200 | 204,086 | ||||||||||||
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP |
5.00% | 05/01/2030 | 125 | 127,473 | ||||||||||||
Miami Beach (City of), FL, Series 2015, RB |
4.00% | 09/01/2045 | 260 | 249,133 | ||||||||||||
Miami Beach (City of), FL, Series 2015, RB |
5.00% | 09/01/2045 | 210 | 210,513 | ||||||||||||
Miami-Dade (County of), FL, Series 2014 B, Ref. RB |
5.00% | 10/01/2025 | 665 | 673,519 | ||||||||||||
Miami-Dade (County of), FL, Series 2017 A, RB |
5.00% | 10/01/2032 | 410 | 420,037 | ||||||||||||
Miami-Dade (County of), FL, Series 2017 A, RB |
5.00% | 10/01/2034 | 10 | 10,225 | ||||||||||||
Miami-Dade (County of), FL, Series 2017 B, Ref. RB |
5.00% | 10/01/2030 | 55 | 56,413 | ||||||||||||
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB |
5.00% | 04/01/2040 | 15 | 15,172 | ||||||||||||
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB |
5.00% | 04/01/2045 | 185 | 186,573 | ||||||||||||
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)(b) |
5.00% | 08/01/2025 | 40 | 41,323 | ||||||||||||
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)(b) |
5.00% | 08/01/2025 | 35 | 36,158 | ||||||||||||
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB |
5.00% | 10/01/2025 | 85 | 88,013 | ||||||||||||
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB |
5.00% | 10/01/2028 | 100 | 102,423 | ||||||||||||
Palm Beach County School District, Series 2015 D, Ref. COP |
5.00% | 08/01/2027 | 40 | 41,057 | ||||||||||||
Palm Beach County School District, Series 2015 D, Ref. COP |
5.00% | 08/01/2030 | 220 | 225,444 | ||||||||||||
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB |
5.00% | 10/01/2025 | 65 | 67,198 | ||||||||||||
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB(a)(b) |
5.00% | 04/15/2025 | 15 | 15,380 | ||||||||||||
|
|
|||||||||||||||
6,520,014 | ||||||||||||||||
|
|
|||||||||||||||
Georgia-2.93% |
||||||||||||||||
Atlanta (City of), GA, Series 2014 A, Ref. RB |
5.00% | 01/01/2025 | 1,000 | 1,005,144 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB(a)(b) |
5.00% | 05/01/2025 | 25 | 25,693 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2025 | 35 | 35,895 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2028 | 700 | 720,245 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2031 | 20 | 20,590 | ||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB |
5.00% | 11/01/2040 | 475 | 484,134 | ||||||||||||
Forsyth (County of), GA, Series 2019, GO Bonds |
5.00% | 09/01/2025 | 60 | 62,101 | ||||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)(b) |
5.25% | 02/15/2025 | 100 | 102,683 | ||||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)(b) |
5.50% | 02/15/2025 | 100 | 103,032 | ||||||||||||
Georgia (State of), Series 2016 C-1, Ref. GO Bonds |
4.00% | 07/01/2025 | 140 | 142,009 | ||||||||||||
Georgia (State of), Series 2017 A-1, GO Bonds |
5.00% | 02/01/2025 | 10 | 10,244 | ||||||||||||
Georgia (State of), Series 2018 A, GO Bonds |
5.00% | 07/01/2025 | 50 | 51,595 | ||||||||||||
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds |
4.00% | 07/01/2025 | 600 | 608,609 | ||||||||||||
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds |
5.00% | 02/01/2027 | 370 | 378,420 | ||||||||||||
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB |
4.13% | 06/15/2040 | 50 | 46,975 | ||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB |
5.00% | 07/01/2060 | 175 | 174,976 | ||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB |
5.50% | 07/01/2060 | 100 | 100,679 | ||||||||||||
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB |
5.00% | 06/01/2025 | 50 | 51,468 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
217 | ||||
|
| |||