LOGO      

 

Invesco Annual Report to Shareholders

August 31, 2023

 

 

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


 

 

Table of Contents

 

The Market Environment

     3  

Management’s Discussion of Fund Performance

     4  

Liquidity Risk Management Program

     88  

Schedules of Investments

  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

     89  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

     92  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

     99  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

     107  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

     115  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

     123  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

     130  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

     136  

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

     142  

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

     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  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

     189  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

     196  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

     213  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

     230  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

     252  

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

     271  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

     287  

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

     299  

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

     310  

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

     319  

Statements of Assets and Liabilities

     326  

Statements of Operations

     332  

Statements of Changes in Net Assets

     338  

Financial Highlights

     348  

Notes to Financial Statements

     376  

Report of Independent Registered Public Accounting Firm

     394  

Fund Expenses

     396  

Tax Information

     399  

Trustees and Officers

     401  

Approval of Investment Advisory Contracts

     411  

 

   2   

 

 

 

 


 

 

The Market Environment

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.

 

 

   3   

 

 

 

 


 

 

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
 
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  

 

 

  4  

 


 

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

 

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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  

 

 

  5  

 


 

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.

 

 

  6  

 


 

 

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  

 

 

  7  

 


 

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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  

 


 

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  

 


 

 

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  

 


 

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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*
(% of the Fund’s Net Assets)

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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.

 

 

  21  

 


 

 

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

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

 

 

LOGO

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

 

 

LOGO

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

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%).

 

 

  52  

 


 

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

 

 

LOGO

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

 

 

 

  53  

 


 

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.

 

 

  54  

 


 

 

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%).

 

 

  55  

 


 

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

 

 

LOGO

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  

 

 

 

  56  

 


 

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.

 

 

  57  

 


 

 

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%).

 

 

  58  

 


 

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  

 

 

  59  

 


 

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

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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.

 

 

  60  

 


 

 

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%).

 

 

  61  

 


 

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  

 

 

  62  

 


 

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

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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  

 


 

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

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

 

 

LOGO

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

 

 

LOGO

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

 

 

LOGO

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

Schedule of Investments(a)

 

     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
(Cost $1,413,033,062)

 

     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
(Cost $811,566,920)

        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,
Institutional Class, 5.25%(c)(d)
(Cost $20,478,188)

       20,478,188      $    20,478,188
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.37%
(Cost $2,245,078,170)

 

       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
(Cost $3,922,625,883)

 

     3,840,515,538  
     

 

 

 
     Shares         

Money Market Funds-0.43%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $16,589,150)

     16,589,150        16,589,150  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.09%
(Cost $3,939,215,033)

 

     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
(Cost $173,363,561)

 

     173,366,794  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.54%
(Cost $4,112,578,594)

 

     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
(Cost $2,911,928,101)

 

     2,819,432,293  
     

 

 

 
     Shares         

Money Market Funds-0.00%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $96,692)

     96,692        96,692  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.04%
(Cost $2,912,024,793)

 

     2,819,528,985  
     

 

 

 

     Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-8.62%

 

  

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $245,367,690)

 

     245,375,069  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-107.66%
(Cost $3,157,392,483)

 

     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
(Cost $2,054,195,479)

 

     1,964,662,112  
     

 

 

 
     Shares         

Money Market Funds-0.02%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $391,146)

     391,146        391,146  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.12%
(Cost $2,054,586,625)

 

     1,965,053,258  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.78%

     

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $213,690,711)

 

     213,691,629  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-109.90%
(Cost $2,268,277,336)

 

     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
(Cost $1,101,114,396)

        1,051,761,172  
     

 

 

 
     Shares         

Money Market Funds-0.00%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $53,994)

     53,994        53,994  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.99%
(Cost $1,101,168,390)

 

     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
(Cost $207,265,276)

 

     207,268,581  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-118.50%
(Cost $1,308,433,666)

 

     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.,
Series A, 3.80%, 04/01/2028

     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
(Cost $746,413,336)

 

     712,280,468  
     

 

 

 
     Shares         

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $70,749)

     70,749        70,749  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.88%
(Cost $746,484,085)

        712,351,217  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-22.35%

 

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $161,050,442)

 

     161,053,854  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.23%
(Cost $907,534,527)

 

     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
(Cost $412,663,788)

 

     389,672,435  
     

 

 

 
     Shares      Value  

Money Market Funds-0.03%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $133,085)

     133,085      $ 133,085  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.80%
(Cost $412,796,873)

        389,805,520  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.84%

 

  

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $54,575,781)

 

     54,576,909  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.64%
(Cost $467,372,654)

 

     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
(Cost $270,097,669)

 

     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
(excluding investments purchased with cash collateral from securities on loan)-99.11%
(Cost $270,140,254)

 

     255,085,638  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-17.10%

 

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $44,021,413)

 

     44,022,074  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-116.21%
(Cost $314,161,667)

 

     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
(Cost $199,230,992)

 

     192,190,447  
     

 

 

 
      Shares        Value   

Money Market Funds-0.02%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $42,663)

     42,663      $ 42,663  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.09%
(Cost $199,273,655)

 

     192,233,110  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.72%

 

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $3,329,384)

 

     3,329,436  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.81%
(Cost $202,603,039)

 

     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
(Cost $142,693,181)

 

     141,093,360  
     

 

 

 
     Shares      Value  

Money Market Funds-0.05%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $67,027)

     67,027      $ 67,027  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.70%
(Cost $142,760,208)

 

     141,160,387  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.84%

 

Invesco Private Government Fund,
5.30%(c)(d)(e)

     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
(Cost $4,062,731)

 

     4,062,719  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.54%
(Cost $146,822,939)

 

     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
(Cost $406,555,139)

 

     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
(Cost $115,081,124)

 

     114,705,082  
     

 

 

 
     Shares         

Money Market Funds-2.07%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)
(Cost $11,078,891)

     11,078,891        11,078,891  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.71%
(Cost $532,715,154)

 

     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)
(Cost $23,700,787)

       23,700,787        23,700,787
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.41%
(Cost $649,643,751)

 

       642,557,883
         

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.55%

 

Invesco Private Government Fund,
5.30%(e)(f)(g)

       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
(Cost $42,729,683)

 

       42,729,635
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.96%
(Cost $692,373,434)

 

       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%,
10/15/2025(b)(c)

       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
Co-Issuer, 7.50%, 06/01/2025(b)

       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
(Cost $1,084,783,760)

 

       1,078,168,451
         

 

 

 
     Shares     

Money Market Funds-3.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)
(Cost $34,363,349)

       34,363,349        34,363,349
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-97.93%
(Cost $1,119,147,109)

 

       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,
5.30%(d)(e)(f)

       25,736,260      $ 25,736,260

Invesco Private Prime Fund,
5.51%(d)(e)(f)

       66,178,954        66,178,954
         

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $91,914,880)

            91,915,214
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.02%
(Cost $1,211,061,989)

 

       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%,
09/01/2026(b)(c)

       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%,
01/01/2031(b)(c)

       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%,
07/15/2026(b)(c)

       1,950,000        1,785,992

Sirius XM Radio, Inc., 3.13%,
09/01/2026(b)(c)

       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%,
08/15/2026(b)(c)

     $  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
(Cost $303,973,970)

 

       294,779,158
         

 

 

 
     Shares     

Money Market Funds-1.46%

         

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(e)(f)
(Cost $4,437,939)

       4,437,939        4,437,939
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.36%
(Cost $308,411,909)

 

       299,217,097
         

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-21.21%

 

Invesco Private Government Fund,
5.30%(e)(f)(g)

       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
(Cost $64,518,930)

 

       64,520,368
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-119.57%
(Cost $372,930,839)

 

       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%,
03/01/2027(b)(c)

     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;
Cost $626,537)(b)(e)

     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
(Cost $107,269,045)

        103,757,166  
     

 

 

 
     Shares         

Money Market Funds-0.73%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(f)(g)
(Cost $775,448)

     775,448        775,448  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.33%
(Cost $108,044,493)

        104,532,614  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-26.01%

 

  

Invesco Private Government Fund,
5.30%(f)(g)(h)

     7,741,004        7,741,004  

Invesco Private Prime Fund,
5.51%(f)(g)(h)

     19,905,247        19,905,247  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $27,646,251)

 

     27,646,251  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-124.34%
(Cost $135,690,744)

 

     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%,
09/01/2028(b)(c)

       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%,
02/01/2028(b)(c)

       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
(Cost $65,808,694)

 

     63,298,511  
     

 

 

 
     Shares      Value  

Money Market Funds-1.00%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)
(Cost $648,228)

     648,228      $ 648,228  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.33%
(Cost $66,456,922)

        63,946,739  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-18.33%

     

Invesco Private Government Fund,
5.30%(d)(e)(f)

     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
(Cost $11,924,278)

        11,924,228  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-116.66%
(Cost $78,381,200)

 

     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
(Cost $21,118,627)

 

       19,866,769
         

 

 

 
    
Shares
   Value

Money Market Funds-0.68%

         

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(e)(f)
(Cost $137,190)

       137,190      $ 137,190
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.40%
(Cost $21,255,817)

 

       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
(Cost $83,383)

 

       83,377
         

 

 

 

TOTAL INVESTMENTS IN SECURITIES-98.81%
(Cost $21,339,200)

 

       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
(Cost $12,063,042)

 

       12,078,825
         

 

 

 
       Shares      

Money Market Funds-0.45%

         

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(c)(d)
(Cost $56,115)

       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,
(LOC - Bank of America, N.A.)(c)(d)

     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),
Series 2013 E, RB(a)(e)

     5.00%       11/01/2023        200        200,412  

Massachusetts (Commonwealth of) Development Finance Agency (Olin College),
Series 2013 E, RB(a)(e)

     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,
(LOC - Sumitomo Mitsui Banking Corp.)(c)(d)

     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),
Series 2013 A, RB

     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,
(CEP - Colorado Higher Education Intercept Program)

     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.
RB(a)(e)

     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,
(CEP - Oregon School Bond Guaranty)

     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,
(CEP - GNMA)(c)

     4.01%       12/01/2050        5,000        5,000,000  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(g)-93.79%
(Cost $132,253,895)

             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.
RB(a)(b)

     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,
(CEP - Oregon School Bond Guaranty)

     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.
RB(a)(b)

     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,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       11/01/2024        50        50,966  

Tennessee (State of) School Bond Authority, Series 2015 B, RB,
(CEP - Colorado Higher Education Intercept Program)

     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,
(CEP - Texas Permanent School Fund)

     5.00%       08/15/2024        40        40,648  

Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2030        1,000        1,002,655  

Houston Independent School District, Series 2014, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2033        10        10,019  

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2024        15        15,110  

Houston Independent School District, Series 2017, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2024        105        105,767  

Irving Independent School District, Series 2015 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Texas Permanent School Fund)

     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,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       02/01/2024        80        80,555  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     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,
(CEP - Colorado Higher Education Intercept Program)

     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,
(CEP - Oregon School Bond Guaranty)

     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%
(Cost $193,741,852)

             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   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Georgia-(continued)

          

Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB

     4.00%       08/01/2025      $ 500      $ 507,091  

Gwinnett County School District, Series 2015, Ref. GO Bonds

     5.00%       02/01/2031        55        56,772  

Gwinnett County School District, Series 2015, Ref. GO Bonds

     5.00%       02/01/2035        30        30,887  

Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB

     5.00%       09/01/2025        170        175,953  
          

 

 

 
               4,895,195  
          

 

 

 

Hawaii-1.08%

          

Hawaii (State of), Series 2015 EZ, Ref. GO Bonds(a)(b)

     5.00%       10/01/2025        150        155,134  

Hawaii (State of), Series 2016 FE, Ref. GO Bonds

     5.00%       10/01/2025        130        134,634  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

     5.00%       10/01/2025        20        20,713  

Honolulu (City & County of), HI, Series 2015 A, GO Bonds

     5.00%       10/01/2038        50        51,054  

Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds

     5.00%       10/01/2027        250        259,001  

Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds

     5.00%       10/01/2028        195        201,822  

Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds

     5.00%       10/01/2029        110        113,826  

Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds

     5.00%       10/01/2030        75        77,532  

Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)(b)

     5.00%       07/01/2025        15        15,460  

Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)(b)

     5.00%       07/01/2025        5        5,153  

Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds

     5.00%       10/01/2027        400        414,401  

Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds

     5.00%       10/01/2029        30        31,043  

Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds

     4.00%       10/01/2032        50        50,480  

Honolulu (City & County of), HI, Series 2015, Ref. RB

     3.50%       07/01/2033        75        74,878  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds

     5.00%       03/01/2025        200        204,886  
          

 

 

 
             1,810,017  
          

 

 

 

Illinois-6.04%

          

Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)(c)

     4.00%       01/01/2038        105        102,425  

Chicago (City of), IL, Series 2004, Ref. RB

     5.00%       11/01/2025        300        308,404  

Chicago (City of), IL, Series 2005 D, Ref. GO Bonds

     5.50%       01/01/2040        105        106,184  

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2029        25        25,402  

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2030        25        25,389  

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2031        725        735,958  

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2032        235        238,564  

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2033        135        137,021  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2025        25        25,474  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds

     5.00%       12/01/2025        1,020        1,055,235  

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       11/15/2025        50        51,517  

Cook (County of), IL, Series 2022 A, Ref. GO Bonds

     5.00%       11/15/2025        25        25,758  

Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds

     4.00%       12/30/2025        105        106,623  

Illinois (State of), Series 2017 D, GO Bonds

     5.00%       11/01/2025        75        76,984  

Illinois (State of), Series 2020 B, GO Bonds

     5.00%       10/01/2025        25        25,635  

Illinois (State of), Series 2020 D, GO Bonds

     5.00%       10/01/2025        45        46,143  

Illinois (State of), Series 2021 A, GO Bonds

     5.00%       03/01/2025        1,485        1,512,064  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     5.00%       02/15/2025        475        485,159  

Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB

     5.00%       11/15/2035        750        761,431  

Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB

     4.13%       11/15/2037        40        38,400  

Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB

     5.00%       11/15/2045        90        90,009  

Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB

     5.00%       11/15/2028        20        20,410  

Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB

     5.00%       08/15/2035        230        233,187  

Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB

     5.00%       10/01/2035        15        15,376  

Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB

     5.00%       10/01/2040        100        101,768  

Illinois (State of) Finance Authority (University of Chicago Medical), Series 2015 A, RB

     5.00%       10/01/2034        250        256,924  

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB

     5.00%       06/15/2053        250        250,085  

Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB

     5.00%       02/01/2029        20        20,496  

Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB

     4.00%       02/01/2033        230        228,972  

Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB

     4.00%       02/01/2034        45        44,584  

Illinois (State of) Toll Highway Authority, Series 2014 C, RB

     5.00%       01/01/2036        1,000        1,013,253  

Illinois (State of) Toll Highway Authority, Series 2014 C, RB

     5.00%       01/01/2039        10        10,116  

 

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

 

   218   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Illinois (State of) Toll Highway Authority, Series 2015 A, RB

     5.00%       01/01/2036      $ 1,000      $ 1,018,109  

Illinois (State of) Toll Highway Authority, Series 2015 A, RB

     5.00%       01/01/2037        15        15,307  

Illinois (State of) Toll Highway Authority, Series 2015 A, RB

     5.00%       01/01/2040        270        273,313  

Sales Tax Securitization Corp., Series 2017 A, Ref. RB

     5.00%       01/01/2025        20        20,358  

Sales Tax Securitization Corp., Series 2021 A, Ref. RB

     5.00%       01/01/2025        45        45,806  

Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB

     4.00%       10/15/2040        120        114,229  

Springfield (City of), IL, Series 2015, Ref. RB

     5.00%       03/01/2028        20        20,279  

Springfield (City of), IL, Series 2015, Ref. RB

     5.00%       03/01/2029        190        192,760  

Springfield (City of), IL, Series 2015, Ref. RB

     5.00%       03/01/2031        20        20,299  

Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c)

     4.00%       03/01/2040        170        161,052  

Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c)

     5.00%       03/01/2040        30        30,431  
          

 

 

 
              10,086,893  
          

 

 

 

Indiana-0.92%

          

Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2015 A, Ref. RB(a)(b)

     4.00%       03/01/2025        80        80,662  

Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB

     5.00%       02/01/2025        300        307,311  

Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB

     4.00%       12/01/2040        560        540,962  

Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       12/01/2025        80        82,432  

Indiana University, Series 2015 A, Ref. RB

     4.00%       06/01/2042        500        482,390  

Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB

     5.00%       10/01/2025        45        46,485  
          

 

 

 
             1,540,242  
          

 

 

 

Iowa-0.03%

          

Iowa (State of), Series 2016 A, Ref. RB

     5.00%       06/01/2025        25        25,674  

Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB

     5.00%       08/01/2025        20        20,650  
          

 

 

 
             46,324  
          

 

 

 

Kansas-0.36%

          

Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB

     5.00%       09/01/2025        25        25,763  

Kansas (State of) Department of Transportation, Series 2015, RB

     5.00%       09/01/2025        85        87,777  

Kansas (State of) Department of Transportation, Series 2015, RB

     5.00%       09/01/2027        55        56,819  

Kansas (State of) Department of Transportation, Series 2015, RB

     5.00%       09/01/2029        145        149,794  

Kansas (State of) Department of Transportation, Series 2015, RB

     5.00%       09/01/2033        200        206,067  

Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds

     4.00%       10/01/2025        20        20,295  

University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB

     5.00%       09/01/2045        50        50,295  
          

 

 

 
             596,810  
          

 

 

 

Kentucky-0.56%

          

Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RN

     5.00%       09/01/2025        100        101,503  

Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN

     5.00%       11/01/2025        400        412,380  

Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB

     4.25%       07/01/2035        125        121,559  

Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(c)

     4.00%       09/01/2039        230        213,867  

Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB

     3.00%       05/15/2047        110        80,046  
          

 

 

 
             929,355  
          

 

 

 

Louisiana-1.63%

          

East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)(b)

     5.00%       02/01/2025        335        343,071  

Louisiana (State of), Series 2015 A, Ref. RB(a)(b)

     4.00%       05/01/2025        1,010        1,019,428  

Louisiana (State of), Series 2015 A, Ref. RB(a)(b)

     4.50%       05/01/2025        1,160        1,180,082  

Louisiana (State of), Series 2015 A, Ref. RB(a)(b)

     5.00%       05/01/2025        150        153,793  

New Orleans (City of), LA, Series 2015, RB(a)(b)

     5.00%       06/01/2025        25        25,751  
          

 

 

 
             2,722,125  
          

 

 

 

 

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

 

   219   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Maryland-1.65%

          

Maryland (State of), First series 2016, GO Bonds

     4.00%       06/01/2025      $ 400      $ 402,369  

Maryland (State of), Series 2015 A, GO Bonds

     2.75%       08/01/2025        500        490,224  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       03/15/2025        380        390,162  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2025        100        103,458  

Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB

     5.00%       10/01/2025        500        517,824  

Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB

     4.00%       05/15/2040        75        72,180  

Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB

     5.00%       07/01/2040        100        100,654  

Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB

     5.00%       07/01/2045        425        427,133  

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

     5.00%       07/01/2025        100        103,155  

Montgomery (County of), MD, Series 2016 A, GO Bonds

     5.00%       12/01/2025        150        152,820  
          

 

 

 
               2,759,979  
          

 

 

 

Massachusetts-3.23%

          

Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds

     5.00%       07/01/2029        35        36,096  

Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds

     5.00%       07/01/2030        40        41,263  

Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds

     4.50%       07/01/2034        85        86,581  

Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds

     5.00%       07/01/2036        150        153,891  

Massachusetts (Commonwealth of), Series 2015 C, GO Bonds

     5.00%       07/01/2045        110        111,743  

Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2025        45        46,436  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2025        50        51,595  

Massachusetts (Commonwealth of), Series 2016 E, GO Bonds

     4.00%       04/01/2033        145        145,598  

Massachusetts (Commonwealth of), Series 2016 E, GO Bonds

     3.00%       04/01/2044        295        235,935  

Massachusetts (Commonwealth of), Series 2016 E, GO Bonds

     4.00%       04/01/2046        220        213,838  

Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds

     5.00%       10/01/2025        560        581,218  

Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds

     5.00%       01/01/2025        50        51,143  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

     5.00%       11/01/2025        250        259,902  

Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB

     5.00%       06/01/2040        845        861,892  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB(a)(b)

     5.00%       07/01/2025        40        41,262  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB

     5.00%       07/01/2025        500        515,865  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB(a)

     4.00%       05/01/2025        230        232,147  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB

     4.00%       05/01/2025        20        20,254  

Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB

     5.00%       07/01/2044        710        712,244  

Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB

     5.00%       01/01/2035        275        277,288  

Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB

     5.00%       07/01/2045        100        101,584  

Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB(a)(b)

     5.00%       08/15/2025        70        72,416  

Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB

     5.00%       08/15/2027        30        30,953  

Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB

     5.00%       08/15/2029        200        206,603  

Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB

     5.00%       08/15/2037        200        204,827  

University of Massachusetts Building Authority, Series 2015 1, RB

     5.00%       11/01/2040        100        102,419  
          

 

 

 
             5,394,993  
          

 

 

 

Michigan-2.12%

          

Mattawan Consolidated School District, Series 2015 I, GO Bonds(a)(b)

     5.00%       05/01/2025        1,000        1,028,546  

Michigan (State of) (Garvee), Series 2016, Ref. RB

     5.00%       03/15/2025        500        511,567  

Michigan (State of) Building Authority, Series 2015 I, Ref. RB

     5.00%       04/15/2028        140        144,529  

Michigan (State of) Building Authority, Series 2015 I, Ref. RB

     5.00%       04/15/2029        25        25,758  

Michigan (State of) Building Authority, Series 2015 I, Ref. RB

     5.00%       04/15/2033        300        309,611  

Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB

     5.00%       04/15/2030        10        10,294  

Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB

     5.00%       04/15/2032        375        387,132  

Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB

     5.00%       04/15/2038        30        30,652  

Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB

     5.00%       10/15/2045        300        305,583  

Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB

     5.00%       11/01/2044        100        100,731  

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c)

     5.00%       07/01/2025        60        60,612  

 

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

 

   220   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Michigan-(continued)

          

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB

     5.00%       07/01/2034      $ 25      $ 25,526  

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 D-1, Ref. RB

     5.00%       07/01/2034        50        51,075  

Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)(b)

     5.00%       05/15/2025        55        56,560  

Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB

     5.00%       11/15/2045        45        45,003  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB

     5.00%       12/01/2025        35        35,984  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB

     5.50%       12/01/2027        350        361,431  

Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB

     5.25%       10/15/2040        50        51,522  
          

 

 

 
               3,542,116  
          

 

 

 

Minnesota-0.56%

          

Metropolitan Council, Series 2021 B, GO Bonds

     5.00%       12/01/2025        175        181,889  

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2025        50        51,078  

Minnesota (State of), Series 2015 A, GO Bonds

     5.00%       08/01/2029        225        232,109  

Minnesota (State of), Series 2015 D, Ref. GO Bonds

     5.00%       08/01/2025        45        46,497  

Minnesota (State of), Series 2015 D, Ref. GO Bonds

     5.00%       08/01/2027        5        5,167  

Minnesota (State of), Series 2016 D, Ref. GO Bonds

     5.00%       08/01/2025        20        20,665  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2025        65        67,162  

St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB

     5.00%       07/01/2028        300        305,752  

St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB

     5.00%       07/01/2032        30        30,519  
          

 

 

 
             940,838  
          

 

 

 

Mississippi-0.31%

          

Mississippi (State of), Series 2015 A, GO Bonds(a)(b)

     4.00%       10/01/2025        310        314,138  

Mississippi (State of), Series 2015 C, Ref. GO Bonds

     5.00%       10/01/2025        100        103,423  

Mississippi (State of), Series 2015 F, GO Bonds(a)(b)

     5.00%       11/01/2025        100        103,791  
          

 

 

 
             521,352  
          

 

 

 

Missouri-1.17%

          

Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB

     4.00%       02/01/2040        40        37,323  

Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB

     4.00%       05/15/2042        25        23,325  

Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB

     5.00%       05/01/2025        250        252,734  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB

     5.00%       12/01/2029        1,000        1,021,435  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB

     5.00%       12/01/2030        100        102,109  

Springfield (City of), MO, Series 2015, Ref. RB

     5.00%       08/01/2025        500        514,016  
          

 

 

 
             1,950,942  
          

 

 

 

Nebraska-0.87%

          

Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB

     4.13%       11/01/2036        65        64,432  

Gretna (City of), NE, Series 2022, COP

     5.00%       12/15/2025        100        101,746  

Lincoln (City of), NE, Series 2015 A, Ref. RB

     4.00%       09/01/2040        100        98,211  

Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB

     5.00%       02/01/2043        1,000        1,009,987  

Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB

     5.00%       01/01/2028        75        76,188  

University of Nebraska, Series 2015, RB(a)(b)

     4.00%       07/01/2025        100        101,222  
          

 

 

 
             1,451,786  
          

 

 

 

Nevada-0.51%

          

Clark (County of), NV, Series 2015, Ref. GO Bonds

     4.00%       11/01/2035        285        283,860  

Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB

     5.00%       07/01/2040        210        213,283  

Clark County School District, Series 2017 A, Ref. GO Bonds

     5.00%       06/15/2025        170        174,455  

Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds

     5.00%       06/01/2025        65        66,919  

Nevada (State of), Series 2015 B, Ref. GO Bonds

     5.00%       11/01/2025        115        118,177  
          

 

 

 
             856,694  
          

 

 

 

New Jersey-3.37%

          

Essex (County of), NJ, Series 2017, Ref. GO Bonds

     5.00%       08/01/2025        15        15,488  

 

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

 

   221   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New Jersey-(continued)

          

New Jersey (State of), Series 2013, GO Bonds

     3.00%       06/01/2025      $ 100      $ 99,028  

New Jersey (State of), Series 2014, GO Bonds(a)(b)

     5.00%       06/01/2025        300        308,755  

New Jersey (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2025        720        740,766  

New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)(c)

     5.50%       09/01/2025        90        93,531  

New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)

     5.00%       06/15/2025        400        412,979  

New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)

     5.00%       06/15/2025        50        51,622  

New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)

     5.00%       06/15/2025        55        56,785  

New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB

     5.00%       06/15/2025        460        471,096  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     5.00%       07/01/2025        200        205,558  

New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB

     5.00%       06/15/2025        270        272,892  

New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB

     5.25%       06/15/2031        100        102,799  

New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB

     4.75%       06/15/2038        135        136,412  

New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB

     5.00%       06/15/2045        260        261,706  

New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB

     5.00%       01/01/2025        70        71,545  

New Jersey (State of) Turnpike Authority, Series 2015 E, RB

     5.00%       01/01/2032        1,000        1,019,355  

New Jersey (State of) Turnpike Authority, Series 2015 E, RB

     5.00%       01/01/2045        1,285        1,300,482  

New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB

     5.00%       01/01/2025        5        5,110  
          

 

 

 
               5,625,909  
          

 

 

 

New Mexico-0.18%

          

Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB

     5.00%       07/01/2025        55        56,696  

New Mexico (State of) (Capital), Series 2015, GO Bonds(a)

     5.00%       03/01/2025        75        76,909  

New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015,
RB(a)(b)

     5.00%       08/01/2025        110        113,022  

New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB

     5.00%       07/01/2025        50        51,497  
          

 

 

 
             298,124  
          

 

 

 

New York-17.66%

          

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB

     5.00%       05/01/2025        100        102,903  

Metropolitan Transportation Authority, Series 2015 B, RB

     4.00%       11/15/2045        235        215,203  

Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB

     5.00%       11/15/2029        350        358,000  

Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)(c)

     5.00%       11/15/2033        70        71,868  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

     5.00%       11/15/2025        200        205,412  

Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB

     5.00%       11/15/2029        265        271,057  

Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB

     5.00%       11/15/2025        200        205,412  

Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB

     5.00%       11/15/2025        200        205,412  

New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB

     5.00%       05/01/2027        75        77,019  

New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB

     5.00%       05/01/2030        70        71,827  

New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB

     3.25%       05/01/2033        25        24,734  

New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB

     5.00%       05/01/2045        60        60,821  

New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB

     5.00%       10/15/2029        175        181,009  

New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB

     5.00%       10/15/2030        100        103,392  

New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB

     5.00%       10/15/2032        245        253,109  

New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB

     5.00%       10/15/2035        365        375,802  

New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB

     5.25%       10/15/2055        1,000        1,025,204  

New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB

     4.00%       12/01/2025        100        101,771  

New York (City of), NY, Series 2015 C, Ref. GO Bonds

     5.00%       08/01/2026        690        704,808  

New York (City of), NY, Series 2015 C, Ref. GO Bonds

     5.00%       08/01/2028        420        429,130  

New York (City of), NY, Series 2015 F-1, GO Bonds

     3.50%       06/01/2033        10        10,014  

New York (City of), NY, Series 2015 F-1, GO Bonds

     3.75%       06/01/2037        75        71,764  

New York (City of), NY, Series 2017 1, GO Bonds

     5.00%       08/01/2025        175        180,920  

New York (City of), NY, Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2025        200        206,765  

New York (City of), NY, Series 2019 E, Ref. GO Bonds

     5.00%       08/01/2025        110        113,721  

New York (City of), NY, Series 2020 C-1, Ref. GO Bonds

     5.00%       08/01/2025        500        516,913  

New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB(a)(b)

     5.00%       06/15/2025        20        20,628  

New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB

     5.00%       06/15/2029        90        92,657  

New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB

     5.00%       06/15/2039        460        469,184  

 

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

 

   222   

 

 

 

 


 

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(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 2015 GG, Ref. RB

     5.00%       06/15/2031      $ 170      $ 174,900  

New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB

     5.00%       06/15/2039        100        101,997  

New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB

     5.00%       06/15/2029        15        15,443  

New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB

     5.00%       06/15/2046        130        132,036  

New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB

     5.00%       06/15/2027        425        441,689  

New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB

     5.00%       06/15/2027        170        176,676  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

     5.00%       06/15/2025        410        422,965  

New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB

     5.00%       08/01/2031        300        308,521  

New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB

     5.00%       08/01/2037        85        86,988  

New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB

     5.00%       11/01/2027        200        205,025  

New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB

     5.00%       02/01/2032        185        188,766  

New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB

     5.00%       02/01/2033        400        408,032  

New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB

     5.00%       02/01/2041        330        334,722  

New York (City of), NY Transitional Finance Authority, Series 2015 S, RB

     5.00%       07/15/2027        300        309,185  

New York (City of), NY Transitional Finance Authority, Series 2015 S, RB

     5.00%       07/15/2034        35        36,014  

New York (City of), NY Transitional Finance Authority, Series 2015 S, RB

     5.00%       07/15/2035        25        25,482  

New York (City of), NY Transitional Finance Authority, Series 2015 S, RB

     5.00%       07/15/2040        1,200          1,220,646  

New York (City of), NY Transitional Finance Authority, Series 2015 S, RB

     5.00%       07/15/2041        200        203,261  

New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB

     5.00%       07/15/2028        610        623,636  

New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB

     5.00%       07/15/2040        355        359,340  

New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB

     5.00%       07/15/2035        500        513,393  

New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB(a)

     5.00%       07/15/2025        50        51,610  

New York (City of), NY Transitional Finance Authority, Series 2017, RB

     5.00%       11/01/2025        100        103,791  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2025        50        51,895  

New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB

     5.00%       08/01/2025        45        46,505  

New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB

     5.00%       11/01/2032        180        185,798  

New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB

     5.00%       11/01/2035        150        154,485  

New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB

     5.00%       11/01/2038        75        76,913  

New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)

     5.00%       03/15/2025        200        205,430  

New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       03/15/2025        450        461,811  

New York (State of) Dormitory Authority, Series 2015 A, Ref. RB

     5.00%       03/15/2030        100        102,239  

New York (State of) Dormitory Authority, Series 2015 A, Ref. RB

     5.00%       03/15/2032        85        86,839  

New York (State of) Dormitory Authority, Series 2015 A, Ref. RB

     5.00%       03/15/2033        1,000        1,021,338  

New York (State of) Dormitory Authority, Series 2015 B, RB(a)

     5.00%       02/15/2025        105        107,599  

New York (State of) Dormitory Authority, Series 2015 B, RB(a)(b)

     5.00%       02/15/2025        40        40,990  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       03/15/2030        245        252,504  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       03/15/2031        200        206,126  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       02/15/2032        1,000        1,020,396  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       03/15/2032        600        618,377  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       02/15/2033        650        663,074  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       03/15/2033        175        180,291  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       02/15/2034        435        443,380  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       03/15/2042        40        40,738  

New York (State of) Dormitory Authority, Series 2015 B, RB

     5.00%       02/15/2044        1,575        1,590,734  

New York (State of) Dormitory Authority, Series 2015 B, Ref. RB

     5.00%       02/15/2031        150        153,123  

New York (State of) Dormitory Authority, Series 2015 B, Ref. RB

     5.00%       03/15/2045        200        203,220  

New York (State of) Dormitory Authority, Series 2015 E, Ref. RB(a)(b)

     4.00%       09/15/2025        150        152,369  

New York (State of) Dormitory Authority, Series 2015 E, Ref. RB

     5.00%       03/15/2030        1,000        1,030,232  

New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)

     5.00%       02/15/2025        100        102,475  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       10/01/2025        100        103,463  

New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(c)

     5.00%       10/01/2025        200        207,089  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2025        100        102,629  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c)

     5.00%       10/01/2025        50        51,772  

New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB

     5.00%       07/01/2043        200        201,784  

New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB

     5.00%       07/01/2040        45        45,301  

New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB

     5.00%       07/01/2030        325        334,381  

New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB

     5.00%       07/01/2035        105        107,899  

 

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

 

   223   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Thruway Authority, Series 2014 K, Ref. RB

     5.00%       01/01/2025      $ 110      $ 112,515  

New York (State of) Thruway Authority, Series 2014 K, Ref. RB

     5.00%       01/01/2028        200        203,816  

New York (State of) Thruway Authority, Series 2014 K, Ref. RB

     5.00%       01/01/2032        885        901,428  

New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB

     5.00%       06/15/2027        355        366,537  

New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB

     5.00%       12/15/2027        80        83,410  

New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB

     5.00%       12/15/2033        485        503,503  

New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB

     5.00%       12/15/2036        325        335,448  

New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB

     4.00%       12/15/2037        50        50,258  

New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB

     5.00%       11/15/2033        95        97,156  

New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB

     5.00%       11/15/2040        15        15,205  

New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB

     4.00%       11/15/2045        210        191,053  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB

     5.00%       06/15/2025        90        92,925  

New York State Urban Development Corp., Series 2015 A, Ref. RB

     5.00%       03/15/2025        100        102,629  

New York State Urban Development Corp., Series 2015 A, Ref. RB(a)(b)

     5.00%       09/15/2025        20        20,705  

New York State Urban Development Corp., Series 2015 A, Ref. RB

     5.00%       03/15/2028        15        15,471  

New York State Urban Development Corp., Series 2015 A, Ref. RB

     5.00%       03/15/2030        70        72,199  

New York State Urban Development Corp., Series 2015 A, Ref. RB

     5.00%       03/15/2033        150        154,564  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2025        1,000          1,026,290  

New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB

     5.00%       03/15/2025        65        66,709  

New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB

     5.00%       12/01/2025        100        102,910  

Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB

     5.00%       11/15/2034        405        419,105  

Triborough Bridge & Tunnel Authority, Series 2015 A, RB

     5.00%       11/15/2050        500        505,302  

Triborough Bridge & Tunnel Authority, Series 2021 A, RB

     5.00%       11/01/2025        500        518,531  
          

 

 

 
             29,481,445  
          

 

 

 

North Carolina-1.09%

          

Charlotte (City of), NC, Series 2015, Ref. RB

     5.00%       07/01/2025        110        113,490  

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB

     5.00%       01/15/2025        135        137,710  

Guilford (County of), NC, Series 2017, Ref. GO Bonds

     5.00%       03/01/2025        100        102,575  

Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds

     5.00%       12/01/2025        65        67,602  

North Carolina (State of), Series 2013 B, Ref. GO Bonds

     5.00%       06/01/2025        20        20,608  

North Carolina (State of), Series 2014 B, Ref. RB

     5.00%       06/01/2025        145        149,232  

North Carolina (State of), Series 2017 B, Ref. RB

     5.00%       05/01/2025        40        41,109  

North Carolina (State of), Series 2019 A, RB

     5.00%       05/01/2025        120        123,328  

North Carolina (State of), Series 2019 B, GO Bonds

     5.00%       06/01/2025        25        25,759  

North Carolina (State of) (Garvee), Series 2015, RB

     5.00%       03/01/2029        270        274,696  

North Carolina (State of) (Garvee), Series 2015, RB

     5.00%       03/01/2030        130        132,189  

North Carolina (State of) (Vehicle-Garvee), Series 2015, RB

     5.00%       03/01/2027        150        153,416  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)

     5.00%       10/01/2025        300        310,572  

North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB

     5.00%       06/01/2025        65        66,741  

Wake (County of), NC, Series 2021, RB

     5.00%       03/01/2025        100        102,545  
          

 

 

 
             1,821,572  
          

 

 

 

Ohio-1.27%

          

Bowling Green State University, Series 2016 A, RB

     5.00%       06/01/2042        100        101,938  

Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(c)

     5.25%       12/01/2025        200        208,857  

Columbus (City of), OH, Series 2014, Ref. RB

     5.00%       06/01/2025        25        25,469  

Columbus (City of), OH, Series 2016 1, Ref. GO Bonds

     5.00%       07/01/2025        150        154,840  

Columbus (City of), OH, Series 2016 A, GO Bonds

     4.00%       08/15/2027        500        506,381  

Columbus (City of), OH, Series 2021 A, GO Bonds

     5.00%       04/01/2025        100        102,784  

Ohio (State of), Series 2015 C, GO Bonds(a)(b)

     5.00%       05/01/2025        25        25,714  

Ohio (State of), Series 2017 A, GO Bonds

     5.00%       05/01/2032        150        154,143  

Ohio (State of), Series 2017 A, GO Bonds

     5.00%       05/01/2034        270        277,018  

 

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

 

   224   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Ohio-(continued)

          

Ohio (State of), Series 2017 A, GO Bonds

     5.00%       05/01/2035      $ 180      $ 184,503  

Ohio (State of), Series 2017 B, Ref. GO Bonds

     5.00%       09/15/2025        135        139,725  

Ohio (State of) (Garvee), Series 2018 1, RB

     5.00%       12/15/2025        85        88,281  

Willoughby-Eastlake City School District, Series 2016, GO Bonds(a)(b)

     5.00%       12/01/2025        140        145,388  
          

 

 

 
               2,115,041  
          

 

 

 

Oklahoma-0.23%

          

Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB

     4.00%       09/01/2025        75        75,428  

Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB

     5.00%       06/01/2025        65        66,697  

Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB

     5.00%       07/01/2025        130        133,799  

Tulsa (City of), OK Public Facilities Authority, Series 2019, RB

     5.00%       06/01/2025        100        102,611  
          

 

 

 
             378,535  
          

 

 

 

Oregon-0.38%

          

Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB

     5.00%       11/15/2025        10        10,199  

Oregon (State of) Department of Transportation, Series 2017 A, RB

     5.00%       11/15/2025        500        519,565  

Oregon (State of) Lottery, Series 2015 D, Ref. RB

     5.00%       04/01/2027        100        102,605  
          

 

 

 
             632,369  
          

 

 

 

Pennsylvania-3.80%

          

Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds

     5.00%       11/01/2025        100        103,706  

Chartiers Valley School District, Series 2015 B, GO Bonds(a)(b)

     5.00%       04/15/2025        85        87,221  

Commonwealth Financing Authority, Series 2015 A, RB

     5.00%       06/01/2033        600        611,136  

Commonwealth Financing Authority, Series 2015 A, RB

     5.00%       06/01/2035        285        289,378  

Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB

     4.13%       07/01/2040        100        95,606  

Monroeville Finance Authority, Series 2012, RB

     5.00%       02/15/2025        105        106,963  

Pennsylvania (Commonwealth of), First Series 2015, GO Bonds

     5.00%       03/15/2025        95        97,440  

Pennsylvania (Commonwealth of), First Series 2015, GO Bonds

     5.00%       03/15/2028        500        512,906  

Pennsylvania (Commonwealth of), First Series 2015, GO Bonds

     5.00%       03/15/2029        195        200,357  

Pennsylvania (Commonwealth of), First Series 2015, GO Bonds

     5.00%       03/15/2033        100        102,777  

Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds

     5.00%       03/15/2031        1,350        1,384,238  

Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds

     5.00%       09/15/2025        120        124,200  

Pennsylvania (Commonwealth of), First series 2021, GO Bonds

     5.00%       05/15/2025        65        66,857  

Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds

     5.00%       08/15/2032        20        20,688  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

     5.00%       09/15/2025        45        46,575  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB

     5.00%       09/01/2045        35        35,057  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB

     5.00%       09/01/2039        100        100,654  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB

     5.00%       08/15/2040        100        101,485  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     5.00%       12/01/2025        5        5,138  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     5.00%       12/01/2026        25        25,755  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     5.00%       12/01/2038        50        50,810  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     5.00%       12/01/2040        65        65,823  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     4.00%       12/01/2041        95        91,752  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB

     5.00%       12/01/2045        1,250        1,266,468  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB

     5.00%       06/01/2027        200        207,091  

Philadelphia (City of), PA, Series 2015 B, GO Bonds

     4.00%       08/01/2035        25        25,107  

Philadelphia (City of), PA, Series 2016, Ref. RB

     5.00%       10/01/2025        50        51,661  

Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB

     5.00%       04/01/2040        185        187,160  

Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB

     5.00%       04/15/2031        75        76,906  

Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)(c)

     4.13%       02/01/2036        85        85,396  

Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)(c)

     5.00%       08/15/2038        110        112,075  
          

 

 

 
             6,338,386  
          

 

 

 

South Carolina-0.44%

          

Charleston (City of), SC, Series 2015, RB(a)(b)

     5.00%       01/01/2025        200        204,520  

 

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

 

   225   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

South Carolina-(continued)

          

South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB

     4.00%       10/01/2038      $ 25      $ 23,592  

South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB

     5.00%       12/01/2028        100        102,098  

South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB

     5.00%       12/01/2050        210        210,082  

South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB

     4.00%       10/01/2031        150        150,696  

Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB

     4.00%       03/01/2040        45        44,477  
          

 

 

 
                 735,465  
          

 

 

 

Tennessee-1.14%

          

Chattanooga (City of), TN, Series 2015 A, Ref. RB

     5.00%       09/01/2031        130        134,214  

Chattanooga (City of), TN, Series 2015 A, Ref. RB

     5.00%       09/01/2032        400        412,816  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO
Bonds(a)(b)

     5.00%       07/01/2025        40        41,262  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds

     5.00%       01/01/2025        170        173,842  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds

     5.00%       07/01/2025        5        5,156  

Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)(b)

     5.00%       11/01/2025        10        10,379  

Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)(b)

     5.00%       11/01/2025        1,000        1,037,910  

Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)

     5.00%       11/01/2025        85        88,186  
          

 

 

 
             1,903,765  
          

 

 

 

Texas-9.41%

          

Alamo Regional Mobility Authority, Series 2016, RB(a)(b)

     5.00%       06/15/2025        1,000        1,028,945  

Austin (City of), TX, Series 1998, Ref. RB, (INS - NATL)(c)

     5.25%       05/15/2025        490        500,171  

Austin Community College District, Series 2015, GO Bonds

     5.00%       08/01/2035        150        153,379  

Bexar (County of), TX, Series 2016, Ref. GO Bonds(a)(b)

     4.00%       06/15/2025        250        252,957  

Central Texas Regional Mobility Authority, Series 2015 A, RB(a)(b)

     5.00%       07/01/2025        500        513,539  

Clint Independent School District, Series 2015, GO Bonds(a)(b)

     5.00%       08/15/2025        65        67,007  

Corpus Christi (City of), TX, Series 2015, RB

     5.00%       07/15/2040        100        101,269  

Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2032        215        215,560  

Dallas (City of), TX, Series 2014, Ref. GO Bonds

     5.00%       02/15/2025        75        75,570  

Dallas (City of), TX, Series 2015 A, Ref. RB

     5.00%       10/01/2044        1,000        1,010,731  

Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)

     5.00%       12/01/2025        150        155,609  

Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)

     5.00%       12/01/2025        200        207,478  

Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2025        20        20,502  

Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2025        205        210,142  

Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2027        95        97,080  

Harris (County of), TX, Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2027        70        71,881  

Harris (County of), TX, Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2029        155        159,197  

Harris (County of), TX, Series 2016 A, Ref. RB

     5.00%       08/15/2025        380        392,481  

Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB

     5.00%       11/01/2025        130        134,297  

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB

     5.00%       12/01/2025        25        25,410  

Houston (City of), TX, Series 2014 C, Ref. RB

     5.00%       05/15/2025        255        257,764  

Houston (City of), TX, Series 2016 B, Ref. RB

     5.00%       11/15/2025        200        207,137  

Lewisville Independent School District, Series 2016 B, Ref. GO Bonds

     5.00%       08/15/2028        115        118,539  

Lone Star College System, Series 2015 B, Ref. GO Bonds

     5.00%       02/15/2025        105        107,440  

Lower Colorado River Authority, Series 2015, Ref. RB

     4.00%       05/15/2045        250        220,923  

North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/01/2031        230        236,751  

North Texas Municipal Water District, Series 2015, Ref. RB

     5.00%       09/01/2029        200        207,551  

North Texas Tollway Authority, Series 2008 I, Ref. RB(a)(b)

     6.20%       01/01/2025        100        103,628  

North Texas Tollway Authority, Series 2014 A, Ref. RB

     5.00%       01/01/2025        250        251,141  

North Texas Tollway Authority, Series 2015 A, Ref. RB

     5.00%       01/01/2032        225        228,295  

North Texas Tollway Authority, Series 2015 A, Ref. RB

     5.00%       01/01/2033        200        202,761  

 

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

 

   226   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

North Texas Tollway Authority, Series 2015 A, Ref. RB

     5.00%       01/01/2034      $ 355      $ 359,674  

North Texas Tollway Authority, Series 2015 A, Ref. RB

     5.00%       01/01/2035        145        146,765  

North Texas Tollway Authority, Series 2015 B, Ref. RB

     5.00%       01/01/2029        60        60,964  

North Texas Tollway Authority, Series 2015 B, Ref. RB

     5.00%       01/01/2034        115        116,509  

North Texas Tollway Authority, Series 2015 B, Ref. RB

     4.00%       01/01/2035        100        100,041  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2025        155        155,707  

Northwest Independent School District, Series 2015, GO Bonds(a)(b)

     5.00%       02/15/2025        65        66,517  

Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB

     5.00%       07/01/2025        145        147,082  

Pflugerville Independent School District, Series 2023 A, GO Bonds

     5.00%       02/15/2025        1,000          1,022,950  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2025        1,000        1,023,092  

Port Arthur Independent School District, Series 2015 A, GO Bonds(a)(b)

     5.00%       02/15/2025        450        460,179  

Rockwall Independent School District, Series 2016, GO Bonds(a)(b)

     5.00%       02/15/2025        175        179,083  

SA Energy Acquisition Public Facility Corp., Series 2007, RB

     5.50%       08/01/2025        100        101,774  

San Antonio (City of), TX, Series 2012, Ref. RB

     5.25%       02/01/2025        270        276,825  

Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB

     5.00%       03/01/2029        150        153,565  

Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB

     5.00%       02/15/2025        50        51,041  

Texas (State of), Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2027        175        180,693  

Texas (State of), Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2028        130        134,308  

Texas (State of), Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2035        200        205,818  

Texas (State of), Series 2016 A, GO Bonds

     5.00%       04/01/2025        25        25,685  

Texas (State of), Series 2016, GO Bonds

     5.00%       04/01/2025        115        118,149  

Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds

     5.00%       08/01/2041        575        584,640  

Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB

     5.00%       10/01/2025        1,000        1,034,427  

Texas (State of) Water Development Board, Series 2015 A, RB

     5.00%       10/15/2030        305        316,452  

Texas (State of) Water Development Board, Series 2015 A, RB

     4.00%       10/15/2033        500        502,404  

Texas (State of) Water Development Board, Series 2015 A, RB

     5.00%       10/15/2040        115        117,638  

Texas (State of) Water Development Board, Series 2015 A, RB

     5.00%       10/15/2045        100        101,887  

Texas A&M University, Series 2017 E, Ref. RB

     5.00%       05/15/2025        125        128,593  

Texas State University Board of Regents, Series 2017 A, Ref. RB

     5.00%       03/15/2025        135        138,387  

Ysleta Independent School District, Series 2016, GO Bonds(a)(b)

     5.00%       08/15/2025        155        159,786  
          

 

 

 
             15,705,770  
          

 

 

 

Utah-0.40%

          

Utah (State of), Series 2018, GO Bonds

     5.00%       07/01/2025        320        330,326  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       06/15/2025        60        61,842  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       06/15/2025        80        82,455  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       06/15/2025        130        133,990  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB

     5.00%       06/15/2025        25        25,668  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       06/15/2025        15        15,460  

Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)

     5.00%       06/15/2025        20        20,614  
          

 

 

 
             670,355  
          

 

 

 

Vermont-0.01%

          

University of Vermont & State Agricultural College, Series 2015, Ref. RB

     5.00%       10/01/2045        20        20,199  
          

 

 

 

Virginia-1.59%

          

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

     4.00%       10/01/2025        75        76,197  

Richmond (City of), VA, Series 2016, Ref. RB

     5.00%       01/15/2025        150        153,534  

University of Virginia, Series 2015 A-1, RB

     4.00%       04/01/2045        150        144,488  

Upper Occoquan Sewage Authority, Series 2014, Ref. RB(a)(b)

     5.00%       07/01/2025        500        515,327  

Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB(a)(b)

     5.00%       02/01/2025        40        40,964  

Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB

     5.00%       02/01/2025        215        220,239  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     3.00%       09/01/2025        40        39,506  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB

     5.00%       02/01/2025        130        133,168  

Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

     5.00%       09/01/2025        45        46,558  

Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB

     4.00%       08/01/2033        1,000        1,006,423  

 

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

 

   227   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Virginia-(continued)

          

Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB

     5.00%       08/01/2025      $ 65      $ 67,089  

Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     4.00%       08/01/2025        90        90,495  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     5.00%       05/15/2025        120        123,489  
          

 

 

 
               2,657,477  
          

 

 

 

Washington-5.20%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     4.00%       11/01/2025        1,000        1,016,194  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     5.00%       11/01/2025        30        31,105  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     5.00%       11/01/2025        75        77,764  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     5.00%       11/01/2025        75        77,764  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     5.00%       11/01/2025        150        155,528  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)

     5.00%       11/01/2025        20        20,737  

Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB

     5.00%       07/01/2025        100        103,083  

Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB

     5.00%       07/01/2029        100        102,844  

Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB

     5.00%       07/01/2032        75        77,013  

Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB

     5.00%       07/01/2033        170        174,532  

Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB

     5.00%       07/01/2031        500        513,597  

Energy Northwest (No. 3), Series 2018, Ref. RB

     5.00%       07/01/2025        500        515,416  

King (County of), WA, Series 2015, Ref. GO Bonds(a)(b)

     5.00%       01/01/2025        115        117,524  

King (County of), WA, Series 2015, Ref. RB(a)(b)

     5.00%       01/01/2025        40        40,904  

King (County of), WA, Series 2015, Ref. RB(a)(b)

     5.00%       01/01/2025        55        56,243  

King (County of), WA, Series 2015, Ref. RB

     4.00%       07/01/2045        75        70,780  

Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)(b)

     5.00%       12/01/2025        50        51,979  

Seattle (City of), WA, Series 2019 B, Ref. RB

     5.00%       02/01/2025        300        307,311  

Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB

     5.00%       12/01/2045        20        20,192  

Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2027        10        10,363  

Washington (State of), Series 2014 C, Ref. GO Bonds

     5.00%       07/01/2030        700        713,691  

Washington (State of), Series 2014 C, Ref. GO Bonds

     5.00%       07/01/2032        295        300,578  

Washington (State of), Series 2014 D, Ref. GO Bonds

     5.00%       07/01/2032        345        351,523  

Washington (State of), Series 2014 R, Ref. GO Bonds

     5.00%       07/01/2028        45        45,939  

Washington (State of), Series 2014 R, Ref. GO Bonds

     5.00%       07/01/2029        10        10,198  

Washington (State of), Series 2014 R, Ref. GO Bonds

     5.00%       07/01/2030        125        127,445  

Washington (State of), Series 2015 A-1, GO Bonds

     5.00%       08/01/2031        200        205,647  

Washington (State of), Series 2015 A-1, GO Bonds

     5.00%       08/01/2035        1,000        1,023,775  

Washington (State of), Series 2015 R, Ref. GO Bonds

     5.00%       07/01/2026        15        15,317  

Washington (State of), Series 2015 R, Ref. GO Bonds

     5.00%       07/01/2029        865        882,143  

Washington (State of), Series 2015 R, Ref. GO Bonds

     4.00%       07/01/2031        400        401,757  

Washington (State of), Series 2015 R, Ref. GO Bonds

     5.00%       07/01/2031        140        142,774  

Washington (State of), Series 2015 R, Ref. GO Bonds

     5.00%       07/01/2032        200        203,782  

Washington (State of), Series 2015 R, Ref. GO Bonds

     5.00%       07/01/2033        200        203,756  

Washington (State of), Series 2017 R, Ref. GO Bonds

     5.00%       08/01/2025        250        258,316  

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB

     4.00%       07/01/2036        110        104,337  

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB

     5.00%       07/01/2039        75        75,229  

Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB

     5.00%       08/15/2030        35        35,604  

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB

     5.00%       03/01/2038        40        40,333  
          

 

 

 
             8,683,017  
          

 

 

 

Wisconsin-0.55%

          

Wisconsin (State of), Series 2015, Ref. GO Bonds

     5.00%       05/01/2027        175        180,548  

Wisconsin (State of), Series 2016-1, Ref. GO Bonds

     5.00%       11/01/2025        30        30,863  

Wisconsin (State of), Series 2017 A, GO Bonds(a)(b)

     5.00%       05/01/2025        115        118,283  

Wisconsin (State of), Series 2017 A, GO Bonds

     5.00%       05/01/2027        250        257,926  

Wisconsin (State of), Series 2019 A, Ref. RB(a)

     5.00%       05/01/2025        45        46,284  

 

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

 

   228   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Wisconsin-(continued)

          

Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB

     5.00%       07/01/2025      $ 35      $ 36,079  

Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB

     5.00%       07/01/2025        50        51,542  

Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB

     4.25%       06/01/2041        200        190,205  
          

 

 

 
             911,730  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.70%
(Cost $167,980,006)

             164,747,373  

OTHER ASSETS LESS LIABILITIES-1.30%

             2,161,982  
          

 

 

 

NET ASSETS-100.00%

           $ 166,909,355  
          

 

 

 

Investment Abbreviations:

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

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Principal and/or interest payments are secured by the bond insurance company listed.

(d) 

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

 

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

 

   229   

 

 

 

 


 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.60%

          

Alabama-0.85%

          

Alabama (State of) Economic Settlement Authority, Series 2016 A, RB

     4.00%       09/15/2033      $ 200      $ 200,791  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)(b)

     5.00%       09/01/2026        120        126,839  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)(b)

     5.00%       09/01/2026        200        211,398  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a)

     5.00%       09/01/2026        20        21,075  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2026        50        52,873  

Birmingham (City of), AL Special Care Facilities Financing Authority (Ascension Senior Credit Group), Series 2016, Ref. RB

     5.00%       11/15/2046        150        151,161  

Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)(b)

     5.00%       08/01/2026        60        63,033  

UAB Medicine Finance Authority, Series 2016 B, Ref. RB

     3.63%       09/01/2041        20        17,634  

UAB Medicine Finance Authority, Series 2016 B, Ref. RB

     5.00%       09/01/2041        125        127,259  
          

 

 

 
                 972,063  
          

 

 

 

Alaska-0.13%

          

North Slope (Borough of), AK, Series 2021 C, GO Bonds

     4.00%       06/30/2026        150        153,300  
          

 

 

 

Arizona-1.07%

          

Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c)

     5.00%       07/01/2026        100        104,138  

Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB

     5.00%       07/01/2026        130        136,380  

Arizona State University (Green Bonds), Series 2016 B, RB

     5.00%       07/01/2042        200        204,302  

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

     5.00%       01/01/2026        30        31,136  

Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health),
Series 2018 C, GO Bonds

     5.00%       07/01/2026        30        31,406  

Mesa (City of), AZ, Series 2017, Ref. RB

     4.00%       07/01/2026        5        5,112  

Phoenix (City of), AZ, Series 2016, Ref. GO Bonds

     5.00%       07/01/2026        80        84,037  

Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB

     4.00%       10/01/2047        70        60,599  

Phoenix Civic Improvement Corp., Series 2016, Ref. RB

     5.00%       07/01/2033        20        20,930  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2026        25        26,241  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2029        50        52,394  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2030        50        52,380  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2032        10        10,471  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2033        100        104,650  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2034        25        26,121  

Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB

     5.00%       07/01/2026        70        73,629  

Pima (County of), AZ, Series 2016, Ref. RB

     5.00%       07/01/2026        5        5,248  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2026        70        72,923  

Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB

     5.00%       01/01/2026        110        114,593  
          

 

 

 
             1,216,690  
          

 

 

 

California-17.60%

          

Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)

     4.00%       10/01/2037        100        98,910  

Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB

     4.00%       12/01/2034        25        25,377  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     5.00%       04/01/2026        20        20,986  

California (State of), Series 2016, GO Bonds

     5.00%       09/01/2029        25        26,417  

California (State of), Series 2016, GO Bonds

     3.00%       09/01/2046        5        3,988  

California (State of), Series 2016, Ref. GO Bonds

     5.00%       09/01/2029        700        739,672  

California (State of), Series 2016, Ref. GO Bonds

     4.00%       09/01/2031        400        409,367  

California (State of), Series 2016, Ref. GO Bonds

     5.00%       09/01/2032        420        441,853  

California (State of), Series 2016, Ref. GO Bonds

     5.00%       09/01/2032        180        189,366  

California (State of), Series 2016, Ref. GO Bonds

     5.00%       09/01/2033        100        105,183  

California (State of), Series 2016, Ref. GO Bonds

     4.00%       09/01/2034        735        749,667  

California (State of), Series 2016, Ref. GO Bonds

     4.00%       09/01/2035        500        506,665  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2026        235        249,447  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2033        150        157,566  

 

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

 

   230   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2034      $ 500      $    524,918  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2036        100        104,679  

California (State of), Series 2018, GO Bonds

     5.00%       10/01/2026        210        222,530  

California (State of), Series 2018, GO Bonds

     5.00%       10/01/2026        15        15,755  

California (State of), Series 2018, GO Bonds

     5.00%       10/01/2047        350        360,907  

California (State of), Series 2018, Ref. GO Bonds

     5.00%       10/01/2029        150        157,363  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2026        75        79,475  

California (State of), Series 2020, GO Bonds

     3.00%       03/01/2026        100        99,654  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       12/01/2026        400        425,324  

California (State of), Series 2022, GO Bonds

     5.00%       04/01/2026        20        20,981  

California (State of) (Bid Group C), Series 2016, Ref. GO Bonds

     5.00%       08/01/2028        100        105,559  

California (State of) (Bid Group C), Series 2016, Ref. GO Bonds

     5.00%       08/01/2030        25        26,353  

California (State of) (Bid Group C), Series 2016, Ref. GO Bonds

     5.00%       08/01/2033        210        220,592  

California (State of) (Bid Group C), Series 2018, Ref. GO Bonds

     5.00%       08/01/2026        50        52,798  

California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB

     5.00%       12/01/2028        75        79,990  

California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB

     5.00%       12/01/2029        10        10,634  

California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB

     4.00%       12/01/2034        10        10,292  

California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB

     4.00%       12/01/2035        10        10,227  

California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB

     5.00%       12/01/2026        175        186,414  

California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b)

     5.00%       04/01/2026        20        20,996  

California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB

     4.00%       03/01/2039        55        51,561  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB

     5.00%       11/15/2026        45        46,769  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB

     5.00%       08/15/2033        95        100,210  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB

     4.00%       08/15/2035        70        70,717  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB

     5.00%       08/15/2035        205        215,172  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB

     4.00%       08/15/2039        170        170,056  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB

     5.00%       08/15/2055        150        151,629  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

     4.00%       10/01/2035        105        105,121  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

     4.00%       10/01/2036        100        99,191  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

     4.00%       10/01/2047        25        22,529  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB(a)(b)

     5.00%       11/15/2026        40        42,551  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB

     5.00%       11/15/2046        60        61,367  

California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)

     5.00%       07/01/2026        10        10,555  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB

     5.00%       10/01/2027        110        115,881  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB

     5.00%       10/01/2028        160        168,583  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB

     5.00%       10/01/2029        50        52,644  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB

     5.00%       10/01/2030        95        99,965  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB

     5.00%       10/01/2031        25        26,289  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB

     5.00%       10/01/2026        55        58,382  

California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB

     5.00%       10/01/2044        200        202,245  

 

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

 

   231   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB

     5.00%       10/15/2047      $ 200      $     193,801  

California (State of) Public Works Board, Series 2015 F, Ref. RB

     5.00%       05/01/2026        35        36,029  

California (State of) Public Works Board, Series 2017 B, Ref. RB

     5.00%       10/01/2026        30        31,844  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

     5.00%       11/01/2026        25        26,584  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

     5.00%       11/01/2029        70        74,377  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

     4.00%       11/01/2032        220        223,693  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

     5.00%       11/01/2033        55        58,259  

California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB

     4.00%       04/01/2032        55        55,900  

California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB

     4.13%       03/01/2034        30        30,041  

California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)(b)

     5.00%       02/15/2026        25        26,231  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2026        65        68,577  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2027        100        105,571  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2028        40        42,167  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2029        75        78,944  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2031        35        36,783  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2032        30        31,516  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2033        5        5,251  

California State University, Series 2016 A, Ref. RB

     4.00%       11/01/2034        10        10,138  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2036        45        47,008  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2041        100        103,621  

California State University, Series 2016 A, Ref. RB

     5.00%       11/01/2045        400        412,198  

Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds

     4.00%       08/01/2034        195        197,728  

Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)(c)

     5.00%       08/01/2046        175        180,667  

East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)(c)

     5.25%       02/01/2026        100        103,231  

Eastern Municipal Water District, Series 2016 A, Ref. RB

     5.00%       07/01/2042        125        129,645  

Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2033        10        10,571  

Fresno Unified School District, Series 2002 A, Ref. GO Bonds, (INS - NATL)(c)

     6.00%       08/01/2026        20        20,640  

Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds

     3.00%       08/01/2045        125        97,155  

Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(c)

     3.50%       08/01/2037        45        41,689  

Imperial Irrigation District, Series 2016 C, Ref. RB

     5.00%       11/01/2036        250        260,958  

Imperial Irrigation District, Series 2016 C, Ref. RB

     5.00%       11/01/2038        25        25,893  

Irvine Ranch Water District, Series 2016, RB

     5.25%       02/01/2046        30        31,342  

Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB

     5.00%       05/15/2026        120        126,752  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

     5.00%       07/01/2041        50        51,602  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

     5.00%       07/01/2046        100        102,418  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB

     5.00%       07/01/2027        15        15,687  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB

     5.00%       07/01/2026        25        26,203  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB

     5.00%       07/01/2027        10        10,467  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB

     5.00%       07/01/2030        40        41,839  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB

     5.00%       07/01/2031        25        26,153  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2026        215        227,221  

Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB

     5.00%       07/01/2026        250        263,839  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

     5.00%       07/01/2026        50        52,842  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2030        200        211,193  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2031        90        94,923  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2032        60        63,264  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2034        35        36,859  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2035        10        10,497  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       06/01/2026        25        26,379  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

     5.00%       07/01/2026        50        52,856  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2026        50        52,856  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB

     5.00%       06/01/2026        35        36,940  

Los Angeles Community College District, Series 2016, Ref. GO Bonds

     5.00%       08/01/2036        45        47,374  

Los Angeles Community College District, Series 2016, Ref. GO Bonds

     5.00%       08/01/2038        5        5,232  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

     4.00%       08/01/2034        75        76,847  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

     4.00%       08/01/2035        20        20,394  

 

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

 

   232   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

     4.00%       08/01/2036      $ 20      $ 20,276  

Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2030        105            110,797  

Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds

     5.00%       07/01/2026        375        396,734  

Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP

     5.00%       10/01/2026        500        526,674  

Metropolitan Water District of Southern California, Series 2016 A, Ref. RB(a)(b)

     5.00%       01/01/2026        500        523,049  

Metropolitan Water District of Southern California, Series 2020 A, Ref. RB

     5.00%       07/01/2026        150        158,610  

Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds

     5.00%       08/01/2041        100        103,451  

Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds(a)(b)

     4.00%       09/01/2026        10        10,309  

Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB

     4.00%       11/01/2036        25        25,175  

Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB

     5.00%       11/01/2029        250        265,048  

Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB

     5.00%       11/01/2030        195        206,830  

Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB

     4.00%       11/01/2035        100        101,264  

Oakland Unified School District, Series 2016, Ref. GO Bonds

     5.00%       08/01/2029        45        47,406  

Palomar Health, Series 2016 B, Ref. GO Bonds

     4.00%       08/01/2035        20        19,695  

Palomar Health, Series 2016 B, Ref. GO Bonds

     4.00%       08/01/2036        200        197,295  

Palomar Health, Series 2016, Ref. RB

     5.00%       11/01/2039        110        110,726  

Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds

     4.00%       08/01/2035        20        20,189  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     5.00%       05/15/2032        40        42,213  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     5.00%       05/15/2033        25        26,374  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     5.00%       05/15/2034        15        15,799  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     4.00%       05/15/2038        140        139,144  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     5.00%       05/15/2041        50        51,701  

Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB

     5.00%       08/15/2026        20        21,172  

Sacramento (County of), CA, Series 2016 B, Ref. RB

     5.00%       07/01/2041        30        30,947  

San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP

     5.00%       10/01/2026        125        132,572  

San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB

     5.00%       11/15/2026        75        77,984  

San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB

     4.00%       05/15/2026        120        121,809  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB

     5.00%       05/15/2029        5        5,292  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB

     5.00%       05/15/2032        145        152,946  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB

     5.00%       05/15/2035        100        105,079  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB

     5.00%       08/01/2028        30        31,807  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB

     5.00%       08/01/2037        60        62,759  

San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB

     5.00%       04/01/2041        125        130,160  

San Diego Community College District, Series 2016, Ref. GO Bonds(a)(b)

     4.00%       08/01/2026        115        118,906  

San Diego Community College District, Series 2016, Ref. GO Bonds(a)(b)

     5.00%       08/01/2026        10        10,617  

San Diego Community College District, Series 2016, Ref. GO Bonds

     5.00%       08/01/2028        100        106,108  

San Diego Unified School District, Series 2005 C-2, Ref. GO Bonds, (INS - AGM)(c)

     5.50%       07/01/2026        35        37,411  

San Diego Unified School District, Series 2016 1, Ref. GO Bonds

     4.00%       07/01/2032        25        25,546  

San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds

     5.00%       07/01/2029        130        137,778  

San Diego Unified School District, Series 2016, Ref. GO Bonds

     4.00%       07/01/2033        35        35,716  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB

     5.00%       05/01/2026        5        5,256  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB

     5.00%       05/01/2046        100        102,508  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB

     5.00%       05/01/2026        40        42,045  

San Francisco (City & County of), CA Redevelopment Agency Successor Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)(c)

     5.00%       08/01/2041        150        153,970  

San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB

     5.00%       11/01/2028        20        21,322  

San Francisco (County of), CA Transportation Authority, Series 2017, RB

     4.00%       02/01/2026        150        153,671  

San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB

     5.00%       08/01/2026        30        31,602  

Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP

     5.00%       12/01/2026        65        69,150  

Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB

     5.00%       06/01/2026        100        105,787  

Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB

     5.00%       04/01/2026        500        526,935  

Santa Clara Valley Water District, Series 2023, COP

     4.00%       06/01/2026        20        20,514  

Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN

     0.50%       03/01/2026        500        453,563  

Stockton Unified School District, Series 2016, Ref. GO Bonds

     5.00%       08/01/2031        20        20,807  

 

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

 

   233   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(c)

     3.38%       08/01/2040      $ 80      $ 69,010  

University of California, Series 2016 AR, Ref. RB

     5.00%       05/15/2031        130        137,270  

University of California, Series 2016 AR, Ref. RB

     5.00%       05/15/2046        25        25,835  

University of California, Series 2017 AY, Ref. RB

     5.00%       05/15/2026        200        210,934  

University of California (Limited), Series 2015 I, Ref. RB

     5.00%       05/15/2026        45        46,439  

University of California (Limited), Series 2016 K, RB

     5.00%       05/15/2035        120        126,095  

University of California (Limited), Series 2016 K, RB

     4.00%       05/15/2036        55        55,482  

University of California (Limited), Series 2016 K, RB

     5.00%       05/15/2051        300        309,343  

Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(c)

     3.00%       08/01/2034        20        18,557  

West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB

     3.00%       04/01/2041        125        102,289  
          

 

 

 
              20,081,763  
          

 

 

 

Colorado-1.93%

          

Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds

     5.00%       12/01/2030        125        132,268  

Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds

     5.00%       12/15/2028        100        105,314  

Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds

     5.00%       12/15/2030        150        157,779  

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

     5.00%       12/01/2026        20        21,196  

Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB(a)(b)

     5.00%       08/01/2026        25        26,335  

Colorado (State of), Series 2021 A, COP

     5.00%       12/15/2026        40        42,297  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     5.00%       01/01/2026        95        98,361  

Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB

     5.00%       01/15/2035        190        195,189  

Colorado (State of) Higher Education, Series 2014 A, Ref. COP

     5.00%       11/01/2026        30        31,705  

Colorado (State of) Regional Transportation District, Series 2015, COP

     5.00%       06/01/2026        160        164,314  

Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB

     5.00%       11/15/2026        30        31,720  

Commerce (City of), CO, Series 2016, RB(a)(b)

     5.00%       08/01/2026        55        57,780  

Denver (City & County of), CO, Series 2016 A, Ref. RB

     5.00%       11/15/2031        125        131,361  

Denver (City & County of), CO, Series 2016 A, Ref. RB

     5.00%       11/15/2032        10        10,504  

Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP

     5.38%       06/01/2043        215        221,673  

Denver City & County School District No. 1, Series 2016, Ref. GO Bonds

     4.00%       12/01/2026        90        91,451  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00%       12/01/2030        105        110,707  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00%       12/01/2031        55        57,920  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00%       12/01/2037        5        5,211  

Denver City & County School District No. 1, Series 2017, GO Bonds

     5.00%       12/01/2038        90        93,625  

Eagle County School District No. Re50J, Series 2017, GO Bonds

     5.00%       12/01/2035        100        104,401  

Jefferson County School District R-1, Series 2012, Ref. GO Bonds

     5.00%       12/15/2026        40        42,413  

St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds

     5.00%       12/15/2032        105        110,780  

University of Colorado, Series 2017 A-2, Ref. RB

     5.00%       06/01/2026        55        57,664  

Weld County School District No. RE-4, Series 2016, GO Bonds

     5.25%       12/01/2041        100        103,302  
          

 

 

 
             2,205,270  
          

 

 

 

Connecticut-1.84%

          

Connecticut (State of), Series 2015 A, GO Bonds

     5.00%       03/15/2026        10        10,247  

Connecticut (State of), Series 2015 F, GO Bonds

     5.00%       11/15/2026        375        388,852  

Connecticut (State of), Series 2016 E, GO Bonds

     5.00%       10/15/2029        200        210,422  

Connecticut (State of), Series 2018 B, RB

     5.00%       10/01/2026        55        58,017  

Connecticut (State of), Series 2018 C, GO Bonds

     5.00%       06/15/2026        100        104,871  

Connecticut (State of), Series 2018 E, GO Bonds

     5.00%       09/15/2026        175        184,445  

Connecticut (State of), Series 2019 A, GO Bonds

     5.00%       04/15/2026        35        36,585  

Connecticut (State of), Series 2020 A, GO Bonds

     5.00%       01/15/2026        160        166,440  

Connecticut (State of), Series 2022 D, Ref. GO Bonds

     5.00%       09/15/2026        500        526,986  

Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB

     5.00%       09/01/2026        150        157,977  

Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB

     5.00%       09/01/2029        25        26,256  

Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB

     5.00%       09/01/2030        100        104,748  

Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB

     4.00%       09/01/2035        25        25,199  

Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB

     5.00%       12/01/2045        100        101,005  
          

 

 

 
             2,102,050  
          

 

 

 

 

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

 

   234   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

District of Columbia-2.09%

          

District of Columbia, Series 2016 A, GO Bonds

     5.00%       06/01/2030      $ 135      $ 141,357  

District of Columbia, Series 2016 A, GO Bonds

     5.00%       06/01/2031        30        31,421  

District of Columbia, Series 2016 A, GO Bonds

     5.00%       06/01/2032        175        183,193  

District of Columbia, Series 2016 A, GO Bonds

     5.00%       06/01/2041        500        514,139  

District of Columbia, Series 2016 D, GO Bonds

     5.00%       06/01/2033        10        10,542  

District of Columbia, Series 2016 D, GO Bonds

     5.00%       06/01/2034        275        289,298  

District of Columbia, Series 2016 D, GO Bonds

     5.00%       06/01/2036        635        661,860  

District of Columbia, Series 2016 D, GO Bonds

     5.00%       06/01/2041        15        15,495  

District of Columbia, Series 2016 E, Ref. GO Bonds

     5.00%       06/01/2031        85        89,687  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00%       10/01/2030        15        15,642  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00%       10/01/2031        15        15,631  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00%       10/01/2032        55        57,257  

District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB

     5.00%       10/01/2036        250        259,010  

Washington Convention & Sports Authority, Series 2018 A, Ref. RB

     5.00%       10/01/2026        100        105,425  
          

 

 

 
               2,389,957  
          

 

 

 

Florida-3.98%

          

Broward (County of), FL School Board, Series 2015 A, Ref. COP

     5.00%       07/01/2026        125        128,154  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2028        20        20,903  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     4.00%       07/01/2030        5        5,065  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     4.00%       07/01/2031        55        55,549  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2034        200        206,462  

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     4.00%       07/01/2035        100        100,126  

Florida (State of), Series 2015 E, Ref. GO Bonds

     5.00%       06/01/2026        50        51,496  

Florida (State of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2026        20        21,054  

Florida (State of), Series 2021 B, Ref. GO Bonds

     5.00%       06/01/2026        195        204,915  

Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB

     5.00%       07/01/2026        100        104,770  

Florida (State of) Department of Management Services, Series 2018 A, Ref. COP

     5.00%       11/01/2026        140        147,914  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       10/01/2026        80        83,790  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       10/01/2028        75        78,478  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       10/01/2029        40        41,807  

Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       10/01/2031        35        36,416  

Halifax Hospital Medical Center, Series 2016, Ref. RB

     5.00%       06/01/2036        500        507,040  

Hillsborough (County of), FL School Board (Master Lease Program), Series 2015 A, Ref. COP

     5.00%       07/01/2026        120        122,715  

Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP

     5.00%       05/01/2026        15        15,268  

Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP

     5.00%       02/01/2028        30        30,962  

Miami-Dade (County of), FL, Series 2015 B, Ref. RB

     5.00%       10/01/2026        25        25,761  

Miami-Dade (County of), FL, Series 2015, Ref. RB

     5.00%       10/01/2026        100        103,113  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2029        30        31,353  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2030        40        41,825  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2031        75        78,258  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2032        10        10,429  

Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2033        35        36,501  

Miami-Dade (County of), FL, Series 2016 A, Ref. RB

     5.00%       10/01/2041        200        203,302  

Miami-Dade (County of), FL, Series 2016, Ref. RB

     5.00%       10/01/2030        5        5,207  

Miami-Dade (County of), FL, Series 2016, Ref. RB

     5.00%       10/01/2034        200        206,384  

Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB

     5.00%       07/01/2029        125        128,937  

Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB

     5.00%       07/01/2026        10        10,249  

Miami-Dade (County of), FL Transit System, Series 2017, Ref. RB

     4.00%       07/01/2038        15        14,993  

Orange (County of), FL Convention Center, Series 2017, Ref. RB

     5.00%       10/01/2026        190        199,000  

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       10/01/2035        235        243,647  

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       10/01/2036        50        51,588  

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       10/01/2039        10        10,212  

Orange (County of), FL School Board, Series 2016 C, Ref. COP

     5.00%       08/01/2033        10        10,520  

Orange (County of), FL School Board, Series 2016 C, Ref. COP

     3.38%       08/01/2034        10        9,722  

 

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

 

   235   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Florida-(continued)

          

Orange (County of), FL School Board, Series 2016 C, Ref. COP

     5.00%       08/01/2034      $ 10      $ 10,506  

Orange (County of), FL School Board, Series 2017, Ref. COP

     5.00%       08/01/2026        50        52,442  

Port St. Lucie (City of), FL, Series 2016, Ref. RB

     5.00%       09/01/2029        20        20,849  

Port St. Lucie (City of), FL, Series 2016, Ref. RB

     4.00%       09/01/2031        600        602,304  

Port St. Lucie (City of), FL, Series 2016, Ref. RB

     4.00%       09/01/2033        5        5,017  

Reedy Creek Improvement District, Series 2016, GO Bonds

     5.00%       06/01/2035        200        205,015  

South Florida Water Management District, Series 2016, Ref. COP

     5.00%       10/01/2026        10        10,413  

South Florida Water Management District, Series 2016, Ref. COP

     5.00%       10/01/2027        50        52,140  

South Florida Water Management District, Series 2016, Ref. COP

     5.00%       10/01/2028        25        26,076  

South Florida Water Management District, Series 2016, Ref. COP

     5.00%       10/01/2032        20        20,761  

South Florida Water Management District, Series 2016, Ref. COP

     5.00%       10/01/2035        100        103,330  

Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB

     5.00%       10/01/2026        50        52,682  
          

 

 

 
               4,545,420  
          

 

 

 

Georgia-1.67%

          

DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(c)

     5.25%       10/01/2032        120        127,241  

Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB

     5.00%       07/01/2046        100        101,124  

Georgia (State of), Series 2013 D, GO Bonds(a)(b)

     5.00%       10/10/2023        90        90,137  

Georgia (State of), Series 2016 E, Ref. GO Bonds

     5.00%       12/01/2026        70        74,320  

Georgia (State of), Series 2017 A-1, GO Bonds

     5.00%       02/01/2026        195        203,529  

Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2026        200        210,535  

Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds

     5.00%       02/01/2026        100        102,302  

Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds

     5.00%       07/01/2026        30        31,580  

Georgia (State of) Municipal Electric Authority (No. 1), Series 2016 A, Ref. RB

     5.00%       01/01/2028        25        25,835  

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

     5.00%       06/01/2026        70        73,447  

Gwinnett County School District, Series 2022 B, GO Bonds

     5.00%       08/01/2026        30        31,644  

Henry County School District, Series 2016, GO Bonds(a)(b)

     4.00%       08/01/2026        50        51,150  

Henry County School District, Series 2016, GO Bonds(a)(b)

     4.00%       08/01/2026        10        10,230  

Henry County School District, Series 2016, GO Bonds

     5.00%       08/01/2026        40        42,090  

Henry County School District, Series 2016, GO Bonds

     4.00%       08/01/2028        15        15,319  

Main Street Natural Gas, Inc., Series 2007 A, RB

     5.50%       09/15/2026        170        174,673  

Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB

     5.00%       07/01/2026        75        78,888  

Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB

     5.00%       07/01/2028        25        26,389  

Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB

     5.00%       07/01/2029        75        78,955  

Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2030        35        36,811  

Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2033        50        52,508  

Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2034        35        36,661  

Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB

     4.00%       10/01/2038        60        60,394  

Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB

     5.00%       10/01/2038        100        103,043  

Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)

     5.00%       05/01/2026        65        68,120  
          

 

 

 
             1,906,925  
          

 

 

 

Hawaii-0.77%

          

Hawaii (State of), Series 2015 EZ, Ref. GO Bonds

     5.00%       10/01/2026        65        67,181  

Hawaii (State of), Series 2016 FB, GO Bonds

     4.00%       04/01/2026        40        40,800  

Hawaii (State of), Series 2016 FB, GO Bonds

     4.00%       04/01/2028        75        76,632  

Hawaii (State of), Series 2016 FG, GO Bonds

     5.00%       10/01/2028        75        79,081  

Hawaii (State of), Series 2016 FG, GO Bonds

     5.00%       10/01/2031        85        89,396  

Hawaii (State of), Series 2016 FH, Ref. GO Bonds

     5.00%       10/01/2026        85        89,637  

Hawaii (State of), Series 2016 FH, Ref. GO Bonds

     4.00%       10/01/2031        125        126,633  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

     5.00%       10/01/2026        100        105,455  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds

     5.00%       09/01/2026        90        94,786  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds

     5.00%       03/01/2026        45        46,928  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds

     5.00%       03/01/2026        60        62,570  
          

 

 

 
             879,099  
          

 

 

 

Illinois-5.51%

          

Chicago (City of), IL, Series 1999, RB

     5.00%       11/01/2030        175        179,615  

Chicago (City of), IL, Series 2016 C, Ref. GO Bonds

     5.00%       01/01/2038        100        100,479  

 

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

 

   236   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB

     5.00%       01/01/2026      $ 90      $ 91,468  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2026        20        20,767  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2028        80        82,941  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2029        10        10,345  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2030        60        62,017  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2034        220        226,923  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2036        50        51,326  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2038        100        101,913  

Chicago (City of), IL (O’Hare International Airport), Series 2017 E, RB

     5.00%       01/01/2026        55        57,108  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds

     5.00%       12/01/2026        75        79,035  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds

     5.00%       12/01/2029        190        199,848  

Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB

     5.00%       01/01/2046        250        252,146  

Chicago (City of), IL Transit Authority, Series 2017, RB

     5.00%       12/01/2046        25        25,334  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00%       11/15/2026        135        141,439  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00%       11/15/2028        40        41,651  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00%       11/15/2029        100        104,036  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00%       11/15/2030        20        20,795  

Cook (County of), IL, Series 2016 A, Ref. GO Bonds

     5.00%       11/15/2031        500            520,028  

Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds

     4.00%       12/30/2026        145        148,729  

Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)(c)

     4.00%       06/15/2028        15        14,995  

Illinois (State of), Series 2016, GO Bonds

     4.00%       01/01/2031        85        84,386  

Illinois (State of), Series 2016, GO Bonds

     4.13%       11/01/2031        190        190,183  

Illinois (State of), Series 2016, GO Bonds

     5.00%       11/01/2032        100        102,606  

Illinois (State of), Series 2016, GO Bonds

     5.00%       01/01/2033        100        101,935  

Illinois (State of), Series 2016, GO Bonds

     5.00%       11/01/2033        25        25,608  

Illinois (State of), Series 2016, GO Bonds

     5.00%       11/01/2034        485        493,842  

Illinois (State of), Series 2017 D, GO Bonds

     5.00%       11/01/2026        400        415,802  

Illinois (State of), Series 2018 B, Ref. GO Bonds

     5.00%       10/01/2026        75        77,883  

Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB

     5.00%       03/01/2030        150        155,134  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     5.00%       02/15/2026        215        222,685  

Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2016 A, Ref. RB

     5.00%       02/15/2045        360        363,339  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB

     4.00%       07/01/2026        120        122,096  

Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2026        55        57,306  

Illinois (State of) Toll Highway Authority, Series 2015 B, RB

     5.00%       01/01/2036        55        56,270  

Illinois (State of) Toll Highway Authority, Series 2015 B, RB

     5.00%       01/01/2040        120        122,337  

Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB

     4.00%       12/01/2031        60        61,003  

Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB

     5.00%       12/01/2031        170        175,278  

Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB

     5.00%       12/01/2032        130        134,172  

Illinois (State of) Toll Highway Authority, Series 2016 B, RB

     5.00%       01/01/2041        150        153,483  

Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB

     5.00%       01/01/2026        160        166,170  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2026        105        109,049  

Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       12/01/2041        75        77,864  

Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)(c)

     5.00%       12/01/2046        140        143,146  

Sales Tax Securitization Corp., Series 2017 A, Ref. RB

     5.00%       01/01/2026        35        36,033  

Sales Tax Securitization Corp., Series 2021 A, Ref. RB

     5.00%       01/01/2026        30        30,886  

Springfield (City of), IL, Series 2015, Ref. RB

     5.00%       03/01/2026        60        60,716  

Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds

     4.00%       01/01/2026        15        15,185  
          

 

 

 
             6,287,335  
          

 

 

 

Indiana-1.76%

          

Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       07/15/2032        250        259,582  

Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB

     5.00%       02/01/2026        500        520,688  

Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB

     5.00%       01/01/2042        615        626,614  

 

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

 

   237   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Indiana-(continued)

          

Indiana University, Series 2016 A, Ref. RB

     5.00%       06/01/2028      $ 25      $ 26,157  

Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB

     5.00%       10/01/2026        545        573,584  
          

 

 

 
               2,006,625  
          

 

 

 

Iowa-0.12%

          

Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB

     5.00%       08/01/2026        45        47,402  

Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB

     5.00%       12/01/2041        90        92,889  
          

 

 

 
             140,291  
          

 

 

 

Kansas-0.26%

          

Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB

     5.00%       09/01/2026        145        152,162  

Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds

     4.00%       09/01/2031        70        71,159  

Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds(a)(b)

     5.50%       09/01/2026        65        69,511  
          

 

 

 
             292,832  
          

 

 

 

Kentucky-0.52%

          

Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB

     5.00%       11/01/2026        235        246,192  

Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB

     5.00%       07/01/2028        50        52,035  

Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB

     5.00%       07/01/2026        20        20,866  

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB

     5.00%       10/01/2029        35        36,067  

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB

     5.00%       10/01/2030        210        216,509  

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB

     5.00%       10/01/2032        20        20,616  
          

 

 

 
             592,285  
          

 

 

 

Louisiana-0.43%

          

Louisiana (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2026        200        209,711  

Louisiana (State of) (Garvee), Series 2019 A, RB

     5.00%       09/01/2026        40        42,057  

Louisiana Public Facilities Authority, Series 2016, Ref. RB

     5.00%       05/15/2047        75        75,257  

Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB

     5.00%       06/01/2026        150        156,462  

Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)(c)

     4.00%       12/01/2037        5        4,902  
          

 

 

 
             488,389  
          

 

 

 

Maine-0.05%

          

Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB

     5.00%       09/01/2026        50        52,674  
          

 

 

 

Maryland-1.79%

          

Howard (County of), MD, Series 2017 D, Ref. GO Bonds

     5.00%       02/15/2026        45        46,996  

Maryland (State of), Second Series 2018 B, GO Bonds

     5.00%       08/01/2026        25        26,363  

Maryland (State of), Series 2015 B, Ref. GO Bonds

     4.00%       08/01/2026        175        179,514  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2026        40        42,181  

Maryland (State of), Series 2017 B, Ref. GO Bonds

     5.00%       08/01/2026        65        68,544  

Maryland (State of), Series 2018 A, GO Bonds

     5.00%       03/15/2026        100        104,635  

Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds

     5.00%       08/01/2026        105        110,726  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2026        150        158,179  

Maryland (State of) Department of Transportation, Series 2017, RB

     5.00%       05/01/2026        35        35,937  

Maryland (State of) Department of Transportation, Series 2018, RB

     5.00%       10/01/2029        10        10,573  

Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB

     5.00%       10/01/2026        165        174,298  

Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB

     5.00%       10/01/2028        250        264,635  

Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b)

     5.00%       05/01/2026        500        523,352  

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

     5.00%       07/01/2026        35        36,795  

Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds

     5.00%       10/01/2026        100        105,786  

Montgomery (County of), MD, Series 2018 A, GO Bonds

     5.00%       11/01/2026        60        63,577  

Prince George’s (County of), MD, Series 2018 A, GO Bonds

     5.00%       07/15/2026        70        73,728  

Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB

     3.00%       06/01/2026        20        19,844  
          

 

 

 
             2,045,663  
          

 

 

 

 

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

 

   238   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Massachusetts-4.10%

          

Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2029      $ 10      $ 10,541  

Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2031        40        42,031  

Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2032        50        52,521  

Massachusetts (Commonwealth of), Series 2016 A, Ref. RB

     5.00%       06/01/2026        5        5,266  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2026        85        89,595  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     4.00%       07/01/2033        15        15,249  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2034        60        62,946  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2036        100            104,171  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2038        110        113,748  

Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds

     5.00%       04/01/2026        150        157,281  

Massachusetts (Commonwealth of), Series 2016 G, GO Bonds

     4.00%       09/01/2032        10        10,203  

Massachusetts (Commonwealth of), Series 2016 G, GO Bonds

     4.00%       09/01/2034        30        30,402  

Massachusetts (Commonwealth of), Series 2016 G, GO Bonds

     4.00%       09/01/2035        85        85,796  

Massachusetts (Commonwealth of), Series 2016 H, GO Bonds

     5.00%       12/01/2026        105        111,647  

Massachusetts (Commonwealth of), Series 2016 I, GO Bonds

     5.00%       12/01/2035        10        10,501  

Massachusetts (Commonwealth of), Series 2016 J, GO Bonds

     5.00%       12/01/2037        75        78,141  

Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds

     5.00%       07/01/2026        25        26,352  

Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds

     5.00%       11/01/2026        240        254,755  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

     5.00%       07/01/2026        20        21,081  

Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds

     5.00%       09/01/2026        125        132,234  

Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds

     5.00%       01/01/2026        115        119,959  

Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds

     5.00%       05/01/2026        200        210,071  

Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB

     5.00%       06/01/2041        30        30,896  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB

     5.00%       07/01/2026        100        105,517  

Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB

     5.00%       08/01/2026        20        21,142  

Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB

     5.00%       07/01/2040        175        178,074  

Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB

     5.00%       10/01/2046        250        252,220  

Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB

     5.00%       07/01/2037        220        222,906  

Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB

     5.00%       07/01/2028        10        10,378  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB

     5.00%       07/15/2031        30        31,805  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB

     5.00%       07/15/2033        300        317,372  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB

     4.00%       07/15/2036        10        10,102  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB

     5.00%       10/15/2026        300        317,971  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB

     5.00%       07/01/2031        250        260,666  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB

     5.00%       07/01/2041        200        204,374  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB

     5.00%       07/01/2047        50        50,728  

Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB

     5.00%       11/15/2035        15        15,736  

Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB

     5.00%       11/15/2036        10        10,447  

Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB

     5.00%       11/15/2046        40        41,122  

Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB

     4.00%       11/15/2035        200        201,209  

Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB(a)(b)

     5.00%       02/15/2026        250        260,867  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2018, Ref. RB

     5.00%       01/01/2026        65        67,862  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB

     5.00%       01/01/2026        70        72,795  

Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)(b)

     5.00%       08/01/2026        160        168,816  

 

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

 

   239   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Massachusetts-(continued)

          

Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB

     5.00%       08/01/2028      $ 10      $ 10,553  

Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB

     4.00%       08/01/2036        75        75,311  
          

 

 

 
               4,683,360  
          

 

 

 

Michigan-2.78%

          

Great Lakes Water Authority, Series 2016 C, Ref. RB

     5.00%       07/01/2030        185        193,321  

Great Lakes Water Authority, Series 2016 C, Ref. RB

     5.25%       07/01/2033        150        157,996  

Great Lakes Water Authority, Series 2016 D, Ref. RB

     5.00%       07/01/2030        500        520,457  

Great Lakes Water Authority, Series 2016 D, Ref. RB

     5.00%       07/01/2036        30        31,043  

Great Lakes Water Authority, Series 2018 A, Ref. RB

     5.00%       07/01/2026        75        78,268  

Michigan (State of), Series 2017 A, Ref. GO Bonds

     5.00%       05/01/2026        50        52,309  

Michigan (State of), Series 2018, GO Bonds

     4.00%       05/01/2029        10        10,187  

Michigan (State of) (Garvee), Series 2016, Ref. RB

     5.00%       03/15/2026        115        119,902  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00%       10/15/2031        40        42,009  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00%       10/15/2032        20        20,982  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00%       10/15/2033        40        41,975  

Michigan (State of) Building Authority, Series 2016 I, Ref. RB

     5.00%       04/15/2035        35        36,746  

Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB

     5.00%       10/15/2046        150        153,873  

Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB

     5.00%       10/01/2026        500        527,875  

Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB

     5.00%       11/15/2037        500        510,114  

Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB

     4.00%       11/15/2046        165        151,006  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB

     5.00%       12/01/2045        15        15,151  

Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB

     5.00%       11/15/2047        45        45,364  

Oakland University Board of Trustees, Series 2016, RB

     5.00%       03/01/2047        150        151,656  

Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(c)

     4.00%       05/01/2045        20        18,751  

University of Michigan, Series 2015, Ref. RB(a)(b)

     5.00%       04/01/2026        125        130,972  

University of Michigan, Series 2015, Ref. RB(a)(b)

     5.00%       04/01/2026        75        78,584  

University of Michigan, Series 2017 A, Ref. RB

     5.00%       04/01/2026        75        78,451  
          

 

 

 
             3,166,992  
          

 

 

 

Minnesota-0.77%

          

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2026        25        26,004  

Minnesota (State of), Series 2017 A, GO Bonds

     5.00%       10/01/2026        500        529,231  

Minnesota (State of), Series 2017 D, Ref. GO Bonds

     5.00%       10/01/2026        85        89,969  

Minnesota (State of), Series 2022 A, Ref. RB

     5.00%       03/01/2026        100        104,576  

St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB

     3.25%       05/01/2039        100        82,166  

University of Minnesota, Series 2016 A, RB

     5.00%       04/01/2041        50        51,245  
          

 

 

 
             883,191  
          

 

 

 

Mississippi-0.50%

          

Mississippi (State of), Series 2016 B, GO Bonds(a)(b)

     5.00%       12/01/2026        80        84,836  

Mississippi (State of), Series 2016 B, GO Bonds(a)(b)

     5.00%       12/01/2026        45        47,720  

Mississippi (State of), Series 2018 A, GO Bonds(a)(b)

     5.00%       11/01/2026        125        132,143  

Mississippi (State of), Series 2018 A, GO Bonds

     4.00%       11/01/2038        100        99,154  

Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB

     5.00%       09/01/2041        200        200,999  
          

 

 

 
             564,852  
          

 

 

 

Missouri-0.72%

          

Hazelwood School District, Series 2017 A, Ref. GO Bonds

     3.00%       03/01/2029        35        34,474  

Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB

     5.00%       05/01/2026        40        41,847  

Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB

     5.00%       10/01/2026        55        57,934  

Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB

     5.00%       07/01/2026        15        15,460  

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB

     5.00%       11/15/2029        75        77,458  

 

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

 

   240   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Missouri-(continued)

          

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB

     5.00%       11/15/2030      $ 15      $ 15,499  

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB

     5.00%       11/15/2031        55        56,839  

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB

     4.00%       11/15/2033        15        15,062  

Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB

     5.00%       05/01/2026        190        199,518  

Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB

     5.00%       11/01/2026        20        21,180  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB

     4.00%       12/01/2032        25        25,276  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB

     4.00%       12/01/2033        50        50,767  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB

     4.00%       12/01/2035        95        95,746  

Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB

     5.00%       12/01/2040        80        80,955  

St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds

     5.00%       02/01/2026        35        36,473  
          

 

 

 
                 824,488  
          

 

 

 

Nebraska-0.25%

          

Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB

     5.00%       02/01/2028        60        62,535  

Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB

     3.00%       05/15/2046        310        227,859  
          

 

 

 
             290,394  
          

 

 

 

Nevada-0.90%

          

Clark (County of), NV, Series 2016 B, Ref. GO Bonds

     5.00%       11/01/2026        150        158,479  

Clark (County of), NV, Series 2016 B, Ref. GO Bonds

     4.00%       11/01/2032        20        20,370  

Clark (County of), NV Department of Aviation, Series 2019, Ref. RB

     5.00%       07/01/2026        45        47,233  

Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds

     4.00%       07/01/2035        250        252,055  

Clark County School District, Series 2015 C, Ref. GO Bonds

     5.00%       06/15/2026        25        25,860  

Clark County School District, Series 2017 A, Ref. GO Bonds

     5.00%       06/15/2026        95        99,241  

Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds

     5.00%       06/01/2038        200        205,905  

Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds

     5.00%       06/01/2041        40        41,108  

Nevada (State of), Series 2015 D, Ref. GO Bonds

     5.00%       04/01/2026        25        25,644  

Nevada (State of), Series 2016, Ref. RB

     5.00%       12/01/2026        90        94,141  

Nevada (State of), Series 2016, Ref. RB

     5.00%       12/01/2028        50        52,261  

Truckee Meadows Water Authority, Series 2016, Ref. RB

     5.00%       07/01/2032        5        5,205  
          

 

 

 
             1,027,502  
          

 

 

 

New Jersey-2.82%

          

Bayonne (City of), NJ, Series 2016, Ref. GO Bonds(a)(b)

     5.00%       07/01/2026        135        141,962  

New Jersey (State of), Series 2014, GO Bonds

     5.00%       06/01/2026        30        30,859  

New Jersey (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2026        150        156,983  

New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)(b)

     5.50%       12/15/2026        445        478,378  

New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB

     5.00%       11/01/2026        200        209,419  

New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB

     5.00%       07/01/2031        145        151,100  

New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB

     4.00%       07/01/2032        5        5,054  

New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB

     5.00%       07/01/2033        10        10,472  

New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       07/01/2029        65        68,347  

New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       07/01/2030        15        15,778  

New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       07/01/2031        45        47,192  

New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB

     5.00%       07/01/2043        280        284,684  

New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN

     5.00%       06/15/2028        125        130,199  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN

     5.00%       06/15/2030        300        312,232  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN

     5.00%       06/15/2031        200        207,935  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB

     5.00%       12/15/2026        510        535,048  

New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB

     5.00%       06/15/2026        165        171,716  

 

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

 

   241   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New Jersey-(continued)

          

New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2034      $ 240      $ 248,184  

New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2035        15        15,485  
          

 

 

 
               3,221,027  
          

 

 

 

New Mexico-0.22%

          

New Mexico (State of) (Capital), Series 2017 A, GO Bonds

     5.00%       03/01/2026        240        250,573  
          

 

 

 

New York-16.15%

          

Albany (County of), NY, Series 2018, GO Bonds

     4.00%       04/01/2029        5        5,128  

Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB

     5.00%       07/01/2041        100        98,621  

Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB

     4.00%       07/01/2041        185        160,404  

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB

     5.00%       05/01/2026        10        10,364  

Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB

     5.00%       05/01/2030        20        21,007  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2026        85        88,790  

Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB

     5.00%       09/01/2036        160        166,605  

Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB

     5.00%       09/01/2046        500        513,352  

Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(c)

     5.25%       11/15/2026        350        371,312  

Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     4.00%       11/15/2026        60        61,977  

Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.25%       11/15/2029        65        68,891  

Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.25%       11/15/2034        15        15,870  

Metropolitan Transportation Authority, Series 2016 A, Ref. RB

     5.25%       11/15/2035        30        31,671  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

     5.00%       11/15/2034        15        15,427  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

     5.00%       11/15/2035        20        20,503  

Metropolitan Transportation Authority, Series 2016 B, Ref. RB

     5.00%       11/15/2037        750        763,898  

Metropolitan Transportation Authority, Series 2016 D, Ref. RB

     5.00%       11/15/2029        5        5,164  

Metropolitan Transportation Authority, Series 2016 D, Ref. RB

     5.00%       11/15/2030        75        77,386  

Metropolitan Transportation Authority, Series 2016 D, Ref. RB

     4.00%       11/15/2033        145        145,026  

Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB

     5.00%       11/15/2026        160        166,250  

Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB

     5.00%       11/15/2026        300        311,719  

Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB

     5.00%       11/15/2046        200        205,628  

Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB

     5.00%       11/15/2051        100        102,516  

New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB

     5.00%       05/01/2026        65        66,760  

New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB

     5.00%       11/15/2046        25        25,426  

New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB

     5.25%       11/15/2056        100        102,802  

New York (City of), NY, Series 2008 J-10, GO Bonds

     5.00%       08/01/2026        45        47,377  

New York (City of), NY, Series 2015 A, Ref. GO Bonds

     5.00%       08/01/2026        45        46,329  

New York (City of), NY, Series 2016 B-1, GO Bonds

     5.00%       12/01/2029        45        47,153  

New York (City of), NY, Series 2016 B-1, GO Bonds

     5.00%       12/01/2041        135        138,868  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2026        375        387,963  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2027        100        103,410  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2028        65        67,186  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2029        55        56,837  

New York (City of), NY, Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2031        25        25,812  

New York (City of), NY, Series 2016 E, Ref. GO Bonds

     5.00%       08/01/2026        130        136,866  

New York (City of), NY, Series 2016 E, Ref. GO Bonds

     5.00%       08/01/2028        25        26,059  

New York (City of), NY, Series 2016 E, Ref. GO Bonds

     5.00%       08/01/2029        50        52,103  

New York (City of), NY, Series 2016 E, Ref. GO Bonds

     4.00%       08/01/2033        35        35,684  

New York (City of), NY, Series 2020 A-1, Ref. GO Bonds

     5.00%       08/01/2026        80        84,225  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2026        80        84,225  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2026        150        156,608  

New York (City of), NY, Series 2022 B-1, Ref. GO Bonds

     5.00%       08/01/2026        10        10,528  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     4.00%       08/01/2029        555        568,239  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     5.00%       08/01/2030        20        20,830  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     5.00%       08/01/2031        45        46,842  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     4.00%       08/01/2032        35        35,702  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     4.00%       08/01/2035        25        25,236  

New York (City of), NY, Subseries 2016 A-1, GO Bonds

     5.00%       08/01/2038        500        513,783  

 

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

 

   242   

 

 

 

 


 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(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 2017 DD, RB

     5.00%       06/15/2047      $ 195      $     201,524  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

     5.00%       06/15/2026        90        94,801  

New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB

     5.00%       06/15/2037        415        434,349  

New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB

     5.00%       06/15/2038        100        104,284  

New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB

     4.00%       06/15/2033        25        25,653  

New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB

     4.00%       06/15/2037        30        30,230  

New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB

     5.00%       05/01/2040        35        35,942  

New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB

     5.00%       07/15/2028        10        10,393  

New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB

     5.00%       07/15/2030        40        41,573  

New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB

     5.00%       07/15/2035        100        103,449  

New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB

     5.00%       07/15/2043        200        204,298  

New York (City of), NY Transitional Finance Authority, Series 2016, RB

     4.00%       05/01/2030        25        25,588  

New York (City of), NY Transitional Finance Authority, Series 2016, RB

     5.00%       05/01/2035        100        103,636  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

     5.00%       11/01/2026        30        31,788  

New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB

     5.00%       11/01/2026        435        460,934  

New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB

     5.00%       02/01/2026        30        31,305  

New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB

     5.00%       08/01/2029        250        261,927  

New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB

     5.00%       08/01/2030        655        686,248  

New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB

     5.00%       08/01/2033        200        209,202  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2030        245        254,330  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2031        350        363,328  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2035        185        190,963  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2037        195        200,288  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2038        40        41,038  

New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB

     5.00%       02/01/2039        250        256,201  

New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB

     5.00%       02/01/2030        135        140,141  

New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB

     4.00%       02/01/2033        5        5,085  

New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB

     5.00%       12/01/2026        30        31,605  

New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB

     4.00%       04/01/2029        30        30,792  

New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB

     4.00%       04/01/2031        235        241,161  

New York (State of) Dormitory Authority, Series 2015 E, Ref. RB

     5.00%       03/15/2026        350        360,581  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       02/15/2029        50        52,568  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       03/15/2032        100        104,543  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       02/15/2033        40        42,043  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       03/15/2033        305        318,676  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       02/15/2036        10        10,448  

New York (State of) Dormitory Authority, Series 2016 A, RB

     5.00%       02/15/2041        210        217,553  

New York (State of) Dormitory Authority, Series 2016 D, Ref. RB

     5.00%       02/15/2026        35        36,502  

New York (State of) Dormitory Authority, Series 2016 D, Ref. RB

     5.00%       02/15/2028        50        52,540  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00%       02/15/2026        100        104,291  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2026        10        10,496  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)

     5.00%       02/15/2026        35        36,488  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

     5.00%       02/15/2026        15        15,644  

New York (State of) Dormitory Authority, Series 2018 1, Ref. RB

     5.00%       01/15/2026        140        145,603  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       10/01/2026        60        63,273  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       10/01/2030        155        162,805  

New York (State of) Dormitory Authority, Series 2018 E, Ref. RB(a)

     5.00%       03/15/2026        35        36,591  

New York (State of) Dormitory Authority, Series 2019 A, RB

     5.00%       10/01/2026        125        131,818  

New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB(a)

     5.00%       03/15/2026        15        15,704  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)

     5.00%       03/15/2026        5        5,240  

New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB

     5.00%       10/01/2026        320        339,191  

New York (State of) Dormitory Authority (Group B), Series 2016 A, RB(a)(b)

     5.00%       09/15/2026        265        280,683  

New York (State of) Dormitory Authority (Group B), Series 2016 A, RB

     5.00%       03/15/2028        225        235,749  

New York (State of) Dormitory Authority (New York University), Series 2016 A, RB

     5.00%       07/01/2033        350        364,964  

New York (State of) Dormitory Authority (New York University), Series 2016 A, RB

     5.00%       07/01/2036        150        155,757  

 

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

 

   243   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Dormitory Authority (New York University), Series 2016 A, RB

     5.00%       07/01/2039      $ 140      $     144,537  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2026        20        21,065  

New York (State of) Thruway Authority, Series 2016 A, RB

     5.00%       01/01/2035        15        15,480  

New York (State of) Thruway Authority, Series 2016 A, RB

     5.00%       01/01/2046        265        269,510  

New York (State of) Thruway Authority, Series 2016 A, RB

     5.00%       01/01/2051        200        202,961  

New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB

     5.00%       12/15/2032        25        26,218  

New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB

     5.00%       12/15/2034        150        156,981  

New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB

     5.00%       12/15/2034        150        156,981  

New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB

     5.00%       11/15/2046        150        152,364  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB

     5.00%       06/15/2028        35        36,724  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB

     5.00%       06/15/2029        55        57,709  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB

     5.00%       06/15/2030        30        31,469  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB

     5.00%       06/15/2032        225        235,838  

New York State Urban Development Corp., Series 2016 A, Ref. RB(a)(b)

     5.00%       03/15/2026        580        606,363  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00%       03/15/2026        50        52,218  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00%       03/15/2028        95        98,768  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00%       03/15/2029        30        31,183  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00%       03/15/2033        135        140,123  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     5.00%       03/15/2034        215        222,894  

New York State Urban Development Corp., Series 2016 A, Ref. RB

     4.00%       03/15/2036        40        40,365  

New York State Urban Development Corp., Series 2017 C-1, Ref. RB

     5.00%       03/15/2026        20        20,887  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2026        75        78,327  

Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB

     5.00%       11/15/2031        500        522,833  

Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB

     5.00%       11/15/2041        500        514,358  

Westchester (County of), NY, Series 2018 A, GO Bonds

     4.00%       12/01/2029        100        103,540  
          

 

 

 
             18,431,865  
          

 

 

 

North Carolina-1.34%

          

Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds

     5.00%       12/01/2026        50        53,086  

North Carolina (State of), Series 2013 C, Ref. GO Bonds

     5.00%       05/01/2026        45        47,207  

North Carolina (State of), Series 2014 B, Ref. RB

     5.00%       06/01/2026        30        31,461  

North Carolina (State of), Series 2016 A, Ref. GO Bonds

     5.00%       06/01/2026        90        94,576  

North Carolina (State of), Series 2017 B, Ref. RB

     5.00%       05/01/2026        40        41,879  

North Carolina (State of), Series 2018 A, GO Bonds

     5.00%       06/01/2026        325        341,525  

North Carolina (State of), Series 2019 A, RB

     5.00%       05/01/2026        30        31,409  

North Carolina (State of) (Garvee), Series 2019, RB

     5.00%       03/01/2026        65        67,784  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB

     5.00%       10/01/2026        15        15,841  

North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB

     5.00%       10/01/2044        55        56,980  

North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB(a)

     6.00%       01/01/2026        25        26,358  

North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB

     5.00%       11/01/2037        150        151,867  

North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB

     5.00%       01/01/2026        125        129,367  

North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB

     5.00%       01/01/2028        35        36,049  

North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB

     5.00%       01/01/2028        100        103,612  

North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB

     5.00%       01/01/2029        50        51,740  

North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2054        250        251,417  
          

 

 

 
             1,532,158  
          

 

 

 

Ohio-2.10%

          

Allen (County of), OH, Series 2017 A, Ref. RB

     5.00%       08/01/2026        145        151,018  

American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB

     5.00%       02/15/2041        100        101,166  

Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(c)

     5.25%       12/01/2026        25        26,687  

Columbus (City of), OH, Series 2015, Ref. RB

     5.00%       06/01/2029        100        105,132  

Columbus (City of), OH, Series 2015, Ref. RB

     5.00%       06/01/2030        25        26,135  

 

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

 

   244   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Ohio-(continued)

          

Columbus (City of), OH, Series 2015, Ref. RB

     5.00%       06/01/2032      $ 15      $ 15,657  

Columbus (City of), OH, Series 2016 A, GO Bonds

     4.00%       08/15/2026        200        202,509  

Columbus (City of), OH, Series 2016-1, Ref. GO Bonds

     5.00%       07/01/2026        135        142,074  

Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds

     5.00%       12/01/2031        100        104,301  

Cuyahoga (County of), OH, Series 2020 D, Ref. RB

     5.00%       12/01/2026        25        26,377  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     5.00%       12/01/2026        35        36,949  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     5.00%       12/01/2029        95        99,954  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     4.00%       12/01/2031        45        45,468  

Miami University, Series 2017, Ref. RB

     5.00%       09/01/2041        50        51,363  

Ohio (State of), Series 2016 S, GO Bonds

     5.00%       05/01/2031        70        73,202  

Ohio (State of), Series 2017 B, Ref. GO Bonds

     5.00%       09/15/2026        15        15,832  

Ohio (State of), Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2026        5        5,264  

Ohio (State of), Series 2018 A, GO Bonds

     5.00%       02/01/2031        100            103,967  

Ohio (State of), Series 2018 A, GO Bonds

     5.00%       02/01/2033        125        129,694  

Ohio (State of), Series 2018 A, GO Bonds

     5.00%       06/15/2033        15        15,622  

Ohio (State of), Series 2018 A, GO Bonds

     5.00%       02/01/2034        30        31,105  

Ohio (State of), Series 2018 A, GO Bonds

     5.00%       06/15/2034        40        41,581  

Ohio (State of) (Garvee), Series 2016 1, RB

     5.00%       12/15/2028        45        47,163  

Ohio (State of) (Garvee), Series 2016-1, RB

     5.00%       12/15/2027        40        41,955  

Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB

     5.00%       01/15/2041        335        336,484  

Ohio (State of) Water Development Authority, Series 2016 A, RB

     5.00%       12/01/2032        200        209,685  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       12/01/2026        5        5,304  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB

     5.00%       06/01/2026        45        47,252  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB

     5.00%       12/01/2026        25        26,519  

University of Cincinnati, Series 2016 C, RB

     5.00%       06/01/2046        125        127,290  
          

 

 

 
             2,392,709  
          

 

 

 

Oklahoma-0.99%

          

Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB

     5.00%       09/01/2026        50        52,295  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2026        10        10,423  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2029        15        15,796  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2032        45        47,206  

Grand River Dam Authority, Series 2016 A, Ref. RB

     4.00%       06/01/2033        600        605,383  

Oklahoma (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2037        190        194,968  

Oklahoma (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2042        170        173,194  

Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB

     5.00%       09/01/2026        25        25,768  
          

 

 

 
             1,125,033  
          

 

 

 

Oregon-0.47%

          

Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     4.00%       06/15/2032        25        25,505  

Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2026        80        83,897  

Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2026        40        42,014  

Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds

     5.00%       05/01/2029        30        31,385  

Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB

     5.00%       06/01/2046        100        100,791  

Oregon Health & Science University, Series 2016 B, Ref. RB

     5.00%       07/01/2036        160        165,466  

Portland Community College District, Series 2018, GO Bonds

     5.00%       06/15/2029        25        26,202  

University of Oregon, Series 2016 A, RB

     5.00%       04/01/2046        60        61,390  
          

 

 

 
             536,650  
          

 

 

 

Pennsylvania-4.25%

          

Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds

     4.00%       11/01/2032        65        66,260  

Allegheny (County of), PA Port Authority, Series 2020, Ref. RB

     5.00%       03/01/2026        100        103,870  

Chester (County of), PA, Series 2016 A, Ref. GO Bonds

     4.00%       07/15/2028        45        46,270  

Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB

     5.00%       08/15/2042        140        142,456  

Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB

     5.00%       08/15/2026        50        52,325  

Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB

     4.00%       07/01/2035        100        98,232  

Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB

     3.00%       10/01/2037        100        85,377  

 

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

 

   245   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Pennsylvania-(continued)

          

Monroeville Finance Authority, Series 2012, RB

     5.00%       02/15/2026      $ 65      $ 67,246  

Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB

     5.00%       08/15/2046        10        10,002  

Pennsylvania (Commonwealth of), First Series 2015, GO Bonds

     5.00%       03/15/2026        35        35,788  

Pennsylvania (Commonwealth of), First Series 2016, GO Bonds

     5.00%       02/01/2029        300            313,670  

Pennsylvania (Commonwealth of), First Series 2016, GO Bonds

     4.00%       02/01/2032        200        202,130  

Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds

     5.00%       01/01/2026        130        135,309  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00%       05/01/2026        30        31,432  

Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds

     3.25%       08/15/2026        515        510,894  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

     5.00%       09/15/2028        300        316,438  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

     4.00%       09/15/2030        65        65,889  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

     4.00%       09/15/2032        10        10,127  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB

     4.00%       03/15/2033        25        25,119  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB

     4.00%       08/15/2031        500        507,894  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     5.00%       12/01/2026        110        116,092  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     5.00%       12/01/2028        35        37,003  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     5.00%       12/01/2030        155        162,542  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     5.00%       12/01/2032        230        241,863  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     4.00%       12/01/2034        35        35,357  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00%       12/01/2034        60        62,485  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00%       12/01/2035        150        155,644  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00%       12/01/2036        45        46,528  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00%       12/01/2041        25        25,471  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB

     5.00%       12/01/2046        60        61,212  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB

     4.00%       06/01/2033        145        146,571  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB

     5.00%       06/01/2026        40        41,210  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB

     5.00%       12/01/2030        100        106,032  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)(c)

     4.00%       12/01/2037        385        383,577  

Pennsylvania State University (The), Series 2016 A, RB

     5.00%       09/01/2041        200        206,249  

Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds

     5.00%       08/01/2026        145        151,836  

Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)(c)

     5.00%       09/01/2026        45        47,288  
          

 

 

 
             4,853,688  
          

 

 

 

Rhode Island-0.16%

          

Rhode Island (State of), Series 2015 A, Ref. GO Bonds

     5.00%       08/01/2026        20        20,640  

Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB

     5.00%       10/01/2040        40        40,755  

Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB

     5.00%       06/15/2026        50        52,246  

Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB

     5.00%       06/15/2030        40        41,458  

Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB

     5.00%       11/01/2047        25        25,384  
          

 

 

 
             180,483  
          

 

 

 

South Carolina-0.60%

          

South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB

     5.25%       08/15/2046        65        65,751  

South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB

     5.00%       12/01/2029        225        232,070  

South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB

     5.00%       12/01/2031        150        154,406  

South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB

     5.00%       12/01/2032        145        149,008  

South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB

     4.00%       12/01/2056        20        17,337  

South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB

     5.00%       10/01/2026        65        68,545  
          

 

 

 
             687,117  
          

 

 

 

Tennessee-0.91%

          

Clarksville (City of), TN, Series 2016, Ref. RB(a)(b)

     5.00%       02/01/2026        45        46,926  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds

     5.00%       07/01/2026        100        102,984  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds

     5.00%       01/01/2026        50        52,030  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)(b)

     5.00%       07/01/2026        100        105,157  

 

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

 

   246   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Tennessee-(continued)

          

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds

     4.75%       07/01/2026      $ 20      $ 20,859  

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB

     5.00%       07/01/2029        35        36,407  

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB

     5.00%       07/01/2040        200        202,717  

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB

     5.00%       07/01/2046        225            226,581  

Tennessee (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2030        100        105,468  

Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       11/01/2026        35        37,011  

Tennessee Energy Acquisition Corp., Series 2006 A, RB

     5.25%       09/01/2026        30        30,436  

Tennessee Energy Acquisition Corp., Series 2006 B, RB

     5.63%       09/01/2026        75        76,469  
          

 

 

 
             1,043,045  
          

 

 

 

Texas-9.02%

          

Austin (City of), TX, Series 2016, Ref. RB

     5.00%       11/15/2045        150        152,953  

Austin (City of), TX, Series 2017 A, RB

     5.00%       11/15/2041        40        40,827  

Austin (City of), TX, Series 2021, Ref. RB

     5.00%       11/15/2026        15        15,837  

Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)

     5.00%       06/15/2026        60        62,864  

Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)

     5.00%       06/15/2026        220        230,501  

Bexar (County of), TX, Series 2017, Ref. GO Bonds

     5.00%       06/15/2028        500        522,297  

Board of Regents of the University of Texas System, Series 2016 D, RB

     5.00%       08/15/2026        135        141,974  

Board of Regents of the University of Texas System, Series 2016 J, RB

     5.00%       08/15/2028        125        131,355  

Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB

     5.00%       08/15/2026        35        36,808  

Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2026        100        104,291  

Dallas (City of), TX, Series 2015 A, Ref. RB

     5.00%       10/01/2026        160        164,622  

Dallas (City of), TX, Series 2016 A, Ref. RB

     4.00%       10/01/2041        25        24,329  

Dallas (City of), TX, Series 2017, Ref. GO Bonds

     5.00%       02/15/2026        500        520,256  

Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB

     5.00%       12/01/2032        45        47,149  

Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB

     4.00%       12/01/2036        100        100,226  

Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds

     5.00%       02/15/2026        30        31,051  

Denton (City of), TX, Series 2017, RB

     5.00%       12/01/2035        165        170,263  

El Paso (City of), TX, Series 2016, GO Bonds

     5.00%       08/15/2042        100        102,226  

El Paso Independent School District, Series 2017, GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       08/15/2037        150        155,530  

Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2026        75        78,146  

Harris (County of), TX, Series 2015 A, Ref. GO Bonds

     5.00%       10/01/2026        155        158,885  

Harris (County of), TX, Series 2016 A, Ref. RB

     5.00%       08/15/2030        30        31,267  

Harris (County of), TX, Series 2016 A, Ref. RB

     5.00%       08/15/2031        60        62,500  

Harris (County of), TX, Series 2016 A, Ref. RB

     5.00%       08/15/2036        95        97,832  

Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB

     5.00%       11/01/2028        30        31,571  

Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB

     5.00%       11/01/2029        5        5,260  

Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB

     5.00%       08/15/2026        125        131,457  

Houston (City of), TX, Series 2016 B, Ref. RB

     4.00%       11/15/2031        300        303,733  

Houston (City of), TX, Series 2016 B, Ref. RB

     5.00%       11/15/2032        80        84,199  

Houston (City of), TX, Series 2016 B, Ref. RB

     5.00%       11/15/2033        45        47,299  

Houston (City of), TX, Series 2016 B, Ref. RB

     5.00%       11/15/2036        140        145,397  

Houston (City of), TX, Series 2017 A, Ref. GO Bonds

     5.00%       03/01/2026        200        207,256  

Houston (City of), TX, Series 2017 B, Ref. RB

     5.00%       11/15/2026        25        26,347  

Houston (City of), TX, Series 2018 B, Ref. RB

     5.00%       07/01/2026        60        62,845  

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2028        20        20,825  

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2029        145        151,122  

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2031        185        192,634  

 

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

 

   247   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2033      $ 55      $ 55,640  

Houston Independent School District, Series 2017, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2026        110            114,772  

Humble Independent School District, Series 2015 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2026        25        25,204  

Lone Star College System, Series 2016, Ref. GO Bonds

     4.00%       02/15/2032        45        45,618  

Lone Star College System, Series 2016, Ref. GO Bonds

     5.00%       02/15/2033        25        25,764  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB

     5.00%       05/15/2026        150        155,984  

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $104,640)(d)(e)

     5.00%       07/02/2046        100        68,500  

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $208,449)(d)(e)

     5.00%       07/03/2051        200        137,000  

North East Independent School District, Series 2007, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.25%       02/01/2026        30        31,322  

North Texas Tollway Authority, Series 2015 B, Ref. RB

     5.00%       01/01/2026        30        30,474  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2028        150        155,923  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2030        100        103,838  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2031        80        83,008  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2032        10        10,366  

North Texas Tollway Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2039        5        5,099  

North Texas Tollway Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2031        120        124,248  

Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations

     5.00%       03/01/2030        630        656,604  

Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB

     5.25%       07/01/2026        35        36,933  

Plano Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2029        85        88,609  

San Antonio (City of), TX, Series 2015, RB

     4.00%       02/01/2033        50        50,200  

San Antonio (City of), TX, Series 2015, Ref. RB

     5.00%       02/01/2026        70        72,797  

San Antonio (City of), TX, Series 2015, Ref. RB

     3.13%       02/01/2028        75        73,444  

San Antonio (City of), TX, Series 2016, Ref. RB

     5.00%       02/01/2026        210        218,392  

San Antonio (City of), TX, Series 2016, Ref. RB

     4.00%       02/01/2028        30        30,333  

San Antonio (City of), TX, Series 2016, Ref. RB

     5.00%       02/01/2030        20        20,946  

San Antonio (City of), TX, Series 2016, Ref. RB

     4.00%       02/01/2032        125        125,770  

San Antonio (City of), TX, Series 2018 A, RB

     5.00%       02/01/2026        30        31,199  

San Antonio (City of), TX, Series 2019, Ref. RB

     4.00%       02/01/2026        130        131,790  

San Antonio (City of), TX Water System, Series 2016 A, Ref. RB

     5.00%       05/15/2031        15        15,644  

San Antonio (City of), TX Water System, Series 2016 A, Ref. RB

     5.00%       05/15/2032        20        20,832  

San Antonio (City of), TX Water System, Series 2016 C, Ref. RB

     5.00%       05/15/2036        100        103,835  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB

     5.00%       11/15/2029        135        140,629  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB

     5.00%       11/15/2028        35        36,460  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB

     4.00%       11/15/2034        95        95,514  

Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB

     5.00%       02/15/2041        250        254,953  

Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB

     5.00%       02/15/2034        20        20,801  

Texas (State of), Series 2016 A, GO Bonds

     5.00%       04/01/2026        200        208,447  

Texas (State of), Series 2016 A, GO Bonds

     5.00%       04/01/2038        250        258,849  

Texas (State of), Series 2016, GO Bonds

     5.00%       04/01/2029        20        20,893  

Texas (State of), Series 2016, GO Bonds

     5.00%       04/01/2031        140        146,006  

Texas (State of), Series 2016, GO Bonds

     5.00%       04/01/2037        30        31,092  

Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB

     5.00%       10/01/2026        85        89,586  

Texas (State of) Water Development Board, Series 2016, RB

     4.00%       10/15/2035        400        401,323  

Texas A&M University, Series 2016 C, Ref. RB

     4.00%       05/15/2028        100        101,826  

Texas A&M University, Series 2016 C, Ref. RB

     4.00%       05/15/2029        30        30,532  

Trinity River Authority, Series 2016, Ref. RB

     5.00%       08/01/2026        500        524,137  

 

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

 

   248   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

University of Houston, Series 2017 A, Ref. RB

     5.00%       02/15/2030      $ 75      $ 77,727  

University of Houston, Series 2017 A, Ref. RB

     5.00%       02/15/2036        395        407,024  
          

 

 

 
              10,289,821  
          

 

 

 

Utah-0.32%

          

Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB

     3.00%       05/15/2047        95        71,534  

Utah (State of), Series 2018, GO Bonds

     5.00%       07/01/2026        160        168,384  

Utah (State of) Transit Authority, Series 2016, Ref. RB

     3.00%       12/15/2028        125        122,362  
          

 

 

 
             362,280  
          

 

 

 

Vermont-0.07%

          

Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB

     5.00%       12/01/2036        80        81,617  
          

 

 

 

Virginia-2.17%

          

Chesapeake Bay Bridge & Tunnel District, Series 2016, RB

     5.00%       07/01/2046        255        257,634  

Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds(a)(b)

     5.00%       04/01/2026        100        104,626  

Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds

     4.00%       10/01/2027        95        97,208  

Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB

     5.00%       05/15/2030        120        125,012  

Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB

     5.00%       05/15/2031        20        20,833  

Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB(a)

     5.00%       07/01/2026        770        808,641  

Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)

     5.00%       08/01/2026        100        105,196  

Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)

     5.00%       08/01/2026        25        26,299  

Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)

     5.00%       08/01/2026        10        10,520  

Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)

     5.00%       08/01/2026        40        42,079  

Richmond (City of), VA, Series 2016, Ref. RB

     5.00%       01/15/2026        20        20,861  

Richmond (City of), VA, Series 2016, Ref. RB

     5.00%       01/15/2028        40        41,480  

Richmond (City of), VA, Series 2016, Ref. RB

     5.00%       01/15/2030        20        20,786  

Richmond (City of), VA, Series 2016, Ref. RB

     4.00%       01/15/2037        150        150,664  

Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds

     5.00%       06/01/2026        25        25,782  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       09/01/2028        85        89,322  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       09/01/2029        65        68,438  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB

     5.00%       02/01/2026        70        73,012  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB

     5.00%       02/01/2026        35        36,506  

Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB

     5.00%       08/01/2026        30        31,576  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     5.00%       05/15/2026        80        83,906  

Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB

     5.00%       03/15/2026        225        235,204  
          

 

 

 
             2,475,585  
          

 

 

 

Washington-3.32%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB

     5.00%       11/01/2035        145        151,706  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2026        10        10,581  

Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB

     5.00%       07/01/2026        20        21,020  

Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB

     5.00%       07/01/2028        50        52,488  

Energy Northwest (No. 1), Series 2017 A, Ref. RB

     5.00%       07/01/2026        10        10,510  

Energy Northwest (No. 1), Series 2022 A, Ref. RB

     5.00%       07/01/2026        295        310,049  

King (County of), WA, Series 2016 A, Ref. RB

     4.00%       07/01/2035        600        604,735  

King (County of), WA, Series 2016 B, Ref. RB

     5.00%       07/01/2028        100        104,839  

King (County of), WA, Series 2016 B, Ref. RB

     4.00%       07/01/2030        50        50,908  

King (County of), WA, Series 2016 B, Ref. RB

     4.00%       07/01/2032        125        126,918  

King County School District No. 401 Highline, Series 2015, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2026        40        41,460  

King County School District No. 401 Highline, Series 2017, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2028        25        26,355  

 

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

 

   249   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Washington-(continued)

          

King County School District No. 401 Highline, Series 2017, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2029      $ 25      $     25,512  

King County School District No. 401 Highline, Series 2017, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2031        40        42,180  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2029        15        15,875  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2030        100        105,577  

King County School District No. 411 Issaquah, Series 2017, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2032        30        31,494  

North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2026        45        47,663  

Seattle (City of), WA, Series 2015 A, Ref. GO Bonds

     5.00%       06/01/2026        20        20,591  

Seattle (City of), WA, Series 2019 B, Ref. RB

     5.00%       02/01/2026        70        72,929  

Seattle (Port of), WA, Series 2016, Ref. RB

     5.00%       02/01/2030        35        36,257  

University of Washington, Series 2016 A, Ref. RB

     5.25%       12/01/2046        200        207,148  

Washington (State of), Series 2016 A, GO Bonds

     5.00%       08/01/2031        160        167,286  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2026        250        259,678  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2029        40        41,567  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2029        10        10,489  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2030        10        10,373  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2030        40        41,855  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2031        55        57,017  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2032        100        103,508  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2032        50        52,178  

Washington (State of), Series 2016 R, Ref. GO Bonds

     5.00%       07/01/2032        30        31,052  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2026        90        93,915  

Washington (State of), Series R-2017 A, Ref. GO Bonds

     5.00%       08/01/2028        395        414,664  

Washington (State of), Series R-2017 A, Ref. GO Bonds

     5.00%       08/01/2030        25        26,160  

Washington (State of), Series R-2017 A, Ref. GO Bonds

     5.00%       08/01/2032        280        292,198  

Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB

     5.00%       10/01/2040        70        70,160  
          

 

 

 
             3,788,895  
          

 

 

 

Wisconsin-1.30%

          

Wisconsin (State of), Series 2016 2, Ref. GO Bonds

     5.00%       11/01/2026        40        41,899  

Wisconsin (State of), Series 2018 A, RB

     5.00%       06/01/2026        200        209,955  

Wisconsin (State of), Series 2019 A, Ref. RB(a)

     5.00%       05/01/2026        60        62,880  

Wisconsin (State of), Series 2021 1, Ref. GO Bonds

     5.00%       05/01/2026        125        131,099  

Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB

     5.00%       07/01/2026        70        72,010  

Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB

     5.00%       07/01/2026        20        21,031  

Wisconsin (State of) Department of Transportation, Series 2017, Ref. RB

     5.00%       07/01/2026        85        89,383  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)(b)

     3.13%       05/15/2026        25        24,963  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB

     4.00%       11/15/2033        25        25,196  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB

     4.00%       11/15/2035        240        240,306  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB

     4.50%       11/15/2039        100        100,386  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB

     5.00%       11/15/2039        350        355,329  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB

     4.00%       11/15/2032        10        10,097  

 

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

 

   250   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Wisconsin-(continued)

          

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB

     5.00%       03/01/2041      $ 65      $ 65,740  

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB

     5.00%       03/01/2046        30        30,208  
          

 

 

 
             1,480,482  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(f)-98.60%
(Cost $115,124,646)

             112,532,438  

OTHER ASSETS LESS LIABILITIES-1.40%

             1,602,392  
          

 

 

 

NET ASSETS-100.00%

           $ 114,134,830  
          

 

 

 

Investment Abbreviations:

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

Notes to Schedule of Investments:

(a)

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

(b)

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

(c)

Principal and/or interest payments are secured by the bond insurance company listed.

(d)

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $205,500, which represented less than 1% of the Fund’s Net Assets.

(e)

Restricted security. The aggregate value of these securities at August 31, 2023 was $205,500, which represented less than 1% of the Fund’s Net Assets.

(f)

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

 

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

 

   251   

 

 

 

 


 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.70%

          

Alabama-1.02%

          

Alabama (State of), Series 2016 C, Ref. GO Bonds

     5.00%       08/01/2027      $ 25      $ 26,329  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)

     4.00%       09/01/2027        70        72,629  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)

     5.00%       09/01/2027        75        80,618  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)

     5.00%       09/01/2027        25        26,872  

Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)

     5.00%       09/01/2027        75        80,618  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2027        60        64,698  

Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)(b)

     5.00%       01/01/2027        75        79,545  

Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)(b)

     5.00%       01/01/2027        65        68,939  

Jefferson (County of), AL, Series 2017, Ref. Revenue Wts

     5.00%       09/15/2030        150        156,305  

Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.(a)(b)

     4.00%       02/01/2027        260        268,291  
          

 

 

 
                924,844  
          

 

 

 

Arizona-1.60%

          

Arizona (State of), Series 2019 A, Ref. COP(a)

     5.00%       10/01/2027        100        106,671  

Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c)

     5.00%       07/01/2027        100        105,752  

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

     5.00%       01/01/2031        80        83,594  

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

     5.00%       01/01/2034        105        109,491  

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

     5.00%       01/01/2035        225        234,237  

Phoenix (City of), AZ, Series 2022, Ref. GO Bonds

     5.00%       07/01/2027        10        10,705  

Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB

     5.00%       07/01/2032        175        186,185  

Phoenix Civic Improvement Corp., Series 2017, Ref. RB

     5.00%       07/01/2027        40        41,926  

Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB

     5.00%       01/01/2027        315        334,396  

Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB

     5.00%       01/01/2034        90        95,395  

Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB

     5.00%       01/01/2036        140        147,442  
          

 

 

 
             1,455,794  
          

 

 

 

California-18.41%

          

Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)(c)

     5.00%       09/01/2036        200        208,965  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB(a)(b)

     5.00%       04/01/2027        35        37,613  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB

     4.00%       04/01/2056        10        9,680  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     5.00%       04/01/2027        25        26,796  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     4.00%       04/01/2029        125        129,435  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     4.00%       04/01/2032        155        159,017  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     4.00%       04/01/2035        275        280,052  

California (State of), Series 2017, GO Bonds

     5.00%       08/01/2031        425        456,197  

California (State of), Series 2017, GO Bonds

     4.00%       11/01/2032        10        10,311  

California (State of), Series 2017, GO Bonds

     5.00%       11/01/2047        140        147,125  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2027        15        15,879  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2029        80        86,086  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2029        245        264,791  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2030        605        649,052  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2030        60        64,640  

California (State of), Series 2017, Ref. GO Bonds

     4.00%       11/01/2032        25        25,779  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2033        65        69,711  

California (State of), Series 2017, Ref. GO Bonds

     4.00%       11/01/2034        25        25,657  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2035        385        411,934  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2037        20        21,285  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2027        415        444,815  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2027        180        194,577  

California (State of), Series 2020, GO Bonds

     3.00%       03/01/2027        370        369,780  

 

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

 

   252   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

California (State of), Series 2020, GO Bonds

     5.00%       11/01/2027      $ 75      $ 81,208  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2027        250           269,799  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       12/01/2027        290        314,528  

California (State of), Series 2022, GO Bonds

     5.00%       04/01/2027        25        26,796  

California (State of), Series 2022, Ref. GO Bonds

     5.00%       04/01/2042        100        105,489  

California (State of) (Bid Group C), Series 2016, Ref. GO Bonds

     5.00%       08/01/2027        45        47,636  

California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB(a)(b)

     5.00%       12/01/2027        15        16,319  

California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB

     5.00%       12/01/2030        150        163,574  

California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB

     5.00%       12/01/2032        50        54,636  

California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB

     5.00%       04/01/2042        250        255,315  

California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB

     5.00%       08/15/2047        600        600,466  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB

     5.00%       11/01/2027        435        472,963  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

     5.00%       11/15/2031        50        54,037  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

     5.00%       11/15/2033        50        53,968  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

     5.00%       11/15/2036        40        42,613  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

     4.00%       11/15/2040        50        49,639  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

     5.00%       11/15/2034        100        106,614  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

     5.00%       11/15/2038        250        261,156  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

     5.00%       11/15/2048        200        204,512  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

     5.00%       11/15/2033        15        16,049  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

     5.00%       11/15/2035        60        63,547  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

     5.00%       11/15/2036        30        31,582  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB

     5.00%       10/01/2027        30        32,219  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB

     5.00%       10/01/2029        10        10,767  

California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB

     5.00%       02/01/2047        100        101,045  

California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB

     5.00%       07/01/2042        150        150,611  

California (State of) Public Works Board, Series 2017 B, Ref. RB

     5.00%       10/01/2029        250        270,604  

California (State of) Public Works Board, Series 2022 C, Ref. RB

     5.00%       08/01/2027        5        5,402  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

     5.00%       11/01/2027        40        42,475  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2027        10        10,860  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2028        40        43,101  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2031        15        16,097  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2032        150        160,866  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2035        65        69,301  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2038        55        57,968  

California State University, Series 2017 A, Ref. RB

     5.00%       11/01/2042        110        114,973  

Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)(c)

     5.00%       08/01/2051        270        278,536  

Coast Community College District (Election of 2012), Series 2017 D, GO Bonds(a)(b)

     5.00%       08/01/2027        15        16,263  

Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB

     5.00%       03/01/2029        65        69,806  

Desert Community College District, Series 2017, Ref. GO Bonds

     5.00%       08/01/2033        60        64,513  

East Bay Municipal Utility District, Series 2017 B, Ref. RB

     5.00%       06/01/2031        25        27,044  

East Bay Municipal Utility District, Series 2017 B, Ref. RB

     5.00%       06/01/2032        45        48,657  

East Bay Municipal Utility District, Series 2017 B, Ref. RB

     5.00%       06/01/2034        150        162,174  

Eastern Municipal Water District Financing Authority, Series 2017 D, RB

     5.00%       07/01/2047        100        104,692  

Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds

     5.00%       08/01/2046        180        186,537  

Fairfield (City of), CA, Series 2017, Ref. RB

     5.00%       04/01/2042        85        88,350  

Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds

     5.25%       08/01/2042        100        105,675  

Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds

     7.00%       08/01/2034        60        69,695  

Jurupa Unified School District, Series 2017 B, GO Bonds

     4.00%       08/01/2041        55        53,731  

Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB

     5.00%       06/01/2030        100        107,664  

Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB

     5.00%       05/15/2027        30        32,414  

 

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

 

   253   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB

     5.00%       07/01/2042      $ 150      $    156,220  

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB

     5.00%       07/01/2047        200        207,088  

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB

     5.00%       07/01/2044        300        311,722  

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB

     5.25%       07/01/2044        150        157,261  

Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB

     5.00%       07/01/2028        35        37,379  

Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB

     5.00%       07/01/2031        75        80,295  

Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB

     5.00%       07/01/2034        25        26,714  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2027        100        107,949  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     4.00%       07/01/2027        60        62,653  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

     5.00%       07/01/2038        210        222,372  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

     5.00%       07/01/2042        200        209,749  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       06/01/2027        175        188,757  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

     5.00%       07/01/2027        10        10,806  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

     5.00%       07/01/2029        35        37,847  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2027        5        5,403  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB

     5.00%       06/01/2027        275        296,619  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

     5.00%       07/01/2027        160        172,598  

Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds

     5.00%       07/01/2027        55        59,331  

Los Angeles Unified School District, Series 2020 C, GO Bonds

     5.00%       07/01/2027        15        16,181  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.00%       07/01/2027        55        59,331  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

     4.00%       08/01/2047        45        42,960  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

     5.00%       07/01/2027        10        10,787  

Richmond (City of), CA, Series 2017 A, Ref. RB

     5.25%       08/01/2047        150        157,295  

Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB

     5.00%       06/01/2029        15        16,267  

Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB

     5.00%       06/01/2030        25        27,116  

Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB

     5.00%       06/01/2032        75        81,254  

Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB

     5.00%       06/01/2038        200        211,667  

Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB

     5.00%       08/15/2027        45        48,727  

Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB

     5.00%       08/15/2027        10        10,828  

San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds(a)(b)

     4.00%       08/16/2027        25        26,090  

San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB

     1.80%       11/15/2027        35        32,067  

San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB

     5.00%       05/15/2027        45        47,513  

San Diego Unified School District, Series 2017 I, GO Bonds

     4.00%       07/01/2035        25        25,615  

San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds

     4.00%       07/01/2047        215        206,574  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB

     5.00%       05/01/2047        500        516,526  

San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB

     5.00%       11/01/2027        45        47,945  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB

     5.00%       11/01/2027        10        10,869  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB

     5.00%       11/01/2030        40        43,526  

San Francisco (County of), CA Transportation Authority, Series 2017, RB

     3.00%       02/01/2034        15        14,203  

San Francisco Bay Area Rapid Transit District, Series 2019 A, RB

     4.00%       07/01/2036        250        253,606  

San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds

     5.00%       08/01/2047        90        94,095  

San Jose (City of), CA, Series 2017 B, Ref. RB

     5.00%       03/01/2042        10        10,365  

San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB

     5.00%       08/01/2034        80        86,074  

San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB

     5.00%       08/01/2035        200        214,378  

San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds

     4.00%       08/01/2042        100        98,497  

Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2031        285        307,230  

Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB

     5.00%       04/01/2027        500        536,978  

Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB

     4.00%       07/01/2047        20        19,333  

Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2027        40        42,672  

Turlock (City of), CA Irrigation District, Series 2016, Ref. RB

     5.00%       01/01/2046        130        134,635  

University of California, Series 2017 AV, RB

     5.00%       05/15/2042        350        367,844  

University of California, Series 2017 AV, RB

     5.25%       05/15/2042        30        31,798  

University of California, Series 2017 AY, Ref. RB

     5.00%       05/15/2031        85        91,367  

University of California, Series 2017 AY, Ref. RB

     4.00%       05/15/2033        30        30,842  

University of California (Limited), Series 2017 M, RB

     5.00%       05/15/2031        30        32,204  

 

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

 

   254   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

University of California (Limited), Series 2017 M, RB

     5.00%       05/15/2032      $ 5      $ 5,354  

University of California (Limited), Series 2017 M, RB

     5.00%       05/15/2047        350        365,469  

University of California (Limited), Series 2017 M, RB

     5.00%       05/15/2052        100        103,975  
          

 

 

 
             16,734,483  
          

 

 

 

Colorado-1.02%

          

Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds

     5.00%       12/01/2042        215        224,396  

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

     5.50%       12/01/2027        85        93,589  

Board of Trustees of the Colorado School of Mines, Series 2017 B, RB

     5.00%       12/01/2047        100        103,609  

Colorado (State of), Series 2020 A, COP

     5.00%       12/15/2027        45        48,412  

Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB

     5.00%       03/01/2040        25        25,849  

Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB

     5.00%       11/01/2027        40        43,181  

Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB

     5.00%       11/01/2034        100        106,373  

Colorado Springs (City of), CO, Series 2017 A-2, RB

     5.00%       11/15/2042        100        104,319  

Denver (City & County of), CO, Series 2017 B, Ref. RB

     5.00%       11/15/2033        10        10,661  

Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(c)

     5.00%       12/01/2042        105        107,606  

Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(c)

     5.00%       12/01/2047        30        30,420  

University of Colorado, Series 2017 A-2, Ref. RB

     5.00%       06/01/2027        30        32,072  
          

 

 

 
             930,487  
          

 

 

 

Connecticut-1.68%

          

Connecticut (State of), Series 2016 B, Ref. GO Bonds

     5.00%       05/15/2027        70        73,297  

Connecticut (State of), Series 2016 E, GO Bonds

     5.00%       10/15/2027        95        100,257  

Connecticut (State of), Series 2017 A, GO Bonds

     3.50%       04/15/2031        30        30,047  

Connecticut (State of), Series 2017 A, GO Bonds

     5.00%       04/15/2032        15        15,934  

Connecticut (State of), Series 2018 B, RB

     5.00%       10/01/2027        130        139,699  

Connecticut (State of), Series 2018 E, GO Bonds

     5.00%       09/15/2027        250        268,434  

Connecticut (State of), Series 2020 A, RB

     5.00%       05/01/2027        20        21,317  

Connecticut (State of), Series 2021 D, RB

     5.00%       11/01/2027        40        43,051  

Connecticut (State of), Series 2022 A, GO Bonds

     4.00%       01/15/2027        20        20,530  

Connecticut (State of), Series 2022 D, Ref. GO Bonds

     5.00%       09/15/2027        100        107,374  

Connecticut (State of), Series 2022 F, Ref. GO Bonds

     5.00%       11/15/2027        75        80,779  

Connecticut (State of) (Green Bonds), Series 2017 A, RB

     5.00%       05/01/2032        30        32,160  

Connecticut (State of) (Green Bonds), Series 2017 A, RB

     5.00%       05/01/2033        45        48,222  

Connecticut (State of) (Green Bonds), Series 2017 A, RB

     5.00%       05/01/2034        25        26,755  

Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds

     4.00%       06/01/2027        175        180,383  

Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB

     5.00%       09/01/2027        25        26,336  

Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB

     5.00%       07/01/2027        140        150,497  

University of Connecticut, Series 2017 A, RB

     5.00%       01/15/2030        50        52,634  

University of Connecticut, Series 2017 A, RB

     5.00%       01/15/2033        100        105,064  
          

 

 

 
             1,522,770  
          

 

 

 

Delaware-0.05%

          

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2027        40        42,879  
          

 

 

 

District of Columbia-2.26%

          

District of Columbia, Series 2017 A, Ref. GO Bonds

     5.00%       06/01/2032        500        529,473  

District of Columbia, Series 2017 A, Ref. GO Bonds

     5.00%       06/01/2033        80        84,745  

District of Columbia, Series 2017 A, Ref. GO Bonds

     5.00%       06/01/2034        150        158,557  

District of Columbia, Series 2017 A, Ref. GO Bonds

     5.00%       06/01/2037        180        188,267  

District of Columbia (Catholic University of America (The)), Series 2017 B, RB

     5.00%       10/01/2047        300        303,632  

District of Columbia (Georgetown University), Series 2017, Ref. RB

     5.00%       04/01/2030        10        10,509  

Washington Convention & Sports Authority, Series 2018 A, Ref. RB

     5.00%       10/01/2029        15        16,008  

Washington Convention & Sports Authority, Series 2018 A, Ref. RB

     5.00%       10/01/2030        20        21,278  

Washington Metropolitan Area Transit Authority, Series 2017 B, RB

     5.00%       07/01/2030        110        116,677  

Washington Metropolitan Area Transit Authority, Series 2017 B, RB

     5.00%       07/01/2035        600        629,265  
          

 

 

 
             2,058,411  
          

 

 

 

Florida-3.52%

          

Brevard County School District, Series 2017 A, Ref. COP

     5.00%       07/01/2032        60        64,017  

 

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

 

   255   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Florida-(continued)

          

Central Florida Expressway Authority, Series 2016 B, Ref. RB

     5.00%       07/01/2027      $ 10      $ 10,432  

Central Florida Expressway Authority, Series 2017, Ref. RB

     5.00%       07/01/2038        15        15,622  

Central Florida Expressway Authority, Series 2017, Ref. RB

     5.00%       07/01/2039        150        156,064  

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)

     5.00%       07/01/2027        10        10,675  

East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB

     5.00%       10/01/2044        285        293,168  

Escambia (County of), FL, Series 2017, RB

     5.00%       10/01/2043        100        103,916  

Florida (State of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2027        40        42,092  

Florida (State of), Series 2016 A, Ref. RB

     5.00%       07/01/2027        45        47,055  

Florida (State of), Series 2017 C, Ref. GO Bonds

     4.00%       06/01/2033        200        205,911  

Florida (State of), Series 2022 C, Ref. GO Bonds

     5.00%       06/01/2027        250        268,090  

Florida (State of) Department of Transportation, Series 2022 A, Ref. RB

     5.00%       07/01/2027        50        53,506  

Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB

     5.00%       10/01/2027        75        79,796  

Gainesville (City of), FL, Series 2017 A, RB

     5.00%       10/01/2032        45        48,293  

Gainesville (City of), FL, Series 2017 A, RB

     5.00%       10/01/2033        50        53,559  

Gainesville (City of), FL, Series 2017 A, RB

     5.00%       10/01/2034        150        160,192  

JEA Electric System, Series 2017 B, Ref. RB

     5.00%       10/01/2030        110        117,029  

Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP

     5.00%       08/01/2027        20        20,899  

Miami Beach (City of), FL, Series 2017, Ref. RB

     5.00%       09/01/2047        150        153,881  

Miami-Dade (County of), FL, Series 2017 A, RB

     3.38%       10/01/2047        40        31,115  

Miami-Dade (County of), FL, Series 2017 B, Ref. RB

     5.00%       10/01/2027        45        48,268  

Miami-Dade (County of), FL, Series 2017 B, Ref. RB

     4.00%       10/01/2034        20        20,325  

Orange (County of), FL Convention Center, Series 2017, Ref. RB

     5.00%       10/01/2027        50        53,237  

Orange (County of), FL School Board, Series 2016 B, Ref. COP

     5.00%       08/01/2027        310        325,689  

Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB

     5.00%       10/01/2027        20        21,532  

Pinellas (County of), FL School Board, Series 2017 A, COP

     5.00%       07/01/2041        25        25,789  

Reedy Creek Improvement District, Series 2017 A, GO Bonds

     5.00%       06/01/2037        200        207,980  

South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB

     5.00%       08/15/2029        80        83,986  

South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB

     5.00%       08/15/2032        30        31,508  

South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB

     5.00%       08/15/2037        20        20,509  

Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB

     5.00%       07/01/2047        305        310,783  

Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB

     5.00%       10/15/2047        110        111,873  
          

 

 

 
              3,196,791  
          

 

 

 

Georgia-2.11%

          

Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)(c)

     5.50%       11/01/2027        80        82,776  

Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(c)

     5.75%       11/01/2027        45        49,814  

Atlanta (City of), GA, Series 2017 A, Ref. RB

     5.00%       11/01/2038        10        10,506  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2027        40        43,018  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2029        90        96,541  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2031        10        10,733  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2032        20        21,452  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2033        40        42,882  

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2035        10        10,639  

Atlanta (City of), GA, Series 2018, Ref. RB

     5.00%       11/01/2041        55        57,409  

Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB

     5.00%       07/01/2027        30        31,958  

Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RAC

     5.00%       04/01/2047        200        202,160  

Development Authority of Gwinnett County, Series 2017, Ref. RB

     5.00%       07/01/2040        10        10,209  

Georgia (State of), Series 2016 E, Ref. GO Bonds

     5.00%       12/01/2027        390        413,940  

Georgia (State of), Series 2016 F, Ref. GO Bonds

     5.00%       01/01/2027        540        574,130  

Georgia (State of), Series 2016 F, Ref. GO Bonds

     5.00%       07/01/2027        10        10,647  

Georgia (State of), Series 2016 F, Ref. GO Bonds

     5.00%       07/01/2028        125        133,075  

Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds

     5.00%       02/01/2027        30        31,362  

 

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

 

   256   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Georgia-(continued)

          

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

     5.00%       06/01/2027      $ 35      $ 37,430  

Gwinnett County School District, Series 2022 B, GO Bonds

     5.00%       08/01/2027        40        43,106  
          

 

 

 
             1,913,787  
          

 

 

 

Hawaii-0.73%

          

Hawaii (State of), Series 2016 FB, GO Bonds

     5.00%       04/01/2027        235        245,590  

Hawaii (State of), Series 2017 FK, GO Bonds

     5.00%       05/01/2027        35        37,343  

Hawaii (State of), Series 2017 FK, GO Bonds

     4.00%       05/01/2031        175        179,477  

Hawaii (State of), Series 2017 FK, GO Bonds

     5.00%       05/01/2033        5        5,312  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

     5.00%       10/01/2027        50        53,790  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

     5.00%       10/01/2031        20        21,388  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds

     5.00%       03/01/2027        110        116,980  
          

 

 

 
             659,880  
          

 

 

 

Idaho-0.12%

          

Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC

     5.00%       07/15/2027        70        74,599  

Idaho State Building Authority, Series 2017 A, RB(a)(b)

     4.00%       09/01/2027        30        31,184  
          

 

 

 
                105,783  
          

 

 

 

Illinois-7.29%

          

Chicago (City of), IL, Series 2017 A, Ref. GO Bonds

     6.00%       01/01/2038        200        210,872  

Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(c)

     5.00%       11/01/2033        600        631,188  

Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(c)

     5.00%       11/01/2035        150        156,491  

Chicago (City of), IL, Series 2020 A, Ref. GO Bonds

     5.00%       01/01/2027        125        129,539  

Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB

     5.00%       01/01/2027        15        15,519  

Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB

     5.00%       01/01/2034        90        94,358  

Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB

     5.00%       01/01/2035        5        5,230  

Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB

     5.00%       01/01/2036        270        280,662  

Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB

     5.00%       01/01/2038        125        128,865  

Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB

     5.00%       01/01/2039        10        10,264  

Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB

     5.00%       01/01/2041        245        250,484  

Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB

     5.00%       01/01/2047        115        116,830  

Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB

     5.00%       01/01/2052        320        323,807  

Chicago (City of), IL Board of Education, Series 2017, RB

     5.75%       04/01/2033        100        106,616  

Chicago (City of), IL Board of Education, Series 2017, RB

     5.00%       04/01/2042        205        207,317  

Chicago (City of), IL Board of Education, Series 2017, RB

     5.00%       04/01/2046        110        110,799  

Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGM)(c)

     5.00%       12/01/2027        100        103,875  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds

     5.00%       12/01/2027        50        52,607  

Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB

     5.00%       06/01/2027        35        36,697  

Cook (County of), IL, Series 2017, Ref. RB

     5.00%       11/15/2033        100        105,591  

Cook (County of), IL, Series 2018, Ref. RB

     5.00%       11/15/2033        85        89,752  

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       11/15/2027        25        26,612  

Illinois (State of), Series 2016, Ref. GO Bonds

     5.00%       02/01/2027        100        104,280  

Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(c)

     4.00%       02/01/2031        250        251,843  

Illinois (State of), Series 2017 A, GO Bonds

     5.00%       12/01/2031        50        52,534  

Illinois (State of), Series 2017 C, GO Bonds

     5.00%       11/01/2029        365        383,618  

Illinois (State of), Series 2017 D, GO Bonds

     5.00%       11/01/2027        470        494,782  

Illinois (State of), Series 2022 B, Ref. GO Bonds

     5.00%       03/01/2027        45        46,977  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     5.00%       02/15/2030        120        126,029  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     5.00%       02/15/2032        30        31,472  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     4.00%       02/15/2033        545        548,673  

Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB

     5.00%       02/15/2036        150        155,824  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       01/01/2027        140        148,393  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       01/01/2030        20        21,213  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       07/01/2030        95        100,738  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       07/01/2031        30        31,839  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       07/01/2033        25        26,512  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       07/01/2034        225        238,200  

 

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

 

   257   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       07/01/2036      $ 75      $ 78,865  

Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)(b)

     4.00%       01/01/2027        45        46,173  

Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)(b)

     5.00%       01/01/2027        85        89,875  

Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB

     5.00%       10/01/2048        25        25,617  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2027        135        142,656  

Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds

     5.00%       01/01/2029        45        47,083  

Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)(c)

     4.00%       01/01/2040        200        193,094  

Sales Tax Securitization Corp., Series 2020 A, Ref. RB

     5.00%       01/01/2027        35        36,591  

Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds

     4.00%       01/01/2027        10        10,204  
          

 

 

 
              6,627,060  
          

 

 

 

Indiana-0.36%

          

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

     5.00%       06/01/2027        165        174,437  

Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB

     5.00%       02/01/2027        80        84,187  

Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB

     5.00%       02/01/2027        25        26,551  

Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB

     5.00%       10/01/2027        40        42,033  
          

 

 

 
             327,208  
          

 

 

 

Iowa-0.17%

          

Iowa (State of), Series 2016 A, Ref. RB

     5.00%       06/01/2027        70        73,086  

Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB

     5.00%       08/01/2030        80        86,036  
          

 

 

 
             159,122  
          

 

 

 

Kansas-0.44%

          

Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)(b)

     5.00%       09/01/2027        5        5,384  

Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)(b)

     5.00%       09/01/2027        50        53,843  

Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB

     4.00%       09/01/2027        10        10,222  

Kansas (State of) Department of Transportation, Series 2017 A, RB

     5.00%       09/01/2035        75        79,481  

University of Kansas Hospital Authority, Series 2017 A, Ref. RB

     5.00%       03/01/2047        250        254,719  
          

 

 

 
             403,649  
          

 

 

 

Kentucky-0.49%

          

Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB

     5.00%       06/01/2037        150        149,510  

Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)

     4.00%       06/01/2037        115        111,327  

Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB

     5.00%       11/01/2027        60        63,011  

Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB

     5.00%       04/01/2037        15        15,595  

Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB

     5.00%       04/01/2038        30        31,097  

Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB

     5.00%       07/01/2027        70        73,002  
          

 

 

 
             443,542  
          

 

 

 

Louisiana-1.06%

          

Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(c)

     5.00%       12/01/2042        50        51,323  

Lafayette (Parish of), LA School Board, Series 2018, RB(a)(b)

     5.00%       04/01/2027        25        26,647  

Louisiana (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2027        100        105,203  

Louisiana (State of), Series 2017 B, GO Bonds

     5.00%       10/01/2029        120        128,969  

Louisiana (State of), Series 2017 B, GO Bonds

     5.00%       10/01/2030        135        145,011  

Louisiana (State of), Series 2017 C, Ref. RB

     5.00%       05/01/2040        20        20,767  

Louisiana (State of) (Garvee), Series 2019 A, RB

     5.00%       09/01/2027        100        106,907  

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(c)

     5.00%       10/01/2048        150        151,204  

Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB

     5.00%       05/15/2046        70        70,381  

Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)(c)

     5.00%       12/01/2041        150        157,629  
          

 

 

 
             964,041  
          

 

 

 

Maryland-2.34%

          

Howard (County of), MD, Series 2017 B, Ref. GO Bonds

     5.00%       02/15/2027        10        10,659  

 

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

 

   258   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Maryland-(continued)

          

Maryland (State of), Second Series 2020 B, Ref. GO Bonds

     5.00%       08/01/2027      $ 20      $ 21,515  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       03/15/2027        15        16,011  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2027        25        26,893  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       03/15/2029        145        154,704  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2029        15        16,107  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       03/15/2031        105        111,764  

Maryland (State of), Series 2018 A, GO Bonds

     5.00%       03/15/2027        90        96,064  

Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds

     5.00%       08/01/2027        620        666,955  

Maryland (State of) Department of Transportation, Series 2017, RB

     5.00%       09/01/2027        125        134,509  

Maryland (State of) Department of Transportation, Series 2017, RB

     5.00%       09/01/2030        20        21,440  

Maryland (State of) Department of Transportation, Series 2019, RB

     4.00%       10/01/2032        40        41,100  

Maryland (State of) Department of Transportation, Series 2021 A, RB

     5.00%       10/01/2027        145        156,279  

Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB

     5.00%       10/01/2027        70        74,062  

Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB

     5.00%       05/15/2045        110        111,786  

Maryland Health & Higher Educational Facilities Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2044        135        136,709  

Montgomery (County of), MD, Series 2019 A, GO Bonds

     5.00%       11/01/2027        25        27,039  

Montgomery (County of), MD, Series 2020 A, GO Bonds

     4.00%       08/01/2027        200        207,369  

Prince George’s (County of), MD, Series 2017 A, GO Bonds

     3.00%       09/15/2029        100        97,623  
          

 

 

 
              2,128,588  
          

 

 

 

Massachusetts-2.81%

          

Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(c)

     5.50%       01/01/2027        50        53,536  

Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds

     5.00%       07/01/2027        10        10,765  

Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds

     5.00%       07/01/2027        10        10,514  

Massachusetts (Commonwealth of), Series 2016 A, Ref. RB

     5.00%       06/01/2027        20        21,054  

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2027        300        322,944  

Massachusetts (Commonwealth of), Series 2017 A, GO Bonds

     5.00%       04/01/2032        190        202,753  

Massachusetts (Commonwealth of), Series 2017 A, GO Bonds

     5.00%       04/01/2047        200        206,206  

Massachusetts (Commonwealth of), Series 2017 A, Ref. RB

     5.00%       06/01/2043        90        93,845  

Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds

     5.00%       10/01/2027        40        43,287  

Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds

     5.00%       07/01/2027        45        48,441  

Massachusetts (Commonwealth of), Series 2017 E, GO Bonds

     5.00%       11/01/2031        70        75,441  

Massachusetts (Commonwealth of), Series 2017 E, GO Bonds

     4.00%       11/01/2032        10        10,319  

Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds

     5.00%       11/01/2027        40        43,360  

Massachusetts (Commonwealth of), Series 2017 F, GO Bonds

     5.00%       11/01/2041        200        209,149  

Massachusetts (Commonwealth of), Series 2017 F, GO Bonds

     5.00%       11/01/2044        30        31,203  

Massachusetts (Commonwealth of), Series 2017 F, GO Bonds

     5.00%       11/01/2045        40        41,507  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

     5.00%       07/01/2027        205        220,678  

Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds

     5.00%       01/01/2027        70        74,561  

Massachusetts (Commonwealth of), Series 2019 F, GO Bonds

     5.00%       05/01/2027        150        160,900  

Massachusetts (Commonwealth of), Series 2019 G, GO Bonds

     5.00%       09/01/2027        30        32,411  

Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB

     5.00%       06/01/2042        75        77,920  

Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB

     5.00%       07/01/2027        465        482,232  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB

     5.00%       10/15/2027        30        32,455  

Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(c)

     5.25%       08/01/2027        25        27,228  

Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB

     5.00%       08/01/2032        20        21,486  
          

 

 

 
             2,554,195  
          

 

 

 

Michigan-1.51%

          

Great Lakes Water Authority, Series 2016 C, Ref. RB

     5.00%       07/01/2027        25        26,153  

Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB

     5.00%       11/01/2045        165        167,709  

Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB

     5.00%       05/01/2042        180        186,410  

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2027        30        32,398  

Michigan (State of) (Garvee), Series 2016, Ref. RB

     5.00%       03/15/2027        125        132,862  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB

     5.00%       12/01/2034        245        258,443  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB

     5.00%       12/01/2037        125        129,642  

 

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

 

   259   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Michigan-(continued)

          

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB

     5.00%       12/01/2035      $ 145      $ 152,068  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB

     4.00%       12/01/2036        65        64,365  

Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB

     5.00%       12/01/2032        85        90,052  

University of Michigan, Series 2017 A, Ref. RB(a)(b)

     5.00%       04/01/2027        30        32,029  

Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2017 A, RB

     5.00%       12/01/2047        100        102,030  
          

 

 

 
              1,374,161  
          

 

 

 

Minnesota-0.68%

          

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2027        30        31,701  

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2031        20        21,052  

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2032        20        21,055  

Minnesota (State of), Series 2017 A, GO Bonds

     5.00%       10/01/2027        70        75,529  

Minnesota (State of), Series 2017 D, Ref. GO Bonds

     5.00%       10/01/2027        50        53,949  

Minnesota (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2027        15        16,130  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2027        295        317,229  

Minnesota (State of), Series 2021 A, GO Bonds

     5.00%       09/01/2027        10        10,772  

Minnesota (State of), Series 2021 B, GO Bonds

     5.00%       09/01/2027        20        21,545  

Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB

     5.00%       10/01/2047        20        20,213  

University of Minnesota, Series 2017 B, Ref. RB

     5.00%       12/01/2030        15        16,141  

University of Minnesota, Series 2017 B, Ref. RB

     5.00%       12/01/2031        10        10,757  
          

 

 

 
             616,073  
          

 

 

 

Mississippi-0.41%

          

Mississippi (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2027        10        10,738  

Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)

     5.00%       10/01/2027        160        172,255  

Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)

     5.00%       10/01/2027        20        21,532  

Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)

     5.00%       10/01/2027        85        91,511  

Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)

     5.00%       10/01/2027        50        53,830  

Mississippi (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2029        25        26,772  
          

 

 

 
             376,638  
          

 

 

 

Missouri-0.36%

          

Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB

     5.00%       05/01/2047        20        20,733  

Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB

     5.00%       10/01/2027        25        26,845  

Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB

     5.00%       06/01/2027        200        210,699  

St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(c)

     5.50%       07/01/2027        60        64,786  
          

 

 

 
             323,063  
          

 

 

 

Nebraska-0.32%

          

Douglas (County of), NE (Creighton University), Series 2017, Ref. RB

     5.00%       07/01/2047        70        71,525  

Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds

     5.25%       04/01/2027        75        80,598  

Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB

     5.00%       02/01/2027        25        26,056  

Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB

     5.00%       02/01/2037        110        116,503  
          

 

 

 
             294,682  
          

 

 

 

Nevada-0.70%

          

Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB

     5.00%       09/01/2047        100        97,983  

Clark (County of), NV, Series 2016 B, Ref. GO Bonds

     5.00%       11/01/2027        50        52,675  

Clark (County of), NV, Series 2017, Ref. GO Bonds

     5.00%       06/01/2030        95        100,792  

Clark (County of), NV, Series 2017, Ref. GO Bonds

     4.00%       06/01/2032        50        51,181  

Clark (County of), NV, Series 2020 C, Ref. RB

     5.00%       07/01/2027        25        26,715  

Clark County School District, Series 2017 C, Ref. GO Bonds

     4.00%       06/15/2037        50        49,082  

Las Vegas Valley Water District, Series 2021 C, GO Bonds

     5.00%       06/01/2027        60        64,188  

Nevada (State of), Series 2017, RB

     5.00%       12/01/2031        185        195,112  
          

 

 

 
             637,728  
          

 

 

 

New Jersey-3.30%

          

Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)(c)

     5.00%       03/01/2037        100        103,761  

New Jersey (State of), Series 2020, GO Bonds

     5.00%       06/01/2040        220        230,116  

 

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

 

   260   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New Jersey-(continued)

          

New Jersey (State of), Series 2020, GO Bonds

     5.00%       06/01/2041      $ 250      $    261,149  

New Jersey (State of) Economic Development Authority, Series 2017 A, RB

     4.00%       11/01/2027        275        280,872  

New Jersey (State of) Economic Development Authority, Series 2017 A, RB

     5.00%       11/01/2027        100        106,374  

New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2033        100        104,616  

New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(c)

     5.00%       07/01/2027        20        21,240  

New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB(a)(b)

     5.00%       06/15/2027        60        64,318  

New Jersey (State of) Economic Development Authority, Series 2018 A, RB

     5.00%       06/15/2047        200        204,184  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

     5.00%       07/01/2029        100        107,531  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

     5.00%       07/01/2031        75        80,727  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

     5.00%       07/01/2032        15        16,131  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

     5.00%       07/01/2034        115        123,519  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2029        45        48,389  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2030        25        26,893  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2032        20        21,516  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2034        10        10,741  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2035        15        16,045  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2036        10        10,688  

New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB

     4.00%       07/01/2041        25        23,712  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     4.00%       07/01/2036        20        19,897  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     5.00%       07/01/2037        210        218,922  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     4.00%       07/01/2047        35        32,328  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     5.00%       07/01/2052        185        188,818  

New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB

     5.00%       07/01/2042        100        101,452  

New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN

     5.00%       06/15/2027        145        150,883  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB

     5.00%       12/15/2027        60        63,937  

New Jersey (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2029        35        36,982  

New Jersey (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2030        50        52,639  

New Jersey (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2031        10        10,526  

New Jersey (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2032        65        68,442  

New Jersey (State of) Turnpike Authority, Series 2017 A, RB

     5.00%       01/01/2033        50        52,634  

New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB

     5.00%       01/01/2034        15        15,766  

New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB

     5.00%       01/01/2027        25        26,507  

Newark (City of), NJ Housing Authority, Series 2017, Ref. RB

     4.00%       01/01/2037        100        100,002  
          

 

 

 
             3,002,257  
          

 

 

 

New Mexico-0.15%

          

New Mexico (State of) (Capital), Series 2017 A, GO Bonds

     5.00%       03/01/2027        25        26,629  

New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB

     5.00%       06/15/2027        20        21,391  

New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB

     5.00%       07/01/2027        80        85,639  
          

 

 

 
             133,659  
          

 

 

 

New York-17.82%

          

Albany (County of), NY, Series 2018, GO Bonds

     5.00%       04/01/2027        45        47,196  

Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB

     5.00%       01/01/2042        150        154,568  

Build NYC Resource Corp. (Manhattan College), Series 2017, Ref. RB

     5.00%       08/01/2047        235        236,419  

Hempstead Town Local Development Corp., Series 2017, Ref. RB

     5.00%       07/01/2047        100        102,603  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2031        205        217,485  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2034        120        126,952  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2035        100        105,460  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2039        200        208,004  

Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB

     5.00%       02/15/2042        450        465,655  

Long Island (City of), NY Power Authority, Series 2017, RB

     5.00%       09/01/2047        250        257,856  

Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

     5.00%       11/15/2047        100        103,204  

 

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

 

   261   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB

     5.00%       11/15/2027      $ 205      $    215,511  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB

     5.00%       11/15/2034        125        133,970  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB

     5.00%       11/15/2035        90        95,948  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB

     5.00%       11/15/2042        250        260,939  

Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB

     5.00%       11/15/2033        15        16,107  

Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB

     5.00%       11/15/2027        50        52,564  

Nassau (County of), NY, Series 2017 C, Ref. GO Bonds

     5.00%       10/01/2027        10        10,814  

New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB

     5.00%       11/15/2047        300        310,206  

New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB

     5.25%       11/15/2057        100        103,992  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2027        70        75,258  

New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB

     4.00%       12/01/2027        120        125,100  

New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB

     5.00%       11/15/2031        20        21,518  

New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB

     5.00%       11/15/2032        10        10,748  

New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB

     5.00%       11/15/2033        15        16,113  

New York (City of), NY, Series 2008 J-9, GO Bonds

     5.00%       08/01/2027        35        36,502  

New York (City of), NY, Series 2017 A, Ref. GO Bonds

     5.00%       08/01/2027        140        150,121  

New York (City of), NY, Series 2017 B-1, GO Bonds

     5.25%       10/01/2030        130        140,320  

New York (City of), NY, Series 2017 B-1, GO Bonds

     5.25%       10/01/2032        120        129,451  

New York (City of), NY, Series 2017 B-1, GO Bonds

     3.00%       10/01/2034        45        42,501  

New York (City of), NY, Series 2017 B-1, GO Bonds

     5.00%       10/01/2037        250        263,108  

New York (City of), NY, Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2028        250        264,841  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2027        300        321,689  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2027        450        478,556  

New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB

     5.00%       06/15/2046        420        432,887  

New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB

     5.00%       06/15/2029        100        107,108  

New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB

     5.00%       06/15/2037        140        146,665  

New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB

     5.00%       06/15/2032        25        26,974  

New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB

     4.00%       06/15/2048        155        147,829  

New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB

     5.00%       06/15/2040        200        209,401  

New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB

     5.00%       06/15/2027        265        284,998  

New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB

     5.00%       08/01/2037        25        26,092  

New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB

     5.00%       08/01/2039        150        155,974  

New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB

     5.00%       08/01/2040        250        259,519  

New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB

     5.00%       08/01/2041        250        259,147  

New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB

     5.00%       02/01/2039        625        645,899  

New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB

     5.00%       08/01/2030        140        148,918  

New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB

     5.00%       08/01/2034        280        295,833  

New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB

     4.00%       08/01/2035        75        75,995  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

     5.00%       11/01/2027        35        37,079  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

     5.00%       11/01/2028        125        132,389  

New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB

     5.00%       11/01/2031        35        37,049  

New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB

     5.00%       02/01/2030        20        21,088  

New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB

     3.50%       02/01/2038        45        41,576  

New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB

     5.00%       02/01/2043        200        205,561  

New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB

     5.00%       05/01/2031        210        222,283  

New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB

     5.00%       05/01/2036        100        104,363  

New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB

     5.00%       07/15/2032        100        107,126  

New York (City of), NY Transitional Finance Authority, Series 2017, RB

     5.00%       11/01/2027        25        27,008  

New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB

     5.00%       07/15/2031        15        16,077  

New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB

     4.00%       07/15/2036        55        55,354  

New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB

     5.00%       11/01/2027        120        129,639  

New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB

     5.00%       11/01/2027        75        81,025  

New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB

     5.00%       11/01/2027        25        27,008  

New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB

     4.00%       04/01/2027        35        35,837  

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2029        40        42,347  

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2030        15        15,866  

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2035        30        31,572  

 

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

 

   262   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2038      $ 30      $ 31,263  

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2039        35        36,398  

New York (State of) Dormitory Authority, Series 2017 A, RB

     5.00%       03/15/2040        120           124,600  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00%       02/15/2029        125        132,249  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00%       02/15/2032        310        327,317  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     4.00%       02/15/2035        130        132,350  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

     5.00%       02/15/2030        45        48,037  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

     5.00%       02/15/2032        90        95,952  

New York (State of) Dormitory Authority, Series 2017 B, Ref. RB

     5.00%       02/15/2037        130        136,524  

New York (State of) Dormitory Authority, Series 2018 1, Ref. RB

     5.00%       01/15/2027        35        37,092  

New York (State of) Dormitory Authority, Series 2019 A, RB

     5.00%       10/01/2030        15        16,025  

New York (State of) Dormitory Authority, Series 2019 A, RB

     5.00%       10/01/2034        220        234,005  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2027        195        207,265  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c)

     5.00%       10/01/2027        50        53,750  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)

     5.00%       03/15/2027        40        42,814  

New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB

     5.00%       02/15/2041        150        156,319  

New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB

     5.00%       02/15/2042        245        254,851  

New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)

     4.00%       08/01/2043        400        377,437  

New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB

     5.00%       07/01/2027        40        42,760  

New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB

     5.00%       08/01/2027        35        34,848  

New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB

     5.00%       07/01/2046        100        101,003  

New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)(c)

     5.75%       07/01/2027        95        99,710  

New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB

     5.00%       07/01/2042        600        621,901  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2027        30        32,272  

New York (State of) Utility Debt Securitization Authority, Series 2017, RB

     5.00%       12/15/2039        260        276,953  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2027        35        37,654  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2031        175        187,886  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2033        15        16,081  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2034        95        101,650  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2035        80        85,240  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2042        5        5,240  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB

     5.00%       06/15/2027        25        26,896  

New York State Urban Development Corp., Series 2017 A, Ref. RB

     5.00%       03/15/2030        200        211,610  

New York State Urban Development Corp., Series 2017 A, Ref. RB

     5.00%       03/15/2032        175        184,872  

New York State Urban Development Corp., Series 2017 A, Ref. RB

     5.00%       03/15/2033        20        21,113  

New York State Urban Development Corp., Series 2017 C-2, Ref. RB

     5.00%       03/15/2035        230        243,204  

New York State Urban Development Corp., Series 2017 C-3, Ref. RB

     5.00%       03/15/2041        180        186,916  

New York State Urban Development Corp., Series 2017, Ref. RB

     5.00%       03/15/2029        35        37,065  

Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)(c)

     4.00%       10/15/2027        90        93,437  

Triborough Bridge & Tunnel Authority, Series 2017 A, RB

     5.00%       11/15/2027        10        10,612  

Triborough Bridge & Tunnel Authority, Series 2017 A, RB

     5.00%       11/15/2047        10        10,265  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2029        55        58,283  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2030        75        79,411  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2031        215        227,555  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2032        215        227,503  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2033        175        185,022  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2034        60        63,340  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2038        175        182,196  

Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB

     5.00%       11/15/2027        105        112,801  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB

     5.00%       11/15/2042        10        10,413  

 

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

 

   263   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB

     5.00%       11/15/2027      $ 20      $ 21,533  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB

     5.00%       11/15/2027        5        5,383  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB

     5.00%       11/15/2027        15        16,199  
          

 

 

 
             16,197,840  
          

 

 

 

North Carolina-0.64%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB

     5.00%       01/15/2027        70        73,933  

Mecklenburg (County of), NC, Series 2017 A, GO Bonds

     4.00%       04/01/2029        40        41,363  

North Carolina (State of), Series 2016 A, Ref. GO Bonds

     5.00%       06/01/2027        80        84,193  

North Carolina (State of), Series 2017 B, Ref. RB

     5.00%       05/01/2027        50        53,347  

North Carolina (State of), Series 2017 B, Ref. RB

     5.00%       05/01/2029        30        32,023  

North Carolina (State of), Series 2018 A, GO Bonds

     5.00%       06/01/2027        85        91,182  

North Carolina (State of), Series 2019 A, RB

     5.00%       05/01/2027        70        74,685  

North Carolina (State of), Series 2022 A, RB

     5.00%       05/01/2027        25        26,673  

North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB

     5.00%       05/01/2027        45        48,012  

North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB

     5.00%       01/01/2027        20        20,601  

North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB

     5.00%       01/01/2027        15        15,543  

Wake (County of), NC, Series 2021, RB

     5.00%       03/01/2027        20        21,297  
          

 

 

 
             582,852  
          

 

 

 

Ohio-2.59%

          

Chillicothe (City of), OH, Series 2017, Ref. RB

     5.00%       12/01/2047        100        100,019  

Columbus (City of), OH, Series 2017 A, GO Bonds

     4.00%       04/01/2033        10        10,192  

Columbus (City of), OH, Series 2017, Ref. GO Bonds

     4.00%       04/01/2027        30        30,999  

Columbus (City of), OH, Series 2017-1, Ref. GO Bonds

     5.00%       04/01/2029        15        16,137  

Columbus (City of), OH, Series 2018 A, GO Bonds

     5.00%       04/01/2027        80        85,411  

Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB

     5.00%       02/15/2052        500        480,373  

Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB

     5.00%       12/01/2047        210        213,244  

Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB

     4.00%       12/01/2046        145        134,035  

Hamilton (County of), OH, Series 2016 A, Ref. RB

     5.00%       12/01/2027        20        21,493  

Ohio (State of), Series 2017 B, Ref. GO Bonds

     5.00%       09/15/2027        35        37,650  

Ohio (State of), Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2027        110        118,036  

Ohio (State of), Series 2017 U, Ref. GO Bonds

     5.00%       05/01/2027        10        10,676  

Ohio (State of), Series 2019 A, GO Bonds(a)(b)

     5.00%       05/01/2027        70        74,861  

Ohio (State of), Series 2019 A, GO Bonds

     5.00%       05/01/2031        45        48,076  

Ohio (State of), Series 2019-1, RB

     5.00%       12/15/2027        125        134,895  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB

     5.25%       02/15/2027        25        26,766  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00%       06/01/2027        40        42,821  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00%       12/01/2027        65        70,282  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       12/01/2027        30        32,163  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       06/01/2029        10        10,681  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       12/01/2029        20        21,361  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       06/01/2030        25        26,665  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB

     5.00%       12/01/2031        30        31,976  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB

     5.00%       12/01/2027        5        5,406  

Ohio State University (The), Series 2017 A, Ref. RB

     5.00%       12/01/2044        240        246,285  

Ohio State University (The), Series 2020 A, Ref. RB

     5.00%       12/01/2027        35        37,757  

University of Cincinnati, Series 2017 A, RB

     5.00%       06/01/2045        280        287,293  
          

 

 

 
             2,355,553  
          

 

 

 

Oklahoma-0.35%

          

Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB

     4.00%       06/01/2027        25        25,609  

Grand River Dam Authority, Series 2016 A, Ref. RB

     5.00%       06/01/2027        30        31,602  

Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB

     5.00%       01/01/2047        10        10,281  

Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB

     5.00%       01/01/2027        20        21,193  

Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB

     4.00%       01/01/2029        70        71,515  

 

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

 

   264   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Oklahoma-(continued)

          

Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB

     5.00%       01/01/2027      $ 50      $ 52,981  

Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB

     5.00%       09/01/2027        95        101,599  
          

 

 

 
                314,780  
          

 

 

 

Oregon-1.03%

          

Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2027        20        21,354  

Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2033        15        15,947  

Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2036        45        47,367  

Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2029        70        74,626  

Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2031        100        106,352  

Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB

     5.00%       11/15/2027        40        42,787  

Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB(a)(b)

     4.00%       07/01/2027        50        51,678  

Oregon (State of) Lottery, Series 2017 C, Ref. RB

     5.00%       04/01/2030        40        42,502  

Oregon (State of) Lottery, Series 2017 C, Ref. RB

     5.00%       04/01/2031        130        138,222  

Oregon Health & Science University, Series 2017 A, RB

     5.00%       07/01/2042        100        102,751  

Portland (Port of), OR, Series 2017 24A, RB

     5.00%       07/01/2047        100        101,962  

Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2027        30        32,086  

Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2036        155        163,095  
          

 

 

 
             940,729  
          

 

 

 

Pennsylvania-5.19%

          

Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB

     5.00%       08/01/2027        100        107,344  

Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB

     5.00%       08/01/2029        15        16,017  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

     5.00%       04/01/2027        15        15,652  

Allegheny (County of), PA Port Authority, Series 2020, Ref. RB

     5.00%       03/01/2027        100        105,768  

Chester (County of), PA, Series 2017, Ref. GO Bonds

     5.00%       11/15/2030        25        27,074  

Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB

     5.00%       10/01/2042        20        20,671  

Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB

     5.00%       07/01/2034        85        90,300  

Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB

     5.00%       07/01/2036        70        73,671  

Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB

     5.00%       02/15/2045        275        277,605  

Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB

     5.00%       02/15/2032        20        20,803  

Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB

     4.00%       02/15/2039        95        89,977  

Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB

     4.00%       11/01/2034        60        60,385  

Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds

     5.00%       09/15/2027        40        42,085  

Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds

     4.00%       01/01/2030        100        101,914  

Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds

     5.00%       01/01/2027        255        270,536  

Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds

     5.00%       09/15/2027        100        105,213  

Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds

     5.00%       07/15/2027        90        96,522  

Pennsylvania (Commonwealth of), Series 2022, GO Bonds

     5.00%       10/01/2027        30        32,310  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB

     5.00%       08/15/2033        10        10,636  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB

     5.00%       08/15/2037        185        193,050  

Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB

     5.00%       12/01/2031        25        26,960  

Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB

     5.00%       12/01/2033        40        42,606  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB

     6.00%       12/01/2030        85        94,559  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB

     5.00%       12/01/2027        15        15,846  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB

     5.00%       06/01/2027        15        15,613  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB

     5.00%       12/01/2047        200        205,883  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB

     5.00%       06/01/2036        155        161,551  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB

     5.00%       06/01/2037        165        171,030  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)

     5.00%       06/01/2033        300        317,764  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)

     5.00%       06/01/2034        35        37,117  

 

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

 

   265   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Pennsylvania-(continued)

          

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)

     5.00%       06/01/2035      $ 280      $    295,712  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB

     5.00%       12/01/2031        10        10,784  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB

     4.00%       12/01/2036        300        300,847  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB

     5.00%       12/01/2031        135        143,811  

Pennsylvania State University (The), Series 2017 A, RB

     5.00%       09/01/2047        215        221,676  

Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB

     5.00%       08/01/2042        30        30,579  

Philadelphia (City of), PA, Series 2017 A, RB

     5.00%       10/01/2047        85        87,169  

Philadelphia (City of), PA, Series 2017 A, RB

     5.25%       10/01/2052        50        51,494  

Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds

     5.00%       08/01/2034        50        52,982  

Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds

     5.00%       08/01/2036        100        105,225  

Philadelphia (City of), PA, Series 2017, Ref. GO Bonds

     5.00%       08/01/2031        125        132,341  

Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB

     4.00%       07/01/2035        50        50,565  

Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB

     4.00%       07/01/2036        210        210,570  

Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB

     5.00%       09/01/2042        100        100,923  

Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB

     5.00%       09/01/2047        50        50,210  

Philadelphia School District (The), Series 2016 F, Ref. GO Bonds

     5.00%       09/01/2027        25        25,938  
          

 

 

 
             4,717,288  
          

 

 

 

Rhode Island-0.21%

          

Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB

     5.00%       06/15/2027        100        103,995  

Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB

     5.00%       09/01/2029        60        64,519  

Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB

     4.00%       09/01/2037        25        25,085  
          

 

 

 
             193,599  
          

 

 

 

South Carolina-0.58%

          

Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB

     4.00%       11/01/2030        35        35,287  

Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB

     4.00%       11/01/2031        10        10,058  

Mount Pleasent (Town of), SC, Series 2017 A, RB

     4.00%       06/01/2044        375        369,117  

South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB

     5.00%       10/01/2038        50        52,176  

South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB

     5.00%       10/01/2039        50        52,051  

South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB

     5.00%       10/01/2037        5        5,231  
          

 

 

 
             523,920  
          

 

 

 

South Dakota-0.27%

          

South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB

     4.00%       07/01/2042        30        27,713  

South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB

     5.00%       09/01/2040        215        217,649  
          

 

 

 
             245,362  
          

 

 

 

Tennessee-0.97%

          

Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB

     5.00%       01/01/2047        160        161,004  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds

     5.00%       01/01/2027        90        94,121  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB

     5.00%       05/15/2042        460        475,468  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds

     4.00%       07/01/2030        50        51,299  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds

     5.00%       07/01/2027        30        32,126  

Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

     5.00%       11/01/2027        25        26,968  

Tennessee Energy Acquisition Corp., Series 2006 C, RB

     5.00%       02/01/2027        45        45,072  
          

 

 

 
             886,058  
          

 

 

 

Texas-7.21%

          

Alamo Community College District, Series 2022, GO Bonds

     5.00%       02/15/2027        150        159,179  

Austin (City of), TX, Series 2015, Ref. GO Bonds

     2.95%       09/01/2027        180        176,499  

Austin (City of), TX, Series 2017, Ref. RB

     5.00%       11/15/2029        15        16,072  

Austin (City of), TX, Series 2017, Ref. RB

     5.00%       11/15/2042        60        61,971  

Bexar (County of), TX, Series 2018, Ctfs. of Obligation

     5.00%       06/15/2042        100        103,862  

 

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

 

   266   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

Bexar (County of), TX Hospital District, Series 2018, Ctfs. of Obligation

     5.00%       02/15/2048      $ 75      $ 76,499  

Board of Regents of the University of Texas System, Series 2016 E, RB

     5.00%       08/15/2027        100           107,161  

Board of Regents of the University of Texas System, Series 2016 J, RB

     5.00%       08/15/2027        100        105,632  

Board of Regents of the University of Texas System, Series 2017 B, RB

     5.00%       08/15/2027        35        37,506  

Central Texas Regional Mobility Authority, Series 2021 C, RB

     5.00%       01/01/2027        75        77,457  

Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2027        100        104,007  

Dallas (City of), TX, Series 2017, RB

     5.00%       10/01/2046        150        155,158  

El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds

     4.00%       08/15/2038        115        103,837  

Fort Bend Independent School District, Series 2018, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       08/15/2029        45        48,145  

Fort Bend Independent School District, Series 2018, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       08/15/2030        125        133,469  

Harris (County of), TX, Series 2022 A, Ref. GO Bonds

     5.00%       08/15/2027        250        267,807  

Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB

     5.00%       11/01/2027        175        184,057  

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB

     5.00%       12/01/2027        100        106,564  

Harris County Cultural Education Facilities Finance Corp. (Teco), Series 2017, Ref. RB

     5.00%       11/15/2031        40        42,450  

Hays (County of), TX, Series 2017, GO Bonds

     4.00%       02/15/2042        65        62,799  

Houston (City of), TX, Series 2016 A, Ref. GO Bonds

     5.00%       03/01/2027        115        118,985  

Houston (City of), TX, Series 2016 B, Ref. RB

     5.00%       11/15/2027        65        68,594  

Houston (City of), TX, Series 2017 A, Ref. GO Bonds

     5.00%       03/01/2030        115        121,468  

Houston (City of), TX, Series 2017 B, Ref. RB

     5.00%       11/15/2027        50        53,608  

Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2027        85        88,365  

Houston Independent School District, Series 2017, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2034        65        68,853  

Lewisville Independent School District, Series 2017 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       08/15/2029        75        76,888  

Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/01/2049        100        102,616  

Lone Star College System, Series 2017 A, GO Bonds

     5.00%       08/15/2042        20        20,717  

New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB

     5.00%       08/15/2029        110        116,935  

New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB

     4.00%       08/15/2037        100        99,358  

North Texas Tollway Authority, Series 2017 A, Ref. RB

     4.00%       01/01/2032        85        86,090  

North Texas Tollway Authority, Series 2017 A, Ref. RB

     5.00%       01/01/2033        30        31,542  

North Texas Tollway Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2048        180        183,155  

North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(c)

     4.00%       01/01/2034        405        409,757  

Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/01/2027        30        32,009  

San Antonio (City of), TX, Series 2016, Ref. RB

     5.00%       02/01/2027        305        319,865  

San Antonio (City of), TX, Series 2017, RB

     5.00%       02/01/2047        140        143,598  

San Antonio (City of), TX, Series 2017, Ref. RB

     5.00%       02/01/2042        250        256,835  

San Antonio (City of), TX, Series 2018, Ref. RB

     5.00%       02/01/2027        150        158,955  

Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/15/2039        300        312,327  

Texas (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2032        65        69,273  

Texas (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2033        105        111,819  

Texas (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2034        80        85,030  

Texas (State of), Series 2017 B, Ref. GO Bonds

     5.00%       10/01/2033        175        186,366  

Texas (State of) Water Development Board, Series 2016, RB

     5.00%       04/15/2027        25        26,320  

Texas (State of) Water Development Board, Series 2017 A, RB

     5.00%       04/15/2027        25        26,580  

Texas (State of) Water Development Board, Series 2017 A, RB

     4.00%       10/15/2032        15        15,256  

Texas (State of) Water Development Board, Series 2017 A, RB

     4.00%       10/15/2033        25        25,369  

Texas (State of) Water Development Board, Series 2017 A, RB

     4.00%       10/15/2042        100        96,835  

Texas (State of) Water Development Board, Series 2017 A, RB

     5.00%       10/15/2042        190        196,606  

Texas (State of) Water Development Board, Series 2017 A, RB

     5.00%       10/15/2047        120        123,493  

Texas (State of) Water Development Board, Series 2017, RB

     5.00%       10/15/2031        100        106,905  

 

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

 

   267   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

Texas (State of) Water Development Board, Series 2018, RB

     5.00%       08/01/2027      $ 280      $ 298,859  

Texas A&M University, Series 2017 E, Ref. RB

     5.00%       05/15/2027        25        26,694  

Texas State University Board of Regents, Series 2017 A, Ref. RB

     5.00%       03/15/2030        125        132,272  

Trinity River Authority, Series 2017, Ref. RB

     5.00%       08/01/2030        25        26,507  
          

 

 

 
              6,554,835  
          

 

 

 

Utah-0.42%

          

University of Utah (The) (Green Bonds), Series 2022 B, RB

     5.00%       08/01/2027        80        85,662  

Utah (State of), Series 2017, GO Bonds

     5.00%       07/01/2027        75        79,904  

Utah (State of), Series 2020, GO Bonds

     5.00%       07/01/2027        150        161,134  

Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(c)

     5.25%       06/15/2027        50        53,117  
          

 

 

 
             379,817  
          

 

 

 

Virginia-1.75%

          

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

     4.50%       10/01/2027        30        31,774  

Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB

     5.00%       12/01/2047        100        95,924  

Richmond (City of), VA, Series 2016, Ref. RB

     5.00%       01/15/2027        45        46,696  

University of Virginia, Series 2017 A, Ref. RB

     5.00%       04/01/2039        360        378,061  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB

     5.00%       02/01/2027        50        52,066  

Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)

     5.00%       09/01/2027        110        115,753  

Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB

     5.00%       02/01/2027        105        111,653  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB

     5.00%       02/01/2027        75        79,752  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB

     5.00%       02/01/2030        15        15,845  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB

     5.00%       02/01/2031        20        21,037  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB

     5.00%       02/01/2027        15        15,950  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB

     5.00%       02/01/2027        60        63,802  

Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB

     5.00%       08/01/2029        60        64,478  

Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB

     5.00%       08/01/2027        45        48,305  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     5.00%       05/15/2027        30        32,152  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     5.00%       05/15/2029        25        26,980  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     5.00%       05/15/2031        70        75,138  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     4.00%       05/15/2034        25        25,557  

Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB

     4.00%       05/15/2036        150        151,546  

Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB

     5.00%       03/15/2027        130        138,580  
          

 

 

 
             1,591,049  
          

 

 

 

Washington-3.30%

          

Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2035        40        42,443  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2027        35        37,740  

Energy Northwest, Series 2017 A, Ref. RB

     5.00%       07/01/2033        150        160,097  

Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB

     5.00%       07/01/2029        95        101,360  

Energy Northwest (No. 1), Series 2020 A, Ref. RB

     5.00%       07/01/2027        95        101,696  

Energy Northwest (No. 3), Series 2018, Ref. RB

     5.00%       07/01/2027        35        37,467  

Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2030        30        32,236  

Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2031        60        64,399  

King (County of), WA, Series 2017, Ref. GO Bonds

     4.00%       07/01/2030        40        41,111  

King (County of), WA, Series 2017, Ref. RB

     5.00%       07/01/2049        100        103,482  

King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2027        100        105,799  

 

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

 

   268   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Washington-(continued)

          

King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2027      $ 70      $ 72,494  

Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2035        100           105,502  

Seattle (City of), WA, Series 2017 C, Ref. RB(a)(b)

     5.00%       09/01/2027        50        53,842  

Seattle (City of), WA (Green Bonds), Series 2020 A, RB

     5.00%       07/01/2027        55        58,938  

Seattle (Port of), WA, Series 2016, Ref. RB

     5.00%       02/01/2027        60        62,267  

Washington (State of), Series 2016 B, Ref. GO Bonds

     5.00%       08/01/2027        195        204,542  

Washington (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2033        40        42,438  

Washington (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2035        50        52,823  

Washington (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2036        50        52,636  

Washington (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2042        150        156,184  

Washington (State of), Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2027        20        21,484  

Washington (State of), Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2029        235        251,639  

Washington (State of), Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2034        150        158,862  

Washington (State of), Series 2017 D, GO Bonds

     5.00%       02/01/2029        60        63,773  

Washington (State of), Series 2017 D, GO Bonds

     5.00%       02/01/2030        10        10,622  

Washington (State of), Series 2017 D, GO Bonds

     5.00%       02/01/2033        25        26,332  

Washington (State of), Series 2017 D, GO Bonds

     5.00%       02/01/2040        80        83,033  

Washington (State of), Series 2017 D, GO Bonds

     5.00%       02/01/2042        160        165,756  

Washington (State of), Series 2017 F, Ref. GO Bonds

     5.00%       08/01/2030        30        32,113  

Washington (State of), Series 2017 R, Ref. GO Bonds

     5.00%       08/01/2027        10        10,742  

Washington (State of), Series 2017 R, Ref. GO Bonds

     5.00%       08/01/2032        70        74,664  

Washington (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2035        30        31,694  

Washington (State of), Series 2018 C, GO Bonds

     5.00%       02/01/2027        100        106,336  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2027        25        26,855  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2027        25        26,584  

Washington (State of), Series R-2017 A, Ref. GO Bonds

     5.00%       08/01/2027        35        36,713  

Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB

     5.00%       08/15/2031        25        25,817  

Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB

     5.00%       08/15/2034        150        152,726  
          

 

 

 
             2,995,241  
          

 

 

 

West Virginia-0.05%

          

West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB

     5.00%       09/01/2027        45        47,935  
          

 

 

 

Wisconsin-1.41%

          

Wisconsin (State of), Series 2017 2, Ref. GO Bonds

     5.00%       11/01/2027        20        21,385  

Wisconsin (State of), Series 2017 3, Ref. GO Bonds

     5.00%       11/01/2028        70        74,923  

Wisconsin (State of), Series 2017 3, Ref. GO Bonds

     5.00%       11/01/2029        260        278,280  

Wisconsin (State of), Series 2017 3, Ref. GO Bonds

     5.00%       11/01/2030        40        42,820  

Wisconsin (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2027        235        251,274  

Wisconsin (State of), Series 2019 A, Ref. RB(a)

     5.00%       05/01/2027        215        229,544  

Wisconsin (State of), Series 2019 A, Ref. RB(a)(b)

     5.00%       05/01/2027        150        160,147  

Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB

     5.00%       07/01/2029        70        73,946  

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB

     5.20%       12/01/2037        150        150,744  
          

 

 

 
             1,283,063  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.70%
(Cost $91,695,480)

             89,721,496  

OTHER ASSETS LESS LIABILITIES-1.30%

             1,178,314  
          

 

 

 

NET ASSETS-100.00%

           $ 90,899,810  
          

 

 

 

 

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

 

   269   

 

 

 

 


 

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

August 31, 2023

 

Investment Abbreviations:

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

Notes to Schedule of Investments:

(a)

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

(b)

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

(c)

Principal and/or interest payments are secured by the bond insurance company listed.

(d)

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

 

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

 

   270   

 

 

 

 


 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.75%

          

Alabama-0.19%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2028      $ 100      $ 109,735  

Auburn University, Series 2018 A, RB

     5.00%       06/01/2043        20        20,857  
          

 

 

 
                130,592  
          

 

 

 

Alaska-0.03%

          

North Slope (Borough of), AK, Series 2022 A, GO Bonds

     5.00%       06/30/2028        20        21,732  
          

 

 

 

Arizona-1.57%

          

Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB

     5.00%       01/01/2041        250        256,345  

Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds

     5.00%       07/01/2028        50        54,332  

Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds

     5.00%       07/01/2028        150        162,995  

Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds

     5.00%       07/01/2030        50        54,186  

Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds

     5.00%       07/01/2031        55        59,645  

Mesa (City of), AZ, Series 2014, Ref. RB

     3.00%       07/01/2028        20        19,600  

Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB

     5.00%       01/01/2028        20        21,212  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2030        25        27,035  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2031        100        108,204  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2033        100        107,959  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2034        25        26,959  

Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB

     5.00%       01/01/2037        175        186,124  
          

 

 

 
             1,084,596  
          

 

 

 

Arkansas-0.05%

          

Fort Smith (City of), AR, Series 2018, Ref. RB

     5.00%       10/01/2034        30        31,935  
          

 

 

 

California-14.91%

          

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

     5.00%       04/01/2028        15        16,419  

Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds

     5.00%       08/01/2050        75        77,934  

California (State of), Series 2003, GO Bonds, (INS - AMBAC)(a)

     5.00%       02/01/2028        5        5,461  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       08/01/2028        105        113,015  

California (State of), Series 2017, Ref. GO Bonds

     5.00%       11/01/2028        100        108,121  

California (State of), Series 2018, GO Bonds

     5.00%       10/01/2028        110        121,090  

California (State of), Series 2018, GO Bonds

     5.00%       10/01/2030        45        49,434  

California (State of), Series 2019, GO Bonds

     5.00%       11/01/2032        260        285,924  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2028        45        49,319  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2028        75        82,561  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       11/01/2034        165        181,168  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       11/01/2036        75        81,397  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       11/01/2037        200        215,793  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       11/01/2039        60        64,356  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       11/01/2028        235        259,058  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2028        90        98,933  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       12/01/2028        50        55,197  

California (State of), Series 2022, GO Bonds

     5.00%       04/01/2028        215        235,633  

California (State of), Series 2022, Ref. GO Bonds

     4.00%       09/01/2028        25        26,303  

California (State of), Series 2022, Ref. GO Bonds

     5.00%       04/01/2035        30        32,852  

California (State of) (Bid Group A), Series 2018, GO Bonds

     5.00%       10/01/2048        250        263,953  

California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB

     5.00%       12/01/2028        60        66,761  

California (State of) Department of Water Resources (Central Valley), Series 2021, RB

     5.00%       12/01/2028        30        33,381  

California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB

     5.00%       10/01/2048        20        20,512  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

     5.00%       11/15/2028        10        10,792  

 

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

 

   271   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)(c)

     5.00%       01/01/2028      $ 10      $ 10,898  

California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)(c)

     5.00%       01/01/2028        100        108,980  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB

     5.00%       10/01/2028        30        32,892  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB

     5.00%       10/01/2035        90        98,008  

California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2017, Ref. RB

     5.00%       01/01/2028        200        212,922  

California (State of) Infrastructure & Economic Development Bank (The Broad) (Sustainability Bonds), Series 2021, Ref. RB

     5.00%       06/01/2028        20        22,033  

California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB

     5.00%       05/15/2042        190        200,252  

California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB

     5.00%       05/15/2047        125        130,800  

California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB

     5.00%       06/01/2043        45        47,107  

California (State of) Public Works Board, Series 2017 B, Ref. RB

     5.00%       10/01/2028        95        103,025  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2028        25        27,635  

California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB

     5.00%       01/01/2048        250           252,110  

California State University, Series 2018 A, Ref. RB

     5.00%       11/01/2034        50        54,845  

California State University, Series 2018 A, Ref. RB

     5.00%       11/01/2043        195        207,244  

California State University, Series 2018 A, Ref. RB

     5.00%       11/01/2048        150        158,617  

Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB

     5.00%       03/01/2028        20        21,468  

Corona-Norco Unified School District, Series 2019 C, GO Bonds

     4.00%       08/01/2049        15        14,334  

East Bay Municipal Utility District, Series 2017 B, Ref. RB

     5.00%       06/01/2028        20        21,605  

Hartnell Community College District, Series 2020 B, GO Bonds

     3.00%       08/01/2045        75        58,711  

Los Angeles (City of), CA, Series 2022 C, Ref. RB

     5.00%       06/01/2028        65        71,365  

Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB

     5.00%       05/15/2028        55        60,432  

Los Angeles (City of), CA Department of Airports, Series 2019 E, RB

     5.00%       05/15/2044        20        21,234  

Los Angeles (City of), CA Department of Airports, Series 2019 E, RB

     5.00%       05/15/2049        40        41,997  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB

     5.00%       05/15/2028        30        33,074  

Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB

     5.00%       07/01/2048        35        36,521  

Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB

     5.00%       07/01/2028        25        27,319  

Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB

     5.00%       07/01/2038        165        175,506  

Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB

     5.00%       07/01/2043        420        444,469  

Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB

     5.00%       07/01/2033        30        32,979  

Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB

     5.00%       07/01/2048        140        146,414  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     4.00%       07/01/2028        100        105,869  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

     5.00%       07/01/2028        20        21,613  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB

     5.00%       07/01/2034        10        11,007  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       06/01/2028        20        22,043  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2030        15        16,491  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2031        55        60,538  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2039        35        37,600  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

     5.00%       07/01/2044        225        239,042  

Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB

     5.00%       12/01/2043        150        158,070  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

     5.00%       07/01/2028        40        44,126  

Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds

     5.00%       07/01/2028        45        49,642  

Los Angeles Unified School District, Series 2020 C, GO Bonds

     5.00%       07/01/2028        135        148,925  

Los Angeles Unified School District, Series 2020 RYQ, GO Bonds

     5.00%       07/01/2028        15        16,547  

Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2028        75        82,736  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.00%       07/01/2028        95        103,611  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.00%       07/01/2029        35        38,308  

 

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

 

   272   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.00%       07/01/2030      $ 10      $ 10,921  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.00%       07/01/2033        25        27,272  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

     5.25%       07/01/2042        225           240,549  

Los Angeles Unified School District (Sustainability Bonds), Series 2022, GO Bonds

     5.00%       07/01/2028        20        22,063  

Metropolitan Water District of Southern California, Series 2022 B, Ref. RB

     3.00%       07/01/2028        150        150,645  

Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)

     5.00%       08/01/2043        100        104,762  

Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB

     5.00%       02/01/2028        100        107,238  

Oxnard Union High School District, Series 2020 B, GO Bonds

     5.00%       08/01/2045        75        78,844  

Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)(a)

     5.00%       09/01/2047        25        26,147  

Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(a)

     5.13%       09/01/2028        45        49,815  

Redwood City School District (Election of 2015), Series 2018, GO Bonds

     5.25%       08/01/2044        200        214,807  

Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB

     5.00%       08/15/2028        5        5,540  

Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB

     5.00%       08/15/2028        20        22,160  

San Diego (City of), CA Public Facilities Financing Authority, Series 2019 A, RB

     5.00%       08/01/2043        130        138,218  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       05/01/2028        280        308,040  

San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)(a)

     5.25%       07/01/2028        40        44,480  

San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds

     5.00%       06/15/2030        35        38,596  

San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds

     5.00%       06/15/2031        70        77,216  

San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds

     4.00%       06/15/2032        20        21,022  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB

     5.00%       05/01/2028        50        54,893  

San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB

     4.00%       10/01/2043        200        197,314  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB

     5.00%       11/01/2028        85        92,476  

San Francisco (County of), CA Transportation Authority, Series 2017, RB

     4.00%       02/01/2028        25        25,939  

San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds

     5.00%       09/01/2045        185        200,458  

Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)

     2.13%       08/01/2050        100        60,756  

Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds

     5.00%       08/01/2043        20        21,357  

Southern California Public Power Authority (No. 1), Series 2007 A, RB

     5.00%       11/01/2028        100        103,528  

Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB

     5.00%       01/01/2028        75        80,231  

University of California, Series 2018 AZ, Ref. RB

     4.00%       05/15/2030        20        20,933  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2035        30        32,565  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2036        30        32,452  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2037        45        48,469  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2038        30        32,237  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2043        180        191,625  

University of California, Series 2018 AZ, Ref. RB

     5.00%       05/15/2048        125        131,754  

University of California, Series 2018 AZ, Ref. RB

     5.25%       05/15/2058        65        69,041  

University of California (Limited), Series 2018 O, Ref. RB

     5.00%       05/15/2037        55        59,141  

University of California (Limited), Series 2018 O, Ref. RB

     5.00%       05/15/2038        125        134,097  

University of California (Limited), Series 2018 O, Ref. RB

     5.00%       05/15/2043        200        212,561  

University of California (Limited), Series 2018 O, Ref. RB

     5.00%       05/15/2048        175        184,148  

Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP

     5.00%       01/01/2047        45        45,472  
          

 

 

 
             10,306,113  
          

 

 

 

Colorado-2.23%

          

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

     5.50%       12/01/2028        50        56,302  

Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds

     5.50%       12/01/2043        30        32,334  

Colorado (State of), Series 2018 A, COP

     5.00%       12/15/2031        150        163,686  

Colorado (State of), Series 2018 A, COP

     5.00%       12/15/2032        65        70,902  

Colorado (State of), Series 2018 M, Ref. COP

     5.00%       03/15/2031        80        86,039  

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB

     5.00%       11/15/2048        180        184,268  

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB

     4.00%       11/15/2048        25        23,150  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2028        25        26,437  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2028        10        10,575  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     5.00%       01/01/2028        10        10,733  

 

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

 

   273   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Colorado-(continued)

          

Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB

     5.00%       11/01/2028      $ 30      $ 32,935  

Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds

     5.00%       08/01/2028        120        131,459  

Denver City & County School District No. 1, Series 2018 A, GO Bonds

     5.50%       12/01/2028        30        32,925  

Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds

     5.00%       12/15/2028        30        33,078  

Jefferson County School District R-1, Series 2018, GO Bonds

     5.00%       12/15/2030        110        120,591  

Jefferson County School District R-1, Series 2018, GO Bonds

     5.00%       12/15/2032        15        16,400  

Jefferson County School District R-1, Series 2018, GO Bonds

     5.00%       12/15/2033        75        81,895  

Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds

     5.00%       12/15/2031        5        5,449  

Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds

     5.00%       12/15/2034        25        27,108  

University of Colorado, Series 2017 A-2, Ref. RB(b)(c)

     4.00%       06/01/2028        65        68,027  

University of Colorado, Series 2017 A-2, Ref. RB(b)(c)

     4.00%       06/01/2028        50        52,328  

University of Colorado, Series 2017 A-2, Ref. RB(b)(c)

     5.00%       06/01/2028        45        49,072  

University of Colorado, Series 2017 A-2, Ref. RB

     4.00%       06/01/2038        230           228,137  
          

 

 

 
             1,543,830  
          

 

 

 

Connecticut-2.44%

          

Connecticut (State of), Series 2018 A, GO Bonds

     5.00%       04/15/2037        40        42,315  

Connecticut (State of), Series 2018 B, RB

     5.00%       10/01/2028        40        43,795  

Connecticut (State of), Series 2018 B, RB

     5.00%       10/01/2030        30        32,554  

Connecticut (State of), Series 2018 E, GO Bonds

     4.00%       09/15/2036        350        351,186  

Connecticut (State of), Series 2019 A, GO Bonds

     5.00%       04/15/2028        20        21,711  

Connecticut (State of), Series 2019 B, Ref. GO Bonds

     5.00%       02/15/2028        100        108,217  

Connecticut (State of), Series 2020 A, GO Bonds

     5.00%       01/15/2028        15        16,207  

Connecticut (State of), Series 2021 A, GO Bonds

     4.00%       01/15/2028        230        238,694  

Connecticut (State of), Series 2021 A, RB

     5.00%       05/01/2028        10        10,865  

Connecticut (State of), Series 2021 D, RB

     5.00%       11/01/2028        120        131,561  

Connecticut (State of), Series 2022 A, GO Bonds

     4.00%       01/15/2028        95        98,591  

Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds

     5.00%       07/15/2028        115        125,434  

Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB

     5.00%       01/01/2032        35        37,578  

Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB

     5.00%       01/01/2036        60        63,759  

Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB

     5.00%       01/01/2038        155        162,638  

Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB

     5.00%       10/01/2033        25        27,110  

Connecticut (State of) (Transportation Infrastructure), Series 2018, RB

     5.00%       01/01/2030        65        69,744  

University of Connecticut, Series 2018 A, RB

     5.00%       11/15/2043        100        104,579  
          

 

 

 
             1,686,538  
          

 

 

 

Delaware-0.24%

          

Delaware (State of), Series 2017 A, Ref. GO Bonds

     5.00%       01/01/2028        40        43,473  

Delaware (State of), Series 2020 A, GO Bonds

     5.00%       01/01/2028        10        10,868  

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2028        100        109,321  
          

 

 

 
             163,662  
          

 

 

 

District of Columbia-1.62%

          

District of Columbia, Series 2018 B, Ref. GO Bonds

     5.00%       06/01/2030        30        32,639  

District of Columbia, Series 2018 B, Ref. GO Bonds

     5.00%       06/01/2031        10        10,805  

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2028        25        27,165  

District of Columbia, Series 2020 B, Ref. RB

     5.00%       10/01/2028        340        373,603  

District of Columbia, Series 2021 E, Ref. GO Bonds

     5.00%       02/01/2028        25        27,120  

District of Columbia Water & Sewer Authority, Series 2018 B, RB

     5.00%       10/01/2043        80        83,863  

District of Columbia Water & Sewer Authority, Series 2018 B, RB

     5.00%       10/01/2049        200        207,868  

District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB

     5.00%       10/01/2049        125        129,918  

Washington Convention & Sports Authority, Series 2018 A, Ref. RB

     5.00%       10/01/2028        135        144,455  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2028        75        81,592  
          

 

 

 
             1,119,028  
          

 

 

 

Florida-2.71%

          

Broward (County of), FL School Board, Series 2019 A, Ref. COP

     5.00%       07/01/2028        55        59,816  

Central Florida Expressway Authority, Series 2018, RB

     5.00%       07/01/2048        85        87,838  

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)

     5.00%       07/01/2028        145        158,242  

 

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

 

   274   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Florida-(continued)

          

Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)

     5.00%       07/01/2028      $ 30      $ 32,389  

Florida (State of), Series 2022 C, Ref. GO Bonds

     5.00%       06/01/2028        100        109,235  

Florida (State of) Department of Transportation, Series 2022 A, Ref. RB

     5.00%       07/01/2028        25        27,213  

Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB

     5.00%       01/01/2048        200        200,835  

Gainesville (City of), FL, Series 2017 A, RB

     5.00%       10/01/2028        85        91,121  

Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP

     5.00%       07/01/2028        35        36,983  

Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP

     5.00%       07/01/2030        75        80,067  

JEA Electric System, Series 2017 B, Ref. RB

     5.00%       10/01/2028        100        106,921  

JEA Water & Sewer System, Series 2017 A, Ref. RB

     5.00%       10/01/2028        25        26,909  

Lee Memorial Health System, Series 2019 A-1, Ref. RB

     5.00%       04/01/2028        15        15,948  

Miami-Dade (County of), FL, Series 2017 B, Ref. RB

     5.00%       10/01/2028        40        42,896  

Miami-Dade (County of), FL, Series 2019, RB

     5.00%       10/01/2043        115        119,327  

Orlando (City of), FL, Series 2018 B, RB

     5.00%       10/01/2048        275        288,904  

Palm Beach County School District, Series 2017 B, Ref. COP

     5.00%       08/01/2028        30        32,664  

Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 1998 B, Ref. RB, (INS - NATL)(a)

     5.50%       07/01/2028        40        42,187  

South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB

     4.00%       05/01/2048        20        17,993  

South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB

     5.00%       08/15/2028        35        37,099  

Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB

     5.00%       07/01/2048        150        153,758  

Tampa (City of), FL (Green Bonds), Series 2018, RB

     5.25%       05/01/2043        100           106,069  
          

 

 

 
             1,874,414  
          

 

 

 

Georgia-1.44%

          

Atlanta (City of), GA, Series 2018 C, Ref. RB

     5.00%       11/01/2028        30        32,254  

Georgia (State of), Series 2016 F, Ref. GO Bonds

     5.00%       01/01/2028        10        10,634  

Georgia (State of), Series 2018 A, GO Bonds

     5.00%       07/01/2028        30        32,867  

Georgia (State of), Series 2018 A, GO Bonds

     5.00%       07/01/2030        55        60,082  

Georgia (State of), Series 2018 A, GO Bonds

     5.00%       07/01/2031        25        27,281  

Georgia (State of), Series 2018 A, GO Bonds

     4.00%       07/01/2034        25        25,823  

Georgia (State of), Series 2018 A, GO Bonds

     3.25%       07/01/2037        200        191,707  

Georgia (State of), Series 2022 A, GO Bonds

     5.00%       07/01/2028        50        54,778  

Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2028        155        170,098  

Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds

     5.00%       07/01/2028        30        32,867  

Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds

     5.00%       07/01/2028        30        32,867  

Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)(a)

     4.75%       06/01/2028        40        40,746  

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB

     5.00%       01/01/2056        200        202,116  

Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB

     5.00%       06/01/2028        50        54,479  

Henry County School District, Series 2021, GO Bonds

     4.00%       08/01/2028        25        26,135  
          

 

 

 
             994,734  
          

 

 

 

Hawaii-0.84%

          

Hawaii (State of), Series 2017 FK, GO Bonds

     5.00%       05/01/2028        25        26,629  

Hawaii (State of), Series 2017 FN, Ref. GO Bonds

     5.00%       10/01/2028        90        96,530  

Hawaii (State of), Series 2018 FT, GO Bonds

     5.00%       01/01/2030        180        194,271  

Hawaii (State of), Series 2018 FT, GO Bonds

     5.00%       01/01/2033        10        10,775  

Hawaii (State of), Series 2018 FT, GO Bonds

     3.25%       01/01/2035        10        9,751  

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2028        60        64,854  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds

     5.00%       09/01/2028        35        38,236  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds

     5.00%       03/01/2028        130        140,687  
          

 

 

 
             581,733  
          

 

 

 

Illinois-3.48%

          

Champaign County Community Unit School District No. 4 Champaign, Series 2020 A, GO Bonds

     5.00%       01/01/2033        55        59,078  

Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB

     5.00%       01/01/2028        30        32,150  

Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB

     5.00%       06/01/2028        20        21,236  

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       11/15/2028        50        53,951  

Cook (County of), IL, Series 2021 B, Ref. GO Bonds

     4.00%       11/15/2028        145        149,666  

 

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

 

   275   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds

     4.00%       12/15/2030      $ 70      $ 72,453  

Illinois (State of), Series 2017 D, GO Bonds

     5.00%       11/01/2028        125        131,408  

Illinois (State of), Series 2018 A, GO Bonds

     4.63%       05/01/2037        90        90,813  

Illinois (State of), Series 2018 A, Ref. GO Bonds

     5.00%       10/01/2028        55        58,565  

Illinois (State of), Series 2018 B, Ref. GO Bonds

     5.00%       10/01/2033        120        126,590  

Illinois (State of), Series 2020 B, GO Bonds

     5.00%       10/01/2028        540        575,005  

Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB

     5.00%       01/01/2028        110        116,677  

Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB

     5.00%       07/15/2028        15        16,123  

Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB

     5.00%       05/15/2032        10        10,389  

Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB

     5.00%       10/01/2028        100        109,045  

Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB

     5.00%       07/01/2028        165        177,074  

Illinois (State of) Toll Highway Authority, Series 2017 A, RB

     5.00%       01/01/2039        250        261,163  

Illinois (State of) Toll Highway Authority, Series 2017 A, RB

     5.00%       01/01/2042        130        134,920  

Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB

     5.00%       01/01/2028        140        150,386  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2028        15        16,113  

Sales Tax Securitization Corp., Series 2018 A, Ref. RB

     5.00%       01/01/2038        25        25,827  

Sales Tax Securitization Corp., Series 2018 A, Ref. RB

     5.00%       01/01/2040        5        5,145  

Sales Tax Securitization Corp., Series 2018 A, Ref. RB

     5.00%       01/01/2048        15        15,273  
          

 

 

 
             2,409,050  
          

 

 

 

Indiana-0.63%

          

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

     5.00%       06/01/2028        70        75,947  

Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB

     5.00%       02/01/2033        175        188,660  

Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB

     5.00%       01/01/2032        150        160,693  

Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB

     5.00%       10/01/2030        10        10,842  
          

 

 

 
             436,142  
          

 

 

 

Iowa-0.06%

          

Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB

     5.00%       08/01/2028        40        43,024  
          

 

 

 

Kentucky-0.13%

          

Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB

     5.00%       07/01/2028        85        90,870  
          

 

 

 

Louisiana-0.23%

          

Louisiana (State of) (Garvee), Series 2019 A, RB

     5.00%       09/01/2028        50        54,236  

Louisiana (State of) (Garvee), Series 2019 A, RB

     5.00%       09/01/2030        75        81,114  

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB

     4.00%       12/01/2043        25        23,944  
          

 

 

 
                159,294  
          

 

 

 

Maryland-2.68%

          

Howard (County of), MD, Series 2017 D, Ref. GO Bonds

     5.00%       02/15/2028        50        54,391  

Maryland (State of), Second Series 2018, GO Bonds

     5.00%       08/01/2031        130        142,000  

Maryland (State of), Second Series 2018, GO Bonds

     4.00%       08/01/2032        200        207,021  

Maryland (State of), Second Series 2020 B, Ref. GO Bonds

     5.00%       08/01/2028        340        373,119  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       03/15/2028        25        26,701  

Maryland (State of), Series 2017 A, GO Bonds

     5.00%       08/01/2028        80        86,076  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       03/15/2028        60        65,351  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2028        50        54,870  

Maryland (State of) Department of Transportation, Series 2017, RB

     5.00%       09/01/2028        85        91,507  

Maryland (State of) Department of Transportation, Series 2019, RB

     5.00%       10/01/2028        70        75,465  

Maryland (State of) Department of Transportation, Series 2020, RB

     5.00%       10/01/2028        15        16,460  

Montgomery (County of), MD, Series 2020 A, GO Bonds

     4.00%       08/01/2028        45        47,190  

Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds

     4.00%       11/01/2028        120        126,158  

Prince George’s (County of), MD, Series 2018 A, GO Bonds

     5.00%       07/15/2028        100        109,690  

Prince George’s (County of), MD, Series 2018 A, GO Bonds

     5.00%       07/15/2031        100        109,149  

Prince George’s (County of), MD, Series 2019 A, GO Bonds

     5.00%       07/15/2028        15        16,454  

Prince George’s (County of), MD, Series 2020 A, GO Bonds

     5.00%       07/15/2028        65        71,299  

 

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

 

   276   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Maryland-(continued)

          

Prince George’s (County of), MD, Series 2020 A, GO Bonds

     5.00%       07/15/2030      $ 140      $ 152,905  

Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds

     5.00%       09/15/2028        25        27,512  
          

 

 

 
             1,853,318  
          

 

 

 

Massachusetts-4.75%

          

Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds

     5.00%       07/01/2028        55        60,438  

Massachusetts (Commonwealth of), Series 2017 A, Ref. RB

     5.00%       06/01/2028        70        75,677  

Massachusetts (Commonwealth of), Series 2018 A, GO Bonds

     5.00%       01/01/2033        15        16,198  

Massachusetts (Commonwealth of), Series 2018 A, GO Bonds

     5.00%       01/01/2035        80        86,064  

Massachusetts (Commonwealth of), Series 2018 B, GO Bonds

     5.00%       01/01/2031        40        43,214  

Massachusetts (Commonwealth of), Series 2018 B, GO Bonds

     5.00%       01/01/2032        10        10,805  

Massachusetts (Commonwealth of), Series 2018 E, GO Bonds

     5.00%       09/01/2037        35        37,406  

Massachusetts (Commonwealth of), Series 2018 E, GO Bonds

     5.00%       09/01/2038        225        239,637  

Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds

     5.00%       05/01/2028        55        60,232  

Massachusetts (Commonwealth of), Series 2019 F, GO Bonds

     5.00%       05/01/2028        210        229,975  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

     5.00%       11/01/2028        200        221,182  

Massachusetts (Commonwealth of), Series 2021, RB

     5.00%       06/01/2041        745        783,122  

Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB

     5.00%       06/01/2048        25        25,992  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB

     5.25%       07/01/2028        20        22,240  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2045        260        271,453  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2050        220        228,458  

Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018, Ref. RB

     5.00%       01/01/2028        20        21,788  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB

     5.00%       07/01/2028        240        258,303  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB

     5.00%       07/01/2030        50        53,907  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB

     5.00%       07/01/2033        70        75,121  

Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB

     4.00%       07/01/2036        40        39,793  

Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB

     5.20%       01/01/2028        90        98,888  

Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB

     4.00%       02/15/2043        200        195,878  

Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB

     5.25%       02/15/2048        20        20,950  

Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB

     5.25%       02/15/2048        100           104,752  
          

 

 

 
             3,281,473  
          

 

 

 

Michigan-1.67%

          

Great Lakes Water Authority, Series 2018 A, Ref. RB

     5.00%       07/01/2028        95        101,820  

Great Lakes Water Authority, Series 2018 B, Ref. RB

     5.00%       07/01/2028        85        92,484  

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2028        125        137,255  

Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB

     5.00%       11/01/2043        500        520,182  

Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB

     5.00%       12/01/2048        150        152,307  

Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB

     4.00%       11/15/2032        10        10,163  

University of Michigan, Series 2017 A, Ref. RB

     5.00%       04/01/2028        30        32,041  

Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB

     5.00%       12/01/2038        100           104,558  
          

 

 

 
             1,150,810  
          

 

 

 

Minnesota-1.31%

          

Metropolitan Council, Series 2021 C, GO Bonds

     5.00%       12/01/2028        150        165,360  

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB

     5.00%       01/01/2028        40        42,264  

Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB

     5.00%       11/15/2033        10        10,489  

Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB

     5.00%       11/15/2034        150        156,513  

Minnesota (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2028        25        27,423  

Minnesota (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2034        175        191,944  

Minnesota (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2037        25        26,880  

 

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

 

   277   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Minnesota-(continued)

          

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2028      $ 100      $ 109,693  

Minnesota (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2028        125        137,116  

Minnesota (State of), Series 2021 B, GO Bonds

     5.00%       09/01/2028        35        38,457  
          

 

 

 
             906,139  
          

 

 

 

Mississippi-0.62%

          

Mississippi (State of), Series 2017 A, Ref. GO Bonds

     5.00%       10/01/2028        35        37,607  

Mississippi (State of), Series 2021 C, GO Bonds

     4.00%       10/01/2039        150        148,070  

Mississippi (State of) Development Bank (Hinds County), Series 2018, RB

     5.00%       03/01/2048        155        158,878  

West Rankin Utility Authority, Series 2018, RB(b)(c)

     5.00%       01/01/2028        80        86,203  
          

 

 

 
             430,758  
          

 

 

 

Missouri-0.50%

          

Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB

     4.00%       10/01/2028        85        88,683  

Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB

     5.00%       06/01/2030        45        48,127  

Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB

     5.00%       06/01/2031        125        133,349  

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB

     4.00%       11/15/2048        20        18,072  

Springfield School District No. R-12, Series 2017, Ref. GO Bonds

     4.00%       03/01/2030        55        56,894  
          

 

 

 
             345,125  
          

 

 

 

Nebraska-0.40%

          

Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB

     3.00%       09/01/2028        250        245,750  

Lincoln (City of), NE, Series 2020 A, RB

     5.00%       09/01/2028        20        21,676  

Omaha (City of), NE Public Power District, Series 2018 A, RB

     5.00%       02/01/2028        10        10,809  
          

 

 

 
             278,235  
          

 

 

 

Nevada-1.35%

          

Clark (County of), NV, Series 2016 B, Ref. RB

     5.00%       07/01/2028        15        16,314  

Clark (County of), NV, Series 2017, Ref. GO Bonds

     5.00%       06/01/2028        125           133,211  

Clark (County of), NV, Series 2018 A, GO Bonds

     5.00%       06/01/2034        60        64,801  

Clark (County of), NV, Series 2018 A, GO Bonds

     5.00%       06/01/2035        20        21,499  

Clark (County of), NV, Series 2018 B, GO Bonds

     5.00%       12/01/2030        10        10,906  

Clark (County of), NV, Series 2018 B, GO Bonds

     5.00%       12/01/2033        50        54,446  

Clark (County of), NV, Series 2018 B, GO Bonds

     5.00%       12/01/2034        40        43,422  

Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB

     5.00%       07/01/2028        100        108,664  

Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds

     5.00%       05/01/2048        250        259,779  

Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)

     4.00%       06/15/2037        10        9,920  

Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB

     5.00%       07/01/2043        100        103,279  

Las Vegas Valley Water District, Series 2021 C, GO Bonds

     5.00%       06/01/2028        15        16,364  

Truckee Meadows Water Authority, Series 2017, Ref. RB

     5.00%       07/01/2028        85        90,375  
          

 

 

 
             932,980  
          

 

 

 

New Hampshire-0.06%

          

New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB

     5.00%       06/01/2028        35        37,925  
          

 

 

 

New Jersey-6.40%

          

Garden State Preservation Trust, Series 2005 A, RB, (INS - AGM)(a)

     5.75%       11/01/2028        175        186,841  

New Jersey (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2028        295        319,657  

New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)

     5.00%       07/01/2028        275        292,412  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB

     5.00%       07/01/2028        25        26,856  

New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB

     5.00%       07/01/2028        20        21,485  

New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB

     5.00%       07/01/2028        100        106,423  

New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB

     5.00%       06/15/2032        35        37,469  

New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB

     5.00%       06/15/2034        265        282,870  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2028        110        118,826  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2030        25        26,830  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     4.00%       12/15/2031        60        61,272  

 

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

 

   278   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New Jersey-(continued)

          

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2032      $ 60      $ 64,198  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2033        500        534,345  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2034        145        154,474  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2036        115        121,131  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

     5.00%       06/15/2030        35        37,602  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

     5.00%       06/15/2035        240        255,036  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

     5.00%       06/15/2044        225        232,011  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB

     5.00%       06/15/2050        10        10,250  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB

     5.00%       06/15/2031        30        32,169  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB

     5.00%       06/15/2032        25        26,764  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB

     5.00%       06/15/2038        205        214,355  

New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB

     5.25%       06/15/2043        200        208,858  

New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB

     5.00%       06/15/2028        30        32,200  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2028        15        16,182  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2030        20        21,460  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2031        85        91,188  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2032        25        26,800  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2033        235        252,127  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2034        80        85,799  

New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB

     5.00%       01/01/2040        85        88,752  

New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB

     5.00%       01/01/2030        145        155,584  

New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB

     5.00%       01/01/2032        25        26,800  

New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB

     5.00%       01/01/2036        135        143,569  

South Jersey Port Corp., Series 2017 A, RB

     5.00%       01/01/2049        115        113,713  
          

 

 

 
             4,426,308  
          

 

 

 

New Mexico-0.33%

          

New Mexico (State of), Series 2021, GO Bonds

     5.00%       03/01/2028        25        27,154  

New Mexico (State of) Finance Authority, Series 2021 A, RB

     5.00%       06/15/2028        120        130,847  

New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB

     5.00%       07/01/2028        40        43,615  

New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB

     5.00%       07/01/2028        25        27,260  
          

 

 

 
                228,876  
          

 

 

 

New York-21.77%

          

Long Island (City of), NY Power Authority, Series 2018, RB

     5.00%       09/01/2033        40        43,548  

Long Island (City of), NY Power Authority, Series 2018, RB

     5.00%       09/01/2034        25        27,140  

Long Island (City of), NY Power Authority, Series 2018, RB

     5.00%       09/01/2035        75        80,942  

Long Island (City of), NY Power Authority, Series 2019 A, RB

     5.00%       09/01/2030        35        38,241  

Metropolitan Transportation Authority, Series 2012 A, Ref. RB

     3.00%       11/15/2028        760        751,741  

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

     5.00%       11/15/2030        30        31,688  

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

     5.00%       11/15/2032        200        210,944  

Metropolitan Transportation Authority, Series 2017 D, Ref. RB

     5.00%       11/15/2035        70        73,057  

Monroe County Industrial Development Corp. (Rochester Schools Modernization)), Series 2018, RB

     5.00%       05/01/2032        60        64,836  

New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB

     5.00%       09/01/2036        50        53,503  

New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB

     5.00%       09/01/2048        85        88,149  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2028        30        32,921  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2030        175        190,221  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2033        30        32,528  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2035        30        32,275  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2036        100        106,921  

New York (City of), NY, Series 2005 1, GO Bonds

     5.00%       09/01/2028        175        191,179  

New York (City of), NY, Series 2017 1, GO Bonds

     5.00%       08/01/2028        55        58,841  

New York (City of), NY, Series 2017 C, Ref. GO Bonds

     5.00%       08/01/2028        150        161,474  

New York (City of), NY, Series 2018 E-1, GO Bonds

     5.00%       03/01/2032        15        16,106  

New York (City of), NY, Series 2018 E-1, GO Bonds

     5.00%       03/01/2040        25        26,104  

New York (City of), NY, Series 2020 A-1, Ref. GO Bonds

     5.00%       08/01/2028        175        190,874  

New York (City of), NY, Series 2020 B-1, Ref. GO Bonds

     5.00%       11/01/2028        350        383,369  

New York (City of), NY, Series 2020 C-1, Ref. GO Bonds

     5.00%       08/01/2028        95        103,617  

New York (City of), NY, Series 2022 A-1, GO Bonds

     5.00%       09/01/2028        10        10,925  

 

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

 

   279   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (City of), NY, Subseries 2018 D-1, GO Bonds

     5.00%       12/01/2033      $ 500      $ 541,316  

New York (City of), NY, Subseries 2018 D-1, GO Bonds

     5.00%       12/01/2036        45        47,908  

New York (City of), NY, Subseries 2018 D-1, GO Bonds

     5.00%       12/01/2038        80        84,459  

New York (City of), NY, Subseries 2018 D-1, GO Bonds

     4.00%       12/01/2043        10        9,655  

New York (City of), NY, Subseries 2018 D-1, GO Bonds

     5.00%       12/01/2044        40        41,770  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

     5.00%       04/01/2033        220           236,174  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

     5.00%       04/01/2034        300        321,544  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

     5.00%       04/01/2043        100        103,988  

New York (City of), NY, Subseries 2018 F-1, GO Bonds

     5.00%       04/01/2045        240        249,163  

New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB

     5.00%       06/15/2030        20        21,897  

New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB

     5.00%       06/15/2034        15        16,365  

New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB

     5.00%       06/15/2039        70        74,042  

New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB

     5.00%       06/15/2040        165        174,101  

New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB

     5.00%       06/15/2049        275        286,996  

New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB

     5.00%       06/15/2045        180        188,101  

New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB

     5.00%       05/01/2034        30        32,266  

New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB

     5.00%       05/01/2035        45        48,197  

New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB

     5.00%       05/01/2036        75        79,854  

New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB

     5.00%       05/01/2039        30        31,548  

New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB

     5.00%       07/15/2036        20        21,347  

New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB

     5.00%       07/15/2045        205        212,813  

New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB

     5.00%       07/15/2035        235        252,164  

New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB

     5.00%       07/15/2043        50        52,040  

New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB

     5.00%       07/15/2034        30        32,346  

New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB

     5.00%       07/15/2037        400        424,028  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2028        175        191,772  

New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB

     5.00%       11/01/2028        75        82,188  

New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB

     5.00%       07/15/2028        100        109,310  

New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB

     5.00%       08/01/2028        10        10,912  

New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB

     5.00%       08/01/2033        90        97,306  

New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB

     5.00%       08/01/2040        55        57,857  

New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB

     5.00%       08/01/2042        500        524,098  

New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB

     5.00%       08/01/2036        160        170,602  

New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB

     5.25%       08/01/2037        55        59,057  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2028        190        207,689  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2030        235        253,676  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2031        100        108,067  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2033        115        124,258  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2036        110        117,410  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2037        125        132,509  

New York (City of), NY Transitional Finance Authority, Subseries 2018, RB

     5.00%       08/01/2034        95        102,482  

New York (State of) Dormitory Authority, Series 2017 A, Ref. RB

     5.00%       02/15/2028        30        31,747  

New York (State of) Dormitory Authority, Series 2018 1, Ref. RB

     5.00%       01/15/2028        50        53,980  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       03/15/2032        15        16,147  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       07/01/2036        70        74,827  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       03/15/2039        120        125,835  

New York (State of) Dormitory Authority, Series 2018 A, RB

     5.00%       07/01/2039        120        126,663  

New York (State of) Dormitory Authority, Series 2018 A, Ref. RB

     5.00%       03/15/2031        80        86,833  

New York (State of) Dormitory Authority, Series 2018 A, Ref. RB

     5.25%       03/15/2037        20        21,674  

New York (State of) Dormitory Authority, Series 2018 A, Ref. RB

     5.00%       03/15/2040        100        105,455  

New York (State of) Dormitory Authority, Series 2018 C, Ref. RB

     5.00%       03/15/2034        50        53,650  

New York (State of) Dormitory Authority, Series 2018 E, Ref. RB

     5.00%       03/15/2030        300        325,692  

New York (State of) Dormitory Authority, Series 2018 E, Ref. RB

     5.00%       03/15/2048        400        416,205  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2028        25        27,031  

New York (State of) Dormitory Authority, Series 2022 A, Ref. RB

     5.00%       03/15/2028        130        140,561  

New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB

     5.00%       03/15/2035        10        10,679  

New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB

     5.00%       03/15/2036        50        53,065  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB

     5.00%       03/15/2030        245        264,039  

 

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

 

   280   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB

     5.00%       03/15/2033      $ 325      $ 349,395  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB

     5.00%       03/15/2037        70        74,293  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB

     5.00%       03/15/2039        425        447,740  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB

     5.00%       03/15/2040        240        252,419  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB

     5.00%       03/15/2043        25        26,133  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB

     5.00%       03/15/2044        15        15,661  

New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB

     5.00%       03/15/2038        150        157,580  

New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB

     5.00%       03/15/2042        155        161,556  

New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB

     5.00%       03/15/2044        95        98,807  

New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB

     5.00%       03/15/2045        100        103,912  

New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB

     5.00%       03/15/2038        250        262,634  

New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB

     5.00%       10/01/2038        235        252,078  

New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB

     5.25%       03/15/2038        50        53,822  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2028        10        10,989  

New York (State of) Thruway Authority, Series 2018 L, Ref. RB

     5.00%       01/01/2028        30        32,427  

New York (State of) Thruway Authority, Series 2018 L, Ref. RB

     5.00%       01/01/2030        95        102,014  

New York (State of) Thruway Authority, Series 2018 L, Ref. RB

     5.00%       01/01/2031        10        10,741  

New York (State of) Thruway Authority, Series 2018 L, Ref. RB

     3.50%       01/01/2037        30        27,694  

New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB

     5.00%       03/15/2028        20        21,695  

New York City Health and Hospitals Corp., Series 2021 A, Ref. RB

     5.00%       02/15/2028        60        64,956  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB

     5.00%       06/15/2028        50        53,755  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB

     5.00%       06/15/2030        40        43,756  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB

     5.00%       06/15/2048        150        158,326  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB

     5.00%       06/15/2028        5        5,496  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2035        195           211,364  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2037        45        48,079  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2038        80        84,863  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2039        60        63,492  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2040        135        142,554  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2044        100        104,778  

New York State Urban Development Corp., Series 2019 A, RB

     5.00%       03/15/2045        50        52,313  

Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB

     5.00%       11/15/2028        70        76,686  

Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB

     5.00%       11/15/2028        215        235,535  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB

     5.00%       11/15/2028        190        208,148  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB

     5.00%       11/15/2044        25        26,056  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB

     5.00%       11/15/2035        120        129,150  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB

     5.00%       05/15/2028        10        10,896  
          

 

 

 
             15,050,295  
          

 

 

 

North Carolina-1.01%

          

Charlotte (City of), NC, Series 2018, Ref. RB

     5.00%       07/01/2028        40        43,823  

Charlotte (City of), NC, Series 2018, Ref. RB

     5.00%       07/01/2031        20        21,825  

Charlotte (City of), NC, Series 2018, Ref. RB

     5.00%       07/01/2032        40        43,624  

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB

     5.00%       01/15/2028        240        258,087  

North Carolina (State of), Series 2017 B, Ref. RB

     5.00%       05/01/2028        25        26,686  

North Carolina (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2028        80        87,573  

North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB

     5.00%       05/01/2028        200        217,566  
          

 

 

 
             699,184  
          

 

 

 

Ohio-2.31%

          

Allen (County of), OH, Series 2017 A, Ref. RB

     4.00%       08/01/2038        10        9,706  

Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(a)

     5.25%       12/01/2028        25        27,670  

Cleveland (City of), OH, Series 2018, GO Bonds

     5.00%       12/01/2043        125        130,423  

Columbus (City of), OH, Series 2016 3, Ref. GO Bonds

     5.00%       02/15/2028        15        15,966  

 

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

 

   281   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Ohio-(continued)

          

Columbus (City of), OH, Series 2017-1, Ref. GO Bonds

     5.00%       04/01/2028      $ 115      $ 123,667  

Columbus (City of), OH, Series 2018 A, GO Bonds

     5.00%       04/01/2030        25        27,424  

Columbus (City of), OH, Series 2018 A, GO Bonds

     5.00%       04/01/2032        15        16,462  

Columbus (City of), OH, Series 2018 A, GO Bonds

     5.00%       04/01/2034        25        27,392  

Franklin (County of), OH, Series 2018, RB

     5.00%       06/01/2048        150        156,183  

Miami Valley Career Technology Center, Series 2018, GO Bonds

     3.75%       12/01/2047        35        29,997  

Northeast Ohio Regional Sewer District, Series 2017, Ref. RB

     3.25%       11/15/2040        30        25,763  

Ohio (State of), Series 2016 A, Ref. GO Bonds

     5.00%       09/01/2028        65        71,167  

Ohio (State of), Series 2017 B, Ref. GO Bonds

     5.00%       09/01/2028        25        27,372  

Ohio (State of), Series 2019-1, RB

     5.00%       12/15/2028        80        87,798  

Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB

     5.00%       01/01/2030        50        53,670  

Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB

     5.00%       01/01/2031        30        32,171  

Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB

     5.00%       01/01/2033        45        48,186  

Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB

     4.00%       01/01/2036        125        125,931  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB

     5.00%       02/15/2028        15        15,931  

Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB

     5.00%       02/15/2028        25        27,033  

Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB

     5.00%       02/15/2030        165        177,706  

Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB

     5.00%       02/15/2031        30        32,266  

Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB

     5.00%       02/15/2033        85        91,384  

Ohio (State of) Water Development Authority, Series 2018, RB

     5.00%       06/01/2028        165        179,074  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00%       06/01/2028        35        38,216  
          

 

 

 
             1,598,558  
          

 

 

 

Oklahoma-0.18%

          

Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB

     5.00%       01/01/2028        115           124,111  
          

 

 

 

Oregon-0.51%

          

Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2028        10        10,932  

Portland (City of), OR, Series 2019 A, Ref. RB

     5.00%       03/01/2028        10        10,848  

Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2032        125        135,029  

Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2033        25        27,009  

Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2037        55        58,304  

University of Oregon, Series 2018 A, RB

     5.00%       04/01/2048        105        108,368  
          

 

 

 
             350,490  
          

 

 

 

Pennsylvania-4.16%

          

Allegheny (County of), PA, Series 2018 C-77, GO Bonds

     5.00%       11/01/2043        135        141,215  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

     5.00%       04/01/2032        30        31,354  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

     4.00%       04/01/2037        20        18,852  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

     4.00%       04/01/2044        55        47,615  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB

     5.00%       04/01/2047        150        150,011  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB

     5.00%       04/01/2033        150        156,631  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

     5.00%       07/15/2028        15        16,094  

Allegheny (County of), PA Port Authority, Series 2020, Ref. RB

     5.00%       03/01/2028        20        21,540  

Allegheny (County of), PA Sanitary Authority, Series 2018, RB

     5.00%       06/01/2045        100        104,723  

Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB

     3.00%       08/15/2050        180        117,296  

Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)(a)

     5.50%       08/01/2028        25        27,534  

DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB

     4.00%       07/15/2048        30        26,154  

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB

     4.00%       09/01/2049        5        4,466  

Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB

     4.00%       11/01/2038        100        98,235  

 

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

 

   282   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Pennsylvania-(continued)

          

Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds

     5.00%       01/01/2028      $ 250      $ 265,555  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00%       05/01/2028        200        217,566  

Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds

     5.00%       01/15/2028        400        425,195  

Pennsylvania (Commonwealth of), Series 2022, GO Bonds

     5.00%       10/01/2028        25        27,372  

Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP

     5.00%       07/01/2043        40        41,238  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB

     5.00%       06/01/2028        10        10,612  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB

     5.00%       12/01/2048        300        310,106  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB

     5.00%       12/01/2048        150        155,124  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB

     5.00%       12/01/2043        40        41,351  

Philadelphia (City of), PA, Series 2018 A, RB

     5.00%       10/01/2048        65        66,809  

Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB

     5.00%       10/01/2028        150        162,249  

State College Area School District, Series 2018, GO Bonds

     5.00%       05/15/2044        185        193,143  
          

 

 

 
             2,878,040  
          

 

 

 

South Carolina-0.80%

          

Columbia (City of), SC, Series 2018, RB(b)(c)

     5.00%       02/01/2028        20        21,713  

Florence (County of), SC, Series 2021, GO Bonds

     5.00%       06/01/2028        30        32,618  

South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB

     5.00%       05/01/2035        35        36,153  

South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB

     5.00%       05/01/2043        250        251,044  

South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB

     5.00%       05/01/2033        100        104,004  

South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB

     5.00%       10/01/2028        100           109,587  
          

 

 

 
             555,119  
          

 

 

 

Tennessee-0.72%

          

Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB

     5.00%       07/01/2035        130        134,725  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds

     4.00%       07/01/2028        145        149,383  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds

     5.00%       07/01/2030        115        124,871  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds

     4.00%       07/01/2036        50        50,402  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds

     5.00%       01/01/2028        35        37,847  
          

 

 

 
             497,228  
          

 

 

 

Texas-7.94%

          

Alamo Community College District, Series 2022, GO Bonds

     5.00%       02/15/2028        55        59,496  

Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     3.38%       02/15/2040        15        13,244  

Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       08/01/2033        90        92,730  

Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations

     5.00%       02/15/2047        100        102,929  

Board of Regents of Stephen F. Austin State University, Series 2019 A, RB

     5.00%       10/15/2042        145        150,935  

Board of Regents of the University of Texas System, Series 2020 C, Ref. RB

     5.00%       08/15/2028        10        10,920  

Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2028        25        27,065  

Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       08/15/2031        35        36,205  

Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)

     5.25%       12/01/2028        20        22,085  

Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB

     5.00%       12/01/2028        45        49,150  

Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2028        20        21,600  

Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds

     5.00%       08/15/2030        175        188,406  

Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds

     5.00%       02/15/2028        20        21,334  

El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       08/15/2038        200        199,295  

Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/15/2028        40        42,856  

Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2033        65        66,331  

Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB

     5.00%       10/01/2033        60        64,547  

Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB

     5.00%       10/01/2038        300        315,349  

 

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

 

   283   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB

     5.00%       10/01/2043      $ 205      $ 213,147  

Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB

     5.00%       10/01/2048        40        41,349  

Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB

     5.00%       08/15/2031        10        10,761  

Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB

     5.00%       08/15/2033        15        16,060  

Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB

     4.00%       08/15/2038        155        154,282  

Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB

     5.00%       08/15/2043        110        113,965  

Houston (City of), TX, Series 2017 A, Ref. GO Bonds

     5.00%       03/01/2028        130        137,062  

Houston (City of), TX, Series 2018 B, Ref. RB

     5.00%       07/01/2028        50        54,192  

Houston (City of), TX, Series 2018 B, Ref. RB

     5.00%       07/01/2030        25        26,798  

Houston (City of), TX, Series 2018 D, Ref. RB

     5.00%       11/15/2043        165        171,927  

Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2028        55        58,453  

Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds

     5.00%       08/15/2028        150        160,770  

Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2048        25        23,953  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB

     5.00%       05/15/2048        20        20,508  

Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2049        100        105,081  

North Texas Municipal Water District, Series 2021 A, Ref. RB

     5.00%       09/01/2028        100        108,810  

North Texas Tollway Authority, Series 2017 A, Ref. RB

     5.00%       01/01/2038        140           145,820  

North Texas Tollway Authority, Series 2017 A, Ref. RB

     5.00%       01/01/2039        25        25,935  

North Texas Tollway Authority, Series 2017 A, Ref. RB

     5.00%       01/01/2048        90        92,117  

North Texas Tollway Authority, Series 2018, Ref. RB

     5.00%       01/01/2035        45        47,762  

North Texas Tollway Authority, Series 2018, Ref. RB

     5.00%       01/01/2036        25        26,354  

Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2028        55        59,377  

Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB

     5.25%       07/01/2028        30        33,004  

Permanent University Fund - University of Texas System, Series 2022 A, RB

     5.00%       07/01/2028        30        32,669  

San Antonio (City of), TX, Series 2019, Ref. GO Bonds

     5.00%       08/01/2028        160        173,449  

San Antonio (City of), TX Water System, Series 2018 A, Ref. RB

     5.00%       05/15/2048        190        196,295  

Texas (State of) Water Development Board, Series 2018 A, RB

     5.00%       10/15/2028        20        21,628  

Texas (State of) Water Development Board, Series 2018 A, RB

     5.00%       10/15/2029        30        32,457  

Texas (State of) Water Development Board, Series 2018 A, RB

     5.00%       10/15/2031        75        81,098  

Texas (State of) Water Development Board, Series 2018 A, RB

     5.00%       10/15/2043        450        469,551  

Texas (State of) Water Development Board, Series 2018 A, RB

     4.00%       04/15/2048        25        23,572  

Texas (State of) Water Development Board, Series 2018 B, RB

     5.00%       04/15/2030        200        217,953  

Texas (State of) Water Development Board, Series 2018 B, RB

     5.00%       10/15/2032        90        97,839  

Texas (State of) Water Development Board, Series 2018 B, RB

     5.00%       10/15/2038        75        79,704  

Texas (State of) Water Development Board, Series 2018 B, RB

     5.00%       04/15/2049        225        233,503  

Texas (State of) Water Development Board, Series 2020, RB

     5.00%       08/01/2028        75        81,447  

Texas A&M University, Series 2017 E, Ref. RB

     5.00%       05/15/2028        105        111,684  

Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB

     5.00%       12/15/2028        250        254,751  

Texas State University Board of Regents, Series 2017 A, Ref. RB

     5.00%       03/15/2028        35        37,115  

Trinity River Authority, Series 2017, Ref. RB

     5.00%       08/01/2028        15        15,946  
          

 

 

 
             5,492,625  
          

 

 

 

Utah-0.50%

          

Salt Lake City (City of), UT, Series 2018 B, RB

     5.00%       07/01/2048        20        20,445  

University of Utah (The), Series 2018 A, RB

     5.00%       08/01/2044        75        78,377  

Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB

     4.00%       05/15/2041        100        95,307  

Utah (State of) Transit Authority, Series 2018, RB

     4.00%       12/15/2034        145        148,026  
          

 

 

 
             342,155  
          

 

 

 

Virginia-1.54%

          

Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB(b)(c)

     5.50%       01/01/2028        150        165,604  

Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB

     5.00%       07/01/2048        150        156,217  

Richmond (City of), VA, Series 2017 D, Ref. GO Bonds

     5.00%       03/01/2028        15        16,305  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB

     5.00%       02/01/2028        60        65,010  

 

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

 

   284   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Virginia-(continued)

          

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB

     5.00%       02/01/2031      $ 25      $ 27,012  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB

     5.00%       02/01/2028        75        81,263  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB

     5.00%       02/01/2028        105        113,768  

Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB

     5.00%       08/01/2028        145        158,707  

Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB

     5.00%       08/01/2028        70        76,617  

Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB

     5.00%       03/15/2028        190        204,723  
          

 

 

 
             1,065,226  
          

 

 

 

Washington-3.13%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2028        135        148,345  

Energy Northwest, Series 2018 A, Ref. RB

     5.00%       07/01/2032        50        54,300  

Energy Northwest, Series 2018 C, Ref. RB

     5.00%       07/01/2030        40        43,442  

Energy Northwest, Series 2018 C, Ref. RB

     5.00%       07/01/2032        55        59,730  

Energy Northwest, Series 2018 C, Ref. RB

     5.00%       07/01/2034        60        65,032  

Energy Northwest (No. 1), Series 2017 A, Ref. RB

     5.00%       07/01/2028        130           138,848  

Energy Northwest (No. 1), Series 2020 A, Ref. RB

     5.00%       07/01/2028        15        16,356  

Energy Northwest (No. 1), Series 2022 A, Ref. RB

     5.00%       07/01/2028        100        109,038  

Energy Northwest (No. 3), Series 2017 A, Ref. RB

     5.00%       07/01/2028        75        80,105  

King (County of), WA, Series 2021 A, GO Bonds

     5.00%       01/01/2028        100        108,302  

King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2036        15        14,971  

Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2028        200        218,648  

Washington (State of), Series 2017 R, Ref. GO Bonds

     5.00%       08/01/2028        45        48,220  

Washington (State of), Series 2017 R, Ref. GO Bonds

     5.00%       08/01/2028        170        182,231  

Washington (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2032        25        27,216  

Washington (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2039        150        158,775  

Washington (State of), Series 2018 C, GO Bonds

     5.00%       02/01/2031        85        91,923  

Washington (State of), Series 2018 C, GO Bonds

     5.00%       02/01/2038        60        63,404  

Washington (State of), Series 2018 C, GO Bonds

     5.00%       02/01/2041        190        199,171  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2028        70        76,684  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2028        10        10,955  

Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB

     5.00%       10/01/2031        130        135,688  

Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2036        105        112,769  
          

 

 

 
             2,164,153  
          

 

 

 

West Virginia-0.90%

          

West Virginia (State of), Series 2018 B, GO Bonds

     5.00%       06/01/2032        90        97,501  

West Virginia (State of), Series 2018 B, GO Bonds

     5.00%       06/01/2034        25        27,035  

West Virginia (State of), Series 2018 B, GO Bonds

     5.00%       12/01/2034        75        80,986  

West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds

     5.00%       06/01/2037        125        132,878  

West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds

     5.00%       12/01/2039        55        58,043  

West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds

     5.00%       12/01/2041        35        36,647  

West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB

     5.00%       09/01/2028        40        42,612  

West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB

     5.00%       06/01/2052        105        105,809  

West Virginia (State of) Parkways Authority, Series 2018, RB

     5.00%       06/01/2043        40        41,662  
          

 

 

 
             623,173  
          

 

 

 

Wisconsin-0.41%

          

University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB

     5.00%       04/01/2043        25        25,525  

Wisconsin (State of), Series 2021-2, Ref. GO Bonds

     5.00%       05/01/2028        55        59,931  

 

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

 

   285   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Wisconsin-(continued)

          

Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB

     5.00%       07/01/2028      $ 160      $ 169,498  

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB

     5.00%       11/15/2028        25        26,939  
          

 

 

 
             281,893  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.75%
(Cost $70,304,570)

             68,271,484  

OTHER ASSETS LESS LIABILITIES-1.25%

             865,916  
          

 

 

 

NET ASSETS-100.00%

           $ 69,137,400  
          

 

 

 

Investment Abbreviations:

AGM   -Assured Guaranty Municipal Corp.
AMBAC   -American Municipal Bond Assurance Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
Ctfs.   -Certificates
GO   -General Obligation
INS   -Insurer
NATL   -National Public Finance Guarantee Corp.
RB   -Revenue Bonds
Ref.   -Refunding

Notes to Schedule of Investments:

(a) 

Principal and/or interest payments are secured by the bond insurance company listed.

(b) 

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

(c) 

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

(d) 

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

 

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

 

   286   

 

 

 

 


 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.58%

          

Alabama-0.48%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2029      $ 100      $ 111,515  

Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB

     3.00%       12/01/2050        100        72,586  

University of Alabama (The), Series 2019 A, Ref. RB

     4.00%       07/01/2034        45        46,192  
          

 

 

 
                230,293  
          

 

 

 

Arizona-1.16%

          

Arizona (State of), Series 2019 A, Ref. COP(a)

     5.00%       10/01/2029        15        16,504  

Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)(b)

     5.00%       06/01/2054        50        51,426  

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB

     5.00%       01/01/2029        30        32,778  

Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds

     5.00%       07/01/2029        160        173,665  

Phoenix Civic Improvement Corp., Series 2019 A, RB

     5.00%       07/01/2045        125        128,806  

Phoenix Civic Improvement Corp., Series 2019 A, RB

     3.00%       07/01/2049        25        18,118  

Phoenix Civic Improvement Corp., Series 2019, RB

     5.00%       07/01/2044        125        130,354  
          

 

 

 
             551,651  
          

 

 

 

California-16.77%

          

Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB(a)(c)

     5.00%       10/01/2029        70        78,994  

Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB(a)(c)

     5.00%       04/01/2029        30        33,585  

California (State of), Series 2019, GO Bonds

     5.00%       04/01/2032        220        244,042  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2029        75        83,967  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2031        825        923,044  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2032        25        27,732  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2032        50        55,888  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2035        355        392,392  

California (State of), Series 2019, Ref. GO Bonds

     4.00%       10/01/2039        300        303,220  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       10/01/2039        40        43,438  

California (State of), Series 2020, GO Bonds

     5.00%       03/01/2029        130        144,128  

California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds

     5.00%       11/01/2029        350        392,395  

California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB

     2.45%       12/01/2045        50        33,488  

California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB

     5.00%       12/01/2029        75        83,500  

California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB

     5.00%       12/01/2029        20        22,467  

California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB

     5.00%       12/01/2030        25        28,088  

California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB

     5.00%       12/01/2032        10        11,231  

California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB

     5.00%       12/01/2033        35        39,272  

California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB

     5.00%       12/01/2029        50        56,655  

California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB

     5.00%       05/01/2029        50        56,144  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB

     5.00%       11/01/2029        350        392,128  

California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB

     5.00%       08/01/2049        130        137,155  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2029        75        84,265  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2032        15        16,815  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2033        50        56,010  

California State University, Series 2019 A, RB

     5.00%       11/01/2039        200        216,708  

California State University, Series 2019 A, RB

     5.00%       11/01/2040        100        107,905  

California State University, Series 2019 A, RB

     5.00%       11/01/2049        100        105,631  

East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB

     5.00%       06/01/2049        200        213,720  

Long Beach (City of), CA, Series 2019 A, RB

     7.15%       05/15/2044        75        79,676  

Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB

     5.00%       05/15/2033        290        327,155  

Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB

     5.00%       05/15/2034        50        56,304  

 

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

 

   287   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB

     5.00%       05/15/2036      $ 100      $ 111,064  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB

     5.00%       05/15/2032        20        22,600  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB

     5.00%       05/15/2039        75        81,867  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

     5.00%       07/01/2036        40        43,653  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

     5.00%       07/01/2045        100        105,530  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

     5.00%       07/01/2049        100        104,971  

Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB

     5.25%       07/01/2049        120        127,688  

Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB

     5.00%       07/01/2030        35        38,918  

Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB

     5.00%       07/01/2032        20        22,154  

Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB

     5.00%       07/01/2044        235        249,635  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2029        25        28,071  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     4.00%       07/01/2029        100        106,933  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       06/01/2029        35        39,321  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB

     5.00%       06/01/2029        45        50,555  

Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB

     5.00%       12/01/2049        75        79,737  

Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds

     2.00%       07/01/2029        45        40,621  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

     5.00%       07/01/2029        95        106,726  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

     5.00%       07/01/2032        50        56,021  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

     5.00%       07/01/2029        65        72,874  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

     5.00%       07/01/2037        40        43,570  

Metropolitan Water District of Southern California, Series 2019 A, Ref. RB

     5.00%       07/01/2039        150        161,972  

Metropolitan Water District of Southern California, Series 2020 A, RB

     5.00%       10/01/2045        160        171,413  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

     5.00%       02/15/2032        15        16,779  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

     5.00%       02/15/2036        30        33,078  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

     5.00%       02/15/2039        125        135,280  

Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(b)

     5.13%       09/01/2029        35        39,431  

Riverside (City of), CA, Series 2019 A, Ref. RB

     5.00%       10/01/2036        55        60,249  

Riverside (City of), CA, Series 2019 A, Ref. RB

     5.00%       10/01/2037        100        108,833  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB

     5.00%       08/15/2037        50        54,862  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB

     5.00%       08/15/2039        100        109,291  

San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB

     5.00%       07/01/2039        115        122,760  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB

     5.00%       05/01/2037        75        81,724  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB

     5.00%       05/01/2049        90        94,247  

San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds

     4.00%       08/01/2035        70        72,373  

San Jose (City of), CA, Series 2019 C, Ref. GO Bonds

     5.00%       09/01/2029        40        44,614  

San Jose (City of), CA, Series 2019 C, Ref. GO Bonds

     5.00%       09/01/2030        220           245,676  

University of California, Series 2018 AZ, Ref. RB

     4.00%       05/15/2029        10        10,479  

University of California (Limited), Series 2018 O, Ref. RB

     4.00%       05/15/2029        40        41,843  
          

 

 

 
             7,984,555  
          

 

 

 

Colorado-2.62%

          

Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds

     5.00%       12/01/2029        50        55,802  

Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds

     5.00%       12/15/2029        25        27,873  

Colorado (State of), Series 2018 A, COP

     5.00%       12/15/2029        30        32,788  

Colorado (State of), Series 2021 A, COP

     5.00%       12/15/2029        30        33,356  

Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB

     4.00%       11/15/2038        30        29,827  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2029        50        53,326  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2035        35        36,800  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2036        30        31,331  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB

     5.00%       08/01/2032        55        58,527  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB

     5.00%       08/01/2044        320        326,862  

Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB

     5.00%       11/01/2031        25        26,929  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     5.00%       01/01/2029        195        212,755  

Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB

     5.00%       11/01/2029        190        211,426  

 

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

 

   288   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Colorado-(continued)

          

Colorado Springs (City of), CO, Series 2019 A, Ref. RB

     5.00%       11/15/2029      $ 15      $ 16,657  

Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds

     5.00%       08/01/2029        60        66,848  

Pueblo City Schools, Series 2020, GO Bonds

     5.00%       12/15/2039        25        26,751  
          

 

 

 
             1,247,858  
          

 

 

 

Connecticut-1.42%

          

Connecticut (State of), Series 2018 E, GO Bonds

     5.00%       09/15/2029        35        38,118  

Connecticut (State of), Series 2019 A, GO Bonds

     5.00%       04/15/2029        150        165,332  

Connecticut (State of), Series 2019 A, GO Bonds

     5.00%       04/15/2039        125        132,279  

Connecticut (State of), Series 2019 B, Ref. GO Bonds

     5.00%       02/15/2029        5        5,497  

Connecticut (State of), Series 2020 A, GO Bonds

     5.00%       01/15/2029        50        54,895  

Connecticut (State of), Series 2020 A, RB

     5.00%       05/01/2029        55        60,663  

Connecticut (State of), Series 2020 C, GO Bonds

     4.00%       06/01/2029        25        26,288  

Connecticut (State of), Series 2021 A, GO Bonds

     4.00%       01/15/2029        20        20,964  

Connecticut (State of), Series 2022 A, GO Bonds

     4.00%       01/15/2029        20        20,965  

Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB

     5.00%       07/01/2029        75        83,743  

Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB

     5.00%       07/01/2029        60        66,994  
          

 

 

 
             675,738  
          

 

 

 

Delaware-0.21%

          

Delaware (State of), Series 2020 A, GO Bonds

     5.00%       01/01/2029        10        11,055  

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2029        80        88,963  
          

 

 

 
             100,018  
          

 

 

 

District of Columbia-3.38%

          

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2029        25        27,591  

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2030        405           448,163  

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2031        100        110,018  

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2032        20        21,941  

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2037        30        32,297  

District of Columbia, Series 2019 A, GO Bonds

     5.00%       10/15/2044        50        52,599  

District of Columbia, Series 2019 A, RB

     5.00%       03/01/2029        30        33,148  

District of Columbia, Series 2019 A, RB

     5.00%       03/01/2034        35        38,567  

District of Columbia, Series 2019 A, RB

     4.00%       03/01/2040        220        216,759  

District of Columbia, Series 2019 C, Ref. RB

     3.00%       10/01/2029        30        29,997  

District of Columbia, Series 2019 C, Ref. RB

     5.00%       10/01/2034        140        154,012  

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2029        90        99,444  

District of Columbia, Series 2022 C, Ref. RB

     5.00%       12/01/2029        25        27,961  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB

     4.00%       10/01/2037        135        132,948  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2029        165        181,639  
          

 

 

 
             1,607,084  
          

 

 

 

Florida-3.22%

          

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB

     3.00%       12/01/2046        5        3,393  

Broward (County of), FL, Series 2019 A, RB

     5.00%       10/01/2040        100        107,050  

Broward (County of), FL School Board, Series 2019 B, Ref. COP

     5.00%       07/01/2029        100        110,526  

Central Florida Expressway Authority, Series 2019 A, RB

     5.00%       07/01/2044        10        10,436  

Central Florida Expressway Authority, Series 2019 B, RB

     5.00%       07/01/2038        70        74,414  

Florida (State of) Department of Transportation, Series 2019 B, RB

     3.00%       07/01/2049        15        11,129  

Florida (State of) Department of Transportation, Series 2020 A, Ref. RB

     5.00%       07/01/2029        130        143,830  

Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB

     5.00%       03/01/2039        100        90,003  

Gainesville (City of), FL, Series 2019 A, RB

     5.00%       10/01/2047        100        104,577  

Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB

     5.00%       11/01/2050        150        150,038  

Lee Memorial Health System, Series 2019 A-1, Ref. RB

     5.00%       04/01/2044        150        153,052  

Orange (County of), FL Convention Center, Series 2017, Ref. RB

     5.00%       10/01/2029        100        109,791  

 

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

 

   289   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Florida-(continued)

          

Palm Beach County School District, Series 2018 C, Ref. COP

     5.00%       08/01/2029      $ 150      $ 162,437  

Polk County School District, Series 2019, RB

     5.00%       10/01/2033        100        110,300  

Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)(b)

     6.00%       10/01/2029        165        193,213  
          

 

 

 
             1,534,189  
          

 

 

 

Georgia-2.51%

          

Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB

     5.00%       07/01/2029        120        131,757  

Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB

     3.00%       07/01/2046        50        36,588  

Georgia (State of), Series 2018 A, GO Bonds

     5.00%       07/01/2029        100        109,456  

Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2029        70        78,070  

Georgia (State of) Ports Authority, Series 2022, RB

     5.00%       07/01/2029        20        22,207  

Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB

     5.00%       08/01/2029        60        66,848  

Gwinnett County School District, Series 2019, GO Bonds

     5.00%       02/01/2041        195        208,214  

Henry County School District, Series 2021, GO Bonds

     4.00%       08/01/2029        25        26,366  

Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB

     5.00%       09/01/2037        30        32,317  

Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB

     5.00%       09/01/2029        200        222,901  

Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB

     5.00%       09/01/2048        250           262,654  
          

 

 

 
             1,197,378  
          

 

 

 

Hawaii-0.80%

          

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2029        25        27,456  

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2034        60        65,427  

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2035        40        43,549  

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2038        180        192,251  

Honolulu (City & County of), HI, Series 2019 A, RB

     5.00%       07/01/2044        25        26,330  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds

     5.00%       09/01/2029        25        27,200  
          

 

 

 
             382,213  
          

 

 

 

Idaho-0.36%

          

Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB

     5.00%       07/15/2035        40        43,383  

Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB

     5.00%       07/15/2029        115        126,339  
          

 

 

 
             169,722  
          

 

 

 

Illinois-5.45%

          

Chicago (City of), IL, Series 2019 A, GO Bonds

     5.50%       01/01/2035        100        106,973  

Chicago (City of), IL, Series 2021 B, Ref. GO Bonds

     4.00%       01/01/2029        267        266,916  

Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB

     5.00%       01/01/2036        20        21,381  

Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB

     5.00%       01/01/2048        300        309,448  

Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB

     5.00%       01/01/2053        40        41,067  

Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB

     5.00%       06/01/2029        200        214,442  

Illinois (State of), Series 2018 A, GO Bonds

     5.00%       05/01/2029        50        52,986  

Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB

     5.00%       07/01/2037        210        226,063  

Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB

     4.00%       07/01/2038        145        144,503  

Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB

     5.00%       10/01/2049        105        105,881  

Illinois (State of) Toll Highway Authority, Series 2019 A, RB

     5.00%       01/01/2044        300        312,297  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2029        50        54,450  

Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)(b)

     5.00%       02/01/2029        145        158,023  

Sales Tax Securitization Corp., Series 2017 A, Ref. RB

     5.00%       01/01/2029        110        116,612  

Sales Tax Securitization Corp., Series 2018 C, Ref. RB

     5.00%       01/01/2043        85        87,369  

Sales Tax Securitization Corp., Series 2018 C, Ref. RB

     5.25%       01/01/2043        165        171,537  

Sales Tax Securitization Corp., Series 2020 A, Ref. RB

     5.00%       01/01/2029        75        80,648  

Will (County of), IL, Series 2019, GO Bonds

     4.00%       11/15/2047        130        123,938  
          

 

 

 
             2,594,534  
          

 

 

 

Indiana-1.47%

          

Indiana (State of) Finance Authority, Series 2016 C, Ref. RB

     5.00%       06/01/2029        50        55,136  

Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB

     5.00%       10/01/2048        150        155,440  

 

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

 

   290   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Indiana-(continued)

          

Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB

     5.00%       02/01/2029      $ 35      $ 37,925  

Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB

     5.00%       02/01/2033        85        93,021  

Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB

     5.00%       02/01/2038        50        53,345  

Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB

     5.00%       02/01/2039        45        47,768  

Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB

     5.00%       02/01/2049        150        155,766  

Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB

     5.00%       02/01/2054        100        103,533  
          

 

 

 
             701,934  
          

 

 

 

Iowa-0.21%

          

Iowa (State of), Series 2019 A, Ref. RB

     5.00%       06/01/2029        70        77,346  

Iowa (State of), Series 2019 A, Ref. RB

     5.00%       06/01/2032        20        21,989  
          

 

 

 
             99,335  
          

 

 

 

Kansas-0.22%

          

University of Kansas Hospital Authority, Series 2019 A, RB

     5.00%       09/01/2048        100        102,996  
          

 

 

 

Kentucky-0.32%

          

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB

     5.00%       10/01/2038        150        154,184  
          

 

 

 

Louisiana-0.68%

          

Louisiana (State of), Series 2019 A, GO Bonds

     5.00%       03/01/2036        190        206,269  

Louisiana (State of), Series 2019 A, GO Bonds

     5.00%       03/01/2039        10        10,667  

Louisiana (State of) (Garvee), Series 2019 A, RB

     5.00%       09/01/2029        100        108,560  
          

 

 

 
             325,496  
          

 

 

 

Maryland-2.23%

          

Baltimore (City of), MD (Wastewater), Series 2019 A, RB

     5.00%       07/01/2049        10        10,442  

Maryland (State of), First Series 2019, GO Bonds

     5.00%       03/15/2031        80        88,353  

Maryland (State of), First Series 2019, GO Bonds

     5.00%       03/15/2032        10        11,042  

Maryland (State of), Series 2018 A, GO Bonds

     5.00%       03/15/2029        15        16,283  

Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds

     5.00%       08/01/2029        125        139,266  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       03/15/2029        30        33,217  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2029        100        111,413  

Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds

     5.00%       08/01/2031        95        105,571  

Maryland (State of) Department of Transportation, Series 2021 A, RB

     5.00%       10/01/2029        20        22,285  

Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB

     5.00%       10/01/2049        140           144,218  

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

     5.00%       07/01/2029        60        66,552  

Montgomery (County of), MD, Series 2018 A, GO Bonds

     5.00%       11/01/2029        100        109,581  

Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds

     4.00%       11/01/2029        20        21,196  

Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds

     5.00%       08/01/2029        45        50,214  

Prince George’s (County of), MD, Series 2018 A, GO Bonds

     5.00%       07/15/2029        80        87,320  

Prince George’s (County of), MD, Series 2019 A, GO Bonds

     4.00%       07/15/2032        20        20,936  

Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds

     5.00%       09/15/2029        20        22,363  
          

 

 

 
             1,060,252  
          

 

 

 

Massachusetts-5.44%

          

Massachusetts (Commonwealth of), Series 2018 B, GO Bonds

     5.00%       01/01/2029        40        43,322  

Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds

     5.00%       07/01/2029        245        273,282  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

     5.00%       01/01/2031        70        76,827  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

     5.00%       01/01/2036        60        65,080  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

     5.00%       01/01/2038        10        10,690  

Massachusetts (Commonwealth of), Series 2019 A, GO Bonds

     5.25%       01/01/2044        350        372,444  

Massachusetts (Commonwealth of), Series 2019 C, GO Bonds

     5.00%       05/01/2043        160        168,969  

Massachusetts (Commonwealth of), Series 2019 C, GO Bonds

     5.00%       05/01/2045        25        26,246  

Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds

     5.00%       05/01/2029        15        16,685  

Massachusetts (Commonwealth of), Series 2019 G, GO Bonds

     5.00%       09/01/2029        10        11,186  

Massachusetts (Commonwealth of), Series 2020 A, GO Bonds

     5.00%       03/01/2029        15        16,638  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

     5.00%       11/01/2029        125        140,216  

Massachusetts (Commonwealth of), Series 2020, GO Bonds

     5.00%       07/01/2029        10        11,154  

 

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

 

   291   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Massachusetts-(continued)

          

Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds

     5.00%       10/01/2029      $ 30      $ 33,605  

Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB

     5.00%       06/01/2049        400        418,494  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB

     5.00%       07/01/2029        20        22,423  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)(b)

     5.50%       07/01/2029        25        28,697  

Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB

     5.00%       07/01/2041        110        117,018  

Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB

     5.00%       07/01/2042        30        31,815  

Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018 A, Ref. RB

     5.00%       01/01/2029        40        44,450  

Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB(a)(c)

     4.00%       06/01/2029        100        105,366  

Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB

     5.00%       10/15/2029        35        39,336  

Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB

     5.00%       07/01/2044        25        26,348  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB

     5.00%       01/01/2032        115        125,646  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB

     5.00%       01/01/2034        105        114,641  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB

     5.00%       01/01/2035        40        43,555  

Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB

     5.00%       01/01/2035        15        16,464  

Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)

     5.25%       08/01/2029        25        28,408  

University of Massachusetts Building Authority, Series 2020 1, RB

     5.00%       11/01/2034        55        60,622  

University of Massachusetts Building Authority, Series 2020 1, RB

     5.00%       11/01/2050        95           100,325  
          

 

 

 
             2,589,952  
          

 

 

 

Michigan-1.97%

          

Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(b)

     5.25%       05/01/2029        80        88,525  

Great Lakes Water Authority, Series 2018 B, Ref. RB

     5.00%       07/01/2029        95        104,946  

Lansing (City of), MI Board of Water & Light, Series 2019 A, RB

     5.00%       07/01/2048        145        150,502  

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2029        80        88,790  

Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB

     5.00%       04/15/2036        100        107,777  

Michigan State University Board of Trustees, Series 2019 B, RB

     5.00%       02/15/2048        385        399,696  
          

 

 

 
             940,236  
          

 

 

 

Minnesota-0.88%

          

Minnesota (State of), Series 2018 A, GO Bonds

     5.00%       08/01/2029        25        27,464  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2031        25        27,969  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2032        85        95,009  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2033        65        72,624  

Minnesota (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2039        35        37,827  

Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB

     5.00%       11/15/2029        55        61,174  

University of Minnesota, Series 2019 A, RB

     5.00%       04/01/2044        90        95,341  
          

 

 

 
             417,408  
          

 

 

 

Mississippi-0.05%

          

Mississippi (State of), Series 2019 B, GO Bonds

     4.00%       10/01/2037        25        24,990  
          

 

 

 

Missouri-0.24%

          

Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds

     4.00%       03/01/2031        50        52,267  

Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB

     5.00%       06/01/2029        10        10,781  

Springfield School District No. R-12, Series 2017, Ref. GO Bonds

     4.00%       03/01/2029        50        51,761  
          

 

 

 
             114,809  
          

 

 

 

Nebraska-0.06%

          

Omaha (City of), NE Public Power District, Series 2018 A, RB

     5.00%       02/01/2029        15        16,242  

Omaha (City of), NE Public Power District, Series 2019 A, RB

     5.00%       02/01/2033        10        10,916  
          

 

 

 
             27,158  
          

 

 

 

Nevada-1.08%

          

Clark (County of), NV, Series 2020 C, Ref. RB

     5.00%       07/01/2029        130        143,684  

 

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

 

   292   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Nevada-(continued)

          

Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB

     5.00%       07/01/2029      $ 30      $ 32,956  

Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB

     5.00%       07/01/2031        105        115,109  

Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB

     5.00%       07/01/2033        35        38,035  

Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB

     5.00%       07/01/2031        50        54,869  

Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB

     5.00%       07/01/2032        20        21,933  

Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB

     5.00%       07/01/2035        100        108,700  
          

 

 

 
             515,286  
          

 

 

 

New Jersey-3.28%

          

Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB

     5.00%       07/01/2044        25        26,370  

New Jersey (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2029        235        258,361  

New Jersey (State of), Series 2021, GO Bonds

     2.00%       06/01/2029        250        223,967  

New Jersey (State of) Economic Development Authority, Series 2019, RB

     5.00%       06/15/2044        250        259,638  

New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB

     5.00%       11/01/2044        225        233,401  

New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB

     5.00%       12/15/2029        150        161,376  

New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(b)

     5.25%       01/01/2029        120        133,007  

New Jersey (State of) Turnpike Authority, Series 2019 A, RB

     5.00%       01/01/2048        255        266,669  
          

 

 

 
             1,562,789  
          

 

 

 

New Mexico-0.91%

          

New Mexico (State of) Finance Authority, Series 2021 A, RB

     5.00%       06/15/2029        200        221,235  

New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB

     5.00%       07/01/2029        190        210,427  
          

 

 

 
             431,662  
          

 

 

 

New York-16.57%

          

Battery Park (City of), NY Authority, Series 2019 B, Ref. RB

     5.00%       11/01/2038        100        108,844  

Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(b)

     5.00%       11/15/2044        100        103,997  

New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB

     5.00%       07/15/2029        40        43,490  

New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB

     4.00%       11/01/2039        20        19,898  

New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB

     5.00%       11/01/2044        220           231,608  

New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB

     5.00%       09/01/2031        55        60,886  

New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB

     5.00%       09/01/2033        75        82,825  

New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB

     5.00%       09/01/2032        10        11,053  

New York (City of), NY, Series 2019 B-1, GO Bonds

     5.00%       10/01/2034        125        136,422  

New York (City of), NY, Series 2019 E, Ref. GO Bonds

     5.00%       08/01/2029        30        32,670  

New York (City of), NY, Series 2019 E, Ref. GO Bonds

     5.00%       08/01/2030        65        70,800  

New York (City of), NY, Series 2019 E, Ref. GO Bonds

     5.00%       08/01/2031        10        10,895  

New York (City of), NY, Series 2020 A-1, Ref. GO Bonds

     5.00%       08/01/2029        30        33,184  

New York (City of), NY, Series 2020 B-1, GO Bonds

     5.00%       10/01/2036        30        32,221  

New York (City of), NY, Subseries 2008 L-6, GO Bonds

     5.00%       04/01/2031        195        212,895  

New York (City of), NY, Subseries 2019 A-1, GO Bonds

     5.00%       08/01/2035        250        270,478  

New York (City of), NY, Subseries 2019 A-1, GO Bonds

     5.00%       08/01/2039        100        105,641  

New York (City of), NY, Subseries 2019 A-1, GO Bonds

     5.00%       08/01/2043        300        313,137  

New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB

     5.00%       06/15/2049        200        209,560  

New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB

     5.00%       06/15/2029        50        55,843  

New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB

     5.00%       06/15/2044        105        110,636  

New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB

     5.00%       06/15/2032        35        39,109  

New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB

     5.00%       06/15/2040        135        143,596  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

     5.00%       06/15/2029        370        413,239  

New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB

     5.00%       06/15/2040        270        285,966  

New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB

     5.00%       06/15/2034        10        11,040  

New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB

     5.00%       06/15/2038        50        53,498  

New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB

     5.00%       07/15/2029        15        16,196  

New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB

     5.00%       11/01/2035        140        151,534  

New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB

     5.00%       11/01/2035        15        16,145  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       08/01/2029        45        49,622  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2029        400        442,735  

New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB

     5.00%       07/15/2029        95        102,575  

New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB

     5.00%       05/01/2037        285        303,275  

 

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

 

   293   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB

     5.00%       05/01/2039      $ 100      $ 105,322  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2032        95        104,191  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2035        100        108,680  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2037        35        37,502  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2038        100        106,367  

New York (State of) Dormitory Authority, Series 2019 A, Ref. RB

     5.00%       03/15/2042        50        52,508  

New York (State of) Dormitory Authority, Series 2019, RB

     5.00%       07/01/2039        325        344,149  

New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)

     5.00%       10/01/2029        25        27,198  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2029        225        247,199  

New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB

     5.00%       03/15/2031        215        236,067  

New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB

     5.00%       03/15/2040        325        343,486  

New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB

     5.00%       03/15/2043        55        57,660  

New York (State of) Dormitory Authority (Bid Group 4), Series 2019 A, Ref. RB

     5.00%       03/15/2044        300        313,792  

New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB

     5.00%       07/01/2035        35        38,145  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2029        25        27,943  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2034        15        16,595  

New York (State of) Dormitory Authority (New York University), Series 2019 A, RB

     5.00%       07/01/2038        10        10,753  

New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB

     5.00%       07/01/2049        190        197,032  

New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB

     5.00%       07/01/2035        55        60,827  

New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB

     3.50%       10/01/2029        55        52,778  

New York City Health and Hospitals Corp., Series 2021 A, Ref. RB

     5.00%       02/15/2029        90        99,037  

New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB

     5.00%       06/15/2044        70        74,344  

New York State Urban Development Corp., Series 2019 A, Ref. RB

     5.00%       03/15/2040        330        350,100  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2029        120        131,968  

New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB

     5.00%       03/15/2029        40        43,989  

Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB

     5.00%       12/01/2040        90        96,704  

Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB

     5.00%       12/01/2045        95        100,827  

Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB

     5.00%       11/15/2029        25        27,806  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB

     5.00%       11/15/2049        100           103,564  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB

     5.00%       05/15/2029        80        88,555  
          

 

 

 
             7,890,601  
          

 

 

 

North Carolina-1.57%

          

Charlotte (City of), NC, Series 2018, Ref. RB

     5.00%       07/01/2029        75        81,739  

North Carolina (State of), Series 2019 A, RB

     5.00%       05/01/2029        190        210,293  

North Carolina (State of), Series 2019 A, RB

     5.00%       05/01/2032        15        16,537  

North Carolina (State of), Series 2019 A, RB

     4.00%       05/01/2034        100        103,590  

North Carolina (State of), Series 2020 B, RB

     5.00%       05/01/2029        50        55,340  

North Carolina (State of), Series 2022 A, RB

     5.00%       05/01/2029        15        16,602  

North Carolina (State of) (Garvee), Series 2019, RB

     5.00%       03/01/2031        95        104,498  

North Carolina (State of) (Garvee), Series 2019, RB

     5.00%       03/01/2032        45        49,375  

North Carolina (State of) (Garvee), Series 2019, RB

     5.00%       03/01/2034        20        21,903  

North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)

     5.00%       01/01/2036        50        52,806  

Wake (County of), NC, Series 2021, RB

     5.00%       03/01/2029        30        33,100  
          

 

 

 
             745,783  
          

 

 

 

Ohio-2.77%

          

American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB

     5.00%       02/15/2029        25        27,053  

Columbus (City of), OH, Series 2018 A, GO Bonds

     5.00%       04/01/2029        50        54,616  

Ohio (State of), Series 2019 A, GO Bonds

     5.00%       06/15/2031        20        22,163  

Ohio (State of), Series 2019 A, GO Bonds

     5.00%       06/15/2037        55        59,524  

Ohio (State of), Series 2019 A, GO Bonds

     5.00%       06/15/2038        150        161,435  

Ohio (State of), Series 2019-1, RB

     5.00%       12/15/2029        50        55,746  

Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB

     5.00%       02/15/2029        60        64,720  

Ohio (State of) Water Development Authority, Series 2019 A, RB

     5.00%       06/01/2029        220        242,903  

Ohio (State of) Water Development Authority, Series 2019, RB

     5.00%       12/01/2039        100        107,860  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

     5.00%       12/01/2035        180        198,728  

 

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

 

   294   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Ohio-(continued)

          

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

     5.00%       12/01/2037      $ 85      $ 92,414  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

     5.00%       12/01/2039        125        134,824  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB

     5.00%       12/01/2044        40        42,571  

Ohio State University (The), Series 2020 A, Ref. RB

     5.00%       12/01/2029        50        55,772  
          

 

 

 
             1,320,329  
          

 

 

 

Oklahoma-0.05%

          

Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB

     3.00%       09/01/2029        25        24,458  
          

 

 

 

Oregon-1.16%

          

Multnomah (County of), OR, Series 2021 A, GO Bonds

     5.00%       06/15/2029        190        210,919  

Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds

     5.00%       05/01/2033        60        66,428  

Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB

     5.00%       11/15/2036        150        164,283  

Portland (City of), OR, Series 2019 A, Ref. RB

     5.00%       03/01/2034        100        110,941  
          

 

 

 
                552,571  
          

 

 

 

Pennsylvania-5.00%

          

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

     5.00%       07/15/2034        40        43,057  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

     4.00%       07/15/2035        25        24,898  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB

     4.00%       07/15/2036        100        97,956  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB

     5.00%       07/15/2033        35        37,847  

Delaware (State of) River Port Authority, Series 2018 A, RB

     5.00%       01/01/2032        35        38,186  

Delaware (State of) River Port Authority, Series 2018 A, RB

     5.00%       01/01/2034        95        103,334  

Delaware (State of) River Port Authority, Series 2018 A, RB

     5.00%       01/01/2035        75        81,297  

Delaware (State of) River Port Authority, Series 2018 A, RB

     5.00%       01/01/2036        35        37,680  

Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB

     5.00%       11/01/2051        200        204,153  

Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB

     3.00%       09/01/2029        50        47,611  

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB

     5.00%       09/01/2031        55        58,710  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00%       05/01/2029        150        165,774  

Pennsylvania (Commonwealth of), First Series 2021, GO Bonds

     5.00%       05/15/2029        35        38,704  

Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds

     5.00%       07/15/2029        90        99,788  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB

     5.00%       12/01/2044        340        355,320  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB

     5.00%       12/01/2049        30        31,236  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB

     5.00%       12/01/2029        35        38,303  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

     5.00%       02/01/2031        35        38,297  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

     5.00%       02/01/2033        25        27,309  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

     5.00%       02/01/2034        110        120,142  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

     5.00%       02/01/2037        100        106,538  

Philadelphia (City of), PA, Series 2019 B, GO Bonds

     5.00%       02/01/2039        20        21,012  

Philadelphia (City of), PA, Series 2019 B, RB

     5.00%       11/01/2044        110        114,492  

Philadelphia School District (The), Series 2019 A, GO Bonds

     5.00%       09/01/2031        120        128,560  

Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB

     5.00%       06/01/2049        130        132,768  

Upper Merion Area School District, Series 2021 A, GO Bonds

     4.00%       01/15/2046        45        42,972  

Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)(b)

     5.00%       04/15/2059        145        146,971  
          

 

 

 
             2,382,915  
          

 

 

 

Rhode Island-0.74%

          

Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB

     5.00%       09/01/2029        315        351,253  
          

 

 

 

South Carolina-0.44%

          

South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB

     3.00%       10/01/2029        75        72,704  

Spartanburg County School District No. 7, Series 2019 D, GO Bonds

     5.00%       03/01/2048        130        135,829  
          

 

 

 
             208,533  
          

 

 

 

 

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

 

   295   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Tennessee-0.21%

          

Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB

     5.00%       08/01/2044      $ 100      $    102,144  
          

 

 

 

Texas-6.68%

          

Austin (City of), TX, Series 2019 B, RB

     5.00%       11/15/2044        100        104,819  

Board of Regents of the University of Texas System, Series 2019 A, Ref. RB

     5.00%       08/15/2032        40        43,957  

Board of Regents of the University of Texas System, Series 2019 A, Ref. RB

     5.00%       08/15/2033        100        109,849  

Board of Regents of the University of Texas System, Series 2019 A, Ref. RB

     5.00%       08/15/2038        40        42,636  

Board of Regents of the University of Texas System, Series 2019 A, Ref. RB

     5.00%       08/15/2039        30        31,870  

Board of Regents of the University of Texas System, Series 2019 B, RB

     5.00%       08/15/2029        150        166,276  

Collin County Community College District, Series 2020 A, GO Bonds

     5.00%       08/15/2031        100        110,109  

Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2029        30        32,981  

Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2031        20        21,994  

Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2032        60        65,996  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB

     5.00%       11/01/2029        50        54,755  

Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB

     5.00%       12/01/2029        35        38,725  

Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB

     5.00%       12/01/2034        125        137,024  

Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2031        25        25,981  

Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds

     5.00%       08/15/2029        75        80,870  

Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/15/2036        75        80,597  

Garland (City of), TX, Series 2019, Ref. RB

     5.00%       03/01/2044        150        155,165  

Houston (City of), TX, Series 2018 D, Ref. RB

     5.00%       07/01/2029        35        37,769  

Houston (City of), TX, Series 2019 A, Ref. GO Bonds

     5.00%       03/01/2029        110        119,853  

Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       08/15/2035        50        51,064  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB

     5.00%       05/15/2032        20        21,721  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB

     5.00%       05/15/2036        200        213,460  

North Texas Municipal Water District, Series 2021 A, Ref. RB

     5.00%       09/01/2029        10        11,041  

North Texas Tollway Authority, Series 2019 A, Ref. RB

     5.00%       01/01/2038        140        147,034  

Permanent University Fund - University of Texas System, Series 2022 A, RB

     5.00%       07/01/2029        60        66,417  

Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       08/01/2032        50        51,955  

San Antonio (City of), TX, Series 2019, Ref. GO Bonds

     5.00%       08/01/2031        110        120,552  

San Antonio (City of), TX, Series 2019, Ref. RB

     4.00%       02/01/2029        25        25,812  

Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB

     5.00%       07/01/2032        105        112,353  

Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB

     3.00%       12/01/2050        125        88,529  

Texas (State of) Water Development Board, Series 2019 A, RB

     5.00%       04/15/2031        130        143,664  

Texas (State of) Water Development Board, Series 2019 A, RB

     5.00%       04/15/2032        135        148,873  

Texas (State of) Water Development Board, Series 2019 A, RB

     4.00%       10/15/2036        125        125,816  

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB

     5.00%       12/31/2033        90        95,996  

Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation

     5.00%       03/01/2032        100        109,432  

Trinity River Authority, Series 2020, Ref. RB

     5.00%       08/01/2029        20        21,941  

Webb (County of), TX, Series 2020, Ctfs. Of Obligation

     4.00%       02/15/2045        15        14,067  

Williamson (County of), TX, Series 2020, GO Bonds

     4.00%       02/15/2040        150        149,259  
          

 

 

 
             3,180,212  
          

 

 

 

Utah-0.40%

          

Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)(b)

     5.50%       04/01/2029        100        108,536  

Utah (State of), Series 2020, GO Bonds

     5.00%       07/01/2029        75        82,780  
          

 

 

 
             191,316  
          

 

 

 

 

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

 

   296   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Virginia-1.12%

          

Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB

     2.88%       02/01/2029      $ 30      $ 27,629  

Richmond (City of), VA, Series 2017 D, Ref. GO Bonds

     5.00%       03/01/2029        10        11,071  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB

     5.00%       02/01/2029        200        216,726  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB

     5.00%       02/01/2029        30        33,055  

Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB

     5.00%       08/01/2029        40        44,473  

Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB

     5.00%       08/01/2029        180        200,130  
          

 

 

 
             533,084  
          

 

 

 

Washington-3.31%

          

Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB

     5.00%       07/01/2035        35        38,339  

Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB

     5.00%       07/01/2037        100        107,703  

Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2029        35        38,893  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2029        35        38,894  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2031        50        55,506  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2035        35        38,256  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2036        30        32,552  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2039        210        224,532  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2042        335        355,061  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2044        250           264,094  

Washington (State of), Series 2019 C, GO Bonds

     5.00%       02/01/2035        60        65,387  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2029        145        161,133  

Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2044        150        153,217  
          

 

 

 
             1,573,567  
          

 

 

 

West Virginia-0.63%

          

West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds

     5.00%       12/01/2040        110        116,609  

West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds

     5.00%       12/01/2043        85        89,427  

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB

     5.00%       01/01/2043        100        92,812  
          

 

 

 
             298,848  
          

 

 

 

Wisconsin-0.51%

          

Fond Du Lac (County of), WI, Series 2019 A, GO Bonds

     3.00%       03/01/2029        130        126,471  

Wisconsin (State of), Series 2020 1, Ref. GO Bonds

     5.00%       05/01/2029        75        82,969  

Wisconsin (State of), Series 2021-2, Ref. GO Bonds

     5.00%       05/01/2029        30        33,187  
          

 

 

 
             242,627  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(d)-98.58%
(Cost $48,665,229)

             46,941,961  

OTHER ASSETS LESS LIABILITIES-1.42%

             674,073  
          

 

 

 

NET ASSETS-100.00%

           $ 47,616,034  
          

 

 

 

Investment Abbreviations:

AGM   -Assured Guaranty Municipal Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
Ctfs.   -Certificates
GO   -General Obligation
INS   -Insurer
NATL   -National Public Finance Guarantee Corp.
NCCU   -North Carolina Central university
RB   -Revenue Bonds
Ref.   -Refunding

 

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

 

   297   

 

 

 

 


 

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

August 31, 2023

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Principal and/or interest payments are secured by the bond insurance company listed.

(c) 

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

(d) 

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

 

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

 

   298   

 

 

 

 


 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.63%

          

Alabama-1.57%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2033      $ 100      $ 112,473  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2035        100        111,022  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     4.00%       11/01/2036        100        101,103  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2037        200        218,044  

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2039        250        270,093  
          

 

 

 
                812,735  
          

 

 

 

Arizona-1.57%

          

Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(a)

     5.00%       07/01/2030        100        109,534  

Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB

     5.00%       07/15/2030        15        16,947  

Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds

     5.00%       07/01/2030        20        22,163  

Phoenix Civic Improvement Corp., Series 2020 A, RB

     5.00%       07/01/2044        140        149,846  

Salt River Project Agricultural Improvement & Power District, Series 2019, RB

     5.00%       01/01/2035        250        276,703  

Salt River Project Agricultural Improvement & Power District, Series 2019, RB

     5.00%       01/01/2037        205        223,451  

Scottsdale Municipal Property Corp., Series 2006, Ref. RB

     5.00%       07/01/2030        10        11,003  
          

 

 

 
             809,647  
          

 

 

 

California-15.43%

          

Antelope Valley Community College District, Series 2020 B, GO Bonds

     4.00%       08/01/2045        45        44,078  

California (State of), Series 2019, GO Bonds

     5.00%       10/01/2030        200        223,620  

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2030        90        101,611  

California (State of), Series 2020, GO Bonds

     5.00%       03/01/2030        25        28,187  

California (State of), Series 2020, GO Bonds

     5.00%       03/01/2034        200        224,416  

California (State of), Series 2020, GO Bonds

     5.00%       03/01/2034        250        280,521  

California (State of), Series 2020, GO Bonds

     4.00%       11/01/2035        100        104,297  

California (State of), Series 2020, Ref. GO Bonds

     4.00%       11/01/2030        40        42,970  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       11/01/2030        155        176,694  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       03/01/2032        50        56,289  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       03/01/2033        45        50,538  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       03/01/2035        250        279,209  

California (State of), Series 2020, Ref. GO Bonds

     4.00%       03/01/2036        100        103,306  

California (State of), Series 2020, Ref. GO Bonds

     4.00%       03/01/2038        175        178,054  

California (State of), Series 2021, GO Bonds

     5.00%       10/01/2030        250        284,603  

California (State of), Series 2021, GO Bonds

     5.00%       12/01/2035        80        89,720  

California (State of), Series 2021, GO Bonds

     5.00%       12/01/2036        30        33,395  

California (State of), Series 2021, GO Bonds

     5.00%       12/01/2043        60        65,008  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2030        40        45,475  

California (State of) Department of Water Resources, Series 2020 BB, Ref. RB

     5.00%       12/01/2030        30        34,585  

California (State of) Department of Water Resources, Series 2020 BB, Ref. RB

     5.00%       12/01/2032        45        51,895  

California (State of) Department of Water Resources, Series 2020 BB, Ref. RB

     5.00%       12/01/2035        15        17,044  

California (State of) Department of Water Resources, Series 2022 BF, Ref. RB

     5.00%       12/01/2030        10        11,528  

California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB

     5.00%       12/01/2033        90        103,606  

California (State of) Department of Water Resources (Central Valley), Series 2021, RB

     5.00%       12/01/2030        40        46,113  

California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB

     5.00%       04/01/2032        30        32,217  

California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB

     5.00%       04/01/2033        60        64,355  

California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB

     5.00%       10/01/2030        25        28,615  

California (State of) Public Works Board, Series 2022 A, Ref. RB

     5.00%       08/01/2030        60        68,117  

California (State of) Public Works Board (Various Capital), Series 2019 C, RB

     5.00%       11/01/2030        60        67,323  

Chino Valley Unified School District, Series 2020 B, GO Bonds

     5.00%       08/01/2055        45        47,439  

Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB

     5.00%       07/01/2036        5        5,598  

Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB

     5.50%       11/15/2030        50        53,661  

 

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

 

   299   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB

     5.00%       05/15/2034      $ 200      $ 227,072  

Los Angeles (City of), CA Department of Airports, Series 2020 D, RB

     5.00%       05/15/2044        125        134,684  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB

     5.00%       05/15/2030        10        11,308  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2040        260        284,826  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2041        10        10,942  

Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB

     5.00%       07/01/2050        245        260,554  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     4.00%       07/01/2030        75        80,598  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     5.00%       07/01/2039        15        16,566  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

     5.00%       07/01/2040        55        60,462  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

     5.00%       07/01/2034        10        11,389  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

     5.00%       07/01/2037        15        16,707  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB

     5.00%       06/01/2036        275        308,132  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB

     5.00%       06/01/2037        140        155,497  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB

     5.00%       06/01/2033        25        28,500  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB

     5.00%       06/01/2034        155        176,241  

Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB

     5.00%       12/01/2045        150        161,757  

Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds

     5.00%       07/01/2030        65        72,907  

Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds

     5.00%       07/01/2032        160        182,602  

Los Angeles Unified School District, Series 2020 C, GO Bonds

     5.00%       07/01/2030        10        11,410  

Los Angeles Unified School District, Series 2020 C, GO Bonds

     4.00%       07/01/2037        35        35,770  

Los Angeles Unified School District, Series 2020 RYQ, GO Bonds

     5.00%       07/01/2032        20        22,825  

Los Angeles Unified School District, Series 2020 RYQ, GO Bonds

     5.00%       07/01/2033        130        148,301  

Metropolitan Water District of Southern California, Series 2020 C, Ref. RB

     5.00%       07/01/2039        115        126,413  

Metropolitan Water District of Southern California, Series 2020 C, Ref. RB

     5.00%       07/01/2040        90        98,757  

Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGM)(a)

     5.00%       08/01/2050        5        5,256  

Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB,
(INS - AMBAC)(a)

     5.25%       12/01/2030        90        100,594  

Sacramento (City of), CA Municipal Utility District, Series 2020 H, RB

     5.00%       08/15/2035        35        39,641  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB

     5.00%       08/15/2030        70        78,838  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB

     5.00%       08/15/2038        25        27,631  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB

     5.00%       08/15/2050        120        128,480  

Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB

     5.00%       12/01/2050        300        319,742  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB

     5.00%       10/15/2046        20        21,460  

San Diego Unified School District, Series 2022 F-2, GO Bonds

     5.00%       07/01/2030        5        5,705  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB

     5.00%       11/01/2050        180        191,857  

San Francisco (County of), CA Transportation Authority, Series 2017, RB

     3.00%       02/01/2030        200        193,382  

Santa Rosa (City of), CA, Series 2020 A, RB

     5.00%       09/01/2034        100        112,906  

Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB

     5.00%       10/01/2045        45        45,461  

Turlock (City of), CA Irrigation District, Series 2020, Ref. RB

     5.00%       01/01/2041        250        271,564  

University of California, Series 2020 BE, Ref. RB

     5.00%       05/15/2038        205        226,000  

University of California, Series 2020 BE, Ref. RB

     5.00%       05/15/2039        190        208,638  

University of California, Series 2020 BE, Ref. RB

     5.00%       05/15/2043        100        108,598  

University of California, Series 2020 BE, Ref. RB

     4.00%       05/15/2047        195           192,339  
          

 

 

 
             7,966,399  
          

 

 

 

Colorado-2.08%

          

Colorado (State of), Series 2020 A, COP

     5.00%       12/15/2030        40        45,101  

Colorado (State of), Series 2020 A, COP

     5.00%       12/15/2033        25        28,000  

Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB

     5.00%       08/01/2030        30        32,023  

Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB

     5.00%       11/01/2030        70        75,644  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     4.00%       01/01/2036        45        45,272  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     4.00%       01/01/2037        20        20,001  

Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB

     4.00%       01/01/2038        205        202,211  

Colorado Springs (City of), CO, Series 2020 C, RB

     5.00%       11/15/2050        250        262,855  

Denver (City & County of), CO, Series 2020 A, GO Bonds

     5.00%       08/01/2033        40        45,196  

Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds

     5.00%       08/01/2030        180        203,867  

Denver City & County School District No. 1, Series 2021, GO Bonds

     5.00%       12/01/2034        30        33,853  

 

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

 

   300   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Colorado-(continued)

          

Denver City & County School District No. 1, Series 2021, GO Bonds

     5.00%       12/01/2038      $ 25      $ 27,338  

Denver City & County School District No. 1, Series 2021, GO Bonds

     5.00%       12/01/2039        20        21,786  

E-470 Public Highway Authority, Series 2020 A, Ref. RB

     5.00%       09/01/2034        15        16,705  

Jefferson County School District R-1, Series 2020, GO Bonds

     4.00%       12/15/2032        10        10,565  

Jefferson County School District R-1, Series 2020, GO Bonds

     4.00%       12/15/2036        5        5,101  
          

 

 

 
             1,075,518  
          

 

 

 

Connecticut-2.22%

          

Connecticut (State of), Series 2020 A, GO Bonds

     4.00%       01/15/2038        35        35,096  

Connecticut (State of), Series 2020 A, RB

     5.00%       05/01/2034        100        111,460  

Connecticut (State of), Series 2020 A, RB

     5.00%       05/01/2038        245        264,840  

Connecticut (State of), Series 2020 C, GO Bonds

     4.00%       06/01/2037        250        252,492  

Connecticut (State of), Series 2020 C, GO Bonds

     4.00%       06/01/2038        250        250,528  

Connecticut (State of), Series 2021 A, GO Bonds

     4.00%       01/15/2030        15        15,820  

Connecticut (State of), Series 2022 D, Ref. GO Bonds

     5.00%       09/15/2030        180        202,811  

Connecticut (State of), Series 2022 E, GO Bonds

     5.00%       11/15/2030        10        11,296  
          

 

 

 
             1,144,343  
          

 

 

 

Delaware-1.26%

          

Delaware (State of), Series 2020 A, GO Bonds

     5.00%       01/01/2030        250        281,070  

Delaware (State of), Series 2020 A, GO Bonds

     4.00%       01/01/2032        100        105,094  

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2030        235        265,641  
          

 

 

 
             651,805  
          

 

 

 

District of Columbia-2.22%

          

District of Columbia, Series 2019 A, RB

     5.00%       03/01/2030        10        11,100  

District of Columbia, Series 2019 C, Ref. RB

     5.00%       10/01/2030        10        11,087  

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2032        200           222,092  

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2036        195        215,993  

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2037        170        186,571  

District of Columbia, Series 2020 B, Ref. RB

     5.00%       10/01/2030        50        56,681  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2035        100        110,897  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2039        105        113,055  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2045        205        217,418  
          

 

 

 
             1,144,894  
          

 

 

 

Florida-2.90%

          

Broward (County of), FL School Board, Series 2020 A, COP

     5.00%       07/01/2032        10        11,077  

Broward (County of), FL School Board, Series 2020 A, COP

     5.00%       07/01/2033        20        22,120  

Broward (County of), FL School Board, Series 2020 A, COP

     5.00%       07/01/2034        95        105,387  

Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)

     5.00%       07/01/2032        60        66,426  

Florida (State of), Series 2021 A, Ref. GO Bonds

     5.00%       06/01/2030        215        242,424  

Florida (State of), Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2030        20        22,634  

Florida (State of), Series 2021 B, Ref. GO Bonds

     5.00%       06/01/2030        30        33,827  

Florida (State of), Series 2022 B, Ref. GO Bonds

     5.00%       06/01/2030        50        56,378  

Jacksonville (City of), FL, Series 2015, Ref. RB

     3.00%       10/01/2030        50        48,468  

JEA Electric System, Series 2020 3-A, Ref. RB

     5.00%       10/01/2034        50        54,839  

JEA Electric System, Series 2020 3-A, Ref. RB

     5.00%       10/01/2035        115        125,466  

Miami-Dade (County of), FL, Series 2020 A, Ref. RB

     4.00%       10/01/2037        5        4,971  

Miami-Dade (County of), FL, Series 2021, RB

     5.00%       10/01/2030        35        39,391  

Miami-Dade (County of), FL Transit System, Series 2020 A, RB

     5.00%       07/01/2043        20        21,183  

North Miami Beach (City of), FL, Series 2020 A, RB

     5.00%       08/01/2049        250        263,474  

Palm Beach County School District, Series 2020 A, COP

     5.00%       08/01/2033        100        110,897  

Palm Beach County School District, Series 2020 A, COP

     5.00%       08/01/2034        50        55,406  

Tampa (City of), FL, Series 2020 A, RB

     5.00%       10/01/2046        200        212,905  
          

 

 

 
             1,497,273  
          

 

 

 

Georgia-1.76%

          

Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(a)

     5.75%       11/01/2030        105        123,722  

DeKalb (County of), GA, Series 2022, Ref. RB

     5.00%       10/01/2030        10        11,309  

 

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

 

   301   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Georgia-(continued)

          

Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB

     5.00%       02/15/2032      $ 100      $ 108,015  

Georgia (State of), Series 2022 A, GO Bonds

     5.00%       07/01/2030        50        56,586  

Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds

     5.00%       08/01/2033        90        101,880  

Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2030        30        33,998  

Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2032        10        11,332  

Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     4.00%       08/01/2035        20        20,903  

Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2030        10        11,317  

Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds

     5.00%       07/01/2030        10        11,317  

Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds

     5.00%       07/01/2030        55        61,174  

Georgia (State of) Road & Tollway Authority, Series 2020, RB

     5.00%       06/01/2032        10        11,201  

Henry County School District, Series 2021, GO Bonds

     4.00%       08/01/2030        10        10,626  

Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB

     5.00%       09/01/2032        15        16,857  

Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB

     5.00%       09/01/2033        250        280,663  

Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB

     4.00%       09/01/2035        35        36,526  
          

 

 

 
             907,426  
          

 

 

 

Guam-0.08%

          

Guam (Territory of) Waterworks Authority, Series 2020 A, RB

     5.00%       01/01/2050        40        39,814  
          

 

 

 

Hawaii-0.73%

          

Hawaii (State of), Series 2019 FW, GO Bonds

     5.00%       01/01/2030        15        16,436  

Hawaii (State of), Series 2020 C, RB

     5.00%       07/01/2050        125        129,658  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds

     5.00%       03/01/2030        40        44,621  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds

     5.00%       03/01/2030        165        184,063  
          

 

 

 
             374,778  
          

 

 

 

Illinois-5.18%

          

Chicago (City of), IL, Series 2020 A, Ref. GO Bonds

     5.00%       01/01/2030        145           153,529  

Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)

     5.00%       01/01/2030        95        103,814  

Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB

     5.00%       01/01/2034        135        147,965  

Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB

     4.00%       01/01/2035        85        86,562  

Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB

     4.00%       01/01/2036        15        15,155  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds

     5.00%       12/01/2030        10        11,255  

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       11/15/2033        200        218,070  

Illinois (State of), Series 2020 B, GO Bonds

     4.00%       10/01/2032        50        50,610  

Illinois (State of), Series 2020, GO Bonds

     5.50%       05/01/2030        450        495,153  

Illinois (State of), Series 2021 A, GO Bonds

     5.00%       12/01/2030        200        218,190  

Illinois (State of), Series 2022 B, Ref. GO Bonds

     5.00%       03/01/2030        35        37,894  

Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB

     5.00%       11/01/2030        235        243,820  

Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB

     5.00%       07/01/2030        25        28,095  

Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)(a)

     6.50%       07/01/2030        30        35,001  

Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB

     5.00%       01/01/2030        15        16,599  

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2030        175        193,652  

Sales Tax Securitization Corp., Series 2021 A, Ref. RB

     5.00%       01/01/2030        550        598,417  

University of Illinois, Series 2023 A, Ref. RB

     5.00%       04/01/2030        20        22,163  
          

 

 

 
             2,675,944  
          

 

 

 

Indiana-0.37%

          

Indiana (State of) Finance Authority, Series 2021, Ref. RB

     5.00%       10/01/2030        15        16,821  

Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB

     5.00%       02/01/2030        80        89,226  

Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB

     5.00%       02/01/2030        75        83,788  
          

 

 

 
             189,835  
          

 

 

 

Kentucky-0.10%

          

Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)

     5.00%       09/01/2049        50        51,886  
          

 

 

 

Louisiana-0.82%

          

Louisiana (State of), Series 2019 A, GO Bonds

     5.00%       03/01/2030        65        71,463  

 

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

 

   302   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Louisiana-(continued)

          

Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2021, Ref. RB

     2.00%       06/01/2030      $ 180      $ 155,021  

New Orleans (City of), LA, Series 2021 A, GO Bonds

     5.00%       12/01/2046        75        78,093  

New Orleans (City of), LA, Series 2021 A, GO Bonds

     5.00%       12/01/2050        115        119,121  
          

 

 

 
             423,698  
          

 

 

 

Maryland-2.86%

          

Baltimore (City of), MD (Water), Series 2020 A, RB

     5.00%       07/01/2050        100        104,990  

Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds

     5.00%       08/01/2030        35        39,618  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       03/15/2030        50        56,251  

Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds

     5.00%       08/01/2030        45        49,967  

Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds

     5.00%       03/15/2033        125        140,623  

Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds

     5.00%       08/01/2034        250        282,144  

Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds

     5.00%       08/01/2035        200        223,663  

Maryland (State of) Department of Transportation, Series 2020, RB

     5.00%       10/01/2033        15        16,916  

Maryland (State of) Department of Transportation, Series 2021 A, RB

     4.00%       10/01/2030        150        158,126  

Maryland (State of) Transportation Authority, Series 2020, RB

     5.00%       07/01/2030        45        50,719  

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

     5.00%       07/01/2030        75        84,532  

Maryland State Transportation Authority, Series 2020, RB

     5.00%       07/01/2034        15        16,822  

Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds

     4.00%       11/01/2030        100        106,957  

Prince George’s (County of), MD, Series 2019 A, GO Bonds

     5.00%       07/15/2030        130        144,244  
          

 

 

 
             1,475,572  
          

 

 

 

Massachusetts-4.95%

          

Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a)

     5.50%       01/01/2030        25        28,315  

Massachusetts (Commonwealth of), Series 2020 C, GO Bonds

     2.75%       03/01/2050        15        10,550  

Massachusetts (Commonwealth of), Series 2020 D, GO Bonds

     5.00%       07/01/2041        20        21,444  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

     5.00%       11/01/2045        370           392,912  

Massachusetts (Commonwealth of), Series 2020 E, GO Bonds

     5.00%       11/01/2050        380        400,965  

Massachusetts (Commonwealth of), Series 2020, GO Bonds

     5.00%       07/01/2036        190        210,252  

Massachusetts (Commonwealth of), Series 2020, GO Bonds

     5.00%       07/01/2040        225        242,234  

Massachusetts (Commonwealth of), Series 2020, GO Bonds

     5.00%       07/01/2045        265        280,743  

Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB

     5.00%       06/01/2043        105        112,388  

Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB

     5.00%       06/01/2051        35        36,825  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB

     5.25%       07/01/2030        200        228,622  

Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB

     5.25%       07/01/2030        25        28,862  

Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB

     5.25%       07/01/2030        150        173,981  

Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB

     5.00%       08/15/2045        250        267,280  

Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB

     5.00%       08/15/2050        115        122,186  
          

 

 

 
             2,557,559  
          

 

 

 

Michigan-1.33%

          

Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)

     5.25%       05/01/2030        205        229,965  

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2032        15        16,951  

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2033        185        209,568  

Michigan (State of), Series 2020 B, RB

     4.00%       11/15/2038        50        50,250  

Michigan (State of) Building Authority, Series 2020 I, Ref. RB

     5.00%       10/15/2030        70        78,779  

Walled Lake Consolidated School District, Series 2020, GO Bonds

     5.00%       05/01/2050        95        99,668  
          

 

 

 
             685,181  
          

 

 

 

Minnesota-1.07%

          

Minnesota (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2035        50        55,913  

Minnesota (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2040        140        151,948  

Minnesota (State of), Series 2021 A, GO Bonds

     5.00%       09/01/2030        275        310,962  

Minnesota (State of), Series 2022 A, Ref. RB

     5.00%       03/01/2030        30        33,786  
          

 

 

 
             552,609  
          

 

 

 

 

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

 

   303   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Mississippi-0.09%

          

Mississippi (State of), Series 2021 A, GO Bonds

     4.00%       06/01/2034      $ 20      $ 20,738  

Mississippi (State of), Series 2021 A, GO Bonds

     4.00%       06/01/2035        5        5,143  

Mississippi (State of), Series 2021 A, GO Bonds

     4.00%       06/01/2036        20        20,350  
          

 

 

 
             46,231  
          

 

 

 

Missouri-1.08%

          

Curators of the University of Missouri (The), Series 2020 B, RB

     5.00%       11/01/2030        150        169,645  

Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds

     4.00%       03/01/2030        50        52,356  

Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB

     5.00%       06/01/2030        50        54,554  

Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB

     5.00%       05/01/2030        25        28,103  

St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)(a)

     5.00%       10/01/2049        250        254,488  
          

 

 

 
             559,146  
          

 

 

 

Montana-0.26%

          

Montana (State of) Facility Finance Authority (SCL Health System), Series 2019 A, Ref. RB

     4.00%       01/01/2037        135        135,008  
          

 

 

 

Nebraska-0.31%

          

Omaha (City of), NE Public Power District, Series 2021 A, RB

     5.00%       02/01/2046        150        159,740  
          

 

 

 

Nevada-0.31%

          

Clark (County of), NV, Series 2020 C, Ref. RB

     5.00%       07/01/2030        70        78,482  

Clark (County of), NV Department of Aviation, Series 2019, Ref. RB

     5.00%       07/01/2030        75        82,156  
          

 

 

 
             160,638  
          

 

 

 

New Jersey-2.21%

          

New Jersey (State of), Series 2021, GO Bonds

     2.00%       06/01/2030        600        524,883  

New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB

     4.00%       06/15/2036        10        10,088  

New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB

     5.00%       06/15/2050        405        419,671  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB

     5.00%       06/15/2030        170        186,375  
          

 

 

 
             1,141,017  
          

 

 

 

New Mexico-0.23%

          

New Mexico (State of) Finance Authority, Series 2021 A, RB

     5.00%       06/15/2030        50        56,184  

New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB

     5.00%       07/01/2030        10        11,245  

New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB

     5.00%       07/01/2030        45        50,600  
          

 

 

 
             118,029  
          

 

 

 

New York-24.07%

          

Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB

     5.00%       09/01/2037        155           168,634  

Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB

     5.00%       11/15/2047        70        71,018  

Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB

     5.00%       11/15/2049        20        20,247  

Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB

     4.75%       11/15/2045        115        114,999  

Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB

     5.25%       11/15/2055        530        545,303  

Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB

     5.00%       11/15/2032        10        10,854  

Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB

     5.00%       11/15/2033        10        10,832  

Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB

     5.00%       11/15/2030        120        137,893  

New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB

     4.00%       12/01/2030        35        37,605  

New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB

     5.00%       09/01/2030        130        143,945  

New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB

     5.00%       07/15/2033        140        157,169  

New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB

     5.00%       07/15/2034        30        33,502  

New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB

     5.00%       07/15/2035        50        55,347  

New York (City of), NY, Series 2020 A-1, Ref. GO Bonds

     5.00%       08/01/2030        200        224,124  

New York (City of), NY, Series 2020 A-1, Ref. GO Bonds

     4.00%       08/01/2034        5        5,162  

New York (City of), NY, Series 2020 B-1, Ref. GO Bonds

     5.00%       11/01/2032        250        279,194  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2032        365        406,360  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2035        150        164,616  

New York (City of), NY, Series 2020 C, GO Bonds

     4.00%       08/01/2036        15        15,156  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2038        200        214,764  

New York (City of), NY, Series 2020 C, GO Bonds

     4.00%       08/01/2041        15        14,609  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2042        20        21,146  

New York (City of), NY, Series 2020 C-1, Ref. GO Bonds

     5.00%       08/01/2030        95        106,459  

 

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

 

   304   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (City of), NY, Series 2020 D-1, GO Bonds

     5.00%       03/01/2043      $ 100      $    105,283  

New York (City of), NY, Series 2020 DD-1, RB

     5.00%       06/15/2030        115        130,431  

New York (City of), NY, Series 2021-1, GO Bonds

     5.00%       04/01/2030        40        44,602  

New York (City of), NY, Series 2022 B-1, Ref. GO Bonds

     5.00%       08/01/2030        75        84,047  

New York (City of), NY, Series 2022 C, Ref. GO Bonds

     5.00%       08/01/2030        10        11,206  

New York (City of), NY, Subseries 2008 L-6, GO Bonds

     5.00%       04/01/2030        55        60,032  

New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)

     4.00%       03/01/2032        200        206,187  

New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB

     4.00%       06/15/2042        10        9,758  

New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB

     5.00%       06/15/2030        150        170,128  

New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB

     5.00%       06/15/2041        55        58,711  

New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB

     5.00%       06/15/2030        75        85,064  

New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB

     5.00%       06/15/2048        150        157,007  

New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB

     5.00%       06/15/2041        5        5,337  

New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB

     5.00%       06/15/2050        190        199,173  

New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB

     5.00%       06/15/2030        115        130,431  

New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB

     5.00%       06/15/2032        100        113,070  

New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB

     5.00%       06/15/2030        235        266,533  

New York (City of), NY Transitional Finance Authority, Series 2010, RB

     5.00%       05/01/2030        20        22,227  

New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB

     4.00%       05/01/2039        15        14,870  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2033        245        273,719  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2034        215        239,446  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2034        40        44,548  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2037        60        65,015  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2041        285        304,062  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     3.00%       05/01/2046        100        76,336  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2030        70        78,353  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2032        15        16,782  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2033        60        66,993  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     4.00%       11/01/2035        20        20,420  

New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB

     5.00%       11/01/2036        35        38,107  

New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB

     5.00%       11/01/2030        5        5,597  

New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB

     4.00%       05/01/2035        5        5,125  

New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB

     4.00%       05/01/2036        10        10,127  

New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB

     5.00%       11/01/2034        10        11,111  

New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB

     5.00%       11/01/2036        65        70,771  

New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB

     5.00%       11/01/2030        15        16,790  

New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB

     5.00%       07/15/2030        65        73,306  

New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB

     5.00%       11/01/2030        20        22,387  

New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB

     5.00%       11/01/2030        60        67,160  

New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB

     5.00%       07/15/2030        205        231,197  

New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB

     5.00%       12/01/2032        100        111,657  

New York (State of) Dormitory Authority, Series 2019 D, Ref. RB

     5.00%       02/15/2030        85        95,019  

New York (State of) Dormitory Authority, Series 2020 A, Ref. RB

     5.00%       03/15/2032        85        94,884  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

     5.00%       02/15/2033        265        292,981  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

     5.00%       02/15/2034        780        860,243  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

     5.00%       02/15/2035        120        131,614  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

     4.00%       02/15/2039        20        19,841  

New York (State of) Dormitory Authority, Series 2020 D, Ref. RB

     5.00%       02/15/2041        90        95,023  

New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(a)

     5.00%       10/01/2030        125        138,148  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)

     5.00%       10/01/2030        75        83,902  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)

     5.00%       10/01/2033        10        11,156  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)

     5.00%       10/01/2034        255        283,409  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)

     5.00%       10/01/2036        15        16,369  

New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)

     5.00%       10/01/2042        15        15,878  

New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB

     5.00%       02/15/2048        15        15,611  

New York (State of) Thruway Authority, Series 2019 B, RB

     5.00%       01/01/2036        25        27,207  

 

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

 

   305   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Thruway Authority, Series 2019 B, RB

     4.00%       01/01/2037      $ 200      $ 199,619  

New York (State of) Thruway Authority, Series 2020 N, RB

     5.00%       01/01/2035        40        44,039  

New York (State of) Thruway Authority, Series 2020 N, RB

     5.00%       01/01/2036        15        16,369  

New York (State of) Thruway Authority, Series 2020 N, RB

     5.00%       01/01/2037        5        5,409  

New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB

     5.00%       03/15/2030        185        206,728  

New York State Urban Development Corp., Series 2020 A, RB

     5.00%       03/15/2030        165        183,965  

New York State Urban Development Corp., Series 2020 A, RB

     5.00%       03/15/2035        5        5,536  

New York State Urban Development Corp., Series 2020 A, RB

     5.00%       03/15/2036        500        548,547  

New York State Urban Development Corp., Series 2020 A, RB

     5.00%       03/15/2037        25        27,183  

New York State Urban Development Corp., Series 2020 A, RB

     5.00%       03/15/2041        180        191,064  

New York State Urban Development Corp., Series 2020 C, Ref. RB

     5.00%       03/15/2047        350        366,076  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2032        40        44,758  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2035        40        44,286  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2043        55        58,011  

New York State Urban Development Corp., Series 2020, Ref. RB

     5.00%       03/15/2044        165        173,545  

New York State Urban Development Corp., Series 2022, Ref. RB

     5.00%       09/15/2030        65        73,018  

New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB

     5.00%       03/15/2030        90        100,401  

New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB

     5.00%       03/15/2030        200        222,988  

New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB

     5.00%       12/01/2033        70        75,776  

New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB

     5.00%       12/01/2034        25        26,949  

New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB

     5.00%       12/01/2036        50        52,973  

Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB

     5.00%       11/15/2030        185        208,843  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB

     5.00%       11/15/2049        500        523,737  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB

     5.00%       11/15/2054        20        20,869  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB

     5.00%       05/15/2030        90           101,116  

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB

     5.00%       09/01/2037        20        20,952  

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB

     5.00%       09/01/2033        20        21,526  
          

 

 

 
             12,427,612  
          

 

 

 

North Carolina-2.19%

          

Charlotte (City of), NC, Series 2020, Ref. RB

     5.00%       07/01/2030        10        11,317  

North Carolina (State of), Series 2019 B, GO Bonds

     5.00%       06/01/2030        25        27,838  

North Carolina (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2030        500        566,393  

North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB

     5.00%       01/01/2043        250        259,227  

North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)

     5.00%       01/01/2049        110        112,645  

North Carolina State University at Raleigh, Series 2020 A, Ref. RB

     5.00%       10/01/2030        10        11,211  

Wake (County of), NC, Series 2021, RB

     5.00%       03/01/2030        20        22,423  

Western Carolina University, Series 2020 B, RB

     4.00%       04/01/2050        125        118,230  
          

 

 

 
             1,129,284  
          

 

 

 

Ohio-1.26%

          

Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB

     5.00%       12/01/2030        5        5,493  

American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB

     5.00%       02/15/2033        35        38,388  

Columbus (City of), OH, Series 2021 A, GO Bonds

     5.00%       04/01/2032        60        67,930  

Columbus (City of), OH, Series 2021 A, GO Bonds

     5.00%       04/01/2034        10        11,294  

Columbus (City of), OH, Series 2021 A, GO Bonds

     5.00%       04/01/2035        15        16,837  

Ohio (State of), Series 2021 B, Ref. GO Bonds

     5.00%       09/15/2030        110        124,461  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

     5.00%       06/01/2032        20        22,528  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

     5.00%       12/01/2032        5        5,632  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

     5.00%       12/01/2040        200        215,985  

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB

     5.00%       12/01/2050        135        142,856  
          

 

 

 
             651,404  
          

 

 

 

Oklahoma-0.02%

          

Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB

     5.00%       01/01/2030        10        11,133  
          

 

 

 

 

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

 

   306   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Oregon-1.19%

          

Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB

     5.00%       08/15/2050      $ 150      $ 152,538  

Oregon (State of) Department of Transportation, Series 2020 A, RB

     5.00%       11/15/2037        65        71,528  

Oregon (State of) Department of Transportation, Series 2020 A, RB

     5.00%       11/15/2039        90        98,311  

Oregon (State of) Department of Transportation, Series 2020 A, RB

     5.00%       11/15/2040        10        10,880  

Portland (City of), OR, Series 2019 A, Ref. RB

     5.00%       03/01/2030        50        55,616  

Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       06/15/2034        200        223,582  
          

 

 

 
             612,455  
          

 

 

 

Pennsylvania-1.55%

          

Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB

     5.00%       02/01/2030        50        55,859  

Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB

     5.00%       07/15/2030        35        37,959  

Monroeville Finance Authority, Series 2022 B, Ref. RB

     5.00%       02/15/2030        5        5,460  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00%       05/01/2030        30        33,589  

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     4.00%       05/01/2032        20        20,843  

Pennsylvania (Commonwealth of), Series 2022, GO Bonds

     5.00%       10/01/2030        15        16,902  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGM)(a)

     5.00%       05/01/2046        40        41,783  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB

     5.00%       12/01/2045        230        239,728  

Philadelphia (City of), PA, Series 2020 A, RB

     5.00%       11/01/2045        305        317,628  

Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB

     5.00%       07/01/2030        30        33,498  
          

 

 

 
                803,249  
          

 

 

 

Rhode Island-0.15%

          

Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB

     5.00%       05/15/2034        65        71,609  

Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB

     5.00%       05/15/2035        5        5,465  
          

 

 

 
             77,074  
          

 

 

 

South Carolina-0.34%

          

South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB

     5.00%       12/01/2032        90        97,049  

South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB

     5.00%       10/01/2030        70        78,781  
          

 

 

 
             175,830  
          

 

 

 

Tennessee-0.44%

          

Knox County Health Educational & Housing Facility Board, Series 2020 A, RB

     5.00%       09/01/2030        50        52,265  

Metropolitan Nashville Airport Authority (The), Series 2019 A, RB

     5.00%       07/01/2049        70        72,754  

Metropolitan Nashville Airport Authority (The), Series 2019 A, RB

     5.00%       07/01/2054        100        103,495  
          

 

 

 
             228,514  
          

 

 

 

Texas-6.96%

          

Austin (City of), TX, Series 2020 A, Ref. RB

     5.00%       11/15/2050        25        26,143  

Board of Regents of the University of Texas System, Series 2020 A, Ref. RB

     5.00%       08/15/2030        85        95,592  

Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2030        170        189,405  

Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2030        25        27,479  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB

     5.00%       11/01/2032        10        11,013  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB

     4.00%       11/01/2034        400        408,804  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB

     4.00%       11/01/2034        20        20,440  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB

     5.00%       11/01/2034        5        5,465  

Dallas (City of), TX, Series 2020 C, Ref. RB

     5.00%       10/01/2038        5        5,424  

Dallas (City of), TX, Series 2020 C, Ref. RB

     5.00%       10/01/2045        15        15,946  

Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB

     5.00%       12/01/2047        250        263,427  

Dallas College, Series 2022, GO Bonds

     5.00%       02/15/2030        50        55,399  

Harris (County of), TX, Series 2022 A, Ref. GO Bonds

     5.00%       08/15/2030        25        27,916  

Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds

     4.00%       10/01/2037        160        160,248  

Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB

     4.00%       08/15/2045        20        18,542  

Houston (City of), TX, Series 2019 A, Ref. GO Bonds

     5.00%       03/01/2030        30        32,729  

 

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

 

   307   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Texas-(continued)

          

Houston (City of), TX, Series 2019 A, Ref. RB

     5.00%       11/15/2032      $ 140      $ 156,384  

Houston (City of), TX, Series 2020 C, Ref. RB

     4.00%       11/15/2036        40        40,423  

Houston (City of), TX, Series 2020 C, Ref. RB

     5.00%       11/15/2045        125        132,891  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB

     5.00%       05/15/2039        100        105,612  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB

     5.00%       05/15/2051        75        77,442  

Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)(a)

     4.40%       05/01/2030        125        125,617  

North Texas Municipal Water District, Series 2021 A, Ref. RB

     4.00%       09/01/2030        10        10,569  

North Texas Tollway Authority, Series 2021 B, RB

     5.00%       01/01/2030        75        82,858  

Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB

     5.25%       07/01/2030        250        284,451  

Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2046        25        26,600  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2030        115        128,412  

Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/01/2030        210        230,899  

Royse (City of), TX Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2051        65        60,352  

San Antonio (City of), TX, Series 2019, Ref. RB

     5.00%       02/01/2035        35        38,331  

San Antonio (City of), TX, Series 2019, Ref. RB

     5.00%       02/01/2036        20        21,732  

San Antonio (City of), TX Water System, Series 2020 A, Ref. RB

     5.00%       05/15/2050        200        208,917  

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB

     5.00%       08/15/2039        200        210,066  

Texas (State of) Water Development Board, Series 2020, RB

     5.00%       08/01/2030        200           223,728  

Texas (State of) Water Development Board, Series 2020, RB

     4.00%       08/01/2035        20        20,336  

Texas (State of) Water Development Board, Series 2021, RB

     5.00%       08/01/2030        15        16,780  

Trinity River Authority, Series 2019, Ref. RB

     5.00%       08/01/2030        25        27,417  
          

 

 

 
             3,593,789  
          

 

 

 

Utah-0.61%

          

Intermountain Power Agency, Series 2022 A, Ref. RB

     5.00%       07/01/2030        170        190,044  

University of Utah (The) (Green Bonds), Series 2022 B, RB

     5.00%       08/01/2030        20        22,519  

Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB

     5.00%       05/15/2043        100        104,769  
          

 

 

 
             317,332  
          

 

 

 

Virginia-1.76%

          

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

     5.00%       10/01/2030        65        73,168  

Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds

     5.00%       10/01/2031        100        112,653  

Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB

     5.00%       07/01/2050        150        158,878  

Hampton Roads Transportation Accountability Commission, Series 2020 A, RB

     4.00%       07/01/2040        150        147,737  

Virginia (Commonwealth of) College Building Authority, Series 2022 A, RB

     5.00%       02/01/2030        100        111,779  

Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB

     5.00%       02/01/2034        50        55,616  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB

     5.00%       02/01/2030        75        82,591  

Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB

     5.00%       08/01/2030        150        168,889  
          

 

 

 
             911,311  
          

 

 

 

Washington-4.77%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2030        100        113,372  

Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB

     5.00%       07/01/2037        125        136,096  

Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB

     4.00%       07/01/2039        250        247,453  

Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB

     5.00%       07/01/2039        100        107,837  

King (County of), WA, Series 2021 A, GO Bonds

     5.00%       01/01/2030        75        84,136  

King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)

     3.00%       12/01/2030        110        106,923  

King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2033        35        36,684  

North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2034        30        31,209  

Washington (State of), Series 2019 A, GO Bonds

     5.00%       08/01/2030        15        16,638  

Washington (State of), Series 2019 C, GO Bonds

     5.00%       02/01/2030        155        170,582  

 

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

 

   308   

 

 

 

 


 

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

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Washington-(continued)

          

Washington (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2041      $ 75      $ 80,446  

Washington (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2043        25        26,676  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2034        50        55,641  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2037        150        163,109  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2041        115        122,785  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2043        260        276,421  

Washington (State of), Series 2021 A, Ref. GO Bonds

     5.00%       06/01/2038        80        86,654  

Washington (State of), Series 2021 A, Ref. GO Bonds

     5.00%       06/01/2040        30        32,202  

Washington (State of), Series 2023 B, Ref. GO Bonds

     5.00%       07/01/2030        100        112,446  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2030        100        112,593  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2032        70        78,574  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2033        110        123,410  

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB

     5.00%       09/01/2050        100        102,538  

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB

     5.00%       09/01/2055        40        40,898  
          

 

 

 
             2,465,323  
          

 

 

 

Wisconsin-0.33%

          

Wisconsin (State of), Series 2021 1, Ref. GO Bonds

     5.00%       05/01/2030        150        168,521  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.63%
(Cost $52,611,835)

             50,929,556  

OTHER ASSETS LESS LIABILITIES-1.37%

             709,337  
          

 

 

 

NET ASSETS-100.00%

           $ 51,638,893  
          

 

 

 

Investment Abbreviations:

AGM   -Assured Guaranty Municipal Corp.
AMBAC   -American Municipal Bond Assurance Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
GO   -General Obligation
INS   -Insurer
NATL   -National Public Finance Guarantee Corp.
RB   -Revenue Bonds
Ref.   -Refunding

Notes to Schedule of Investments:

(a)

Principal and/or interest payments are secured by the bond insurance company listed.

(b)

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

 

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

 

   309   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.79%

          

Alabama-0.23%

          

Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB

     5.00%       11/01/2031      $ 60      $ 67,650  
          

 

 

 

Arizona-0.85%

          

Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds

     4.00%       07/01/2035        20        20,501  

Mesa (City of), AZ, Series 2021, Ref. RB

     4.00%       07/01/2035        65        66,538  

Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB

     5.00%       01/01/2045        150        159,917  
          

 

 

 
             246,956  
          

 

 

 

Arkansas-0.40%

          

University of Arkansas, Series 2021 A, RB

     5.00%       12/01/2045        110           116,333  
          

 

 

 

California-16.80%

          

California (State of), Series 2019, Ref. GO Bonds

     5.00%       04/01/2031        95        108,899  

California (State of), Series 2020, GO Bonds

     5.00%       11/01/2031        145        164,989  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       03/01/2031        20        22,518  

California (State of), Series 2020, Ref. GO Bonds

     5.00%       11/01/2031        75        85,339  

California (State of), Series 2021, GO Bonds

     4.00%       10/01/2033        140        149,884  

California (State of), Series 2021, GO Bonds

     4.00%       10/01/2034        250        264,986  

California (State of), Series 2021, GO Bonds

     4.00%       10/01/2039        155        157,020  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2031        100        115,399  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       10/01/2032        30        34,359  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2041        100        109,730  

California (State of), Series 2021, Ref. GO Bonds

     4.00%       10/01/2041        50        50,232  

California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds

     5.00%       10/01/2031        35        40,435  

California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB

     5.00%       12/01/2031        10        11,535  

California (State of) Department of Water Resources (Central Valley), Series 2021, RB

     5.00%       12/01/2031        15        17,446  

California (State of) Department of Water Resources (Central Valley), Series 2021, RB

     5.00%       12/01/2033        5        5,803  

California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB

     5.00%       08/15/2051        150        159,438  

California (State of) Public Works Board, Series 2021 A, Ref. RB

     5.00%       02/01/2031        150        171,375  

California (State of) Public Works Board (Green Bonds), Series 2021 C, RB

     4.00%       11/01/2039        100        100,203  

California (State of) Public Works Board (Green Bonds), Series 2021, RB

     4.00%       11/01/2035        150        157,341  

California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB

     5.00%       11/01/2034        60        68,822  

California (State of) Public Works Board (Various Capital), Series 2021 B, RB

     5.00%       05/01/2034        45        51,384  

California (State of) Public Works Board (Various Capital), Series 2021 B, RB

     5.00%       05/01/2035        25        28,473  

Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB

     4.00%       03/01/2034        50        53,259  

Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB

     5.00%       10/01/2051        50        53,645  

East Bay Municipal Utility District, Series 2022 B-2, Ref. RB

     5.00%       06/01/2031        15        17,467  

Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds

     3.00%       08/01/2039        30        25,453  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

     5.00%       05/15/2033        125        144,505  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

     5.00%       05/15/2036        5        5,672  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

     5.00%       05/15/2045        20        21,677  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

     5.00%       05/15/2048        70        75,362  

Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB

     5.00%       07/01/2037        250        280,677  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

     5.00%       07/01/2045        55        59,420  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

     5.00%       07/01/2051        100        106,771  

Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB

     5.00%       07/01/2039        35        39,128  

Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB

     5.00%       07/01/2041        65        71,673  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       06/01/2033        110        127,127  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     4.00%       06/01/2038        5        5,160  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       07/01/2038        100        111,835  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     4.00%       06/01/2039        10        10,233  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       07/01/2041        20        22,065  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB

     5.00%       07/01/2046        60        65,344  

 

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

 

   310   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

California-(continued)

          

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB

     5.00%       06/01/2031      $ 10      $ 11,415  

Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2031        10        11,517  

Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds

     4.00%       07/01/2032        15        16,067  

Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)

     5.00%       05/15/2046        150        161,769  

Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB

     5.00%       06/01/2051        150        160,384  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

     2.50%       05/15/2031        25        22,848  

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

     5.00%       07/01/2051        250        264,818  

San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB

     5.00%       04/01/2045        55        59,509  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB

     5.00%       05/01/2031        20        23,240  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB

     5.00%       05/01/2031        45        52,291  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB

     4.00%       05/01/2035        10        10,645  

San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB

     4.00%       05/01/2038        10        10,248  

San Diego Unified School District, Series 2021 E-2, GO Bonds

     5.00%       07/01/2031        30        34,824  

San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds

     4.00%       07/01/2033        35        37,119  

San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds

     5.00%       06/15/2031        45        52,436  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB

     5.00%       05/01/2034        10        11,470  

San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB

     4.00%       03/01/2046        15        14,462  

San Francisco (County of), CA Transportation Authority, Series 2017, RB

     3.00%       02/01/2031        15        14,346  

Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds

     3.00%       08/01/2031        70        69,106  

University of California, Series 2023 BN, Ref. RB

     5.00%       05/15/2031        30        34,861  

University of California (Limited), Series 2021 Q, Ref. RB

     5.00%       05/15/2033        5        5,764  

University of California (Limited), Series 2021 Q, Ref. RB

     4.00%       05/15/2036        15        15,699  

University of California (Limited), Series 2021 Q, Ref. RB

     5.00%       05/15/2046        365           395,865  
          

 

 

 
             4,862,786  
          

 

 

 

Colorado-0.80%

          

Colorado (State of), Series 2021 A, COP

     5.00%       12/15/2033        10        11,345  

Colorado (State of), Series 2021 A, COP

     5.00%       12/15/2034        10        11,286  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB

     4.00%       07/15/2034        5        5,064  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB

     4.00%       07/15/2036        10        9,939  

Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB

     4.00%       11/01/2039        65        63,998  

Denver City & County School District No. 1, Series 2021, GO Bonds

     5.00%       12/01/2031        10        11,364  

Northern Colorado Water Conservancy District, Series 2022, COP

     5.25%       07/01/2052        80        85,186  

Weld County School District No. 6 Greeley, Series 2021, GO Bonds

     4.00%       12/01/2045        35        33,492  
          

 

 

 
             231,674  
          

 

 

 

Connecticut-3.03%

          

Connecticut (State of), Series 2020 A, RB

     5.00%       05/01/2031        5        5,590  

Connecticut (State of), Series 2021 A, GO Bonds

     4.00%       01/15/2031        160        169,710  

Connecticut (State of), Series 2021 A, RB

     5.00%       05/01/2031        150        170,295  

Connecticut (State of), Series 2021 A, RB

     5.00%       05/01/2033        25        28,305  

Connecticut (State of), Series 2021 A, RB

     5.00%       05/01/2034        20        22,588  

Connecticut (State of), Series 2021 A, RB

     4.00%       05/01/2036        130        132,999  

Connecticut (State of), Series 2021 A, RB

     4.00%       05/01/2038        5        5,011  

Connecticut (State of), Series 2021 A, RB

     5.00%       05/01/2041        200        215,966  

Connecticut (State of), Series 2021 B, GO Bonds

     4.00%       06/01/2031        25        26,596  

Connecticut (State of), Series 2021 D, RB

     5.00%       11/01/2035        30        33,639  

Connecticut (State of), Series 2021 D, RB

     5.00%       11/01/2041        15        16,275  

Connecticut (State of), Series 2021 D, Ref. GO Bonds

     5.00%       07/15/2031        5        5,694  

Connecticut (State of), Series 2022 A, GO Bonds

     4.00%       01/15/2031        30        31,821  

Connecticut (State of), Series 2022 D, Ref. GO Bonds

     5.00%       09/15/2031        10        11,415  
          

 

 

 
             875,904  
          

 

 

 

 

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

 

   311   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Delaware-0.62%

          

Delaware (State of), Series 2020 A, GO Bonds

     5.00%       01/01/2031      $ 135      $ 151,406  

Delaware (State of) Transportation Authority, Series 2020, Ref. RB

     5.00%       07/01/2031        25        28,327  
          

 

 

 
             179,733  
          

 

 

 

District of Columbia-2.04%

          

District of Columbia, Series 2020 A, RB

     5.00%       03/01/2031        30        33,439  

District of Columbia, Series 2020 B, Ref. RB

     5.00%       10/01/2031        60        68,897  

District of Columbia, Series 2021 D, GO Bonds

     5.00%       02/01/2035        25        28,229  

District of Columbia, Series 2021 D, GO Bonds

     4.00%       02/01/2037        30        30,250  

District of Columbia, Series 2021 D, GO Bonds

     5.00%       02/01/2046        75        79,976  

District of Columbia, Series 2021 E, Ref. GO Bonds

     5.00%       02/01/2034        80        90,082  

Washington Metropolitan Area Transit Authority, Series 2020 A, RB

     5.00%       07/15/2031        40        44,845  

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

     5.00%       07/15/2031        10        11,306  

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

     4.00%       07/15/2034        15        15,684  

Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB

     5.00%       07/15/2041        175        189,015  
          

 

 

 
                591,723  
          

 

 

 

Florida-3.39%

          

Broward (County of), FL School Board, Series 2020 A, COP

     5.00%       07/01/2031        170        188,064  

Central Florida Expressway Authority, Series 2021 D, RB

     5.00%       07/01/2031        15        16,938  

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)

     4.00%       07/01/2035        5        5,205  

Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)

     4.00%       07/01/2039        200        198,615  

Florida (State of), Series 2021 A, Ref. GO Bonds

     5.00%       06/01/2031        170        194,755  

Florida (State of), Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2031        30        34,459  

Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB

     4.00%       11/15/2034        20        19,840  

Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB

     5.00%       10/01/2047        35        37,202  

Jacksonville (City of), FL, Series 2015, Ref. RB

     3.00%       10/01/2031        100        96,050  

Miami-Dade (County of), FL, Series 2020 A, Ref. RB

     5.00%       10/01/2031        30        33,344  

Miami-Dade (County of), FL, Series 2021, RB

     3.00%       10/01/2036        5        4,474  

North Sumter (County of), FL Utility Dependent District (Sumter Water Conservation Authority), Series 2021, RB, (INS - AGM)(a)

     5.00%       10/01/2046        130        135,284  

Pasco (County of), FL School Board, Series 2021 A, Ref. COP

     5.00%       08/01/2031        15        17,014  
          

 

 

 
             981,244  
          

 

 

 

Georgia-1.41%

          

Georgia (State of), Series 2021 A, Ref. GO Bonds

     5.00%       07/01/2033        75        86,076  

Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds

     5.00%       08/01/2031        15        17,015  

Georgia (State of) (Bid Group 2), Series 2021 A, Ref. GO Bonds

     4.00%       07/01/2037        185        190,840  

Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds

     5.00%       07/01/2031        100        115,014  
          

 

 

 
             408,945  
          

 

 

 

Hawaii-0.36%

          

Hawaii (State of) State Highway Fund, Series 2021, RB

     5.00%       01/01/2041        40        43,312  

Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds

     5.00%       03/01/2031        55        61,769  
          

 

 

 
             105,081  
          

 

 

 

Illinois-6.18%

          

Chicago (City of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       01/01/2033        150        159,624  

Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)

     5.00%       11/01/2031        225        251,196  

Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds

     5.00%       12/01/2031        35        39,945  

Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)

     5.00%       12/01/2046        120        128,854  

Cook (County of), IL, Series 2021 A, Ref. GO Bonds

     5.00%       11/15/2031        255        278,706  

Illinois (State of), Series 2016, GO Bonds

     3.50%       06/01/2031        5        4,776  

Illinois (State of), Series 2021 A, GO Bonds

     5.00%       12/01/2031        90        98,937  

Illinois (State of), Series 2021 A, GO Bonds

     5.00%       03/01/2046        125        128,317  

Illinois (State of), Series 2022 B, Ref. GO Bonds

     5.00%       03/01/2031        40        43,734  

Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB

     5.00%       07/01/2035        10        11,129  

Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB

     4.00%       07/01/2038        250        248,315  

 

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

 

   312   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB

     5.00%       01/01/2031      $ 125      $ 138,287  

Illinois (State of) Toll Highway Authority, Series 2020 A, RB

     5.00%       01/01/2045        245        258,329  
          

 

 

 
             1,790,149  
          

 

 

 

Indiana-1.35%

          

Crown Point Multi School Building Corp., Series 2021, RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       01/15/2040        100        107,336  

Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB

     5.00%       10/01/2031        30        34,171  

Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB

     5.00%       10/01/2037        20        21,897  

Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB

     5.00%       10/01/2033        30        33,695  

Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB

     5.00%       02/01/2031        30        33,933  

Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB

     5.00%       06/01/2034        100        109,983  

Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)

     4.00%       06/01/2036        50        50,577  
          

 

 

 
             391,592  
          

 

 

 

Kansas-0.36%

          

Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)

     5.00%       09/01/2047        100           104,640  
          

 

 

 

Louisiana-0.68%

          

Louisiana (State of), Series 2021 A, GO Bonds

     5.00%       03/01/2039        180        195,395  
          

 

 

 

Maryland-3.19%

          

Maryland (State of), Second Series 2021 A, GO Bonds

     5.00%       08/01/2034        25        28,629  

Maryland (State of), Series 2021 A, GO Bonds

     5.00%       03/01/2034        10        11,396  

Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds

     5.00%       08/01/2033        15        17,224  

Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds

     5.00%       03/15/2031        10        11,260  

Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds

     5.00%       03/01/2031        125        142,826  

Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds

     5.00%       03/01/2035        250        282,870  

Maryland (State of) Department of Transportation, Series 2016, RB

     3.00%       11/01/2031        40        38,738  

Maryland (State of) Department of Transportation, Series 2017, RB

     3.00%       09/01/2031        100        96,928  

Maryland (State of) Department of Transportation, Series 2019, RB

     2.13%       10/01/2031        60        53,197  

Maryland (State of) Transportation Authority, Series 2020, RB

     5.00%       07/01/2031        15        16,882  

Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB

     5.00%       07/01/2046        120        127,712  

Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB

     3.00%       06/01/2031        100        96,874  
          

 

 

 
             924,536  
          

 

 

 

Massachusetts-4.55%

          

Massachusetts (Commonwealth of), Series 2021 A, Ref. RB

     5.00%       06/01/2041        155        168,029  

Massachusetts (Commonwealth of), Series 2021 A, Ref. RB

     5.00%       06/01/2042        350        378,158  

Massachusetts (Commonwealth of), Series 2021 C, GO Bonds

     5.00%       09/01/2031        15        17,287  

Massachusetts (Commonwealth of), Series 2021 D, GO Bonds

     5.00%       09/01/2048        300        319,079  

Massachusetts (Commonwealth of), Series 2022 A, GO Bonds

     5.00%       02/01/2031        245        279,736  

Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2022, RB

     5.00%       06/01/2050        130        137,670  

Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB

     5.00%       07/01/2051        15        15,868  
          

 

 

 
             1,315,827  
          

 

 

 

Michigan-1.60%

          

Michigan (State of), Series 2020 B, RB

     5.00%       11/15/2031        15        17,015  

Michigan (State of), Series 2021, RB

     5.00%       11/15/2033        200        229,048  

Michigan (State of), Series 2021, RB

     4.00%       11/15/2037        60        60,560  

Muskegon Public Schools, Series 2021 II, GO Bonds

     5.00%       05/01/2051        50        52,124  

Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB

     5.00%       12/01/2046        100        104,715  
          

 

 

 
             463,462  
          

 

 

 

Minnesota-0.95%

          

Minnesota (State of), Series 2020 A, GO Bonds

     5.00%       08/01/2031        200        226,996  

Minnesota (State of), Series 2021 A, GO Bonds

     4.00%       09/01/2036        45        46,528  
          

 

 

 
             273,524  
          

 

 

 

 

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

 

   313   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Missouri-1.01%

          

Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB

     5.00%       06/01/2031      $ 120      $ 132,479  

St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds

     5.00%       03/01/2042        150        160,131  
          

 

 

 
             292,610  
          

 

 

 

Montana-0.82%

          

Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB

     3.90%       03/01/2031        250        236,984  
          

 

 

 

Nevada-0.24%

          

Clark (County of), NV Department of Aviation, Series 2021 A, RB

     5.00%       07/01/2033        10        11,275  

Las Vegas Valley Water District, Series 2021 C, GO Bonds

     5.00%       06/01/2031        50        56,835  
          

 

 

 
             68,110  
          

 

 

 

New Jersey-2.19%

          

New Jersey (State of), Series 2020 A, GO Bonds

     4.00%       06/01/2031        255        267,160  

New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)

     3.13%       07/01/2031        75        71,821  

New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN

     5.00%       06/15/2034        50        54,940  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB

     5.00%       06/15/2031        50        55,291  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB

     5.00%       06/15/2034        20        22,086  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB

     5.00%       06/15/2035        50        54,850  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB

     5.00%       06/15/2036        100        108,752  
          

 

 

 
                634,900  
          

 

 

 

New Mexico-0.39%

          

New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB

     5.00%       07/01/2031        100        113,811  
          

 

 

 

New York-20.84%

          

Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB

     5.00%       02/15/2031        25        28,581  

Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB

     5.00%       09/01/2031        20        22,987  

Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB

     4.00%       11/15/2032        25        27,110  

Nassau (County Of), NY Interim Finance Authority, Series 2021 A, Ref. RB

     4.00%       11/15/2034        300        323,259  

New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB

     3.00%       12/01/2031        20        19,644  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

     5.00%       07/15/2033        35        39,848  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

     4.00%       07/15/2035        20        20,743  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

     4.00%       07/15/2037        15        15,142  

New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB

     4.00%       07/15/2038        5        4,998  

New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB

     4.00%       07/15/2040        90        89,459  

New York (City of), NY, Series 2020 B-1, Ref. GO Bonds

     5.00%       11/01/2031        225        251,844  

New York (City of), NY, Series 2020 C, GO Bonds

     5.00%       08/01/2031        150        167,357  

New York (City of), NY, Series 2020 C-1, Ref. GO Bonds

     5.00%       08/01/2031        35        39,050  

New York (City of), NY, Series 2021 A-1, GO Bonds

     5.00%       08/01/2036        100        109,939  

New York (City of), NY, Series 2021 A-1, GO Bonds

     4.00%       08/01/2042        250        241,929  

New York (City of), NY, Series 2021 A-1, GO Bonds

     5.00%       08/01/2047        115        121,152  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2036        15        16,484  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2042        165        175,149  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2044        30        31,720  

New York (City of), NY, Series 2021 F-1, GO Bonds

     4.00%       03/01/2047        10        9,520  

New York (City of), NY, Series 2021 F-1, GO Bonds

     5.00%       03/01/2050        20        20,951  

New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)

     5.00%       01/01/2031        50        55,135  

New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB

     5.00%       06/15/2031        170        195,898  

New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB

     5.00%       06/15/2044        45        48,002  

New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB

     5.00%       06/15/2051        55        57,795  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

     5.00%       06/15/2031        270        311,131  

New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB

     4.00%       06/15/2036        10        10,294  

New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB

     5.00%       05/01/2031        40        44,822  

New York (City of), NY Transitional Finance Authority, Series 2020, RB

     5.00%       05/01/2031        30        33,616  

New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB

     5.00%       11/01/2033        40        45,235  

New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB

     5.00%       08/01/2034        10        11,234  

New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB

     5.00%       08/01/2035        30        33,403  

New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB

     5.00%       02/01/2035        265        294,693  

 

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

 

   314   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB

     5.00%       02/01/2036      $ 90      $ 98,888  

New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB

     5.00%       11/01/2031        215        242,552  

New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB

     5.00%       11/01/2034        150        167,689  

New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB

     5.00%       11/01/2031        80        90,533  

New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB

     5.00%       07/15/2031        10        11,440  

New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB

     5.00%       12/01/2031        20        22,367  

New York (State of) Dormitory Authority, Series 2019 D, Ref. RB

     5.00%       02/15/2031        30        33,268  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2031        155        175,308  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2033        150        168,195  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2035        10        11,104  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     5.00%       03/15/2036        65        71,479  

New York (State of) Dormitory Authority, Series 2021 A, Ref. RB

     4.00%       03/15/2040        30        29,583  

New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)

     5.00%       10/01/2036        55        60,634  

New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB

     5.00%       03/15/2031        55        61,481  

New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB

     5.00%       03/15/2031        435        491,993  

New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB

     5.00%       07/01/2051        75        79,703  

New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)

     5.00%       11/15/2031        105        122,169  

New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB

     4.00%       03/15/2036        20        20,352  

New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB

     4.00%       03/15/2037        15        15,069  

New York State Urban Development Corp., Series 2013 A-1, RB

     5.00%       03/15/2031        80        80,080  

New York State Urban Development Corp., Series 2013 E, RB

     5.00%       03/15/2031        200        200,199  

New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB

     5.00%       12/01/2031        50        54,233  

Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB

     5.00%       05/15/2051        225        236,634  

Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB

     5.00%       05/15/2039        10        10,867  

Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB

     5.00%       05/15/2040        10        10,818  

Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB

     5.00%       05/15/2041        40        43,093  

Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB

     4.00%       05/15/2034        15        15,732  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB

     5.00%       11/15/2051        450           471,760  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB

     5.00%       05/15/2051        15        15,818  
          

 

 

 
             6,031,165  
          

 

 

 

North Carolina-1.11%

          

North Carolina (State of), Series 2020 A, GO Bonds

     5.00%       06/01/2031        20        22,676  

North Carolina (State of), Series 2021 A, Ref. RB

     5.00%       05/01/2031        30        34,235  

North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB

     5.00%       05/01/2031        90        100,913  

North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB

     5.00%       10/01/2031        45        45,676  

Wake (County of), NC, Series 2021, RB

     4.00%       03/01/2033        15        15,819  

Wake (County of), NC, Series 2021, RB

     4.00%       03/01/2038        100        100,740  
          

 

 

 
             320,059  
          

 

 

 

Ohio-2.54%

          

American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB

     4.00%       02/15/2036        100        99,653  

Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB

     4.00%       08/01/2051        10        8,954  

Ohio (State of), Series 2021 A, GO Bonds

     4.00%       05/01/2038        35        35,169  

Ohio (State of), Series 2021 B, Ref. GO Bonds

     5.00%       09/15/2031        90        103,079  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB

     5.00%       02/15/2046        250        267,144  

Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB

     5.00%       02/15/2051        50        53,098  

Ohio (State of) Water Development Authority, Series 2021, RB

     5.00%       06/01/2046        155        167,063  
          

 

 

 
             734,160  
          

 

 

 

Oklahoma-1.01%

          

Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB

     4.00%       06/01/2031        100        104,768  

Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB

     5.00%       01/01/2031        165        186,279  
          

 

 

 
             291,047  
          

 

 

 

Oregon-0.39%

          

Oregon (State of), Series 2023 A, GO Bonds

     5.00%       05/01/2031        100        114,118  
          

 

 

 

 

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

 

   315   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Pennsylvania-1.79%

          

Pennsylvania (Commonwealth of), First Series 2020, GO Bonds

     5.00%       05/01/2031      $ 15      $ 16,752  

Pennsylvania (Commonwealth of), First Series 2021, GO Bonds

     5.00%       05/15/2031        20        22,602  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB

     5.00%       08/15/2044        50        52,330  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB

     5.00%       12/01/2046        95        99,371  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB

     5.00%       12/01/2046        125        131,696  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB

     5.00%       12/01/2046        95        100,027  

Philadelphia (City of), PA, Series 2021 C, RB

     5.00%       10/01/2046        90        93,912  
          

 

 

 
                516,690  
          

 

 

 

Rhode Island-0.02%

          

Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB

     5.00%       05/15/2031        5        5,542  
          

 

 

 

South Carolina-0.37%

          

University of South Carolina (Campus Village), Series 2021 A, RB

     5.00%       05/01/2046        100        105,696  
          

 

 

 

Tennessee-1.01%

          

Clarksville (City of), TN, Series 2021 A, RB

     5.00%       02/01/2045        105        111,977  

Johnson (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB

     5.00%       07/01/2031        25        27,251  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB

     5.00%       05/15/2046        100        106,677  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds

     4.00%       01/01/2031        30        31,993  

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds

     3.00%       01/01/2033        10        9,569  

Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB

     5.00%       07/01/2031        5        5,441  
          

 

 

 
             292,908  
          

 

 

 

Texas-5.16%

          

Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations

     4.75%       06/15/2048        20        20,608  

Board of Regents of the University of Texas System, Series 2021 A, Ref. RB

     5.00%       08/15/2031        110        125,337  

Clear Creek Independent School District, Series 2013 B, GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       02/15/2031        100        113,533  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB

     5.00%       11/01/2031        60        66,147  

Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)

     5.25%       12/01/2031        5        5,758  

Dallas College, Series 2022, GO Bonds

     5.00%       02/15/2031        100        112,114  

Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)

     5.00%       08/15/2042        50        53,068  

Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)

     5.00%       05/15/2036        55        60,194  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB

     5.00%       05/15/2046        100        104,239  

North Texas Tollway Authority, Series 2021 B, RB

     4.00%       01/01/2034        320        325,745  

North Texas Tollway Authority, Series 2021 B, RB

     4.00%       01/01/2035        75        75,847  

Northwest Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2047        150        141,746  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2031        45        50,929  

Sabine-Neches Navigation District, Series 2022, GO Bonds

     5.25%       02/15/2052        35        37,210  

San Antonio (City of), TX, Series 2021 A, RB

     5.00%       02/01/2039        10        10,704  

San Antonio (City of), TX, Series 2021 A, RB

     5.00%       02/01/2041        30        31,899  

San Antonio (City of), TX, Series 2021 A, RB

     5.00%       02/01/2046        30        31,519  

Tarrant County College District, Series 2022, GO Bonds

     5.00%       08/15/2031        10        11,311  

Texas (State of) Water Development Board, Series 2020, RB

     5.00%       08/01/2031        30        33,531  

Texas (State of) Water Development Board, Series 2021, RB

     5.00%       08/01/2031        25        28,319  

Texas (State of) Water Development Board, Series 2021, RB

     5.00%       08/01/2034        40        45,022  

Trinity River Authority, Series 2020, Ref. RB

     3.00%       08/01/2031        10        9,589  
          

 

 

 
             1,494,369  
          

 

 

 

Utah-1.55%

          

Granite School District Board of Education, Series 2021, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       06/01/2031        5        5,724  

Intermountain Power Agency, Series 2022 A, Ref. RB

     5.00%       07/01/2037        30        33,007  

Intermountain Power Agency, Series 2022 A, Ref. RB

     5.00%       07/01/2039        50        54,244  

Intermountain Power Agency, Series 2022 A, Ref. RB

     5.00%       07/01/2045        270        286,815  

Salt Lake City (City of), UT, Series 2021 B, RB

     5.00%       07/01/2046        65        68,331  
          

 

 

 
             448,121  
          

 

 

 

 

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

 

   316   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Virginia-1.86%

          

Norfolk (City of), VA, Series 2021 A, GO Bonds

     5.00%       03/01/2033      $ 155      $ 176,712  

Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB

     5.00%       08/01/2031        130        148,630  

Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB

     5.00%       08/01/2033        30        34,384  

Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB

     4.00%       08/01/2036        50        51,038  

Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB

     5.00%       05/15/2057        120        126,488  
          

 

 

 
             537,252  
          

 

 

 

Washington-6.57%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2031        45        51,727  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2033        40        45,796  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2034        50        57,009  

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     4.00%       11/01/2040        150        147,290  

Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB

     5.00%       07/01/2041        210        226,928  

King (County of), WA, Series 2021 A, GO Bonds

     5.00%       01/01/2031        50        56,835  

Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB

     5.00%       12/01/2046        250        265,373  

Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)

     3.00%       12/01/2031        30        28,256  

Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB

     5.00%       01/01/2046        150        159,208  

Washington (State of), Series 2020 C, GO Bonds

     5.00%       02/01/2031        255        285,121  

Washington (State of), Series 2021 C, GO Bonds

     5.00%       02/01/2033        20        22,601  

Washington (State of), Series 2021 C, GO Bonds

     5.00%       02/01/2034        5        5,644  

Washington (State of), Series 2021 C, GO Bonds

     5.00%       02/01/2038        5        5,455  

Washington (State of), Series 2021 R, Ref. GO Bonds

     4.00%       08/01/2036        10        10,207  

Washington (State of), Series 2021, Ref. GO Bonds

     5.00%       06/01/2031        20        22,480  

Washington (State of), Series 2022 C, GO Bonds

     5.00%       02/01/2031        25        28,277  

Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds

     5.00%       08/01/2031        15        16,904  

Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds

     5.00%       02/01/2035        10        11,228  

Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds

     5.00%       02/01/2037        250        275,705  

Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds

     5.00%       08/01/2040        165        179,075  
          

 

 

 
             1,901,119  
          

 

 

 

West Virginia-0.18%

          

West Virginia (State of) Parkways Authority, Series 2021, RB

     5.00%       06/01/2047        50        52,654  
          

 

 

 

Wisconsin-0.95%

          

Wisconsin (State of), Series 2021 1, Ref. GO Bonds

     5.00%       05/01/2031        140        156,974  

Wisconsin (State of), Series 2021-2, Ref. GO Bonds

     5.00%       05/01/2031        40        44,850  

Wisconsin (State of), Series 2023-2, Ref. GO Bonds

     5.00%       05/01/2031        65        74,033  
          

 

 

 
             275,857  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.79%
(Cost $29,772,109)

             28,594,326  

OTHER ASSETS LESS LIABILITIES-1.21%

             348,977  
          

 

 

 

NET ASSETS-100.00%

           $ 28,943,303  
          

 

 

 

Investment Abbreviations:

AGM   -Assured Guaranty Municipal Corp.
AMBAC   -American Municipal Bond Assurance Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
Ctfs.   -Certificates
GO   -General Obligation
INS   -Insurer
RB   -Revenue Bonds
Ref.   -Refunding
RN   -Revenue Notes

 

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

 

   317   

 

 

 

 


 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

August 31, 2023

 

Notes to Schedule of Investments:

(a) 

Principal and/or interest payments are secured by the bond insurance company listed.

(b) 

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

 

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

 

   318   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

August 31, 2023

Schedule of Investments

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Municipal Obligations-98.30%

          

Alabama-0.53%

          

Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB

     5.00%       07/01/2042      $ 100      $ 105,918  
          

 

 

 

Arizona-0.11%

          

Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds

     5.00%       07/01/2032        20        22,446  
          

 

 

 

Arkansas-0.13%

          

University of Arkansas, Series 2022 A, RB

     5.00%       11/01/2047        25        26,582  
          

 

 

 

California-16.83%

          

Alameda (County of), CA Transportation Commission, Series 2022, RB

     5.00%       03/01/2045        30        32,775  

California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)(a)

     5.25%       08/01/2032        50        58,477  

California (State of), Series 2016, Ref. GO Bonds

     3.00%       09/01/2032        125           121,328  

California (State of), Series 2018, GO Bonds

     3.00%       10/01/2032        170        164,956  

California (State of), Series 2021, Ref. GO Bonds

     5.00%       09/01/2032        5        5,751  

California (State of), Series 2022, GO Bonds

     5.00%       09/01/2035        75        86,384  

California (State of), Series 2022, GO Bonds

     5.00%       09/01/2052        195        211,323  

California (State of), Series 2022, Ref. GO Bonds

     5.00%       04/01/2037        10        11,300  

California (State of), Series 2022, Ref. GO Bonds

     5.00%       04/01/2042        250        274,646  

California (State of), Series 2022, Ref. GO Bonds

     4.00%       09/01/2042        250        250,188  

California (State of), Series 2022, Ref. GO Bonds

     5.00%       11/01/2042        10        11,042  

California (State of) Infrastructure & Economic Development Bank, Series 2022, RB

     5.00%       10/01/2052        100        108,584  

California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB

     5.00%       12/01/2036        150        172,175  

Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds

     5.25%       08/01/2052        100        109,703  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB

     5.00%       07/01/2043        125        137,629  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB

     5.00%       07/01/2047        25        26,993  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB

     5.00%       07/01/2042        10        11,029  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB

     5.00%       07/01/2052        250        267,982  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

     5.00%       07/01/2040        20        22,368  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

     5.00%       07/01/2041        10        11,171  

Los Angeles Unified School District, Series 2021 RYRR, GO Bonds

     5.00%       07/01/2032        10        11,689  

Metropolitan Water District of Southern California, Series 2022 B, Ref. RB

     5.00%       07/01/2032        15        17,655  

Peralta Community College District, Series 2022 B, GO Bonds

     5.25%       08/01/2042        25        27,987  

Regents of the University of California Medical Center, Series 2022 P, RB

     5.00%       05/15/2038        50        55,688  

Regents of the University of California Medical Center, Series 2022 P, RB

     5.00%       05/15/2039        60        66,512  

Regents of the University of California Medical Center, Series 2022 P, RB

     5.00%       05/15/2040        20        22,077  

Regents of the University of California Medical Center, Series 2022 P, RB

     5.00%       05/15/2041        25        27,512  

Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB

     5.00%       12/01/2032        45        53,316  

San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB

     5.00%       05/15/2047        20        21,674  

San Diego (County of), CA Water Authority, Series 2022 A, RB

     5.00%       05/01/2047        15        16,260  

San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB

     5.00%       10/01/2036        35        40,399  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB

     5.00%       11/01/2032        250        294,960  

Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB

     5.00%       08/01/2047        60        65,753  

Santa Rosa High School District, Series 2023 A, GO Bonds

     5.00%       08/01/2053        155        165,680  

University of California, Series 2022 S, Ref. RB

     5.00%       05/15/2034        145        169,703  

University of California, Series 2022 S, Ref. RB

     5.00%       05/15/2038        150        168,862  

Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)

     5.25%       08/01/2048        15        16,360  
          

 

 

 
             3,337,891  
          

 

 

 

Colorado-2.42%

          

Brighton (City of), CO (Water System), Series 2022, RB

     5.00%       06/01/2052        200        211,072  

Colorado (State of), Series 2022, COP

     6.00%       12/15/2038        40        47,426  

Denver City & County School District No. 1, Series 2022 A, GO Bonds

     5.00%       12/01/2034        10        11,517  

Denver City & County School District No. 1, Series 2022 A, GO Bonds

     5.00%       12/01/2038        5        5,551  

Denver City & County School District No. 1, Series 2022 A, GO Bonds

     5.00%       12/01/2042        100        108,855  

Parker Water & Sanitation District, Series 2012, Ref. GO Bonds

     3.00%       08/01/2032        100        95,397  
          

 

 

 
             479,818  
          

 

 

 

 

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

 

   319   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Connecticut-0.81%

          

Connecticut (State of), Series 2021 A, GO Bonds

     3.00%       01/15/2032      $ 50      $ 47,552  

Connecticut (State of), Series 2022 A, GO Bonds

     4.00%       01/15/2034        75        78,846  

Connecticut (State of), Series 2022 F, GO Bonds

     5.00%       11/15/2035        30        34,020  
          

 

 

 
             160,418  
          

 

 

 

District of Columbia-1.74%

          

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2034        25        28,709  

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2039        60        66,540  

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2040        5        5,518  

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2041        25        27,466  

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2042        100        109,312  

District of Columbia, Series 2022 A, RB

     5.00%       07/01/2047        30        32,341  

District of Columbia, Series 2022 C, Ref. RB

     5.00%       12/01/2036        5        5,675  

District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB

     5.00%       10/01/2047        45        47,804  

Washington Metropolitan Area Transit Authority, Series 2021 A, RB

     5.00%       07/15/2032        20        22,603  
          

 

 

 
                345,968  
          

 

 

 

Florida-4.90%

          

Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)

     4.25%       07/01/2047        70        68,829  

Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB

     5.00%       04/01/2042        50        51,673  

Central Florida Expressway Authority, Series 2016 A, Ref. RB

     3.00%       07/01/2032        100        94,844  

Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds

     5.00%       07/01/2032        50        58,168  

Florida (State of) Department of Transportation, Series 2022, RB

     5.00%       07/01/2052        100        106,102  

Florida (State of) Municipal Power Agency, Series 2021 A, RB

     3.00%       10/01/2032        15        13,884  

Miami-Dade (County of), FL, Series 2022 A, RB

     5.00%       04/01/2046        100        104,886  

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB

     5.00%       10/01/2032        5        5,648  

Sarasota (County of), FL, Series 2022, RB

     5.25%       10/01/2047        25        27,660  

Sarasota (County of), FL, Series 2022, RB

     5.25%       10/01/2052        10        11,008  

Tampa (City of), FL (Green Bonds), Series 2022 A, RB

     5.00%       10/01/2052        100        106,925  

Tampa (City of), FL (Green Bonds), Series 2022 A, RB

     5.25%       10/01/2057        100        108,633  

Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB

     5.00%       10/01/2052        200        213,850  
          

 

 

 
             972,110  
          

 

 

 

Georgia-2.00%

          

Atlanta (City of), GA, Series 2022 A-1, GO Bonds

     5.00%       12/01/2036        5        5,645  

Atlanta (City of), GA, Series 2022 C, RB

     5.00%       07/01/2041        20        21,677  

DeKalb (County of), GA, Series 2022, Ref. RB

     5.00%       10/01/2032        5        5,814  

DeKalb (County of), GA, Series 2022, Ref. RB

     5.00%       10/01/2035        20        22,869  

DeKalb (County of), GA, Series 2022, Ref. RB

     5.00%       10/01/2039        15        16,613  

DeKalb (County of), GA, Series 2022, Ref. RB

     5.00%       10/01/2041        10        10,963  

Georgia (State of), Series 2023 A, GO Bonds

     5.00%       07/01/2032        40        46,636  

Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds

     5.00%       07/01/2032        65        75,784  

Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB

     5.00%       01/01/2034        25        27,622  

Georgia (State of) Ports Authority, Series 2022, RB

     5.00%       07/01/2041        65        70,959  

Georgia (State of) Ports Authority, Series 2022, RB

     5.00%       07/01/2042        15        16,303  

Georgia (State of) Ports Authority, Series 2022, RB

     5.00%       07/01/2047        70        75,279  
          

 

 

 
             396,164  
          

 

 

 

Illinois-6.28%

          

Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)

     5.25%       01/01/2048        150        160,648  

Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)

     5.00%       01/01/2032        35        39,219  

Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)

     5.00%       01/01/2036        100        110,045  

Illinois (State of), Series 2022 A, GO Bonds

     5.00%       03/01/2035        40        43,113  

Illinois (State of), Series 2022 A, GO Bonds

     5.25%       03/01/2038        25        26,755  

Illinois (State of), Series 2022 A, GO Bonds

     5.50%       03/01/2042        145        156,863  

Illinois (State of), Series 2022 A, GO Bonds

     5.50%       03/01/2047        75        80,447  

Illinois (State of), Series 2023 B, GO Bonds

     5.00%       05/01/2032        115        126,910  

 

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

 

   320   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Illinois-(continued)

          

Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB

     5.00%       08/15/2038      $ 10      $ 10,682  

Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB

     5.00%       08/15/2047        90        93,108  

Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB

     5.00%       08/15/2051        60        61,720  

Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB

     5.00%       08/15/2052        100        102,851  

Illinois (State of) Toll Highway Authority, Series 2021 A, RB

     5.00%       01/01/2046        220        232,482  
          

 

 

 
             1,244,843  
          

 

 

 

Indiana-0.83%

          

Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB

     5.00%       02/01/2032        5        5,694  

Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB

     4.00%       02/01/2034        10        10,372  

Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB

     5.00%       02/01/2035        5        5,636  

Merrillville Multi School Building Corp., Series 2022, RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       01/15/2042        135        143,003  
          

 

 

 
             164,705  
          

 

 

 

Kansas-0.08%

          

Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds,
(INS - AGM)(a)

     5.25%       09/01/2052        15        16,079  
          

 

 

 

Kentucky-0.93%

          

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)

     5.00%       05/15/2047        100        103,360  

Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)(a)

     5.00%       09/01/2041        75        81,273  
          

 

 

 
             184,633  
          

 

 

 

Louisiana-0.20%

          

Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB

     5.00%       10/15/2036        35        38,670  
          

 

 

 

Maryland-1.85%

          

Maryland (State of), Series 2022 A, GO Bonds

     5.00%       06/01/2032        75        87,223  

Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds

     5.00%       03/01/2032        205        234,205  

Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds

     5.00%       06/01/2034        40        46,368  
          

 

 

 
                367,796  
          

 

 

 

Massachusetts-5.09%

          

Massachusetts (Commonwealth of), Series 2022 C, GO Bonds

     5.00%       10/01/2052        200        213,086  

Massachusetts (Commonwealth of), Series 2022 C, GO Bonds

     5.25%       10/01/2052        300        326,203  

Massachusetts (Commonwealth of), Series 2022 E, GO Bonds

     5.00%       11/01/2052        200        213,181  

Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB

     5.00%       06/01/2052        100        106,491  

Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB

     5.00%       10/01/2040        30        32,882  

Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB

     5.00%       10/01/2044        20        21,626  

University of Massachusetts Building Authority, Series 2022 1, RB

     4.00%       11/01/2046        100        95,665  
          

 

 

 
             1,009,134  
          

 

 

 

Michigan-0.47%

          

Michigan (State of), Series 2021 A, RB

     5.00%       11/15/2032        25        28,652  

Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB

     5.00%       04/15/2036        10        10,996  

Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB

     5.00%       04/15/2037        10        10,865  

Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB

     5.00%       04/15/2038        40        43,112  
          

 

 

 
             93,625  
          

 

 

 

Minnesota-0.17%

          

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB

     5.00%       01/01/2052        10        10,423  

Minnesota (State of), Series 2021 A, GO Bonds

     5.00%       09/01/2032        20        23,019  
          

 

 

 
             33,442  
          

 

 

 

Mississippi-1.19%

          

University of Mississippi Educational Building Corp., Series 2022, RB

     4.50%       10/01/2052        235        235,016  
          

 

 

 

 

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

 

   321   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Missouri-0.84%

          

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB

     3.00%       11/15/2032      $ 70      $ 65,403  

Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGM)(a)

     4.00%       06/01/2037        100        100,289  
          

 

 

 
             165,692  
          

 

 

 

Nebraska-0.31%

          

Gretna Public Schools, Series 2022, GO Bonds

     4.00%       12/15/2047        65        62,040  
          

 

 

 

Nevada-1.28%

          

Clark (County of), NV, Series 2022, RB

     5.00%       07/01/2036        15        16,799  

Las Vegas Valley Water District, Series 2021 C, GO Bonds

     3.00%       06/01/2032        20        18,949  

Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds

     4.00%       06/01/2041        20        19,635  

Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds

     4.00%       06/01/2042        205        199,327  
          

 

 

 
             254,710  
          

 

 

 

New Jersey-0.75%

          

New Jersey (State of), Series 2020 A, GO Bonds

     4.00%       06/01/2032        50        52,377  

New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB

     5.25%       11/01/2042        50        53,828  

New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN

     5.00%       06/15/2032        10        11,033  

New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB

     5.00%       06/15/2048        25        26,170  

South Jersey Transportation Authority, Series 2022 A, RB

     4.63%       11/01/2047        5        4,926  
          

 

 

 
                148,334  
          

 

 

 

New Mexico-0.18%

          

New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB

     5.00%       07/01/2032        30        34,573  
          

 

 

 

New York-22.62%

          

Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB

     4.00%       09/01/2032        35        37,362  

Metropolitan Transportation Authority, Series 2016 D, Ref. RB

     3.00%       11/15/2032        30        27,148  

Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB

     4.00%       11/15/2039        15        14,800  

New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB

     3.00%       12/01/2032        50        48,328  

New York (City of), NY, Series 2022 A-1, GO Bonds

     5.00%       09/01/2038        50        54,632  

New York (City of), NY, Series 2022 A-1, GO Bonds

     5.00%       09/01/2042        210        225,070  

New York (City of), NY, Series 2023 C, Ref. GO Bonds

     5.00%       08/01/2032        100        114,599  

New York (City of), NY, Subseries 2022 B-1, GO Bonds

     5.25%       10/01/2040        15        16,610  

New York (City of), NY, Subseries 2022 B-1, GO Bonds

     5.25%       10/01/2041        5        5,512  

New York (City of), NY, Subseries 2022 B-1, GO Bonds

     5.25%       10/01/2042        150        164,504  

New York (City of), NY, Subseries 2022 B-1, GO Bonds

     5.25%       10/01/2043        10        10,955  

New York (City of), NY, Subseries 2022 D-1, GO Bonds

     5.00%       05/01/2032        95        108,566  

New York (City of), NY, Subseries 2022 D-1, GO Bonds

     5.25%       05/01/2043        60        65,505  

New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB

     5.25%       06/15/2052        100        108,092  

New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB

     5.00%       06/15/2032        75        85,402  

New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB

     5.00%       06/15/2047        135        143,676  

New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB

     5.00%       06/15/2034        25        28,741  

New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB

     5.00%       06/15/2045        120        128,019  

New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB

     5.25%       11/01/2038        5        5,599  

New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB

     5.00%       02/01/2044        65        69,394  

New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB

     5.00%       07/15/2034        15        17,246  

New York (City of), NY Transitional Finance Authority, Series 2022, RB

     4.00%       02/01/2041        250        246,198  

New York (City of), NY Transitional Finance Authority, Series 2022, RB

     5.00%       02/01/2044        20        21,352  

New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB

     5.00%       11/01/2032        140        159,677  

New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB

     4.00%       11/01/2034        140        146,011  

New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB

     5.25%       11/01/2037        350        394,108  

New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB

     5.00%       11/01/2038        5        5,466  

New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB

     5.25%       11/01/2038        20        22,248  

New York (State of) Dormitory Authority, Series 2021 E, Ref. RB

     5.00%       03/15/2032        290        331,877  

New York (State of) Dormitory Authority, Series 2021 E, Ref. RB

     5.00%       03/15/2034        20        22,632  

New York (State of) Dormitory Authority, Series 2021 E, Ref. RB

     4.00%       03/15/2037        20        20,247  

New York (State of) Dormitory Authority, Series 2022 A, Ref. RB

     5.00%       03/15/2037        45        49,475  

New York (State of) Dormitory Authority, Series 2022 A, Ref. RB

     5.00%       03/15/2046        55        58,033  

 

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

 

   322   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

New York-(continued)

          

New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB

     4.00%       03/15/2040      $ 5      $ 4,931  

New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB

     5.00%       03/15/2037        15        16,675  

New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB

     5.00%       03/15/2039        10        10,902  

New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB

     5.00%       03/15/2048        235        248,462  

New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1), Series 2022 C, RB

     5.00%       03/15/2053        125        131,580  

New York State Urban Development Corp., Series 2022, Ref. RB

     5.25%       03/15/2039        75        83,184  

New York State Urban Development Corp., Series 2022, Ref. RB

     5.00%       03/15/2041        100        107,606  

Triborough Bridge & Tunnel Authority, Series 2022 A, RB

     5.00%       11/15/2041        140        151,141  

Triborough Bridge & Tunnel Authority, Series 2022 C, RB

     5.25%       05/15/2052        250        269,552  

Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB

     5.00%       11/15/2039        5        5,478  

Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB

     5.00%       11/15/2032        110        126,693  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB

     5.00%       05/15/2044        10        10,736  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB

     5.25%       05/15/2057        165        177,174  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB

     5.00%       05/15/2047        25        26,523  

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB

     5.00%       05/15/2047        150        159,249  
          

 

 

 
             4,486,970  
          

 

 

 

North Carolina-0.92%

          

Charlotte (City of), NC, Series 2022 A, Ref. RB

     5.00%       07/01/2045        20        21,838  

Mecklenburg (County of), NC, Series 2022, GO Bonds

     5.00%       09/01/2034        40        46,524  

North Carolina (State of), Series 2022 A, RB

     5.00%       05/01/2034        85        97,674  

North Carolina (State of), Series 2022 A, RB

     5.00%       05/01/2036        15        16,928  
          

 

 

 
             182,964  
          

 

 

 

Ohio-1.31%

          

Columbus (City of), OH, Series 2016 A, GO Bonds

     3.00%       08/15/2032        15        14,277  

Ohio (State of) Water Development Authority, Series 2022 A, RB

     5.00%       12/01/2041        30        33,042  

Worthington City School District, Series 2023, GO Bonds

     5.00%       12/01/2048        200        213,174  
          

 

 

 
             260,493  
          

 

 

 

Oklahoma-0.56%

          

Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB

     5.00%       09/01/2032        100        110,737  
          

 

 

 

Oregon-0.15%

          

Oregon Health & Science University, Series 2021 A, Ref. RB

     4.00%       07/01/2044        30        28,662  
          

 

 

 

Pennsylvania-3.70%

          

Allegheny (County of), PA Sanitary Authority, Series 2022, RB

     5.00%       06/01/2053        200           209,989  

Delaware Valley Regional Finance Authority, Series 2002, RB

     5.75%       07/01/2032        145        173,852  

Hospitals & Higher Education Facilities Authority of Philadelphia (The), Series 2022, Ref. RB, (INS - AGM)(a)

     5.00%       07/01/2035        145        156,682  

Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB

     3.25%       07/01/2032        30        28,632  

Pennsylvania (Commonwealth of), Series 2022, GO Bonds

     5.00%       10/01/2032        10        11,491  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB

     5.25%       12/01/2047        35        37,891  

Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB

     5.25%       12/01/2052        15        16,134  

Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB

     5.25%       06/01/2040        90        99,686  
          

 

 

 
             734,357  
          

 

 

 

Rhode Island-0.08%

          

Rhode Island (State of), Series 2022 A, GO Bonds

     5.00%       08/01/2040        15        16,453  
          

 

 

 

South Carolina-0.82%

          

Charleston (City of), SC, Series 2022, RB

     5.00%       01/01/2052        100        107,694  

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB

     5.00%       10/01/2037        5        5,356  

South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB

     3.38%       10/01/2032        50        48,974  
          

 

 

 
             162,024  
          

 

 

 

 

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

 

   323   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Tennessee-1.38%

          

Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds

     4.00%       01/01/2042      $ 5      $ 4,968  

Tennessee (State of) School Bond Authority, Series 2022 A, RB,
(CEP - Colorado Higher Education Intercept Program)

     5.00%       11/01/2047        250        269,173  
          

 

 

 
                274,141  
          

 

 

 

Texas-10.74%

          

Austin (City of), TX, Series 2022, Ref. RB

     5.00%       11/15/2047        60        63,711  

Board of Regents of the University of Texas System, Series 2023 A, RB

     5.00%       08/15/2043        85        91,110  

Conroe Independent School District, Series 2022 A, GO Bonds,
(CEP - Texas Permanent School Fund)

     4.00%       02/15/2047        10        9,450  

Corpus Christi (City of), TX, Series 2022 B, RB

     5.00%       07/15/2052        5        5,264  

Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       02/15/2035        10        11,374  

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB

     5.00%       11/01/2035        20        22,117  

Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)

     5.00%       08/15/2053        100        106,450  

Fort Worth Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)

     4.00%       02/15/2048        50        47,907  

Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations

     4.63%       05/01/2052        100        100,217  

Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds

     4.25%       10/01/2047        50        49,263  

Harris (County of), TX Port Authority of Houston, Series 2021, RB

     5.00%       10/01/2051        10        10,500  

Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023 , Ref. RB,
(INS - AGM)(a)

     5.50%       05/15/2048        20        21,856  

New Braunfels (City of), TX, Series 2022, RB

     5.00%       07/01/2053        100        105,101  

North Texas Municipal Water District, Series 2021 A, Ref. RB

     3.00%       09/01/2032        55        51,780  

North Texas Tollway Authority, Series 2021 B, RB

     4.00%       01/01/2032        85        87,118  

Permanent University Fund - University of Texas System, Series 2022 A, RB

     5.00%       07/01/2032        50        57,621  

Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation

     5.00%       08/01/2053        200        211,483  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2032        35        40,155  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2034        25        28,697  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2036        15        16,915  

Plano Independent School District, Series 2023, GO Bonds

     5.00%       02/15/2037        20        22,331  

San Antonio (City of), TX Water System, Series 2022 B, RB

     5.25%       05/15/2052        100        107,169  

San Antonio Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)

     5.00%       08/15/2052        100        107,322  

Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations

     5.25%       09/01/2057        100        107,017  

Tarrant County College District, Series 2022, GO Bonds

     5.00%       08/15/2040        50        54,492  

Texas (State of) Water Development Board, Series 2022, RB

     5.00%       10/15/2034        40        45,617  

Texas (State of) Water Development Board, Series 2022, RB

     5.00%       10/15/2035        40        45,136  

Texas (State of) Water Development Board, Series 2022, RB

     4.70%       10/15/2041        50        52,973  

Texas (State of) Water Development Board, Series 2022, RB

     4.75%       10/15/2042        100        105,808  

Texas (State of) Water Development Board, Series 2022, RB

     4.80%       10/15/2052        100        104,428  

Texas (State of) Water Development Board (Master Trust), Series 2022, RB

     5.00%       10/15/2047        40        42,618  

Trinity River Authority, Series 2020, Ref. RB

     3.00%       08/01/2032        30        28,451  

University of Houston, Series 2022 A, Ref. RB

     5.00%       02/15/2032        70        80,030  

University of Houston, Series 2022 A, Ref. RB

     5.00%       02/15/2034        40        45,261  

West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGM)(a)

     5.50%       12/15/2050        40        43,973  
          

 

 

 
             2,130,715  
          

 

 

 

Utah-0.53%

          

University of Utah (The) (Green Bonds), Series 2022 B, RB

     5.00%       08/01/2037        95        105,707  
          

 

 

 

Virginia-0.70%

          

Fairfax (County of), VA, Series 2023 A, GO Bonds

     4.00%       10/01/2034        15        15,942  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB

     3.00%       02/01/2032        95        90,259  

Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB

     5.25%       02/01/2041        20        22,201  

Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB

     5.00%       08/01/2037        5        5,612  

Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB

     4.00%       05/15/2035        5        5,209  
          

 

 

 
             139,223  
          

 

 

 

 

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

 

   324   

 

 

 

 


 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

August 31, 2023

 

      Interest 
Rate
      Maturity  
Date
      Principal 
Amount
(000)
   Value  

Washington-4.05%

          

Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB

     5.00%       11/01/2032      $ 10      $ 11,461  

Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB

     5.00%       09/01/2047        100        105,976  

Energy Northwest, Series 2022, Ref. RB

     5.00%       07/01/2036        25        28,059  

King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2039        5        5,476  

King (County of), WA, Series 2021 A, GO Bonds

     5.00%       01/01/2032        45        51,415  

King County School District No. 401 Highline, Series 2017, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     3.13%       12/01/2032        20        19,368  

King County School District No. 403 Renton, Series 2023, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     4.00%       12/01/2040        10        9,825  

Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds,
(CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2034        20        23,107  

Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2037        5        5,580  

Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)

     5.00%       12/01/2038        5        5,537  

Washington (State of), Series 2022 A-2, GO Bonds

     5.00%       08/01/2038        5        5,530  

Washington (State of), Series 2022 A-2, GO Bonds

     5.00%       08/01/2040        5        5,472  

Washington (State of), Series 2022 A-2, GO Bonds

     5.00%       08/01/2041        205        223,526  

Washington (State of), Series 2022 A-3, GO Bonds

     5.00%       08/01/2044        30        32,415  

Washington (State of), Series 2022 C, GO Bonds

     5.00%       02/01/2037        20        22,219  

Washington (State of), Series 2022 C, GO Bonds

     5.00%       02/01/2041        40        43,428  

Washington (State of), Series 2022 C, GO Bonds

     5.00%       02/01/2046        45        48,227  

Washington (State of), Series 2022 C, Ref. GO Bonds

     4.00%       07/01/2034        10        10,517  

Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds

     5.00%       08/01/2042        125        135,698  

Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds

     5.00%       08/01/2043        10        10,834  
          

 

 

 
             803,670  
          

 

 

 

Wisconsin-0.82%

          

Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)

     5.50%       07/01/2052        150        162,088  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(b)-98.30%
(Cost $19,870,244)

             19,498,811  

OTHER ASSETS LESS LIABILITIES-1.70%

             336,306  
          

 

 

 

NET ASSETS-100.00%

           $ 19,835,117  
          

 

 

 

Investment Abbreviations:

AGM   -Assured Guaranty Municipal Corp.
BAM   -Build America Mutual Assurance Co.
CEP   -Credit Enhancement Provider
COP   -Certificates of Participation
Ctfs.   -Certificates
GO   -General Obligation
INS   -Insurer
RB   -Revenue Bonds
Ref.   -Refunding
RN   -Revenue Notes

Notes to Schedule of Investments:

(a)

Principal and/or interest payments are secured by the bond insurance company listed.

(b)

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

 

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

 

   325   

 

 

 

 


 

Statements of Assets and Liabilities

August 31, 2023

 

     Invesco
BulletShares
2023 Corporate
Bond ETF

(BSCN)
  Invesco
BulletShares
2024 Corporate
Bond ETF

(BSCO)
  Invesco
BulletShares
2025 Corporate

Bond ETF
(BSCP)
  Invesco
BulletShares
2026 Corporate

Bond ETF
(BSCQ)

Assets:

                

Unaffiliated investments in securities, at value(a)

     $ 2,221,785,080     $ 3,840,515,538     $ 2,819,432,293     $ 1,964,662,112

Affiliated investments in securities, at value

       20,478,188       189,955,944       245,471,761       214,082,775

Cash

       8,250       9,685       19,937       -

Deposits with brokers:

                

Cash segregated as collateral

       -       1,323,256       101,745       -

Receivable for:

                

Dividends and interest

       14,415,465       35,827,045       27,609,265       17,458,311

Securities lending

       -       18,715       34,542       25,672

Fund shares sold

       -       6,751,056       12,198,448       2,840,125
    

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

       2,256,686,983       4,074,401,239       3,104,867,991       2,199,068,995
    

 

 

     

 

 

     

 

 

     

 

 

 

Liabilities:

                

Payable for:

                

Investments purchased

       -       6,755,043       12,242,331       2,803,281

Collateral upon return of securities loaned

       -       173,363,561       245,367,690       213,690,711

Collateral upon receipt of securities in-kind

       -       1,323,256       101,745       -

Accrued unitary management fees

       192,922       327,795       236,743       166,818

Accrued tax expenses

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Total liabilities

       192,922       181,769,655       257,948,509       216,660,810
    

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 2,256,494,061     $ 3,892,631,584     $ 2,846,919,482     $ 1,982,408,185
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets consist of:

                

Shares of beneficial interest

     $ 2,259,139,527     $ 3,982,106,172     $ 2,943,007,384     $ 2,074,628,914

Distributable earnings (loss)

       (2,645,466 )       (89,474,588 )       (96,087,902 )       (92,220,729 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 2,256,494,061     $ 3,892,631,584     $ 2,846,919,482     $ 1,982,408,185
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

       106,350,000       188,400,000       141,150,000       104,700,000

Net asset value

     $ 21.22     $ 20.66     $ 20.17     $ 18.93
    

 

 

     

 

 

     

 

 

     

 

 

 

Market price

     $ 21.22     $ 20.67     $ 20.18     $ 18.94
    

 

 

     

 

 

     

 

 

     

 

 

 

Unaffiliated investments in securities, at cost

     $ 2,224,599,982     $ 3,922,625,883     $ 2,911,928,101     $ 2,054,195,479
    

 

 

     

 

 

     

 

 

     

 

 

 

Affiliated investments in securities, at cost

     $ 20,478,188     $ 189,952,711     $ 245,464,382     $ 214,081,857
    

 

 

     

 

 

     

 

 

     

 

 

 

(a) Includes securities on loan with an aggregate value of:

     $ -     $ 167,602,964     $ 237,509,429     $ 207,271,264
    

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

   326   

 

 

 

 


 

 

Invesco
BulletShares

2027 Corporate
Bond ETF

  (BSCR)  

  

Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS)

 

Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT)

 

Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU)

 

Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV)

 

Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW)

 

Invesco
BulletShares
2023 High Yield
Corporate

Bond ETF
  (BSJN)  

                                                                
      $ 1,051,761,172               $ 712,280,468          $ 389,672,435          $ 255,043,053          $ 192,190,447          $ 141,093,360          $ 521,250,300
        207,322,575                 161,124,603            54,709,994            44,064,659            3,372,099            4,129,746            11,078,891
        1,472                 -            2,575            -            278            2,840            -
                                                                
        -                 -            -            44,711            -            -            -
                                                                
        10,765,274                 8,127,802            4,684,993            2,325,105            1,763,108            1,832,378            1,720,980
        51,320                 27,973            16,925            4,754            3,251            5,240            -
        5,692,799                 2,952,562            2,775,322            33,495            238,972            6,105,931            -
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
        1,275,594,612                 884,513,408            451,862,244            301,515,777            197,568,155            153,169,495            534,050,171
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
                                                                
                                                                
        5,736,369                 2,976,762            2,734,243            33,495            238,972            6,077,721            -
        207,265,276                 161,050,442            54,575,781            44,021,413            3,329,384            4,062,731            -
        -                 -            -            44,711            -            -            -
        87,166                 57,704            32,489            20,469            15,998            10,526            193,640
        -                 -            -            -            -            1,009            -
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
        213,088,811                 164,084,908            57,342,513            44,120,088            3,584,354            10,151,987            193,640
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 1,062,505,801               $ 720,428,500          $ 394,519,731          $ 257,395,689          $ 193,983,801          $ 143,017,508          $ 533,856,531
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
                                                                
      $ 1,112,640,718               $ 756,110,355          $ 417,858,265          $ 273,026,046          $ 201,324,816          $ 144,704,241          $ 586,076,200
        (50,134,917 )                 (35,681,855 )            (23,338,534 )            (15,630,357 )            (7,341,015 )            (1,686,733 )            (52,219,669 )
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 1,062,505,801               $ 720,428,500          $ 394,519,731          $ 257,395,689          $ 193,983,801          $ 143,017,508          $ 533,856,531
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
        55,950,000                 36,600,001            22,050,001            16,050,001            12,300,001            7,200,001            22,700,000
      $ 18.99               $ 19.68          $ 17.89          $ 16.04          $ 15.77          $ 19.86          $ 23.52
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 19.00               $ 19.69          $ 17.90          $ 16.03          $ 15.77          $ 19.86          $ 23.53
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 1,101,114,396               $ 746,413,336          $ 412,663,788          $ 270,097,669          $ 199,230,992          $ 142,693,181          $ 521,636,263
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 207,319,270               $ 161,121,191          $ 54,708,866          $ 44,063,998          $ 3,372,047          $ 4,129,758          $ 11,078,891
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
      $ 200,678,629               $ 155,916,769          $ 52,721,278          $ 42,598,793          $ 3,224,833          $ 3,905,534          $ -
     

 

 

               

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

   327   

 

 

 

 


 

Statements of Assets and Liabilities–(continued)

August 31, 2023

 

     Invesco
BulletShares
2024 High Yield
Corporate

Bond ETF
(BSJO)
 

Invesco

BulletShares

2025 High Yield
Corporate

Bond ETF

  (BSJP)  

  

Invesco

BulletShares

2026 High Yield
Corporate

Bond ETF

  (BSJQ)  

   Invesco
BulletShares

2027  High Yield
Corporate

Bond ETF
(BSJR)
                                           

Assets:

                                         

Unaffiliated investments in securities, at value(a)

     $ 618,857,096          $ 1,078,168,451               $ 294,779,158               $ 103,757,166

Affiliated investments in securities, at value

       66,430,422            126,278,563                 68,958,307                 28,421,699

Cash

       16,472            82,200                 53,554                 -

Deposits with brokers:

                                         

Cash segregated as collateral

       4,769,733            2,571,644                 -                 -

Receivable for:

                                         

Dividends and interest

       10,495,985            20,056,989                 5,029,666                 1,807,326

Securities lending

       133,568            19,600                 41,802                 5,052

Investments sold

       -            3,762,000                 70,100                 -

Fund shares sold

       11,298,096            2,448,869                 -                 -

Other assets

       -            -                 -                 -
    

 

 

          

 

 

               

 

 

               

 

 

 

Total assets

       712,001,372            1,233,388,316                 368,932,587                 133,991,243
    

 

 

          

 

 

               

 

 

               

 

 

 

Liabilities:

                                         

Due to custodian

       -            -                 -                 -

Payable for:

                                         

Investments purchased

       11,355,273            2,448,869                 107,282                 -

Collateral upon return of securities loaned

       42,729,683            91,914,880                 64,518,930                 27,646,251

Collateral upon receipt of securities in-kind

       4,769,733            2,571,644                 -                 -

Accrued unitary management fees

       225,805            396,561                 107,342                 36,620
    

 

 

          

 

 

               

 

 

               

 

 

 

Total liabilities

       59,080,494            97,331,954                 64,733,554                 27,682,871
    

 

 

          

 

 

               

 

 

               

 

 

 

Net Assets

     $ 652,920,878          $ 1,136,056,362               $ 304,199,033               $ 106,308,372
    

 

 

          

 

 

               

 

 

               

 

 

 

Net assets consist of:

                                         

Shares of beneficial interest

     $ 697,384,531          $ 1,155,427,308               $ 321,489,196               $ 112,213,076

Distributable earnings (loss)

       (44,463,653 )            (19,370,946 )                 (17,290,163 )                 (5,904,704 )
    

 

 

          

 

 

               

 

 

               

 

 

 

Net Assets

     $ 652,920,878          $ 1,136,056,362               $ 304,199,033               $ 106,308,372
    

 

 

          

 

 

               

 

 

               

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

       29,000,000            50,200,000                 13,300,001                 4,900,001

Net asset value

     $ 22.51          $ 22.63               $ 22.87               $ 21.70
    

 

 

          

 

 

               

 

 

               

 

 

 

Market price

     $ 22.54          $ 22.67               $ 22.90               $ 21.74
    

 

 

          

 

 

               

 

 

               

 

 

 

Unaffiliated investments in securities, at cost

     $ 625,942,964          $ 1,084,783,760               $ 303,973,970               $ 107,269,045
    

 

 

          

 

 

               

 

 

               

 

 

 

Affiliated investments in securities, at cost

     $ 66,430,470          $ 126,278,229               $ 68,956,869               $ 28,421,699
    

 

 

          

 

 

               

 

 

               

 

 

 

(a) Includes securities on loan with an aggregate value of:

     $ 41,064,635          $ 88,746,210               $ 62,156,823               $ 26,606,870
    

 

 

          

 

 

               

 

 

               

 

 

 

 

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

 

   328   

 

 

 

 


 

 

Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS)
  Invesco
BulletShares
2029 High Yield
Corporate
Bond ETF
(BSJT)
  Invesco
BulletShares
2030 High Yield
Corporate
Bond ETF
(BSJU)
  Invesco
BulletShares
2023 Municipal
Bond ETF
(BSMN)
  Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO)
  Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)
  Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ)
                         
  $ 63,298,511     $ 19,866,769     $ 12,078,825     $ 132,040,748     $ 191,879,918     $ 164,747,373     $ 112,532,438
    12,572,456       220,567       56,115       -       -       -       -
    -       243       -       7,617,261       835,947       124,980       298,389
                         
    -       -       -       -       -       -       -
                         
    1,099,767       331,640       213,854       1,141,402       2,399,854       2,042,305       1,328,267
    2,605       330       55       -       -       -       -
    -       -       -       -       -       20,000       -
    2,098,012       -       -       -       -       -       2,334,920
    -       -       -       236       -       128       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    79,071,351       20,419,549       12,348,849       140,799,647       195,115,719       166,934,786       116,494,014
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    11,503       -       -       -       -       -       -
                         
    2,075,052       -       -       -       -       -       2,342,155
    11,924,278       83,383       -       -       -       -       -
    -       -       -       -       -       -       -
    22,168       6,633       4,370       21,774       29,821       25,431       17,029
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    14,033,001       90,016       4,370       21,774       29,821       25,431       2,359,184
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 65,038,350     $ 20,329,533     $ 12,344,479     $ 140,777,873     $ 195,085,898     $ 166,909,355     $ 114,134,830
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
  $ 68,446,422     $ 21,843,521     $ 12,397,108     $ 140,994,443     $ 196,955,854     $ 170,475,341     $ 117,196,597
    (3,408,072 )       (1,513,988 )       (52,629 )       (216,570 )       (1,869,956 )       (3,565,986 )       (3,061,767 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 65,038,350     $ 20,329,533     $ 12,344,479     $ 140,777,873     $ 195,085,898     $ 166,909,355     $ 114,134,830
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    3,100,001       1,000,001       500,001       5,600,001       7,900,001       6,900,001       4,900,001
  $ 20.98     $ 20.33     $ 24.69     $ 25.14     $ 24.69     $ 24.19     $ 23.29
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 21.02     $ 20.38     $ 24.73     $ 25.08     $ 24.72     $ 24.26     $ 23.36
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 65,808,694     $ 21,118,627     $ 12,063,042     $ 132,253,895     $ 193,741,852     $ 167,980,006     $ 115,124,646
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 12,572,506     $ 220,573     $ 56,115     $ -     $ -     $ -     $ -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 11,512,359     $ 80,538     $ -     $ -     $ -     $ -     $ -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

   329   

 

 

 

 


 

Statements of Assets and Liabilities–(continued)

August 31, 2023

 

     Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR)
  Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS)
  Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)
  Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU)

Assets:

                

Investments in securities, at value

     $ 89,721,496     $ 68,271,484     $ 46,941,961     $ 50,929,556

Cash

       190,862       64,562       117,672       127,064

Receivable for:

                

Dividends and interest

       1,000,768       811,868       563,706       589,961

Other assets

       -       3       3       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

       90,913,126       69,147,917       47,623,342       51,646,581
    

 

 

     

 

 

     

 

 

     

 

 

 

Liabilities:

                

Accrued unitary management fees

       13,316       10,517       7,308       7,688
    

 

 

     

 

 

     

 

 

     

 

 

 

Total liabilities

       13,316       10,517       7,308       7,688
    

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 90,899,810     $ 69,137,400     $ 47,616,034     $ 51,638,893
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets consist of:

                

Shares of beneficial interest

     $ 92,869,731     $ 71,613,740     $ 49,931,448     $ 54,366,889

Distributable earnings (loss)

       (1,969,921 )       (2,476,340 )       (2,315,414 )       (2,727,996 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 90,899,810     $ 69,137,400     $ 47,616,034     $ 51,638,893
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding (unlimited amount authorized, $ 0.01 par value)

       3,900,001       3,000,001       2,100,001       2,400,001

Net asset value

     $ 23.31     $ 23.05     $ 22.67     $ 21.52
    

 

 

     

 

 

     

 

 

     

 

 

 

Market price

     $ 23.36     $ 23.12     $ 22.70     $ 21.56
    

 

 

     

 

 

     

 

 

     

 

 

 

Investments in securities, at cost

     $ 91,695,480     $ 70,304,570     $ 48,665,229     $ 52,611,835
    

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

   330   

 

 

 

 


 

 

Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV)
  Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW)
     
  $ 28,594,326     $ 19,498,811
    24,465       84,907
     
    328,836       254,203
    -       -
 

 

 

     

 

 

 
    28,947,627       19,837,921
 

 

 

     

 

 

 
     
    4,324       2,804
 

 

 

     

 

 

 
    4,324       2,804
 

 

 

     

 

 

 
  $ 28,943,303     $ 19,835,117
 

 

 

     

 

 

 
     
  $ 31,028,790     $ 20,206,550
    (2,085,487 )       (371,433 )
 

 

 

     

 

 

 
  $ 28,943,303     $ 19,835,117
 

 

 

     

 

 

 
    1,400,001       800,001
  $ 20.67     $ 24.79
 

 

 

     

 

 

 
  $ 20.71     $ 24.82
 

 

 

     

 

 

 
  $ 29,772,109     $ 19,870,244
 

 

 

     

 

 

 

 

   331   

 

 

 

 


 

Statements of Operations

For the year ended August 31, 2023

 

     Invesco
BulletShares
2023 Corporate
Bond ETF
(BSCN)
  Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO)
  Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP)
  Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ)

Investment income:

                

Unaffiliated interest income

     $ 65,269,934     $ 108,308,304     $ 74,716,457     $ 57,350,973

Affiliated dividend income

       7,268,741       542,613       276,883       145,315

Securities lending income, net

       120,458       335,834       529,215       368,141

Foreign withholding tax

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       72,659,133       109,186,751       75,522,555       57,864,429
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       2,584,316       3,775,565       2,287,953       1,642,711

Tax expenses

       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses

       2,584,316       3,775,565       2,287,953       1,642,711
    

 

 

     

 

 

     

 

 

     

 

 

 

Less: Waivers

       (150,368 )       (11,568 )       (6,279 )       (3,426 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       2,433,948       3,763,997       2,281,674       1,639,285
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       70,225,185       105,422,754       73,240,881       56,225,144
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

       (781,861 )       (2,684,901 )       (1,295,738 )       (1,478,420 )

Affiliated investment securities

       11,349       5,748       (27,202 )       872

In-kind redemptions

       (220,892 )       (1,321,096 )       19,991       225,656
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gain (loss)

       (991,404 )       (4,000,249 )       (1,302,949 )       (1,251,892 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

       33,394,186       6,134,894       (17,259,202 )       (17,778,583 )

Affiliated investment securities

       (3,597 )       (1,470 )       2,318       (2,144 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation)

       33,390,589       6,133,424       (17,256,884 )       (17,780,727 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       32,399,185       2,133,175       (18,559,833 )       (19,032,619 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from operations

     $ 102,624,370     $ 107,555,929     $ 54,681,048     $ 37,192,525
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

 

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

 

   332   

 

 

 

 


 

 

Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR)
  Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS)
  Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT)
  Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU)
  Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV)
  Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW)(a)
  Invesco
BulletShares
2023 High Yield
Corporate
Bond ETF
(BSJN)
                         
  $ 27,995,798     $ 19,666,298     $ 9,989,189     $ 7,006,776     $ 4,981,015     $ 2,213,288     $ 35,395,637
    106,712       86,847       45,229       13,419       11,872       4,213       1,052,725
    520,233       246,735       143,219       41,845       19,219       16,985       175,059
    -       -       -       -       -       (68 )       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    28,622,743       19,999,880       10,177,637       7,062,040       5,012,106       2,234,418       36,623,421
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    773,158       505,304       257,981       169,689       105,858       43,085       2,878,297
    -       -       -       -       -       1,009       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    773,158       505,304       257,981       169,689       105,858       44,094       2,878,297
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (2,360 )       (1,909 )       (1,001 )       (315 )       (272 )       (99 )       (27,283 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    770,798       503,395       256,980       169,374       105,586       43,995       2,851,014
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    27,851,945       19,496,485       9,920,657       6,892,666       4,906,520       2,190,423       33,772,407
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
                         
    (780,612 )       (1,111,151 )       (228,170 )       (383,232 )       (288,336 )       (86,682 )       (20,804,654 )
    (7,870 )       (10,422 )       (4,565 )       (2,146 )       (658 )       (218 )       18,426
    517,384       109,667       117,340       -       426,580       -       (1,028,748 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (271,098 )       (1,011,906 )       (115,395 )       (385,378 )       137,586       (86,900 )       (21,814,976 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    (11,244,222 )       (3,137,483 )       (3,191,900 )       (2,613,407 )       (2,930,013 )       (1,599,821 )       29,467,370
    (1,667 )       59       555       373       38       (12 )       (4,201 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (11,245,889 )       (3,137,424 )       (3,191,345 )       (2,613,034 )       (2,929,975 )       (1,599,833 )       29,463,169
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (11,516,987 )       (4,149,330 )       (3,306,740 )       (2,998,412 )       (2,792,389 )       (1,686,733 )       7,648,193
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 16,334,958     $ 15,347,155     $ 6,613,917     $ 3,894,254     $ 2,114,131     $ 503,690     $ 41,420,600
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

   333   

 

 

 

 


 

Statements of Operations–(continued)

For the year ended August 31, 2023

 

     Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO)
  Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP)
  Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ)
  Invesco
BulletShares
2027 High Yield
Corporate
Bond ETF
(BSJR)

Investment income:

                

Unaffiliated interest income

     $ 33,022,924     $ 40,159,624     $ 16,593,285     $ 5,203,631

Affiliated dividend income

       820,087       435,912       113,317       38,519

Securities lending income, net

       1,533,986       205,676       370,062       66,255
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       35,376,997       40,801,212       17,076,664       5,308,405
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       2,313,149       2,410,549       1,043,735       321,126
    

 

 

     

 

 

     

 

 

     

 

 

 

Less: Waivers

       (17,491 )       (9,438 )       (2,390 )       (819 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       2,295,658       2,401,111       1,041,345       320,307
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       33,081,339       38,400,101       16,035,319       4,988,098
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

       (11,777,317 )       (5,865,078 )       (4,567,160 )       (1,421,408 )

Affiliated investment securities

       (6,042 )       1,598       (164 )       (323 )

In-kind redemptions

       816,238       467,201       (1,107,115 )       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized gain (loss)

       (10,967,121 )       (5,396,279 )       (5,674,439 )       (1,421,731 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

       19,248,362       16,151,590       7,518,602       1,797,997

Affiliated investment securities

       (4,057 )       (2,558 )       (706 )       (330 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation)

       19,244,305       16,149,032       7,517,896       1,797,667
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       8,277,184       10,752,753       1,843,457       375,936
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from operations

     $ 41,358,523     $ 49,152,854     $ 17,878,776     $ 5,364,034
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

 

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

 

   334   

 

 

 

 


 

 

Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS)
 

Invesco
BulletShares
2029 High  Yield
Corporate
Bond ETF
(BSJT)

 

Invesco
BulletShares
2030 High  Yield
Corporate
Bond ETF
(BSJU)(a)

  

Invesco
BulletShares
2023 Municipal
Bond ETF
(BSMN)

  

Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO)

  

Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP)

  

Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ)

                                                                                           
                                                                                           
      $ 2,742,234              $ 965,678              $ 521,553               $ 3,185,413               $ 3,610,076               $ 3,000,918               $ 2,298,872    
        13,595                5,149                2,953                 -                 -                 -                 -    
        22,332                5,174                58                 -                 -                 -                 -    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        2,778,161                976,001                524,564                 3,185,413                 3,610,076                 3,000,918                 2,298,872    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
                                                                                           
        161,601                59,672                28,713                 253,371                 290,193                 236,849                 159,276    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        (300 )                (113 )                (64 )                 -                 -                 -                 -    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        161,301                59,559                28,649                 253,371                 290,193                 236,849                 159,276    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        2,616,860                916,442                495,915                 2,932,042                 3,319,883                 2,764,069                 2,139,596    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
                                                                                           
                                                                                           
        (865,373 )                (220,880 )                (68,303 )                 (16,425 )                 (35,194 )                 (296,759 )                 (251,703 )    
        171                (12 )                -                 -                 -                 -                 -    
        -                (53,897 )                -                 (130,211 )                 -                 -                 -    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        (865,202 )                (274,789 )                (68,303 )                 (146,636 )                 (35,194 )                 (296,759 )                 (251,703 )    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
                                                                                           
        639,529                220,036                15,783                 751,360                 (191,761 )                 (526,414 )                 (569,644 )    
        (134 )                (19 )                -                 -                 -                 -                 -    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        639,395                220,017                15,783                 751,360                 (191,761 )                 (526,414 )                 (569,644 )    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
        (225,807 )                (54,772 )                (52,520 )                 604,724                 (226,955 )                 (823,173 )                 (821,347 )    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

               

 

 

               

 

 

     
      $ 2,391,053              $ 861,670              $ 443,395               $ 3,536,766               $ 3,092,928               $ 1,940,896               $ 1,318,249    
     

 

 

              

 

 

              

 

 

               

 

 

               

 

 

          

 

 

      

 

 

               

 

 

     

 

   335   

 

 

 

 


 

Statements of Operations–(continued)

For the year ended August 31, 2023

 

     Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR)
  Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS)
  Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT)
  Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU)

Investment income:

                

Interest income

     $ 1,903,676     $ 1,444,832     $ 1,092,252     $ 1,048,150
    

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

       1,903,676       1,444,832       1,092,252       1,048,150
    

 

 

     

 

 

     

 

 

     

 

 

 

Expenses:

                

Unitary management fees

       123,854       97,053       72,584       66,043
    

 

 

     

 

 

     

 

 

     

 

 

 

Net expenses

       123,854       97,053       72,584       66,043
    

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

       1,779,822       1,347,779       1,019,668       982,107
    

 

 

     

 

 

     

 

 

     

 

 

 

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from unaffiliated investments

       (13,991 )       (251,344 )       (251,014 )       (371,718 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities

       (469,520 )       (56,364 )       (5,521 )       (285,726 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

       (483,511 )       (307,708 )       (256,535 )       (657,444 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     $ 1,296,311     $ 1,040,071     $ 763,133     $ 324,663
    

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

 

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

 

   336   

 

 

 

 


 

 

Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV)
  Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW)(a)
     
  $ 501,161     $ 147,470
 

 

 

     

 

 

 
    501,161       147,470
 

 

 

     

 

 

 
     
    32,346       7,727
 

 

 

     

 

 

 
    32,346       7,727
 

 

 

     

 

 

 
    468,815       139,743
 

 

 

     

 

 

 
     
    (75,360 )       156
 

 

 

     

 

 

 
     
    (359,114 )       (371,433 )
 

 

 

     

 

 

 
    (434,474 )       (371,277 )
 

 

 

     

 

 

 
  $ 34,341     $ (231,534 )
 

 

 

     

 

 

 

 

   337   

 

 

 

 


 

Statements of Changes in Net Assets

For the years ended August 31, 2023 and 2022

 

     Invesco BulletShares 2023
Corporate Bond ETF (BSCN)
  Invesco BulletShares 2024
Corporate Bond ETF (BSCO)
     2023   2022   2023   2022

Operations:

                

Net investment income

     $ 70,225,185     $ 31,662,160     $ 105,422,754     $ 43,331,147

Net realized gain (loss)

       (991,404 )       582,904       (4,000,249 )       (3,778,907 )

Change in net unrealized appreciation (depreciation)

       33,390,589       (74,338,444 )       6,133,424       (135,305,391 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       102,624,370       (42,093,380 )       107,555,929       (95,753,151 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings.

       (68,135,418 )       (37,787,625 )       (105,337,424 )       (45,949,587 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       455,392,448       539,242,118       1,017,392,174       1,893,989,566

Value of shares repurchased

       (721,718,419 )       (76,260,378 )       (426,454,622 )       (84,849,119 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       (266,325,971 )       462,981,740       590,937,552       1,809,140,447
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       (231,837,019 )       383,100,735       593,156,057       1,667,437,709
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of year

       2,488,331,080       2,105,230,345       3,299,475,527       1,632,037,818
    

 

 

     

 

 

     

 

 

     

 

 

 

End of year

     $ 2,256,494,061     $ 2,488,331,080     $ 3,892,631,584     $ 3,299,475,527
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       21,750,000       25,350,000       49,650,000       89,850,000

Shares repurchased

       (34,200,000 )       (3,600,000 )       (20,700,000 )       (4,050,000 )

Shares outstanding, beginning of year

       118,800,000       97,050,000       159,450,000       73,650,000
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

       106,350,000       118,800,000       188,400,000       159,450,000
    

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

   338   

 

 

 

 


 

 

Invesco BulletShares 2025
Corporate Bond ETF (BSCP)
  Invesco BulletShares 2026
Corporate Bond ETF (BSCQ)
  Invesco BulletShares 2027
Corporate Bond ETF (BSCR)
  Invesco BulletShares 2028
Corporate Bond ETF (BSCS)
2023   2022   2023   2022   2023   2022   2023   2022
                             
  $ 73,240,881     $ 24,392,663     $ 56,225,144     $ 17,875,906     $ 27,851,945     $ 9,147,165     $ 19,496,485     $ 5,348,625
    (1,302,949 )       (1,979,894 )       (1,251,892 )       (487,218 )       (271,098 )       83,696       (1,011,906 )       (430,227 )
    (17,256,884 )       (103,464,527 )       (17,780,727 )       (88,801,017 )       (11,245,889 )       (50,909,214 )       (3,137,424 )       (34,773,113 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    54,681,048       (81,051,758 )       37,192,525       (71,412,329 )       16,334,958       (41,678,353 )       15,347,155       (29,854,715 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                             
    (73,303,310 )       (26,353,632 )       (56,153,843 )       (17,893,415 )       (28,023,135 )       (9,217,189 )       (19,483,490 )       (5,392,141 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                             
    1,382,472,822       717,998,538       882,847,921       812,928,433       623,350,968       192,035,822       454,080,011       82,775,900
    (181,329,404 )       (3,059,546 )       (59,933,094 )       (124,053,130 )       (28,683,552 )       (14,911,677 )       (2,969,517 )       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    1,201,143,418       714,938,992       822,914,827       688,875,303       594,667,416       177,124,145       451,110,494       82,775,900
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    1,182,521,156       607,533,602       803,953,509       599,569,559       582,979,239       126,228,603       446,974,159       47,529,044
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                             
    1,664,398,326       1,056,864,724       1,178,454,676       578,885,117       479,526,562       353,297,959       273,454,341       225,925,297
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 2,846,919,482     $ 1,664,398,326     $ 1,982,408,185     $ 1,178,454,676     $ 1,062,505,801     $ 479,526,562     $ 720,428,500     $ 273,454,341
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                             
    68,550,000       34,350,000       46,650,000       40,650,000       32,700,000       9,450,000       23,100,000       3,900,000
    (9,000,000 )       (150,000 )       (3,150,000 )       (6,300,000 )       (1,500,000 )       (750,000 )       (150,000 )       -
    81,600,000       47,400,000       61,200,000       26,850,000       24,750,000       16,050,000       13,650,001       9,750,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    141,150,000       81,600,000       104,700,000       61,200,000       55,950,000       24,750,000       36,600,001       13,650,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

   339   

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022

 

     Invesco BulletShares 2029
Corporate Bond ETF (BSCT)
  Invesco BulletShares 2030
Corporate Bond ETF (BSCU)
     2023   2022   2023   2022

Operations:

                

Net investment income

     $ 9,920,657     $ 2,841,478     $ 6,892,666     $ 1,596,184

Net realized gain (loss)

       (115,395 )       (1,040,126 )       (385,378 )       (183,411 )

Change in net unrealized appreciation (depreciation)

       (3,191,345 )       (20,589,075 )       (2,613,034 )       (12,301,573 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       6,613,917       (18,787,723 )       3,894,254       (10,888,800 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (9,894,400 )       (2,861,504 )       (6,959,857 )       (1,543,157 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       277,316,876       52,115,317       159,096,524       87,105,399

Value of shares repurchased

       (7,978,199 )       (14,213,573 )       -       -
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       269,338,677       37,901,744       159,096,524       87,105,399
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       266,058,194       16,252,517       156,030,921       74,673,442
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of year

       128,461,537       112,209,020       101,364,768       26,691,326
    

 

 

     

 

 

     

 

 

     

 

 

 

End of year

     $ 394,519,731     $ 128,461,537     $ 257,395,689     $ 101,364,768
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       15,450,000       2,550,000       9,900,000       4,800,000

Shares repurchased

       (450,000 )       (750,000 )       -       -

Shares outstanding, beginning of year

       7,050,001       5,250,001       6,150,001       1,350,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

       22,050,001       7,050,001       16,050,001       6,150,001
    

 

 

     

 

 

     

 

 

     

 

 

 

(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

(b) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

 

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

 

   340   

 

 

 

 


 

 

Invesco BulletShares 2031
Corporate Bond ETF (BSCV)
  Invesco BulletShares 2032
Corporate Bond ETF (BSCW)
  Invesco
BulletShares
2023 High Yield
Corporate Bond ETF (BSJN)
  Invesco
BulletShares
2024 High Yield
Corporate Bond ETF (BSJO)
2023   2022(a)   2023(b)   2023   2022   2023   2022
                         
  $ 4,906,520     $ 500,915     $ 2,190,423     $ 33,772,407     $ 25,202,258     $ 33,081,339     $ 18,950,399
    137,586       (11,528 )       (86,900 )       (21,814,976 )       (23,366,965 )       (10,967,121 )       (25,566,209 )
    (2,929,975 )       (4,110,518 )       (1,599,833 )       29,463,169       (38,781,890 )       19,244,305       (31,679,438 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    2,114,131       (3,621,131 )       503,690       41,420,600       (36,946,597 )       41,358,523       (38,295,248 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    (4,917,628 )       (497,473 )       (2,192,792 )       (34,524,698 )       (24,466,310 )       (33,430,307 )       (18,591,105 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    164,738,275       43,387,217       147,541,251       142,585,276       334,867,605       272,660,037       296,465,790
    (7,219,590 )       -       (2,834,641 )       (312,251,563 )       (254,596,094 )       (109,449,136 )       (121,652,218 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    157,518,685       43,387,217       144,706,610       (169,666,287 )       80,271,511       163,210,901       174,813,572
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    154,715,188       39,268,613       143,017,508       (162,770,385 )       18,858,604       171,139,117       117,927,219
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    39,268,613       -       -       696,626,916       677,768,312       481,781,761       363,854,542
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 193,983,801     $ 39,268,613     $ 143,017,508     $ 533,856,531     $ 696,626,916     $ 652,920,878     $ 481,781,761
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    10,350,000       2,400,001       7,350,001       6,100,000       13,800,000       12,200,000       12,600,000
    (450,000 )       -       (150,000 )       (13,300,000 )       (10,600,000 )       (4,900,000 )       (5,400,000 )
    2,400,001       -       -       29,900,000       26,700,000       21,700,000       14,500,000
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    12,300,001       2,400,001       7,200,001       22,700,000       29,900,000       29,000,000       21,700,000
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

   341   

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022

 

     Invesco
BulletShares
2025 High Yield
Corporate Bond ETF (BSJP)
  Invesco
BulletShares
2026 High Yield
Corporate Bond ETF (BSJQ)
     2023   2022   2023   2022

Operations:

                

Net investment income

     $ 38,400,101     $ 15,763,276     $ 16,035,319     $ 7,895,552

Net realized gain (loss)

       (5,396,279 )       (5,201,851 )       (5,674,439 )       (2,594,718 )

Change in net unrealized appreciation (depreciation)

       16,149,032       (27,991,796 )       7,517,896       (18,035,349 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       49,152,854       (17,430,371 )       17,878,776       (12,734,515 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (37,484,424 )       (15,661,665 )       (16,049,115 )       (7,842,075 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       764,101,499       200,113,063       127,337,268       164,423,468

Value of shares repurchased

       (40,099,794 )       (59,529,955 )       (15,796,746 )       (68,785,831 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       724,001,705       140,583,108       111,540,522       95,637,637
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets

       735,670,135       107,491,072       113,370,183       75,061,047
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of year

       400,386,227       292,895,155       190,828,850       115,767,803
    

 

 

     

 

 

     

 

 

     

 

 

 

End of year

     $ 1,136,056,362     $ 400,386,227     $ 304,199,033     $ 190,828,850
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       34,100,000       8,600,000       5,600,000       6,800,000

Shares repurchased

       (1,800,000 )       (2,600,000 )       (700,000 )       (2,900,000 )

Shares outstanding, beginning of year

       17,900,000       11,900,000       8,400,001       4,500,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

       50,200,000       17,900,000       13,300,001       8,400,001
    

 

 

     

 

 

     

 

 

     

 

 

 

(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

(b) For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

 

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

 

   342   

 

 

 

 


 

 

Invesco
BulletShares
2027 High Yield
Corporate Bond ETF (BSJR)
  Invesco
BulletShares
2028 High Yield
Corporate Bond ETF (BSJS)
  Invesco
BulletShares
2029 High Yield
Corporate Bond ETF (BSJT)
  Invesco
BulletShares
2030 High Yield
Corporate Bond ETF (BSJU)
2023   2022   2023   2022   2023   2022(a)   2023(b)
                         
  $ 4,988,098     $ 2,089,010     $ 2,616,860     $ 950,471     $ 916,442     $ 409,826     $ 495,915
    (1,421,731 )       (1,708,704 )       (865,202 )       (174,696 )       (274,789 )       (286,994 )       (68,303 )
    1,797,667       (5,627,068 )       639,395       (3,295,823 )       220,017       (1,471,881 )       15,783
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    5,364,034       (5,246,762 )       2,391,053       (2,520,048 )       861,670       (1,349,049 )       443,395
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    (4,974,891 )       (2,291,447 )       (2,606,497 )       (1,017,390 )       (911,111 )       (414,289 )       (496,088 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    60,538,932       46,007,122       41,934,639       24,854,397       14,176,869       16,537,165       12,397,172
    -       (36,597,116 )       -       (13,344,911 )       (1,979,925 )       (6,591,797 )       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    60,538,932       9,410,006       41,934,639       11,509,486       12,196,944       9,945,368       12,397,172
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    60,928,075       1,871,797       41,719,195       7,972,048       12,147,503       8,182,030       12,344,479
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    45,380,297       43,508,500       23,319,155       15,347,107       8,182,030       -       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 106,308,372     $ 45,380,297     $ 65,038,350     $ 23,319,155     $ 20,329,533     $ 8,182,030     $ 12,344,479
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                         
    2,800,000       2,000,000       2,000,000       1,100,000       700,000       700,001       500,001
    -       (1,600,000 )       -       (600,000 )       (100,000 )       (300,000 )       -
    2,100,001       1,700,001       1,100,001       600,001       400,001       -       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    4,900,001       2,100,001       3,100,001       1,100,001       1,000,001       400,001       500,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

   343   

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022

 

     Invesco
BulletShares
2023 Municipal
Bond ETF (BSMN)
  Invesco
BulletShares
2024 Municipal
Bond ETF (BSMO)
     2023   2022   2023   2022

Operations:

                

Net investment income

     $ 2,932,042     $ 371,043     $ 3,319,883     $ 467,336

Net realized gain (loss)

       (146,636 )       (1,529 )       (35,194 )       (9,713 )

Change in net unrealized appreciation (depreciation)

       751,360       (1,224,223 )       (191,761 )       (2,044,958 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       3,536,766       (854,709 )       3,092,928       (1,587,335 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (2,985,406 )       (303,153 )       (3,395,614 )       (354,891 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       72,505,261       60,292,358       101,050,182       59,772,394

Value of shares repurchased

       (27,605,327 )       -       -       -

Transaction fees

       181,263       150,731       252,625       149,431
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       45,081,197       60,443,089       101,302,807       59,921,825
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets

       45,632,557       59,285,227       101,000,121       57,979,599
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of year

       95,145,316       35,860,089       94,085,777       36,106,178
    

 

 

     

 

 

     

 

 

     

 

 

 

End of year.

     $ 140,777,873     $ 95,145,316     $ 195,085,898     $ 94,085,777
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       2,900,000       2,400,000       4,100,000       2,400,000

Shares repurchased

       (1,100,000 )       -       -       -

Shares outstanding, beginning of year

       3,800,001       1,400,001       3,800,001       1,400,001
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

       5,600,001       3,800,001       7,900,001       3,800,001
    

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

   344   

 

 

 

 


 

 

Invesco
BulletShares
2025 Municipal
Bond ETF (BSMP)
       Invesco
BulletShares
2026 Municipal
Bond ETF (BSMQ)
       Invesco
BulletShares
2027 Municipal
Bond ETF (BSMR)
       Invesco
BulletShares
2028 Municipal
Bond ETF (BSMS)
2023   2022        2023   2022        2023   2022        2023   2022
                                            
  $ 2,764,069     $ 505,448          $ 2,139,596     $ 418,755          $ 1,779,822     $ 250,611          $ 1,347,779     $ 272,732
    (296,759 )       (39,891 )            (251,703 )       (213,595 )            (13,991 )       3,202            (251,344 )       (194,358 )
    (526,414 )       (3,191,154 )            (569,644 )       (2,591,519 )            (469,520 )       (1,828,206 )            (56,364 )       (2,338,971 )
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
    1,940,896       (2,725,597 )            1,318,249       (2,386,359 )            1,296,311       (1,574,393 )            1,040,071       (2,260,597 )
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
                                            
    (2,772,968 )       (493,252 )            (2,174,116 )       (388,496 )            (1,774,812 )       (240,954 )            (1,345,331 )       (296,320 )
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
                                            
    91,981,102       39,618,160            72,368,765       21,770,235            65,296,405       9,570,573            48,379,989       5,072,845
    -       -            -       -            -       -            -       -
    229,953       99,045            180,922       54,426            163,241       23,926            120,950       6,473
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
    92,211,055       39,717,205            72,549,687       21,824,661            65,459,646       9,594,499            48,500,939       5,079,318
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
    91,378,983       36,498,356            71,693,820       19,049,806            64,981,145       7,779,152            48,195,679       2,522,401
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
                                            
    75,530,372       39,032,016            42,441,010       23,391,204            25,918,665       18,139,513            20,941,721       18,419,320
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
  $ 166,909,355     $ 75,530,372          $ 114,134,830     $ 42,441,010          $ 90,899,810     $ 25,918,665          $ 69,137,400     $ 20,941,721
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
                                            
    3,800,000       1,600,000            3,100,000       900,000            2,800,000       400,000            2,100,000       200,000
    -       -            -       -            -       -            -       -
    3,100,001       1,500,001            1,800,001       900,001            1,100,001       700,001            900,001       700,001
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 
    6,900,001       3,100,001            4,900,001       1,800,001            3,900,001       1,100,001            3,000,001       900,001
 

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

          

 

 

     

 

 

 

 

   345   

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2023 and 2022

 

     Invesco
BulletShares
2029 Municipal
Bond ETF (BSMT)
       Invesco
BulletShares
2030 Municipal
Bond ETF (BSMU)
     2023   2022        2023   2022

Operations:

                     

Net investment income

     $ 1,019,668     $ 252,159          $ 982,107     $ 236,260

Net realized gain (loss)

       (251,014 )       (347,797 )            (371,718 )       (683,550 )

Change in net unrealized appreciation (depreciation)

       (5,521 )       (1,972,703 )            (285,726 )       (1,529,268 )
    

 

 

     

 

 

          

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       763,133       (2,068,341 )            324,663       (1,976,558 )
    

 

 

     

 

 

          

 

 

     

 

 

 

Distributions to Shareholders from:

                     

Distributable earnings

       (1,015,265 )       (250,501 )            (982,991 )       (226,881 )
    

 

 

     

 

 

          

 

 

     

 

 

 

Shareholder Transactions:

                     

Proceeds from shares sold

       29,480,296       4,909,723            28,348,103       18,351,538

Transaction fees

       73,701       12,274            70,870       45,879
    

 

 

     

 

 

          

 

 

     

 

 

 

Net increase in net assets resulting from share transactions

       29,553,997       4,921,997            28,418,973       18,397,417
    

 

 

     

 

 

          

 

 

     

 

 

 

Net increase in net assets

       29,301,865       2,603,155            27,760,645       16,193,978
    

 

 

     

 

 

          

 

 

     

 

 

 

Net assets:

                     

Beginning of year

       18,314,169       15,711,014            23,878,248       7,684,270
    

 

 

     

 

 

          

 

 

     

 

 

 

End of year

     $ 47,616,034     $ 18,314,169          $ 51,638,893     $ 23,878,248
    

 

 

     

 

 

          

 

 

     

 

 

 

Changes in Shares Outstanding:

                     

Shares sold

       1,300,000       200,000            1,300,000       800,000

Shares outstanding, beginning of year

       800,001       600,001            1,100,001       300,001
    

 

 

     

 

 

          

 

 

     

 

 

 

Shares outstanding, end of year

       2,100,001       800,001            2,400,001       1,100,001
    

 

 

     

 

 

          

 

 

     

 

 

 

(a) For the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

(b) For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

 

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

 

   346   

 

 

 

 


 

 

Invesco
BulletShares
2031 Municipal
Bond ETF (BSMV)
  Invesco
BulletShares
2032 Municipal
Bond ETF (BSMW)
2023   2022(a)   2023(b)
         
  $ 468,815     $ 157,617     $ 139,743
    (75,360 )       (832,344 )       156
    (359,114 )       (818,669 )       (371,433 )
 

 

 

     

 

 

     

 

 

 
    34,341       (1,493,396 )       (231,534 )
 

 

 

     

 

 

     

 

 

 
         
    (473,004 )       (153,624 )       (142,431 )
 

 

 

     

 

 

     

 

 

 
         
    16,906,619       14,057,456       20,171,154
    42,267       22,644       37,928
 

 

 

     

 

 

     

 

 

 
    16,948,886       14,080,100       20,209,082
 

 

 

     

 

 

     

 

 

 
    16,510,223       12,433,080       19,835,117
 

 

 

     

 

 

     

 

 

 
         
    12,433,080       -       -
 

 

 

     

 

 

     

 

 

 
  $ 28,943,303     $ 12,433,080     $ 19,835,117
 

 

 

     

 

 

     

 

 

 
         
    800,000       600,001       800,001
    600,001       -       -
 

 

 

     

 

 

     

 

 

 
    1,400,001       600,001       800,001
 

 

 

     

 

 

     

 

 

 

 

   347   

 

 

 

 


 

Financial Highlights

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 20.95     $ 21.69     $ 21.86     $ 21.30     $ 20.27  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.57       0.29       0.38       0.56       0.64  

Net realized and unrealized gain (loss) on investments

     0.27       (0.68     (0.16     0.57       1.03  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.84       (0.39     0.22       1.13       1.67  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.57     (0.29     (0.39     (0.57     (0.64

Net realized gains

     -       (0.06     (0.00 )(b)      (0.00 )(b)      (0.00 )(b) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.57     (0.35     (0.39     (0.57     (0.64
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 21.22     $ 20.95     $ 21.69     $ 21.86     $ 21.30  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 21.22     $ 20.94     $ 21.71     $ 21.88     $ 21.35  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     4.04     (1.81 )%      1.01     5.43     8.44

Market Price Total Return(d)

     4.09     (1.95 )%      1.02     5.28     8.47

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 2,256,494     $ 2,488,331     $ 2,105,230     $ 1,341,078     $ 824,159  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.09     0.10     0.10     0.10     0.10

Expenses, prior to Waivers

     0.10     0.10     0.10     0.10     0.10

Net investment income

     2.72     1.37     1.75     2.63     3.11

Portfolio turnover rate(e)

     4     16     12     9     6

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

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

 

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

 

   348   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 20.69     $ 22.16     $ 22.26     $ 21.44     $ 20.15  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.57       0.41       0.44       0.58       0.68  

Net realized and unrealized gain (loss) on investments

     (0.03 )(b)      (1.45     (0.09     0.83       1.30  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.54       (1.04     0.35       1.41       1.98  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.57     (0.39     (0.45     (0.59     (0.69

Net realized gains

     -       (0.04     -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.57     (0.43     (0.45     (0.59     (0.69
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 20.66     $ 20.69     $ 22.16     $ 22.26     $ 21.44  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 20.67     $ 20.67     $ 22.18     $ 22.28     $ 21.50  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     2.67     (4.76 )%      1.59     6.72     10.08

Market Price Total Return(d)

     2.81     (4.93 )%      1.59     6.51     10.11

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 3,892,632     $ 3,299,476     $ 1,632,038     $ 1,085,251     $ 575,698  

Ratio to average net assets of:

          

Expenses

     0.10     0.10     0.10     0.10     0.10

Net investment income

     2.79     1.93     2.00     2.70     3.29

Portfolio turnover rate(e)

     3     11     7     6     5

 

(a) 

Based on average shares outstanding.

(b) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

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

 

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

 

   349   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 20.40     $ 22.30     $ 22.44     $ 21.41     $ 19.89  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.64       0.41       0.41       0.60       0.70  

Net realized and unrealized gain (loss) on investments

     (0.25     (1.88     (0.13     1.05       1.51  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.39       (1.47     0.28       1.65       2.21  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.62     (0.39     (0.42     (0.62     (0.69

Net realized gains

     -       (0.04     -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.62     (0.43     (0.42     (0.62     (0.69
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 20.17     $ 20.40     $ 22.30     $ 22.44     $ 21.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 20.18     $ 20.37     $ 22.31     $ 22.45     $ 21.44  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     1.99     (6.63 )%      1.25     7.86     11.39

Market Price Total Return(c)

     2.19     (6.81 )%      1.25     7.75     11.14

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 2,846,919     $ 1,664,398     $ 1,056,865     $ 632,834     $ 311,561  

Ratio to average net assets of:

          

Expenses

     0.10     0.10     0.10     0.10     0.10

Net investment income

     3.20     1.93     1.85     2.77     3.42

Portfolio turnover rate(d)

     1     10     8     9     3

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

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

 

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

 

   350   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 19.26     $ 21.56     $ 21.75     $ 20.57     $ 18.84  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.65       0.43       0.43       0.57       0.66  

Net realized and unrealized gain (loss) on investments

     (0.34     (2.31     (0.18     1.20       1.71  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.31       (1.88     0.25       1.77       2.37  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.64     (0.42     (0.44     (0.58     (0.66

Net realized gains

     -       (0.00 )(b)      -       (0.02     (0.00 )(b) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.64     (0.42     (0.44     (0.60     (0.66
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.01       0.02  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 18.93     $ 19.26     $ 21.56     $ 21.75     $ 20.57  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 18.94     $ 19.21     $ 21.58     $ 21.78     $ 20.62  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     1.64     (8.79 )%      1.16     8.85     13.05

Market Price Total Return(d)

     1.95     (9.11 )%      1.11     8.73     13.07

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 1,982,408     $ 1,178,455     $ 578,885     $ 293,682     $ 132,679  

Ratio to average net assets of:

          

Expenses

     0.10     0.10     0.10     0.10     0.10

Net investment income

     3.42     2.17     2.01     2.76     3.42

Portfolio turnover rate(e)

     1     4     2     7     4

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

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

 

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

 

   351   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 19.37     $ 22.01     $ 22.06     $ 20.99     $ 19.13  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.68       0.46       0.47       0.60       0.71  

Net realized and unrealized gain (loss) on investments

     (0.39     (2.64     (0.05     1.08       1.84  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.29       (2.18     0.42       1.68       2.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.66     (0.45     (0.47     (0.61     (0.72

Net realized gains

     (0.01     (0.01     -       (0.01     -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.67     (0.46     (0.47     (0.62     (0.72
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.01       0.03  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 18.99     $ 19.37     $ 22.01     $ 22.06     $ 20.99  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 19.00     $ 19.29     $ 22.04     $ 22.07     $ 21.05  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     1.53     (9.99 )%      1.94     8.25     13.87

Market Price Total Return(c)

     2.01     (10.48 )%      2.04     7.98     14.01

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 1,062,506     $ 479,527     $ 353,298     $ 231,616     $ 72,410  

Ratio to average net assets of:

          

Expenses

     0.10     0.10     0.10     0.10     0.11 %(d) 

Net investment income

     3.60     2.26     2.15     2.83     3.64 %(d) 

Portfolio turnover rate(e)

     1     4     2     7     3

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(e) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 20.03     $ 23.17     $ 23.25     $ 22.11     $ 20.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.76       0.47       0.52       0.64       0.77  

Net realized and unrealized gain (loss) on investments

     (0.38     (3.13     (0.09 )(b)      1.12       1.97  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.38       (2.66     0.43       1.76       2.74  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.73     (0.47     (0.51     (0.65     (0.76

Net realized gains

     -       (0.01     -       (0.00 )(c)      -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.73     (0.48     (0.51     (0.65     (0.76
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.03       0.07  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 19.68     $ 20.03     $ 23.17     $ 23.25     $ 22.11  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(d)

   $ 19.69     $ 19.96     $ 23.18     $ 23.25     $ 22.17  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

     1.97     (11.62 )%      1.90     8.33     14.38

Market Price Total Return(e)

     2.38     (11.96 )%      1.95     8.03     14.51

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 720,429     $ 273,454     $ 225,925     $ 129,018     $ 36,483  

Ratio to average net assets of:

          

Expenses

     0.10     0.10     0.10     0.10     0.12 %(f) 

Net investment income

     3.86     2.20     2.24     2.89     3.74 %(f) 

Portfolio turnover rate(g)

     1     7     2     3     1

 

(a) 

Based on average shares outstanding.

(b) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(g) 

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

 

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

 

   353   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

 

 

     Years Ended August 31,    

For the Period
September 10, 2019(a)

Through
August 31,

 
     2023     2022     2021     2020  

Per Share Operating Performance:

             

Net asset value at beginning of period

   $ 18.22     $ 21.37     $ 21.51               $ 20.00        
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.69       0.43       0.42          0.51    

Net realized and unrealized gain (loss) on investments

     (0.38     (3.15     (0.14        1.47    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.31       (2.72     0.28          1.98    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.64     (0.43     (0.42        (0.51  

Net realized gains

     -       (0.00 )(c)      -          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total distributions

     (0.64     (0.43     (0.42        (0.51  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     -       -       -          0.04    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 17.89     $ 18.22     $ 21.37        $ 21.51    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(d)

   $ 17.90     $ 18.14     $ 21.39        $ 21.51    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(e)

     1.79     (12.84 )%      1.31        10.29 %(f)   

Market Price Total Return(e)

     2.29     (13.30 )%      1.41        10.28 %(f)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 394,520     $ 128,462     $ 112,209        $ 25,815    

Ratio to average net assets of:

             

Expenses

     0.10     0.10     0.10        0.10 %(g)   

Net investment income

     3.85     2.19     1.98        2.55 %(g)   

Portfolio turnover rate(h)

     1     6     0 %(i)         1  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.

(g) 

Annualized.

(h) 

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

(i) 

Amount represents less than 0.5%.

 

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

 

   354   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

 

 

            Years Ended August 31,     For the Period
September 14, 2020(a)
Through
August 31,
 
            2023            2022     2021  

Per Share Operating Performance:

                 

Net asset value at beginning of period

      $ 16.48        $ 19.77               $ 20.00        
     

 

 

      

 

 

      

 

 

   

Net investment income(b)

               0.65          0.45          0.36    

Net realized and unrealized gain (loss) on investments

        (0.45        (3.32        (0.27  
     

 

 

      

 

 

      

 

 

   

Total from investment operations

        0.20          (2.87        0.09    
     

 

 

      

 

 

      

 

 

   

Distributions to shareholders from:

                 

Net investment income

        (0.64        (0.42        (0.32  
     

 

 

      

 

 

      

 

 

   

Net asset value at end of period

      $ 16.04        $ 16.48        $ 19.77    
     

 

 

      

 

 

      

 

 

   

Market price at end of period(c)

      $ 16.03        $ 16.38        $ 19.79    
     

 

 

      

 

 

      

 

 

   

Net Asset Value Total Return(d)

        1.27        (14.67 )%         0.45 %(e)   

Market Price Total Return(d)

        1.82        (15.27 )%         0.55 %(e)   

Ratios/Supplemental Data:

                 

Net assets at end of period (000’s omitted)

      $ 257,396        $ 101,365        $ 26,691    

Ratio to average net assets of:

                 

Expenses

        0.10        0.10        0.10 %(f)   

Net investment income

        4.06        2.60        1.89 %(f)   

Portfolio turnover rate(g)

        0        3        3  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

 

 

     Year Ended August  31,
2023
            For the Period
September 13,  2021(a)
Through

August 31,
2022
 

Per Share Operating Performance:

                  

Net asset value at beginning of period

              $ 16.36                            $ 20.00        
     

 

 

            

 

 

   

Net investment income(b)

        0.73                0.47    

Net realized and unrealized gain (loss) on investments

        (0.62              (3.68  
     

 

 

            

 

 

   

Total from investment operations

        0.11                (3.21  
     

 

 

            

 

 

   

Distributions to shareholders from:

                  

Net investment income

        (0.70              (0.43  
     

 

 

            

 

 

   

Net asset value at end of period

      $ 15.77              $ 16.36    
     

 

 

            

 

 

   

Market price at end of period(c)

      $ 15.77              $ 16.30    
     

 

 

            

 

 

   

Net Asset Value Total Return(d)

        0.73              (16.17 )%(e)   

Market Price Total Return(d)

        1.10              (16.48 )%(e)   

Ratios/Supplemental Data:

                  

Net assets at end of period (000’s omitted)

      $ 193,984              $ 39,269    

Ratio to average net assets of:

                  

Expenses

        0.10              0.10 %(f)   

Net investment income

        4.63              2.81 %(f)   

Portfolio turnover rate(g)

        0              1  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

 

 

    

For the Period

September 6, 2022(a)

Through

August 31,

    2023    

 

Per Share Operating Performance:

                  

Net asset value at beginning of period

      $ 20.00    
     

 

 

   

Net investment income(b)

        0.99    

Net realized and unrealized gain (loss) on investments

        (0.25  
     

 

 

   

Total from investment operations

        0.74    
     

 

 

   

Distributions to shareholders from:

       

Net investment income

        (0.88  
     

 

 

   

Net asset value at end of period

      $ 19.86    
     

 

 

   

Market price at end of period(c)

      $ 19.86    
     

 

 

   

Net Asset Value Total Return(d)

        3.74 %(e)   

Market Price Total Return(d)

        3.75 %(e)   

Ratios/Supplemental Data:

       

Net assets at end of period (000’s omitted)

      $ 143,018    

Ratio to average net assets of:

       

Expenses

        0.10 %(f)   

Net investment income

        5.08 %(f)   

Portfolio turnover rate(g)

        7  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%.

(f) 

Annualized.

(g) 

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

 

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

 

   357   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 23.30     $ 25.38     $ 24.83     $ 25.92     $ 26.14  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     1.15       0.87       1.00       1.26       1.45  

Net realized and unrealized gain (loss) on investments

     0.25       (2.11     0.57       (1.09     (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.40       (1.24     1.57       0.17       1.23  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (1.18     (0.84     (1.02     (1.27     (1.47

Net realized gains

     -       -       -       -       (0.02
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (1.18     (0.84     (1.02     (1.27     (1.49
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.01       0.04  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 23.52     $ 23.30     $ 25.38     $ 24.83     $ 25.92  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 23.53     $ 23.26     $ 25.38     $ 24.81     $ 25.98  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     6.16     (4.95 )%      6.43     0.84     5.06

Market Price Total Return(c)

     6.39     (5.11 )%      6.51     0.54     4.97

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 533,857     $ 696,627     $ 677,768     $ 389,907     $ 243,691  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.42     0.42     0.42 %(d)      0.41     0.42

Expenses, prior to Waivers

     0.42     0.42     0.42 %(d)      0.42  

Net investment income

     4.93     3.55     3.97     5.10     5.64

Portfolio turnover rate(e)

     67     48     39     47     19

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(e) 

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

 

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

 

   358   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

 

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 22.20     $ 25.09     $ 24.34     $ 25.20     $ 24.85  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     1.34       1.00       1.06       1.17       1.34  

Net realized and unrealized gain (loss) on investments

     0.31       (2.91     0.75       (0.87     0.39  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.65       (1.91     1.81       0.30       1.73  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (1.34     (0.98     (1.06     (1.18     (1.37

Net realized gains

     -       -       -       -       (0.05
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (1.34     (0.98     (1.06     (1.18     (1.42
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.02       0.04  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 22.51     $ 22.20     $ 25.09     $ 24.34     $ 25.20  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 22.54     $ 22.14     $ 25.10     $ 24.34     $ 25.22  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     7.70     (7.76 )%      7.60     1.45     7.44

Market Price Total Return(c)

     8.13     (8.04 )%      7.64     1.38     7.22

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 652,921     $ 481,782     $ 363,855     $ 175,241     $ 98,261  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.42     0.42     0.42     0.42     0.42 %(d) 

Expenses, prior to Waivers

     0.42     0.42     0.42     0.42     0.43 %(d) 

Net investment income

     6.01     4.24     4.26     4.84     5.43 %(d) 

Portfolio turnover rate(e)

     78     58     52     34     22

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(e) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

 

     Years Ended August 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 22.37     $ 24.61     $ 23.77     $ 24.48     $ 24.28  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     1.49       1.10       1.10       1.27       1.43  

Net realized and unrealized gain (loss) on investments

     0.19       (2.26     0.85       (0.71     0.15  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.68       (1.16     1.95       0.56       1.58  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (1.42     (1.08     (1.11     (1.29     (1.43
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     -       -       -       0.02       0.05  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 22.63     $ 22.37     $ 24.61     $ 23.77     $ 24.48  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 22.67     $ 22.28     $ 24.63     $ 23.74     $ 24.53  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     7.79     (4.84 )%      8.37     2.58     7.06

Market Price Total Return(c)

     8.41     (5.29 )%      8.60     2.26     7.15

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 1,136,056     $ 400,386     $ 292,895     $ 130,753     $ 75,879  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.42     0.42     0.42     0.42     0.42 %(d) 

Expenses, prior to Waivers

     0.42     0.42     0.42     0.42     0.43 %(d) 

Net investment income

     6.69     4.66     4.52     5.42     5.98 %(d) 

Portfolio turnover rate(e)

     33     42     57     26     14

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(e) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

 

     Years Ended August 31,
     2023   2022   2021   2020   2019

Per Share Operating Performance:

                    

Net asset value at beginning of year

     $ 22.72     $ 25.73     $ 24.93     $ 25.70     $ 25.14
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

       1.46       1.18       1.12       1.24       1.45

Net realized and unrealized gain (loss) on investments

       0.13       (3.02 )       0.80       (0.74 )       0.51
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       1.59       (1.84 )       1.92       0.50       1.96
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                    

Net investment income

       (1.44 )       (1.17 )       (1.12 )       (1.28 )       (1.51 )

Net realized gains

       -       -       -       (0.02 )       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (1.44 )       (1.17 )       (1.12 )       (1.30 )       (1.51 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Transaction fees(a)

       -       -       -       0.03       0.11
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of year

     $ 22.87     $ 22.72     $ 25.73     $ 24.93     $ 25.70
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of year(b)

     $ 22.90     $ 22.59     $ 25.74     $ 24.88     $ 25.75
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(c)

       7.29 %       (7.33 )%       7.86 %       2.31 %       8.62 %

Market Price Total Return(c)

       8.04 %       (7.89 )%       8.12 %       1.91 %       8.80 %

Ratios/Supplemental Data:

                    

Net assets at end of year (000’s omitted)

     $ 304,199     $ 190,829     $ 115,768     $ 74,780     $ 25,702  

Ratio to average net assets of:

                    

Expenses, after Waivers

       0.42 %       0.42 %       0.42 %       0.42 %       0.44 %(d)

Expenses, prior to Waivers

       0.42 %       0.42 %       0.42 %       0.42 %       0.45 %(d)

Net investment income

       6.45 %       4.88 %       4.41 %       5.07 %       5.79 %(d)

Portfolio turnover rate(e)

       14 %       32 %       37 %       35 %       48 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Ratios include non-recurring costs associated with a proxy statement of 0.03%.

(e) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

 

     Years Ended August 31,    

For the Period
September 10, 2019(a)
Through

August 31,

 
     2023     2022     2021         2020      

Per Share Operating Performance:

                        

Net asset value at beginning of period

   $ 21.61     $ 25.59     $ 24.91        $ 25.00    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     1.40       1.08       1.08          1.15    

Net realized and unrealized gain (loss) on investments

     0.04       (3.85     0.70          (0.27  
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     1.44       (2.77     1.78          0.88    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (1.35     (1.10     (1.10        (1.06  

Net realized gains

     -       (0.11     -          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total distributions

     (1.35     (1.21     (1.10        (1.06  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     -       -       -          0.09    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 21.70     $ 21.61     $ 25.59        $ 24.91    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 21.74     $ 21.48     $ 25.61        $ 24.84    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     6.95     (11.14 )%      7.29        4.12 %(e)   

Market Price Total Return(d)

     7.78     (11.75 )%      7.68        3.84 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 106,308     $ 45,380     $ 43,509        $ 19,925    

Ratio to average net assets of:

             

Expenses, after Waivers

     0.42     0.42     0.42        0.41 %(f)   

Expenses, prior to Waivers

     0.42     0.42     0.42        0.42 %(f)   

Net investment income

     6.52     4.52     4.25        4.90 %(f)   

Portfolio turnover rate(g)

     10     25     33        56  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

 

     Years Ended August 31,       

For the Period
September 14, 2020(a)
Through

August 31,

     2023   2022        2021

Per Share Operating Performance:

                          

Net asset value at beginning of period

     $ 21.20     $ 25.58                    $ 25.00         
    

 

 

     

 

 

               

 

 

     

Net investment income(b)

       1.42       1.16                 1.03    

Net realized and unrealized gain (loss) on investments

       (0.27 )       (4.30 )                 0.51    
    

 

 

     

 

 

               

 

 

     

Total from investment operations

       1.15       (3.14 )                 1.54    
    

 

 

     

 

 

               

 

 

     

Distributions to shareholders from:

                          

Net investment income

       (1.37 )       (1.14 )                 (0.96 )    

Net realized gains

       -       (0.10 )                 -    
    

 

 

     

 

 

               

 

 

     

Total distributions

       (1.37 )       (1.24 )                 (0.96 )    
    

 

 

     

 

 

               

 

 

     

Net asset value at end of period

     $ 20.98     $ 21.20               $ 25.58    
    

 

 

     

 

 

               

 

 

     

Market price at end of period(c)

     $ 21.02     $ 21.13               $ 25.61    

Net Asset Value Total Return(d)

       5.70 %       (12.60 )%                 6.25 %(e)    

Market Price Total Return(d)

       6.23 %       (12.99 )%                 6.37 %(e)    

Ratios/Supplemental Data:

                          

Net assets at end of period (000’s omitted)

     $ 65,038     $ 23,319               $ 15,347    

Ratio to average net assets of:

                          

Expenses

       0.42 %       0.42 %                 0.43 %(f)    

Net investment income

       6.80 %       4.99 %                 4.21 %(f)    

Portfolio turnover rate(g)

       5 %       17 %                 33 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

 

 

     Year Ended August 31,
2023
       For the Period
September 13, 2021(a)
Through

August 31,
2022

Per Share Operating Performance:

                             

Net asset value at beginning of period

     $ 20.46               $ 25.00    
    

 

 

               

 

 

     

Net investment income(b)

       1.30                 1.07    
    

 

 

               

 

 

     

Net realized and unrealized gain (loss) on investments

       (0.16 )                 (4.59 )    
    

 

 

               

 

 

     

Total from investment operations

       1.14                 (3.52 )    
    

 

 

               

 

 

     

Distributions to shareholders from:

                      

Net investment income

       (1.27 )                 (1.02 )    
    

 

 

               

 

 

     

Net asset value at end of period

     $ 20.33               $ 20.46    
    

 

 

               

 

 

     

Market price at end of period(c)

     $ 20.38               $ 20.41    
    

 

 

               

 

 

     

Net Asset Value Total Return(d)

       5.82 %                 (14.35 )%(e)    

Market Price Total Return(d)

       6.32 %                 (14.56 )%(e)    

Ratios/Supplemental Data:

                      

Net assets at end of period (000’s omitted)

     $ 20,330               $ 8,182    

Ratio to average net assets of:

                      

Expenses

       0.42 %                 0.42 %(f)    

Net investment income

       6.45 %                 5.01 %(f)    

Portfolio turnover rate(g)

       6 %                 10 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

 

 

     For the Period
September 6,  2022(a)
Through

August 31,
2023

Per Share Operating Performance:

                    

Net asset value at beginning of period

          $ 25.00    
         

 

 

     

Net investment income(b)

            1.75    

Net realized and unrealized gain (loss) on investments

            (0.35 )    
         

 

 

     

Total from investment operations

            1.40    
         

 

 

     

Distributions to shareholders from:

             

Net investment income

            (1.71 )    
         

 

 

     

Net asset value at end of period

          $ 24.69    
         

 

 

     

Market price at end of period(c)

          $ 24.73    
         

 

 

     

Net Asset Value Total Return(d)

            5.91 %(e)    

Market Price Total Return(d)

            6.06 %(e)    

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

          $ 12,344    

Ratio to average net assets of:

             

Expenses

            0.42 %(f)    

Net investment income

            7.25 %(f)    

Portfolio turnover rate(g)

            11 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

 

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

 

(e) 

The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%.

(f) 

Annualized.

 

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

 

 

     Years Ended August 31,  

For the Period
September 23, 2019(a)
Through

August 31,

     2023   2022   2021  

    2020    

Per Share Operating Performance:

                                

Net asset value at beginning of period

     $ 25.04     $ 25.61     $ 25.47          $ 25.00    
    

 

 

     

 

 

     

 

 

          

 

 

     

Net investment income(b)

       0.52       0.19       0.14            0.26    

Net realized and unrealized gain (loss) on investments

       0.07       (0.70 )       0.09            0.47    
    

 

 

     

 

 

     

 

 

          

 

 

     

Total from investment operations

       0.59       (0.51 )       0.23            0.73    
    

 

 

     

 

 

     

 

 

          

 

 

     

Distributions to shareholders from:

                         

Net investment income

       (0.52 )       (0.14 )       (0.14 )            (0.26 )    
    

 

 

     

 

 

     

 

 

          

 

 

     

Transaction fees(b)

       0.03       0.08       0.05            -    
    

 

 

     

 

 

     

 

 

          

 

 

     

Net asset value at end of period

     $ 25.14     $ 25.04     $ 25.61          $ 25.47    
    

 

 

     

 

 

     

 

 

          

 

 

     

Market price at end of period(c)

     $ 25.08     $ 25.10     $ 25.69          $ 25.53    
    

 

 

     

 

 

     

 

 

          

 

 

     

‘Net Asset Value Total Return(d)

       2.50 %       (1.70 )%       1.12 %            2.94 %(e)    

Market Price Total Return(d)

       2.01 %       (1.77 )%       1.19 %            3.18 %(e)    

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

     $ 140,778     $ 95,145     $ 35,860          $ 15,284    

Ratio to average net assets of:

                         

Expenses

       0.18 %       0.18 %       0.18 %            0.18 %(f)    

Net investment income

       2.08 %       0.74 %       0.55 %            1.08 %(f)    

Portfolio turnover rate(g)

       72 %       4 %       0 %            0 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

 

 

     Years Ended August 31,     For the Period
September 23, 2019(a)
Through
August 31,
 
     2023     2022     2021         2020      

Per Share Operating Performance:

                        

Net asset value at beginning of period

   $ 24.76     $ 25.79     $ 25.52        $ 25.00    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.51       0.22       0.17          0.30    

Net realized and unrealized gain (loss) on investments

     (0.12     (1.17     0.22          0.52    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.39       (0.95     0.39          0.82    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.50     (0.15     (0.18        (0.30  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.04       0.07       0.06          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 24.69     $ 24.76     $ 25.79        $ 25.52    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 24.72     $ 24.83     $ 25.87        $ 25.62    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.76     (3.40 )%      1.77        3.30 %(e)   

Market Price Total Return(d)

     1.58     (3.43 )%      1.69        3.71 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 195,086     $ 94,086     $ 36,106        $ 12,762    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.06     0.90     0.67        1.26 %(f)   

Portfolio turnover rate(g)

     3     1     0        0  

(a) Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

 

 

     Years Ended August 31,    

For the Period
September 23, 2019(a)
Through

August 31,

 
     2023     2022     2021         2020      

Per Share Operating Performance:

                        

Net asset value at beginning of period

   $ 24.36     $ 26.02     $ 25.71        $ 25.00    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.51       0.24       0.22          0.33    

Net realized and unrealized gain (loss) on investments

     (0.23     (1.73     0.25          0.71    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.28       (1.49     0.47          1.04    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.49     (0.22     (0.23        (0.33  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.04       0.05       0.07          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 24.19     $ 24.36     $ 26.02        $ 25.71    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 24.26     $ 24.40     $ 26.08        $ 25.78    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.34     (5.56 )%      2.12        4.19 %(e)   

Market Price Total Return(d)

     1.45     (5.62 )%      2.08        4.48 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 166,909     $ 75,530     $ 39,032        $ 10,282    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.10     0.97     0.84        1.39 %(f)   

Portfolio turnover rate(g)

     5     2     0        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

 

 

     Years Ended August 31,     For the Period
September 23, 2019(a)
Through
August 31,
 
     2023     2022     2021         2020      

Per Share Operating Performance:

             

Net asset value at beginning of period

   $ 23.58     $ 25.99     $ 25.48               $ 25.00        
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.57       0.33       0.31          0.40    

Net realized and unrealized gain (loss) on investments

     (0.35     (2.48     0.49          0.48    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.22       (2.15     0.80          0.88    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.56     (0.30     (0.32        (0.40  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.05       0.04       0.03          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 23.29     $ 23.58     $ 25.99        $ 25.48    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 23.36     $ 23.61     $ 26.07        $ 25.54    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.16     (8.16 )%      3.27        3.58 %(e)   

Market Price Total Return(d)

     1.33     (8.32 )%      3.34        3.83 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 114,135     $ 42,441     $ 23,391        $ 12,740    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.42     1.36     1.22        1.70 %(f)   

Portfolio turnover rate(g)

     7     11     0        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

 

 

     Years Ended August 31,     For the Period
September 23, 2019(a)
Through
August 31,
 
     2023     2022     2021         2020      

Per Share Operating Performance:

             

Net asset value at beginning of period

   $ 23.56     $ 25.91     $ 25.34               $ 25.00        
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.61       0.30       0.26          0.37    

Net realized and unrealized gain (loss) on investments

     (0.35     (2.40     0.57          0.26    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.26       (2.10     0.83          0.63    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.57     (0.28     (0.27        (0.36  

Return of capital

     -       -       -          (0.04  
  

 

 

   

 

 

   

 

 

      

 

 

   

Total distributions

     (0.57     (0.28     (0.27        (0.40  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.06       0.03       0.01          0.11    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 23.31     $ 23.56     $ 25.91        $ 25.34    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 23.36     $ 23.58     $ 25.95        $ 25.42    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.37     (8.03 )%      3.32        3.02 %(e)   

Market Price Total Return(d)

     1.50     (8.09 )%      3.15        3.34 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 90,900     $ 25,919     $ 18,140        $ 15,204    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.59     1.23     1.03        1.58 %(f)   

Portfolio turnover rate(g)

     2     9     0        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.

(f) 

Annualized.

(g) 

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

 

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

 

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Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

 

 

     Years Ended August 31,    

For the Period
September 23, 2019(a)
Through

August 31,

 
     2023     2022     2021         2020      

Per Share Operating Performance:

             

Net asset value at beginning of period

   $ 23.27     $ 26.31     $ 25.70        $ 25.00    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.58       0.34       0.38                 0.43    

Net realized and unrealized gain (loss) on investments

     (0.31     (3.03     0.55          0.69    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.27       (2.69     0.93          1.12    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.54     (0.33     (0.40        (0.42  

Net realized gains

     -       (0.03     -          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total distributions

     (0.54     (0.36     (0.40        (0.42  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.05       0.01       0.08          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 23.05     $ 23.27     $ 26.31        $ 25.70    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 23.12     $ 23.27     $ 26.36        $ 25.76    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.40     (10.23 )%      3.95        4.56 %(e)   

Market Price Total Return(d)

     1.70     (10.41 )%      3.91        4.80 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 69,137     $ 20,942     $ 18,419        $ 5,141    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.50     1.36     1.45        1.80 %(f)   

Portfolio turnover rate(g)

     4     6     4        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

(f) 

Annualized.

(g) 

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

 

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

 

   371   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

 

 

     Years Ended August 31,     For the Period
September 23, 2019(a)
Through
August 31,
 
     2023     2022     2021    

    2020    

 

Per Share Operating Performance:

             

Net asset value at beginning of period

   $ 22.89     $ 26.18     $ 25.67               $ 25.00        
  

 

 

   

 

 

   

 

 

      

 

 

   

Net investment income(b)

     0.58       0.36       0.36          0.44    

Net realized and unrealized gain (loss) on investments

     (0.29     (3.31     0.47          0.67    
  

 

 

   

 

 

   

 

 

      

 

 

   

Total from investment operations

     0.29       (2.95     0.83          1.11    
  

 

 

   

 

 

   

 

 

      

 

 

   

Distributions to shareholders from:

             

Net investment income

     (0.55     (0.36     (0.39        (0.44  
  

 

 

   

 

 

   

 

 

      

 

 

   

Transaction fees(b)

     0.04       0.02       0.07          -    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net asset value at end of period

   $ 22.67     $ 22.89     $ 26.18        $ 25.67    
  

 

 

   

 

 

   

 

 

      

 

 

   

Market price at end of period(c)

   $ 22.70     $ 22.91     $ 26.24        $ 25.70    
  

 

 

   

 

 

   

 

 

      

 

 

   

Net Asset Value Total Return(d)

     1.44     (11.28 )%      3.52        4.52 %(e)   

Market Price Total Return(d)

     1.48     (11.41 )%      3.63        4.64 %(e)   

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

   $ 47,616     $ 18,314     $ 15,711        $ 5,133    

Ratio to average net assets of:

             

Expenses

     0.18     0.18     0.18        0.18 %(f)   

Net investment income

     2.53     1.48     1.40        1.88 %(f)   

Portfolio turnover rate(g)

     6     13     0        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

(f) 

Annualized.

(g) 

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

 

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

 

   372   

 

 

 

 



 

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

 

 

            Years Ended August 31,    

For the Period
September 14, 2020(a)
Through

August 31,

 
               2023            2022         2021      

Per Share Operating Performance:

                 

Net asset value at beginning of period

      $ 21.71        $ 25.61               $ 25.00        
     

 

 

      

 

 

      

 

 

   

Net investment income(b)

        0.58          0.44          0.37    

Net realized and unrealized gain (loss) on investments

        (0.24        (4.01        0.59    
     

 

 

      

 

 

      

 

 

   

Total from investment operations

        0.34          (3.57        0.96    
     

 

 

      

 

 

      

 

 

   

Distributions to shareholders from:

                 

Net investment income

        (0.57        (0.41        (0.35  
     

 

 

      

 

 

      

 

 

   

Transaction fees(b)

        0.04          0.08          -    
     

 

 

      

 

 

      

 

 

   

Net asset value at end of period

      $ 21.52        $ 21.71        $ 25.61    
     

 

 

      

 

 

      

 

 

   

Market price at end of period(c)

      $ 21.56        $ 21.72        $ 25.69    
     

 

 

      

 

 

      

 

 

   

Net Asset Value Total Return(d)

        1.77        (13.72 )%         3.87 %(e)   

Market Price Total Return(d)

        1.91        (13.95 )%         4.19 %(e)   

Ratios/Supplemental Data:

                 

Net assets at end of period (000’s omitted)

      $ 51,639        $ 23,878        $ 7,684    

Ratio to average net assets of:

                 

Expenses

        0.18        0.18        0.18 %(f)   

Net investment income

        2.68        1.89        1.52 %(f)   

Portfolio turnover rate(g)

        11        28        0  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

(f) 

Annualized.

(g) 

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

 

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

 

   373   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

 

 

     Year Ended August 31,
2023
        For the Period
September 13, 2021(a)
Through

August 31,
2022

Per Share Operating Performance:

                                           

Net asset value at beginning of period

          $ 20.72                         $ 25.00      
         

 

 

                    

 

 

     

Net investment income(b)

            0.54                      0.41    

Net realized and unrealized gain (loss) on investments

            (0.10 )                      (4.37 )    
         

 

 

                    

 

 

     

Total from investment operations

            0.44                      (3.96 )    
         

 

 

                    

 

 

     

Distributions to shareholders from:

                                

Net investment income

            (0.54 )                      (0.38 )    
         

 

 

                    

 

 

     

Transaction fees(b)

            0.05                      0.06    
         

 

 

                    

 

 

     

Net asset value at end of period

          $ 20.67                    $ 20.72    
         

 

 

                    

 

 

     

Market price at end of period(c)

          $ 20.71                    $ 20.70    
         

 

 

                    

 

 

     

Net Asset Value Total Return(d)

            2.38 %                      (15.72 )%(e)    

Market Price Total Return(d)

            2.67 %                      (15.80 )%(e)    

Ratios/Supplemental Data:

                                

Net assets at end of period (000’s omitted)

          $ 28,943                    $ 12,433    

Ratio to average net assets of:

                                

Expenses

            0.18 %                      0.18 %(f)    

Net investment income

            2.61 %                      1.93 %(f)    

Portfolio turnover rate(g)

            6 %                      52 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.

(f) 

Annualized.

(g) 

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

 

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

 

   374   

 

 

 

 


 

Financial Highlights–(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

 

 

     For the Period
February 27, 2023(a)
Through
August 31,

2023

Per Share Operating Performance:

             

Net asset value at beginning of period

               $  25.00      
         

 

 

     

Net investment income(b)

            0.41    

Net realized and unrealized gain (loss) on investments

            (0.36 )    
         

 

 

     

Total from investment operations

            0.05    
         

 

 

     

Distributions to shareholders from:

             

Net investment income

            (0.37 )    
         

 

 

     

Transaction fees(b)

            0.11    
         

 

 

     

Net asset value at end of period

          $  24.79    
         

 

 

     

Market price at end of period(c)

          $  24.82    
         

 

 

     

Net Asset Value Total Return(d)

            0.62 %(e)    

Market Price Total Return(d)

            0.74 %(e)    

Ratios/Supplemental Data:

             

Net assets at end of period (000’s omitted)

          $ 19,835    

Ratio to average net assets of:

             

Expenses

            0.18 %(f)    

Net investment income

            3.26 %(f)    

Portfolio turnover rate(g)

            3 %    

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%.

(f) 

Annualized.

(g) 

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

 

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

 

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

August 31, 2023

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

  

Short Name

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)    “BulletShares 2023 Corporate Bond ETF”
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)    “BulletShares 2024 Corporate Bond ETF”
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)    “BulletShares 2025 Corporate Bond ETF”
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)    “BulletShares 2026 Corporate Bond ETF”
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)    “BulletShares 2027 Corporate Bond ETF”
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)    “BulletShares 2028 Corporate Bond ETF”
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)    “BulletShares 2029 Corporate Bond ETF”
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)    “BulletShares 2030 Corporate Bond ETF”
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)    “BulletShares 2031 Corporate Bond ETF”
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)    “BulletShares 2032 Corporate Bond ETF”
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)    “BulletShares 2023 High Yield Corporate Bond ETF”
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)    “BulletShares 2024 High Yield Corporate Bond ETF”
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)    “BulletShares 2025 High Yield Corporate Bond ETF”
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)    “BulletShares 2026 High Yield Corporate Bond ETF”
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)    “BulletShares 2027 High Yield Corporate Bond ETF”
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)    “BulletShares 2028 High Yield Corporate Bond ETF”
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)    “BulletShares 2029 High Yield Corporate Bond ETF”
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)    “BulletShares 2030 High Yield Corporate Bond ETF”
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)    “BulletShares 2023 Municipal Bond ETF”
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)    “BulletShares 2024 Municipal Bond ETF”
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)    “BulletShares 2025 Municipal Bond ETF”
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)    “BulletShares 2026 Municipal Bond ETF”
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)    “BulletShares 2027 Municipal Bond ETF”
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)    “BulletShares 2028 Municipal Bond ETF”
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)    “BulletShares 2029 Municipal Bond ETF”
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)    “BulletShares 2030 Municipal Bond ETF”
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)    “BulletShares 2031 Municipal Bond ETF”
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)    “BulletShares 2032 Municipal Bond ETF”

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

BulletShares 2023 Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF and BulletShares 2023 Municipal Bond ETF will terminate on or about December 15, 2023. In connection with the termination of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities. The Funds do not seek to distribute any predetermined amount of cash at maturity.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF and BulletShares 2032 Municipal Bond ETF (collectively, the “BulletShares Municipal Bond ETFs”)) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

 

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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

  

Underlying Index

BulletShares 2023 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2023 Index
BulletShares 2024 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2024 Index
BulletShares 2025 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2025 Index
BulletShares 2026 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2026 Index
BulletShares 2027 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2027 Index
BulletShares 2028 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2028 Index
BulletShares 2029 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2029 Index
BulletShares 2030 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2030 Index
BulletShares 2031 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2031 Index
BulletShares 2032 Corporate Bond ETF    Nasdaq BulletShares® USD Corporate Bond 2032 Index
BulletShares 2023 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index
BulletShares 2024 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index
BulletShares 2025 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index
BulletShares 2026 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index
BulletShares 2027 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index
BulletShares 2028 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index
BulletShares 2029 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index
BulletShares 2030 High Yield Corporate Bond ETF    Nasdaq BulletShares® USD High Yield Corporate Bond 2030 Index
BulletShares 2023 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2023 Index
BulletShares 2024 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2024 Index
BulletShares 2025 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2025 Index
BulletShares 2026 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2026 Index
BulletShares 2027 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2027 Index
BulletShares 2028 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2028 Index
BulletShares 2029 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2029 Index
BulletShares 2030 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2030 Index
BulletShares 2031 Municipal Bond ETF    Invesco BulletShares® Municipal Bond 2031 Index
BulletShares 2032 Municipal Bond ETF    Nasdaq BulletShares® Municipal Bond 2032 Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted

 

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prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in

 

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the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not

 

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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

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

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2023, there were no affiliated securities lending transactions with Invesco.

J.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books

 

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and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.

Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Funds’ investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each BulletShares Municipal Bond ETF compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Funds may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the

 

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restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Municipal Securities Risk. The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its

 

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corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. If a Fund is non-diversified and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

 

     Unitary Management Fees
(as a  % of average daily net assets)
BulletShares 2023 Corporate Bond ETF    0.10%
BulletShares 2024 Corporate Bond ETF    0.10%
BulletShares 2025 Corporate Bond ETF    0.10%
BulletShares 2026 Corporate Bond ETF    0.10%
BulletShares 2027 Corporate Bond ETF    0.10%

 

   383   

 

 

 

 


 

     Unitary Management Fees
(as a  % of average daily net assets)
BulletShares 2028 Corporate Bond ETF    0.10%
BulletShares 2029 Corporate Bond ETF    0.10%
BulletShares 2030 Corporate Bond ETF    0.10%
BulletShares 2031 Corporate Bond ETF    0.10%
BulletShares 2032 Corporate Bond ETF    0.10%
BulletShares 2023 High Yield Corporate Bond ETF    0.42%
BulletShares 2024 High Yield Corporate Bond ETF    0.42%
BulletShares 2025 High Yield Corporate Bond ETF    0.42%
BulletShares 2026 High Yield Corporate Bond ETF    0.42%
BulletShares 2027 High Yield Corporate Bond ETF    0.42%
BulletShares 2028 High Yield Corporate Bond ETF    0.42%
BulletShares 2029 High Yield Corporate Bond ETF    0.42%
BulletShares 2030 High Yield Corporate Bond ETF    0.42%
BulletShares 2023 Municipal Bond ETF    0.18%
BulletShares 2024 Municipal Bond ETF    0.18%
BulletShares 2025 Municipal Bond ETF    0.18%
BulletShares 2026 Municipal Bond ETF    0.18%
BulletShares 2027 Municipal Bond ETF    0.18%
BulletShares 2028 Municipal Bond ETF    0.18%
BulletShares 2029 Municipal Bond ETF    0.18%
BulletShares 2030 Municipal Bond ETF    0.18%
BulletShares 2031 Municipal Bond ETF    0.18%
BulletShares 2032 Municipal Bond ETF    0.18%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2023, the Adviser waived fees for each Fund in the following amounts:

 

BulletShares 2023 Corporate Bond ETF    $ 150,368  
BulletShares 2024 Corporate Bond ETF      11,568  
BulletShares 2025 Corporate Bond ETF      6,279  
BulletShares 2026 Corporate Bond ETF      3,426  
BulletShares 2027 Corporate Bond ETF      2,360  
BulletShares 2028 Corporate Bond ETF      1,909  
BulletShares 2029 Corporate Bond ETF      1,001  
BulletShares 2030 Corporate Bond ETF      315  
BulletShares 2031 Corporate Bond ETF      272  
BulletShares 2032 Corporate Bond ETF*      99  
BulletShares 2023 High Yield Corporate Bond ETF      27,283  
BulletShares 2024 High Yield Corporate Bond ETF      17,491  
BulletShares 2025 High Yield Corporate Bond ETF      9,438  
BulletShares 2026 High Yield Corporate Bond ETF      2,390  
BulletShares 2027 High Yield Corporate Bond ETF      819  
BulletShares 2028 High Yield Corporate Bond ETF      300  
BulletShares 2029 High Yield Corporate Bond ETF      113  
BulletShares 2030 High Yield Corporate Bond ETF*      64  
BulletShares 2023 Municipal Bond ETF      -  
BulletShares 2024 Municipal Bond ETF      -  
BulletShares 2025 Municipal Bond ETF      -  
BulletShares 2026 Municipal Bond ETF      -  

 

   384   

 

 

 

 


 

BulletShares 2027 Municipal Bond ETF    $     -  
BulletShares 2028 Municipal Bond ETF      -  
BulletShares 2029 Municipal Bond ETF      -  
BulletShares 2030 Municipal Bond ETF      -  
BulletShares 2031 Municipal Bond ETF      -  
BulletShares 2032 Municipal Bond ETF**      -  

 

*

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended August 31, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

     Securities Purchases   Securities Sales   Net Realized Gains (Losses)*
BulletShares 2023 Corporate Bond ETF      $38,080,857        $     -        $     -     
BulletShares 2024 Corporate Bond ETF      10,432,338       9,448,645       (38,950)  
BulletShares 2025 Corporate Bond ETF      4,911,500       2,361,717       16,321   
BulletShares 2026 Corporate Bond ETF      11,258,398       -       -   
BulletShares 2027 Corporate Bond ETF      1,010,776       1,410,150       (15,518)  
BulletShares 2028 Corporate Bond ETF      496,863       -       -   
BulletShares 2029 Corporate Bond ETF      581,738       698,732       (4,255)  
BulletShares 2023 High Yield Corporate Bond ETF      29,020,285       77,702,853       (2,191,402)  
BulletShares 2024 High Yield Corporate Bond ETF      87,054,957       12,922,396       (696,857)  
BulletShares 2025 High Yield Corporate Bond ETF      16,471,447       89,205,909       (384,392)  
BulletShares 2026 High Yield Corporate Bond ETF      12,211,252       7,055,461       (144,577)  
BulletShares 2027 High Yield Corporate Bond ETF      4,311,138       2,854,161       (50,887)  
BulletShares 2028 High Yield Corporate Bond ETF      507,646       496,863       (67,719)  
BulletShares 2029 High Yield Corporate Bond ETF      441,404       -       -   
BulletShares 2023 Municipal Bond ETF      796,197       1,315,529       (5,368)  
BulletShares 2024 Municipal Bond ETF      152,560       211,772       (3,741)  
BulletShares 2025 Municipal Bond ETF      1,704,028       731,471       (13,325)  
BulletShares 2026 Municipal Bond ETF      1,092,821       481,748       4,138   
BulletShares 2027 Municipal Bond ETF      555,458       695,906       (9,584)  
BulletShares 2028 Municipal Bond ETF      93,331       250,870       225   
BulletShares 2029 Municipal Bond ETF      128,897       265,930       417   
BulletShares 2030 Municipal Bond ETF      358,475       25,035       (70)  

 

   385   

 

 

 

 


 

     Securities Purchases    Securities Sales    Net Realized Gains (Losses)*
BulletShares 2031 Municipal Bond ETF        $   867,696        $   556,883        $   (2,108)  
BulletShares 2032 Municipal Bond ETF**        34,209        51,423        481  

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

**

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

NOTE 5–Additional Valuation Information

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

Level 1 –

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

Level 2 –

  Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

  Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023, for each Fund (except for the BulletShares Municipal Bond ETFs). As of August 31, 2023, all of the securities in the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1    Level 2    Level 3    Total

BulletShares 2023 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 1,410,236,880      $  -      $ 1,410,236,880

U.S. Treasury Securities

       -        811,548,200        -        811,548,200

Money Market Funds

       20,478,188        -        -        20,478,188
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 20,478,188      $ 2,221,785,080      $  -      $ 2,242,263,268
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2024 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 3,840,515,538      $  -      $ 3,840,515,538

Money Market Funds

       16,589,150        173,366,794        -        189,955,944
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 16,589,150      $ 4,013,882,332      $  -      $ 4,030,471,482
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2025 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 2,819,432,293      $  -      $ 2,819,432,293

Money Market Funds

       96,692        245,375,069        -        245,471,761
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 96,692      $ 3,064,807,362      $  -      $ 3,064,904,054
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2026 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 1,964,662,112      $  -      $ 1,964,662,112

Money Market Funds

       391,146        213,691,629        -        214,082,775
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 391,146      $ 2,178,353,741      $  -      $ 2,178,744,887
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2027 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 1,051,761,172      $  -      $ 1,051,761,172

Money Market Funds

       53,994        207,268,581        -        207,322,575
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 53,994      $ 1,259,029,753      $  -      $ 1,259,083,747
    

 

 

      

 

 

      

 

 

      

 

 

 

 

   386   

 

 

 

 


 

     Level 1    Level 2    Level 3    Total

BulletShares 2028 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 712,280,468      $  -      $ 712,280,468

Money Market Funds

       70,749        161,053,854        -        161,124,603
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 70,749      $ 873,334,322      $ -      $ 873,405,071
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2029 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 389,672,435      $ -      $ 389,672,435

Money Market Funds

       133,085        54,576,909        -        54,709,994
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 133,085      $ 444,249,344      $ -      $ 444,382,429
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2030 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 255,043,053      $ -      $ 255,043,053

Money Market Funds

       42,585        44,022,074        -        44,064,659
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 42,585      $ 299,065,127      $ -      $ 299,107,712
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2031 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 192,190,447      $ -      $ 192,190,447

Money Market Funds

       42,663        3,329,436        -        3,372,099
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 42,663      $ 195,519,883      $ -      $ 195,562,546
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2032 Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 141,093,360      $ -      $ 141,093,360

Money Market Funds

       67,027        4,062,719        -        4,129,746
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 67,027      $ 145,156,079      $ -      $ 145,223,106
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2023 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Treasury Securities

     $ -      $ 406,545,218      $ -      $ 406,545,218

U.S. Dollar Denominated Bonds & Notes

       -        114,705,082        -        114,705,082

Money Market Funds

       11,078,891        -        -        11,078,891
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 11,078,891      $ 521,250,300      $ -      $ 532,329,191
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2024 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 618,857,096      $ 0      $ 618,857,096

Money Market Funds

       23,700,787        42,729,635        -        66,430,422
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 23,700,787      $ 661,586,731      $ 0      $ 685,287,518
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2025 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 1,078,168,451      $ -      $ 1,078,168,451

Money Market Funds

       34,363,349        91,915,214        -        126,278,563
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 34,363,349      $ 1,170,083,665      $ -      $ 1,204,447,014
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2026 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 294,779,158      $ -      $ 294,779,158

Money Market Funds

       4,437,939        64,520,368        -        68,958,307
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 4,437,939      $ 359,299,526      $ -      $ 363,737,465
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2027 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 103,757,166      $ -      $ 103,757,166

Money Market Funds

       775,448        27,646,251        -        28,421,699
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 775,448      $ 131,403,417      $ -      $ 132,178,865
    

 

 

      

 

 

      

 

 

      

 

 

 

 

   387   

 

 

 

 


 

     Level 1    Level 2    Level 3    Total

BulletShares 2028 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 63,298,511      $  -      $ 63,298,511

Money Market Funds

       648,228        11,924,228        -        12,572,456
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $  648,228      $  75,222,739      $ -      $  75,870,967
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2029 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 19,866,769      $ -      $ 19,866,769

Money Market Funds

       137,190        83,377        -        220,567
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 137,190      $ 19,950,146      $ -      $ 20,087,336
    

 

 

      

 

 

      

 

 

      

 

 

 

BulletShares 2030 High Yield Corporate Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 12,078,825      $ -      $ 12,078,825

Money Market Funds

       56,115        -        -        56,115
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 56,115      $ 12,078,825      $ -      $ 12,134,940
    

 

 

      

 

 

      

 

 

      

 

 

 

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:

 

     2023        2022  
            Ordinary                        Ordinary         
     Ordinary      Income-Tax-      Long-Term          Ordinary      Income-Tax-      Long-Term  
     Income*      Exempt      Capital Gains          Income*      Exempt      Capital Gains  

BulletShares 2023 Corporate Bond ETF

    $ 68,135,418       $ -       $ -         $ 31,644,867       $ -       $ 6,142,758  

BulletShares 2024 Corporate Bond ETF

     105,337,424        -        -          43,331,147        -        2,618,440  

BulletShares 2025 Corporate Bond ETF

     73,303,310        -        -          24,981,228        -        1,372,404  

BulletShares 2026 Corporate Bond ETF

     56,153,843        -        -          17,859,386        -        34,029  

BulletShares 2027 Corporate Bond ETF

     27,800,751        -        222,384          9,108,169        -        109,020  

BulletShares 2028 Corporate Bond ETF

     19,483,490        -        -          5,339,905        -        52,236  

BulletShares 2029 Corporate Bond ETF

     9,894,400        -        -          2,850,516        -        10,988  

BulletShares 2030 Corporate Bond ETF

     6,959,857        -        -          1,543,157        -        -  

BulletShares 2031 Corporate Bond ETF

     4,917,628        -        -          497,473        -        -  

BulletShares 2032 Corporate Bond ETF**

     2,192,792        -        -          -        -        -  

BulletShares 2023 High Yield Corporate Bond ETF

     34,524,698        -        -          24,466,310        -        -  

BulletShares 2024 High Yield Corporate Bond ETF

     33,430,307        -        -          18,591,105        -        -  

BulletShares 2025 High Yield Corporate Bond ETF

     37,484,424        -        -          15,661,665        -        -  

BulletShares 2026 High Yield Corporate Bond ETF

     16,049,115        -        -          7,842,075        -        -  

BulletShares 2027 High Yield Corporate Bond ETF

     4,974,891        -        -          2,269,838        -        21,609  

BulletShares 2028 High Yield Corporate Bond ETF

     2,606,497        -        -          1,017,390        -        -  

BulletShares 2029 High Yield Corporate Bond ETF

     911,111        -        -          414,289        -        -  

BulletShares 2030 High Yield Corporate Bond ETF**

     496,088        -        -          -        -        -  

BulletShares 2023 Municipal Bond ETF

     19,417        2,965,989        -          141        303,013        -  

BulletShares 2024 Municipal Bond ETF

     5,158        3,390,456        -          758        354,133        -  

BulletShares 2025 Municipal Bond ETF

     1,292        2,771,676        -          264        492,988        -  

BulletShares 2026 Municipal Bond ETF

     11,231        2,162,885        -          835        387,661        -  

BulletShares 2027 Municipal Bond ETF

     1,299        1,773,513        -          3,214        237,740        -  

BulletShares 2028 Municipal Bond ETF

     127        1,345,205        -          20,070        272,817        3,433  

BulletShares 2029 Municipal Bond ETF

     2,641        1,012,624        -          141        250,360        -  

BulletShares 2030 Municipal Bond ETF

     6,680        976,311        -          334        226,547        -  

BulletShares 2031 Municipal Bond ETF

     688        472,316        -          219        153,405        -  

BulletShares 2032 Municipal Bond ETF***

     469        141,962        -          -        -        -  

 

*

Includes short-term capital gain distributions, if any.

**

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

***

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

 

   388   

 

 

 

 


 

Tax Components of Net Assets at Fiscal Year-end:

 

     Undistributed
Ordinary
Income
     Undistributed
Tax-Exempt
Income
  Net
Unrealized
Appreciation
(Depreciation)-
Investments
    Capital  Loss
Carryforwards
    Post-October
Capital
Losses
Deferrals
    Shares of
Beneficial
Interest
     Total
Net Assets
 

BulletShares 2023 Corporate Bond ETF

   $ 2,219,200       $ -      $ (2,938,854   $ (1,925,812   $ -     $ 2,259,139,527      $ 2,256,494,061  

BulletShares 2024 Corporate Bond ETF

     226,283        -       (82,400,151     (7,300,720     -       3,982,106,172        3,892,631,584  

BulletShares 2025 Corporate Bond ETF

     147,619        -       (92,670,973     (3,564,548     -       2,943,007,384        2,846,919,482  

BulletShares 2026 Corporate Bond ETF

     124,288        -       (89,853,101     (2,491,916     -       2,074,628,914        1,982,408,185  

BulletShares 2027 Corporate Bond ETF

     90,190        -       (49,456,179     (409,185     (359,743     1,112,640,718        1,062,505,801  

BulletShares 2028 Corporate Bond ETF

     37,739        -       (34,239,318     (1,480,276     -       756,110,355        720,428,500  

BulletShares 2029 Corporate Bond ETF

     31,979        -       (22,996,270     (374,243     -       417,858,265        394,519,731  

BulletShares 2030 Corporate Bond ETF

     -        -       (15,053,955     (576,402     -       273,026,046        257,395,689  

BulletShares 2031 Corporate Bond ETF

     -        -       (7,040,493     (300,522     -       201,324,816        193,983,801  

BulletShares 2032 Corporate Bond ETF

     -        -       (1,599,833     (86,900     -       144,704,241        143,017,508  

BulletShares 2023 High Yield Corporate Bond ETF

     -        -       (385,963     (51,833,706     -       586,076,200        533,856,531  

BulletShares 2024 High Yield Corporate Bond ETF

     29,870        -       (7,317,356     (37,176,167     -       697,384,531        652,920,878  

BulletShares 2025 High Yield Corporate Bond ETF

     1,024,029        -       (6,638,051     (13,756,924     -       1,155,427,308        1,136,056,362  

BulletShares 2026 High Yield Corporate Bond ETF

     46,932        -       (9,197,863     (8,139,232     -       321,489,196        304,199,033  

BulletShares 2027 High Yield Corporate Bond ETF

     13,207        -       (3,524,933     (2,392,978     -       112,213,076        106,308,372  

BulletShares 2028 High Yield Corporate Bond ETF

     22,465        -       (2,540,642     (889,895     -       68,446,422        65,038,350  

BulletShares 2029 High Yield Corporate Bond ETF

     5,331        -       (1,251,864     (267,455     -       21,843,521        20,329,533  

BulletShares 2030 High Yield Corporate Bond ETF

     -        -       15,783       (68,412     -       12,397,108        12,344,479  

BulletShares 2023 Municipal Bond ETF

     -        14,531       (213,147     (17,954     -       140,994,443        140,777,873  

BulletShares 2024 Municipal Bond ETF

     -        36,885       (1,861,934     (44,907     -       196,955,854        195,085,898  

BulletShares 2025 Municipal Bond ETF

     -        3,297       (3,232,633     (336,650     -       170,475,341        166,909,355  

BulletShares 2026 Municipal Bond ETF

     -        8,698       (2,605,167     (465,298     -       117,196,597        114,134,830  

BulletShares 2027 Municipal Bond ETF

     -        18,054       (1,973,984     (13,991     -       92,869,731        90,899,810  

BulletShares 2028 Municipal Bond ETF

     -        2,448       (2,033,086     (445,702     -       71,613,740        69,137,400  

BulletShares 2029 Municipal Bond ETF

     -        6,665       (1,723,268     (598,811     -       49,931,448        47,616,034  

BulletShares 2030 Municipal Bond ETF

     -        9,551       (1,682,279     (1,055,268     -       54,366,889        51,638,893  

BulletShares 2031 Municipal Bond ETF

     -        -       (1,177,783     (907,704     -       31,028,790        28,943,303  

BulletShares 2032 Municipal Bond ETF

     -        -       (371,433     -       -       20,206,550        19,835,117  

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

The Funds have capital loss carryforwards as of August 31, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

BulletShares 2023 Corporate Bond ETF

   $ 1,925,812      $ -      $ 1,925,812  

BulletShares 2024 Corporate Bond ETF

     3,110,056        4,190,664        7,300,720  

BulletShares 2025 Corporate Bond ETF

     1,972,407        1,592,141        3,564,548  

BulletShares 2026 Corporate Bond ETF

     1,656,416        835,500        2,491,916  

BulletShares 2027 Corporate Bond ETF

     156,556        252,629        409,185  

BulletShares 2028 Corporate Bond ETF

     259,528        1,220,748        1,480,276  

BulletShares 2029 Corporate Bond ETF

     45,436        328,807        374,243  

 

   389   

 

 

 

 


 

     No expiration         
     Short-Term      Long-Term      Total*  

BulletShares 2030 Corporate Bond ETF

   $ 256,297      $ 320,105      $ 576,402  

BulletShares 2031 Corporate Bond ETF

     128,899        171,623        300,522  

BulletShares 2032 Corporate Bond ETF

     86,900        -        86,900  

BulletShares 2023 High Yield Corporate Bond ETF

     23,909,187        27,924,519        51,833,706  

BulletShares 2024 High Yield Corporate Bond ETF

     20,511,231        16,664,936        37,176,167  

BulletShares 2025 High Yield Corporate Bond ETF

     6,802,142        6,954,782        13,756,924  

BulletShares 2026 High Yield Corporate Bond ETF

     4,338,516        3,800,716        8,139,232  

BulletShares 2027 High Yield Corporate Bond ETF

     1,383,583        1,009,395        2,392,978  

BulletShares 2028 High Yield Corporate Bond ETF

     310,881        579,014        889,895  

BulletShares 2029 High Yield Corporate Bond ETF

     109,218        158,237        267,455  

BulletShares 2030 High Yield Corporate Bond ETF

     68,412        -        68,412  

BulletShares 2023 Municipal Bond ETF

     11,839        6,115        17,954  

BulletShares 2024 Municipal Bond ETF

     22,745        22,162        44,907  

BulletShares 2025 Municipal Bond ETF

     143,219        193,431        336,650  

BulletShares 2026 Municipal Bond ETF

     292,706        172,592        465,298  

BulletShares 2027 Municipal Bond ETF

     1,153        12,838        13,991  

BulletShares 2028 Municipal Bond ETF

     131,234        314,468        445,702  

BulletShares 2029 Municipal Bond ETF

     285,971        312,840        598,811  

BulletShares 2030 Municipal Bond ETF

     498,082        557,186        1,055,268  

BulletShares 2031 Municipal Bond ETF

     907,704        -        907,704  

BulletShares 2032 Municipal Bond ETF

     -        -        -  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

     Purchases      Sales  

BulletShares 2023 Corporate Bond ETF

   $ 69,995,830      $ 1,658,690,474  

BulletShares 2024 Corporate Bond ETF

     112,889,569        141,674,025  

BulletShares 2025 Corporate Bond ETF

     40,107,266        28,443,736  

BulletShares 2026 Corporate Bond ETF

     28,781,013        16,858,880  

BulletShares 2027 Corporate Bond ETF

     10,930,128        11,618,762  

BulletShares 2028 Corporate Bond ETF

     6,518,665        9,140,712  

BulletShares 2029 Corporate Bond ETF

     3,010,973        2,712,025  

BulletShares 2030 Corporate Bond ETF

     -        1,739,763  

BulletShares 2031 Corporate Bond ETF

     238,368        1,488,961  

BulletShares 2032 Corporate Bond ETF*

     5,898,833        3,160,562  

BulletShares 2023 High Yield Corporate Bond ETF

     259,742,402        745,090,789  

BulletShares 2024 High Yield Corporate Bond ETF

     402,316,482        449,632,260  

BulletShares 2025 High Yield Corporate Bond ETF

     192,099,437        218,218,120  

BulletShares 2026 High Yield Corporate Bond ETF

     33,754,650        35,860,603  

BulletShares 2027 High Yield Corporate Bond ETF

     7,581,747        7,806,719  

BulletShares 2028 High Yield Corporate Bond ETF

     1,918,736        2,545,423  

BulletShares 2029 High Yield Corporate Bond ETF

     855,121        979,016  

BulletShares 2030 High Yield Corporate Bond ETF*

     5,583,489        723,202  

BulletShares 2023 Municipal Bond ETF

     136,739,003        81,070,432  

BulletShares 2024 Municipal Bond ETF

     106,638,441        4,498,153  

BulletShares 2025 Municipal Bond ETF

     100,747,269        6,693,943  

BulletShares 2026 Municipal Bond ETF

     79,512,927        6,385,846  

BulletShares 2027 Municipal Bond ETF

     67,082,878        1,302,907  

BulletShares 2028 Municipal Bond ETF

     50,759,791        1,914,138  

 

   390   

 

 

 

 


 

     Purchases      Sales  

BulletShares 2029 Municipal Bond ETF

   $ 32,168,004      $ 2,232,994  

BulletShares 2030 Municipal Bond ETF

     32,560,651        3,926,994  

BulletShares 2031 Municipal Bond ETF

     18,171,434        1,125,378  

BulletShares 2032 Municipal Bond ETF**

     20,157,741        252,430  

 

*

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

For the fiscal year ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind      In-kind  
     Purchases      Sales  

BulletShares 2023 Corporate Bond ETF

   $ 33,300,816      $ 94,732,495  

BulletShares 2024 Corporate Bond ETF

     941,903,993        411,971,564  

BulletShares 2025 Corporate Bond ETF

     1,368,643,493        179,768,147  

BulletShares 2026 Corporate Bond ETF

     860,856,906        59,084,826  

BulletShares 2027 Corporate Bond ETF

     617,829,543        28,451,266  

BulletShares 2028 Corporate Bond ETF

     451,454,153        2,931,085  

BulletShares 2029 Corporate Bond ETF

     274,285,320        7,897,844  

BulletShares 2030 Corporate Bond ETF

     157,796,873        -  

BulletShares 2031 Corporate Bond ETF

     162,955,675        7,161,072  

BulletShares 2032 Corporate Bond ETF*

     139,686,781        -  

BulletShares 2023 High Yield Corporate Bond ETF

     104,415,805        146,396,684  

BulletShares 2024 High Yield Corporate Bond ETF

     244,365,522        87,433,297  

BulletShares 2025 High Yield Corporate Bond ETF

     743,410,605        39,358,051  

BulletShares 2026 High Yield Corporate Bond ETF

     124,390,781        15,510,642  

BulletShares 2027 High Yield Corporate Bond ETF

     58,960,496        -  

BulletShares 2028 High Yield Corporate Bond ETF

     41,024,207        -  

BulletShares 2029 High Yield Corporate Bond ETF

     13,856,601        1,947,126  

BulletShares 2030 High Yield Corporate Bond ETF*

     7,184,792        -  

BulletShares 2023 Municipal Bond ETF

     -        12,635,518  

BulletShares 2024 Municipal Bond ETF

     -        -  

BulletShares 2025 Municipal Bond ETF

     -        -  

BulletShares 2026 Municipal Bond ETF

     -        -  

BulletShares 2027 Municipal Bond ETF

     -        -  

BulletShares 2028 Municipal Bond ETF

     -        -  

BulletShares 2029 Municipal Bond ETF

     -        -  

BulletShares 2030 Municipal Bond ETF

     -        -  

BulletShares 2031 Municipal Bond ETF

     -        -  

BulletShares 2032 Municipal Bond ETF**

     -        -  

 

*

For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

**

For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

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

As of August 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

                  Net        
     Gross      Gross     Unrealized        
     Unrealized      Unrealized     Appreciation        
     Appreciation      (Depreciation)     (Depreciation)     Cost  

BulletShares 2023 Corporate Bond ETF

   $ 98,621      $ (3,037,475   $ (2,938,854   $ 2,245,202,122  

BulletShares 2024 Corporate Bond ETF

     159,443        (82,559,594     (82,400,151     4,112,871,633  

BulletShares 2025 Corporate Bond ETF

     135,860        (92,806,833     (92,670,973     3,157,575,027  

BulletShares 2026 Corporate Bond ETF

     216,166        (90,069,267     (89,853,101     2,268,597,988  

BulletShares 2027 Corporate Bond ETF

     350,063        (49,806,242     (49,456,179     1,308,539,926  

BulletShares 2028 Corporate Bond ETF

     556,110        (34,795,428     (34,239,318     907,644,389  

 

   391   

 

 

 

 


 

                  Net        
     Gross      Gross     Unrealized        
     Unrealized      Unrealized     Appreciation        
     Appreciation      (Depreciation)     (Depreciation)     Cost  

BulletShares 2029 Corporate Bond ETF

   $ 83,996      $ (23,080,266   $ (22,996,270   $ 467,378,699  

BulletShares 2030 Corporate Bond ETF

     62,188        (15,116,143     (15,053,955     314,161,667  

BulletShares 2031 Corporate Bond ETF

     58,784        (7,099,277     (7,040,493     202,603,039  

BulletShares 2032 Corporate Bond ETF

     51,044        (1,650,877     (1,599,833     146,822,939  

BulletShares 2023 High Yield Corporate Bond ETF

     55,675        (441,638     (385,963     532,715,154  

BulletShares 2024 High Yield Corporate Bond ETF

     495,145        (7,812,501     (7,317,356     692,604,874  

BulletShares 2025 High Yield Corporate Bond ETF

     5,173,338        (11,811,389     (6,638,051     1,211,085,065  

BulletShares 2026 High Yield Corporate Bond ETF

     1,439,862        (10,637,725     (9,197,863     372,935,328  

BulletShares 2027 High Yield Corporate Bond ETF

     436,353        (3,961,286     (3,524,933     135,703,798  

BulletShares 2028 High Yield Corporate Bond ETF

     303,880        (2,844,522     (2,540,642     78,411,609  

BulletShares 2029 High Yield Corporate Bond ETF

     59,898        (1,311,762     (1,251,864     21,339,200  

BulletShares 2030 High Yield Corporate Bond ETF

     128,873        (113,090     15,783       12,119,157  

BulletShares 2023 Municipal Bond ETF

     12,663        (225,810     (213,147     132,253,895  

BulletShares 2024 Municipal Bond ETF

     29,713        (1,891,647     (1,861,934     193,741,852  

BulletShares 2025 Municipal Bond ETF

     49,989        (3,282,622     (3,232,633     167,980,006  

BulletShares 2026 Municipal Bond ETF

     115,163        (2,720,330     (2,605,167     115,137,605  

BulletShares 2027 Municipal Bond ETF

     182,372        (2,156,356     (1,973,984     91,695,480  

BulletShares 2028 Municipal Bond ETF

     194,333        (2,227,419     (2,033,086     70,304,570  

BulletShares 2029 Municipal Bond ETF

     187,513        (1,910,781     (1,723,268     48,665,229  

BulletShares 2030 Municipal Bond ETF

     41,373        (1,723,652     (1,682,279     52,611,835  

BulletShares 2031 Municipal Bond ETF

     16,134        (1,193,917     (1,177,783     29,772,109  

BulletShares 2032 Municipal Bond ETF

     1,218        (372,651     (371,433     19,870,244  

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, excise taxes, taxable overdistributions, and distribution redesignation, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income (Loss)
     Undistributed Net
Realized Gain (Loss)
  Shares of
Beneficial Interest

BulletShares 2023 Corporate Bond ETF

              $ -                 $ 302,447        $ (302,447 )  

BulletShares 2024 Corporate Bond ETF

        140,953          1,208,550       (1,349,503

BulletShares 2025 Corporate Bond ETF

        210,048          (558,891     348,843  

BulletShares 2026 Corporate Bond ETF

        36,467          (262,124     225,657  

BulletShares 2027 Corporate Bond ETF

        (10,674        (506,710     517,384  

BulletShares 2028 Corporate Bond ETF

        6,939          (116,606     109,667  

BulletShares 2029 Corporate Bond ETF

        425          (117,765     117,340  

BulletShares 2030 Corporate Bond ETF

        13,969          -       (13,969

BulletShares 2031 Corporate Bond ETF

        7,666          (426,580     418,914  

BulletShares 2032 Corporate Bond ETF

        2,369          -       (2,369

BulletShares 2023 High Yield Corporate Bond ETF

        12,945          1,065,930       (1,078,875

BulletShares 2024 High Yield Corporate Bond ETF

        -          (650,601     650,601  

BulletShares 2025 High Yield Corporate Bond ETF

        -          (441,669     441,669  

BulletShares 2026 High Yield Corporate Bond ETF

        -          1,136,542       (1,136,542

BulletShares 2027 High Yield Corporate Bond ETF

        -          (10,549     10,549  

BulletShares 2028 High Yield Corporate Bond ETF

        -          -       -  

BulletShares 2029 High Yield Corporate Bond ETF

        -          53,897       (53,897

BulletShares 2030 High Yield Corporate Bond ETF

        173          (109     (64

BulletShares 2023 Municipal Bond ETF

        -          130,211       (130,211

BulletShares 2024 Municipal Bond ETF

        -          -       -  

BulletShares 2025 Municipal Bond ETF

        -          -       -  

 

   392   

 

 

 

 


     Undistributed Net
Investment Income (Loss)
     Undistributed Net
Realized Gain (Loss)
  Shares of
Beneficial Interest

BulletShares 2026 Municipal Bond ETF

              $ -                    $ -          $ -   

BulletShares 2027 Municipal Bond ETF

        -           -       -  

BulletShares 2028 Municipal Bond ETF

        -           -       -  

BulletShares 2029 Municipal Bond ETF

        -           -       -  

BulletShares 2030 Municipal Bond ETF

        -           -       -  

BulletShares 2031 Municipal Bond ETF

        196           -       (196

BulletShares 2032 Municipal Bond ETF

        2,688           (156     (2,532

NOTE 9–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash.

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

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

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

NOTE 11–Subsequent Event

On September 18, 2023, BulletShares 2030 Corporate Bond ETF, BulletShares 2028 High Yield Corporate Bond ETF and BulletShares 2030 Municipal Bond ETF changed their classification from “non-diversified” to “diversified” and therefore are now required to meet certain diversification requirements under the 1940 Act.

 

   393   

 

 

 

 


 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the twenty-eight funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty-eight of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Fund Name

Invesco BulletShares 2023 Corporate Bond ETF (1)
Invesco BulletShares 2024 Corporate Bond ETF (1)
Invesco BulletShares 2025 Corporate Bond ETF (1)
Invesco BulletShares 2026 Corporate Bond ETF (1)
Invesco BulletShares 2027 Corporate Bond ETF (1)
Invesco BulletShares 2028 Corporate Bond ETF (1)
Invesco BulletShares 2029 Corporate Bond ETF (1)
Invesco BulletShares 2030 Corporate Bond ETF (1)
Invesco BulletShares 2031 Corporate Bond ETF (2)
Invesco BulletShares 2032 Corporate Bond ETF (3)
Invesco BulletShares 2023 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (1)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (2)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (3)
Invesco BulletShares 2023 Municipal Bond ETF (1)
Invesco BulletShares 2024 Municipal Bond ETF (1)
Invesco BulletShares 2025 Municipal Bond ETF (1)
Invesco BulletShares 2026 Municipal Bond ETF (1)
Invesco BulletShares 2027 Municipal Bond ETF (1)
Invesco BulletShares 2028 Municipal Bond ETF (1)
Invesco BulletShares 2029 Municipal Bond ETF (1)
Invesco BulletShares 2030 Municipal Bond ETF (1)
Invesco BulletShares 2031 Municipal Bond ETF (2)
Invesco BulletShares 2032 Municipal Bond ETF (4)

(1) Statement of operations for the year ended August 31, 2023, and the statement of changes in net assets for each of the two years in the period ended August 31, 2023.

(2) Statement of operations for the year ended August 31, 2023, and statement of changes in net assets for the year ended August 31, 2023 and for the period September 13, 2021 (commencement of investment operations) through August 31, 2022.

 

   394   

 

 

 

 


 

Report of Independent Registered Public Accounting Firm–(continued)

(3) Statements of operations and of changes in net assets for the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

(4) Statements of operations and of changes in net assets for the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 23, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

 

   395   

 

 

 

 


 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period ended March 1, 2023 through August 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 

    

Beginning

Account Value

March 1, 2023

  

Ending

Account Value

August 31, 2023

  

Annualized

Expense Ratio

Based on the

Six-Month Period

  

Expenses Paid

During the

Six-Month Period(1)

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

                                                                          

Actual

          $ 1,000.00                $ 1,026.10                  0.09 %                 $0.46     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.75                  0.09                 0.46     

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

                                                          

Actual

            1,000.00                  1,024.30                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

                                                          

Actual

            1,000.00                  1,022.50                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

                                                          

Actual

            1,000.00                  1,023.60                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

                                                          

Actual

            1,000.00                  1,023.00                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

 

   396   

 

 

 

 


 

Calculating your ongoing Fund expenses–(continued)

 

    

Beginning

Account Value

March 1, 2023

  

Ending

Account Value

August 31, 2023

  

Annualized

Expense Ratio

Based on the

Six-Month Period

  

Expenses Paid

During the

Six-Month Period(1)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

                                                                          

Actual

          $ 1,000.00                $ 1,025.40                  0.10 %                 $0.51       

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

                                                          

Actual

            1,000.00                  1,030.30                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

                                                          

Actual

            1,000.00                  1,024.90                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

                                                          

Actual

            1,000.00                  1,024.10                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

                                                          

Actual

            1,000.00                  1,027.00                  0.10                 0.51     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.70                  0.10                 0.51     

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

                                                          

Actual

            1,000.00                  1,027.90                  0.42                 2.15     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

                                                          

Actual

            1,000.00                  1,039.30                  0.42                 2.16     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

                                                          

Actual

            1,000.00                  1,046.90                  0.42                 2.17     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

                                                          

Actual

            1,000.00                  1,044.70                  0.42                 2.16     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

                                                          

Actual

            1,000.00                  1,043.30                  0.42                 2.16     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

                                                          

Actual

            1,000.00                  1,042.20                  0.42                 2.16     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

                                                          

Actual

            1,000.00                  1,045.60                  0.42                 2.17     

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

                                                          

Actual

            1,000.00                  1,054.60                  0.42                 2.18       

Hypothetical (5% return before expenses)

            1,000.00                  1,023.09                  0.42                 2.14     

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

                                                          

Actual

            1,000.00                  1,015.50                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

                                                          

Actual

            1,000.00                  1,014.20                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

 

   397   

 

 

 

 


 

Calculating your ongoing Fund expenses–(continued)

 

    

Beginning

Account Value

March 1, 2023

  

Ending

Account Value

August 31, 2023

  

Annualized

Expense Ratio

Based on the

Six-Month Period

  

Expenses Paid

During the

Six-Month Period(1)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

                                                                          

Actual

          $ 1,000.00                $ 1,012.40                  0.18 %               $ 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

                                                          

Actual

            1,000.00                  1,010.50                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

                                                          

Actual

            1,000.00                  1,009.70                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

                                                          

Actual

            1,000.00                  1,008.00                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

                                                          

Actual

            1,000.00                  1,006.10                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

                                                          

Actual

            1,000.00                  1,005.60                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

                                                          

Actual

            1,000.00                  1,005.70                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

                                                          

Actual

            1,000.00                  1,005.80                  0.18                 0.91     

Hypothetical (5% return before expenses)

            1,000.00                  1,024.30                  0.18                 0.92     

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2023:

 

    Qualified
Business
Income*
  Qualified
Dividend
Income*
  Corporate
Dividends
Received
Deduction*
  U.S.
Treasury
Obligations*
  Business
Interest
Income*
  Qualified
Interest
Income*
  Tax-Exempt
Income*
  Long Term
Capital Gains
  Qualified
Short
Term
Gains

Invesco BulletShares 2023 Corporate Bond ETF

      0 %       0 %       0 %       5 %       100 %       83 %       0 %     $ -     $   -

Invesco BulletShares 2024 Corporate Bond ETF

      0 %       0 %       0 %       0 %       100 %       79 %       0 %       -     $ -

Invesco BulletShares 2025 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       83 %       0 %       -     $ -

Invesco BulletShares 2026 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       84 %       0 %       -     $ -

Invesco BulletShares 2027 Corporate Bond ETF

      0 %       0 %       0 %       0 %       98 %       85 %       0 %       222,384     $ -

Invesco BulletShares 2028 Corporate Bond ETF

      0 %       0 %       0 %       0 %       98 %       83 %       0 %       -     $ -

Invesco BulletShares 2029 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       90 %       0 %       -     $ -

Invesco BulletShares 2030 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       87 %       0 %       -     $ -

Invesco BulletShares 2031 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       93 %       0 %       -     $ -

Invesco BulletShares 2032 Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       89 %       0 %       -     $ -

Invesco BulletShares 2023 High Yield Corporate Bond ETF

      0 %       0 %       0 %       27 %       99 %       90 %       0 %       -     $ -

Invesco BulletShares 2024 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       96 %       78 %       0 %       -     $ -

Invesco BulletShares 2025 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       89 %       0 %       -     $ -

Invesco BulletShares 2026 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       98 %       81 %       0 %       -     $ -

Invesco BulletShares 2027 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       99 %       80 %       0 %       -     $ -

Invesco BulletShares 2028 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       100 %       87 %       0 %       -     $ -

Invesco BulletShares 2029 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       100 %       87 %       0 %       -     $ -

Invesco BulletShares 2030 High Yield Corporate Bond ETF

      0 %       0 %       0 %       0 %       100 %       84 %       0 %       -     $ -

 

   399   

 

 

 

 


 

Tax Information–(continued)

 

    Qualified
Business
Income*
  Qualified
Dividend
Income*
  Corporate
Dividends
Received
Deduction*
  U.S.
Treasury
Obligations*
  Business
Interest
Income*
  Qualified
Interest
Income*
  Tax-Exempt
Income*
  Long Term
Capital Gains
  Qualified
Short
Term
Gains

Invesco BulletShares 2023 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       99 %     $       -     $ -

Invesco BulletShares 2024 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2025 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2026 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       99 %       -     $ -

Invesco BulletShares 2027 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2028 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2029 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2030 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       99 %       -     $ -

Invesco BulletShares 2031 Municipal Bond ETF

      0 %       0 %       0 %       0 %       100 %       100 %       100 %       -     $ -

Invesco BulletShares 2032 Municipal Bond ETF

      0 %       0 %       0 %       0 %       68 %       100 %       100 %       -     $ 156

 

*

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

 

   400   

 

 

 

 


 

Trustees and Officers

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

As of August 31, 2023

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee    Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2016    Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).    211    Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee    Since 2016    Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.    211    None.

 

*

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

**

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

 

   401   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee    Since 2019    President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).    211    Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

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

**

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

 

   402   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee    Since 2019    Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).    211    Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

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

**

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

 

   403   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee    Chair of the Audit Committee and Trustee since 2016    Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).    211    Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee    Chair of the Investment Oversight Committee and Trustee since 2016    Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).    211    Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

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

**

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

 

   404   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee    Since 2019    Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.    211    Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

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

**

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

 

   405   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent
Trustees During
the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee    Since 2016    Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.    211    Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Board and Trustee    Since 2016    Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).    211    Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

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

**

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

 

   406   

 

 

 

 


 

Trustees and Officers–(continued)

 

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

 

Name, Address and Year of
Birth of Interested Trustee
  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time
Served*

  

Principal
Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

  

Other

Directorships

Held by

Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer    Trustee since 2022, President and Principal Executive Officer since 2020    President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Manager, Invesco Investment Advisers, LLC (2023-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).    211    None.

 

*

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

**

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

 

   407   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

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

 

   408   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President    Since 2016    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007- 2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President    Since 2016    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President    Since 2016    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

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

 

   409   

 

 

 

 


 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

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

Availability of Additional Information About the Trustees

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

 

   410   

 

 

 

 


 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):

 

Invesco BulletShares 2023 Corporate Bond ETF    Invesco BulletShares 2023 Municipal Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF    Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF    Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF    Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF    Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF    Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF    Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF    Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF    Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF    Invesco International Developed Dynamic Multifactor ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF    Invesco Investment Grade Defensive ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF    Invesco Racial and Gender Diversity ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF    Invesco RAFITM Strategic US ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF    Invesco Russell 1000® Dynamic Multifactor ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF    Invesco Russell 2000® Dynamic Multifactor ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF   

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2022) and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

 

   411   

 

 

 

 


 

Approval of Investment Advisory Contracts–(continued)

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

 

   

0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF and Invesco BulletShares 2031 Corporate Bond ETF;

 

   

0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF;

 

   

0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF and Invesco BulletShares 2031 Municipal Bond ETF;

 

   

0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF;

 

   

0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF;

 

   

0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF;

 

   

0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF;

 

   

0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; and

 

   

0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF and Invesco BulletShares 2029 High Yield Corporate Bond ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

 

Invesco Fund

  

Equal

to/Lower

than ETF

Peer Median

  

Equal to/Lower

than Open-End

Index Fund

Peer Median*

  

Lower than
Open-End
Active Fund
Peer  Median

Invesco BulletShares 2023 Corporate Bond ETF

       X         X

Invesco BulletShares 2024 Corporate Bond ETF

       X         X

Invesco BulletShares 2025 Corporate Bond ETF

       X         X

Invesco BulletShares 2026 Corporate Bond ETF

       X         X

Invesco BulletShares 2027 Corporate Bond ETF

       X         X

Invesco BulletShares 2028 Corporate Bond ETF

       X         X

Invesco BulletShares 2029 Corporate Bond ETF

       X         X

Invesco BulletShares 2030 Corporate Bond ETF

       X         X

Invesco BulletShares 2031 Corporate Bond ETF

       X         X

Invesco BulletShares 2023 High Yield Corporate Bond ETF

            N/A    X

 

   412   

 

 

 

 


 

Approval of Investment Advisory Contracts–(continued)

 

Invesco Fund

  

Equal
to/Lower
than ETF
Peer  Median

  

Equal to/Lower
than  Open-End
Index Fund
Peer Median*

  

Lower than
Open-End
Active Fund
Peer  Median

Invesco BulletShares 2024 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2025 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2026 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2027 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2028 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2029 High Yield Corporate Bond ETF

            N/A        X

Invesco BulletShares 2023 Municipal Bond ETF

            N/A        X

Invesco BulletShares 2024 Municipal Bond ETF

            N/A        X

Invesco BulletShares 2025 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2026 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2027 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2028 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2029 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2030 Municipal Bond ETF

       X        N/A        X

Invesco BulletShares 2031 Municipal Bond ETF

       X        N/A        X

Invesco International Developed Dynamic Multifactor ETF

                 X

Invesco Investment Grade Defensive ETF

       X        X        X

Invesco Racial and Gender Diversity ETF

       X        X        X

Invesco RAFITM Strategic US ETF

       X             X

Invesco Russell 1000® Dynamic Multifactor ETF

       X             X

Invesco Russell 2000® Dynamic Multifactor ETF

                 X

 

*

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

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2022. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the

 

   413   

 

 

 

 


 

Approval of Investment Advisory Contracts–(continued)

Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

 

   414   

 

 

 

 


 

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

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


 

 

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

     
Downers Grove, IL 60515    P-SIFT-AR-1         invesco.com/ETFs